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“Rich People Can Have Scarcity Mindsets Too!”
Learn How To Set Up & Monetize On Substack
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“Rich People Can Have Scarcity Mindsets Too!”
Most of the financial advice in circulation sounds the same.
Spend less than you earn;
Establish a budget;
Save or Invest for the future;
Pay yourself first;
Etc.
With the recent acknowledgment of research done by financial psychologists and financial therapy methods, there is greater acceptance around the fact most money behaviors are not solely an issue of arithmetic but a gumbo of emotions, internalized beliefs, responses to historical and present-day exclusion, and more. However, there is still a tendency to ridicule the poor in content that proclaims that not only is it the math, but also the mindset that matters in improving your financial circumstances–specifically the overcoming of a scarcity mindset.
Just as the spend less than you earn equations makes sense on paper, the idea that viewing the world through the lens of abundance rather than scarcity sounds good in theory, but doesn’t exactly feel good to someone whose scarcity mindset is manufactured by the wealthy class they aspire to one day join.
How Much Is Enough?
The process of wealth accumulation is perfectly demonstrated in the classic game of Monopoly. While celebrated as a blueprint for financial freedom, there are undercurrents of financial domination and superiority that reinforce the idea of scarcity. A clear winner is indicated once all properties are owned and all other players are forced into bankruptcy. Of course, wealth building in real life isn’t a linear equation, but similar to the game Monopoly, those with less financial resources can only find a safe haven in the gray areas of chance, reliance on community subsidies, low-cost properties they may own, or jail. That’s assuming that everyone starts the game with equal access to resources and opportunities.
In real life, many are thrust into a game that’s been going on for generations where their sole objective is to either maintain the advantage they’ve been given by putting as much distance between themselves and the less fortunate or fighting to climb into some position of equality. From this perspective, the rich may not experience scarcity by way of their access to resources but may still struggle with the very scarcity mindset the poor are often accused of due to manufactured scarcity, operating in survival, and generational financial traumas.
Real-world examples of this happen every day as large corporations swallow smaller ones, as single-family homes are purchased by commercial companies, and even as the mega billionaires like Bill Gates amass land. While conspiracy theories around the intent of such actions are circulated and debunked, the perception that for someone to have, someone else can’t have is perpetuated during Amazon Prime Day and Black Friday sales every year. Scarcity wielded as a weapon widens the gap between the haves and the have-nots as consumers rush to catch the sales while deepening the pockets of billionaires.
Financial Hoarding
Some views of financial hoarding point to previously observed or experienced financial trauma. It “takes a positive behavior like saving to an unhealthy extreme,” Canale, A., & Klontz, B. (2013). First generation high-income earners may resort to financial hoarding due to painful financial experiences in childhood and young adulthood. The persistent dread of reliving those experiences can be a motivator to stockpile cash or aggressively save a portion of their income and take conventional financial advice to an extreme disguised as good money practices.
Learn How To Set Up & Monetize On Substack
I will be hosting a virtual workshop on setting up and monetizing on Substack. It’s a great way to create some side income for things you likely already do. The truth is, people will pay you to hear about your experiences, your expertise, your entertainment, and more. The best part… You don’t even have to be a writer!
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Get a Forbes Column
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In my workshop I’ll be teaching you everything I know about:
✅Different Substack layouts
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