Everything You Need to Know About Cultivating a 'Wealth Mindset'

Jacqui Hathaway Levin   Tue, November 9, 2021

Have you ever been told by, say, an Instagram influencer that the only barricade between you and endless financial wealth was your supposed negative mindset? Have you, too, been urged that if you would only sign up for said influencer's course today, you'd be able to tap into cosmic wisdom, "take the leap," and never have to worry about finances again? Don't fall for the trap, folks. Sure, cultivating wealth does take a fair amount of critical thinking, but there's (obviously) much more to it than that.

Some Insta-famous so-called money coaches (of course, not all) promise big changes—and fast. Who wouldn't be attracted to quitting their day job and following an off-the-beaten-path means to financial success and freedom?

But let's take a step back towards reality. According to National Women's Law Center analysis, 2.4 million U.S. women were obligated to quit the labor force from 2020-2021. So a quick-fix financial course catches the light a bit differently for those seeking actual, necessary financial refuge. It certainly sounds attractive, but what can a mindset actually achieve?

There's nothing wrong with wanting to learn more about our relationships to money—and seeking out an (accredited) financial advisor is a stellar first step to doing so. But knowing what to realistically expect is important too, so let's iron out a few terms and find out exactly what a wealth mindset is—and how to get there in reality.

Wealth Mindset (or 'Abundant Thinking') vs. Scarcity Mindset

What is a wealth mindset?

Wealth mindset—or abundant thinking—is less about what we have and more about what we believe is available to us.

Kristen Euretig, CFP, founder and CEO of Brooklyn Plans, LLC, explains wealth mindset as the idea that the universe is plentiful and our potential is unlimited. "It involves defeating self-limiting beliefs that come up around money or life goals in general to break past self-imposed barriers to a better way of living," says Euretig.

What is scarcity mindset?

Scarcity mindset tells us there will never be enough—even if our bank account is stable and our bills are paid. This "not enough" feeling can result in toxic money habits or spending to feel good.

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https://www.yahoo.com/lifestyle/everything-know-cultivating-wealth-mindset-192710108.html