Tips for Overcoming a Poverty Mentality

Holding on to a poverty mentality can ruin your chances of building a successful business long term. A business that not only supports you while you’re working, but due to sound financial investments, is going to support you after you stop working and sell the business. Because smart people have an exit plan too.

  • Change Your Environment – When you grow up in a certain class of society, everyone you know tends to have the same ideas. You all use the same slang, wear similar styles of clothing, eat the same foods, and style your hair alike. You may even have the same accents pronouncing or mispronouncing words based on your tradition and history. If you truly want to change how you think, immerse yourself in a new environment.
  • Change Your Language – There is a specific language to poverty. “I can’t afford it,” “We don’t have the money for that,” and “That’s for other people, not us” is all about speaking the language of poverty. Instead of saying, “I can’t afford it” try “How can we earn the money for that?” or “How many widgets do I need to sell to buy that?” This way of thinking is a lot more positive.
  • Understand the Power of Habits – Habits require repetition to exist and repetition pays off in almost everything. Keep putting the same amount of money in an investment every week and eventually, you’ll have an investment worth something much more. Keep putting money in the lottery every week and you’ll soon have something less. Use this power by creating good habits in every aspect of your life so you repeat (do more of) what’s good and less of what’s not good.
  • Get Educated – Our educational system is very lacking when it comes to financial education in schools. It’s not just public schools, either. All schools need a lot more personal financial education courses along with small business financial education courses because if more people knew how things worked, maybe more people would want to try to start a business. What’s more, more people would start a business with the right information – giving them more opportunity to be successful.

As you accept that you may have a poverty mindset and all the fears that come with that, you can educate yourself away from that mindset so that you learn to make better decisions both for the short term and for the long term.

But, one of the hallmarks of a poverty mindset is lack of self-reflection and self-growth plans. This is for good reason. Most people who are poor work very long hours and are barely holding their heads above water each day. They have little time to explore the inner workings of the mind. But a few do figure this out and advance. You can, too.


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