By Dr. Rajat Bhatt, Guest Writer
Today, let's explore how we can cultivate contentment independently of our financial circumstances while remaining in the present.
Past Experiences
I had a challenging childhood and faced significant financial hardship during my medical school years. While those difficulties drove me to maintain a high saving rate, which allowed me to plan for the future, I eventually realized that the same approach was causing me distress—even after achieving financial security. It is crucial to separate our emotional well-being from our financial status.
Midlife, I realized that even when I could easily afford something, I often chose not to purchase it. As I mentioned in a previous post, I do not find fulfillment in material possessions. However, this does not mean we should deprive ourselves of better options, especially if they are environmentally sustainable. For instance, if a better alternative is available, I would opt for a more affordable gadget (think iPhone 15 Pro vs. an older free iPhone) if I truly needed it. I used to diligently search for and save grocery coupons that would save me a few dollars here and there, but once I reached a point of financial stability, those small savings became less significant. It was important for me to let go of that mindset and focus on the bigger picture.
Merging the Past with the Present
We need to be at peace with the past and accept it without regret.
Consider the example of academic or military doctors who choose to leave their staff appointments midlife. Despite having achieved financial stability and professional success, they may feel unfulfilled or desire a change in their lives and have a need to “make up for lost time due to not having made enough in the past” in comparison to their civilian peers. This highlights the importance of finding contentment beyond our financial circumstances and career achievements.
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The Present
Enhance your awareness of the present moment and appreciate it.
How often do you stroll out to the lawn in the morning to hear the birds chirping? How frequently do we observe the sunrise or the moon? We are chasing eclipses, but do we take the time to appreciate a glorious sunset?
I frequent the Houston bayous for bicycling excursions. Previously, I was preoccupied with contemplating business strategies. Currently, however, I immerse myself in the melodic spring birdsong and admire the vibrant wildflowers. This is therapeutic.
Visualize life as a train journey with a temporary allocated window seat. One may either appreciate the external scenery from a train ride or remain engrossed in the train's interiors and services (think first class vs. third class). It is advisable to perceive life as a transient voyage with an inevitable conclusion. Enjoy the scenery outside without being obsessed with comfort. At the end of the journey, embrace the departure willingly rather than resisting the end.
Future Worries
On the other end of the spectrum, there are physicians who, despite being financially secure, remain emotionally insecure about the future. They obsess over the future and engage in aggressive investment strategies like stock options trading, hoping to exponentially increase their wealth—even when they have already achieved significant financial success and have accumulated substantial assets. Their emotional insecurities are fueling their financial anxieties, and it's essential to recognize and address this connection.
As we plan for the future and retirement, it is worth considering that if we have raised successful and financially stable children, we may not need to leave them a substantial inheritance. Some might argue about providing for grandchildren, but it is important to question the wisdom of leaving them an excessive inheritance. We cannot predict how that money will impact their lives; it may even diminish their motivation to achieve and succeed on their own merits. The drive to accomplish something meaningful is a vital part of personal growth and fulfillment.
In my case, my sense of accomplishment is far more valuable than the absolute figures in my bank account. The journey from having nothing to building something is incredibly rewarding, and I wouldn't want to deprive my children or grandchildren of that experience. Beyond a certain number, the increase in pleasure from additional wealth is not as much as the initial gain.
More information here:
The Tale of 2 Books (and How I Broke the Binding on My Unwritten Instruction Manual)
Action Steps (Understanding and Addressing Our True Needs and Desires)
It is essential to engage in introspection to identify the root cause of your financial anxieties. If concerns about your children's well-being are the source, securing a good life insurance policy may be advisable. If health-related worries are at play, focus on maintaining your well-being and health instead of fretting over finances for healthcare in the future. Allocate time for reflection, devise a written plan, and implement strategies to address these anxieties effectively.
It's crucial to maintain an emergency fund for unforeseen circumstances. However, this should be done based on a calculated objective number and a written strategy, rather than being driven by fear of extreme situations—such as the depletion of Social Security or government debt defaults.
The Bottom Line
Ultimately, the most important legacy we can leave our children is a set of values—values that contribute to a better world and a brighter future. Similarly, we should not strive to become overly preoccupied with accumulating wealth beyond our needs. True contentment stems from within, and it is not contingent upon the size of our bank balance. By cultivating a strong sense of self, practicing gratitude, and focusing on the present moment, we can find fulfillment and peace, regardless of our financial circumstances.
Achieving contentment is a lifelong journey, and it requires a shift in perspective. It involves recognizing that our happiness and emotional well-being are not solely dependent on external factors like money. By developing a healthy relationship with ourselves and our finances, letting go of past baggage and future worries, and embracing the present, we can cultivate a deep sense of contentment that transcends material possessions. Ultimately, the greatest wealth we can acquire is the wealth of the soul—the inner peace and satisfaction that comes from having a life well lived and aligned with our values and purpose rather than externalities and material possessions.
Do you carry the weight of the past? Do you worry about what's to come in the future? What's the best way for you to live in the present?
Nice post man very Emerson/thoreau/Whitman-ish as applied to personal finance. I’m sorry that your earlier years caused a scarcity mindset. was the transition to a more abundance mindset and living more in the present really gradual once you hit a higher level of wealth, or was there something more dramatic (wife yelling at your for example, or compromising spending on an activity for your kids?) that switched your mindset?
It was a bit of all of the above 🙂
“Their emotional insecurities are fueling their financial anxieties,” This. Truly acknowledging this idea of emotional insecurity within one’s self over the course of our financial journey is so very vital. A lot of us as physicians came from humble beginnings. Our work is poured into these insecurities and we are rewarded with our medical and financial success, but not addressing the insecurities at some point in our journey will keep us anxious no matter our net worth. I have been on a journey for the past 2 years to be more present and to address such insecurities. Something that helps me to repeat at times, “I have enough, even when I have less.” Cheers to you all out there in your journey. If we can be present, I think we can have, and be, enough.