Create Money, Spend Money, Grow Money: How to Break Your Scarcity Mindset

Growing up, I always associated money with fear. There was a fear of using money and becoming rich.

When poor people hate the rich, they limit themselves from becoming rich. How can you become something you loathe?

I was taught to dream small. For example, paying your bills each month was a significant accomplishment.

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Overcoming my scarcity mindset. It took me four dedicated years (between ages 38-42) to slowly overcome my scarcity mindset.

I now see a world of abundance. Not one single expenditure is going to break my nice life. Losing it all would take a series of adverse events and bad choices.

I learned a few things along my journey to financial freedom. My wife and I will retire this year at ages 39 and 42, respectively.

Here are three simple steps to break your scarcity mindset and live the life of your dreams: create money, spend money, and grow money. Let’s begin.

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Create money. Do you only have one source of income? Is that source of income your 9-5 job? If so, you are living in a world of fear.

The first step to breaking your scarcity mindset is understanding that you can create money from thin air.

I learned about this process by reading “Rich Dad’s Guide to Investing.” If you have achieved anything in life, there is someone that also wants to accomplish it.

This person might live in India or may be ten years old. Whatever the case, if you create content to explain your accomplishment, people will come.

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Did you graduate college and get a job as a human resources manager? Tons of people want to be human resources managers every year.

Are YouTube, blogs, and podcasts overcrowded with content creators? That is your scarcity mindset talking.

There is only one you, which makes you the best way to sell yourself. Every human attracts another for various reasons—background, gender, age, or belief system.

More ways to create. Remember, you are not trying to be the next prominent YouTuber. You need to gain 1,000 subscribers to create an income stream.

Outside of creating content, there are other ways to make money. You can start a garden, dog-walking, or bee-farming business.

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Indeed, the world is your oyster; however, you’ll need to groom your mind to see a world full of money. This process takes a lot of time and reading. 

You must read business and self-development books for 30 minutes daily to catch up with the world.

Spend money. Let’s say you created a $1,000/month income stream—what’s next? First, you want to pay down debt and create an emergency fund.

However, you also want to learn to enjoy your money by spending it. This doesn’t mean going wild with luxury brand items.

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It is more like building a $300 monthly discretionary spending budget out of your $1,000. With this $300, you can enjoy it to your heart’s content—without guilt.

I value the spending phase of our program because it helps us break our childhood programming. 

When you grow up with limited resources, they teach you to hoard them. Once you get some money, it goes into a savings account.

Then, you stare at your savings account daily to ensure your money remains. However, every day your money loses value due to pesky inflation. 

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With this mindset, becoming an investor or investing in yourself is hard. Even worse, you pass this scarcity, fearful mindset to your children.

So spend some of your money on things you want. There will always be something “you should” spend money on, like home repairs, college savings, or new clothes for kids.

Growing money. Once you learn to spend and enjoy your money, it’s time to keep growing it. That’s why spending is so vital to your progress.

Most people live on a fixed income, not a budget—there’s a massive difference in mindset. A fixed income means you receive $4,000 per month from a pension.

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Your lifestyle conforms to staying right at $4,000 per month. You never dream outside of spending more than that amount. You give up your dreams of traveling or adventuring.

A budget means staying at a fixed amount WHILE keeping a portion to grow. So, you may make $6,000 per month in retirement, but your budget is $4,000.

You invest the remaining $2,000 into dividend stocks, business ideas, and saving for real estate. Eventually, by growing your income, you increase your monthly take home to $8,000.

This increase allows you to move your budget to $6,000 per month. You keep doing this until one day, you make $20,000 per month and spend $15,000.

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That is the power of growing your income. Most people’s lives settle on what they receive. Very few can keep pushing their limits and increasing their revenue.

The magic of abundance. Once you build your abundance mindset, you’ll worry less about your kids’ future. 

They will be fine because they have you. How nice it would have been to receive a couple of thousand dollars after the birth of my kids.

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I want to be the kind of person that can give to their kids when they don’t need it. That is the abundance mindset; I don’t need my kids to struggle just because I did.

The key to it all is your mindset. The average person fears stock market investing, owning multiple homes, and starting a business.

Conclusion. But you can do these things at various levels to fit your lifestyle. For example, you can invest $5 per week, rent rooms, and start a blog. 

These actions achieve the same thing but at a much safer level. You will earn dividends, rents, and royalties by doing these steps—giving you a head start into a new mindset.

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I wish it would be an easy journey, but it is challenging. They molded you into an employee who lives in fear and lack—breaking out will be tough.

But it is possible—the easiest way is to create a reason greater than yourself. For example, envision a world where you can fund your kids’ college while giving them a $2,000/month allowance.

Once you create your dream scenario, start working through the steps: creating, spending, and growing your income. 

The most crucial part is that you never stop learning. The minute you say you have enough, you start losing ground. This is not about being greedy; it’s about being prepared. Good Luck!

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