Breaking Barriers: Strategies to Overcome Scarcity Mindset
I’ve spent a large part of my life “checking boxes.” Go to college, have all the internships, graduate, apply to law school, pass the bar, get a high paying job…the list is never ending. Along my path I said no to many opportunities that I was interested in because I was so afraid to stray away from the path I had chartered. The path that was going to get me and my family out of struggling. I was so afraid to take risks and checking my boxes was my comfort place. For a while I didn’t see this as a problem, after all, I have been successful in checking those boxes I’ve outlined for myself. Then I learned about the scarcity mindset and I knew that despite my fears it was time to push myself further. In this blog post, we’ll delve into what scarcity mindset is, why it disproportionately affects women of color, and strategies to overcome it.
Understanding Scarcity Mindset:
The term “scarcity mindset” was coined to describe a specific type of anxiety and stress experienced by those whose incomes are below the federal poverty threshold.
Scarcity mindset is a pervasive belief that you don’t have enough money, time, connection, or opportunities.
I, like many women of color, have experienced all of these feelings of deprivation at various stages of life. In today’s fast-paced and competitive world, scarcity mindset has become a prevalent issue, particularly among women of color.
Signs of scarcity mindset include:
- Waiting to pay bills until the last minute: Do you procrastinate paying your bills even if you have the money? This may be because of a mindset limitation that tells you to hoard money for as long as possible because you don’t know when you’ll have money again.
- Overly self-reliant: Growing up with certain limitations such as a lack of familial or financial support affects your ability to connect with others and ask for help. We develop a belief that we always have to be independent, not necessarily because we want to, but because we are afraid of the disappointment that we are sure to experience when we cannot rely on those around us.
- Fear of loss or failure: I’ve always noticed that many women of color need to be perfect in all that we do. We understand that everyone is ready to judge and criticize us at every turn, that we hold ourselves back until we know that wherever we want to put out into the world is perfect. This sense of perfectionism hinders our ability to quickly grow our businesses, apply for promotions or for better positions, or to even start pursuing our passions.
Why Does the Scarcity Mindset Disproportionately Affect Women of Color?
- Historical Context: Centuries of systemic racism and economic disparities have left a legacy of genuine scarcity in resources and opportunities for women of color. This historical context makes it particularly challenging to break free from the scarcity mindset.
- Intersectionality: Women of color often face multiple forms of discrimination, such as racism and sexism, simultaneously. These intersecting identities reinforce the belief that we have even fewer resources at our disposal, intensifying the scarcity mindset.
- Representation Gap: Women of color are frequently underrepresented in media, education, and professional spheres. This lack of representation can foster feelings of invisibility and exclusion, further confirming the belief that opportunities are scarce.
The effects of a Scarcity Mindset:
The scarcity mindset often affects women of color, leading to missed opportunities because we undervalue our worth. We are more likely to feel unqualified at our jobs, at parenting, or at handling our finances. This mindset also creates a belief that we are in competition for limited resources. Scarcity mindset manifests in accepting lower pay, settling for suboptimal job positions, and tolerating unhealthy relationships. Consequently, it takes a toll on mental health, making us more susceptible to burnout, anxiety disorders, and depression.
Beyond the individual, the scarcity mindset has broader implications. It not only restricts personal progress but also impedes community upliftment efforts. When women of color are constrained by this mindset, it limits our ability to effect positive change in our communities, perpetuating a cycle of limitations. Breaking free from this mindset is vital for personal growth and the betterment of the broader community, allowing us to realize our full potential and contribute to positive change.
Breaking Free from the Scarcity Mindset:
Whether you’re an entrepreneur striving for success, an employee aiming for career growth, or simply someone seeking fulfillment in personal endeavors, understanding and combating the scarcity mindset is crucial. Overcoming the scarcity mindset involves recognizing its influence and adopting an abundance mindset, which focuses on abundance, possibilities, and gratitude for what one already has. This shift in perspective can lead to greater confidence, creativity, and a sense of empowerment in various aspects of life.
While overcoming the scarcity mindset is a complex journey, it’s achievable.
Tips and Reminders for Overcoming The Scarcity Mindset:
- Practice Gratitude: Cultivate a daily gratitude practice to focus on the abundance in your life. Reflect on the things you already have and appreciate them, no matter how small they may seem.
- Challenge Negative Thoughts: Become aware of your negative thought patterns and challenge them. Whenever scarcity-related thoughts arise, ask yourself if they are based on evidence or mere assumptions.
- Embrace Abundance Mentors: Surround yourself with people who embody an abundance mindset. Learn from their perspective and seek inspiration from their success stories.
- Shift from Fear to Faith: Replace fear-based thinking with faith in yourself and your abilities. Trust that you have the capability to navigate challenges and create opportunities.
- Set Realistic Goals: Break down big goals into smaller, achievable steps. Celebrate your progress along the way, reinforcing the belief that success is attainable.
By incorporating these practices into your daily life, you can gradually overcome the scarcity mindset and embrace an abundant perspective that empowers you to achieve your full potential. Embracing an abundance mindset is not an overnight transformation; it requires dedication and consistency. Just like any other skill or mindset, it takes time to rewire your thought patterns and replace scarcity-based beliefs with a mindset of abundance.
After a lot of reflection on this topic, I am grateful where my box checking tendencies have taken me, but I often wonder where I would be if I had freed myself from these limitations years ago. Would I have pursued the neuroscience or fashion degree I always dreamed about? Would I be a debt free entrepreneur? Would I’ve learned about personal finance sooner?–I’ll never know the answer to these questions, but I am so excited for this new phase of my life where I get to embrace an abundance mindset and push myself to take risks.
As you embark on this journey, be kind to yourself and practice self-compassion. Recognize that breaking free from limiting beliefs is a process, and setbacks may occur along the way. However, every step you take towards embracing abundance brings you closer to a more fulfilling and satisfying life.
