Overcoming My Scarcity Mindset: A Personal Journey

Author

Kevin Ng
September 26, 2024

Hi Friends!

I've been reflecting on my recent newsletters about buying back time and improving productivity. While these concepts make perfect sense on paper, I've found them challenging to implement in practice. I realized there was a deeper issue at play: my scarcity mindset.

What's a scarcity mindset, you ask? It's the belief that resources are finite and that success is a zero-sum game. In my case, it manifested as a reluctance to spend money on tasks I could do myself, even if outsourcing would save me valuable time.

Here's a recent example that really opened my eyes:

I came across an app called Guru that could potentially streamline our knowledge pipeline at work. It seemed like a great tool, but even the $15/month price tag made me hesitate. I found myself worrying: What if no one on my team uses it? What if it's not as beneficial as I think?

This hesitation persisted despite the clear asymmetric risk-reward ratio. The potential downside was limited to the monthly fee, while the upside could be a complete transformation of our onboarding, training, and team performance processes. Yet, it took me a long time to pull the trigger, all because of my scarcity mindset.

This experience made me realize how much this mindset was holding me back. It was keeping me trapped in small thinking, preventing me from fully embracing concepts like buying back my time.

So, how am I working on this?

1. Recognition: I'm learning to catch myself when I fall into scarcity thinking. Just being aware of it is a big first step.

2. Reframing: When I notice these thoughts, I try to reframe the situation. Instead of seeing an expense, I try to see an investment.

3. Surrounding myself with abundance thinkers: I've noticed that many of my mentors and successful business people I admire tend to have an abundance mindset. I'm trying to spend more time with these people and absorb their perspective.

It's definitely a work in progress, but I'm already seeing how shifting away from a scarcity mindset is opening up new possibilities for my business and personal growth.

I'm curious about your experiences. Have you ever caught yourself in a scarcity mindset? How did you recognize it, and what did you do to shift your thinking? Or if this is a new concept for you, does it resonate with any experiences you've had?

Until next time, here's to embracing abundance!

Kevin Ng

P.S. Remember, sometimes the biggest limits we face are the ones we place on ourselves. What limiting belief might you challenge this week?

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