THE BROKEN WALLET

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Earning more money can sometimes improve a person’s quality of life and minimize some of their day to day stress. The more we earn the easier it is to have affordable, suitable housing and reliable transportation. Plus, we’re able to enjoy experiences and better prepare for the unexpected.

Still, it’s been shown over and over again that more money isn’t the solution to true happiness because there are problems that money simply can’t solve.

Even with this knowledge, a lot of people maintain the mindset that having more money and stuff will add substantial value to their life. They get trap in this cycle of thinking that bigger is better and never being satisfied with what they have – even when they’re in a good place.

I’ve spoken a little about contentment in the past and how it’s a key component to being happy and satisfied. Not only satisfaction with regard to our day to day life. But also satisfaction with regard to our relationship with money. 

Overall contentment by extension includes financial contentment, which I believe is one of the most important money principles.

Some people are in “not so good” places financially for reasons that have nothing to do with contentment. On the other hand, many people find themselves in a bad place financially by their own doing. And in these circumstances, a lack of contentment is quite often the common denominator.

They might have been in a stable, good place before (stable meaning that their lifestyle was reasonable to their income and they were able to pay their expenses). But at some point things got off track, and what they had (although suitable) was no longer enough.

They had to have more, and as a result, they made financial choices with costly consequences.

What is contentment, and what does it mean to be “content?”

Contentment is the state of being happy or satisfied with who you are, and “accepting” where you are in the present.

This doesn’t mean you can’t improve or work on yourself as a person, or that you can’t earn more money. There are plenty of healthy goals that involve money such as building a bigger emergency fund, having more disposable cash to enjoy experiences, or buying a house.

These goals often require earning more or making different choices with the money you have. So being content doesn’t mean staying in the same place forever.

To help us understand this concept, I recently read something that perfectly explains what it means to be content…

“Contentment doesn’t mean the absence of desire, but rather gratefulness for what you presently have. And most importantly, what you don’t have isn’t stopping you from being happy.”

That last part is key, and this is where I feel a lot of people get themselves into trouble.

If what you “don’t have” prevents happiness, your mind might automatically associate having this item with happiness. And regardless of “all the good in your life,” you’re unable to see past the one thing that you don’t have.

However, getting that item isn’t the missing piece of the happiness puzzle. Because once you have it, you’ll probably find something else to “not be content about,” so the cycle continues.

What’s the danger of “not being content?”

An inability to be content with your life can lead to major financial problems such as living paycheck to paycheck, despite earning more than enough income to pay your bills.

It’s also a recipe for lifestyle creep. This involves getting nicer homes, nicer cars, or taking more expensive vacations every time your income increases. Or, you might have a lot of material things, but nothing set aside for an emergency or retirement.

And unfortunately, this can lead to more stress because you’re constantly thinking and worrying about what you don’t have.

In all honestly, that’s really no way to live.

Contentment might seem hard or impossible, but it can improve your quality of life – helping you enjoy a much richer life. It promotes peace of mind, it can teach you how to distinguish between needs and wants, and it might even contribute to stronger personal relationships.

So, what can you do to be a more content person…

1. Practice gratitude

When you find yourself thinking about stuff you don’t have, pause and think about what you do have. Write it out, if necessary. Chances are the list of positives in your life will be longer than the list of negatives

You can even keep a gratitude log or journal. At the end of every day write down what you’re grateful for that day – and it’s okay if you repeat yourself. Whenever you feel like you’re missing out or that you’re behind in life, pull out the journal and remind yourself of the good things.

2. Appreciate the small things

Material things will have less importance in your life when you learn how to value the simple things. This might include going on a hike, spending the day at the beach, or bird watching. There’s so much enjoyment in free things.

3. Don’t compare your achievements with others

Comparison is a contentment killer, and I don’t know why we do this to ourselves. So stop worrying about other people – as far as what they’re doing and what they have.

This can be hard. So the next time you start making comparisons, instead of focusing on what they have that you don’t, think about what you have that they don’t. This can put things in perspective.

4. Live in the moment

You can’t change the past or the immediate present. Therefore, you have to accept situations for what they are. The only thing you can do is learn from your mistakes and create a plan to move forward.

Sharing is caring, so what’s your biggest takeaway regarding contentment?