A key to financial health and well-being
It's that time of year again, when friends and family get together for food, football and hopefully, a healthy share of thankfulness. Believe it or not, gratitude is one of your most powerful tools for fostering personal health and well-being. It has been shown to lower your blood pressure, it improves the quality of your sleep and reduces symptoms of depression. Unfortunately, gratitude tends to get relegated to major life moments and monumental achievements.
Our daily lives are easily consumed by fixation on our financial goals, investment strategies and market anxieties. If we cultivate gratitude in our financial journey, it can profoundly affect our overall well-being and financial success. Adopting a grateful perspective can be life changing and it's one of the few things completely in your control.
To start cultivating gratitude, take a moment to reflect on your financial journey. Acknowledge and celebrate the progress you've made, whether it's paying off your debt, building an emergency fund, or making strategic investments. We often focus on what's next without appreciating how far we've come. Looking forward keeps us prepared, which is crucial to financial planning, but looking back and celebrating the progress allows us to better appreciate the present.
Establishing an orientation towards gratitude in your daily life also actively creates resilience. Financial markets can be unpredictable, and economic landscapes shift unexpectedly. Instead of succumbing to anxiety based on factors out of your control, consider the stable and secure aspects of your financial life. Expressing gratitude for your financial foundation will provide peace of mind and enable you to make better decisions during turbulent times.
Thankfulness also changes the way we relate to others in our finances. Money can be a source of tension in relationships, but a gratitudecentered approach transforms the way we navigate our financial discussions with our loved ones. It reinforces a sense of teamwork as you collaborate towards a common future, enhancing your financial and relational well-being.
Finally, an underestimated part of financial gratitude is increased generosity. When we express gratitude for our financial abundance, it naturally leads to a spirit of giving. Whether through donating to charity, supporting loved ones or investing in community projects, the act of giving always benefits the giver in a number of ways.
With all this in mind, what are some concrete and practical steps for fostering gratitude?
1. Celebrate your financial victories: Acknowledge your financial achievements on a regular basis, no matter how small. This could include paying off your credit card, reaching your savings goal or sticking to your budget. Every small success that you celebrate brings you closer to contentment in this area of your life.
2. Express gratitude in your relationships: Have open, honest conversations with your loved ones about your financial goals and express gratitude for their support. Doing so creates a positive and supportive financial environment with those you are closest to.
3. Practice intentionality and mindfulness: Incorporate mindfulness into your financial routine. Pause before making financial decisions and consider the positive aspects of your current situation and all the things that you enjoy because of it.
4. Chronicle your gratitude: Take a few minutes each day to write down different aspects of your financial life you're grateful for. This could be successful investments, budgeting milestones, or having a stable job. This also creates future opportunities to reflect on what you have celebrated in the past.
5. Give back: Participate in financial generosity, whether through charitable contributions, supporting local businesses or helping a friend in need. The act of giving fosters gratitude and abundance. One of my favorite methods is to use a donor advised fund to create a simplified version of a private foundation that can be revisited each year. On an annual basis, your family can use charitable giving to donate to institutions or causes that your family values. You can even give each person a charitable budget and allow them to give to something they value individually as well.
Cultivating gratitude in your financial journey is a powerful way to enhance your satisfaction, resilience, and generosity. Take a moment today to reflect on positive aspects of your financial life. Let gratitude be your guiding force during this holiday season.
Zach Harney is a wealth advisor at Monterey Private Wealth, Inc., an independent wealth management firm in Monterey. He welcomes questions you may have concerning investments, taxes, retirement, or estate planning. Send your questions to Zach Harney, 2340 Garden Road Suite 202, Monterey, CA 93940 or email zach@ montereypw.com.