A Scarcity Mindset & How it Costs You Much More Than You Think
Actions to Take To Abundance and More Money
I became a full-time entrepreneur in 2011. I was 32. Years before, I experienced some financial challenges as I shifted between industries.
Somehow, it seemed I forgot. Isn’t it interesting how we walk through pain and forget the purpose years later? My lessons learned included not aligning with my passion, purpose, people, and profits.
Like many of us, I chose practical over purpose early-on. Walking through 7+ industries in strategy, finance, and operations, somehow along the way, I lost myself. I accepted working for industries, companies and with people, I did not align with or respect.
Yet, I allowed it because I couldn’t see another way yet, and the bills had to be paid. At the same time, I was dying inside.
What is ironic is that I created wealth for others to the tune of over 8 figures annually. Yet, when I became an entrepreneur all of my scarcity mindsets and influences came up to be healed.
Somehow along the way, I lost my love of writing, creating, traveling, and helping others create what they love. My mindset somehow got twisted into thinking it was not possible to have one with the other.
Who says we can’t create what we love, have freedom in all forms, and make money?
When and where did we begin to accept that lie?
My journey in adjusting a mindset from scarcity to abundance hasn’t been easy. My awakening of going from I can create millions for others AND myself has not been without pain.
However, I am a big believer in turning pain into purpose. My journey with wealth is nowhere near over. I am not a millionaire yet. I am taking daily aligned action in my faith, feelings, and actions.
My goal is to reach being a millionaire in 2020 and being debt-free by February 2021.
Here are five transformations I made in mindset and actions:
1. Challenge yourself daily to be open to a new way of creating wealth.
Some examples from today alone include refreshing and reviving my profile and platform on Skillshare; writing on this publication for the first time and sharing my millionaire goal; reviewing opportunities in FB communities, and submitting proposals to name a few.
2. Review your spending and reduce unnecessary spending.
Years ago, I took Dave Ramsey’s Finance Peace Class and evaluated my spending. I used Mint.com and cut my spending in less than 3 months by over 50% in things like eating out, shopping, and alcohol.
3. Reflect on Gratitude Every Day.
I write down gratitude daily and lately use Rachel Hollis’s, Start Today Journal. I’ve been practicing this habit daily for over 5 years now.
4. Write Your Vision Down Daily and Speak it Out Loud.
I write down my 10 top goals for the next 10 years, pray over them, and speak them out loud. I recently recorded my life legacy while in Mexico as well. You are the most important person you have to convince of abundance.
5. Act Aligned Every Single Day.
It isn’t enough to write, reflect, and speak. Of course, that is helping your faith and subconscious. However, it is key to take aligned action daily while having compassion with yourself and others on their journey. Evaluate yourself daily and those around you.
Don’t be afraid to call others on their scarcity beliefs and behaviors.
I use a 3 X 7 approach I developed years ago for my 90-day plans. It involves a minimum of 3 actions daily in seven areas of life from spiritual to financial. Abundance is all around us, not only in money.
A Scarcity Mindset & How it Costs You Much More Than You Think Actions to Take To Abundance and More Money
My experiences also taught me how living and breathing abundance with yourself and others is key to attracting more of what you want. More freedom with time, community, expression, and yes — money.
Scarcity Mindset #1: You Don’t Have Enough Money
I understand what it is like to have plenty and to have little. I have experienced living off of debt, borrowing from my parents, and not knowing where money will come from. I have walked through having a vast vision for my life and having chaotic circumstances.
Actions to take:
Stop saying you don’t have enough money. Replace it with I am grateful to have this, buy this, offer this.
Review your bank account for where your money is going. Are you investing in yourself, your education and your business? Or, does the amount of money you spend on Starbucks equate a travel fund?
Are you learning something new daily for free? A great place to start is this publication. A recent feature on Medium talked about how the #1 trait of a millionaire is that they are readers. Hello, Warren Buffet reads over 80% of his day.
Consider where you may add value in communities where via Medium, Facebook Communities, your blog, e-mail newsletters, online courses, the list goes on.
Evaluate your gifts, talents, and abilities you currently have. Challenge yourself to develop a new skill.
Figure out ways to monetize your message online and live.
Develop a mindset of not quitting.
Scarcity Mindset #2: You Are Closed to New Opportunities
Do you find yourself repeatedly saying things like writers don’t make money on Medium, XYZ opportunity is a scam, and people don’t make money doing that.
Red Flag. I immediately now challenge people when I hear them repeat something like that 2–3 times. I ask really, how about you Google people making money on Medium, with Herbalife Nutrition, and with online courses.
Newsflash: People make money doing everything. People also go broke doing things. If you repeatedly say and act that way, which one do YOU think you will continue to be? Actions to take:
Consider how your speech may be a reflection of your mindset.
Be open to new possibilities like writing.
Evaluate how consistent you are in an area.
Be a humble student and learn from others.
That’s the tip of the iceberg. I am walking through tons of awakenings in my own online business, transformation tools, live events, brand engagements, and management for influencers.
Scarcity Mindset #3: Everything Will Be Handed to You AKA You Will Be a Millionaire Overnight
I love my parents dearly in many ways. They took leaps of faith most of us cannot fathom leaving their countries, living in a refugee camp with me, and immigrating to the US.
At the same time, they had many fears around money we witnessed growing up. Later, when their economic situation changed dramatically I was and we were spoiled. I know they did the best they could. I didn’t learn fundamentals with respecting money and how to treat it until I walked through my pain and transformation.
I guess that is how we hard-headed humans sometimes learn. I continued this pattern again later with Corporate in a way crippled me. I didn’t do marketing regularly beyond college, set up online marketing, and develop ongoing leads and pipelines. Talk about humility once I began a full-time entrepreneur and seeing first-hand all the skills I needed to learn.
Yes, I got to six figures in Corporate as an executive on a board of directors. Yes, I developed 8+ figures for them annually repeatedly numerous times with finding both fraud, waste, and abuse; and identifying new income streams with contracts and opportunities.
What I didn’t do is create them from scratch to the levels of full-time 5–8 figures annually. Yet, I dared to judge others without compassion and relatability. Sure, I was a side-hustle queen for years all through Corporate.
However, be clear developing side-hustle level income while you have a full-time level income and. or someone to back you can lead to entitlement as well.
Actions to take:
Learn new skills sooner rather than later.
Align and take 10x, 100x, infinity more actions than you think is needed.
Evaluate your results online, with abundance, and with money.
Celebrate your wins and be accountable to areas you are learning in.
Develop your writing, communication, and online skills.
Connect with communities like this one that are further along than you.
Practice self love and keep taking aligned action
Scarcity Mindset #4: I Don’t Need to Invest in New Skills, Courses, Events
You are reading this article as a result of >$100,000 in investment easily I have made myself in entrepreneurship alone, not counting my undergrad and graduate degrees.
My investments in entrepreneurship alone have included online and live events with Strategic Coach, Brendon Burchard, Dani Johnson, Herbalife Nutrition, Chalene Johnson, Boss Babe, and countless e-books on wellness, media, business, and spirituality.
I would not have created my online courses, live events, retreats, and agency if it were not for every part of my education and life.
From the start, I viewed entrepreneurship and my life as a school. Why wouldn’t I invest in my best asset — myself. You should too.
Actions to take:
Make a list of free resources you will review weekly.
Set up time on your calendar for learning daily and weekly.
Identify the next skill-set you need to learn.
Immerse yourself in education in that skill set for the next 60–90 days.
Evaluate online courses you would love to invest in and research their payment plans.
List live events you want to go to in the next 1–3 years.
I do all of this regularly. Also, with each investment of time and money, I set intentions and goals. For example, before I attended Brendon’s events, I decided I would create my online courses & events in < 90 days. Also, I decided all my online courses and events would be hands-on.
I practice this same approach with publications like this and my recent pieces on Better Marketing. It’s time for you to #createit NOW is my belief.
Scarcity Mindset #5: I Don’t Have Community to Support Me
WaWa call the wambulance. Seriously, when I first started I didn’t either. No one does. No one wakes up with perfect health, wealth, time, community, business. We #Createit.
Every step of the way.
Now, in 2020, I have a community with our own — FIT Life Creation, Medium, Podcast, Facebook, Herbalife Nutrition, BossBabe, and the list goes on. I #createit daily.
Writing this post is an example of reaching people on a platform I did not have access to before. It is an example of serving others where I wasn’t before.
One of my quotes is Create the world You Want to See
One way I practice this is by offering abundance in our community. For example, recently my podcast “Create with Katrina Julia” was featured on Podcast Guests for guest features.
I set an intention to offer transformational guests with two-three opportunities on the blog and podcast for press features. One was to write and do a voice-over for our creator series, another for an interview (with the submission of the first), and a third for our collaboration platform.
I know I am always grateful for each opportunity because I know we all start somewhere, and I know what it is like to ask, seek, and knock. Ironically, this post itself was inspired by one of the responses I got.
I am very grateful for the over 100 requests we received to be guests in less than a week. Our team has already responded to over 15 of them with amazing high vibes 95% of the time.
Interestingly enough one of the responses that we saw as very aligned with media and travel, didn’t say thank you, ignored the first and second opportunity for the podcast, and simply focused on the third opportunity to create MORE community saying she didn’t want to do it.
Nowhere did we say she had to do it. We intentionally listed BOTH podcasts features first and said “perhaps” and ways to create community. What I have noticed even more is the more abundant I become and we become, it is exposing the scarcity mindset of others.
We calmly responded to her and challenged her to think more abundantly and why would she say no to more ways to be featured and more ways to create community. We let her know no problem with whatever she decides lovingly.
Which leads me to the ultimate — you are not for everyone and everyone is not for you. Do not try and force anyone to be in your community or vice versa. Love and release.
Right after I replied to her, I went over to Medium to check and see if I was an approved writer here. I figured this would be a great piece considering all going on in our world at this second.
Actions to take:
Seek your community online and live.
Look to online communities via Medium, FB, and more.
Connect with people in real life.
Say yes to people that align.
Don’t be afraid to walk away from people that don’t currently.
Be open to people transforming as you did.
Scarcity Mindset #6: Corona Virus is Hurting my Business
Maybe it’s waking you up to what you have been ignoring for years? Have you ignored social media, digital marketing, and taking your business online? How about new and innovative ways of doing business as an agency like in social media and/or influencer management?
Perhaps, this is the opportunity for you to reinvent yourself, your brand, and your business.
Pray for the people impacted and help and do your part.
When I started seeing this, I immediately said oh no way. You see I am the queen of reinvention and refusing to quit. God never quits on me so I don’t quit on myself or others. I may have moments but I always get up swinging.
I think I have shared enough so far to where you see this. In case I haven’t, keep in mind I am also a CPA, worked for Victoria’s Secret, and got a spot on Season IV Apprentice NBC and consulted on the show. #justsaying
How about you?
Actions to take:
Where do you need to reinvent yourself online now?
What actions could you start with on social media?
What online resources could you grow?
How could you take your meetings and experiences online?
Scarcity Mindset #7: I’m Too Young/Old and It’s Too Early / Too Late
Stop it. Really. I say this with love. All of the above should have already swayed your mindset. In case it hasn’t already, look at numerous writers of all ages on Medium making money with all different stories.
What about the $360 billion business of online courses being taught by young and old alike? I believe kid teachers are the next wave and reached out to a parent about this recently who submitted for our Influencer Study and book.
Not convinced yet, what about the millions going to bloggers and social media influencers writing about everything from carpet to Italy?
Really. Stop it. Love you. Mean it.
Actions to Take To Abundance and More Money
These are the scarcity mindsets that came to mind for me with my mindset, experiences, and community. It’s easy to see how these are costing you in creation, community, and cash. Stop speaking and acting scare with your life.
One of my favorite verses is Deut 8:18 and the power we have to create wealth. Every action to take outlines millions of dollars in the impact you may make in your mind, life, and the business now.
If you loved this, you'll love how to make and manage money like a boss.
Originally published via Making of a Millionaire.
Create. Transform. Inspire.
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