Have you ever felt like you’ll always be stuck in a negative money mindset? Do you always feel like there’s never enough money? If that’s the case, we hate to break it to you: you have a scarcity mindset. You focus on lack, rather than growth. Here’s the good news: you can switch up your money mindset! Is it easy? No. But it’s possible to make progress, so you can better your relationship with money. Here are four ways to shift your money mindset.
1. Take an inventory of what you already have
If you suffer from a scarcity mindset, then you feel like there’s not enough pie to go around for everyone. You feel like you might only get crumbs and that there’s not enough for you. In order to combat a scarcity mindset, take an inventory of what you already have.
Do you have a place to live? Do you get to eat every day? Do you have a job? Guess what? You’re already “richer” than most people in the world. It’s true.
Take out a piece of paper and physically write down everything you already have. Your list could look like:
When you actively think of how much you already have, you’re focused on gratitude. Focusing on gratitude can help you get away from thinking there’s never enough. It can show that you are already rich in so many ways. Wealth doesn’t always have to mean money. You can be rich in health, relationships, and opportunities. Let that feeling of abundance wash over you as you continue to get your money together.
2. Stop comparing
Teddy Roosevelt once said, “Comparison is the thief of joy”. When you compare yourself to someone else, you’re doing a disservice to yourself. You must run your own race. You didn’t start at the same time, nor with the same resources, so why compare? They are not you and you are not them. Stop comparing!
Comparing leads to misery and can take away precious time that you can focus on earning more and getting your money together.
If you do get stuck in comparing, stop. Pause. Then look at the parts that are riling you up. Is it that they are smarter, better, more successful? Instead of letting that lead to existential dread and a feeling of scarcity, let it inspire you. Think, “Wow! They did that?! So can I.”
If someone else has done something you want to do, it’s likely with enough time and effort you can do something similar. Let people inspire you, instead of feeling like crap by comparing.
Run your own race. Focus on you. It’s only you and it’s all about you.
3. Focus on growth
People that suffer from a scarcity mindset have a fixed mindset. It’s tough to budge and they’re stuck in lack.
You want to focus on growth and not lack. When you’re in a scarcity mindset you focus on what you don’t have, what you don’t earn, etc. Instead, take action and focus on growth.
Become a problem solver and focus on growth. How can you earn more money? How can you reach your goals? Then reverse engineer it and figure out next steps. Ask for that raise. Take that side hustle. Read inspirational books and listen to great podcasts (like Martinis and Your Money!) to keep you focused on growth and the future.
4. Use affirmations
You might think affirmations are silly and new age nonsense. But it’s really about retraining your brain. When you’re in scarcity, your mindset is a broken record. You need to put a stop to that and change your story.
Start telling yourself:
“I am enough”
“I have everything I need”
“All my dreams are possible”
“I attract wealth”
“Money comes easily to me”
Repeat over and over. Whenever you’re feeling stressed, repeat again. Some of these hacks can work. Try this. Try smiling right now. Just that facial expression boosts your mood a bit. Through affirmations, you’re doing the same thing with your brain. You’re shifting from a scarcity mindset to an abundance mindset. You’re opening yourself up to opportunities and resources the world has to offer you.
Using these four tips, you can work on moving from a scarcity mindset to an abundance mindset. Need additional help? Get in touch and meet your B.F.F.
4 Ways to Change Your Money Mindset from Scarcity to Abundance is written by The Financial Gym Team for financialgym.com