Try Having an ‘Abundance Mindset’ to Increase Your Wealth

The money struggle is real. If you’re struggling to make rent while also paying down your credit card debt, you’re not alone. Sure, sticking to a budget might help stabilise your bank account (and at least give you some sense of control over your finances) but doing without vacations and skipping nights out with friends can get a little depressing after a while. But what if having an abundance mindset could be the answer to your money woes?

“An abundance mindset is the choice to intentionally focus on what you have access to versus those things that you lack,” says Dr. Ashley Lowe Simmons, a financial therapist. “An abundance mindset allows you to shift your perspective regarding money; your viewpoint about finances determines how you approach your financial journey.”

In other words, Lowe Simmons says, will you focus on what is scarce in your life (i.e., not going out to dinner with friends or skipping a vacation this year), the amount of finances that you do not have — or will you focus on your ability to connect with the resources to help you meet your financial goals and expectations? According to Lowe Simmons, if you focus on the latter, “You will engage in activities that strengthen your financial journey.”

Like anything new, practice makes perfect. If you’re used to thinking that money is always a struggle for you or that you can’t get out of debt, then having an abundance mindset will be difficult at first. Below, Lowe Simmons outlines her tips on how to maintain an abundance mindset so you can continue to thrive:

• Sit in silence and take time with yourself. How do you feel? What do you want?
• Journal and write out your thoughts. Get clear and honest about who you are at this moment and what you want to create in your life, including wealth.
• Surround yourself with a healthy support group. Be around those who support you and support your dreams and projects, and who will continue to encourage you to make money and pay off your debt.
• Practice saying positive affirmations out loud. The more you saturate your brain with positive thoughts, the more likely you’ll start to believe them.
• Take 30 days to treat everyone like you would like to be treated in life, even if the actions are not reciprocal; own your part, embrace it, and execute abundance because you are worthy of abundance by your own definition.

So how does an abundance mindset set us up for financial success? Below, Lowe Simmons shares her best tips and examples that will help your wallet.

Get right with your thoughts

“Our thoughts are powerful,” Lowe Simmons says. “So first, learning to reframe your thoughts about money and creating money affirmations [is a good step]. Reframing our thoughts and affirming our desires helps us begin to increase our belief, which essentially aligns our thoughts and actions. Everything starts with a thought.”

Some affirmations she suggests include: “I am deserving of money,” “I have the ability to produce wealth,” and “I have more than enough.”

Understand your gifts

Understanding your unique gifts and talents are a gateway to generating more money, Lowe Simmons says. “Awareness of what you have access to, like our gifts, makes room for us and allows us the ability to produce wealth,” she says. “Write down and journal about those things that you do very well with very little effort. For example, ‘I am a poet. I could write poems and identify ways to create a writing workshop or a poetry open mic doing what I do well, and it comes easily.’ Even if you start off with a pay-what-you-can model, it will produce some income.” Get creative with what you uniquely have to offer and what you’re interested in. Then brainstorm how that might bring in additional income, even if it’s just a side hustle for now. The point is to remember there’s always a way for you to make money.

Reach out to others

“No one man is an island, so developing partnerships expands our reach,” Lowe Simmons says. “Connect with individuals that you can add value to. When I started my talk show, I connected with other individuals and interviewed these individuals around mental health and their individual area of expertise. Partnerships are a great way to increase exposure and gain access to more audiences, which can be revenue-generating.”

Who in your circle of friends and community can you join forces with that could lead to a new financial enterprise? Chances are you know someone right now. Take the chance to reach out now and see how you might be able to benefit each other.