Your mindset determines your future. Your mental attitude and disposition will lead the way to either your success or failure in life.
Growth Mindset vs Fixed Mindset
A growth mindset is an underlying belief that you are in control of your destiny. Thus, the power to change things is in your hands. On the contrary, a fixed mindset just accepts what is given. It focuses on what you do not have.
Remember the story of the tortoise and the hare? The hare was so sure that he would win that he slept during the race. The tortoise on the other hand, believed that if he worked hard, there is a chance that he could win the race. Despite the odds against him, he was not afraid of failure and tried his best to win the race. Do you remember who won in the end? Was it the tortoise or the hare?
The hare and tortoise exemplified the difference between a fixed mindset and a growth mindset respectively. Their mindsets ultimately determine their success and failure.
Carol Dweck, a psychologist and researcher at Stanford University, stated that the two mindsets lead to different behaviour and thus different results. In reacting to setbacks for example, a growth mindset sees failure as a way to improve while a fixed mindset will be discourage and ultimately give up.
For example, as a student if you are not good in Math, a fixed mindset will just accept that Math skills are an inborn talent. It is either you are good at it or you are not. A growth mindset believes that the brain can be developed. Thus, even though you are not a Math person, you will try your best to develop your skills. As a result, persons with a growth mindset are more likely to maximise their potential.
A growth mindset is an integral part of a success of an individual.
Scarcity Mindset vs Abundance Mindset
Stephen Covey, in his best-selling book 7 Habits of Highly Effective People, defined scarcity mindset as a belief that there is simply not enough for everyone. People with scarcity mindset “see life as having only so much, as though there were only one pie out there. And if someone were to get a big piece of the pie, it would mean less for everybody else.”
One indicator that you have a scarcity mindset is if you are sad or jealous if a co-worker gets a pay raise and you did not. It is like a feeling that somebody else got the raise and there is nothing left for you.
If you spend the whole of your pay cheque as soon as you receive it to buy stuffs you don’t even need or to spend it on partying, travelling or any kind of entertainment even though you don’t have enough money is another example of a scarcity mindset. Moreso, if you justify your spending, saying that “if I will not enjoy my life now when I am still young, I will never have a chance later on.” This kind of mindset focuses on short term decisions.
An abundance mindset on the other hand focuses on the long-term. It is a deeper understanding that not having something now does not necessarily mean that you won’t have it in the future. As Steven Covey said, “it is the paradigm that there is plenty out there and enough to spare for everybody. It results in sharing of prestige, of recognition, of profits, of decision making.
With an abundance mindset, instead of spending all your earnings now, you would rather invest first and spend later on.
Poverty Mindset vs Millionaire Mindset
A fixed mindset and scarcity mindset are both indicators of a poverty mindset. In the same way, a person who has a millionaire mindset has a growth and abundance mindset. Your future is dependent on what mindset you have right now.
So, if you want to have a better life, the first step is to change your mindset.
You may want to check the symptoms of a poverty mindset just to verify what kind of mindset do you have.