I don’t know how many times I have been on calls with potential clients who tell me they’re not ready to actually take action on whatever it is they want to do, whether it’s starting a business, taking the next step with scalability, or getting clients. They say they're not ready because they need to take care of their mindset first. We tend to believe that once we take care of our mindset, things are going to start jiving. Things will start working. We’ll feel more motivated and inspired to take action.

Now, I’ll be the first to say that mindset is 80% of the work. That’s true. But it’s also true that taking action helps you get your mindset straight. If you’ve been waiting to feel more confident before actually taking action, I’m here to tell you that’s not how it works. That’s like putting the cart before the horse. What I want to talk about today is how that thinking – thinking that you need to be more confident before doing X, Y, or Z – is actually affecting your financial success. Today, we’re talking about financial abundance and mindset.

Hi, my name is Ina Coveney. I’m a marketing strategist and business coach, and this is the Superhumans podcast, where I interview top success stories to humanize their success and deconstruct what makes these people “superhuman.” And can you do the same? The answer is always yes, and we figure it out right here together. You’re listening to one of my lesson episodes, which I release on Thursdays. You can check out all the interviews on Tuesdays. These solo episodes come out on Thursdays to give you the real deal on what it’s like to start your business, be on your own, and make more money. We talk about what it takes to get farther in life. So go and subscribe, follow, and make sure you don’t miss one of these, because this is where we get real.

Today, I’m hoping to rewire your mind for an abundance mindset. How do you know you need this? How do you know this is something for you? Here’s a big sign: if you find yourself not buying something that would really make you happy because you feel like you don’t have enough money for it, that’s usually a clear sign of scarcity mindset. Now, I’m a very frugal person. I don’t buy everything I want whenever I want it. I used to be that way, and it got me into financial trouble. So, I’m not here to tell you to go buy whatever you want. Not so fast.

It’s true that having a “close wallet” and not wanting to buy anything can be a sign of scarcity. But it’s not necessarily wrong. We’re just trying to figure out why you feel that way and whether you’re actually taking action.

So how do you know if you need an abundance mindset? How do you know if scarcity is present in your mind? How do you know if you’re missing that “chip”? There are a few telltale signs that, by themselves, aren’t enough to diagnose this. They could just be perfectly good habits you’ve acquired over time. The only person who can tell if these are signs of scarcity is you.

Let me give you a clear example of scarcity. Imagine you’re with a friend at a store, and they see something that reminds them of a special moment from their childhood, maybe a hair clip that looks like one their mom gave them. You say, “Why don’t you buy it? It’s such a beautiful memory!” But your friend goes, “No, no, no. I can’t. I don’t have the money for this,” and puts it back. By itself, that’s not necessarily a sign of scarcity.

I’ll tell you when it is and when it isn’t. It’s not a sign of scarcity when you’re fully aware of your financial situation – you know how much is coming in, how much is going out, and you’ve allocated resources in a positive way to plan for the future. If your friend has that plan, knows their priorities, and says, “I’ll come back and buy this one day, but I have other goals with my money right now,” that’s actually a healthy approach.

Now, let’s look at the other scenario: your friend isn’t aware of their financial situation. Money is constantly leaving their account, and they’re always struggling to hold onto it. They buy things they don’t really need and feel triggered by the thought of spending. When they see the hair clip, they wish they could buy it but know they shouldn’t. It’s like trying to lose weight on an extreme diet – it’s not sustainable and feeds the idea that they don’t have money for anything. That’s scarcity popping up.

So, how do you know if you have a scarcity mindset? It manifests as fear of spending, overthinking every expense, buying things and then feeling guilty about it. It’s when you attach fear to your money, whether it’s the money coming in or the money going out. If you’re afraid to even open your bank account because you don’t want to see the balance, that’s scarcity at play.

How do we create an abundance mindset when resources are limited? Your financial situation is what it is. Here are four key areas to help you figure this out.

First, we’ve already covered the first one: identifying if you have a scarcity mindset. It’s not just about how you’re spending or saving; it’s about whether there’s fear around money. If there is, then you need this. You need to work on the next four areas.

Number two is about your own habits. Do you check your bank account regularly? Do you make plans for the money coming in? Do you feel grateful for the money you have, or do you always think it’s not enough? I’ll tell you right now, the amount isn’t what dictates your scarcity mindset; it’s the fear around it.

Next time you check your account, I want you to feel grateful for what’s there. This isn’t a one-time thing; you have to train yourself to do it daily. Being grateful for what you have tackles those fears. Joy trumps fear, so make gratitude a habit.

The third area is breaking generational messages passed down from your parents or grandparents. For instance, when I decided to charge $5,000 for coaching, my mom’s response was, “Who would pay for that?” I had to ask her to stop questioning my decisions, even though she didn’t fully understand them. I’m fortunate to have a relationship with my mom where I can say, “Please don’t react this way,” and she respects that. But if your parents don’t understand your journey or your prices, it’s okay to protect your own mind by limiting what you share with them.

We need to break free from outdated mindsets. It’s 2024, almost 2025, not 1970. Sometimes that means not talking about money with certain people.

Number four is about enjoying life while planning for the future. I’m not saying buy everything you want whenever you want. Instead, I want you to think about small purchases that could make a big difference in your life. These are often things we ignore. For example, get yourself a new pack of underwear or socks. They’re inexpensive but can improve your daily life. Rather than splurging on something big, upgrade the little things that make a difference.

Finally, number five is about getting on the same page financially with your loved ones. If you have a spouse who isn’t on board with your financial goals, it’s time to talk about it. Communication is key to moving forward together. This could also mean asking to learn more about finances if your spouse handles most of it. I took a workshop that taught me how to get a high-yield savings account, which has made a real difference in my finances. If it weren’t for that, I wouldn’t have taken that step.

I also did my homework, and if you want a high-yield savings account for business, I recommend Betterment. You can sign up at realsuperhumans.com/betterment. This link gives you an extra 0.5% APY. If you use that link, we both benefit.

Those are my five tips to feel more financially abundant:

Identify what’s making you feel not abundant, usually related to fear.

Start practicing gratitude for the money that comes in.

Break generational money cycles.

Balance enjoying life with planning for the future.

Have honest financial conversations with the important people in your life.

These conversations can be hard, but they usually go better than expected. If you have any questions, feel free to DM me. Thank you so much for being here. If you enjoyed this, make sure to follow and subscribe so you don’t miss another superhuman episode.

I’ll see you in the next one.