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A scarcity mindset is the belief that your resources, opportunities or success are limited. This attitude can lead to fear, tension and anxiety about losing wealth, making the wrong investment or outliving your financial success.

This mindset can quietly undermine your decision-making and diminish quality of life. But with the right financial plan and guidance from an experienced professional, you can shift to an abundance mindset that allows you to enjoy your wealth and pursue financial goals with a sense of security.

It’s not uncommon to feel more anxious as your wealth grows. After all, the stakes feel higher. You may carry fears from early career struggles or past market downturns. Social comparisons and media headlines can also fuel unease, making you question whether you have enough.

Why is a scarcity mindset bad? If left unchecked, this mindset can lead to fear-based decisions, like holding onto too much cash, delaying making gifts to organizations you care about or avoiding risk altogether. Ironically, the fear of losing wealth can stop you from enjoying or growing it. Overcoming the scarcity mindset can lead to more enjoyment of your assets and the ability to make more levelheaded investment decisions.

Having a scarcity mindset can lead you to build overly conservative portfolios that lag behind inflation or cause you to miss out on growth opportunities. While caution has its place, letting your fear take over can result in missed opportunities and hinder progress toward your long-term financial goals.

The psychology behind fear-based decisions is powerful, and the ripple effects can be far-reaching. When you’re stuck in a scarcity loop, you may struggle to spend money on things that bring you joy.

Shifting to an abundance mindset doesn’t mean ignoring risk. It means making decisions from a place of clarity. An abundance mindset allows you to be confident that your financial plan supports your goals and that setbacks, while possible, aren’t the end of the story.

So how do you change a scarcity mindset? This is where a trusted financial advisor can help make all the difference. Advisors can help you recognize your patterns of behavior with money, identify limiting beliefs, understand how past experiences and historical context shape your mindset and create a financial plan grounded in a long-term strategy.

Advisors can help reassure you about markets fluctuations and remind you that even downturns may be part of a longer arc of growth.

A financial advisor can serve as a strategist and sounding board, helping you stay focused on long-term goals, even when anxieties surface. They can help you plan purposefully—rather than reactively—and reinforce an abundance mindset.

Even the most successful investors can develop a scarcity mindset, but you have the power to shift it. With insight, strategy and the support of a seasoned financial advisor, you can reframe anxiety into confidence and clarity.