Try to Have an “abundance Mindset” to Increase Your Wealth
The fight for money is real. If you’re struggling to pay your rent while paying off your credit card debt, you’re not alone. The average American is now over $90,000 in debt, while the total balance of US consumer debt has risen to $800 billion since the pandemic. Given these statistics, it’s understandable to feel like you’re always penniless. Sure, sticking to a budget can help stabilize your bank account (and at least give you some sense of control over your finances), but giving up vacations and skipping evenings with friends can get a little depressing after a while. But what if an abundance mindset could be the answer to your financial problems?
“An abundance mindset is the choice to deliberately focus on what you have access to, rather than what you lack,” says Dr. Ashley Lowe Simmons , financial therapist. “The abundance mindset allows you to change the way you think about money; your perspective on finances determines how you approach your financial journey.”
In other words, Lowe Simmons says, will you focus on what’s missing in your life (like not going out to dinner with friends or skipping vacation this year), on the amount of finances you don’t have, or are you focus on what you lack? on your ability to connect to resources that will help you achieve your financial goals and expectations? According to Low Simmons, if you focus on the latter, “you’ll be engaging in activities that will solidify your financial path.”
Like anything new, practice makes perfect. If you are used to thinking that money is always a struggle for you or that you cannot pay off your debts, then it will be difficult for you to have an abundance mindset at first. Below, Low Simmons lays out his tips on how to maintain an abundance mindset so you can continue to thrive:
- Sit quietly and take time for yourself. How are you feeling? What do you want?
- Keep a diary and write down your thoughts. Get a clear and honest idea of who you are at the moment and what you want to create in your life, including wealth.
- Surround yourself with a healthy support group. Be close to those who support you and support your dreams and projects, and who will continue to encourage you to make money and pay off your debts.
- Practice saying positive affirmations out loud. The more you saturate your brain with positive thoughts, the more likely you are to start believing them.
- Take 30 days to treat everyone the way you would like to be treated in life, even if the actions are not reciprocated; own your part, embrace it, and achieve abundance because you are worthy of abundance by your own definition.
So how does an abundance mindset set us up for financial success? Below, Low Simmons shares his best tips and examples to help your wallet.
Get well with your thoughts
“Our thoughts are powerful,” says Lowe Simmons. “So first, learn to rethink your thoughts about money and create money affirmations [this is a good step]. Rethinking our thoughts and reaffirming our desires helps us begin to build our faith, which essentially aligns our thoughts and actions. Everything starts with a thought.”
Some of the statements she offers include: “I deserve money”, “I have the ability to create wealth”, and “I have more than enough”.
Understand Your Gifts
Low Simmons says that understanding your unique gifts and talents is the way to make more money. “Being aware of what you have access to, like our gifts, makes room for us and allows us to create wealth,” she says. “Write down and keep a diary of the things you do very well with minimal effort. For example: “I am a poet. I could write poetry and find ways to organize a writing workshop or a poetry open mic doing what I’m good at and it comes easy.” Even if you start with a pay-what-you-can model, it will generate some revenue.” Get creative with what you have uniquely to offer and what interests you. Then brainstorm how this can bring in additional income, even if it’s just a part-time job for now. The bottom line is to remember that there is always a way to make money.
Reach out to others
“No man is an island, so developing partnerships empowers us,” says Lowe Simmons. “Associate with people you can benefit. When I started my talk show, I contacted other people and interviewed them about mental health and their individual area of expertise. Partnerships are a great way to increase your reach and access a larger audience, which can generate income.”
With whom in your circle of friends and community could you join forces that could lead to a new financial venture? Chances are you know someone right now. Take the opportunity to connect now and see how you can be of service to each other.