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Scarcity Mindset is operating out of fear. It results in making compromising decisions because you are scared that you won’t be able to pay your immediate bills. It’s a good thing to live within your means. But it’s a bad thing to allow scarcity to breed shortsightedness and keep you focused only on the now.
Scarcity Mindset only ever breeds more of the same. You won’t ever get ahead of it. You have to start by making decisions. You have to start by changing the way that you think even when you’re not where you want to be yet. We talk about how to adopt a success-oriented mindset.
- 04:08 What is Scarcity Mindset?
- 05:50 Part of it is survival instinct and is practical, but it can also be dangerous if left unchecked.
- 06:08 Why Scarcity Mindset is dangerous:
- It breeds compromise.
- It changes the way you think and the decisions you make.
- It stunts long-term growth.
- It’s habit-forming.
- Who is influencing your thinking?
- 08:38 What kind of people are you around that you allow to have an effect on your mindset?
- 09:49 The 3 groups of people:
- Driven people. Learners, doers, teachers, etc.
- People who want to be driven. People who want to learn and are willing to be teachable.
- People who don’t want to know what they don’t know and don’t care.
- Short term vs Long Term Thinking
- 12:15 If group 3 people are in your circle of influence, they will give you Scarcity-Mindset-driven advice. You will end up making decisions that only benefit the immediate and the short term.
- 12:27 Compromising to pay bills kills the passion.
- 13:30 How will you ever create distance between yourself and the scarcity mindset? Scarcity Mindset only ever breeds more of the same. You won’t ever get ahead of it.
- 14:08 You have to start by making decisions. You have to start by changing the way that you think even when you’re not where you want to be yet—even when the circumstances don’t reflect it.
- 14:24 You must not let your mindset be a reflection of your circumstances. The mindset is what will get you out of the circumstances. The amount of money you have in your bank does not determine whether you have a Scarcity Mindset. You can have hardly any money in the bank, and still have a success-driven mindset.
- 17:21 “Well, that’s easy for you to say, you’re not in my circumstances. I can’t afford to not have scarcity mindset.”
- 18:21 If your only source of security is in the likelihood of a certain effort going well, then your mindset is also wrapped up in the results of that effort.
- Are You Stuck in a Scarcity Mindset?
- 20:21 The first step is getting out of that mindset. Don’t worry about what you do once you’re out of that mindset, and how to get to where someone else is right now.
- It’s a good thing to live within your means.
- It’s a bad thing to allow scarcity to breed shortsightedness and keep you focused only on the now.
- 21:15 If you are currently stuck in a Scarcity Mindset, don’t worry about having an Abundance Mindset yet, just work on recalibrating the Scarcity Mindset.
- 21:31 You’re going to need to create some margin for yourself. If you’re too scared to put yourself out there, or to work on a project, or go out on your own, or write your first book, or whatever it is because you don’t think you can afford to, then maybe right now you need to really focus hard on creating some financial padding.
- 22:35 Cut some things out of your life. Evaluate the things that you do, the things that you’re spending your time on and identify the time-wasters. Cut those out, and maybe work a little extra. Do some overtime. Put some money away into savings and give yourself whatever you need to get out of that mindset.
- 23:08 Stop thinking in terms of scarcity.
Scarcity Mindset will harm the other pursuits you have. Everything you do will be compromised by a bad mindset.
- 31:08 Teaching others is a great way to get yourself out of a Scarcity Mindset. It sounds crazy, but you will begin to internalize what you are saying. As you encourage other people not to have a Scarcity Mindset, you will begin to internalize what you’re saying. You will actually start to believe it more as you speak it.
- 33:34 You don’t even always have to teach out of your own personal experience. You may know or understand a truth that you haven’t completely experienced yet. But the more you express that for others, the closer you’ll get to your own personal experience of that truth.
- 34:01 As you teach, you are converting yourself from a Group 2 Person to a Group 1 Person. The Group 1 people are the influencers. As you teach, you are influencing your circle. You are influencing the people that are around you and the people that listen to you. That’s bringing you from Group 2 to Group 1. You may not even feel like you are fully there yourself, but teaching will bring you there.
- 34:47 It’s the “Fake it ’til you make it” thing.
It starts with the actions and the behavior, and then the attitude and mindset follow suit.
- 35:01 You can’t fully adopt a mindset on its own, or arbitrarily and expect that suddenly you’ll want to start doing the things. It’s not like you just wake up one day and decide that you suddenly have the drive. You only get to that point by starting with the doing and starting with the practice. That behavior turns into a habit, and then you get a solid grasp on that mindset.
- Start Small
- 35:43 It’s really easy to get caught up in an elaborate idea of something that you want to do—but you’re thinking too big. It’s keeping you from being able to start this thing. Start small.
- 36:34 Here’s the thing: You’re going to do it wrong. You’re going to mess up when you first start out. But you want to get to that point sooner so you can correct it and do the next thing better.
- 38:32 Your idea is too big. I know you have this grand vision in your mind, but I want you to get rid of it. It’s too big. It’s going to overwhelm you and keep you from shipping. And what you need is to ship. You need to go through this process, fail and learn the lessons you have to learn the hard way. Get that over with!
- You’re Going to Do it Wrong
- 39:29 The smaller you’re able to allow your project to be, the sooner you can launch, and the sooner you can see all the things you did wrong and iterate with the next thing. Because you’re going to do things wrong. It’s not a matter of IF, it’s a matter of what. So expect it, and then improve from it.
- 40:35 All success-oriented mindsets are about small steps over a long period of time consistently.
- 44:18 You have to change the way you think and that can’t be dependent on your circumstances. You can’t wait for the circumstances to catch up to change your mindset, that’s not how it’s going to work—that’s backwards. You have to change the way you think and you have to change what you do.
- 47:40 You can’t always change circumstances, but you can always control your response.