Throughout my life, I’ve ping-ponged between having a scarcity and an abundance mindset.

Whenever I took on a business venture, I had an abundance mindset. Even if I was starting from the bottom, the sky was the limit because I had so much room left to grow.

But when I worked a regular job, even one that pays six figures, I reverted back to a scarcity mindset. Not having control over my income made me feel trapped.

Is this just me or has this happened to some of you too?

I want to dive deeper into what's driving this mindset shift.

Scarcity values

Growing up, my mom had a scarcity mindset that was somewhat instilled into me. She loved buying things on sale, even if we didn’t need them.

Who doesn’t like a good deal, right?

When the pandemic was in full swing, our bathroom closets probably had a good six months of toilet paper stocked up in there.

After I moved out on my own, whenever we would see each other, she would bring me brand-new clothes from a decade ago, untouched and unworn.

When I suggested that she donate them, to her, it felt like throwing money down the drain.

To me, that money was already lost when she bought something that wouldn’t be used.

The flip-flop

Selling hats (abundance)

I got my first taste of abundance when I was 15 and started my own “business” selling hats around the city.

Marketing, negotiating, closing deals; I was in charge of it all.

And with each sale, I got hooked even more.

The thrill of making money on my own terms was pretty exciting since the amount I made was dependent on how much work I put in.

In contrast, most of my employed friends had “boring” jobs at a grocery store or coffee shop.

Cashier (scarcity)

But after my business got shut down, I took on boring jobs of my own, becoming a cashier at both a grocery store and a coffee shop.

Even though I was earning minimum wage, I was getting a steady paycheck, so to me, every penny counted.

My mindset reverted to scarcity mode and thus, my extreme frugal era began, as I would budget down to the last cent.

During this time, I was pretty miserable.

I was a lost student with no direction and barely making any money (although I had it alright, thanks to my parents covering my tuition).

I often thought, “What am I doing with my life? When can I start making real money?”

Freelancing (abundance)

After some self-discovery, I switched directions and started pursuing my passion for design.

As part of this journey, I began freelancing part-time while in school.

I was starting from the bottom, but it reminded me of my hat business, which lit the entrepreneurial fire back in me.

I actively marketed my services, networked with potential clients, negotiated rates, and closed deals.

In my first year of freelancing, I raked in a whopping $10,000. But the fact that I did it with my own skills made it feel like $100,000.

The opportunities were seemingly endless and I had all the room in the world to continue growing.

The abundance mindset even led me to start a few side-hustles.

I capitalized on a few opportunities in niche markets: reselling undervalued cameras and doing rideshares between cities.

As a student, my financial needs were being met and eventually, I quit my part-time job to pursue these side-hustles instead.

9-to-5 (scarcity)

Now that I’ve entered the real world, I work a “boring” 9-to-5 desk job, that actually pays over $100,000.

But with inflation catching up with my spending, I’m back in scarcity mode.

I feel less happy than I did making $10,000 on my own terms.

I worry about scenarios that might never happen, like getting laid off or my landlord kicking me out of my apartment.

What’s the point?

Perhaps I’ve gotten comfortable with the steady paycheck and what life feels like at this level of income.

And perhaps I’m just being extremely cautious during a time when layoffs are happening everywhere and the housing crisis is here to stay.

From time to time, I consider chasing money, but my scarcity mindset tells me,

“There’s too much competition in the market to get a new job. You’re lucky to even have a job to begin with. Besides, do you really want to risk getting laid off a month after starting a new one?”

With an abundance mindset, I could instead tell myself,

“There are so many higher-paying jobs out there to be explored. I have the skills and experience to land a new job, even if the current market isn’t looking too hot.”

At this point in my life, the cost of switching jobs is high and it doesn’t seem worth the effort.

Sure, I could potentially make 20% more money, but also subject myself to the challenges of job searching.

Even if I achieved a 20% higher salary, what would I do with it? Probably just save the extra money. I would adjust to that extra income so quickly that I’d be left with:

• the same responsibilities,
• the same 9-to-5 lifestyle, and
• the same feeling of being trapped.

So although I could look for other jobs that pay better, perhaps I’ve reached the point of diminishing returns.

Switching mindsets

As much as I’d like to make more money, what I’m really after is freedom.

And I’ve heard people say how running a business means you don’t work for yourself. You work for your employees and your clients.

But all I’m looking for is freedom to be in control of my income and my future.

When I think about starting a business, my scarcity mindset tells me,

“There’s no stability in having your own business. You will have to sacrifice your current lifestyle: your apartment, eating out, vacations. And there’s no guaranteed you’ll even be successful. If you fail, you’ll be left with nothing.”

But I could be telling myself,

“There is so much opportunity in the world. I should not limit myself to $100,000 when there are people out there making $1,000,000. I know I have the skills to start a business, or at least learn how. If I fail, I’ll learn from my mistakes and find a way to start up again until I succeed.”

Working towards something

Self-reflection has led me to realize that the main driver of my scarcity mindset is not feeling in control of my own life.

Someone making half a million dollars as a VP of a Fortune 50 company might not be happier than someone making no money, but chasing after their dreams.

The feeling of unhappiness can be attributed to:

• a lack of personal growth,
• a lack of autonomy,
• a disconnect from personal values, or
• external expectations.

This may be different for you depending on your personality, but I thrive when I have a goal set in front of me.

The feeling of being productive and achieving personal goals, even if it’s just a small task on my to-do list, gives me the satisfaction of accomplishment.

What I’ve been missing ever since I started working 9-to-5 is the feeling of working towards something meaningful.

There’s no more end goal in sight.

For a while, I thought early retirement was a good goal to aim for, but spending my days striving towards a number in my bank account isn’t very meaningful.

I miss the journey, the process, the trial and error, the explorations.

This realization has made me think about life differently.

While I am grateful for what I have and my current situation, I shouldn’t settle for a life that I’m not truly engaged in.

Thought of the day

Money comes and goes. Instead of focusing on what you don’t have, find ways to get the things you want so that you can live the life you want.

Practice gratitude and appreciate the things that you have.

Remind yourself of the abundance that is already in your life.

Starting in a place of gratitude puts you in a positive mindset to be able to go after new opportunities.

We often underestimate our own potential, either by setting goals too small or thinking that we can’t succeed at something.

Opportunities are everywhere, whether they show up on your doorstep or you have to create them yourself. It’s up to you what risks you’re willing to take.

Eventually, we’re all going to die, so we might as well enjoy our time here while it lasts.