As the holidays and new year’s approach, many of us take the time to be grateful for all that is in our lives. But gratitude can also help you in your financial life. Here are 4 ways that gratitude can improve your finances.
1. Gratitude Cultivates Stewardship
By practicing gratitude, we become more appreciative of everything we have. That appreciation cultivates an attitude of stewardship. Becoming better stewards allows us to take better care of our investments so that they grow to their full potential over the years.
2. Gratitude Reduces Consumerism
My old friend Curtis used to say, “If you take care of your things, they’ll take care of you.” As a culture, we have so many possessions that storage businesses are booming these days. We always seem to be on a quest for more stuff.
But what if gratitude can slow the tide of consumerism? Can it be as easy as being fulfilled instead of buying fulfillment? Absolutely. And that’s better for our financial future.
Instead of fast-fashion and planned obsolescence, we can opt for fewer, longer-lasting items when we do need to buy something. Buy it nice or buy it twice, right?
3. Gratitude Gives You Perspective
It’s completely natural to try and keep up with the Joneses. I’m certainly not immune to this. Comparing ourselves to our social reference group is part of being human, however, it takes us away from appreciating how lucky we truly are in absolute terms.
The United States, which comprises around 5% of the world’s population, accounts for far more than its share of per capita income and global wealth. While it’s okay to strive for more and better, having the perspective of our amazing relative affluence can help us navigate our finances in a healthy way.
Having a perspective of gratitude can lead us to save, spend and invest the right amounts that will allow us to both enjoy our lives today and plan for the future.
4. Gratitude Increases Your Life Satisfaction
Practicing gratitude also helps us increase satisfaction with our lives. When we slow down to appreciate our friends and families and our day-to-day experiences, it allows us to stop pursuing “more” for its own sake.
Gratitude and appreciation for your life, just as it is with all its imperfections, allows us to let go of the stress that comes with wanting more, earning more and consuming more.
We All Have So Much To Be Grateful For
If you’re reading this blog post, chances are that you already have much to be grateful for. I know that I certainly do. If you need help with practicing gratitude, I highly recommend reading “The Tools” by Phil Stutz and Barry Michels.
With all the advertising that bombards us on a daily basis, it’s easy to focus on all the things that we don’t have. But by practicing gratitude, we can vastly increase our contentment – and improve our finances in the process.
If you need help with finances (or if you need help getting your finances on track next year), then click here to set up a quick, complimentary introduction call to see if Prana Wealth is a good fit. We do still have the capacity to take on new clients.
As a fee-only financial advisor in Atlanta, we can (and do) work virtually with clients all across the U.S. and we’re here to help you when you’re ready.
Merry Christmas, Happy Hanukkah and Happy Holidays from Prana Wealth.
