“For as a man thinketh in his heart, so is he….”(Prov. 23:7)

Encarta Dictionaries define MINDSET as a set of beliefs or a way of thinking that determine somebody’s behaviour and outlook.

Suffice to say then that a RICH Mindset refers to a set of beliefs or way of thinking that determine a person’s rich (productive, high worth, fertile and wealthy) outlook on life. POVERTY Mindset, on the other hand, is one that is always thinking about lack, want or insufficiency of not only money, but also time, opportunity, ‘connections’, and resources.

While the former is fueled by wisdom, knowledge and information; the latter strives on ignorance, misinformation and dogma.

A Rich Mindset is partly a product of one’s background, partly a product of Positive Thinking and Self-talk and partly a product of adequate Financial Intelligence Education.

While no individual has the power to change the first, the last two can and should be properly controlled by everyone. You cannot change your background and the ideas you learned from your parents, school, and society but you can decide which of these to keep and which to let go.

A person with a Rich Mindset generates positive vibes that see nothing but possibilities, an abundance of money, connections, books, ideas and all the resources needed for them to succeed. As a result of this, excellent multibillion-dollar Ideas (the real money) are attracted to him and he utilizes these ideas to create (paper) money generating Assets.

On the other hand, there are so many people who have the mindset of Scarcity, instead of abundance; limitations, instead of opportunities. And believe it or not, all they see is scarcity and want. What you think is what you see and what you continually think is what you become. Even

Even they are lucky enough to be employed in a job that pays as much as N350,000 a month (which of course is rare), they’ll still find themselves in lack and want because their minds are wired to think POVERTY. They end up attracting scarcity all around them. Once, they receive their paycheck, all they do is SPEND, SPEND and SPEND impulsively – no budget, no investments. They find it hard to pay themselves first let alone GIVE out to the needy. These are the people that are most likely to hoard money instead of brainstorming innovative ways to put the money to work for them.

In addition, I have observed that people who are quick to conclude from 1 Timothy 6:10 that “Money is Evil” are the ones that are most guilty of the Poor Mindset.

They forget that the LOVE OF MONEY equally entails the “addiction to, greed, covetousness, selfishness and hoarding” of money which is a direct consequence of Scarcity, Insufficiency, and Poor Mindset.


If you want to make any progress in your Finances, the first place to start is with your mind. Mind your thoughts for they become your actions, mind your Mindset for it becomes your reality.

  1. Watch out for my series on “MINDSHIFT – How to change your Mindset in 7 steps”. Meanwhile, don’t hesitate to download your free copy of my PDF report on the 15 Benefits of Financial Intelligence here.

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