Cultivate a growth mindset

A scarcity mindset is a trauma response that optimizes for conservation of limited resources rather than maximizing for growth.

A scarcity mindset says I should spend all week doing chores or maintenance myself (e.g. yard work, painting, washing my car, doing the dishes) rather than hiring someone else to do them. But the pie is not fixed–by investing my time on personal growth, I have the capacity to increase my future earnings by a far larger amount than I can conserve by spending that same time doing unproductive work to conserve my limited current income.

An abundance mindset recognizes that I have (or can acquire) a competitive advantage in my core area of competency and that I should focus on becoming the best version of myself and hire someone else to do those other chores. Few people start out being able to afford to hire out everything, but by recognizing the value of your time properly, you can choose to invest your time in your personal growth to maximize your future income rather than trying to conserve your limited capital.

While you may start out with extremely limited resources that require conservation, the key is to invest in yourself until you reach the point you can maximize for growth over conservation.

Copyright © 2023 Richard Morgan.