IN a world that often seems driven by financial success and personal gain, the idea that generosity can help us grow our own wealth might sound a little strange.
However, science and real-life experiences demonstrate a strong connection between generosity and financial wellbeing.
Here’s how embracing the spirit of giving can positively impact your life and finances.
If you’ve ever noticed that warm, fuzzy feeling you get when you help someone in need, then you’ll already have some understanding of the psychological impact of generosity.
It turns out, that feeling is more than just a passing emotion – it’s backed by science.
Acts of generosity can lead to improved mental health and overall life satisfaction.
When we give, our brains release “feel-good” chemicals like dopamine and endorphins, creating what psychologists call the “helper’s high.”
This natural high can reduce stress and contribute to a more positive outlook, which spills over into other areas of our life including our finances.
Generosity also does more than simply affect our emotional wellbeing; it also has a surprising impact on our financial decision-making.
When we engage in acts of giving, we’re more likely to think about the long-term consequences of our choices.
So, in effect, by prioritising the wellbeing of others, we access the positive side effect of boosting our self-control, which is an essential trait for winning with money. Now that we understand the positive effects of generosity, here are some practical steps to get you started.
How much to give
Set aside a portion of your income specifically to support charities, community organisations, and other causes that matter to you.
Volunteer Your Time
Your skills and time can be just as valuable as money.
Consider volunteering for causes you care about – it’s a direct way to make a positive impact.
Small acts of kindness can have a ripple effect.
Buy a coffee for the person behind you in line or leave a thoughtful note for a colleague.
Paying It Forward
Remember the times someone’s generosity made a difference in your life?
Take that inspiration and “pay it forward.” Help someone else in need, and you might set off a chain of kindness and goodwill.