In The 7 Habits of Highly Effective People, Stephen Covey compares abundance mentality and scarcity mentalities. He shares that each can affect how we approach goals and examine our lives.
If someone has a scarcity mentality, they believe resources and opportunities are limited. If another person gains something, like a raise, a promotion, or even a significant other, they think there is a smaller chance for them to have those same things. It’s a “win-lose” way to look at things. This mentality focuses on short-term issues and what other people are doing, rather than self-empowerment.
An abundance mentality, on the other hand, is where we know success is not based on the success of others. We believe there are enough resources for everyone. We think long-term and see opportunities in the face of challenges. This is a win-win.
Living with an abundance mentality instead of a scarcity mentality helps us accomplish what matters to us. We can develop an abundance mentality by being purposeful. We can-
1. Practice Gratitude
Focusing on gratitude has many benefits. It helps us put things into perspective when life isn’t going the smoothest. It’s also good for our overall health and well-being. Instead of dwelling on everything that’s going wrong, we can be grateful what we have and the things that are going right. When we choose to see opportunities instead of limitations, we switch to an abundance mentality.
2. Celebrate Other’s Successes
Being genuinely happy for other people’s wins creates a positive environment and sets us up for our own wins. When we acknowledge that a positive moment for someone else doesn’t mean fewer positive moments for us, we leave a scarcity mentality behind. Covey says that those with a scarcity mentality see life as if there is only so much available, “as though there were only one pie out there. And if someone were to get a big piece of the pie it would mean less for everybody else.” But with an abundance mentality, when people cheer on the successes of others, “the pie gets larger,” and there is enough for everyone.
When we contribute to an environment of abundance, we will likely be around other people who also have an abundance mentality. The power of playing up then can help us reach our goals.
3. Always Be Learning
In another study about opposing mindsets, psychologist Carol Dweck teaches that there are two types of people: those with a fixed mindset and those with a growth mindset. People with a fixed mindset believe that capabilities are innate and limited. And people with a growth mindset believe that we are ever-evolving based on our experiences and knowledge. That our character is not pre-determined and that we can learn to do anything if we put in the effort. The same is true about an abundance mentality.
People with a scarcity mentality will often focus on obstacles and be afraid of trying and failing. People with an abundance mentality choose to try, sometimes fail, and always learn and grow from their experiences. When you turn your attention to learning, you will develop an abundance mentality.
4. Be Accountable
There are many things in our lives outside of our individual control: The weather, the stock market, whether our cat listens when we tell it to stop eating our plants. But there are also many things we can control: Our actions, our mindset, and our commitment to telling our cats to stop eating the plants over and over again. When we focus on the things within our control, we take accountability for our lives. And having an abundance mindset makes it easier for us to keep striving for our goals no matter what everyone else is doing.
“The key to abundance is meeting limited circumstances with unlimited thoughts,” says author Marianne Williamson. No matter what other people are doing or what is going on around us, when we focus on what we do, what we have, and what we can achieve, we will win and meet our goals. We can develop an abundance mentality and feel secure in our ability to accomplish whatever we set our minds to.
