Does a poverty-mentality lead to amassing stuff?

Does a poverty-mentality lead to amassing stuff?

February 10, 2013

Poverty mentality is a mindset that people develop over time based on a strong belief that they will never have enough - things, money, friends, etc. This mindset is driven by fear and can cause poor financial decision-making.

It might lead to amassing things than we can afford, just to show others. 


Why do so many people who win the lottery end up broke or bankrupt a few years later? They have poverty mentality. They did not change their attitude about money. In many cases, they had been poor, they thought they could buy the things the rich have and then be one of them. The rich have a financial plan and it isn't the lottery!

We may be earning lots of money, but without the right attitude and solid knowledge, it will slip through our fingers. 
Reminds me of the coupon queens who buy 100 rolls of toilet paper or bottles of shampoo.

http://www.youtube.com/watch?v=mofL1xgyjPQ

What prevents us from letting things go?

Subconsciously, we believe that somehow our attachment to stuff will meet our needs; however, it is the act of holding on, and the fantasy that accompanies it, that keeps us from moving forward.

I want to
-let go of guilty feelings
    1) because I didn't use the things I bought
    2) because I've had to store the stuff that is now gathering dust
    3) because I am paying for space I don't actually need to store the stuff
-let go of illusions, like the projects that aren't moving or never even got started
-let go before I suffocate.



Buying things comforts and compensates for feelings of inadequacy.


Karen McCall writes in her book, Financial Recovery, “I’ve observed that chronic overspending comes from a deep internal state of longing. The overspender keeps trying to fill an emotional void by buying things.”

Ownership of goods promotes feelings of security. Ergo, increasing a person's sense of security and self-worth should reduce the value they place on possessions. People who feel loved and accepted by others place a lower (monetary) value on their possessions than people who do not.

The motivational speaker Zig Ziglar believed the ones who break out of poverty and really succeed are those who use what they do have, are grateful for what they do have and most of all aren't jealous of what others have. Basically, it's an attitude of self-belief and empowerment rather than one of self-pity and jealousy that is thought to combat the destructive poverty mentality.

But what if you "inherit" and keep things for sentimental reasons?


Of course it is difficult to let go, but there are several things to know about our relationship between memories and possessions:

1. We are not our stuff. We are more than our possessions.
2. Our memories are not under our beds. Memories are within us, not within our things.
3. An item that is sentimental for us can be an item that is useful for someone else.
4. Holding on to stuff weighs on us mentally and emotionally. Letting go is freeing.
5. We can take pictures of items we want to remember.
6. Old photographs can be scanned. In our computer, the pictures never cry out to us to be pasted in the 50th scrapbook. But they can delight us as a screen-saver.

I think the perniciousness of sentimental items—and sentimentality in general—is subtle. If you want to get rid of an item but the only reason you are holding on to it is for sentimental reasons—if it is weighing on you—then perhaps it’s time to get rid of it, perhaps it is time to free yourself of the weight. 

Need for Abundance 
Did you grow up with scarce resources and feel like you never had "enough" (money, clothes, food, attention, or love)? If so, possessing large quantities of stuff now, as an adult, is probably comforting. It gives you a sense of fullness, comfort, and security while the idea of a spare, clutter-free environment makes you feel anxious and empty.

Solution: Instead of fighting your personality and forcing yourself to throw things out— celebrate the abundance by organizing everything you own. Once everything is accessible and orderly, it may be easier for you to see what's truly excess and part with items bit by bit. No matter what, you'll have the chance to enjoy your belongings, instead of feeling lost under them.