For most of us, money is a subject that tends to be surrounded by mixed signals, mystery, and confusion. We’re taught that the love of money is the root of all evil, yet just about everyone we know spends most of their waking hours trying to make more of it. At a young age, I constantly wondered, “What is this thing called money and why is everyone around me so focused on accumulating more of it?”
Excerpt from my new book, “The Fearless Mindset”
In preparing to write “The Fearless Mindset“, I interviewed Garrett Gunderson, a New York Times best-selling author and world-renowned thought leader on the subject of money and wealth creation.
Garrett has dedicated his career to debunking the many myths and fabrications about money that undermine the prosperity and joy of millions of hard-working, honest business owners. Garrett’s company, Freedom FastTrack, empowers its members to build sustainable wealth through financial efficiency and organization, leading to clarity, peace of mind, and financial confidence.
During our interview, Garrett said…
“The biggest deterrent from financial freedom is not the economy. It’s not the location that you live or the people that you spend most of your time with … No amount of luck, saving, discipline, rate of return, or financial system will matter if you can’t conquer the scarcity mentality. The scarcity mindset is the largest destroyer of wealth and the only true solution is by creating an abundant financial mindset.”
I completely agree with Garrett that our mindset is critical to creating wealth, especially as I reflect on the scarcity mindset that nearly defeated me when I launched my company.
Building a business from scratch with zero cash flow coming in, I endured many sleepless nights being consumed by my fear of financial poverty. I would show up on sales calls needy and desperate, repelling anyone who considered hiring me. It wasn’t until I shifted from my scarcity mindset to an abundant financial mindset that my business started to grow.
Abundance is the non-negotiable foundation to a Fearless Financial Mindset. Now you may be thinking, “Yeah, Peter, that sounds great. But I literally have no money. I am struggling financially and have no idea how to create an abundant financial mindset.”
If you want more money, you must go to the very core of what you could do to provide value to this world. Making money isn’t about how many resources you have; it’s about how resourceful you can be. It’s not about having money first; it’s about having a deep commitment to being resourceful by creating massive value in the marketplace.
So it begins with your mental capital:
What is your knowledge? What is your unique offering? What is your wisdom? What are your tools and systems and the ways that you can serve others? When you translate your mental capital into serving others and solving their problems, you begin building relationship capital.
There are two primary reasons that an entrepreneur may be consumed by financial scarcity. First, they’re not reaching enough people to deliver value in exchange for money. Second, they don’t have enough value to create and they need to invest in themselves and learn the skill sets that create massive value for their clients.
Garrett’s advice for breaking free of the scarcity mindset involves taking immediate action. He suggests calling up people you know—people you can create value for in this world—and instead of telling them your sob story about your poor cash flow or the circumstance you’re in, you ask them questions to figure out how you can help them.
So Garrett would call up a friend and say, “What are you excited about in your life right now? What are you working on that’s difficult? Where do you want to be that you haven’t quite got to yet? What resources do you need to help you reach the next level? Where do you see yourself one year from today?” Garrett advises asking valuable questions until you come across something you can do to provide value.
When we are feeling scarce and we help someone out, that person appreciates and acknowledges us, which puts us in a better mindset. And once we’re in a better frame of mind, we can start to see opportunity and stop sulking in the problems in the world or the situations that feel so devastating and defeating. In short, rather than complaining or withdrawing, we must reach out to help others when we’re in need.
If you found this valuable, I strongly encourage you pick up your own copy of this best selling book at www.thefearlessmindset.com.
You can also listen to my entire interview with Garrett Gunderson here.
Live Your Life Fearlessly,
Peter Scott IV – The Fearless Mindset Mentor
Founder, Fearless Life Academy