A common saying, we have heard is that “Money is the root of all evil.” Surprisingly, that is not the original quote, but like many famous sayings, it’s been misremembered and misinterpreted over time. The original quote is from a Bible verse found in First Timothy 6:10 that says, “For the love of money is a root of all kinds of evil.” The meaning behind this quote is not a denunciation of money or a prohibition against wealth. Instead, it highlights that having the wrong kind of attitude towards money is what can negatively influence your life. We have seen that most of our clients do not think of their money as evil, although sometimes they have conflicting attitudes toward it. In speaking with clients about how they relate to money, I find that most will fall into one of two groups. They either have what I think of as an abundance mindset, or they have the reverse, which is a scarcity mindset.
Personally, I gravitate toward the abundance mindset which tends to have a more optimistic outlook. This impacts both my business and personal life. I like how poet Anne Sexton defines this concept as “Abundance is scooped from abundance yet abundance remains,” from her book, The Awful Rowing Toward God. That line appeals to me because when you take from abundance, it doesn’t go away. This is the opposite of a scarcity mindset which is a zero-sum game, meaning that there is only so much wealth to go around. Someone who has an abundance mindset does not win because the other person lost. Not everything is a competition. I believe that with the right attitude, we all have the ability to prosper, not just with money, but in relationships and every aspect of our lives.
The abundance mindset finds value in giving fully. For example, my husband and I don’t have a 50/50 relationship. We’re both all in and giving 100%. If there are times when I lack something, he picks me up and vice versa. It can be the same thing in every aspect of your life—with your team, your loved ones, and your money.
Among our clients who have adopted the abundance mindset, it seems that money just flows their way. We have found that they tend to be more charitable and generous. In addition, they lean toward being more concerned with the good they can do with their money than simply accumulating more.
On the opposite end, there are those who are still holding on tightly to the scarcity mindset. They constantly worry, “Do I have enough?” The scarcity mindset focuses on what is lacking. I’m not a psychologist, but I’ve learned a lot about people from working closely with clients over the years. I have seen a lot of the fears that power a scarcity mindset are beliefs that have been handed down from generation to generation. Many of us did not learn about money growing up. In many households, it was one of those things you just did not talk about. For example, the experience of your ancestors during the Great Depression might be driving some of your behavior today and you don’t even know it. These clients often can’t explain their behavior because it is being driven by subconscious impulses.
We all have money stories in our heads, but they may not be accurate reflections of our current reality. It is important that we examine our attitudes towards money. This is the first step toward switching over to a conscious mindset that focuses more on abundance than scarcity. An abundance mentality focuses on what you have instead of what you are missing. I think it is very much a choice that individuals can make. Do you choose a life of love, abundance, and flow, or one of fear, scarcity, and lack?
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