hen you think about poverty, what comes to mind? Images of unclean homes, no food on the table, and little money to spend, An uneducated person who doesn’t know any better? These are just some common stereotypes of people living in poverty.
But you can still have a poverty mindset and have access to an unlimited amount of opportunities and resources.
In this article, you will learn;
What Does a Poverty Mindset Look Like?
A poverty mindset is a fixed mindset in which individuals believe they are powerless to change their circumstances. It can lead to learned helplessness from growing up in poverty, experiencing trauma, or other factors. To break out of this mindset, it is essential to take time for self-care, including healthy habits and self-love practices, and forgiving oneself for past mistakes. Signs of a poverty mindset include believing that one’s current circumstances are their only option or that one won’t be able to achieve anything better.
A poverty mindset is an attitude and way of thinking that can perpetuate poverty. It is characterized by a focus on what one does not have rather than what one does have, feelings of helplessness and overwhelm, fear of change and the unknown, settling for less, and avoiding risks or trying new things that could improve their financial situation. It can also lead to learned helplessness, where people believe they are powerless to change their circumstances. Poverty mentality can result from growing up in poverty, experiencing trauma, or other factors. Breaking out of a poverty mindset requires self-care, forgiveness, understanding why specific opportunities seem out of reach, and taking steps to change the situation.
Building a Wealth Mindset: The Ultimate Guide
#1 – A Sense of Hopelessness.
A poverty mindset often begins with a sense of hopelessness. If you don’t believe that you can get ahead of your financial situation, you’re going to be unlikely to take steps to improve it.
This hopelessness can lead you to make impulsive decisions or stop you from improving your situation. If you don’t believe you can get out of your financial situation, you’re not going to put in the effort to improve it.
People who feel hopeless about their finances often believe that all options are inadequate. If you feel like your choices are wrong, you’re less likely to take any action. When you have a poverty mindset, you’ll feel more hopeless than someone who feels they can get ahead.
Book author Oscar Bimpong, who wrote the book Mindset Revolution says,
“One of the worst enemies that sets the platform for developing a poverty mindset is your background. Where you come from, the mindset of the people you deal with, what you know, and your experiences can set the tone that can cause you to believe that you are born to be poor. You can only get out of that dungeon of a mindset by revolutionizing the way you think.”
#2 – Constant Scarcity.
A poverty mindset often leads to a feeling of scarcity. If you believe that everything is scarce, no matter how much you have, you’ll be anxious and worried that you’ll run out of it.
Someone with a poverty mindset might feel like they are constantly struggling to make ends meet. They may feel like they can’t make a budget because they’re never sure how much they will make in a given month.
When you constantly worry about running out of money, making long-term plans or being confident in your choices is challenging. Scarcity leads people to make bad decisions because they worry about immediate results, not long-term ones. This can lead you to make choices that keep you in poverty.
#3 – Dwelling on the negative.
People with a poverty mindset also tend to dwell on the negative. They might have difficulty seeing the potential in something or believing it could happen for them.
This can lead them to reject opportunities or think that something is unlikely to happen for them. If you believe that you can’t achieve something, you won’t put in the effort to make it happen. If you think you are incapable of success, you won’t try to achieve it.
If you believe that you can’t make more money, you won’t take steps to do it. When you have a poverty mindset, you’ll notice the things that are negative and ignore the things that could be positive.
#4 – Fear of change and the unknown.
If you have a poverty mindset, you may fear change and the unknown. This can lead you to avoid taking risks and trying new things that could help your financial situation.
If you’re always looking for the easiest path, you’ll never reach the level of success you could achieve. A person with a poverty mindset often fears the unknown and changes. Without taking risks, you’ll never know if you can succeed.
If you are willing to take risks and fail, you’ll have a better chance of succeeding. When you avoid change and the unknown, you limit your options and keep yourself from growing and achieving your goals.
#5 – You see few opportunities for advancement.
Having a poverty mindset means that you see few ways to move up to a better financial situation. When you believe that you won’t be able to get a promotion, earn more money, or receive any benefits, you are less likely to try.
A poverty mindset can cause you to become complacent in your current situation. You may feel like you can’t do anything to change your circumstances, so you might as well not try. This can hold you back from taking advantage of opportunities that could help you get promoted or increase your income.
#6 – You rely on short-term solutions to make ends meet.
If you have a poverty mindset, you may rely on short-term solutions to make ends meet. This might mean borrowing money from family or friends, investing in a high-risk venture, or not paying your bills on time.
Someone with a poverty mindset may be unwilling to make long-term changes to help them achieve financial security. If you don’t believe you can achieve a better financial situation, you will likely use short-term solutions to meet ends.
This can lead to more problems and a worse financial situation than you started with. A poverty mindset can cause you to make impulsive decisions without considering the long-term impacts.
#7 – You feel powerless to change your situation.
Finally, a poverty mindset can make you feel completely powerless to change your financial situation.
This is a dangerous feeling because it can cause you to stop trying altogether. If you believe that nothing you do will help improve your case, you are more likely to give up. A person with a poverty mindset may feel like they can’t make more money, find better employment, or reduce their expenses.
This powerlessness can make it harder to take action and make the necessary changes to escape poverty. If you don’t believe you can make a better financial situation, you are more likely to give up when the going gets tough.
#8 – You believe your circumstances are irreversible.
A poverty mindset can cause you to believe that your financial situation is irreversible. When you think you can’t get a better job or increase your income, you probably won’t try very hard to improve your situation.
This can lead you to give up or put minimal effort into making changes. If you believe your poverty is irreversible, you won’t try to escape it. This can lead you to make poor choices or ignore opportunities that could help you get ahead.
A poverty mindset doesn’t allow you to see your situation as changeable and something you have control over.
#9 – People with a poverty mindset feel they have to settle for less.
When you have a poverty mindset, you have to settle for less. You likely have a lower standard of living, little savings, and are more likely to live paycheck to paycheck.
A poverty mindset can lead you to believe you have to settle for less. You might be willing to pay for a lower-paying job, a smaller apartment, or a less desirable neighborhood. A poverty mindset can lead you to believe you deserve less and can’t go after what you want. A poverty mindset may seem obvious, but it can be more subtle than you think.
If you’re struggling financially and feeling stuck in a rut, ask yourself: are you dwelling on the negative, avoiding change, and constantly worrying about running out of money? Do you feel you can’t make more money or go after opportunities? If so, you may have a poverty mindset holding you back.
How To Break Free of a Poverty Mindset.
When you think about poverty, what comes to mind? Images of unclean homes, no food on the table, and little money to spend. When you think about people in poverty, what comes to mind?
An uneducated person who doesn’t know any better. These are just some common stereotypes of people living in poverty.
But the real deal is that people living in poverty have limited access to economic resources and opportunities; they live with limited financial means and opportunities that most people take for granted. So how do you break free from a poverty mindset? Keep reading to find out more!
1 – Change Your Mindset
To break free from a poverty mindset, you must change your attitude about being poor. Being poor does not mean you don’t have food or a place to live. It simply means you don’t have access to the same opportunities as everyone else.
Poverty is not a character flaw. It’s not something people do to themselves or choose to be a part of. Instead, poverty is an issue of limited access. When people think of poverty, they often think of money, but in many cases, being poor goes beyond just a lack of finances. It refers to a lack of resources in every area of life — including health care, clothing, shelter, education, and more.
2 – Make a Vision Board
Poverty often feels like a dark cloud hanging over you, but you can make it dissipate. Take control of your situation by doing something to change your mindset. Try making a vision board.
A vision board is a collection of pictures and words that represent what you would like your life to look like. Brainstorm what your ideal life looks like. What big-ticket items would you like to see in your life? Write these down on your board to become more aware of what you truly want. Making a vision board is the perfect way to break free from a poverty mindset.
3 – Educate Yourself About Your Options
Once you have a better idea of your ideal life, it’s time to get educated about your options. Poverty is often a vicious cycle you can break free from with the proper knowledge and connections.
One of the best ways to break free from a poverty mindset is to get educated about your options for earning a decent living. What skills do you have that are in demand? What are the best possible ways for you to make a paycheck? There are plenty of ways to earn money, but some will cost you more than others.
4 – Network and Find Mentors
Suppose you have a skill to use to earn money and network with people who do that work. You can also attend networking events to meet potential mentors and connect with people who can help you get a leg up in your career.
Having mentors is an excellent way to break free from a poverty mindset. Mentors can advise you on getting the most out of your skills and how to best move forward in your career. In addition, they can help you see the bigger picture and give you invaluable insight into breaking free from a poverty mindset.
5 – Take Action and Find Out What Works for You
You’re almost there. At this point, it’s time to get started and put your knowledge into action. You can do this by asking for help. Even if you have a good plan for escaping poverty, you might not have all the resources you need to get started.
Reach out to the people in your life who can help you. For example, you may need help finding a job that pays well or getting assistance with childcare. Many resources are available to help people trying to break free from poverty. You have to be willing to ask for help.
Final Thoughts on What Does a Poverty Mindset Look Like?
A poverty mindset can lead to a lot of negative thoughts and feelings. You may feel hopeless, frustrated, and powerless. You may believe that your circumstances are irreversible and that you cannot change your situation.
Although a poverty mindset is common among people who grew up in poverty, it is possible to overcome it and achieve a better, more prosperous life. If you have a poverty mindset, you can start to combat those negative thoughts by setting new goals and planning to achieve them.
You can improve your financial situation and eliminate poverty with the right tools and strategies. Remember that it will take time to break out of a poverty mindset. It’s not something that will happen overnight. It will take perseverance and hard work to improve your finances and life.
Do you want to learn more about “What Does a Poverty Mindset Look Like?” Check out Building a Wealth Mindset: The Ultimate Guide.
James is the editor-in-chief at wealthmindsetschool.com. James is a workaholic and an entrepreneur who has been in the tech industry for over ten years. He has worked with Microsoft, owns multiple websites, and now owns a mattress shop. Furthermore, when he has time left over, he will be in his woodworking shop building furniture as a side hustle. James has a B.S. in Business Management Information Systems and a Master’s in Business Administration from Liberty University. He is currently pursuing a Master’s in Executive Leadership, and once he completes that, he will pursue his Ph.D. in Business Administration – Entrepreneurship. James also seeks investment opportunities, putting his money to work instead of himself. James is an active believer that wealth begins with developing a wealth mindset. He now teaches, instructs, and helps others achieve that goal.