23: Money Scarcity

Do you feel like you have enough money? When it comes to deciding what is “enough,” it often has more to do with your mind than money itself. When it comes to money, people approach it from one of two perspectives: scarcity or abundance. In this episode, we get to the root of a scarcity mindset to reveal exactly how it’s holding you back. Plus, learn how you can start living a more abundant life now, no matter where you are on your financial journey. 

To understand how your mindset influences your money, it is important to understand what scarcity and abundance mean. While a scarcity mindset can apply to any number of things, when it comes to money, a scarcity mindset means that there is not enough money in your life. On the other hand, when it comes to abundance, that is the viewpoint that says there is enough money. Neither of these mindsets are connected to a certain bank account balance; instead, it’s simply about how you think about your money. 

Having a money scarcity mindset impacts your relationship with money and how you live your life. Many people who feel that money is scarce hoard money. They feel that they will never have enough. The possibility of running out of money is always lurking at the back of their minds. Conversely, other people with a scarcity mindset fall into the trap of overspending. Because they feel that they might not get money again, they are quick to spend what they do have. 

When you have an abundance mindset, you see your money differently. You take ownership of your financial situation and believe that there is no need for competition. Money is not a zero sum game to people with an abundance mindset. That’s why people with this mindset don’t see other people’s success as a competition or a threat. Instead, it’s simply proof that something can be done. You believe that you can earn more and money can be fun and easy. 

Of course, developing an abundance mindset doesn’t happen instantly. It can be a lot of work to untrain your brain and leave your scarcity thoughts and beliefs behind. By changing the way you talk about money and by continually asking your brain questions, you can start to build a new mindset and lead a more abundant life. 

In this episode, we also explore:

  • Why scarcity actually has nothing to do with the numbers in your bank account
  • How scarcity mindsets impact physicians in particular 
  • My personal experience with a scarcity mindset as a resident and an attending
  • The power of the phrase “I have enough right now”
  • What questions you can ask your brain to shift to a more abundant mindset

Featured on this episode:

  • Remind yourself that it is possible to annihilate your limiting beliefs with the tips in this episode.
  • Read an explanation as to why you need to stop saying “we can’t afford it” here.
  • Connect with a community of women physicians who are upleveling their finances in my Facebook group
  • Learn more about how to manage your mindset with Wealthy Mom MD.
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