3104: [Part 1] Why Is Adopting an Abundance Mindset Important by Vicki Cook and Amy Blacklock of Women Who Money

[00:00:00] Hey, it's Justin from Optimal Living Daily. Before we start, I want to share a super powerful practice I use called NSDR or Non-Sleep Deep Rest. In just about 10 minutes or so, this Yoga Nidra practice leaves you feeling as refreshed as after a nap without actually sleeping. Experience it for yourself on our guided podcast. Search NSDR and look for the one from Optimal Living Daily.

[00:00:24] This is Optimal Finance Daily. Why Is Adopting an Abundance Mindset Important? Part 1 by Vicki Cook and Amy Blacklock of WomenWhoMoney.com As you navigate day-to-day life, you face plenty of challenges. Dealing with issues at work, at home, or with personal situations can be a real struggle. Another thing you might find difficult is accepting responsibility for your happiness and success.

[00:00:51] While you do plenty of things right, you may not realize you're setting up barriers to achievement and it can be tough living life within those restraints. Likely, that's never more apparent than when you think about your finances. Your mindset affects how you live your life. Are you one of the many people who look for someone or something to blame because you don't have enough of whatever it is that you want or need?

[00:01:16] Are you quick to say that you don't have enough money, financial security, or the right house or car? If that's the case, accepting that you can control your decisions and attitude can make a big difference. Your mindset can affect things like how you learn, manage stress, and handle risk. It impacts your social, emotional, physical, and financial health. If others attempt to put roadblocks in your way, take action and figure out how to get past those hurdles.

[00:01:45] If you allow them to confine you, it will be challenging to get ahead and build a financially secure future. While taking control sounds easy enough to do, it's harder for some than others. And that's where scarcity and abundance mindsets come into play. These mindsets can play a significant role in how you make decisions, how you spend, save, and invest your money, and how you go about living each day. Let's take a closer look at the principle of scarcity and abundance.

[00:02:15] If you have a scarcity mindset, you'll see why adopting an abundance mindset could change important parts of your life. The scarcity mindset. When you have a scarcity mindset or a scarcity mentality, you believe you don't have enough. You'll never have enough and that there's not much you can do about it. It's a fixed mindset where thinking out of the box and risk-taking isn't possible.

[00:02:39] Fear and low self-esteem hold people back from trying new things and advocating for themselves. A nothing-good-will-come-from-it attitude prevents those with a scarcity mindset from negotiating their rent or for a raise. It stops them from applying for jobs with more responsibility and higher pay. It can also leave them very unfulfilled. With a scarcity mentality, you only focus on the present. Immediate and urgent needs are addressed at the expense of your future self.

[00:03:08] If you're not living paycheck to paycheck, you save extra money rather than investing it for long-term growth. With the scarcity mindset, there isn't enough money to do both. Even if you're told to start small, there's always something to spend the money on instead. Stephen Covey's best-selling book, The Seven Habits of Highly Effective People, describes the scarcity mentality as a zero-sum paradigm of life. When one wins, someone else loses.

[00:03:37] The pie is only so big. If you're lucky enough to get a piece, you keep it for yourself because it could be gone tomorrow. People with this mindset tend to live sad and frantic lives. They incur debt to avoid missing out on something they want or need today. They're takers, not givers, and they seldom, if ever, get the financial security they desire. They're jealous of others and what they have, ignoring any of their good fortunes. This can be a very discouraging way to live.

[00:04:06] The abundance mindset. Covey also coined the term abundance mindset or abundance mentality. In this paradigm, there's plenty out there and enough to spare for everybody. Compared to a scarcity mentality, it's certainly a more positive and optimistic outlook. Those who have adopted abundance mentalities aren't controlled by impulse and they readily share with others. They always have enough for today and tomorrow.

[00:04:33] If there's something they need or want, they'll figure out a way to get it. But they aren't in constant pursuit of things. Abundance creates freedom. With an abundance mindset, you dream and think big. You're a lifelong learner who always takes opportunities to add to your knowledge and skill set. But it isn't just about you. When those around you find success, your congratulations are sincere. As hard as change can be with an abundance mindset, it's much easier to embrace change.

[00:05:03] Even complicated changes. You know life is dynamic and being future-oriented allows for more growth with an abundance mindset. Your cup-half-full attitude means there's room for different experiences in life, not just more of the same. Having an abundance mindset will help you assume some risk to build wealth, start the business of your dreams, apply for a leadership position, or return to school for the degree you still want, all while serving others.

[00:05:31] People who think abundantly have real financial security because they make things happen and go after what they want. And you'll enjoy being around them because of their positivity. Adopting an abundance mindset. Hear that in tomorrow's episode. You just listened to part one of the post titled, Why is adopting an abundance mindset important? By Vicki Cook and Amy Blacklock of womenwhomoney.com.

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[00:07:53] Sign up for your $1 per month trial and start selling today at Shopify.com slash OFD. Go to Shopify.com slash OFD. Shopify.com slash OFD. I think this post beautifully illustrates why mindset matters so much. Your thoughts create a chain reaction that eventually leads you to taking action and building the life you want.

[00:08:21] I've found that my thoughts influence the words I say to myself and other people. And when I say those words enough times, they solidify as beliefs. The only way I'm going to take action enough to build trustworthy habits is when I truly believe something. And those habits are what create my reality. I've been working on my mindset a lot over the last six months. And I'm finding that an abundant mindset allows me to take confident, consistent action.

[00:08:51] A scarcity mindset leads to fear and can paralyze your efforts to take action. I think something that helped me loosen the hold of a scarcity mindset over time was to allow my curiosity to be bigger than my fear. Rather than ruminating on all the things that could go wrong, I imagined what it could look like if things went right, which by the way is an equally probable outcome.

[00:09:15] I also stopped trying to avoid obstacles and stopped seeing them as problems when I did encounter them. The book The Obstacle is the Way by Ryan Holiday helped me a lot with this. An abundance mindset leads me to say things to myself like, you can't possibly anticipate today the opportunities that will present themselves tomorrow. That might sound obnoxiously optimistic, but it's totally true.

[00:09:41] Landing this job as your host of Optimal Finance Daily is a great example of life throwing me a bone. I never anticipated I would be doing this, and I didn't seek out a position as a podcast host. It was just one of those opportunities that presented itself, and my abundance mindset guided me to jump on it. This podcast has become a huge source of joy for me, and I can only hope that you, dear listener, are getting as much out of this as I am. And that should do it for today.

[00:10:10] Have a happy rest of your day and a great weekend if you're listening in real time, and I'll be back here over the weekend where we'll finish up this post and where your optimal life awaits.