Seven Steps To Shift From Scarcity to an Abundance Mindset

by Finnian Kelly

There’s more to wealth-creation than financial know-how

We see it over and over again… Creating wealth is as much about mindset as it is about investment strategies, savings and budgeting.

If your Money Story and beliefs around your finances keep you trapped in scarcity, you’ll create more of the same. That’s why shifting to an abundance mindset is one of THE most effective things you can nurture to accelerate your wealth-creation path.

Here’s how you can do it…

7 Steps to an abundance mindset

“Abundance is not something we acquire. It is something we tune into.” Wayne Dyer

1. Become aware of your thoughts

Want to know if your default way of being is rooted in abundance or scarcity? If so, listen to your thoughts. Even better, journal about them or discuss with your coach.

In particular, become aware of what experiences trigger thoughts of scarcity or lack. Notice what experiences raise your vibration or drain your energy.

You’ll find that money can be a powerful teacher here because it will highlight your dominant mindset. For example, do you find yourself judging prices for being too expensive or too cheap? Is cost one of the first things you want to know before discovering more details? Do you envy people who seem to have an abundance of lifestyle?

Don’t shy away from the truth. Instead, allow your raw thoughts and emotions to be. When you acknowledge them for what they are – warts and all – you sow the seeds for transformation. Remember, awareness is the first step to change.

2. Recognise that abundance surrounds you

When you can’t buy the things you want, it’s easy to fall into the trap of scarcity.

But the reality is, we’re surrounded by abundance in the western world. The universe is plentiful in what it has to give you. [Why do you think you are any less worthy than a bird or a tree?] There’s enough air to breathe, water to drink, food to eat, and more natural beauty than you could hope to drink in.

Scarcity is a human construct that’s created by overwhelming choices, social definitions of success, and comparisonitis.

That doesn’t mean you have to settle for what you’ve got and you can’t desire more. As Ramana Maharshi said, “If you approach the ocean with a cup, you can only take away a cupful; if you approach it with a bucket you can take away a bucketful.”

Instead, this is your permission slip to lean into the abundance you already have.

In the words of Napoleon Hill, “No more effort is required to aim high in life, to demand abundance and prosperity than is required to accept misery and poverty.” 

And remember, because like attracts like, abundance attracts more abundance.

3. Practice gratitude

Eckhart Tolle says that “Acknowledging the good that you already have in your life is the foundation for all abundance.” 

In other words, if you want to attract more abundance, appreciate the abundance you already have. A gratitude practice is the simplest way to do this. All you need to do is consciously and intentionally acknowledge the things for which you’re grateful.

This can range from the simple. For example, a beautiful sunset, the love of a friend, or the feeling of the wind on your skin…. To the big – including optimum health, security, and that big promotion.

Don’t just think gratitude – write it down too. Also, notice the way your gratitude makes you feel. Notice how light, happy, and free you feel as you recognise fully all the abundance that’s already in your life.

You can’t be stuck in scarcity when you focus on gratitude – it’s a practice that raises your vibration.

What’s more, the more you’re grateful for, the more the universe will give you to appreciate.

Commit now. Start your gratitude practice today. It won’t be long before you’re more open to feeling the abundance that surrounds you.

4. Affirmations

Your mindset and default way of thinking is the result of the thoughts and stories you repeat over time.

If you believe you’re not worthy or good enough, it’s going to be a lot harder to attract and create wealth! As Suze Orman said, “When you undervalue who you are, the world will undervalue what you do and vice versa.” 

Remember, your thoughts are magnets. If you want to attract different outcomes for your life, start thinking different thoughts. Affirmations can help…

Affirmations are a tool you can use to reprogramme your mind and transform your inner dialogue to be more supportive of your hopes and dreams. Choose statements that you’d like to turn into beliefs and repeat them over and over until they become hardwired.

Be sure to write/state your affirmations in the present state so your subconscious mind can create this experience in the now. Also, keep your affirmations positive – saying what you DO want rather than what you don’t. For example:

“I attract abundance into my life effortlessly.” 

Rather than…

“I’m going to stop thinking negatively.”

5. Give

People with a scarcity mindset don’t like to give things away. The logic is that more for you equals less for me. The problem with this thinking is abundance is meant to flow – like water – or it stagnates.

This Law of Reciprocity helps explain why Sivananda said, “Giving is the secret of abundance.” 

When you give, you open a channel and create space to receive. It’s the difference between a clenched fist and an open hand. One can receive, the other can’t.

Giving forces you to push through your fears of losing out. You don’t have to give money. The Law of Reciprocity applies to your time, your ideas, and your love too.

So practice random acts of kindness, donate to charity, give to those in need or those you love and see how this creates a cycle that returns to you.

6. Align with your values

Wayne Dyer said, “Doing what you love is the cornerstone of having abundance in your life.” I believe your “Personal Legend” is your key to unlocking this.

Your personal legend is the term used by Paulo Coelho in The Alchemist to describe the boy’s life/spiritual purpose. Your Personal Legend is the things you feel called to do. It’s ‘work’ that infuses you with passion and gives you a sense of purpose that’s bigger than you.

When you do what you love, it’s hard not to do a great job because you always feel inspired and energised. In return, you receive abundance – both financially but also in terms of happiness and fulfillment.

Your values are also a signpost to joy.

If you live in alignment with the things that matter to you, you’ll spend more of your time doing and enjoying the things you love.

7. Spend more time BEing in the NOW.

How many times have you told yourself that life will be better in the future? That you’ll be happy when you have more money, a better relationship, or a bigger house? I fell into this trap. In the past, I saw money as an indicator of success. I believed my wealth made a statement about me and I was always chasing more.

But when I had it all, I just felt empty. Worse, I began to make bad decisions because I was afraid of losing what I’d built. [Guess what I did!]

In recent years I’ve realised that waiting for happiness to show up in the future is a waste of time. Instead, I commit to BEing in the now as much as I can. Conscious breathing, nature, yoga, meditation… all these things allow me to feel incredible in the moment, which in turn helps attract abundance into my life.

Change your mindset, change your bank balance

The principles of wealth-creation are actually simple.

All you’ve got to is spend less than you earn and invest the rest. It’s not the financial strategies and know-how that holds us back. Instead, it’s our mindset towards money.

If you want to create more wealth, be sure to cultivate an abundance mindset at the same time.

If you stay rooted in lack, you’ll make bad decisions, create tension and fear around money, and even lose what you create.

In comparison, create an intentional relationship with money where you feel abundant, and the wealth will flow that much easier.

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That’s the power of your money story and your relationship with money. If you’re locked in a scarcity mindset – like Sydney – you’ll struggle to create the wealth you want. 

But that’s not all…

People with a scarcity mindset experience financial stress. They get triggered by money and find it’s a significant factor in most of their decisions. They run the narrative that they can’t afford things and believe they’ll never have enough. An abundance mindset feels very different. People with this mindset trust they’ll always have enough and that they’ll be provided for. They have empowering conversations around money and finances are less likely to hold them back. 

An abundance mindset also attracts more abundance for the simple reason that you’re able to see the bigger picture. If you expect the universe to provide, you’re instinctively more open to spot and leverage the wealth-creation opportunities that come your way. In comparison, someone with a scarcity mindset is more likely to be trapped inside a victim-mindset and held back by feelings of resentment, negativity, and low self-worth. 

Your personal experiences with money [and life] influence whether you’re wired for abundance or scarcity. 

But here’s the good news! If abundance is not your default lens, you can rewire your mindset. So keep reading…

Disclaimer: all information contained within this article is of a general nature and should not be relied upon when making financial decisions. Please consult a professional financial advisor or planner (like us!) before acting.