From your favorite YouTube guru to the most popular daily affirmations page on Insta, the phrase “financial abundance” has been an elusive buzz phrase we’ve all heard. But what does it really mean? Financial abundance is about recognizing the limitless opportunities for growing your wealth and taking steps to get there. If you or your family has struggled financially in the past, it can feel impossible to trade in your scarcity mindset for an abundance mindset.
Below, we’ll discuss nine actionable steps for creating a more abundant future for yourself. But first, let’s explore what it means to have an abundance mindset.
What is an abundance mindset?
An abundance mindset is a belief that success is possible for everyone. It’s based on the idea that we live in a world of abundance, not scarcity. An abundance mindset means having confidence in your ability to create and attract success.
With an abundance mindset, you’ll constantly pursue new opportunities for financial growth. If you want to attract financial abundance into your life, it starts with cultivating an abundance mindset.
Ways to attract financial abundance
It can feel overwhelming when you’re just starting your journey to financial abundance. But overcoming obstacles, growing your wealth, and becoming more financially secure is possible. In doing so, you’ll feel less stressed about money and more optimistic about the future. So don’t wait to take the reins. Here are nine steps to achieving financial abundance in your life.
Be grateful for what you have
It’s easy to take your current circumstances for granted – until you lose your job, have an unexpected expense, or experience some other financial setback.
That’s why it’s essential to be grateful for what you have, even when things are going well. So when those inevitable setbacks occur, you’ll be better equipped to weather them gracefully and with dignity. With gratitude, you can attract even more abundance.
Be clear about what you want
The next step is to identify what you want. What does success look like to you? Whether you wish to retire early, buy a home, or stop worrying about money, it’s crucial to identify the kind of life you want.
Set SMART goals
Once you have a good understanding of your financial goals, you can set some SMART goals. SMART goals are specific, measurable, achievable, relevant, and time-bound. For example, a SMART goal could be “I will save $500 monthly for the next five years towards a down payment on a home.”
By setting SMART goals, you’ll lay the foundations of your financial strategy and increase your chances of achieving a life of abundance.
Recognize your earning potential
The key to achieving financial abundance is recognizing your earning potential. Your income is not simply determined by your job title or the number of hours you work. Instead, it is determined by your unique skills and experience. If your current job doesn’t align with your skills and experience, or if there are limited opportunities for a higher salary, it might be necessary to consider a job or career change.
By valuing yourself, your goals, and your abilities, you can attract opportunities to help you reach your financial goals. When you recognize your true worth, financial security will no longer be an elusive dream but a tangible reality.
Network, network, network
You’ve probably heard the old saying, “It’s not what you know; it’s who you know.” An abundance mentality means tapping into the resources around you – no resource is more valuable than your network. Talk to your friends, acquaintances, colleagues, and even those you haven’t talked to in years. People are generally more than happy to help you, and you’d be surprised by how many opportunities your connections can provide.
Grow your wealth
When it comes to money, it can be easy to think of it in terms of saving and spending. But the key to long-term financial security is all about growing your wealth. Investing in real estate, stocks, bonds, or high-yield savings accounts is one way to do this. Over time, these assets will increase in value, providing you with a passive source of income. Another way to grow your wealth is to make wise choices with your spending.
Don’t avoid risk
Financial gain typically involves taking risks, and calculated risks have the potential to pay off handsomely. While there’s no guarantee that any risk will result in financial abundance, the potential rewards are too great to ignore. Of course, not all risks are created equal. Some are much more likely to pay off than others. Be sure you have the right financial foundation to take risks, such as an emergency fund. If you don’t have a strong foundation, build one before moving on to riskier investments.
Allocate your time wisely
Time is finite, but the number of ways you can spend your time is infinite – and money and time are inextricably linked. So don’t kick the can on investing or looking for a higher-paying job. Unlike money, you can’t get back lost time. So be judicious about how you spend each day and plan your weeks and months wisely. Because the older you get, the more quickly the years pass!
Value the pursuit
When you’re excited about the prospect of financial success, getting hyper-focused on the future can be tempting. But what you’re doing right now is just as much a part of your story as your success. So value the pursuit of your goals just as much as your achievements. When you recognize the abundance in each moment, you’ll attract more opportunities and find more contentment.
Final thoughts on abundance mindsets
When you see the world through a lens of abundance, you see opportunity everywhere. An abundance mentality is about taking charge of your goals and taking pride in your ability to seize the opportunities before you. When you put your time and energy toward valuable pursuits, you’ll inevitably achieve financial abundance and enjoy the feeling of accomplishment at each stage of your life!
Julep is not a financial institution, financial advisor, or credit repair company, and does not provide credit repair services of any kind. The information provided is for general educational and reference purposes only. The information is not intended to provide legal, tax, or financial advice. We do not propose any guarantee that the information provided will repair or improve your financial profile. Consult the services of a competent licensed professional when You need financial assistance.