Welcome to a new week! In this week’s newsletter, we will be taking stock and deliberately seeing our glass as half full instead of half empty.
This is because in the midst of all of that is going on in the world and in the economy (especially with all the back to school expenses); it is easy to feel as if nothing (much) is working.
Developing an attitude of gratitude helps improve our relationship with money in the long run as it changes our mindset towards spending money and can make us more accountable for the resources we have been blessed with.
So, join me as we count our blessings and not our burdens!
- Take inventory of all you own – wealth advisors typically advise their clients to calculate their net worth on a periodic basis.
However, intentional gratitude helps you take stock and gauge progress made.
It helps you truly appreciate all you have been blessed.
Stock taking may even help you discover previously forgotten assets or investments, and can also uncover areas of improvement.
- Contentment is truly great gain – gratitude also breeds contentment which ensures that you don’t have to spend what you do not have in a bid to keep up appearances.
Learning to be content can also ensure that we curb the need to make impulsive purchases or tie our state of happiness to material things.
It means we do not necessarily need to buy the latest gadgets or fashion or upgrade available.
It may also mean learning to walk away from some investment opportunities in an informed manner.
Contentment is key as it means we can be comfortable with our current positions whilst still aspiring to grow our wealth.
- Helps develop patience: according to a research done as published in Psychological Science, gratitude helps lessen instances of seeking instant gratification.
Patience means we recognise that our aspirations may take time even though we remain grateful for what we currently have.
This in turn gives us better control of our emotions and ensures we make better financial decisions.
- Boosts generosity: giving or helping others financially can help align our priorities (as giving to charity may mean you forgo other wants) and is encouraged by tax advisors globally as it reduces the tax obligations of the benefactors.
Grateful people tend to feel inclined to help others as they recognise and appreciate how much they have been blessed with and try to create opportunities for those not as privileged
A valid example is the pledge made in August 2010 by a group of 62 billionaires led by Warren Buffet to give away half of their respective wealth during their lifetime.
10 years after, 51 of the members have however found out that the growth in their net worth has exceeded the amounts either pledged or given to charity. Truly, givers never lack!
Unlike many things, being grateful is cheap and does not cost us anything.
So today, I encourage us all to take stock and count our blessings (not the losses in stock value or decreased real rate of returns on our respective portfolio).
Remember, wealth creation is a marathon and not a sprint event.
Till next week, here’s wishing you all a lovely week.
Kindly remember that there is still no cure for the corona virus and that prevention is always the better option.
Please stay safe and continue to take personal responsibility for preventing the spread of the disease in Nigeria.
Keep washing your hands, maintaining social distancing and wearing your face masks in public.