Money Problems – The Series

Business Life Coach Insights Money Problems

Poverty, Scarcity, and Abundance Mentalities

Mentality Defined:

Mental process. A particular way of thinking, mindset, mental attitude, outlook and disposition. The capacity for intelligent thought.1

  • Mentalities are a way of grouping certain common viewpoints together in an effort to identify a thinking pattern in an individual or a group of individuals.
  • Mentalities are different from stereotyping because a label is associated with a certain way of thinking only after information is divulged. On the other hand, stereotyping labels an individual or group of individuals based on looks, before any supporting evidence.
  • You can identify a person’s mindset by carefully evaluating what they talk about, how they behave, and where they spend their time.
  • Mentalities can be good or bad, all depending on the results they produce in a person’s life.

Poverty is not an absence of money and things – it is a mindset.  Prosperity is not an abundance of money and things – it’s also a mindset.” By Randy Gage

Poverty Mentality:

There are some people that no matter how much money they make, they are always living from paycheck to paycheck. These people struggle when they are making $30,000 a year and when they are making $150,000 a year. I, Brenda Underwood, used to be one of “THOSE PEOPLE”!


Why is that?


When a person has a poverty mentality, they are making decisions based on a restricted self-image. They only see themselves as poor, broke, and living paycheck to paycheck, and therefore that is what they experience in their life. It does not matter how much money and resources they have at their disposal, they will only live up to their own internal self-image.


The person making $30,000 a year still has a roof over their head, food in their belly, clothes on their back, running water, and electricity. When this person earns a raise and moves from $30,000 to $35,000, they increase their lifestyle. Instead of saving the $96.15 a week in extra pay, they spend it, even though all their basic needs are met. This behavior is indicative to spending habits with little to no restrictions.


Your personal beliefs combined with your attitude produces your behavior. Belief + attitude = behavior. Your behaviors produce your habits that automatically take place without you even thinking about it. In many ways, if you aren’t careful, you can live your life on autopilot.


Example: You have some extra money to spend. The first thing you do is go shopping or think about how you can treat yourself for all your hard work.


Example: At the end of your apartment lease, you find out in order to keep your apartment you will have to pay an extra $100 per month. The first thing you think or say is, “I can’t afford that much extra money every month.”


Is the above statement really true? You just received a raise where you are receiving an extra $384.60 per month. Instead of maintaining your lifestyle and saving or investing your money, you spent it. Why?


Breakthrough Tip:

Change YOUR Mind!
Make a decision to put tremendous and intentional effort into changing your mentality. Educate yourself on effective money beliefs and behaviors.


I start with belief first because every action you take is because of how you see yourself, the people around you, things, and/or situations.

As a Business Life Coach one of the first steps is to help my clients determine their true belief system regarding money and how those beliefs manifest themselves in their actions. Once this is determined, I provide them with tools to reset that belief system and see themselves in a higher light. Oftentimes, clients walk away from that 1st breakthrough coaching session in shock at what they discovered about their subconscious belief system. As a team we get to the root of the problem and take an ax to it, while planting new seeds for growth. Life coaching results happen quickly when clients are open, honest and hungry for change. These clients are ready to take action and eliminate excuses allowing them to make massive changes in as little as 10 to 12 weeks.

If you believe you are a financial failure then you will self-sabotage until your reality matches your belief. All the tools in the world will not help a person who believes they are destined to struggle financially. When you believe right, you ACT RIGHT. Let me help you make a mindset shift so you can apply the tools that will elevate your life to the NEXT LEVEL.


My blog: Poverty and Limited Thinking shares how to reveal blind spots and the dilemma focus can cause in your money mindset.


Next Blog:

The next blog will be about a scarcity mentality and provide another tip on how to break through money problems.

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