Today’s educational guest post from Chief Family Officer summarizes some advice of a topic we all need – Self-Esteem.
In his book, The Six Pillars of Self-Esteem, Dr. Nathaniel Branden defines self-esteem as a combination of confidence in one’s ability to think and cope with the basic challenges of life, and confidence in one’s right to be successful and happy. One’s ability to cope with the basic challenges of life includes one’s ability to support oneself financially. This ability is the key to the connection between personal finance and self-esteem. Taking control of one’s finances, which is the key to economic self-sufficiency, can therefore bolster one’s self-esteem. Here’s how the six pillars of self-esteem apply to personal finance:
Pillar #1: Living Consciously
Living consciously means to be aware of your actions, values, thoughts and feelings – in other words, reality. In the context of taking control of your money, living consciously means to be stop turning a blind eye to your expenses. If you’re just beginning, the best thing you can do is keep track of every outgoing penny.
Pillar #2: Self-Acceptance
Self-acceptance in the context of self-esteem means accepting reality without judgment. When it comes to personal finance, the biggest key is accepting that you may not be able to afford to live the lifestyle you want on your current income.
Pillar #3: Self-Responsibility
In the self-esteem context, self-responsibility is knowing that you have control over most of your life. In terms of managing your finances, self-responsibility means acknowledging that you have control over how much money you make, and how you spend and/or save your money.
Pillar #4: Self-Assertiveness
Self-assertiveness means having the confidence to stand up for yourself because you believe in your right to exist and to have a happy life. For example, it may be time to ask for a raise – or even find a new job with better pay and benefits.
Pillar #5: Living Purposefully
Having purpose is crucial to financial success, since money is simply a means to an end. Whether your goal is to buy your dream house, save for retirement or send your children to college, articulating that purpose and then taking steps to achieve it will boost your self-esteem.
Pillar #6: Personal Integrity
It’s virtually impossible to feel good about yourself if your actions don’t match your values. Saying “I want to save for retirement” but failing to invest in retirement accounts like a 401(k) diminishes your self-esteem.
If you practice the six pillars of self-esteem when managing your money, you will not only be a lot closer to achieving your financial goals, you’ll be a lot happier with yourself too.
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{ 1 comment… read it below or add one }
I would emphasize numbers 1 and 6. You need to be aware of everything that’s going on with your finances. Nice post.