Gratitude’s Impact on Your Money Mindset

Liz Whitteberry |

When we hear the term "gratitude," most of us think of living a happier and more fulfilling life. We think of slowing down, being mindful, and cherishing the small moments, like savoring a cup of coffee or reconnecting with an old friend. But how does gratitude shape our perspective on money? Could practicing gratitude be the missing piece for a prosperous retirement?

Let’s explore how embracing gratitude can transform your financial mindset, leading to smarter investment decisions, less stress, and more philanthropy in your golden years.

1. Making Smarter Financial Decisions

Contentment can help reduce the temptation to make impulsive, high-risk investments or unnecessary luxury purchases. Appreciate the wealth and financial security you’ve achieved. It’s a great start towards feeling more satisfaction in life.

2. Reducing Financial Anxiety

When it comes to money we often fixate on the future. What’s our next financial milestone? Are we contributing enough? Are we on track to reach our goals? What happens if something goes wrong? While we’re big proponents of financial planning for the future, it’s also important to stop and smell the roses. Be present and recognize where you’re at. If you’re worried about different financial issues, be sure to consult your financial advisor about putting a plan in place to help alleviate any concerns you may have.

3. Fostering Philanthropy

When you fully appreciate your own abundance, you develop a heightened sense of empathy and responsibility toward those who are less fortunate. This fosters a desire to share resources and contribute to the betterment of society.

 

How to Practice Gratitude

How does one become more grateful? The short answer - it takes practice. Here are just a few of the many ways to incorporate daily gratitude practices into your life.

Gratitude Journaling: Develop a routine of recording your thoughts in a journal. Reflect on the blessings and positive aspects present in your life. Do this daily and watch your mindset shift.

Recall Past Challenges:  Were there times when you were struggling to make ends meet? Reminisce about those difficult periods. By acknowledging the hardships you've faced and recognizing your progress, you’re building a rich foundation for being thankful.

Seek Opportunities to Volunteer: For many, giving back can foster an appreciation for easily overlooked aspects of life. Research also demonstrates that volunteering with the intent of supporting others enhances personal well-being and, consequently, the capacity for gratitude.

Embracing gratitude can initiate a shift in your financial mindset that can lead to a more fulfilling relationship with money. By incorporating daily gratitude practices, you can shift your focus from worrying about the future to cherishing the present, reducing financial anxiety and promoting contentment.

 

Emmons, R. A. (2010, November 17). Ten Ways to Become More Grateful. Greater Good Magazine. Retrieved from https://greatergood.berkeley.edu/article/item/ten_ways_to_become_more_grateful1

Goudreau, J. (2016, July 8). 8 Ways To Have More Gratitude Every Day. Forbes. Retrieved from https://www.forbes.com/sites/womensmedia/2016/07/08/8-ways-to-have-more-gratitude-every-day/?sh=4870d6f31d54

This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Please note, changes in tax law or regulations may occur at any time and could substantially impact your situation. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was created by The Oeschli Institute to provide information on a topic that may be of interest.