“Gratitude helps people feel more positive emotions, relish good experiences, improve their health, deal with adversity, and build strong relationships.”

The word gratitude is derived from the Latin word gratia, which means grace, graciousness, or gratefulness.

Gratitude is a thankful appreciation for what an individual receives, whether tangible or intangible. With gratitude, people acknowledge the goodness in their lives.

In the process, people usually recognize that the source of that goodness lies at least partially outside themselves. As a result, being grateful also helps people connect to something larger than themselves as individuals — whether to other people, nature, or a higher power.

Gratitude is a way for people to appreciate what they have instead of always reaching for something new in the hopes it will make them happier or thinking they can’t feel satisfied until every physical and material need is met.

Gratitude helps people refocus on what they have instead of what they lack. And, your mental and emotional resilience grows stronger with use and practice.

Ways to cultivate gratitude on a regular basis include:

• Write a thank-you note. You can make yourself happier and nurture your relationship with another person by writing a thank-you letter or email expressing your enjoyment and appreciation of that person’s impact on your life. Send it, or better yet, deliver and read it in person if possible. Make a habit of sending at least one gratitude letter a month. Once in a while, write one to yourself.
• Thank someone mentally. No time to write? It may help just to think about someone who has done something nice for you, and mentally thank the individual.
• Keep a gratitude journal. Make it a habit to write down or share with a loved one thoughts about the gifts you’ve received each day.
• Count your blessings. Pick a time every week to sit down and write about your blessings — reflecting on what went right or what you are grateful for. Sometimes it helps to pick a number — such as three to five things — that you will identify each week. As you write, be specific and think about the sensations you felt when something good happened to you.
• Pray. People who are religious can use prayer to cultivate gratitude.
• Meditate. Mindfulness meditation involves focusing on the present moment without judgment. Although people often focus on a word or phrase (such as “peace”), it is also possible to focus on what you’re grateful for (the warmth of the sun, a pleasant sound, etc.).

You should practice gratitude, especially towards your family, friends and loved ones. And let them know daily by telling them that you love and appreciate them.

Everyone is feeling challenged and a little extra stressed these days due to the pandemic and prevailing economic conditions, such as four decades high inflation. When you find yourself annoyed with someone in your life, you should pause, take a few relaxing deep breathes, and take a moment to think of at least five things you enjoy and love about that person. Often, you’ll be surprised that your list expands and you’re smiling before you’re done making the list.

Also, always remember that people with strong personal relationships are typically emotionally healthier. So make a commitment to connect regularly with friends and family.

Set a goal to reach out to one person a day. Ask about the other person and discuss something other than the day’s weather or the day’s awful news. And be open about how you are feeling and doing emotionally, because vulnerability can be bonding.

Additionally, try to use positive and uplifting language / self talk, suggests Patricia Deldin, a professor of psychology and psychiatry at the University of Michigan, Ann Arbor. Use language such as, “This is a challenge but I can handle it,” not “I’m overwhelmed”.

“A simple language change can influence your mood and feelings and, subsequently, your actions,” says Dr. Deldin, who is CEO of Mood Lifters, a mental-wellness program.

References:

1. https://www.health.harvard.edu/healthbeat/giving-thanks-can-make-you-happier
2. https://www.wsj.com/articles/a-workout-for-your-mental-health-11610917200?mod=article_inline

“The financial well-being of African Americans lagged that of the U.S. population as a whole, and whites in particular. The reasons for this gap are complex, but one area of importance in addressing it is increased financial literacy.”

There are several gaps that highlight the economic and wealth inequities between America’s Black and White citizens:

• Income and wealth inequality,
• Incarceration and felony rates,
• Health care inequities,
• Life span, and
• Incidents of negative encounters with police to name just a few.

But no gap is wider than the wealth gap between the average White household and average Black household. Today, the average White family has eight times the wealth of the average Black family, according to the Federal Reserve’s 2019 Survey of Consumer Finances.

There is no single, simple explanation for the racial wealth gap, explains the Brookings Institute in a 2020 Examining the Black-white wealth gap report. It is not explained away by differences in educational attainment. It is not accounted for by indebtedness—White families actually tend to have higher levels of debt. It is not even fully accounted for by differences in income. In addition, the fact that intergenerational transfer of wealth is lightly taxed means that historical gaps persist over generations.

Effectively, gaps in wealth between Black and White households reveal the effects of accumulated inequality and discrimination, as well as differences in power and opportunity that can be traced back to this nation’s inception.

The Black-White wealth gap reflects a society that has not and does not afford equality of opportunity to all its citizens.

Wealth is the sum of resources (assets – liabilities) available to a household at a point in time; as such it is clearly influenced by the income of a household, but the two are not perfectly correlated.

Two households can have the same income, but the household with fewer expenses, or with more accumulated wealth from past income or inheritances, will have more wealth.

Closing the racial wealth gap isn’t a simple fix. But many experts say education and financial literacy can help.

What follows are excerpts from an annuity.com post entitled “Financial Literacy in the Black Community”, written by Rachel Christian and excerpts from the TIAA Institute-GFLEC Personal Finance Index (P-Fin Index).

The TIAA Institute-Global Financial Literacy Excellence Center (GFLEC) Personal Finance Index report examined the state of financial literacy among African American adults and the relationship between financial literacy and financial wellness.

African Americans have struggled for decades to build wealth in America. Historical injustices — including slavery, systematic inequality, employment discrimination, racist housing policies and other barriers — have stymied economic well-being and harmed retirement confidence for the community.

Closing the racial wealth gap in the United States is a complex issue with no one-size-fits- solution. But expanding financial literacy, education and job training efforts can help, experts say.

Financial literacy is knowledge and understanding that enable sound financial decision making and effective management of personal finances, according to TIAA.

In 2019, white Americans had a median family wealth of $188,200, while Black Americans had a median family wealth of just $24,100. Source: U.S. Federal Reserve

In 2018, just one-third of Americans could correctly answer at least four out of five financial literacy questions on concepts such as mortgages, interest rates, inflation and risk, according to a 2018 study by the Financial Industry Regulatory Authority (FINRA).

The disparity is greatest among African Americans.

According to the 2021 TIAA Institute-GFLEC Personal Finance Index, African Americans answered an average of 38 percent of the study’s financial literacy questions correctly, whereas white Americans answered an average of 55 percent of questions correctly.

Minority financial experts agree that strengthening financial literacy — the ability to use skills to effectively manage money and resources — can be the key for African Americans to achieve a lifetime of financial well-being.

Financial literacy is made of several components. The 2021 TIAA Institute Index study assess financial knowledge in eight key areas.

8 Areas of Financial Literacy

• Earning
• Consuming, such as budgeting and managing expenses
• Saving
• Investing
• Borrowing, credit and debt management
• Insurance
• Comprehending risk and uncertainty
• Recognizing trustworthy sources of financial information and advice

Borrowing is where African American financial literacy is highest, according to the study, while knowledge about insurance is the lowest.

While not a cure-all, increased financial literacy can lead to improved financial capability and practices that can benefit those who’ve been economically disadvantaged for decades and with relatively low incomes.

References:

1. https://www.annuity.org/financial-literacy/black-community/
2. https://gflec.org/wp-content/uploads/2020/10/TIAA_GFLEC_Report_AAPFinIndex_Sept2020_02.pdf
3. https://www.brookings.edu/blog/up-front/2020/02/27/examining-the-black-white-wealth-gap/

A tax refund is essentially an interest-free loan from you to the government.

Tax refund time is a major cash-flow event for many U.S. households. Past JPMorgan Chase Institute (JPMCI) research has shown that a tax refund was “the single largest cash infusion of the year for 40 percent of American families”.

More than three in four taxpayers get refunds, and the average amount they get back is close to $3,000, according to IRS data. That means that for many Americans, their annual refund is the biggest single check they’ll get all year.

Key tax season takeaways ascertained from JPMorgan Chase Institute research entitled “Will this tax season be a boost or bust?”:

• Roughly four out of five (~78%) of filers receive refunds during tax season.
• The average tax refund is equivalent to nearly 6 weeks pay.
• Tax refunds are essentially zero interest loans by taxpayers to the federal government.
• Tax refunds are perceived as forced savings (at zero interest) by most taxpayers.
• Taxpayers spend tax refunds differently than they spend regular salary and wages.  Studies show that many taxpayers use refunds to pay off high interest credit card balances.
• Historically, families depend on the cash infusion from tax refunds to fuel spending. Cash withdrawals, durable goods purchases, and credit payments all increase by 85 percent or more in the week after a tax refund.
• Families use their tax refunds to meet basic needs, such as healthcare expenses and groceries. Families increased expenditures on out of pocket healthcare costs by 60 percent in the week after tax refund receipt.

Diana Farrell, founding president and Chief Executive Officer of the JPMorgan Chase Institute

It’s important to understand that the tax refund check you receive from the government is the byproduct of your overpaying on your taxes. Getting a refund means that, throughout the year, you paid more of your income in taxes than required by law to the IRS, and after you file your tax return, the IRS returns your money (or overpayment) back to you.

But losing that money for months and months cost does you something — goods and services you were not able to buy (and hence benefit from), investments you didn’t make, debt you didn’t pay down, savings you did not accumulate, etc.

Nearly 40 percent of American households carry a credit card balance, and those loans carry high interest rates. . . If instead of getting a $3,000 refund come April, you’d been able to pay off $250 in credit card debt each month (or put $250 a month less on your card), you would have avoided more than $300 in interest expenses by Tax Day.

A tax refund is essentially an interest-free loan from you to the federal and state governments.

References:

1. https://www.jpmorganchase.com/institute/research/household-income-spending/tax-time-fy22
2. https://fee.org/articles/tax-refunds-your-interest-free-loan-to-the-government/

Theodore Roosevelt, known as “Teedie”–later “Teddy”, was frail and sickly as a boy. As a teenager, he followed a program of gymnastics and weightlifting to build up his strength.

Roosevelt, not quite 43, became the 26th and youngest President in the Nation’s history (1901-1909). He brought new excitement and power to the office, vigorously leading Congress and the American public toward progressive reforms and a strong foreign policy.

Early in his presidency, Theodore Roosevelt sparked a scandal when he invited the African-American educator Booker T. Washington to dine with him and his family; he was the first president ever to entertain an African American in the White House.

During the Spanish-American War, Roosevelt was lieutenant colonel of the Rough Rider Regiment, which he led on a charge at the battle of San Juan. And, as President, Roosevelt held the ideal that the Government should be the great arbiter of the conflicting economic forces in the Nation, especially between capital and labor, guaranteeing justice to each and dispensing favors to none.

Roosevelt steered the United States more actively into world politics. He liked to quote a favorite quote, “Speak softly and carry a big stick. . . . ”

Aware of the strategic need for a shortcut between the Atlantic and Pacific, Roosevelt ensured the construction of the Panama Canal. His corollary to the Monroe Doctrine prevented the establishment of foreign bases in the Caribbean.

He won the Nobel Peace Prize for mediating the Russo-Japanese War, reached a Gentleman’s Agreement on immigration with Japan, and sent a fleet of sixteen warships on a world tour. The ships were painted white to symbolize peace, and eventually they became known as the “Great White Fleet.” Roosevelt viewed the tour as part of his “Big Stick” diplomacy.

Theodore Roosevelt believed that we should all work hard and devote ourselves to a worthwhile cause. He showed incredible wisdom and insight. His quotes continue to inspire many Americans to work hard on their dreams:

“The person who succeeds is not the one who holds back, fearing failure, nor the one who never fails but rather the one who moves on in spite of failure.”

“Dreams are a dime a dozen. it’s their execution that counts.”

“If you could kick the person in the pants responsible for most of your trouble, you wouldn’t sit for a month.”

“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.”

“Do what you can, with what you have, where you are.”

“Nobody cares how much you know, until they know how much you care.”

“The chief factor in any man’s success or failure must be his own character — that is, the sum of his common sense, his courage, his virile energy and capacity. Nothing can take the place of this individual factor.”

“To educate a man in mind and not in morals is to educate a menace to society.”

“A thorough knowledge of the Bible is worth more than a college education.”

“We must dare to be great; and we must realize that greatness is the fruit of toil and sacrifice and high courage.”

“It is hard to fail, but it is worse never to have tried to succeed.”

“The things that will destroy America are prosperity at any price, peace at any price, safety first instead of duty first and love of soft living and the get-rich-quick theory of life.”

“Believe you can and you’re halfway there.”

“Never throughout history has a man who lived a life of ease left a name worth remembering.”

“We cannot do great deeds unless we are willing to do the small things that make up the sum of greatness.”

“Get action. Seize the moment. Man was never intended to become an oyster.”

“Keep your eyes on the stars, and your feet on the ground.”

“Far better it is to dare mighty things, to win glorious triumphs, even though checkered by failure, than to take rank with those poor spirits who neither enjoy much nor suffer much, because they live in the gray twilight that knows neither victory nor defeat.”

Roosevelt was big on taking full responsibility for your life and making a valuable contribution to the world. Nothing worth having comes easy but if you’re working toward a purpose and love what you do then you’ll enjoy the journey. For success is a journey.

References:

1. https://www.whitehouse.gov/about-the-white-house/presidents/theodore-roosevelt/
2. https://www.nps.gov/thri/theodorerooseveltbio.htm
3. https://succeedfeed.com/theodore-roosevelt-quotes/
4. https://www.history.com/topics/us-presidents/theodore-roosevelt
5. https://www.goodreads.com/author/quotes/44567.Theodore_Roosevelt