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4 Ways To Improve Your Money Mindset

A lot of people think in terms of scarcity. It’s the belief that there is only one pie for everyone, and if someone gets a big piece, someone else has to settle for a smaller piece. 

mine! scarcity vs abundance

If you get jealous when someone at work gets a raise, because you think it might decrease your own chances, or if you get envious because a friend got the new iPhone (instead of being happy for them), you’re probably in a scarcity mindset. 

It’s easy to fall into it – it’s all over the news, it’s what our parents talked about growing up (“why is Eugene always No. 1 in your class, why can’t it be you?!” 😤), and it’s even what brands leverage on with advertising, to make you WANT a product you don’t necessarily need. 

A scarcity mindset leads to a lot of stress, fear and anxiety, especially when it comes to money. You are constantly thinking:

  • There isn’t enough for everyone: “If I win, someone has to lose
  • What I currently have is not enough, either 
scarcity

Someone with a scarcity mindset will always see the problems in every situation…

But someone with an abundance mindset recognises possibilities.

4 Ways To Adopt An Abundance Mindset

The key to shifting your mindset is to focus on developing your ability to create value, not just for yourself but for everyone around you. 

It stems from a sense of personal worth or security, the belief that the amount of money you can earn is limitless, and that there is more than enough for everybody.

Here are 4 things you can do today to start adopting an abundant mindset: 

  1. Active Thinking

If you find yourself thinking ‘scarce’, where you’re jealous of what other people have, stop yourself right there!

Ask yourself: how is someone else having something good preventing you from having something good, too? (SPOILER ALERT: it’s not).

You don’t have to constantly compare yourself to everyone. Try to pull yourself back from these thoughts, and remember that someone’s good fortune (or bad fortune) does not directly impact your own.

2. Practice Daily Gratitude

Everyday, list out 3 things you’re grateful for. It can be money-related (having a stable income) or otherwise (spending 2 minutes on call with your mother). 

For a lot of people, this year has been super tough, especially financially. And while we should still strive to improve the situation, finding things to be grateful for keeps us grounded and separates the needs from greed.

3. Infect Your Friends

… with abundance (not viruses ok!).

Mindsets are infectious. If people around you are always talking about what others have, and their own lack of, you’ll probably get sucked into it too.

Instead, ask each other about recent accomplishments. Ask for help for areas in your life where you need it, and share tips on how you can grow your individual wealth.

If that proves difficult, consider seeking a new social environment. Joining groups like volunteer organisations is a great way to meet people with abundance mindsets.

4. Give More

Specifically, give more of what you want. If you don’t think you’re earning enough money, give to someone less fortunate. If you don’t feel like you have enough time, use it to help someone. 

This may be contradictory, but by doing this you’ll appreciate what you have a lot more. The more you give, the more you get in return.

Download HeyAlfred today to understand your money better.