Financial Finesse: How financial competence can lead to self-confidence
Written by Mrs Buhlebendalo P. Mavika
October, 13, 2022
People often ask me how they can become more confident. One of the answers I often give is that they can begin by selecting a few areas of their lives and work hard to become competent in them. There is a long-standing relationship between competence and confidence. In a Capitalist society where money talks, most people feel a radical confidence when they are financially competent and strong. Financial competence often shows itself through financial strength – at least for people who are self-made and have worked for their accumulation. Financial strength is one of the factors that influences self-esteem significantly.
The absence of financial competence and strength results in dependency, disempowerment, and high risk of making decisions from a place of desperation. Self-preservation takes prominence as you attempt to acquire basic needs. Sometimes this leads down dark demoralizing paths filled with compromises, harm and/or abuse. In the long run this reduces self-esteem tremendously. Therefore it is imperative to empower and encourage the youth to opt for paths that lead to financial independence, especially if you come from a less privileged background.
This by no means suggests that one ought to be ‘rich’ to be financially strong, and by extension, confident. It is to say that financial competence is one way to gain confidence. It is also a path you can walk to learn the impact of goal setting and goal achieving. Meeting your financial goals enables you to live life on your own terms, and not at the mercy or arm of others. It allows for the full expression of self-determination.
I have worked with women who for lack of financial independence, lacked a sense of self-worth and confidence to stand their ground. I have also worked with people who, because of low self-confidence, could not achieve their fullest financial success. These two things, confidence, and accumulation, have a looped relationship. It’s been observed that those who have confidence and high self-esteem tend to behave in ways that allow them to successfully take advantage of opportunities, often leading to more financial gains.
On the other hand, those with low self-esteem and negative thinking patterns tended to sabotage their own chances of financial success. This in part helps us understand how wealth and poverty cycles work at an individual level. Those who believe they are not worthy or capable will look towards their past and see their failures, which they use to justify their negative self-image, thereby hindering their financial growth potential.
There are plenty of other tools that could be utilized to improve self-esteem, as well as promote a healthy outlook on life. Making use of these tools will not only take your confidence to greater heights, but will also aid in making well-informed life decisions. As a beginning point, I suggest paying attention to your money habits and financial goals. Finances are a good area to work on because they impact our lives in serious and multiple ways. It goes without saying that we all need and use money to keep our lives going. As such, there is absolutely everything to gain by becoming competent and confident in this area.
Begin by setting financial goals then working actively to achieve them. Mark your milestones and celebrate hitting them. Not only will this give you direction and help you practice discipline, it will also help you acquire genuine confidence as you grow more competent. You can then use this as a template for other areas of your life. Like millions of Rands, confidence and self-esteem are possible to acquire when you are clear with the intention and consistent with the practices that bring you close to your intended goal.
References:
- Marter, J. (2013). Change Your Thinking to Have More Money. Psych Central. Retrieved on June 22, 2015, from http://blogs.psychcentral.com/success/2013/06/change-your-thinking-to-have-more-money/
- Nauert PhD, R. (2015). Does Money = Happiness ?. Psych Central. Retrieved on June 22, 2015, from http://psychcentral.com/news/2015/03/02/does-money-happiness/81836.html
- ACE Fitness: “Love Your Body” Levine, M. and Smolack, L. (2018). 10 “Will Powers” for Improving Body Image. National Eating Disorders Association.
Ubusha Bami futhi yimi lo – My youth and this is me! © 13 October 2022