Have you ever felt that no matter how much you earn or how hard you work, there’s something missing? You might not actually be missing anything. Instead, there might be a different way to approach things. Developing a financial abundance mindset could be what’s missing.
Even when I owed six figures in debt, I didn’t let that stop me from living a life I enjoyed. I don’t mean lavish spending sprees and trips to the Bahamas, but being able to enjoy life’s simple pleasures despite the debt. Here’s everything you need to know:
A financial abundance mindset is when you believe you are truly wealthy. When you operate with this mindset, you act like you already have everything you need and attract even more money.
An abundance mindset allows you to be happier with what you already have, knowing there’s enough of everything. After all, how can you be truly happy if you’re going through every day like you’re always missing something? Here are a few other benefits of having an abundance mindset:
The opposite of a financial abundance mindset is scarcity. This is the mentality you get when you believe you lack something. With scarcity mindset, you’re insecure about your finances and live every day as if you have no money. This makes it hard to enjoy life.
By developing an abundance mindset, you remove your financial insecurity. You’ll find life much more enjoyable when you don’t worry about every dollar.
Having the mindset itself isn’t what will help you gain more money; it’s your actions. Good financial habits, like saving and investing, will help you earn more money. Maintaining these habits is what will help you build wealth over time. However, anyone who has ever tried to change their lifestyle will tell you how hard it is to do so. A change to your mindset will make it easier to make these good habits stick.
When you have an abundance mentality, you’re more likely to have bigger financial goals. Instead of only small goals, like saving enough money to go on a shopping spree, you’re thinking of your future. Buying a house or sending your kids to a good university are examples of these bigger goals.
You’re not afraid of failure when you already have what you want. The financial abundance mindset also helps you embrace challenges and risks. That’s why you’re more likely to set bigger goals–even if you don’t achieve them, you know you’ll be okay.
Even if you’re not already wealthy, a financial abundance mindset will keep you on the path to achieving wealth. Instead of focusing on achieving results as soon as possible, you’ll know they will come eventually. You just have to trust the process and keep working.
To build a financial abundance mindset, you need to learn to be content with what you already have. Practicing gratefulness will help you learn to be happy without needing to chase anything. Habits like keeping a gratitude journal will help you be more grateful for even the little things in everyday life.
When you have financial abundance, small goals don’t challenge you anymore. You have to set big goals and then rise to the challenge. Remember: it’s okay to fail!
Building a financial abundance mindset is impossible if you don’t believe you can reach your goals. However, progress isn’t always linear; there will be months when your savings will go up and down. Take each day one at a time, and focus on what’s in front of you. This will keep you from getting overwhelmed and help you build a more positive outlook.
Whether you believe or not, prayer is essential because it allows you to verbalize your thoughts. Ever heard of manifesting? Speaking your plans and desires is a great way to make them happen.
In China, they have a tradition where they put money in the mouth of a frog statue in their homes. They do this because they believe it will help them attract more wealth. While you may not believe in superstition, it does help to have a physical reminder of your goals.
If you need help creating something that will help you build wealth, you should try a financial vision board. Here’s my guide on how to make one.
Sometimes, the people in your life are holding you back when it comes to your mentality. Some of your friends may put you down when you achieve financial success out of jealousy or their own insecurity. You need to surround yourself with people who share your financial values. When those around you also want to achieve financial success, it will help you be more motivated.
Distractions like social media and the internet subtly teach you that you’re not good enough. When your friends post about lavish vacations or spending nights out, it may lead to financial insecurity. Lessening time spent on your phone, or at least Instagram and Tiktok will help you avoid this. You could also use that time spent on your phone to be more productive!
You may be stuck in a financial rut, and that’s okay. It’s natural for people to hit a wall at some point when it comes to their finances. Even if your savings account isn’t growing, you’re not on a timer. You’ll get out of your hole eventually. How soon that will happen is up to you!
As mentioned previously, your mindset isn’t what will make you rich–it’s your actions that will. Unless you’re that guy from California who won the Powerball, getting rich is a process that will take time. During this process, be patient and make the right decisions as you build your net worth. This will ensure that you’re building your riches and the mentality and mindset necessary to maintain your wealth.
When you have the financial abundance mindset built, the next step is to turn it into action. That means saving, investing, and making sound financial decisions. You should also…
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Dollars Makes Cents by Shaquana, Financial Coach and Wealth Expert, resources helps professional millennial women of color with the tools and skills they need to eliminate their debt, amplify their savings, and build generational wealth — without having to compromise their lifestyle.
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