How Being Grateful Can Help Make You Richer

November 23, 2016

It’s easy to practice gratitude during the month of November when much of the month’s activities center around an actual day of giving thanks, but carrying that feeling with you year-round can be more of a challenge. However, scientific evidence is mounting that the simple practice of giving thanks can have myriad positive benefits in life. In fact, a regular practice of gratefulness can actually help with your finances.

What is Gratitude?

First, it’s important to understand that gratitude is actually made up of two parts, according to Robert Emmons, Ph.D, who is considered to be the leading scientific expert on gratitude. The first is what most of us already know: it’s an affirmation of goodness in our lives, even when there are things going wrong. An example is giving thanks for access to clean water and abundant food, even if you’re struggling with a health issue.

But the second part is where it can really manifest in more of what you really want. It’s recognizing that the sources of that goodness come from outside ourselves. It means we realize that the gifts for which we are giving thanks came from other people or in some cases, a higher power, should you believe in one. We can certainly appreciate the traits we have that help us in life, but real gratitude is the humble acknowledgment that much of what we have is due to the generosity and goodness of others.

How Does It Work?

Dr. Emmons has found that gratitude brings several benefits: increased happiness, stronger relationships, less anxiety, longer sleep, and better overall health and resiliency. It’s that final piece, resiliency, that can really help you find more financial success when you’re able to quickly bounce back from setbacks such as earning too little, spending too much or finding yourself overwhelmed with debt. Gratitude also helps block negative emotions and helps you to quickly find solutions and get working on them. With that in mind, here are three ways to add more gratitude to your daily life, all year long.

1. Keep a daily gratitude journal. My friend Ellen Rogin observes in her book Picture Your Prosperity that people who were overspenders in her practice talked a lot about what they didn’t have in their lives, while good savers talked about what they were thankful for. In one study, people who kept a gratitude journal reported increased well-being, better health, more exercise, and increased optimism.

When we acknowledge and give thanks for what we do have, instead of lamenting what we don’t, we open ourselves up to receiving more of what we want. As you’re keeping your journal, think of the positive aspects of your finances. Perhaps you are working to pay down debt, but you can still give thanks for the ability to make your payments on time each month.

2. Foster an attitude of abundance. Don’t just write about what you’re grateful for. Expect more of what’s good and it will appear. The Law of Attraction says that what we focus our attention and energy on will manifest itself in our lives.

I experienced this myself. When I was first working to dig myself out of credit card debt, all I could see was how long it was going to take me to pay it off and I was preoccupied with what else I could be doing with that money. I was on the financial struggle bus. But when I shifted my mindset to placing my debt payments in the category of “just another bill,” and trusted the plan I had put together, I was better able to enjoy the money I wasn’t spending on debt and actually found myself able to pay off the debt sooner than I’d planned.

3. Give some away. Hopefully you already know how great it feels to give to others, but research by Arthur Brooks, Ph.D., finds that as people give more, their incomes actually increase. Of course, people who make more give more, but Dr. Brooks found that as people’s charitable contributions increased, so did their income. A study comparing two similar families where one family simply donated $100 more than the other, found that the higher-giving family will earn an average of $375 more income that year than the other one!

It sounds a little crazy, but consider this: giving money away or spending it on others has a tendency to make you feel more wealthy. This causes you to feel happier, and greater happiness tends to lead to greater career success, so there you have it. Consider building some charitable giving into your budget.

What methods do you use to practice gratitude year round? I’d love to know so that I can practice them myself! Please send me an email or let me know on Twitter.

 

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