Poverty Mindset and How to Overcome It

Personal finance expert, Suze Orman, has often said that the biggest thing holding us back from financial freedom (and wealth) is ourselves. She says you have to be more to have more. 

Opposite of Suze’s advice, having a poverty mindset is a limited perspective. According to Wealth of Geeks, this mindset is rooted in the fear of never having enough, with the idea that your circumstances are permanent and will always “struggle.” And consequently, this thinking traps you in a cycle of worry and negative manifestations.

Mindset is everything. People who are wealthy in mindset and finances are intentional. They attract and expect abundance. A poverty mindset is stagnant thinking. It can be caused by negative experiences, a lack of education, or even a lack of resources. It can also correlate to how we related to money and financial exposure during childhood. And studies show that such negative thinking suppresses the immune system and can often lead to physical and emotional illnesses like anxiety and depression. 

Shifting the poverty mindset to a growth mindset will allow us to attract the things we want. As soon as our actions change, we can attract more positivity and opportunity into our lives. 

And just like we mentioned in a previous post, manifestations, and affirmations can really shift not only your moods but realities.

Here are some ways to shift your poverty mindset to a mindset of growth and abundance:

• Be intentional about your words. Instead of saying, “I don’t have any money” or “That’s not in my budget,” rephrase to “I don’t have it but it’s on the way” or “That’s not in my budget just yet.” This leaves room for circumstances to shift.
• Assess what you already have. And be grateful. Gratitude naturally alters vibrations, creating positivity and optimism. Also, when you acknowledge what you do have, you also acknowledge the possibility that you can get more. 
• Re-evaluate your views of money. We do not have to be submissive to money. In fact, when we readjust the image we have of money, we can see it as a tool or resource that can help expand our financial needs and goals rather than an indebted tool to which we are obligated. In other words, learn to let money work for you instead of you working for it.
• Tap into your goals and make a plan. Get honest (and courageous) about the cause of your poverty mindset and your financial goals. Write out all the things that you want to accomplish. Be specific and set a realistic timeline. Recognize that tapping into your goals is also tapping into your curiosity, while also expanding your knowledge. And expanding your knowledge and financial growth may include acquiring new financial reading or podcasts to give additional insights and perspectives. The more we know, the more comfortable we are in taking risks – starting a business, investing, etc.

By understanding the causes of the poverty mindset, we can begin to take steps toward overcoming it. This includes developing an attitude of growth, learning new skills, and creating positive habits that will help us reach our goals. With the right tools and strategies in place, we can break free from the poverty mindset and create a life full of success and abundance.

Photo Credit: Nataliya Vaitkevich