Generosity. Or largesse if you prefer its antiquated Middle English synonym. A variety of definitions exists for the term, from a willingness to give help or support, to a quality akin to unselfishness. It’s referred to as a virtue, a character trait, and a quality. But what does it really mean to be generous?
Research supports the idea that charitable giving makes us happier. There’s a growing body of research to support this; too many to footnote all of them, but Harvard Business School Assistant Professor Ashley Whillans partnered on a research paper that looked at what they deemed “prosocial spending.” Their results identified three circumstances under which giving produced a boost of happiness:
- The act itself of giving produced more happiness than reflecting on past acts of giving. They hypothesize that when people are involved in the charitable process, they may be more willing to give.
- The greater the control over the giving, the greater the happiness. Autonomy of giving was an important factor. The choice of whether to give or not, where to give, how much to give, and how often to give, all matter in the degree of happy feelings.
- Givers want to see results. Being able to see the impact of their generosity seemed to be an important part of happiness and a feeling of connection with those they helped.
The positive side effects of giving are well established: improved well-being, positive mood, lower depression rates, greater connection to others, a sense of purpose, higher self-esteem, and even greater longevity. What’s important to focus on is how the gift is given and the motivation behind it. “Generosity works best when you mean it.” According to a recent article in The Wall Street Journal, “when it comes to giving, if it is from the heart, you’ll feel the difference.” It’s more complicated than just getting out your credit card or checkbook. How you give matters more than how much you give, according to Sara Konrath at the Indiana University Lilly Family School of Philanthropy.
Key Takeaways:
- Give actively, not automatically.
- Volunteer your time.
- Choose a cause you’re excited about.
- Read those impact statements to engage in your impact.
Circling back to the opening paragraph, one could argue that the characterization of generosity as being a virtue is misleading, in that it may imply it is a moral trait one is endowed with from birth. Though some studies show that we are naturally inclined to be generous, one can cultivate the quality of a generous spirit through conscious means:
- Develop an abundance mindset.
- Practice gratitude.
- Start small with everyday acts of kindness.
- Be intentional about your giving.
- Give freely and without expectation.
The reinforcement of positive emotions associated with giving can become the motivation to continue practicing generosity. “Generosity is a powerful drug even in small doses.” So, the next time you need a pick-me-up, open your heart and mind to the idea of sharing your abundance with others. Though generosity and giving is something accessible to nearly everyone since we’ve established that the how is more important than the how much, inheritors of significant wealth are often positioned advantageously when it comes to giving abundantly and impactfully.
If you are a client of The Wealth Conservancy, contact us to learn more about the benefits (both emotionally and financially) of charitable giving. We can strategize with you to maximize your impact and make sure your generosity reaches its full potential. If you are an inheritor looking for a wealth counseling firm to support your values and guide you along the way towards integrating with your wealth, consider scheduling a free consultation to learn more about how The Wealth Conservancy can be your partner.