How to Slip Out of the Scarcity Spiral into a Life of Abundance

Four steps to focus outward vs. inward during the golden years of giving back

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In life, there are givers and there are takers — those who have an abundance mindset and those who have a scarcity mindset.

Many people, while focusing on financial planning and retirement goals, are susceptible to entering a scarcity mindset. The scarcity spiral begins when one fixates on the achievements, financial security or success of others. This cycle of sorrow begins with comparison and is often followed by feelings of envy, which lead to a host of other ills easily seen in other people but hard to see in ourselves.

Even more unfortunate is when people who find themselves in the scarcity spiral perpetuate that attitude — passing it on to their children and grandchildren. But it doesn’t have to be that way!

Wouldn’t you rather pass on to your posterity a legacy of creativity, gratitude and abundance? It’s not hard to identify the warning signs of the scarcity spiral and replace them with a mindset of abundance.

The Scarcity Spiral

Strategic Coach founder Dan Sullivan teaches that when it comes to the two predominant mindsets in the world competing for our attention, scarcity and abundance, “Scarcity leaves you feeling overwhelmed, depressed, and paralyzed,” says Sullivan, while “abundance makes you feel excited, motivated, and ready for action.”

Sullivan illustrates his point by referring to those who live in the abundance neighborhood, versus those who live in a scarcity spiral. People who find themselves in the scarcity spiral feel that somehow, someone else took their fair share of success, leaving less for them. Those feelings of envy can lead to guilt and shame because, well, they haven’t achieved the same level of success — and it’s not fair!

Anger and resentment soon develop, producing thoughts such as, “If you’re wealthy and I’m not, they should redistribute the wealth! … You shouldn’t have so much more than me … I deserve more … People should do more for us have-nots.”

This attitude is known as the zero-sum mentality, believing that one person’s gain comes at the expense of someone else’s loss.

Think about it this way: When you take a breath of air, is anyone else bothered that there is now a breath missing from the planet? Of course not. There’s enough air to spare. There’s an abundance!

The Abundance Cycle

If we find ourselves on the path of the scarcity spiral, our first task is to become aware, and then start moving toward the abundance neighborhood. Our journey to this part of the map begins with gratitude. The ultimate goal is to enter the abundance cycle, which has four stages:

1. Developing KASH. This is different from the cash we all know. “KASH” stands for Knowledge, Attitudes, Skills and Habits.

· Knowledge — the understanding you’ve gained through your life experiences, which can be a tremendous value to your family and posterity.

· Attitudes — ideals you’ve developed throughout your life, including religious beliefs, personal mission statements and work ethics.

· Skills — your unique abilities which could include sound financial capabilities or talents such as athletics or the arts or healthy lifestyle activities you’ve mastered.

· Habits — practices you’ve established such as rising early, reading daily or journaling. Consider developing habits that will turn into traditions that bring your family together.

2. The accumulation of cash (as well as KASH). We all need money to live, and most of us expect to live a long time. We owe it to ourselves and our families to put the proper amount of attention on becoming financially self-reliant and building toward prosperity of wealth and abundance.

3. Focus on the family. In this stage, wise families proactively reinforce an abundance mentality by spending time together while instilling accountability and responsibility in their children, grandchildren and themselves. The abundant cycle is about looking for success in every aspect of life.

4. In the last stage, families establish a Legacy Bank, which is a conceptual repository where you can deposit KASH (knowledge, attitudes, skills and habits). Creating a Legacy Bank is simple. Think of ways you could preserve and protect those aspects of life that are worth recording. On paper or electronically, capture these insights, lessons and patterns so that your family — and future generations — can reflect on them whenever needed.

If executed well, the abundance cycle can last for generations to come.

Do you find yourself on the tracks toward the scarcity spiral? Or are you safely bound for the abundance neighborhood? Often, people are a mix of the two. Identify where you’re doing well, assess where you could improve, and make the necessary changes. As we begin to exhibit chronic gratitude for everything and everyone in our life, we feel liberated and motivated to add to society rather than take away.

To invent, to collaborate, to produce, to give back — these are results of life lived in a neighborhood of abundance.

Call to Action

Want to know more about how to live an abundant life? Sign up here for “Doug Andrew’s Tool of the Week” to learn how you can cultivate a mindset of abundance, wealth, and life fulfillment using the favorite Live Abundant thinking tools.