Do you think in terms of an Abundance Mindset or a Scarcity Mindset?
Have you ever taken the time to think about that?
When you hear that a friend just got a new job with higher pay, are you jealous or happy?
If your sister had just met the love of her life and you were still single, would you congratulate her or pout about how you never meet anyone?
When your friend gets excited about his new car, house, or other big-ticket item, what are you thinking? Is it “I will never have enough money for that…” or “I can’t wait until I can get excited like that too!”
Stephen Covey, author of The Seven Habits of Highly Successful People, coined the phrases “Abundance Mentality” and “Scarcity Mentality.” Scarcity mentality goes like this: If someone else wins, then I lose. There is only so much out there, and if someone else gets it, there won’t be enough for me. When you have a scarcity mentality, you have a hard time being genuinely happy for the success of other people.
With an abundance mentality, there are enough resources and successes to share with others. There is plenty out there and enough to spare for everyone. It comes from a deep inner sense of personal worth and security.
Which mindset do you have?
I was brought up in a lifestyle of competition. My parents and their friends were always trying to outdo each other. Whether it was their cars, their TVs, their second homes, their parties, their vacations, or their gambling. We were always looking at what else we could have that someone else didn’t. To this day, my friends remember that we were one of the first families to have a microwave.
We need to change our mindset from one of competition to one of collaboration, and from one of scarcity to one of abundance. Here are 10 exercises to get you started.
1. Be aware of your thoughts.
When thoughts of jealousy, lack, negativity, or fear arise, stop. Breathe, and try to figure out why those thoughts came up in the first place. How can you turn them around to thoughts of support, abundance, positivity and action?
2. Practice gratitude.
Write down what you are grateful for every day. This develops a habit of looking for what is good in your life, and not focusing on what you don’t have. As Oprah Winfrey once said, “If you look at what you have in life, you will always have more. If you look at what you don’t have in life, you will never have enough.”
3. Be aware of unlimited possibilities.
With an abundance mindset, you are open to any way that abundance can come to you—you just know that it will, after all, come. Don’t get caught thinking that there is only one way for you to make money, or that you can only meet people when you are specifically looking. Loosen your focus.
4. Share your gifts.
Confidently sharing your gifts and talents promotes a more positive sense of self-worth. When you are feeling good about yourself, you are open to more good coming to you.
5. Watch what you say.
Just as we need to be aware of our thoughts, we must be aware of our words. If you are constantly complaining about not having money, you will continue to not have money. The language we use shapes our reality. When you catch yourself saying things out of scarcity, stop. Turn your words into stories of abundance.
6. Make BIG goals.
As you now know, with an abundance mindset, you are open to unlimited possibilities. With unlimited possibilities, why not think big! Write down all your goals and dreams and make them larger-than-life. Life might end up being larger than you think.
7. Plan for the future.
People with a scarcity mindset wait for things to happen and then react. Instead, strategically plan and create strategies for the long-term. People with abundance mindsets are visionaries and always believe that there are new chances and opportunities ahead.
8. Create abundance affirmations.
I believe in the power of affirmations. Saying, out loud, positive words to support what you want in life on a regular basis makes them the truth. Say or write abundance affirmations down every day.
9. Develop new skills.
An abundance mentality knows there is much more to learn. When you are developing new skills, you are opening yourself up to more possibilities. Find a course to enhance a skill or hobby that you love. See if it can lead you to a new source of income.
10. Challenge your beliefs.
If you have limiting beliefs, you are limiting your options. If you grew up thinking, “Money is scarce and I never have enough,” you need to challenge that and turn it into something positive. Try instead, “There is plenty of money for everyone and I have all that I need.” Be aware of all the beliefs you hold and make sure they are not keeping you in a scarcity mindset.
Which of these exercises resonates with you?
Observe your thoughts and actions over the next few days and see which mindset comes up more often. An abundance mindset will get you to your ideal life much faster.