Do you think the world has enough for everyone’s needs or do you think there are not enough resources and everyone has to fight hard to get their share?
If it is the former, you have an abundance mindset. If it is the latter, you have a scarcity mindset.
The Scarcity Mindset
People with a scarcity mindset tend to view life as a zero-sum game, in which one person’s gain is another person’s loss and vice versa. It is often the result of a very narrow mindset, which cannot think beyond the immediate or the short-term.
Given below are the typical characteristics of a person with a scarcity mindset.
- You feel bad when someone at work is promoted or gets a raise.
- You feel jealous when someone else has the things that you do not have.
- You have a hard time sharing things with people because you are worried that you do not have enough.
- You find it difficult to be a part of a team as you are worried that someone else might take credit for your work or that you might have to share the success of the project with everyone.
People tend to exhibit the scarcity mindset particularly when it comes to personal finance. Some people are afraid to spend money even on basic needs because they are worried that they might not have enough money to spend on other things, at some other point.
At the other end of the spectrum, some people tend to spend most of their paycheck right after they get it. This is because they think that if they leave it in their account, some unnecessary expense might come up and they might be forced to use their capital to purchase it, leaving them high and dry when it comes to basic needs.
The Abundance Mindset
People with an abundance mindset, on the other hand, tend to view the world as a place with infinite possibilities, where you can earn what you need if you put in the effort.
Given below are the typical characteristics of people with an abundance mindset.
- You do not think that someone’s success comes at your cost.
- You believe that if those in your social circle are happy and successful, it adds to your life too.
- You know what you are worth and do not judge your life based on what you do not have or what others have.
- You always try to figure out a better way to do things.
- You are happy to share what you have with others and grateful for what others do for you.
Developing an Abundance Mindset
Needless to say, a scarcity mindset can restrict your personal growth, limit your career advancements, and leave you with a feeling of inadequacy all the time.
An abundance mindset, on the other hand, can help you grow as a person, improve your self-worth, develop healthy relationships, and achieve great things in your personal and professional life.
There are many things you can do to develop an abundance mindset.
- Embrace change as and when needed.
- Express gratitude for what you have and what others do for you.
- Forgive past mistakes (your own as well as others).
- Focus on what you have or want to have instead of getting fixated on what others have.
- Share what you have with others.
Basically, stop comparing yourself to those around you and learn to appreciate yourself. Look for the positive in every defeat and the opportunity in every challenge. Learn to look at those around you as companions whom you can spend time with, rather than competitors whom you have to beat at any cost.