5 Signs You Have A Lack Mindset

Watch my full YouTube video on this topic here!

You may have heard people talking about having a lack or scarcity mindset, which is the opposite of having an abundance or wealth mindset.  But what does having a lack mindset really mean?  Why is it so important to level up your thoughts about abundance if you want to become wealthy?  Read on for more, and also watch my full wealth mindset playlist on YouTube here!

A lack mindset basically means you have a fixed belief that your resources, opportunities, and possibilities are scarce and limited.  This is not the case, but many people are unable to reach their full potential in life due to having a lack mindset.  Think about it: if you truly believe you can’t do much to improve your life, are you even going to try very hard to change things for the better?  Read Carol Dweck’s excellent book for more on changing your mindset.

While a lack mindset often has its roots in a very real and traumatic experience of poverty or financial hardship, you don’t have to stay stuck there!  Acknowledging that you have a problem is the first step towards a healthier money mindset. 

Here are 5 signs that you may be struggling with a lack mindset:

1.   Living in fear of running out: you are often worried about running out of money, even if you actually have plenty of money and a good job.

2.   Hoarding: because you’re afraid of running out of resources, you unconsciously practice hoarding behaviors such as far more food, clothing, and other items than you and your family can possibly use; struggling to get rid of things you don’t even use;  living with an extreme amount of clutter in your home; and feeling emotional distress at the thought of donating or throwing things away “because I might need it later.”

3.   Thinking of life as a zero-sum game:  a belief that if someone else wins or succeeds, it means there’s less for you.  This can lead to unnecessary competition, envy, and jealousy of those who are better off than you are, get a promotion at work, live in a beautiful home, etc. It can also lead to an unhealthy amount of bitterness as you ruminate about all the things you don’t have.

4.   Being a miser:  the most famous example of this is Ebeneezer Scrooge in Charles Dickens’ A Christmas Carol.  Even Scrooge came around in the end, thanks to the Ghosts of Christmas Past, Present, and Future!  Similar to hoarding possessions, you may hoard money and feel unwilling to spend on anything beyond the bare minimum.  You are unable to be generous with others, and become obsessed with the money in your bank account.  You don’t own your money: your money owns you.

5.   Resisting making (wise) investments: while it’s great to be financially prudent, not investing your money at all can cost you in the long term, as you may lose out on the benefits of compound interest, real estate appreciation, and so on.  You may be so worried about losing money that you aren’t able to take a risk on even the safest and most practical investments.