I don't know about you, but some days are more challenging than others to maintain a positive mindset. Tuesday was especially difficult as school assignments were not clear and Gov. Pritzker announced his "Restore Illinois" plan. While I continue to believe "plan beats no plan", this plan goes above and beyond the New York and US guidelines by using a 28-day evaluation period instead of 14 days before moving to the next phase. This extended period seems excessive and harmful to workers and businesses, especially those that took out a PPP loan and need to re-hire by 6/30 to have their loans forgiven. 

Consequently, the plan leaves a slim chance of any "summer" activities from happening, with some towns canceling the 4th of July festivities, summer camps, and youth sports. It also brings into question how Illinois schools will re-open in September with "social distancing policies" while teaching hundreds of students.

Fortunately, I recognized this temporary "scarcity" mindset and was able to bring back the "abundance" way of thinking. Later that day, my son and I practiced some baseball, played with our dog, swung on swings, pulled weeds, and talked finance. We talked about an internship someday at Symmetry Wealth, how much I would pay him, how much taxes would cost, the amount he would save (20%), if I would begin charging him rent, and that he can't forget to donate some to charity. I needed to change my mindset to enjoy this time together.

Having an “abundance mindset” is also an important pre-requisite for long-term financial planning. It is difficult to think about possibilities and opportunities if we’re stuck in scarcity mode and overcoming challenges can be nearly impossible. An abundant thinker does not ignore the possible dangers and risks. Rather, they name those factors and think of ways to eliminate or minimize their effects while identifying ways to maximize their strengths.

For example, I recently had some wonderful planning conversations with the following ideas.

• thankful for the possible final opportunity to spend time as a family with a graduating high school senior and college student

• dreaming of living in Colorado for some time before having to settle down as a family

• feeling committed to making this summer special for their kids, no matter what happens

• giving a portion of their business revenue to local organizations

The bottom line is, I understand that this time is difficult, and empathize with each person who might have different feelings and challenges. Having an abundance mindset can help us move forward much better than being stuck in scarcity. 

For reference, The Chopra Center has a great list of benefits and 10 Steps to Develop an Abundance Mindset. 

Benefits Include

Live an unlimited, full, and satisfying life

Exude happiness despite circumstance

Give and receive affections and items of high value with ease

Feel plentiful, creative, and inspired

Take full advantage of and enjoy new opportunities that come your way

Create memorable and meaningful life experiences

Feel secure and confident in your life endeavors and create successful outcomes

10 Steps Include

1. Become Aware of Your Thoughts

2. Practice Gratitude

3. Recognize the Unlimited Possibilities

4. Cultivate and Share Your Passions and Purpose

5. Develop Mastery Experiences

6. Watch What You Say

7. Concentrate on Growth

8. Think Like a Beginner

9. Focus on What Is Going Right Humans

10. Create Abundance Affirmations