How To Develop An Abundance Mindset And Break Free From Scarcity (2024)

There’s a lot to be grateful for. But if you don’t have the right mindset, you might not see it.

Maybe you feel like you’re constantly chasing more — more money, a higher-ranking job, or a beautiful apartment in a bustling city. Having goals is healthy and can bring you closer to the life you want, but constantly thinking about what you don’t have instead of what you do can get exhausting.

An abundance mindset steps away from a never-ending cycle of competition or emphasis on what you don’t have toward feeling happy with your present self. It’s about practicing gratitude and embracing change, maintaining a positive mental attitude no matter what happens. Shifting your thought patterns to an abundance mentality might be the solution you need to improve your well-being and find the growth mindset that’s been missing from your life.

What is an abundance mindset?

The term “abundance mindset” arose in 1989 when Stephen Covey first published his best-selling book, The 7 Habits of Highly Effective People. In it, Covey defines an abundance mindset as believing you have enough resources to share with others. No matter how many good things you achieve, there’s always more for everyone, limiting competitiveness and feelings of inadequacy.

Those who cultivate abundant lives tend to recognize and cherish what they have rather than stressing about their next achievement or purchase. They make peace with their lives, no matter where they find themselves.

People with abundance mindsets often share some common characteristics:

1. Celebrate others’ success: They’re happy to share peers’ and friends’ successes, whether buying a new house or landing a promotion. They understand that someone else’s good fortune doesn’t detract from their own and don’t default to jealousy when they hear of another’s accomplishments.
2. Be optimistic: They understand that good things are on their way and are hopeful about future outcomes rather than dwelling on what-ifs.
3. Embrace change: People who have developed abundance mindsets look forward to changes in their lives and have grit. They’re quick to spot advantages and opportunities instead of wallowing when things don’t go as expected.
4. Seize the day: Along with welcoming change, they tend to take advantage of new opportunities as they present themselves, confident they have the mental strength and resources to capitalize on them successfully.
5. Stay open-minded: Instead of shying away from life experiences, people with abundant thinking understand that every new person or circ*mstance is an opportunity to learn and grow. They acknowledge that they don’t know everything and are eager to explore new possibilities.

Scarcity versus abundance mindset

The opposite mindset to abundance is scarcity, which is feeling like you never have enough and could never achieve abundance. This is also known as a limiting belief— a state of mind that holds you back from keeping a positive attitude and seeing opportunities for change.

People with a scarcity mindset might feel like they have to be in constant motion to meet their needs. And when they manage to address one imperative, they hoard those resources due to their uncertainty of fulfilling that need again.

According to an article from Frontiers in Human Neuroscience, scarcity mindsets can stem from social issues such as unemployment, loneliness, or hunger, meaning it can be hard to avoid because those factors are out of people’s control. But that doesn’t detract from its potential impact. The same study found that people living with scarcity experience higher incidences of stress, anxiety, and depression.

Studies show that operating from a chronic position of scarcity can adversely impact intellect. A classic study out of Princeton in 2013 found that your IQ can drop by as much as 14 points when you live under the worry generated by this mindset. A scarcity mindset can also negatively affect the capacity to plan and think logically, adversely affecting decision-making abilities and impulse control.

On top of those impacts, a scarcity mindset can affect how you relate to others. One study in the journal Social Cognitive and Affective Neuroscience found that those with an outlook based on deprivation have a reduced capacity to empathize with someone else’s pain. This research suggests that scarcity thought processes can harm social emotions and behaviors, affecting one’s ability to support others in times of crisis.

When you face challenges in life, it can be difficult to maintain a positive mental attitude — and that’s completely normal. But trying to avoid a scarcity mindset can help you move through challenges and find things to celebrate in your life, contributing to more happiness and a greater sense of purpose.

What is the power of an abundant mindset?

Shedding the effects of a scarcity-focused perspective isn’t the only benefit of an abundance mindset. Adopting a more positive attitude can improve other areas of life as well, such as:

1. Freedom

When you take control of your mind to shift from a view of scarcity to abundance, you can free yourself from the constraints of competition. Instead of constantly chasing the “next best thing,” you can enjoy satisfaction and gratitude for what you have now and turn your energy to other things that build on your sense of fulfillment.

2. Peace

People with an abundance mindset often feel content and optimistic no matter their circ*mstances. And according to one study, when people feel happy, they build resilience, making facing and overcoming challenges easier. With the happiness and stability to face every setback, abundant people feel at peace with life.

3. Growth

An abundance mindset improves the brain’s neuroplasticity, which is its ability to regenerate cells and adapt to change. Neuroplasticity makes it easier to learn new skills, become more creative, and recover from hardship.

4. Opportunities

A 2010 psychological study out of Harvard University theorized that when people intensely focus on one thing, they tend to miss out on other, often startling details. In this case, it was a gorilla walking onto a basketball court while viewers tried to count how many baskets someone scored. Those truly focused on counting didn’t notice what was going on in the background.

A 2021 report found that the invisible gorilla theory maintains its relevance and that it could help people improve self-awareness. Instead of focusing on one big roadblock, people can introspect and see the bigger picture, promoting holistic wellness.

With an abundance mindset, you aren’t focused on what’s missing from your life. Your perspective expands to see the world overflowing with potential, making spotting opportunities right before you easier.

How to develop an abundance mindset: 10 tips

Breaking free of a scarcity mindset takes practice and commitment. It’s not something that happens overnight.

Following one or more of these suggestions can help you begin to change your perspective and see your life from a position of plenty. Here’s how to develop an abundance mindset:

1. Focus on growth

In her book Mindset: The New Psychology of Success, psychologist Carol Dweck theorized that people fall into two categories: those with a growth mindset and those with a fixed mindset. Those with a fixed mindset believe that their intelligence and talents are static and won’t change over their lifetime. But those who cultivate a growth mindset consider their innate capabilities a starting point, and through hard work and dedication, they’ll continue to grow their existing abilities and develop new ones.

By changing your outlook from all-or-nothing thinking to knowing you can continue to learn and grow, you can focus on professional and personal development. You’ll gradually see that the time and effort you invest will pay off in new opportunities and success, motivating you to continue.

2. Don’t be afraid to start at square one

Having an abundance mindset means you’re self-aware enough to know there’s always something to learn. As a result, you’ll crave knowledge and new experiences. This perspective is called the beginner’s mind: an attitude of openness and enthusiasm that overcomes anxiety about starting anew.

3. Recognize that wealth has its place

The answer to “What is abundance?” differs from person to person, and so does the idea of wealth. Being wealthy doesn’t only cover finances. It means having the necessary resources to live the life you want. For some, that’s money. For others, it’s time to spend pursuing a passion or with family.

Having an abundance mindset doesn’t mean ignoring the impacts of financial security in your life. It’s about setting healthy goals that contribute positively to your life —not chasing a high salary just because you feel like you should. Adopting a millionaire mindset can help you shift your perspective and achieve realistic goals that are still exciting to reach.

4. Practice gratitude

Gratitude is great for your well-being. It helps you feel happier, leads to stronger feelings of hope, and motivates you to work towards your goals.

Slowing down and developing a gratitude practice is one of the key contributors to an abundance mentality, so don’t neglect it. Start a gratitude journal or meditate on something you appreciate. Over time, it’ll come naturally to you, and you’ll find abundant reasons to be thankful.

5. Start your day with affirmations

Positive affirmations can boost your self-confidence and drive away negative beliefs. Stand in front of a mirror and remind yourself of your abilities and skills and how they can help you throughout your life. In the context of abundance, you could try affirmations like “I have everything I need,” or “I can handle anything that comes my way.”

6. Help everybody win

When you operate from a position of scarcity, you might believe that in order to win at life, someone else has to lose. Break free from this limited way of thinking by actively seeking to create win-win outcomes for everyone. By approaching conflict from the perspective of abundance, you accept compromise and turn disagreements into opportunities for growth, reinforcing healthy relationships.

7. Build a community of abundance

Surround yourself with people who also have a positive, empowering attitude. They can act as inspirations and mentors as you make the change, cheering on your successes and helping you through challenges.

If you’re really struggling to imagine abundance in your life, seeking help is a good next step. Healing from a scarcity mindset often requires support from a coach or mental health professional to help you learn skills to bolster your new habits and ways of thinking.

8. Be mindful of your thoughts

Dwelling on the negative can become a habit, so monitor your inner dialogue to catch yourself whenever you revert to negative self-talk. If you find yourself returning to scarcity thought patterns, it’s okay. Abundance isn’t an all-or-nothing mindset.

Practice self-compassion and accept the lapse. Then, reframe your thinking. For example, you could turn, “I don’t have the skills to change jobs,” into, “I’m a hard worker and have many transferable skills that make me a valuable addition to any team.” Or you could change, “There isn’t enough time in the day to pursue my passions,” into, “I’ll improve my time management skills and prioritize the things I love.”

Be careful not to sink into toxic positivity. Thoughts like, “I should be happy to have a job because many other people aren’t so lucky,” aren’t helpful and can hold you back from achieving your goals because they don’t let you recognize what you truly want.

Having an abundance mindset doesn’t mean you never have negative thoughts. It means that when you’re going through a rough patch, you recognize that it will pass and can identify the resources available to see it through.

9. Visualize the life you want

Picturing yourself living a life filled with abundance can help make it a reality. Visualization techniques can help improve self-confidence, brainstorm new ideas, and build resilience to stressful situations. Imagining yourself enjoying the life of your dreams can help you build a mental roadmap to get there.

10. Enjoy life’s little pleasures

No matter what’s happening in your life, there will be things to love about it —whether that’s the smiles you exchange with your partner, the warmth of your favorite meal, or your sunny commute to work. Find moments of pleasure throughout your day, practicing gratitude as they come. The more you see, the more you’ll find. You just need to take the time to appreciate them.

Free yourself to live abundantly

An abundance mindset isn’t just for entrepreneurs. It’s for everyone trying to let go of negative ways of thinking. With this mindset, you’ll embrace a life of personal growth, happiness, and fulfillment.

But looking at the world from the viewpoint of plenty isn’t something that just happens. It’s a habit that takes know-how and commitment to make a reality. But that reality — a life of passion, free from the stress of competition — is worth it.

Published April 12, 2024