Can you wish your way into better finances? An expert weighs in
Nearly three-quarters of Americans (73%) believe manifestation can improve finances, according to a new study from BadCredit.org. Manifestation, sometimes referred to as the Law of Attraction, asserts that you can alter outcomes through positive thinking and creative visualization.
But, as many experts point out, manifestation without action rarely works.
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“No matter how much you wish cash would drop in your lap, unless you win the lottery or receive an inheritance, it won’t,” said Erica Sandberg, BadCredit.org consumer finance expert.
By the same token, there’s truth to the statement widely attributed to Henry Ford: “Whether you think you can or think you can’t, you’re right.”
Manifestation and positive thinking can get you out of a rut when things feel hopeless, open your mind to new opportunities, and give you the drive to keep moving forward.
“You’re manifesting a plan,” Sandberg said. “As long as you don’t rely on just the thought process and you start to develop a plan, and work that plan, you can genuinely bring good things into your life.”
Who is manifesting the most?
The survey revealed that manifestation is rampant among younger generations, and tapers off the older people get. According to the survey:
- 81% of Gen Z believes in manifestation, and 43% rely on it instead of taking action
- 77% of millennials believe; 35% rely on it
- 65% of Gen X believe; 27% rely on it
- 64% of Boomers believe; 16% rely on it
Manifesting videos are all over TikTok, so it makes sense that younger adults are embracing it as a way out of what may seem to be a dismal future, financially. Case in point: 62% of Gen Z say they will never own a home, and 82% of those say it’s because they can’t afford it, according to a survey by Clever Offers.
While homeownership may feel out of reach, Gen Z hasn’t entirely given up. Many are using manifestation to give them hope when things feel hopeless. The hashtags #manifestmoney and #manifestingmoney have nearly 600K posts, combined, on TikTok — many by younger influencers encouraging their peers to manifest money quickly. The hashtag #wealthmindset jumped to the 16th top hashtag in the financial services category in February, showing that even people who aren’t calling it “manifesting” believe mindset affects personal finances.
Sandberg asked her 23-year-old daughter to corroborate the study’s findings. “She firmly believes in [manifestation] and she said that it’s a pervasive attitude in that cohort,” she said. “They haven’t been beaten down by life as much. It’s that wonderful sense of, ‘I will figure it out. I’ve just got to believe.’”
Manifesting origins
While Gen Z might think they “discovered” manifesting on their own, kind of like ice cream floats, film cameras, and vinyl records — all trending on TikTok — the concept pre-dates any of the generations living today. References to manifestation principles appeared in Sanskrit texts dating back 3,500 years. “The law of attraction is rehashed karma theory” related to Hinduism, Christopher Key Chaple, a professor at Loyola Marymount University, told National Geographic.
The New Thought movement of the late 1800s and early 1900s brought manifestation to the American mainstream public. Wallace Wattles’ Science of Getting Rich (1910) and Napoleon Hill’s Think and Grow Rich, which was published during the Great Depression, relayed manifesting principles along with tangible actions like creating Mastermind groups and giving more value than you receive in the workplace.
These are still solid business tips today and hammer home the point that manifestation is more than vision boards, affirmations, or meditation.
“Manifestation is more than just positive thinking. It goes beyond simple optimism,” Sandberg agreed.
Manifesting money is having a moment – again
The Law of Attraction concept resurged in the early 2000s with Rhonda Byrnes’ bestselling book, The Secret. Gen X was in their late 20s up to early 40s when the book came out and saw it as a success formula during a difficult time. Gen X, along with their Boomer siblings and parents, were hit by the Great Recession and real estate market crash shortly after the book was released.
Much like Gen Z today, many felt there was nothing to lose by putting our fortune in the hands of positive thinking. The percentage of Gen X and Baby Boomers who still believe in manifesting have likely seen results over the years, with 27% of Gen X using manifestation instead of action today.
“Manifestation is more than just positive thinking. It goes beyond simple optimism.” — Erica Sandberg, BadCredit.org consumer finance expert
The larger percentages who believe in manifestation but also take action probably have a mindset that, “I’m never going to get any place without that positive attitude, so why not adopt one,” Sandberg said.
She cautioned against using manifestation by itself but noted it can be a powerful tool to put financial matters into perspective.
“You know the depression people can get into when they look at their finances and it’s dark? It seems dismal. It seems like you’re never going to get ahead. It’s absolutely corrosive. So, manifestation is the opposite of that,” she said.
While TikTok is filled with Gen Z manifestation mentors, Gen X has role models like Mel Robbins talking about what it really takes. “Stop staring at the top of that mountain and start looking at the trail in front of you,” the bestselling author of Let Them said in a podcast.
First steps to manifest the retirement you deserve
Sandberg’s manifesting techniques, like Robbins’, emphasizes mindset. “It all starts with waking up in and thinking about your money, your strategy, and your attitude. You have to think, ‘I am worth spending time dealing with my finances. This is important to me. This is great. This is something that I can do.’”
She recommended taking 10 minutes in the morning to reflect with gratitude on what you have. Fill a few moments with positive self-talk that will encourage you to follow your financial plan – whether that means paying down debt or saving more. For those who are nearing retirement age, Sandberg said, it’s a good time to start visualizing what you want retirement to look like.
“I would say this is a great time to make your final push,” she continued. “You have to manifest what life is going to look like after you do retire and understand that ‘future you’ is within your control. How much can you push yourself to start bumping up your contributions or even to start saving now? You can do it, but it’s a matter of picturing yourself there and then taking the necessary steps.”
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