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As the world begins to better understand the links between mindset and health and wellbeing, we’ve also come to realise there is an undeniable link between mindset and wealth creation.
Truth be told, most people think about wealth creation the wrong way. They associate wealth creation with getting rich, which then flows onto rich people are greedy, and nobody wants to be seen as greedy.
What many fail to see however, is the link between wealth creation and an ability to have a positive impact on society and those closest to us. There are those however, who do see this, and they typically have a burning desire to impact lives, and to leave a legacy. These are people who possess the most important factor of all, a factor that will see them avoid being stuck in the status quo.
That factor is of course an abundance mindset. And before you call B.S. I want to make an important distinction – we’re not talking about crystals, abundance beads and humming on a hill willing riches to land in our lap – we’re simply talking about shifting from a scarcity mindset to a belief mindset.
To better clarify, let’s compare the two:
In a recent article published by Medium, which you can read here, a scarcity mindset is best described as follows:
“When you have a scarcity mindset (or scarcity mentality) you believe you don’t have enough — you’ll never have enough — and that there’s not much you can do about it.
It’s a fixed mindset where thinking “out of the box” and risk-taking isn’t possible. Fear and low self-esteem hold people back from trying new things and advocating for themselves.
A “nothing good will come from it” attitude prevents those with a scarcity mindset from negotiating their rent or for a raise. It stops them from applying for jobs with more responsibility and higher pay. It can also leave them very unfulfilled.
With a scarcity mentality, you only focus on the present. Immediate and urgent needs are addressed at the expense of your future self.”
A stark contrast to an abundance mindset which Medium outline as follows:
“With an abundance mindset, you dream and think big. You’re a lifelong learner who always takes opportunities to add to your knowledge and skill set. But it isn’t just about you. When those around you find success, your congratulations are sincere.
As hard as change can be, with an abundance mindset, it’s much easier to embrace change — even complicated changes. You know life is dynamic and being future-oriented allows for more growth with an abundance mindset. Your “cup half full” attitude means there’s room for different experiences in life — not just more of the same.
Having an abundance mindset will help you start the business of your dreams, apply for a leadership position, return to school for the degree you still want — all while serving others.
At the end of the day, people who think abundantly have real financial security because they make things happen and go after what they want. And you’ll enjoy being around them because of their positivity.”
What I have learnt over my time in financial advice, is that investing is your mindset. Your mindset determines how you feel, the actions you take and the decisions you make. People with an abundant mindset find creating wealth much easier, compared to someone who’s self-sabotaging through having a scarcity mindset.
Our role as financial advisers is to develop strategies to reach our clients’ goals, and I can say with certainty this typically involves helping our clients to break their own thought patterns about wealth creation – to change their mindset. This outcome helps translates to our clients achieving their goals faster, allowing them to set new or higher goals. We do this by way of a well-considered and detailed financial plan that we create and implement together.
Unfortunately, there are those people who can’t, or simply don’t want to change their mindset about wealth creation, and thus their future has largely been determined. As Henry Ford once said:
“Whether you think you can or think you can’t. You’re right.”
You don’t want this to be your reality. As someone who has taken the time to read this article, you’re clearly someone who cares about changing your future; and doing so in a way that allows you to contribute to society and those closest to you.
So, if you find yourself standing at a crossroads – ask yourself which road you are going to take – the road towards sameness and scarcity, or the road that will take you where you want to go.
If you are ready to embrace your financial future book a complimentary appointment with one of our experienced Financial Planning Specialists. We have offices in Newcastle, Erina and Sydney.
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