As accountants, we’re taught A LOT about being financially savvy and learning how to budget and account for every dollar. As great as the knowledge is, it can lead to a scarcity mindset and a frugality that can be suuuuuper limiting. 

This “lack mindset” is the idea that money is limited. There may not be enough to go around. Maybe you’re not good enough, worthy enough, or even talented enough. The money you spend just stays out in the world, never to come back to you. 

If this “lack mindset” sounds familiar, keep listening.  I’ll provide a few examples of it that I’ve seen in my own life and in the lives of family members. If any of these sound familiar, I bet you’ll find the following information just as life-changing as I have. 

1. Almost always purchasing the cheaper option of something no matter the quality difference in competitors. 
2. Scouring the web for the very best deal on an item and feeling immense disappointment when you see that you could have gotten an even better deal at another location or another time. 
3. You don’t allow yourself to dream of having lots of money and setting seemingly out-of-reach goals.
4. You aren’t generous with yourself or others (because you never feel like it’s a worthy cost). 

Is anyone else feeling called out? 🙋

I did. And tbh, I really wanted to work on having this abundance (not lack) mindset. So, I searched for someone who was an expert in these matters. Cue Jen Sincero and her book “You Are a Badass at Making Money: Master the Mindset of Wealth”. 

She is all about thriving. When we thrive, we help others thrive too. That sounds amazing, right? I mean it’s literally my job to help others thrive. But the task is pretty much impossible if we’re all stuck in a lack and scarcity mindset.  

This book really helped me come to terms with the fact that wanting money is not greedy. It’s just a desire for a more fulfilled life. Greed is a lack mindset thought. Here’s what Jen has to say, “Staying broke because you fear it’s gross to be rich or that you don’t deserve money or that you getting rich somehow prohibits someone else from getting rich too is all rooted in LACK. Lack is the state of being you’re in when you believe you’re in need of. When you believe that what you desire doesn’t exist.” 

So what is the “mindset of wealth” and how can we achieve it? 

The first step is deciding that you want to see a change in your life in regard to your relationship and experience with money. 

You also have to decide that you are worthy of loads of money and that it will not make you a bad person. Just think of all the good that you could do with loads of money!! 

All of us have come from different life situations and our experiences throughout our lives have formed the thoughts and beliefs that we have about money. “Mastering the mindset of wealth is choosing to think about money, and your reality in relation to money, in a way that will make you rich, not keep you poor.” We have got to figure out how to change the deeply rooted beliefs and feelings that we have about money if we have any hope of changing our relationships and experiences with it. 

The most impactful and empowering truth in this mindset-shifting process is that WE are the creators of our own life and our own destiny. Every day and any day, we can change. (I’d like to point out that this is a truth in any area of our life, not just the area of money mindset work). 

We already possess the incredible ability to shape our reality by embracing the beliefs we desire. Isn’t that awesome?? Our beliefs, thoughts, and words shape our entire life experience. This goes to show how important what occupies our minds and leaves our lips is. And the intentional selection of thoughts, beliefs, and words IS mastering your mindset and it’s how we take control of our lives.

Now, no one said that this was going to be an easy or quick process, but it is completely possible for me and for you. Since learning and soaking in these new truths, I have already been able to see a change in my thoughts and actions. I am feeling far more comfortable spending money, knowing that it will always make its way back to me. I have also started setting more financial goals – with a picture in mind that they are attainable and that I am worthy of achieving those goals. 

It will most likely be a daily practice of choosing thoughts of abundance and changing the nature of how we have come to see money. But remember, as your actions and experiences with money change, so will your mindset.