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Financial Wellness

Abundance Mindset vs. Scarcity Mindset and Self-Care

Have you ever stopped to listen to your thoughts? Do you even know what you’re thinking about and, more importantly, how you look at things? 

Are you always focusing on the negative, or do you believe in silver linings?

Depending on your thinking, you can quickly determine whether you have a scarcity or abundance mindset.

What is a Mindset?

Mindset is a composition of beliefs that significantly impact your thought process—the way you make sense of the world and yourself. As a result, it can influence how you feel, think, and behave in different situations.

Abundance Mindset vs. Scarcity Mindset

There are two types of mindset: scarcity and abundance.

What type of mindset you have dramatically depends on your childhood. According to Verywellmind.com, doctors discovered that children acted differently depending on the praise they received when they succeeded at something. 

Kids who were praised by their parents for their results often had a scarcity mindset, while those whose parents praised their efforts had an abundance mindset.

By telling your kid they did great for getting an A in Math, you tell them that the accomplishment is the grade. On the other hand, by recognizing their efforts to get that A and telling them how impressed you are by their persistence to learn something new, you are sending them an entirely different message. You are emphasizing that by working hard, they can change things, learn something new, and grow in every aspect of their lives.

How Does Mindset Affect Your Life?

Your mindset can significantly impact your whole life and the way you look at things. It can also affect your success and your willingness to get out of your comfort zone.

Woman smiling and looking away at park during sunset effects of abundance vs scarcity mindset.
Your Mindset Can Greatly Impact Your Relationship With People And Your Success (Image Source: Shutterstock)

It greatly impacts your relationships with other people, your learning processes, and your health.

There’s a great short story told worldwide that is a perfect example of different mindsets’ points of view.

Many years ago, two salesmen were sent by a British shoe manufacturer to Africa to investigate and report back on market potential.

The first salesman reported back, “There is no potential here—nobody wears shoes.”

The second salesman reported back, “There is massive potential here—nobody wears shoes.”

This is the perfect example of how the same situation can be seen totally differently.

Another excellent example of how a mindset can affect your life is the Elephant mentality story. If you’ve never heard it, here’s a quick recap:

When a baby elephant is born in captivity, it is chained by its leg with a heavy chain. No matter how hard it pulls, it can’t break free. With time, the baby elephant will learn that it can not break free and that there’s no point in trying. By the time the elephant has grown and strengthened, its captors replace the chains with a simple rope, knowing that the elephant won’t even try to escape because it knows that earlier, when it tried, it couldn’t.

This is exactly why it’s important to have a growth mindset.

How to Change Your Mindset

While most people instantly think about money when you talk about abundance, the abundant mindset is not about money. An abundant mindset is abundant in all possible ways. The thoughts that come up on a daily basis can be shifted from scarcity to abundance. “Why is this happening to me?” which comes from a scarcity mindset, can easily be shifted to: “This is all happening FOR me.”

Woman success business project with digital laptop.
By Focusing On Positive Things, You Are Pulling Yourself From Scarcity To Abundance (Image Source: Shutterstock)

Being abundant in every situation and noticing when negative thoughts come up is the key to being successful at shifting from scarcity to abundance mindset.

A positive mindset is characterized by always looking for gratitude, focusing on positivity, and choosing to focus on the things you already have.

By focusing on the positive things you already have, you are pulling yourself from scarcity to abundance. Practicing gratitude will make you feel better because you’re focusing on the good things instead of the things you’re lacking.

When something bad happens or a situation comes up that you’re not happy about, instead of thinking, “Why is this happening to me?” try to focus on the lessons you got to learn from that experience.

You Are Enough

I know how this sounds, and you’re probably thinking, “Much easier said than done,” but once you get to the point where you focus on yourself and all of the things you’re capable of, it is easier to get out of negative thinking. 

Woman smiling confidently with long hair with sunglasses.
Self-care Routines Can Help Us Realize That We’re Enough Just Because We Exist (Image Source: Shutterstock)

Many people struggle with a lack of self-worth. Our past can lead us to believe that we’re not worthy of everything we want in our lives or that we’re not good enough, pretty enough, or intelligent enough. If what you want feels stupid, silly, or like it’s never going to happen, ask yourself, Why am I feeling this way? Do I believe I am worthy of these things? Do I feel guilty for having what I have?

Self-care routines can help us realize that we’re enough just because we exist. By implementing a small, simple routine into your daily life, like speaking your affirmations every morning, keeping a gratitude journal, meditating, or moving your body, you can improve your overall mood.

A scarcity mindset can make you believe that you don’t deserve happiness, wealth, and health. When you’re in scarcity mode, it is easy to see things from this perspective. For example, it is easy to think that you don’t deserve your raise or that promotion.

Changing your mindset so that you believe you’re worthy can help with developing an abundance mindset. You deserve everything just because. There doesn’t have to be a specific reason for wanting something and working for it. You don’t have to explain yourself—not to you or anyone else. You are worthy, and you deserve it. Period!

Often, our scarcity mindset can trick us into thinking that other people will have less if we have so much, which is just not true. 

Try looking around and noticing all of the abundance around you. Everything around you is abundance—why not let your mind be too?

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