Do you have enough?

What kind of attitude do you have about money?

• Do you have more than enough?
• Do you wish you had more?
• Or are you like baby bear, and have just the right amount?

Money represents freedom for many people. If they have enough money, they can do whatever they want. They are convinced that more cash will make all their problems vanish.

The good news for anyone who isn’t independently wealthy is that more money is unlikely to make you significantly happier.

Scientists compared the happiness levels of Americans who earned more than $10 million a year with the office staff and blue-collar workers they employed. How they felt about their lives were very similar.

Studies consistently show that once you have enough money to meet your needs, more won’t make you significantly happier.

How do you define “needs?” Many people I talk with believe it takes a lot of cash to meet their basic needs.

They don’t feel they have enough money:

• to invest in personal development
• have a child
• take a calculated risk such as changing jobs, going back to school, or leaving their spouse.

Without the right belief about money, you will never have enough.

There are two types of money mindset, lack/scarcity and abundant.

With a lack or scarcity mindset, you believe money is finite and needs to be held on to. Only a lucky few have lots of money.

If you think that money is scarce, you will never believe you have enough. Even if you deposit a cheque for a $1 million into your account, you will continue to save most of it – just in case.

With an abundant money attitude, you trust and believe that you will always have enough. It requires believing in your own abilities and knowing that you are resilient and able to deal with whatever comes your way.

Rather than being afraid of spending, or not having enough, you think about how your money can serve you and others.

People with an abundant mindset tend to be more generous with their resources. They don’t think about a tip as money they are losing, instead they view it as wealth they are passing on to someone else.

The lack mindset is common in our society, especially for anyone who lived through the depression, or was raised by parents who did.

Were you brought up to eat everything on your plate, regardless of whether you were hungry or not?

Did your family share bath water?

Were you given an allowance and then encouraged to save rather than spend it?

If you believe money is scare, you are giving it far too much power over your life as it is likely to be your number one priority.

Remember, money represents freedom for most people. Keeping all your money for a rainy day, will not make you free.

I’m not suggesting you should be irresponsible with your money. Individuals with an abundant mindset still need to pay their bills, but they don’t live in a place of fear.

If they decide they need more money for a project, they will find a way to get it.

If you want to claim your power back, you need to nurture a mindset of abundance.

Rather than saving your money for a rainy day, give it purpose. Make a plan for it. Save up for your down payment, invest in personal development, or put money away for your child’s university.

The lack mindset doesn’t save because they have a plan. They hold onto money because they are worried they will never have more. They are scared that their rainy day may turn into a monsoon.

A derivative of Parkinson’s Law (work expands to fill up the allotted time) states that “expenditures rise to meet your income.”

In other words, when your income increases, so do your needs and expenses.

I had friends who wanted children, but chose to put it off until they could afford them. They remain childless.

As you earn more money, you find new ways to spend it.

Many people choose to stay in a mediocre or miserable situation, because they don’t believe they can afford to leave.

If you want money to help you be free, you need to change how you view it.

I am not suggesting you should be foolish with your money, but saving it just in case isn’t the right attitude either.

Taking power away from money will transform your life.

Stop telling yourself you will never be able to afford the things you want. Financial abundance isn’t just for a lucky few, because to feel you have enough doesn’t mean you need to be a millionaire.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.