“Gratitude is one of the best weapons against greed and fear in investing.” “Greed often comes with a desire for unreasonable control, and is often packaged with worry which can be deleterious for investors’ returns or expectations in any market environment,” Voorman said. Not knowing when to dial back investment risk can subtract from a portfolio, he noted. Greed is the exact opposite of gratitude, according to Corey Voorman of Voorman Investment Counsel in Plymouth, Mich. “I don’t think practicing gratitude will necessarily make you wealthier, but I think it helps you realize when you have ‘enough’ in your life to avoid chasing more and more money that will have little impact on your life,” said Appel, the founder of Kindness Financial Planning in Madison, Wis. Some of financial planner Elliott Appel’s most content clients are also quite grateful, he said. Gratitude can be the safeguard that prevents people from wasting time to seek more, more and even more. Knowing when enough is enoughĪ concept in economics known as diminishing marginal utility essentially says people experience less pleasure or satisfaction from something the more and more they get it. It’s a point people should remember especially if they are planning on Black Friday shopping, Walsh added. If someone starts with gratitude for what they already have, that mindset “can lower impulse-based financial decisions, like expensive impulse purchases, because gratitude can take us out of the immediate moment and help us refocus on long-term, values-based decision making.” “A focus on gratitude for what we have, combined with optimism and positivity about the future, takes us out of a mindset of scarcity and into one of abundance,” said Melissa Walsh of Clarity Financial Design in Winter Park, Fla.
Other studies show mental health can play an important role in shopping habits a household where someone suffers from depression has “ striking differences” in its spending traits, researchers recently said. Scarcity, real or perceived, can lead a person to focus intensely - and anxiously - on the shortcomings, studies show. Is a glass half empty, or half full? The answer may show person’s mental default to scarcity or abundance. Gratitude leading to abundance, not scarcity That’s up slightly from an 8.8% national average one month earlier - and for people on firmer footing, those numbers can serve as another reminder to be thankful.
Last month, 9.4% of people told Census Bureau researchers they sometimes didn’t have enough food. That follows other government data showing the pace of inflation hitting a 31-year high in October.Īnd even as the economy recovers from COVID-19’s shockwaves, numbers indicate many people are still unemployed, struggling and even hungry. Incomes rose 0.5% in October but the cost of goods and services increased 0.6% in the same month, according to Wednesday data from the Commerce Department. People have been buffeted by high inflation that nips and gnaws at their budget. To be sure, many people might find it challenging to feel financially grateful when so many aspects of Americans’ financial lives now feel stretched thin.Ĭonsumer sentiment hit a decade low in November, according a closely-watched gauge on consumer mood released Wednesday. “Gratitude can also help us delay gratification and avoid the impulse for immediate reward in return for more worthwhile rewards later.” “By practicing gratitude, we can overcome the urge to spend on possessions that won’t increase our happiness and focus on areas like spending quality time with family and friends,” said James Vermillion of Vermillion Private Wealth in Lexington, Ky.
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