Want More Money? Don't Worry About It

Have you ever heard of the scarcity mindset? 

The scarcity mindset is the mindset of never having enough, that others have more which means you have less and there are limitations on what is available. This mindset can come in any form; food, money, clothes, time, love, relationships.

A scarcity mindset gives you tunnel-vision, an inability to see beyond what you don't have and you become fixated on this one thing. 

  • Think about when you declare, ‘I’m not going to eat carbs anymore.” What happens? You start craving carbs. In fact, all you can think about is eating an everything bagel. You not only crave the actual fact, more you think about it, the more you anticipate eating the bagel which, in turn, releases dopamine and makes you crave the bagel even more. It is a terrible cycle.

You are probably thinking, ok, I can see how that is harmful in reference to food, however, how can that be a bad thing when it comes to money? If I fixate on money, won’t it provide me with a greater chance of getting more money? Doesn’t having tunnel-vision on acquiring money make my choices about obtaining money lean towards hard work and smart investing? 

Um, the answer is, no, not really. The scarcity mindset, while providing you with this strong desire to obtain what you think you don’t have enough of, compromises your cognitive ability, eliminating planning and thinking for long term goals. Instead, you become all about immediate gratification and impulsivity.

Here’s the kicker, if you do get an influx of money, ie. a bonus check at work, a promotion, an inheritance, your scarcity mindset doesn’t change. So instead of taking that money and planning your mindset is to spend it all. 

Scarcity “mindsetters” tend to acquire lots of stuff to fill the empty hole

You get some money, the dopamine kicks in as you anticipate spending your money on everything you have been missing out on when you didn't have money. Your primitive self takes over and starts gathering and consuming, storing it all up. Interestingly enough, hoarders have a scarcity mindset, believing there is never enough so not only do they try to get more, but they won't part with anything for again, fear of not having. 

Your subconscious mind, which runs 95% of your day, sets its autopilot with scarcity as the destination. So all subconscious decisions will support this notion. This limits your ability to look for long-term success and instead focus on only short-term wins and many of your choices support this “I’ll never have enough money” mentality. 

We need to rid ourselves of a scarcity mindset. It is a process, but one worth taking on. Here are some ways to do that;

  • Change your language! Instead of ‘I can’t afford that’ say ‘I choose to spend my money differently.’ 

  • Don’t acquire more stuff to fill the hole. 

  • Take small steps towards saving and watch how a little bit of money can accumulate over time. 

  • Be happy when other’s successes, there isn’t a limited amount of abundance in the world. Recognize there is enough money for everyone. 

  • Clean out your stuff, rid yourself of unnecessary objects that support this mindset. 

  • Set money goals and see them through, don’t just talk the talk, walk the walk.  

    • While I would love to help you shift you to an abundance mindset, let’s take this one step at a time. 

    • By neutralizing this scarcity mindset, you will make better choices and be on your way to shifting the pendulum to the other side. 

    • Cheers, to your magnificence! Jackie + Mimi 

Marissa Bishop