The term “wealth mindset” has become shorthand for the idea that we should focus on our personal wealth, rather than on the success of our companies.
The idea is to create an environment in which our success is measured by our success, not by the success or failures of others.
And yet, according to research by Harvard Business School professor Stephen M. Fama, it is often the case that we have a wealth mentality.
As an example, if you’re a tech entrepreneur, you may have developed a strong, but narrow vision of the success you hope to achieve.
If you’re not, you have a narrow view of the broader benefits of your work.
But that narrow vision can lead to a sense of hopelessness that can lead people to think they’re on a path to financial ruin.
In fact, if we try to build a wealth culture that encourages the opposite of that, we’re not likely to see significant change in the way we view our lives.
Instead, we might actually end up doing worse.
In a recent paper, M.A. Tsang, Murali K. Karthik, and T.P. Raghavendra of the University of California, San Diego, investigated the impact of a wealth ethos on people’s views on the role of technology in their lives.
Using data from the Stanford Technology Entrepreneurship Study, they found that the more money a person has, the more likely they are to see the world through a narrow lens.
This is particularly true if they have a positive sense of themselves.
When people have a negative sense of their own worth, they are more likely to feel trapped by the narrow view.
If the opposite is true, they will see the possibilities of the wider world.
As Tsang and Karthika wrote, “Our results indicate that the success and wealth mindset fostered by a culture of personal wealth may contribute to a tendency toward a self-focused view of self, leading to self-fulfilling prophecies, and the loss of self-esteem.”
In other words, the wider we view ourselves, the harder it is for us to truly be successful.
They went on to suggest that a wealth perspective can also lead to self reliance, which can be problematic.
People with a narrow worldview may not have the same confidence in their own abilities that people who have a broader view of themselves do.
The result can be a self reliant attitude.
The researchers wrote that a lack of self reliance can make us feel like we’re lacking in resources and ability, leading us to feel like our ability to do the work we’re trying to do is not worth it.
They also wrote that we can develop a “wealth mentality” by focusing on our individual wealth and not the success we can achieve.
But it’s also important to recognize that there are other ways to improve our lives and to build the kind of culture we want.
For example, the authors wrote that the fact that we often find ourselves thinking about money when we’re in a position of power and importance may be a problem for our health and wellbeing.
We also have to acknowledge that we all have our own ideas of what it takes to be successful, and there are ways to make sure we don’t lose sight of the important things we can do.
In addition, if there are negative effects associated with a wealth worldview, they may have other effects on our behavior.
For instance, in a 2015 study published in Psychological Science, psychologist Maryam Farah-Salameh and her colleagues from Harvard University found that individuals who reported being able to focus on their personal wealth and the future of their business were more likely than their peers to have positive thoughts about themselves and to see themselves as “successful.”
That said, it’s important to remember that these findings are correlational.
There is some evidence that having a positive outlook on our own abilities may also lead us to think we’re better off than we really are.
For one thing, a wealth approach may have the effect of discouraging people from considering other options for their own success.
And as the authors write, “Wealth can encourage people to consider alternative strategies for managing their own personal finances.
This may be helpful for people who are experiencing financial difficulties, or for people struggling to find employment.”
One other way to approach wealth is to be honest with ourselves and to let go of our preconceived notions.
When you think about it, the only thing you can control is yourself.
As long as we’re looking for answers and are willing to look into what’s going on around us, we’ll continue to be in the situation where we’re focused on what’s important.