I hope that you had a lovely Thanksgiving. Who can go wrong with a day celebrating gratitude! It’s my favorite holiday.
In my conversations with doctors about their money stories, I observed that doctors who have a gratitude ritual are more likely to enjoy TrueWealth. They have the things that money cannot buy.
I asked other financial advisors in this community and many observed the same thing.
I would like to make a bold statement. I believe that gratitude helps build wealth.
Here’s the story of a doctor in whom gratitude contributed to her ability to build wealth.
Dr. S told me that when she’s stressed she heads to the mall. She calls it retail therapy.
Over the past years her stresses increased. Plus now she shops on her phone instead of going to the mall. This lead to sky-rocketing spending.
Even though she and her physician husband agreed they were working towards early retirement, her spending habits got in the way. It was a constant source of conflict in her marriage.
In an effort to make peace in her home, she agreed to a splurge budget that put a ceiling on her impulsive spending.
The budget worked about as well as diets. It felt like deprivation to her. The scarcity made her want to shop even more, and after a few months her spending actually increased.
As we talked about her spending, she said, “Shopping fills a hole in me. At least for an hour or two.”
I suggested she try an experiment--filling that hole with gratitude instead of shopping. She agreed that the next time she felt the urge to shop, she put down her phone and go shopping in her own closet.
She was horrified to discover that she had never worn many of her purchases. She had no ideas that she had 14 pair of black shoes.
She hired a consultant to edit her closet. She kept the clothes that made her feel great, and gave her other clothes to a charity that helps women who are victims of domestic violence get back on their feet.
It worked! Now when she feels like shopping, she walks into her closet and expresses gratitude for all of her wonderful clothes. Usually that quells her desire to shop.
She say that if she still feels like shopping, she challenges herself to find an outfit that she will give to her favorite charity. She finds that giving to others triggers a better feeling than shopping ever could.
Expressing gratitude for all they she has-- as well as comparing herself favorably to those who have less-- tamed Dr. S's spending. Now she and her husband have more to invest to accelerate wealth-building.
Let’s say thank you all year round. I have a gratitude ritual. Every night before I close my eyes I reflect on three things for which I'm grateful.
In that spirit, thank YOU for being part of this Engaging Doctors community and your commitment to serving doctors. They need you!
Over 60% of physicians experienced at least one symptom of burnout in 2021, and fewer physicians reported being satisfied with their careers compared to before the pandemic, according to a nationwide study published in Mayo Clinic Proceedings.
When physicians build wealth, they buy more choices.
As a financial services professional, you have a chance to help physicians take control of their financial destiny. You can enjoy many rewards when you help doctors make their dreams come true.
I'm here to support you if you do!