If you’re in Money Scarcity, it’s a huge problem. It will shape your future with money in a very negative way. Instead of creating more wealth, you’ll create more lack. 

What most people don’t understand is that Money Scarcity is a thought pattern. It’s not based on how much (or how little) is in your bank account. 

Over the last 10 years of studying money, becoming a money expert, paying off $206k in student loan debt, and building an online business, I finally figured out the truth about money. 

In this episode, I share the secrets to getting out of your own way with Money Scarcity, so you can create the results you want so badly with money. 

Here are more of my favorite resources for this episode:

Full Episode Transcript

Welcome to the Design Your Dream Life podcast where it’s all about designing your life on your terms and now your host, Natalie Bacon.

Welcome to the podcast. If you are new here, you just found your new life coaching home, stick around, subscribe and for those of you who have been here a while, I would love it if you shared my podcast with one of your friends. I think that these last few episodes are really, really helpful for everything that we’ve been going through in the spring of 2020 heading into the summer just with stay in shelter and Covid 19 it’s something that we’ve never gone through before.

I think and I’ve been saying that there’s no better time to be managing your mind and that is what life coaching this podcast Grow You is all about. So I’m very, very proud of this work. I take it seriously and I just want to help you and as many people, particularly women as possible, I have been doing well. I recently cut my hair. If you didn’t see it on Instagram, I chopped it above the shoulders.

And that was actually really fun for me. I really enjoy, you know, being creative and I watched YouTube videos and I just like taking care of myself and my body and I take care of my skin and my hair. And I use makeup and I want to mention it here because I think people can think of it negatively, right? Like being high maintenance is a problem or it’s bad or it means you’re not confident.

And it’s the opposite for me. And if you do it from a place of abundance, so what I mean by that is do you love yourself and your body and your hair and your face and just want to take care of it because you enjoy hair and you enjoy makeup and you enjoy clothes. That right is an example of doing it from liking and loving and appreciating it’s from abundance.

Now the opposite would be, I hate my face. I hate my hair, I hate my body, I hate the way I look. I’m very insecure so I have to put on all these things to cover up. I’m going to be doing some episodes on this later on, but I just wanted to mention it here since sometimes I post on Instagram and share that stuff. I think it’s just really important that if you like those things that you feel empowered to do them and keep doing them from a place of confidence. Right?

Remember self confidence is your opinion about yourself, so that’s just what’s on my mind this morning. That is not what we’re going to talk about today. I am so excited to talk with you today about money scarcity. It’s been a while since I’ve done a money episode and money is my jam.

I have been studying money for about 10 years. If you don’t know if you’re a newer follower. I graduated law school with $206,000 of student loan debt. I had gone to a private undergrad university and then to law school, so I really had a lot of student loan debt a lot in my opinion. I started this money journey and eventually quit practicing law and became a certified financial planner.

I worked at a registered investment advisory firm that managed over a billion dollars in assets, meaning it was a really reputable firm and they were fee only, which is a whole different topic, but basically a very, very good firm the only type of wealth management firm I would hire for my own type of money management because there’s no commissions associated with the investments. Now I have paid off my debt and my business makes over $40,000 a month.

Right? That’s a new number for me. Super fun and I’m going for seven figures, which the magic monthly number is $83,000 a month. Now money is one of the topics that I teach on and one of the core values in Grow You. We do health, which includes mental, physical, and emotional health. We do relationships, your marriage, your kids, your coworkers, your acquaintances, your friends. We do wealth, which would be the money part and we do contribution, so that’s purpose, fulfillment, career, all of the things.

And I think that sometimes money seems like it’s its own thing, but I want to offer it to you that it’s, it’s a life coaching topic, right? So it is something that is always going to be a part of your life. As long as you are a human on this planet, we’ve decided that money is very important and useful and it’s pretty much required for you to live.

How you think and feel about money will determine your relationship with money. Now I love money. I get giddy when I think about my money, but it’s not from a place of greed. So I’m very detached from my money. And this is key because people think that if you love money, you love it more than other things. Like you love it more than your spouse or you know you’re greedy. And that’s not true. True love, right? Is the feeling. It’s the appreciation that you feel when you think about something.

So I don’t want to lose my money, right? But I believe that if I lost my money I could create it again. I appreciate the money I have. I take care of it. And I know that the abundance is in me. It’s not in the money. I remember when I first started studying money and I heard a Grant Cardone, he’s a sales entrepreneur, a real estate guru, and I heard him talking about money on a podcast.


I remember him saying, you don’t have enough money when you think you don’t have enough money. And he talked a lot about different money concepts. And I remember at that time I was in such money scarcity. I felt like my debt was weighing me down. I was very concerned about my future and I really felt terrible when it came to money. And I remember hearing him and knowing that he was right, but I didn’t know how to get there.

And so I kept studying money, I kept learning about money, I became a money expert and now I’ve really transformed how I think and feel about money. So I tell you that because if you are feeling bad about money, if you feel stuck and like you don’t have enough money or like it’s not in the budget or like you’re way down by your student loans or whatever it is, I want you to know that I get it and there is another way, right?

I know that money is real and that your debt is real, but money transformation starts in your mind. And if you don’t understand this, you’re always going to be chasing money outside of you. So with this episode, I’m hoping that you can see how that you’re thinking about money is what’s causing you to feel a certain way about money and to take actions and to have a certain result with money. I want to start with something very basic.

And that is that the money that you have, the money that you make, the money that you spend is neutral. Meaning money does not have meaning. Money does not create a feeling in your body at all. So if you have $1,000 $10,000 a hundred thousand dollars a million dollars in your bank account, it’s not going to create a feeling. You could be in $10,000 of debt and have a negative bank account and feel secure and think, I know more money is coming.

I know I’m creating it. Right? You could have a hundred thousand dollars in your account and feel very worried about money. I know this because I managed a lot of clients’ money and it was so interesting to see so many multimillionaires have different thoughts and feelings about money. Some clients were very, very worried about their money all of the time. Other clients were much more at peace and had positive emotions with respect to their money. Right?

And the numbers were the same. So the difference is how they were thinking about it. Something I talked about in The Debt Mindset episode, which by the way, if you have debt, you have to go listen to that episode right after this. Your debt is neutral. Your debt means nothing about you at all. This is something that I find a lot of the women I’ve coached about student loan debt, I mean, they’ve just been in tears over thinking that their debt means something about them.

It means nothing about you at all. I just really want you to know that. And that’s true about how much money you make as well. You’re not better than humans aren’t better than each other. We are all 100% worthy. Now what I notice a lot with people who are really in money scarcity is that there are two extremes. There’s overspending and under spending, and it’s from a similar mindset. So when you are in scarcity with money, you might keep all your money, hoard all your money, and be really hesitant to ever spend your money.

And this comes from thinking that you don’t have enough, right? So you need to hoard it. The opposite end is spending too much money, right? So you’re never keeping your money. You’re always spending it. And this comes from thinking that more money isn’t coming in. So if more money’s not coming in, you need to get what you need with the money that you have.

When you are in scarcity with money, you will feel bad. You’re thinking that there’s not enough for you and it’s a mentality in your brain. It’s not based on anything circumstantial. If you haven’t listened to the Scarcity Versus Abundance episode, listen to that as well. I go deeper into the difference between scarcity and abundance. When you’re in abundance with money, you like to have your money, but you also like to spend it.

So there’s flow. Something that I talked about early on in the, the free Instagram coaching that I was doing when stay in shelter first started was talking about how we actually needed to spend money, right? So this advice is contrary to a lot of other experts advice. But what I want you to see is that this is what is true, is that you can be really smart with your money and intentional with your spending, but continue to spend from a place of abundance.

So if you believe that there’s more money coming and that you’ve created more money, you will feel freely about spending. You know that the abundance is in you, not the money. So you’re the creator of the money. So I have been spending my money very wisely, right? I love to have money, but I also haven’t been worried about not having enough. So buying local shopping online, whatever I can.

Because if you take a really broad view and you see that the economy relies on consumerism, right? So the more that people believe there’s enough money and enough job opportunity, the more freely they’ll spend. Which means the more companies need employees, which means you know, the more businesses it’s like supply and demand. Our economy will go up and right now it’s looking like it’s going down because the opposite beliefs are what most people are thinking.

And notice that this all starts with everyone’s thinking. So if you can just think about what your thinking about money, you can change your relationship with money and your results with money. Notice how you talk about money. I love to think of the example of you talking about someone else who has money. Are you having a, Oh, it must be nice for them attitude, right? A lot of times I’ll hear someone say, Oh well that must be nice.

Their parents are rich or Oh that must be nice. They got a connection and got that promotion so they have a job or you know, it must be nice that they didn’t have any student loan debt, right? Whatever the case may be. Even if they don’t say it must be nice. That’s the attitude. If you do this, you’re creating separation from the very thing that you want and that’s scarcity.

So think about this. When someone else has a lot of money or has something that you actually want, are you excited for them? Are you, you know, trying to learn more about how they did that or how you can do that. So when I hear someone makes a lot of money or as a multimillionaire, I am so excited for them. I want to know everything. I want to, you know, talk with them and learn from them and just watch them. I am genuinely so happy for them. Right?

And what you have to remember is that like attracts like what you focus on expands. So if you create separation and you think, Oh well they have that, I don’t, what you are reinforcing is the belief that you will never have that. Instead try to notice your brain thinking those thoughts and decide on purpose what you want to think instead.

So it might be they created money and I can too, even if it’s in a different way. A lot of times I think especially right now with the economy, so quickly changing, people think that this work doesn’t apply. They’re like, yeah, yeah, yeah. Your thoughts create your results, your beliefs create your results. But not right now, right? Not right now. I was let go of my job. I’ve coached so many women on this in Grow You and it’s not just job loss, right?

It’s I got an opportunity for another job and I feel guilty because I know people who’ve lost their jobs. So, so many of my clients are suffering right now because of their thoughts. What I want you to see is that if you can think, Oh, I’m an example right now of how there are jobs out there and I want the people who are in my life to see that, that they can do it too, right?

Just that shift in perspective will create a totally different outcome for you. Or if you’ve lost your job, what I like to say, even instead of lost the job or lost the money, it’s like, Oh, that job or that income source is now complete. I didn’t expect it to complete. I didn’t choose it to complete, but it is complete. Now what? Who do I want to be? How do I want to show up? What opportunity is this giving me? Right?

Look for the opportunity. Because a lot of times we think that our thoughts, are not optional. So if you say, I don’t have enough money to pay rent, that is a thought. We don’t have enough money to send the kids to private school. That is a thought.

My husband makes all the money. So I don’t feel like it’s mine. That is a thought. I can’t afford that. That’s a thought. Meaning your thoughts are 100% optional all of the time. Instead of saying or thinking, I can’t afford that. You could think, how can I afford that? Is it possible? Right. I love the example of college because we have normalized taking out loans in our society in a way that we would never say, I can’t afford that.

Oh I just can’t afford to go to school. No. We’re like, Oh we take out a ton of loans instead. So what is it that you’re saying that you’re, you can’t afford, that you want to be able to afford, even if you just added yet on the end, it would serve you so much better. I can’t afford that yet, but I’m working on it. Cause sometimes if you try to change your thoughts to from, I can’t afford that to, I can’t afford that.

It’s too big of a jump. So you can just add a qualifier on the end. So instead of we don’t have enough money to send the kids to private schools, it’s, I’m going to look for ways to create more money because I want to send the kids to private schools, right? Or I always find a way to pay rent. I don’t know how, but I always find a way. Changing your thinking is what’s going to change your results. Always.

When you say that’s not in the budget, that is going to create a completely different result, then I always find a way to get what I want in the budget. I would love for you to write down all of your thoughts about money and look at them. Bring awareness to them without beating yourself up. Right. One of the things that I coach on a lot is taking responsibility for creating and having money.

So I coach a lot of women and what I find just from how we’ve been raised in society traditionally as women, is that you know, stereotypically the man creates the money. So it might show up very subtly like you making jokes about how your husband needs to sell more, do more, make more money, right? And what this is actually doing and what you’re actually thinking is a thought that someone else is responsible for your money.

Now it’s one thing if you are married, and I like to think of, you know, one spouse making the money and one spouse staying home and handling the family stuff. And that’s not always the case, right? Lots of spouses do dual income. But I coach a lot where one spouse is making the money and the other isn’t. And the one who’s not making the money thinks that the spouse who makes the money, right is the one who has the money.

And what I say is, Oh no, that’s not true at all, right? You have a business, a family business, and you have a partnership, a husband and wife and as husband and wife, you have delegated responsibilities. So the person who stays home takes care of the kids, does the stuff at home, has 50% of the other spouse’s money. It’s just the spouse who goes out and creates the money.

That’s their, that’s their role in the family business is going and creating the money. What I see as a big subtle money scarcity problem that’s sort of lethal and toxic in a way that people don’t realize and I really want you to be onto yourself about is if you want to make more money, it’s your responsibility to create it, not your husband’s. So when you joke about him needing to make more money or not making enough money, it’s not a joke.

It’s basically you abdicating responsibility for creating money onto him. I see you. I hear you. I don’t want you to interpret this as something negative. I want you to just increase your awareness around that thought pattern. It has nothing to do with him, right? When I coached the women and Grow You, I say he’s fine making the amount of money that he makes. If you want more money, you’re the one, even if you’re the one who’s traditionally the one at home, right?

Start a business, start an online business. Work as a freelance writer. I have two contracted employees right now who are stay at home moms. It’s the best job ever for them because they can do mom life and they can create money. That’s just an example and what I really want to point out here is that I think it’s, it’s not something that we are taught, right?

It’s not something that you were expected to know before this podcast, but it is something that I want you to take responsibility for. If you want to create more money, you’re the one and that is the best news ever. Did you know that you can just think I have enough money and I’m creating more money and I know my money is coming. I know money is coming. I can create as much money as I want.

Even if you don’t have evidence for this in your circumstances yet, that is the most powerful time to do it is to think these thoughts because that’s what you’ll create more of. So I want to kind of wrap up with reminding you that your thoughts are 100% optional and that every thought you choose to think creates a feeling. And that how you feel about money is not based on how much money you have, right?

I like to think of putting the same amount of money in your bank account and showing it to a hundred different people and a hundred different people would have a hundred different feelings based on their thinking. So the money isn’t causing you to feel anything, right? You’re stressed about your money because you’re thinking the thought, I don’t have enough money.

And until you notice that, until you have awareness that you’re the one creating the stress, you will be constantly seeking to change your circumstances and you will create more stress because the path of least resistance is the path you’re already on. So if you are on the path of worry and overwhelm, that’s what you’re going to create more of. If you’re on the path of wanting from lack, that’s what you are going to create more of. Instead, I’d love for you to look at your thoughts and think about money on purpose.

I have enough money for today. I always find a way to pay for my mortgage. I always find a way to create a job. I always find a way to fill in the blank. When you switch your focus from lack to abundance and appreciation, you will create more of that. So instead of, I don’t make a lot of money and I want to make more, it’s I like the money that I have. I’m grateful for the money I have and I’m excited to create more. I know that I’m capable of creating more.

If you want from lack, you will never have enough. Right. And you kind of know this. If you think about phases in your life where you thought if you just had X amount of money or made X amount of money, everything would be fine and better and you’d feel better. And then you made that amount of money and then you thought, okay, well actually the number is different, right?

It’s like when you’re in college and you’re thinking, Oh, if I just made $50 grand or a hundred grand, right? And then you make that and you’re like, well actually the number is 500 if I made $500,000 then I would feel better then everything would be fine and that number keeps going up. So what I want to offer to you is that you can feel secure now. You can like and appreciate your money now and create more even right now.

I got an email the other day from someone in Grow, You and she said that she was really skeptical when she first started listening to my podcast and then quickly started to get results and she just had her highest income month during Covid 19 and I was so proud of her because here’s the thing, right? We can’t change the circumstances of the world.

Covid 19 stay in shelter, whatever else happened is happening. But you can decide, okay, given these circumstances, who do I want to be? What now? How can I pivot? You know, the game has changed, the rules have changed. How can I change and adapt? How can I create more money right now? Right? So think about this.

Another example that I really want to share with you is I just paid off my debt, all of it a couple months ago, and someone had messaged me and said, that must feel like freedom. I can’t wait for that. And I replied and I said, there’s freedom right now on the journey. And truly I felt no different when I paid off my debt. I have loved my debt since I really mastered money several years ago. I loved it because I decided to have my own back with the decision to get into debt, and I decided to get out of debt from a place of appreciating it.

It is so much better this way to feel good in the pursuit of a goal. I talk about this in the Goal Fuel episode as well. So for you, when you think about your money right now, I want you to decide on purpose what some abundant money thoughts are that you can actually believe. I really think it’s a good idea to start with. I have enough right now. I have enough for today.

Another one is I always find a way to whatever, meet my family’s needs. I know I can create more money. You know, you can just think that I’ve created the money already and it’s coming to me. You can think anything about money and no one can take that away from you. And what you decide to think is going to be how you feel because your thoughts create your feelings.

So if you want to feel security, if you want to feel peace, if you want to feel freedom, if you want to feel love and appreciation, then you have to think thoughts that create those feelings for you. So I like to teach a rampage of appreciation. Do that for your money. Get out a pen and paper. 

Write down all of the things that you appreciate about your money, right? And start to treat your money with care and respect and think about having money and liking having it right and create more and have more from that place instead of from lack. All right? That’s what I have for you today. I will see you next week.

Hey, if you liked this podcast you really should check out, Grow You, my life coaching program. I coach you on everything I teach on the podcast so that you can uplevel your life. We 10x it so you get the results you want most. Just like a monthly gym membership to get your body in shape, this is a monthly personal development membership to get your mind in shape. It is an investment your future self will thank you for. Check it out at Nataliebacon.com/coaching. That’s Nataliebacon.com/coaching. I will see you there.