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How to Develop an Abundance Mindset and Build a Better Relationship with Money

As an entrepreneur and coach who multiplied my revenue 10-fold in just one year, I get the question “How did you do it?” quite often. Many people are surprised to learn that there wasn’t some crazy sexy sales or marketing strategy that I can attribute my success to–it was a shift in mindset that changed my life and the trajectory of my businesses.

Before I stepped out on my own, I was a leader at a top health tech company where I worked 60+ hours a week in addition to attending law school and trying to keep myself mentally stimulated with other side projects. Up to this point, I believed that you could make money, but if you wanted to bring in more than average, you had to work around the clock and put in more sweat equity than anyone around. While you can achieve a lot this way, it’s a path to burnout and you’ll ultimately be left without any time to enjoy the fruits of your labor.

mindset coach and entrepreneur jocelyn michelle reaves

As I ventured out to find more balance, I learned that the power to bring anything to life is within your mind. Once I mastered the concept that thoughts become things, I was able to forge a path of success that looks and feels like I want it to. In this article, I share some of my key takeaways and lessons about developing an abundance mindset and changing my relationship with money.

What is an abundance mindset?

An abundance mindset (or abundance mentality) is a firm belief and understanding that the world is full of infinite resources and possibilities and that there is enough provision and opportunity for everyone to have all that they need and desire. The opposite of an abundance mindset is a scarcity mindset (or lack mentality). With this point of view, one believes that there are a limited number of resources, success, or abundance to go around. With this mindset, envy and jealousy are pervasive, and the accomplishments of others may be perceived as a personal indication of failure or lack.

Tapping into abundance enables you to collaborate and communicate instead of comparing and competing because you know that there's more than enough to go around.

Is an abundance mindset the same as The Law of Attraction?

The law of attraction is rooted in the belief that your thoughts become things--you get what you focus your time and attention on. The law of attraction is at work whether we are aware of it or not, and a lot of what we attract is subconscious. Conversely, an abundance mindset is intentional and conscious in nature. By embracing an abundance mindset, we empower the law of attraction to work for our good, because we are being intentional about attracting that which we want in our lives.

The law of attraction as plainly stated lacks one thing: inspired action. We can attract what we want from the unmanifested field into the manifested field through our thoughts, but we bring them into our lives through our actions. We have to inspire our thoughts into existence by taking action and doing our part.

How is an abundance mindset beneficial on a practical level?

An abundance mindset helps you realize the possibilities, rather than the limitations of your life. It's easy to look at your current circumstances and think of a million reasons why your dreams or goals will never come to fruition, but with a change in mindset, it can be just as easy to realize the potential. Having an abundance mindset brings an enhanced sense of creativity, vitality, and awareness that helps you manifest anything you want in life.

set clear goals

How can you develop an abundance mindset?

There’s no single road to or set steps to developing an abundance mindset, but there are key correlations and practices that are practices that exist in the lives of individuals who have developed this capability:

  • An abundance mindset starts with two things: present-moment awareness and gratitude. Present-moment awareness is the ability to be consciously aware and rooted in what is happening right now. While this sounds seemingly simple, it requires that you let go of your attachment to the past (especially perceived failures, labels, and limiting beliefs) and resist the urge to predict what the future will hold. When you embrace the present moment, you embrace the realm of infinite possibilities and can truly step into your power. You can't change the past and you can't accurately predict the future, but you do have the power to think and act differently right now.

  • Gratitude is the practice of being mindfully aware and grateful for all that you have, even if it's as simple as the fact that you woke up this morning or have air in your lungs. Gratitude is powerful because it creates a sense of abundance in the present moment. It enables you to truly receive all that you already have. Practicing gratitude helps you elevate your mindset, mood, and perception of your current circumstances. It's also worth noting that you attract more of what you concentrate on and what you're grateful for, so the more you're truly appreciative of your life the more abundance you attract into it.

living under your means

What if you make a lot of money but don’t feel abundant? How can I change this?

Abundance starts from within. You can have all the material wealth in the world and feel like you have nothing, and you can have nothing and feel fulfilled. Embracing abundance starts with embracing yourself, your life, and practicing gratitude for what you have, even if that's just the breath in your lungs.

It’s easy to feel abundant when you have ample financial resources. How can someone have an abundance mindset when they’ve just lost their job or are living paycheck to paycheck?

This is actually the perfect time to practice an abundance mindset. It's easy to feel like you have it all when your life is full of the material possessions that most people only dream of. The fact of the matter is that true fulfillment starts from within and the things in your life are happening for you, not to you. Setbacks can feel devastating in the moment, but in the grand scheme of things, they are short-lived, temporary moments in your life. When you truly embrace the fact that abundance is all around and your needs will always be met, you'll be able to navigate rough financial seasons with the knowledge that you already have everything that you need to make it through.

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Our personal financial lives tend to be like the stock market: there are times when we're up, and there are times when we're down. It's your mindset when you're down that helps you navigate it. While you may not have the money in your account to make ends meet, you do have a mind that is full of creative potential and ideas. Take this time to tap into the abundance of your mind to create opportunities for wealth generation.

Finally, keep this in mind: when you think you've exhausted all options, just remember that you haven't.