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Abundance vs. Scarcity: A New Way of Thinking About Money

[January 31st, 2016]

At the beginning of a new year, many of us are thinking about how we can make the coming year a good one for our bank accounts. The same resolutions tend to pop up: pay off debts, put more money in savings, make a budget and stick to it. But instead of looking to those same old promises, maybe this is the year to rehaul your entire way of thinking.

The abundance versus scarcity mindset is a good place to start. Read on to find out what it is, and how it can turn things around for you financially this year.

The scarcity mindset

When you think about money, how do you feel? Ask yourself what comes up for you, and listen to your body. Do you tense up? Do you feel it in your jaw, neck, and shoulders? Or maybe your stomach hurts. This is associated with a scarcity mindset—thinking there isn’t enough, and there will never be enough.

When people come from a place of scarcity, they might have a hard time spending any money at all. They might hoard their cash and constantly bargain-hunt. Or, on the opposite end of the spectrum, they might blow their money on things they don’t need, because they feel that there will never be enough anyway, so they might as well spend it while they’ve got it. Either way, it’s not healthy.

Scarcity-thinkers tend to not be generous. They are fearful, and their fear gets the best of them.

The abundance mindset

Now let’s look at the other side. Folks who don’t get that knot in their stomach when they think about money are more likely to have an abundance mindset. That means they always feel there will be enough money; there is plenty to go around. This leads to a happier way of life, up to a point. The problem comes when there actually isn’t enough money. The abundance-mindset person might spend money irresponsibly and end up in credit card debt, for example.

Having an abundance mindset is generally a very good thing. After all, there is actually enough to go around in this world. It is unequally distributed, but there really is enough for us all. Believing that there will always be enough tends to attract more money to you. However, there’s a happy medium between the abundance mindset and the scarcity mindset—and that’s the best place to be.

The happy medium

If you can find a spot somewhere between scarcity thinking and abundance thinking, you’ll be well positioned to have a great financial year. This means you aren’t scared when you think about money, but you are cautious. You use credit cards without fear, but you don’t run them up carelessly. You know you can always make more money, but that doesn’t give you a license to spend what you cannot afford. You are generous with your funds, and you are also prudent about spending. Finding a great rewards credit card is one way to get the most from your money this year, and find a place of abundance: when you spend more, you get more.

Here’s to a great financial year for all, with plenty for everyone!

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