You've probably heard the expression "You're your own worst enemy." This is especially true for most people who have a scarcity mentality.Our thinking determines whether we succeed or fail in business and in life. When people look at the world, they either have a scarcity attitude or an abundance mindset.

What precisely does having an abundance mindset entail?

What distinguishes it from a scarcity mindset?

Why should you cultivate an attitude of abundance?

What Exactly Is A Scarcity Mindset?

The mentality of abundance and scarcity are diametrically opposed. To comprehend an abundant mindset, you must first understand a scarcity mindset.

 

A scarcity mindset is one in which a person believes that the resources accessible to them (time, money, respect, love, status, real estate transactions, and so on) are limited. But not in the scientific "Earth has finite resources" sense. It's a zero-sum game mentality, in which someone else's gain implies your loss.

And this mindset can exist even when there are objectively sufficient resources for everyone, as evidenced by ample data.

But, where does the scarcity attitude originate? In some ways, it's easy to see where it came from. Throughout most of human history, the majority of people have survived as subsistence farmers with relatively few resources. And there are still many people who were raised by Great Depression survivors.

The scarcity mindset, on the other hand, is anything but a sensible cost-benefit appraisal of available resources. It stems from anxiety and uncertainty. You are concerned that you will be unable to pay your mortgage. You are concerned that you will not be able to retire. And the worry of losing what little you already have.

While it is reasonable to consider and plan for our future, a scarcity mindset is an unbalanced picture of what may or may not occur in the future.

For example, a scarcity, zero-sum mindset makes true enjoyment for the achievement of others difficult (if not impossible). You will feel as though money has been robbed from you and your family when a coworker closes a deal. And if a friend's new venture succeeds, you get envious and even suspicious.

Second, it encourages hoarding and/or immediate pleasure. It causes a person to hoard resources and refuse to share them with coworkers and associates for fear of their being misused, used against them, or just not enough for themselves.

Scarcity-minded real estate agents aim to wring every last dollar out of a contract rather than working toward a win-win situation for both buyers and sellers. While this may result in immediate profits, it will undoubtedly harm their connection and reputation with other agents.

Third, a scarcity mindset can easily lead to an unpleasant, imbalanced life that is completely devoted to work.

Work is, of course, necessary. But you won't be happy if all you do is work and never have time to rest, spend time with your family, or do other important things in your life.

 

A Mindset Of Abundance

A person with an abundance mindset feels that there are abundant resources available for everyone to enjoy. This includes having enough real estate transactions, time, training, money, and so on.

When an associate or friend achieves success for oneself, it does not imply that they will do so as well. In fact, the success of people around them simply adds to their own.

And because they aren't worried about running out of time or money, they approach any given contract with more calm. It also frees their mind to consider alternatives that they would not have seen otherwise, allowing them to make better long-term judgments.

 

What Isn't An Abundance Mindset?

Don't mix up an abundant attitude with magical thinking like that promoted by The Secret and the "Law of Attraction." Success in real estate (or any other sector) does not happen just because you want it to happen or picture yourself as wealthy. That must be followed by action.

You must still dress up every morning, work hard, create relationships, and deliver the best possible service to your clients.

And, unlike the scarcity mindset, which adds to the mental weight you carry about, the abundance attitude removes a massive unnecessary burden from your head. Because each day is a war for someone with a scarcity mindset, and they are always surrounded by perceived opponents.

An abundance mindset opens you up to collaboration and progress. It enables you to become a proactive rather than a reactive participant in your life. It also assists you in identifying and prioritizing what is truly important in your life.

 

How To Develop A Mindset Of Abundance

 

1. Surround Yourself With People Who Have A Positive Attitude Toward Plenty

Humans are social beings. And, no matter how self-sufficient we assume we are, our associates have a huge influence on us. We are shaped by the activities of our close associates, whether through peer pressure, pressure to fit in, or simply exposure.

Depending on who your associates are, this could be a curse or a blessing.

For example, if you surround yourself with people who have a scarcity mindset, you will develop one as well.

Surrounding yourself with people who have an abundant attitude, on the other hand, will help you develop an abundance mindset.

While you may not be able to choose your coworkers, you can choose the folks with whom you associate after work. Surround yourself with people who inspire you, who honestly care about your success and the success of others, and who are eager to assist one another.

 

2. See REAL Scarcity As A Chance To Grow

There will be times during your real estate profession when you are short on resources. There may be a shortage of funds, human resources, training, knowledge, time, and so on.

Instead of focusing your mental energy on how bad things are right now and whining about how they aren't where you wanted them to be, concentrate on what you can influence right now. Start with your intended end result and work backward.

For example, do you lack time to prospect since you have a lot of sales to finish right now?

In this situation, your ultimate goal is to free up more time each week to prospect. What can assist you in dealing with some of your job's more monotonous and repetitious aspects? A virtual personal helper!

 

3. Concentrate On Your Individual Strengths

Rather than devoting countless hours to improving your perceived flaws or skill lack, concentrate your efforts on strengthening your present capabilities.

In real estate, this frequently translates into identifying the best niche to specialize in.

Finding your specialization isn't merely a solid business plan. It makes a huge difference when you have a specific level of skill, are uniquely suited to execute it, and truly love it.

You'll feel (and behave) more confident, you'll be a lot more helpful to your clients, and maintaining an abundant attitude will be much easier.

 

4. Stay Away From Procrastination

Procrastination is a major temptation that affects us all and can easily trap you. Procrastination might be enticing because it produces quick results. It assists you in avoiding unpleasant activities now and deferring them for later. When we are disheartened, weary, or stressed, we are more prone to procrastinating.

The issue is that unpleasant, undesirable, or disliked situations do not simply disappear or disappear. And you'll have to deal with the repercussions sooner or later.

For example, you might despise prospecting and decide to put it off until the end of the day. However, by doing so, you postpone an important activity at a time when your brain energy is already drained and you can't think swiftly. So, how can you expect to build your clientele if you're continually sabotaging your own efforts?

Remember that there is always time after work to do more delightful activities (such as checking social media or watching YouTube videos), and force yourself to complete the jobs you despise the most FIRST when you have all the energy you need.

It also helps to remind oneself of the advantages of tackling those jobs head-on. Keep in mind that a one successful prospecting call might result in thousands of dollars in compensation.

And as you start to overcome procrastination, you'll start to feel better about yourself, and others will notice the rise in your productivity.

 

5. Condition Your Mind To Recognize Possibilities

Developing an abundance mindset is all about learning to recognize more possibilities in your life. These can include more opportunity to build your brand, make new acquaintances, get things done more efficiently, and so on. And it begins with making more "mental real estate" available to begin recognizing them.

The brain can only process so many stimuli at once. And it has a tendency to concentrate on what it is looking for and what it already believes in.

For example, if you feel that launching a successful real estate firm is impossible for you, or that earning six figures in take home commissions per year is unattainable, your brain will automatically filter out any evidence to the contrary.

So, how can you begin to see additional possibilities? Begin by changing your perspective on your objectives.

Instead of telling yourself, "I'll never make six figures in take-home pay in a year," ask yourself, "How can I make six figures in take-home pay in a year?"

By making even a seemingly minor change, you begin to see options and roads that lead to that six-figure take-home pay. You may begin to notice previously unseen underserved sectors in your business. You begin to hunt for software and solutions that will make prospecting easier and more productive. You are now devoting some of your personal time to honing your skills.

It takes work to cultivate an abundance attitude. It necessitates the development of self-awareness and discipline. However, as with any ability, the more you practice it, the easier it becomes. It ultimately becomes your default state of consciousness.

 

6. Approach Issues From A Neutral And Analytical Perspective

As much as possible, approach any new scenario with an open mind and no preconceived notions. Pretend you're a complete novice and refrain from making any decisions until you have all of the facts.

This is not about accepting ignorance, but rather about avoiding being confined by your existing views and seeing things for what they truly are.

"Would I notice anything different if I didn't have an opinion on the subject?" Would someone who knew nothing about it notice anything different if I asked them?