Are You Having a Scarcity Mindset?

Fear has two sides, rightes or there are obviously the ways that fear can be bad. It can put somebody into what we call so a scarcity mind set. A little bit of fear in smaller doses can be actually extremely helpful. People who are sort of have a higher fear tend to be better savers and prepared for the future.

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According to an APA 2022 Stress in America Survey, 87% of respondents listed inflation as a source of significant stress—and the researchers say no other issue has caused this much stress since the survey's launch.

Money anxiety or "financial fear" is common, and to an extent, it can be healthy. If fear about inflation and running out of money prevents you from blowing every dollar on fast casual dining, and instead urges you to save and invest for the future, that fear directly benefits Future You.

But if fear prevents you from investing in the stock market because it feels too risky, well…now we’re letting misplaced, data-refuted concerns interfere with our ability to build wealth over time.

Understanding your own deeply held beliefs and fears about money can help unlock your next-best step, and it’s not one-size-fits-all. We're joined by Mariel Beasley, Principal at the Center for Advanced Hindsight at Duke University and Co-Founder of the Common Cents Lab (https://advanced-hindsight.com/commoncents-lab/) to discuss financial psychology and what behaviors we can unlearn (or double down on) when it comes to money anxiety.

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Mentioned in the Episode

Download the free Money Management Routine resource: https://education.morningbrew.com/budget
Farnoosh Torabi's So Money: https://podcasts.apple.com/us/podcast/1348-how-fear-can-drive-financial-excellence-with/id955939085?i=1000558577525
The importance of an abundance mindset: https://moneywithkatie.com/blog/shifting-your-money-mindset-from-scarcity-to-abundance
"Risk is what you don't plan for": https://www.youtube.com/watch?v=LM-s_HxLzNY
ChooseFI: https://www.choosefi.com/listen/choose-fi-podcast/
Why Hitting "Half FI" is More Like 75%: https://moneywithkatie.com/blog/why-hitting-half-fi-is-more-like-75
Financial resources mentioned: LISC, Digit, Qapital