The link between selfesteem and financial behavior from "summary" of Dhan-Sampatti Ka Manovigyan (The Psychology of Money - Hindi) by मॉर्गन हाउज़ल
The way we view ourselves can greatly influence how we handle money matters. Self-esteem is the belief we have in our own worth and abilities. When it comes to finances, low self-esteem can lead to poor financial decisions. This is because individuals with low self-esteem may not believe they deserve financial stability or success. On the other hand, individuals with high self-esteem are more likely to make wise financial choices. They are confident in their abilities to manage money effectively and are more likely to set and achieve financial goals. This self-assurance can lead to better financial outcomes in the long run. Our self-esteem can also impact our relationship with money. For example, individuals with low self-esteem may overspend in an attempt to boost their self-worth through material possessions. This can create a cycle of financial insecurity and further decrease self-esteem. Conversely, individuals with high self-esteem are more likely to practice financial discipline and make decisions based on long-term financial well-being rather than short-term gratification. They are also more likely to seek out opportunities for financial growth and success.- Our self-esteem plays a crucial role in shaping our financial behavior. By cultivating a positive self-image and belief in our abilities, we can make better financial decisions and work towards a more stable and prosperous financial future.
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