What’s Financial Literacy? 3 Basic Strategies to Cultivate a Mindset of Abundance
Sarah Mae (SMae) |
Financial literacy is the number one thing that aspiring entrepreneurs say they wish they learned in school. They’re often talking about topics such as taxes, budgeting, and investing. However, these are all taught in most schools. What’s actually missing is learning how to develop a mindset of abundance.
You see, it’s not enough to just understand how to make and use money to achieve financial independence – we see unhappy wealthy people all the time.
Real Financial Literacy includes understanding and developing a Mindset of Abundance around money.
Entrepreneurs with an abundance mindset know that there are enough clients out there for everyone. They believe there’s enough time to be successful, and they understand that money is not a scarce resource.
From the moment you believe in the abundance of the universe, you attract more of it into your life.
In this 9th and final post in my 9 Essential Skills Series, I’m defining what a mindset of abundance is and giving. three strategies to start cultivating it straight away so you can finally get started with that side hustle you’ve been thinking about.
What is a Mindset of Abundance?
Much like a growth mindset, an abundance mindset is a way of thinking that leads to success.
Stephen Covey, in his book “The 7 Habits of Highly Effective People”, outlines an abundance mindset as flowing “out of a deep inner sense of personal worth and security. It is the paradigm that there is plenty out there and enough to spare for everybody. It results in sharing of prestige, of recognition, of profits, of decision making. It opens possibilities, options, alternatives, and creativity.”
The opposite of a mindset of abundance is a mindset of scarcity.
Scarcity vs. Abundance Mindset
These days, in this capitalistic and materialistic society, we’re surrounded by overconsumption. Marketing efforts everywhere would have you believe that you NEED whatever it is they’re selling.
This leads to what Steven Covey refers to as a scarcity mindset, where we see life as having limited resources.
Covey writes, “Most people are deeply scripted in what I call the Scarcity Mentality. They see life as having only so much, as though there were only one pie out there. And if someone were to get a big piece of the pie, it would mean less for everybody else… People with a Scarcity Mentality have a very difficult time sharing recognition and credit, power or profit – even with those who help in the production. They also have a very hard time being genuinely happy for the success of other people.”
This is the mindset that holds aspiring entrepreneurs back, as they fear there isn’t enough to fulfill their dreams.
However, there are TRILLIONS of dollars out there and only ONE of you. So, which is the scarce resource, really?
I’m here to remind you that you’re one of a kind and the universe needs you to share your gifts with the world. Your job as a new entrepreneur is to cultivate an abundance mindset, and know that the pie is infinite, as are the opportunities ahead of you.
3 Ways to Cultivate a Mindset of Abundance
1) Practice Gratitude
If there’s one action that you can take to develop a mindset of abundance, it’s being grateful for what you already have.
“Gratitude is the open door to abundance.”Harbhajan Singh Yogi
Every would-be entrepreneur has their reasons for wanting to start a business. In the beginning, most of these include more money, more things, or more family time.
However, if you practice gratitude for what you already have and focus on creating a business that is driven by your desire to provide value to your customers, rather than on what you will gain, you’ll create a business that’s more rewarding for you AND you’ll attract abundance in the process.
What is the best way to practice gratitude? I like to keep a gratitude journal and write down the things I am grateful for once a week.
Why once a week? Research shows that writing down the things we are grateful for once a week makes us happier, but when we do it three times a week, nothing happens.
Pick a time that works for you. Maybe Saturday morning with your coffee, and write down 3-5 things that you are grateful for or that have happened in the past week.
2) Celebrate the Successes of Others
As a would-be entrepreneur, it’s so easy to compare your life to others and feel jealous of their accomplishments.
This is a symptom of a scarcity mindset. When you find yourself focused on what others have that you don’t it’s often coming from the assumption that, with only one pie to share, their success is somehow going to decrease your chances of equal success.
However, the reality is that if someone else has already been successful in something you want to pursue, they have most certainly made it easier for you to do the same. They have paved the way for you!
Focus on being INSPIRED by other peoples’ successes, and you will bring more abundance into your life.
3) Change the Way You Think About Money
Many people have some degree of guilt or shame around money. We want it, but we feel guilty wanting it. We want it, but we don’t feel like we deserve it. This blocks and prevents abundance from flowing to us.
These negative unconscious beliefs about money often prevent aspiring entrepreneurs from even getting started.
If you struggle with money the mindset shift is this: the more you have, the more you can share with others.
When I think about growing my businesses, I think about all the people that I’ll be able to help. This includes my family, my friends, my community, and my clients.
There is nothing selfish there. In fact, it would be selfish not to take the risk and start that business.
Who will you be able to help with your dream business?
My Favourite Books on Abundance Mindset
Interested in reading more? Here are my favourite books on Financial Literacy!
*note that clicking on a book cover will take you to my Amazon affiliate account, where I will get a small kickback if you purchase. I never recommend any books that I have not read and found helpful in my life.
I love talking about the books I have read, so hit me up when you’ve read any of these and let me know your thoughts! Email or Instagram DMs are the best way to reach me.
If you want to start a business the first place to start isn’t buying a URL, creating a logo, or trying to make a free website. It starts with your mindset.
Until you start peeling back the layers of scarcity mindset that society has conditioned you to have, the fear that there isn’t enough to fulfill your dreams will keep holding you back.
Cultivating a Growth Mindset and a Mindset of Abundance will help you create abundance not just for yourself, but for others too!
P.S. Looking for support developing a mindset of abundance? My coach has challenged me to schedule 21 powerful Better Habit Strategy Calls in 21 days. These 60min sessions will be particularly useful to people who are feeling stuck in the daily grind and are looking to make a change or start a side hustle. Send me an email at firstname.lastname@example.org for more info.