📝Budget
Abundance Mindset vs Scarcity Mindset
the belief that there is plenty for everyone including yourself.
the belief that there is limited resources for everyone
You appreciate what you have
You become fixated on what you lack
You focus on growing yourself
You also struggle to focus on other stuff
How to change from scaricity to abundance
Take inventory of what you already have
Stop comparing yourself to others (Comparing will make you unhappy)
Focus on growing and being your best self/your best version
Use affirmations ("I am capable")
Surround yourself around supportive people/mentors
One way to distribute your money
Have an emergency fund (Priority before savings) (Minimum: $1000, or 3-6 Months of Expenses covered)
Rent, Food (50% of your total budget) (Sometimes renting is cheaper than owning a home)
Investing (20-35%)
Savings (5-10%) (401k, Roth IRA, HSA health account)
Down payment for a house (5-10%)
Guilt free spending (Leftover) (Travel, Restaurants, Entertainment, etc.)
More Tips
Wait 48 hrs before a big purchase to see if you really want it (This helps to avoid impulsive buys)
Consult a financial advisor for investments and free up your time
Sources:
2023 ColorStack Summit Presenter
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