Mindset Matters: How the Wealthy Harness Abundance Over Scarcity

Many individuals are firmly entrenched in the Scarcity Mentality. They perceive life as a limited resource, akin to a single pie to be divided among all. Consequently, if one person claims a large slice of the pie, it's believed to leave less for everyone else.

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This mindset operates on a zero-sum paradigm, where one's success is viewed as directly detracting from the opportunities available to others. Individuals with a Scarcity Mentality struggle to share recognition, credit, power, or profit, even with those who contribute to their achievements. Moreover, they find it challenging to celebrate the success of others genuinely.

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If you have a scarcity mindset, you believe that money, friends, success, and promotion are scarce. You believe there simply aren’t enough of these things for everyone to have a chance. This mindset affects your thoughts, actions, and outlook, as well as your perception of and by everyone else.

The scarcity mindset keeps you from saving. You find it challenging to save time and money because both are scarce. If you have either, you spend it immediately before something happens to it!

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Let’s test quickly to see if you have some scarcity mentality tendencies…

There are 11 ways (there are more, but these are the most obvious) to know if you’re scarcity-minded in your real estate practice.

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Note: If you can answer ‘yes’ to even half of these, you have a mindset challenge that must be corrected before you can reach your next level! We’ll do this quickly because no one wants to dwell here! Jot down any thoughts you want to get rid of.

After the test, we’ll get to the good stuff: The Mindset of Abundance!

11 Things to Consider: The Scarcity Mindset…

1 You have no savings. Ever. If you do, it’s maybe for a couple of weeks, sometimes as scarce as a couple of hours.

2 You believe there’s only so much money to go around and often get into conflict over commissions…both with clients and other agents.
You’re a fan of the ‘procuring cause’ argument.

3 You don’t use a buyer’s agency agreement because you’re afraid of losing the commission to an agent who doesn’t use agency agreements.  Fortunately, this particular issue is no longer up to you as of July this year!

4 You lose listings over ‘sticking to your guns’ on commission. You’d rather be ‘right’ or ‘righteous’ than give a little to make a deal happen.

5 You are immune to goal setting and feel you’re above it. Goal setting ‘isn’t for you’.

6 You often get outbid on competitive buyer offers because you feel that the buyers don’t have the money to bid high enough to win. Then you blame the buyer, the market, and the other agent of the seller for your deal not happening. If you DO get something in contract, it’s always because of YOU, your expertise, experience, and abilities. No one else is given credit or congratulations.

7 You always do ‘free training’ and 30-day free trials rather than investing in actual education. You are virtually uncoachable.
You believe online, free scripts are good enough.

8 You are skeptical. Everyone is just out to make a buck rather than trying to help you, support you, or provide a legitimate service. You already know everything anyway.

9 You tend to be a grudge-holder. It’s also never your fault, ever, for any reason.

10 You feel the world owes you, and somehow you’re being cheated. You’re perceived as negative and even angry.  You get ghosted a fair amount of the time.

11 You hate doing what you don’t have to do when you don’t want to do it and rarely do that at a high level, if you do it at all.

Wow, it’s exhausting just talking about being scarcity-minded! Do these 11 points deplete you the way they deplete me? Imagine what it’s like to have a few coaching calls in a row like this! It’s our job to move you forward, so you’ll never catch our coaches getting into this kind of mud with you. Failure is not an option. It’s only a matter of how much success and quickly we can get you out of scarcity.

Let’s get on to the good stuff. The Abundance mindset! 

This mindset stems from a deep-rooted feeling of self-worth and security. It's the belief that there's an abundance of opportunities out there for everyone, with plenty to spare.  It’s the belief that there’s plenty of pie for everyone.

With an Abundance Mentality, you understand there's more than enough pie to go around. You operate from a place of service, knowing that when you lift others up, you'll rise with them. It's not just about making a buck; it's about creating abundance for yourself and those around you.  You’re actively pursuing best practices, upgrading everything from your mindset to your skillset with enthusiasm.  You understand that your income directly results from helping your clients achieve their goals so you can achieve yours.

Action Plan for Your Abundance Mindset Reset

1 Have Appreciative Conversations

Rather than talking about the things you don’t have, try to engage in conversations with friends and family about the multitude of things you do have and what THEY have.  Life is full of abundance.  Monitor your complaint-o-meter and have more positive than negative conversations with your prospects, clients, friends, and family.  

2 Follow a Media Free Morning and Life

Almost every form of media, in some way, revolves around cultivating a desire for things you don’t have, which is a key element of the scarcity mindset.  Media highlights loss, fear, and anxiety.  Why would you voluntarily sign up for that?  Instead, curate your podcasts and newsletters to serve your mindset of abundance and success.

3 Cultivate your Generosity and Philanthropy

By sharing what you have with others, you begin to see several things. First, you often feel good about what you’ve shared – you’ve improved the other person’s life. This gives you an immediate adrenaline boost, keeping you in a positive and abundant mindset.  Second, you often don’t miss what you’ve shared. Third, when you share regularly, the law of reciprocity is on your side, and people will give back to you.

Practice generosity through sponsoring or promoting client events centered around charity.  Host a school supply drive, a toy drive, or a food drive, or volunteer at a past client’s event.

4 Create “Win-Win” Situations instead of winner/loser situations.  

One hallmark of a scarcity mindset is that for every winner, there must be at least one loser. Not everyone can win because there simply isn’t enough to go around. Negotiations in real estate are the obvious application of this. Negotiation means bringing two parties together for a mutually beneficial outcome, not killing the other side.

5 Stating “It’s too soon to tell” will serve you well!

Sometimes, bad stuff happens. When it does, the scarcity mindset will often haunt you, telling you how unfair it is and how other people are somehow luckier than you are. Lose that scarcity ghost and replace it with ‘it’s too soon to tell’. The road to success is paved with many failures.  Along with the ‘too soon to tell’ mindset, use your affirmations: If it’s meant to be, it’s up to me, and get back to work helping people.

6 Stop Comparing Yourself to Others, especially on Social Media!

In the scarcity mindset, all that matters is how you compare to others. In the abundance mindset, what matters most is how you compare to yourself – how you live out your own ideals in your day-to-day life.  Are you on track, ahead or behind on your goals for yourself this year, this month and this week?

7 Keep a Gratitude Journal

Keep a simple journal where you note at least 3 positive things that happened that day.  What are you grateful for? What surprised you? What went exceedingly well? Even tiny victories will accumulate to equal a healthier mindset of abundance and success.

8 Don’t do this alone.  Invest in best-of-class coaching by clicking the link and joining Premier Coaching today.  Be around abundance-minded coaches and colleagues.  We’ll educate you, motivate you, and get you into action!

9 Realize that having a real estate license is one of your greatest blessings.  There’s no income cap, no boss except yourself, coaches at the ready to help you achieve your goals, and your success is in your control.

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