Overcoming A Scarcity Mindset
In this episode, Loraine Marshall explores the psychology of money and how to overcome a scarcity mindset. Drawing from her personal experiences and the teachings of motivational speakers like Jim Rohn and Randy Gage, Loraine shares her journey of discovering the difference between scarcity and abundance mindsets. She discusses the impact of our beliefs, attitudes, and behaviors regarding money on our financial well-being. Loraine also highlights the key blocks that hinder overcoming a scarcity mindset, such as fear of loss, negative beliefs, lack of financial education, social comparisons, and cognitive biases. She then provides five strategies to shift from scarcity to abundance, including financial education, reframing negative beliefs, cultivating an abundance mentality, setting realistic goals, and seeking help through Money Mindset Coaching. Loraine emphasizes the importance of changing our mindset for better financial decisions, reduced stress, and an improved quality of life.
KEY TAKEAWAYS
Scarcity mindset is a psychological condition in which an individual believes that resources, including money, are limited and constantly in short supply.
People with a scarcity mindset often exhibit behaviors such as hoarding, frugality, and a rational fear of losing money.
Key blocks to overcoming a scarcity mindset include fear of loss, negative beliefs about money, lack of financial education, social comparisons, and cognitive biases.
Ways to overcome a scarcity mindset include investing in financial education, challenging and reframing negative beliefs about money, practicing gratitude, setting realistic financial goals, and seeking help through Money Mindset Coaching.
Changing one’s mindset from scarcity to abundance requires self-reflection, patience, and consistent effort, but can lead to better financial decisions, reduced stress, and improved quality of life.
BEST MOMENTS
“I understood more about the subconscious mind and how you have to train your mind so that you’re not talking in terms of lack and poverty and scarcity and to think in terms of prosperity, abundance and wealth instead.”
“Scarcity mindset is a psychological condition in which an individual believes that resources, in this case money, are limited and they are constantly in short supply.”
“To combat a scarcity and poverty mindset, it’s essential to invest in financial education. Learning about budgeting, investing and money management can provide knowledge and confidence needed to make informed financial decisions.”
“Instead of focusing on what you lack, try to shift your focus towards gratitude for what you have. Practising gratitude can help you recognise the abundance in your life, whether it’s financial or non-financial.”
“Changing your mindset, especially when it comes to money, is not a quick or easy process. It requires self-reflection, patience and consistent effort. However, the rewards are significant as a shift from scarcity mindset to one of abundance can lead to better financial decisions and reduced stress and improved quality of life.”
HOST BIO
Loraine is a blogger, digital creator, and author.
A former Property Management business owner spent a decade in HMO and family rentals before moving to Spain in 2016 with dreams of becoming fully retired and living in Spain with her partner, but that dream shattered in September 2020.
Loraine explains how she has now experienced the three D’s in relationship endings. Divorce, death of a partner and now discard, the abrupt termination of a relationship.
Currently working on rebuilding her life whilst living with three overlapping litigations post-separation including the threat of precarious eviction by a former partner.
