We all have choices. When you start embodying that you have a choice about spending your money, you have enough money to spend on what you want. It changes everything.
The more you become conscious and work on your Worth Barometer, the less you will be motivated to buy stuff you don’t need.
It’s amazing what can happen when you have a positive mindset, and you are able to visualize and manifest. This can create a positive, abundant mental space, and it’s so much more freeing than being fearful, anxious, and worried.
Transcript: Wealth Inside and Out® Podcast – Abundance vs. Scarcity Mindset: And How It Impacts Your Life
Hi, my name is Annette Bau (bah oo), your Wealth Inside and Out® Podcast host. I’m a Certified Financial Planner™ and founder of The Millionaire Insider®.
For over 30 years, I have been advising and researching the top 1% of millionaires.
I am passionately obsessed with money, mindset, the intersection of self-worth and net worth, and how the two connect and allow us to live fulfilled and wealthy lives on our terms.
From Humble Beginnings
I teach the tried-and-true principles that only someone with over three decades of experience advising millionaires would know. This podcast is different – it’s about much more than money. We talk about mindset, success, money blocks, worth barometer, and all aspects of money and topics from practical manifestation, along with real-world how-to and everything in between, with the goal of making your journey easier and more fun.
Think of this as coffee, actually, matcha tea, learning real-world, common sense, money, and life advice from a BFF that you can start applying today. If you want to create a financially free life you love, my friend, you are in the right place.
This is the Wealth Inside and Out® Podcast.
Free Worth Barometer Guide Resource
You can go to https://themillionaireinsider.com/wbg.
For 40 years, I have studied extraordinarily successful people for over 30 years, and I have been advising them. One of the things that I have been fascinated with is how to secure a financial future, retirement, and life you love. And it all begins with your Worth barometer.
Again, you can go to https://themillionaireinsider.com/wbg.
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Let’s dive into
Abundance vs. Scarcity Mindset: And How It Impacts Your Life
What is the difference between an abundance vs. a scarcity mindset?
There are two mindsets. They are vastly different in their outlook and outcome.
And they shape our reality and determine more about our journey with money than almost anything else.
The difference between an abundance and a scarcity mentality is significant. And it has far-reaching consequences for our personal growth, relationships, and overall well-being.
How your mindset produces results in your life.
Abundance Mindset: The Possibility Zone
An abundance mindset is rooted in the belief that the universe is infinitely abundant.
It thrives on positivity and embraces the idea that there is more than enough to go around, whether it’s wealth, opportunities, or love.
Those who embody this mindset see the world differently.
For example, they see
- Challenges as opportunities
- Setbacks as learning that gives them more information
- That they can achieve their goals with effort and determination
One of the key characteristics of an abundance mindset is gratitude.
People with this mindset have a can-do attitude. They focus on what they have instead of what they lack. And they appreciate the small victories, recognizing that these are building blocks for bigger achievements.
This mindset encourages collaboration and sharing, as there’s no fear of losing something by helping others.
Scarcity Mindset: The Grip of Limitation or Never Enough
Conversely, a scarcity mindset operates from a perspective of lack.
This mindset is exhaustive and is driven by fear and insecurity.
People with a scarcity mindset often feel envy and jealousy towards others’ successes, as they perceive it as a threat to their well-being.
They view people with money and abundance as “bad, unethical, corrupt, etc.”
Scarcity thinking often is a self-fulfilling prophecy.
When individuals consistently focus on what they lack or fear losing, they often miss opportunities.
This occurs because focus (and what we focus on) expands, so lack begets lack.
This mindset can lead to stress, anxiety, and strained relationships, as it often involves selfishness and a reluctance to share or collaborate.
Shifting Perspectives: From Scarcity to Abundance
The good news is that mindsets are not fixed; they can be cultivated and changed. Shifting from a scarcity to an abundance mindset requires conscious effort and self-awareness.
Here are some strategies to make that shift:
Start a daily gratitude journal to acknowledge the positive aspects of your life. This simple act can rewire your brain to focus on abundance rather than scarcity.
Give back to others through acts of kindness or through sharing your knowledge and resources. Generosity fosters abundance. For more insight into abundance and gratitude go to https://themillionaireinsider.com/33
Change Your Thinking, Beliefs, and Language
Pay attention to what you are thinking and the words you use.
Replace scarcity-driven phrases like “I can’t afford it” with more empowering ones that attract abundance.
- I achieve goals with ease.
- My partner and I are financially free.
- I make it happen.
- My partner and I choose how to spend and save.
Set Goals that Move You Forward
Set achievable goals and celebrate your successes along the way. This builds confidence and reinforces an abundance mindset.
Find Abundance Mentors
Surround yourself with coaches and people who embody an abundance mindset. Learn from their perspectives and behaviors. Two resources include:
The Wealth Inside and Out® Podcast:
https://themillionaireinsider.com/podcast and Millionaire Insider® Blog: https://themillionaireinsider.com/blog.
Use visualization techniques to see yourself achieving your goals.
This can create a positive, abundant mental space because our subconscious mind cannot tell the difference.
The Impact on Life
In Stephen Covey’s book The 7 Habits of Highly Effective People, one of the key principles is first things first. As you create your life plan, identify what is truly important to you.
While you may want a fulfilled and secure financial future, it is essential to prioritize your close relationships.
Having millions without someone to share your time with isn’t fun for most of us.
Abundance and scarcity mindsets have profound effects on various aspects of our lives:
Let’s review some examples.
Those with an abundance mindset tend to be more financially successful mainly because they are open to opportunities and take calculated risks.
Abundance thinking often leads to healthier, more fulfilling relationships, as it promotes empathy, collaboration, and the belief in an abundance of love and connections.
A positive outlook on life can reduce stress and improve overall well-being. An abundance mindset is linked to better mental and physical health.
People with an abundance mindset are more likely to embrace change, challenge themselves, and continuously seek self-improvement.
Recap – Abundance vs. Scarcity Mindset: And How It Impacts Your Life
The choice between an abundance and a scarcity mindset is a choice that shapes our lives.
While it’s not always easy to shift from scarcity to abundance thinking, habits can be changed. It takes 18-254 days, on average 66 days, to change a habit.
Adopting an abundance mindset opens us to possibilities, growth, and fulfillment. The abundance is out there; all we need to do is choose to see, embrace, and live it.
The end result is a better life, and so worth it.
Until our next episode, take one action that will help you create a secure financial future and retirement you love.
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Thank you so much for joining me for
Abundance vs. Scarcity Mindset: And How It Impacts Your Life
I’m Annette Bau (Bah oo).
All international copyrights are reserved.
Bye for now.