Last Updated on June 19, 2020 by Shane Corbitt
A wealth mindset is a term used to describe a positive relationship with money. A wealth mindset absolutely includes a clear understanding of your family’s budget and spending habits, but it is much more than profit and loss. A wealth mindset translates to other areas of life, including, but not limited to:
- Health
- Relationships
- Respect for others
- And so much more!
Before we look at the wealth mindset, let’s look at the alter ego of the wealth mindset – the poverty mindset. The poverty mindset comes from a place of lack. A poverty mindset pits people against one another because there is a sense of not enough or competition. A poverty mindset sees others as a threat or out to get what is yours. People coming from a poverty mindset are busy hoarding anything they have – whether it be money, resources, love, and more – trying to keep themselves from facing dire consequences.
A wealth mindset comes from a place of inclusion and endless resources. A wealth mindset believes that there is more than enough and the more you share, the more you have. A radical shift from the poverty way of thinking. As a matter-of-fact, changing your mindset from poverty to wealth-focused can be a game-changer in every area of life. Finding wealth in your bank account often leads to wealth in all areas of life. Being fulfilled financially opens up opportunities to do more, be more, and give more.
Living with a poverty mindset keeps people on a hamster wheel, grinding out more and more hoping to achieve a financial goal. They often believe that when they reach the goal, they can consider being more generous or open to others because they will have more resources. The truth is, living with a poverty mindset makes people scared and stingy, and reaching their goals doesn’t usually stop their habits. If anything, they become highly protective of what they have since they worked so hard to get it.
Making the switch from a poverty mindset to a wealth mindset isn’t like flipping a light switch. In order to combat years of poverty thinking, a deep dive into the mindset and habits has to be done. The good news is – it can be done! The first step is recognizing that a lack mentality is not a good way to show up day-to-day. Life is meant to be lived well and enjoyed in community. Changing your mindset to wealth-focused can happen one small step at a time.
Interesting article!
I do believe a lot of good comes from having a wealth mindset but there also think there has to be a balance. In some instances, having a scarcity mindset will propel you into taking action.
I’d love to hear your take on this.
Thank you for the comment Rogier! For some, a scarcity mindset will definitely give them a kick and get them going. I think that using a scarcity mindset, for some, as motivation can have a negative impact. I would recommend continuing to improve upon, whatever it is you’re working on, to keep the momentum going in the right direction. That way using a scarcity mindset doesn’t come into play. I like to use a wealth mindset as a way to practice Law of Attraction.
Hey Shane!
I like that take. You can really go deep into the rabbit hole when it comes to this subject.