The Abundance Mentality
According to the World Bank, the Gross World Product in 2013 was nearly $75 Trillion dollars. Yes, 75 trillion, with a T. This essentially means, there are $75 trillion dollars in the world economy. That’s a lot of money. So why I am telling you this? I want you to realize there is no shortage of money in our world. In fact, there isn’t even a finite supply of money, with governments printing more and more every day. Now, I’m not a renowned economist, by any stretch of the imagination, although, we’ll have one on the show in the future.
So with that said, realize that you don’t have to save money, like’s it’s disappearing or there isn’t enough of it to go around. Once you realize that money isn’t a scarce resource, you’ll begin to treat it differently, and start to control it, rather than letting it control you.
Next I want to talk about how you think about money in your personal life.
M any wealthy people have said that you cannot save your way to wealth. You can only contract so much. You can only save so much of your income.
Saving is a hard thing, and even harder for others. To save 25% of your salary is considered “good” by most finance gurus. Saving 50% is quite the feat. Now let’s just say you could in theory save 100% of your paycheck (although that’s not really possible because you need at least the basics of shelter and food). But we’ll pretend anyways. Well, for one, that would take a tremendous amount of sacrifice. You would have to forego on almost everything. And what do you get in return? 100% of your salary saved.
Now imagine if you put the effort you took to save all of that, into expanding your means. You can expand your way to wealth, where there is virtually no ceiling. There’s no barrier that limits how much you can expand or earn.
This was a real paradigm shift when I was first introduced to it by the combination of Keith Weinhold and Robert Kiyosaki.
I started focusing on how to expand my means, through multiple income streams from real estate investing and other business ventures, rather that stretching my paycheck from my W-2 day job.
Once I realized there is abundant wealth in this world to be had, I started focusing on how to attain that wealth for myself.
You might be thinking, ok well how do I expand my means? The awesome thing is, there are endless ways to expand your means. You could:
- Learn a new skill that will increase your value in the workplace
- Learn a different skill and start a side hustle
- Or a million other things that you could do for extra income
Now while those are all great ways to get started by expanding your means, I have a few more examples that I prefer. You could:
- Earn passive income from real estate, by buying rental properties
- Build a business that can run without you (although that’s easier said than done)
- Find something you love that doesn’t feel like work, and serve other people by doing that thing, whether it’s teaching people that skill or using that skill to serve others
These are just a few actionable ways to expand your means. And even if you aren’t actively building a business or buying income producing rental properties, you can still expand the greatest asset you already have, and that’s your mind. Never stop expanding your knowledge, because one day that knowledge will be worth something.
Now let’s think about what your life would look like if you rejected this abundance mindset. You would for one, be constantly worried about money. You would wonder if your retirement fund is adequate to sustain you through retirement. You would wonder if your paycheck will provide you with just a “good enough” quality of living.
You could spend your time trying to stretch your paycheck by researching when the best time of the day to fill up your car with gas is, and where the best priced fuel in town is. You can spend hours cutting coupons to save a few dollars. You can pass on the niceties, and I don’t know about you, but I can’t go to chipotle and not get the guacamole. Yes, I know it’s extra. But I’ll make that up by expanding my means.
Just last week, I went to a nice dinner on vacation, and ordered fresh caught Redfish. It was the first time I’ve ordered something on the menu at “Market Price”.
Now I don’t know about you, but market price used to mean absolutely not for me. I mean, what is market price even?! I didn’t know and wasn’t about to find out. But now, I’ve realized that I’m willing to pay the price. And it’s not because I’m uber wealthy or irresponsible with my money. It’s because I’m focused developing that abundance mindset. To me, money isn’t my goal. It’s just a tool that will help me achieve me goals. I want to be able to spend time with my family when I want. I want to be able to live where I want, and do what I want to when I want to.
Now, I want to clarify something. I’m not telling you to go out and spend all of your money, and figure the rest out later. Money isn’t going to just fall in your lap because there is a lot of it in this world. But focus on how you think about your time and money. I challenge you to do a bit of self-reflection and analyze your mindset on wealth. Go ahead, get the guacamole. And after you do that, get back to expanding your means and build a life you deserve!
That wraps up this week’s Friday Fundamentals with Jacob Ayers.
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