Conquering self-doubt about money

5/09/2016


Many people are still feeling the effects of the weak rand, and some potential indicators of an improved future may not be enough to create confidence in the economy overnight. Feelings of self-doubt about making financial decisions are to be expected, but also to be overcome, if each of us is to move ahead and become empowered when it comes to money.

Self doubt
Self doubt is a classic deterrent to forward progress – a barrier to those things we most need or want to do. Self-doubt creates self-imposed limitations. It stifles the spark of hope and steals the confidence to set goals and take action. It’s particularly harmful when it comes to money. Money influences us on many levels – peace of mind, feelings of safety and stress, personal and financial well-being. If left unchecked, self-doubt stops us in our tracks. We avoid decisions and important steps toward improving our financial situation.

Money attitudes promote self doubt
Money is a powerful force. Its influence is perceived in very personal ways. For you, money may simply get you what you need, while for others, money (or what it buys) defines and internal sense of personal value, worthiness or even entitlement. Often we elevate money to superstar status, while we strangely devalue our own capabilities and resources. To become financially empowered – both in rands and feelings – we must overcome our undermining self-doubt.

When empowered women think about money, they feel and internal sense of financial confidence. They have strong belief in their ability to earn, invest and manage money, regardless of circumstances.

Self-awareness – putting the brakes on self-doubt
We all have moments of self-doubt, as well as moments of pure knowing. Somewhere in between, we exercise self-awareness. When it comes to money, self-awareness is the ability to challenge our thoughts, identify emotions and  and change our attitudes about money. Information (facts and figures) is not enough when it comes to moving beyond our self-doubt. Building a bank of emotional resources, such as confidence and trust, is done by actively challenging self-doubt through personal awareness. we know we’re moving beyond self-doubt when we feel empowered to choose what we want and have the internal courage and trust to act upon those choices.

Taking action
Acknowledge your self-doubt. Know it is there to teach you more about yourself.
Identify how your self-doubt expresses itself. Are the things you say to yourself defeating or self-limiting? Are you stressed or anxious? Do you put off making decisions or taking actions
Identify what fuels your self-doubt. Is it other’s opinions. Fear of making a mistake? Inability to appreciate your abilities?
Identify what’s needed to take the next step. Ask for help? Gather new information? Adopt new empowered attitudes? Organize? Plan? Delegate?

By BMO Wealth Management Team

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