Wealth creation is a matter of the mind.
And, this is largely determined by the money mindsets an individual has. Built over time, money mindsets are beliefs that determine if one is able to take up a financial wellbeing course and pursue it conclusively.
An abundant money mindset is one such belief and when cultivated, it enables one to be content with what they have, financially and what they are.
What are the characteristics of an abundance money mindset, you may ask?
· Taking charge of one's finances.
· The love of learning about money.
· Understanding or accepting that money is an enabler e.g. giving one the opportunity to contribute in creating impact.
· And, the acceptance that one is/has enough just the way they are.
But this is not all.
An abundance money mindset is all about affirmations which help with retraining your brain. The affirmations for an abundance money mindset could be when you start telling yourself that all your dreams are possible and that you have everything you need.
It may sound funny or outdated but in reality, the mind is a powerful organ and in everything you think, you become.
If you think and believe that you can attract wealth, then why not? It is all in the power of your mind to make this a reality. And then, you could be confirming to others that money comes easily to you.
Basically, an abundance mindset will have you saying things like:
1. I am good with money.
2. No one else will take care of my financial wellbeing.
3. Rich people are not greedy with their money
4. I am smart, talented and privileged enough to have this.
In a previous article, Money Mindset: How a Scarcity Mentality is Making You Poor, we saw that this mindset limits you to thinking that situations are permanent and nothing much can be done to change them and there is fear of change. A person with this mentality may also be envious of others.
However, an abundance money mindset is not a know-it-all attitude and rarely thinks about or uses self-defeating words of scarcity like ‘I can’t handle this’ or 'I'm not smart enough’.
What we need to note at this point is that an abundance money mindset is different from a positive money mindset. However, it is almost impossible to have an abundance money mindset if your outlook on money is negative.
A positive money mindset is when you take everything regarding money in a way that sees money as not being the end but a means to help you achieve your goals.
To experience everything that an abundant money mindset has to offer, there is a law of abundance which puts everything in perspective.
The Law of Abundance enables one to understand that there is enough of everything for everyone. The only catch is that this law works for those who know how to acquire money (wealth) and keep it.
An abundance money mindset is not about having tons of money but it is a state of mind- like we’ve seen above where you have “enough” and you are happy and content with where you are financially.
Look at it this way: You can be financially abundant with Ksh100,000 in the bank or Ksh5 million. Financial abundance is not about financial success as an end. It is being content with much or with little.
How to Create an Abundant Money Mindset?
An abundance money mindset has to be cultivated because it is about having a positive relationship with money where you feel empowered and open to opportunities your financial life can afford you.
Here is how you get started.
1. Avoid Comparing Yourself to Others
If you often compare yourself to others financially, then it is time to start focusing on what matters most towards your financial wellbeing.
Each of us is running their race and we cannot all be the Joneses. Start comparing yourself and your values and work towards what makes you fulfilled financially.
Take inspiration from others and follow your unique path in the understanding that every financial journey is different.
2. Be Grateful
In our pursuit of financial freedoms etc. we can easily lose sight of what we already have or lose focus if this pursuit is about accumulating more and more. Start practicing gratitude for the simple things you have achieved in life like having a roof over your head, a family, a job, friends etc.
By taking time to absorb the enormity of being this privileged, you are on your way to switching your mindset to being in a position of living abundantly.
3. What are your Thoughts like?
In the day to day hustle and bustle of life, we can easily go about routines and not think about why we are the way we are. The same is true for money behaviours because some are deep-seated habits that we may not even notice.
Take a break and start noticing the kind of thoughts circulating in your head especially when it comes to money. Give thoughtfulness to how you earn, spend etc. and start cultivating awareness of how your thoughts affect your values, goals and needs. Work towards suppressing negative feelings about money and switch to positive ones consistently.
4. Get in Control
If you have believed that your financial situation is beyond your control, then think again.
Seize the opportunity to reaffirm yourself and start working on gaining knowledge and behaviour that will change your mindset.
Work towards positively influencing your narrative.
5. Growth Goals
Embrace the fact that life is not a zero-sum game and there are numerous resources for all of us.
Take steps that will help you regain control of your life by shifting your mindset to abundance. You could also engage a financial adviser to help you with clarifying your goals and executing a plan to achieve them.