re: Abundance Mindset vs. Poverty Mindset

I don’t really splurge

I have most all I’ll ever need at the moment anyway

I don’t place an emphasis on stuff or status of attempting to impress people I don’t know

But if there’s something I want within reason, I’ll get it. But most of the time it’s something I don’t really need

quote:

---

The OT lets poors in now?

---

Baw, ah’m so po’ I can’t even afford the ending -or to the word po’ !!

The real tragedy of the poor is the poverty of their aspirations.
~Adam Smith

1) You should distinguish between being frugal and being of a poverty mindset.

Plenty of rich people penny pinch on everyday items (I think I've seen that... it was either Mark Cuban or Michael Dell... still buy things like toilet paper in bulk at Costco to not waste money; and Warren Buffett remained in his modest house after becoming wealthy). This is frugal, but not poverty mindset related. Similarly, plenty of people squander money stupidly when they shouldn't and rack up debt... and it will NEVER lead to wealth despite their seemingly carefree attitude towards money. Just because you loosen up your wallet and treat yourself to something you enjoy does NOT mean money will flow towards you.

2) Understand the underlying psychology.

Poverty mindset (also called scarcity mindset) really points to being driven by fear and cutting yourself off from whatever creativity you might have. That creativity in whatever form (as a laborer, a problem solver, etc.) is the source of your power that should ideally connect you to people who might need your help and become the basis of an income for you. Everytime you're afraid of spending money to treat yourself, it isn't that the decision to spend or save (be frugal) will make a specific difference. Buying whatever treat will not suddenly make the universe say, "Hey, look, he's relaxing now... let's send wealth his way!" You haven't dealt with the underlying issue: which is usually that in some way you've gotten in your own head and in that fearful space sort of cut yourself off from belief in yourself... this type negative thinking, prevents you from seeing new opportunities and makes you risk averse.

In contrast, an abundance mindset person might have just as little as you, might be frugal but might not be, but will generally have more of an outward looking disposition (vs fearfully looking inward). They will be open to new opportunities and more willing to gamble what they have to pursue it... I think this latter point (willingness to gamble on themselves) becomes a point of confusion for some. There is a big difference in calculated gambles on yourself to advance your position vs freely spending to treat yourself in a way that isn't growth oriented.

Abundance mindset works in my experience…

It doesn’t mean you just go around and spend Willy Nilly because the money will just fall out of the sky.

You have to make it so your money works for you not against you.

Action… Faith without works is dead.

quote:

---

Where do you find yourself between these two mindsets. Should I loosen up and risk running out of money before the end of each month? (I have side hustles but still always seems to run out)

---

This is just another way of phrasing "is the cup half empty or full".

The difference is that you can only live beyond your for so long before you run out of room.

Become a preacher and then go work in one of those mega churches like Joel Osteen. They preach the prosperity gospel and get to be rich as all get out...

At least here on Earth anyway. Things may change for you in the next realm though.