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Do you have an abundance or scarcity mi

Your Abundance vs. Scarcity Mindset

By: Josh Duncan

Is your mindset leaning toward abundance or scarcity?

The abundance mindset turns scarcity on its head! It’s being at peace with who you are, seeing value in others’ accomplishments, and giving generously. Read on to learn how you can change your own mindset.

(The video is 3 1/2 minutes. Full transcript is below.)

Full Transcript of video

Hello, I’m Josh Duncan with SCB News bringing you this edition of Financial Freedom. The purpose of Financial Freedom is to provide tips to help you achieve financial freedom for personal significance.

Abundance mindset

Recently I started reading the book God and Money by Gregory Baumer and John Cortines. These two gentlemen met at Harvard Business School while doing very well financially. In the book, the idea of having a mindset of abundance came up. Although this idea was not new to me, the way it was discussed in the book grabbed my attention.

Scarcity mindset

The opposing side of the abundance mindset is one of scarcity. Stephen Covey does a wonderful job describing the scarcity mentality in The 7 Habits of Highly Effective People. He points out that these people live as though there is not enough to go around for everyone. Covey says, “If someone were to get a big piece of the pie, it would mean less for everybody else. The scarcity mentality is the zero-sum paradigm of life.”

To be transparent, I have and still struggle with the scarcity mindset. This type of thinking can cause me to worry about needless things in life. Another side effect is “keeping up with the Joneses” or the fear of missing out. When thinking this way, we must find a way to be the “winner.” If we don’t win, then we are the “loser.” There is no in-between.

Abundance mindset turns scarcity on its head!

The abundance mindset turns scarcity on its head! Folks with this mentality are grounded and at peace with who they are. Secure, you may say. They see value in the skillsets and accomplishments of others. Also, they do not mind sharing the pie, as success for someone else means success for the rest of team.

Joyful generosity for those in need

Covey defines the abundance mentality as “the paradigm that there is plenty out there for everybody.” Baumer and Cortines argue the vast benefits of joyful generosity for those in need. As I think through these attributes, it’s easy to say that I prefer being around people with the abundance mindset.

So, this a video about financial freedom, and you may be asking how these abundance and scarcity mindsets fit in this category. I believe they fit very well when it comes to setting financial goals.

Where do you find your significance?

For example, where do you find your significance and what are you planning to achieve? Is your goal to accumulate the largest pile of money possible? If so, why? Do you believe money will solve all the problems that will come your way? Greed is a result of a scarcity mindset.

Greed is a result of a scarcity mindset.

Alternatively, are you accumulating money to support your family, in a humble manner, and give generously to those in need? John Maxwell suggests giving more of what you want, as this will put you in a more abundant frame of mind.

Is your mindset leaning toward abundance or scarcity?

My challenge for you is to reflect on your mindset and identify if you lean toward abundance or scarcity. I know I want to have more of the abundance mindset. Whichever way you CHOOSE to think will determine your actions in a very clear way.

Thank you for joining me for Financial Freedom. I'm Josh Duncan, Financial Advisor with F5 Financial Planning, helping you achieve financial freedom for personal significance. Please send topics you would like me to cover to josh.duncan@f5fp.com. See you next time.

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Photo credit:SCB TV (the producers of our video)


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