6 Ways Meditation Can Make You a Money Master

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Could you save and earn more money simply by learning to be calmer and more mindful?

Regular meditation is known to have a variety of potential health benefits. But it could play a big role in boosting your finances, due to its emphasis on self-control, patience, and minimalism.

If you're looking to get your financial house in order, consider taking up a regular meditation practice and see if it helps. Here are some ways it might make a difference.

1. You'll Learn to Wait Things Out When Investing

When investing for retirement, it's best to take a very long-term approach. This means not concerning yourself with the everyday movements of the markets, and remaining patient even during volatile times. Meditation can help you focus on your goals, rather than make investment decisions based on emotion or a single, nonrecurring event.

2. You'll Be Mindful About Spending

How many times have you put something in the grocery cart without checking the price or even thinking about whether you truly need the item? When you practice mindfulness, you'll take the time to consider each act, and will be able to stop yourself before making an unnecessary purchase.

Meditation could also make you less vulnerable to marketing. Rick Heller, an author who leads weekly meditations at Harvard, writes that, "Unless we learn to be mindful, we'll be at the mercy of advertisers who crank up the consumer treadmill to run faster and faster."

3. You'll Learn to Live With Less

One of the key goals of meditation is to free yourself from attachment to material goods. When you practice mindfulness, you are living "in the moment" rather than concerning yourself with wants or needs. There are many people who use mindfulness and meditation as part of their "minimalist" approach to living with few material possessions. Writers Joshua Fields Millburn and Ryan Nicodemus, who call themselves "The Minimalists," argue that "we tend to give too much meaning to our things, often forsaking our health, our relationships, our passions, our personal growth, and our desire to contribute beyond ourselves."

4. You'll Be Less Impulsive

Perhaps you once booked a trip to the Bahamas on the spot because of an overwhelming urge to get away. Or maybe you bought a new car from the first dealer you met simply because you got tired of taking your old car in for repairs. Meditation can help you learn to think through your decision making, rather than acting on impulse. And that, in turn, can save you money by staving off unnecessary on-the-fly purchases.

5. You Won't Shop or Eat to Reduce Stress

For many of us, spending money can be a stress reliever. We like the rush of endorphins when we find a new electronic gizmo, vintage comic book, or pair of shoes. We treat ourselves to a dinner out because we've had a tough week. Through meditation, we can train ourselves to find deeper joy through other means and become less dependent on these small — and short-lived — rushes of pleasure.

6. You Won't Panic When Things Go Wrong

There will be times when your finances will take a hit for one reason or another. Maybe you're facing a job loss, or a big medical bill. Perhaps your car broke down and is in need of expensive repairs. When events like these happen, it's always important to avoid making the problem worse.

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