Wednesday Mar 06, 2024

E35: Communism vs. Capitalism - It’s Getting Personal!

How do you break free from an ingrained survival mentality of scarcity so you can begin to see prosperity, even in times of want? 

This week, we've got a heavyweight bout you won't want to miss as we enter the arena to go toe-to-toe with an ideological firsthand account of what life is like under dictatorial communism versus that of capitalism. Leading us through the rounds will be none other than our champions Mike and Ligia Deaton. Growing up during a time of communism and authoritarian rule in Romania, Ligia knows its power all too well. But after facing the revolution and immigrating to the US, she's also experienced capitalism's impact. 

Get ready for an epic clash of economic systems as Mike and Ligia share lessons from both sides to help you overcome any mindsets holding you back from financial freedom!

Here are some power takeaways from today’s conversation:


03:21 - Growing up in Romania and what scarcity looked like

13:00 - Mike’s childhood in the U.S.

15:46 - The dangers of private property in communist Romania

20:56 - How their money stories shaped their mindsets

24:33 - Ligia’s transition out of poverty after the revolution

33:53 - How scarcity hinders creativity

38:02 - Breaking free from limiting beliefs

49:08 - Lifestyle differences in Romania vs. the US

54:53 - Exploring business and investment opportunities


Episode Highlights:

[03:23] Growing up in Scarcity
Ligia takes us back to her childhood in communist Romania. She recalls living in a society tainted with  fear and scarcity, with rationed food and utilities. Electricity and water were systematically cut off for undetermined periods. Through it all, her mother's resourcefulness helped the family survive.

[20:56] How Their Money Stories Shaped Their Personality and Mentality 

Although Mike came from a background of entrepreneurship through his father, he was more influenced by his frugal, savings-focused mother in his youth, instilling a security mentality. Whereas Ligia grew up facing constant scarcity in communist Romania that ingrained a deep poverty mindset, believing wealth was unattainable as she focused solely on needs. 

Ligia struggled more with residual scarcity thinking until actively breaking free through entrepreneurship. Their differing backgrounds demonstrated how formative early life can be on our money stories if left unaddressed, and it takes conscious reflection to transform our perspectives.

[33:53]  How Scarcity Inhibits Creativity

Living in constant survival mode profoundly impacted Ligia's creativity and ability to dream. With her focus solely on meeting basic needs from day to day, she did not have the mental space or energy to contemplate bigger goals and ambitions. The survival mentality left her feeling paralyzed and unable to envision a future beyond simply working to sustain herself. 

Scarcity can inhibit human potential by training the mind only on the immediate present rather than possibilities. In Ligia’s case, she had to break free of such a limited survival mindset for her to develop creative capacities and pursue prosperity.

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