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Prosperity at Current Economic Times

How are we redefining prosperity in our prosperous world?   What’s making us rethink our forms of giving when we’re having it so good in the world? 

Despite lingering unemployment and a still sluggish economy many Americans are finding reasons to be thankful at this time of the year. Unexpected layoffs, financial setbacks, or simply a desire to spend more time with family have served as a reality check, a wakeup call for consumers to rethink their idea of wealth and prosperity.  People are focusing more on satisfaction by the quality of life than on satisfaction by consumption.  The big shift is in people questioning whether the ways in which they’re spending time is bringing them greater satisfaction in life versus things that just need to be done on autopilot.  More money doesn’t necessarily lead to greater happiness, so many consumers are getting off the hedonistic treadmill and looking for ways to realign with family and the values that matter to them.

For some people that means starting a business that allows greater flexibility even if it means less money. The learning is that money is here today gone tomorrow, but life experiences remain with you.  I’ve seen friendships end because people’s business coaches said “that’s not the right circle to be in”.  Although many people have received similar advice from coaches focused on building wealth, they want none of that now.  Albeit there’ll always be people who will focus on wealth accumulation, for more and more Americans now the focus isn’t on pursuing financial wealth, but on pursuing wealth of experiences.

For others redefining wealth and prosperity may mean downshifting their careers. After almost losing their children and nearly divorcing their spouses  many people traded their all-consuming careers as high-flying professionals for high school teaching and other similar jobs.  The most ambitious types by nature admit that they’re happy with their decisions, but still sometimes struggle to maintain balance. Their personalities are very driven and, honestly, it is a constant effort to stop working and put their families first.  Working as a [for example] teacher doesn’t pay as much as did their previous job, but people appreciate summers off and school holidays with their children.   Although these high-flying pros’ former jobs meant frequent travel to nice hotels,  it never allowed them time to actually enjoy them.

In addition to rethinking their careers some people have also scaled back on holiday gifts.  Their children each get one gift from their parents and one from “Santa”, plus a few items from other family members.  These people see their friends go crazy with gifts for kids and believe it just feeds materialism and entitlement.   These parents hope to model generosity and selflessness for their kids, so they put money into good causes for their communities instead of buying their (grand)parents gifts that would likely gather dust.

While some gift-givers choose donations in lieu of presents, others purchase experiential gifts, an option that has grown increasingly popular over the past few holiday seasons. For instance, taking a family member out for lunch, treating a friend to a movie, or giving tickets to a concert or sporting event.  People are looking at more time-based gifts and at making gifts, which from a time viewpoint is one of the best gifts that someone can give, because it shows that the giver cares about the receiver tremendously.  One of my friends in London made me this series of (pictured) gifts by naked hand from wood over 30 hours a piece over the course of the past few years that I spent at my London base before I went to my Toronto one this time.  Would this gentleman go to this extent if he didn’t care about me?  Many other friends of mine have given me gifts of experiences: a lunch / dinner at my favorite restaurant, or a bag of tiny gifts all from different areas [food, jewellery, ceramic ornaments, cards with poems or verses written by him, etc.], and from his point of view somehow symbolic of my personality or connected with my life.

So once you’ve sorted gifts out for everyone else, how about treating yourself for the year’s hard work, being a good boy, or whatever achievements you fitted into this year?  Would an experiential gift to yourself of a few hours of pleasant and caring company, perhaps even complete with an aromatherapeutic relaxing massage treatment hit the spot? If yes, I invite you to be my guest!

 

 


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