Can gratitude make you rich?
New research suggests being grateful is good for your pocketbook.
This post comes from Krystal Steinmetz at partner site Money Talks News.
Got gratitude? If you answered yes, chances are you also have more money in savings than your impatient counterparts.
That's the finding of a new study by academics from Harvard, Northeastern University and the University of California at Riverside. "Gratitude: A Tool for Reducing Economic Impatience" will be featured in an upcoming issue of Psychological Science.
The basic premise of the study is that impatience has destructive economic implications, while feelings of gratitude can significantly reduce financial impatience.
But what makes one investor patient and another impatient? The old school answer was willpower. But researchers were flummoxed when trying to explain why one investor had it and another didn't. Now, new research from a team of academics … says it has found the key: Gratitude.
The study went a little something like this: Seventy-five individuals were asked to write about a personal experience that generated emotions (happy, neutral and gratitude), then they were asked to make an economic choice. This is what happened, according to CBS:
Participants were then presented with 27 economic choices which boiled down to receiving $11 to $80 immediately, or getting a larger amount at some point in the future. Where the happy and neutral individuals favored getting the payment today, the grateful investors were willing to wait longer to get more.
So next time you are struggling to pass up a good sale at your favorite retailer or chasing last year's hot funds, take a step back and try to think about or meditate about something that makes you feel grateful. It may provide you with the strength you need to quit spending today what you need to save for tomorrow.
"Showing that emotion can foster self-control and discovering a way to reduce impatience with a simple gratitude exercise opens up tremendous possibilities for reducing a wide range of societal ills from impulse buying and insufficient saving to obesity and smoking," says assistant professor Ye Li from the University of California, Riverside School of Business Administration.
What do you think of the gratitude findings?
More on Money Talks News:
People will think this is crazy....but I'm the youngest of three kids, I've always been grateful for whatever was given me and never fought like my older siblings did over everything coming their way. This continued on into adulthood, I delayed gratification and was grateful for the small things in life. I took good care of my tools, home, vehicles, appliances and possessions fixing them and making them last. Anyway, to make a long story short...I can see and feel the article....I am that person....wealthy and focused with direction-patience. My brother and sister didn't fare as well...tip: stay away from convenience stores that sell little jars of mustard, mayo for astronomical prices....they'll conveniently take your money. It’s gratifying to save money and be happy with what you have….not gaining excess to complicate your life. I use my money for security and peace of mind. I use my money to buy time…retire early and do the things I want to do in life.
Republican Paul Ryan's 2015 budget calls for more (Tax cuts for the rich and ultra rich)...
Vote out all republicans in November 2014...
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
ABOUT SMART SPENDING
LATEST BLOG POSTS
Homeowners associations ban them and environmentalists love them. All that aside, though, a clothesline saves you money.
VIDEO ON MSN MONEY
BLOGS WE LIKE
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'