3105: [Part 2] 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.

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[00:00:51] So press play on good sleep tonight, because a good tomorrow starts with a good night's sleep. Just search for Good Sleep in your podcast app and be sure to pick the one from Optimal Living Daily. This is Optimal Finance Daily. Why is Adopting an Abundance Mindset Important? Part 2 by Vicki Cook and Amy Blacklock of WomenWhoMoney.com. Adopting an Abundance Mindset.

[00:01:20] After learning more about abundance mentality, you can see why it's so important to adopt. If you believe you don't currently have an abundance mindset, you aren't optimizing the quality of your financial life. Having a scarcity mentality can prevent you from taking control of your finances. The best shot you'll have at obtaining the wealth and financial security you desire is to do what you can to shift from having a scarcity to an abundance mindset.

[00:01:47] What can you do to make the shift? Below, we describe ways to help you realign your thinking. Just keep in mind it takes time, focus, and energy to overcome a deep-seated scarcity mentality. After taking steps, finding success, and moving towards financial independence, you'll see why it's worth all of your effort. Work to adopt an abundance mindset by... Number one, reducing your exposure to media.

[00:02:17] The more time you spend in front of a screen, the worse you probably feel. Scrolling through your social feeds reminds you of what you don't have. Advertisers get you to spend money on things you don't need or want. Reducing the time you spend connected to the TV or social media will boost your happiness and decrease your desire to waste money. Number two, organizing all aspects of your life.

[00:02:42] When you're living in a mentally or physically cluttered environment, you'll eventually lose track of what you already have. That's a vital driving force behind the incessant need to address scarcity. Use the time you're saving by giving up hours in front of your TV or phone to organize everything in your life. You'll then clearly see you already have more than you need. You have an abundance. Number three, adopting a beginner's mind.

[00:03:11] Soshin is a Zen Buddhism concept meaning beginner's mind. It denotes having an open and eager attitude and a lack of preconceived notions when studying a subject, even when we're not a beginner in the subject. When we think we know it all, we lose our ability to be creative, see things with a new eye or hear it in a new way, and brainstorm without reservations.

[00:04:03] Being generous and giving freely to strangers in need is very fulfilling also. Number five, giving up on being number one. If you have a scarcity mentality, everything seems like a competition. You can be obsessed with coming in first to prevent yourself from losing. But losers aren't required in the game of life. Believe it or not, adopting an abundance mentality allows you to see there's plenty to go around for everyone. We can all be winners.

[00:04:31] Number six, halting the comparison of yourself to others. You're not in competition with your friends, family, neighbors, or coworkers. When you get caught up competing with them, you end up with everything they wanted and not what you want. The abundance mindset allows you to practice delayed gratification because you don't have to have it all now. You can save time, energy, and money by focusing your spending on your needs and wants without scarcity impacting your decisions.

[00:04:59] Number seven, reflecting on what you have with a grateful attitude. Research points out that gratitude is associated with many benefits, including improved physical and psychological health, happiness, and life satisfaction. Additionally, it provides decreased feelings of materialism, burnout, depression, and more. When you nurture close relationships, act with kindness, appreciate your good health, and volunteer to help others, you're practicing gratitude.

[00:05:27] You can create lists of things you're grateful for, write letters to those you appreciate, or express gratitude to others. Number eight, focusing on what's working, not what isn't. It's human nature to look for what's wrong or to focus on what we don't have, but dwelling on the negatives isn't healthy, productive, or beneficial for anyone. Finding the positives and focusing on what's working helps you grow more optimistic and attain abundance.

[00:05:55] Positivity attracts positivity. It draws positive people, events, and outcomes to you. It enables you to discover new opportunities, learn from a variety of situations, and keep moving towards your goals. Final thoughts on the importance of adopting an abundance mindset. Your thoughts, feelings, and attitudes about money impact your ability to meet goals and build wealth. While wealth carries a different meaning for each person, most people want to become financially independent.

[00:06:24] What's different about each person's view of wealth and independence is how they pursue it, and the limitations they either knowingly or unknowingly accept while trying to get there. Flipping the script from having a scarcity to an abundance mindset isn't easy. But when you shift from being envious of others to being inspired and curious about their success, you'll be open to learning from it. That's when you'll make fast progress towards your goals and an abundant life.

[00:06:55] You just listened to part two of the post titled, Why is Adopting an Abundance Mindset Important? by Vicki Cook and Amy Blacklock of WomenWhoMoney.com. And now a word from our sponsors at Betterment. When investing your money starts to feel like a second job, Betterment steps in with a little work-life balance. They're an automated investing and savings app, which means they do the work. While they build and manage your portfolio, you build and manage your weekend plans.

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[00:09:19] Advertising's effectiveness is dependent on convincing you that you don't have enough. It really feeds the scarcity mindset. It would be nearly impossible to convince someone that they need to buy something if they already felt like they had enough and were surrounded by abundance. I also love the Anne Frank quote shared today. No one has ever become poor by giving. It reminded me of the age-old chicken or the egg question.

[00:09:46] Does your success lead to happiness or does your happiness lead to your success? I think it's both. And I feel the same way about generosity. I think pursuing financial independence and recognizing the abundance around me has made me more generous. And likewise, my generosity has opened up doors to even more abundance. And that's another episode of Optimal Finance Daily in the books. Thank you for your support and for listening every day.

[00:10:13] Have a great rest of your weekend and I'll catch you tomorrow where your optimal life awaits. Hope your daughter does not want to be in the right now. Hope your daughter is too bright.