Money is necessary, and we always seek it relentlessly, but does it build the confidence of those who possess it?
Strong arguments emanate from this question; there are divergent views on the role of money in growing someone’s confidence.
For a case to be made justifiably, it is imperative to understand the real definition of confidence.
According to Kidshealth.org, confidence means feeling sure of yourself and your abilities, not in an arrogant way, but in a realistic, secure way.
Put simply; confidence isn’t about feeling superior to others. It’s a quiet inner knowledge that you’re capable.
The amount of money you have could fuel your level of confidence to some extent, at the time, confidence could help you grow your income. An act of confidence could earn you a lucrative job, and that impacts your income.
Emphatically, there are certain things you will not achieve even if you have the money growing in your wallet, which confidence could help you achieve.
For instance, confidence could help you win the heart of a lady who hails from a wealthy home. She is already from a wealthy home, probably richer than you, in that situation money doesn’t speak.
Although, when problems that require finance arise, and you have the money to solve that, you automatically exhume confidence because you are financially buoyant to address the problem.
Let’s look at the scenario where you struggle financially to pay for your bills, take care of your home, pay back your loan, etc.; it affects your confidence and self-esteem. On the other hand, you don’t fret when you have the money, and that’s a confidence booster.
While dissecting the correlation between money and confidence, it is imperative to point out that confidence otherwise known as self-confidence is not the same as financial confidence.
Financial confidence is an aspect of confidence, therefore cannot be regarded as confidence in this context.
According to Jackie Lam at Cheapsters.org, he posits that being resourceful helps with financial confidence, by reading materials on financial literacy, to coming up with ways to generate different streams of income.
In agreement with Lam, Jackie Beck, Debt Freedom Expert at TheDebtMyth.com posits that no one is born knowing how to make the kinds of financial decisions that will ensure a bright future.
“My commitment to learning, dipping my toes in, and adjusting when necessary while staying focused on my goals helped me reach financial confidence.” says Beck.
He explains that once you do start to succeed and move toward your goals, your confidence improves even more
Apparently, there seem to be series of different opinions from experts on this topic. Some experts, especially from the psychology and life coaching field, believe that the real confidence an individual exhibits has no relationship with money.
While experts within the financial space believe that money when acquired to a significant sum boosts your financial confidence.
“Emotional well-being (arguably an analogue of happiness) rises with income, but there is no further progress beyond an annual income of about $75,000,” said Dr. Miriam Tatzel, from Empire State College, State University of New York.
“Research has shown that rather than meeting psychological needs such as competence, autonomy, positive relationships, self-acceptance and personal growth the pursuit of wealth reduces the time spent on more personally fulfilling activities and social relationships.”
Sid Kemp, a life coach who has been in practice for about 35 years, believes that confidence has no relationship with external factors such as money, no matter how big, but confidence resides within.
“As a life coach, I know only one way to support people in building confidence. To prepare, I help them clarify ways of living and goals that are true to who they are. Then we break those goals down into tiny steps.” says Kemp.
Kemp argues that many people have enough money to create success but do not know how to build successful lives, due to lack of self-confidence.
“I’ve seen this over and over as a life coach. If people set goals and have the money to support these targets, we still do not act on them if we doubt ourselves. Some of us even sabotage ourselves”
To further buttress the fact that money doesn’t grow confidence, Jacky Dror, London-based coach, said, the things money can buy may instill a little more confidence in one, but in the end, it is just a superficial decoration
Money is good, real financial confidence booster, however, the positions of some experts this topic, triggers some surprises.