When I was in $100,000+ of debt with credit cards and student loans, I was completely living in a lack/scarcity mentality. I always dreamed of building a business and creating something greater than myself that would allow me to be financially free. But when I was living with a lack mentality, I wondered how that would ever be possible.
This is when I went to work changing my mindset and habits: I hung out with individuals who made millions of dollars per year, I opened my credit card statements, I looked at my bank account, I sold my house and moved to save money, I reduced my living expenses, and I reprogramed my brain for abundance.
If there is one thing I have learned from my wife Kate Northrup over the past 5 years, it is to think abundance when it comes to money.
The world is based on a lack/scarcity mindset – the idea that there is never going to be enough money, happiness, good health, etc. – and so it is really hard to change your mindset from lack to abundance.
I would like to create a business that makes $100,000 in revenue, I want to help 1000 people in our business, I dream of venturing to Australia, and I want to create a life where I am in control of my destiny.
This is an abundance mentality.
The abundance mentality has to be created for yourself – figuring out where your limitations are and working to strengthen and change your current beliefs.
I am still working on this. Our business generated over $600,000 per year in revenue over the past few years, yet I still think about the time my credit card was denied at a store. I think about that incident often, but it is just the little part at my cellular level still living in my past life.
When I started to live with an abundance mentality, I paid off my credit cards and student loans, I was able to upgrade my truck, our business started to grow, and I realized my dream of living close to the water here in Maine.
Here are 3 easy steps to start your abundance mindset:
1. Read Money: A Love Story by Kate Northrup – buy book here.
2. Watch the Financial Freedom Friday series we put together – learn more here.
3. Sign up to receive a free #MoneyLove story every week for a year – learn more here.
And feel free to watch this video I put together on the abundance vs. lack mentality:
Have a great rest of the week – sending you lots of #MoneyLove.
Mike Watts is an entrepreneur, speaker, husband, and father.
Before becoming an all around badass by radically reinventing his own life, he used to work for Phillip Morris. Today, he shows business owners how to expand their choices, do less and create the financial lives they want.