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Psychology of Money - Heart Matters


1. Self-Worth and Personal Finances

a. What is self-worth?

Self-worth, or self-esteem, is a term psychologists use to talk about how you feel about yourself.  People who feel good about themselves most of the time are said to have high self-worth, and people who feel bad about themselves are said to have low self-worth or low self-esteem.  When you say, “I’m a good person.” “I believe in myself,” “I like me.” Or, “I feel crummy about myself,” “I don’t respect myself,” you’re talking about self-worth.

How you feel about yourself will affect how you handle your money. Here's an example of how this might work.  Let’s imagine that you don't believe you can be successful (you have low self-esteem).  If that's the case, you probably don't believe you'll be able to be financially successful.  When that's your belief, you may not do those things that help you be financially successful such as save, invest, or seek the advice of a financial professional. It is important to change negative beliefs about yourself.  Otherwise, those beliefs may cause you to behave in ways that don’t benefit you and may actually cause you to think more negatively about yourself!
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