People tend to either have a scarcity mindset or an abundance mindset with regards to money.
Scarcity: We all know someone with a scarcity mindset – they get good grades in high school, attend a decent college, and pursue a good job. However, they tend to set self-imposed limits on their income, find money-making confusing, chaotic, or impossible from some situation, and ultimately fear losing money so never take risks.
Abundance: People with an abundance mindset – the mindset successful entrepreneurs sport – believe the amount of money they can generate is limitless. They extract lessons from failures and thus welcome any “missteps”. They understand what mindsets and traits wealthy people have (e.g. perseverance, curiosity, and ambition). Most importantly, they know that if you play the game enough times, you’ll develop an intuition for the “right” choices.
Mentally write yourself a $1 million check. Any time you must decide between investing in your business or saving, remind yourself that there is $1 million coming your way. Switch from “How can I save more?” (scarcity) to “How can I make more?” (abundance).