How can we cultivate contentment in our own lives?

But godliness with contentment is great gain. (1 Tim 6:6)

But godliness... 

In this context, "godliness" refers to a life characterized by the pursuit of holiness and the practice of the virtues that come from the Holy Spirit. This includes faith, hope, love, and fear of God, as well as other aspects of a virtuous life, such as honesty, compassion, and self-control.

The passage emphasizes the importance of pursuing godliness and contentment rather than seeking after worldly riches or success. The idea is that true gain comes not from material possessions or worldly achievements, but from a life lived in accordance with God's will and characterized by the pursuit of godliness.

A person who possesses true godliness is someone who is thriving and gaining in life. They are happy and content in their circumstances, and they possess the true, solid, satisfying, durable, and unsearchable riches of grace. They are part of the household of God and are heirs of God, joint heirs with Christ, and have a right and a readiness for the heavenly inheritance.

Before coming to faith, these individuals were in debt, clothed in rags, starving, and were strangers and foreigners to God's family. But now, through the grace of God, they have been redeemed and forgiven of their sins. They are richly clothed in Christ's righteousness and are deliciously fed by the Word of God. They are part of a loving family that cares for them, and they have a secure hope in the future. They are now made kings and priests to God, and, in the present state of things, have God to be their portion, and exceeding great reward.

And has made us kings and priests unto God and his Father; to him be glory and dominion for ever and ever. Amen (Rev 1:6)

The godly ones have an interest in Christ and all spiritual blessings in Him, including the gift of the Holy Spirit as the earnest of their future inheritance. They are rich in faith and good works, and their souls, which were once lost, have been gained and will be saved with an everlasting salvation. In the future, they will possess all the riches of glory, which include a house not made with hands, a city with foundations built by God, an incorruptible inheritance, and a kingdom and glory. Truly, the gain of godliness is immeasurable.

Furthermore, contentment is an effect (fruit) of godliness and a part of its gain. Contentment is a fruit of godliness, meaning it is a natural byproduct or result of being truly godly. Simply put, the godly ones who have truly embraced and practiced godliness will naturally experience contentment, which is a sign of their spiritual maturity and trust in God's provision. godly ones are content with what they have, and this contentment comes from their trust in God's providence and the sufficiency of His grace.

The word here used signifies "sufficiency";  

In this context, the word "sufficiency" indeed refers to a sufficiency or competency of the good things of this life. This sufficiency is defined in 1 Timothy 6:8, which states that if we have food and clothing, we should be content with that. God gives this sufficiency to those who fear him and are godly, and he promises that they will lack no good thing that is convenient for them. This promise includes both the things needed for this life and for the life to come.

                   If we have food and covering, with these we shall be content. (1 Tim 6:8)

Furthermore, God gives to his godly ones all things pertaining to life and godliness, and he does so richly for them to enjoy. This means that godliness brings not only spiritual blessings but also material blessings, which are to be enjoyed and used for the glory of God.

His divine power has given us everything we need for life and godliness through the knowledge of Him who called us by His own glory and excellence. 

(2 Pet 1:3)

Furthermore the word indeed properly signifies "self-sufficiency", which in its strict sense, only belongs to God, who is "El-Shaddai", God all-sufficient and self-sufficient. However, in this passage, it is used to describe the godly man's perception of his own sufficiency. The godly man judges his own resources and abilities to be sufficient and satisfying, much like Jacob, who was content with what he had.

This contentment and satisfaction with what one has is a fruit of godliness or true grace. The godly man is thankful for what he has and submits to the will of God, even in difficult circumstances. This attitude of contentment and patience is a significant benefit of godliness, and it makes a person truly happy, regardless of their circumstances.

The Jews have a saying  that

"he is a rich man whose spirit rests in, or is contented with his riches;''

Be blessed.