High Self-Esteem Equals More Money

Believe in Yourself and Earn Big Bucks?! Research Results Are In

May 22, 2007

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Research proves that believing in yourself (healthy self-esteem) translates to a higher financial income - whether you have wealthy parents or not.

Researchers at the University of Florida found that high self-esteem leads to earning more money. If getting rich is connected to a positive self-concept, do all wealthy people enjoy high levels of positive self-regard?

The study

University of Florida management professor Timothy Judge says, "People with high opinions of themselves as teenagers and young adults drew bigger salaries in middle age than their less confident counterparts, and the gap was widest for those from privileged backgrounds."

This means that even if you grew up with affluent parents you're more likely to earn more money if you have high self-esteem than if you're not confident (with rich parents). The financial status of your parents gives you a boost up the ladder, but it's your self-confidence that translates to big bucks in the long run.

Professor Judge found that self-esteem makes more impact if your parents have professional occupations or backgrounds. People from affluent families earn $28,000 more per year if they're confident, as compared to those who have wealthy parents but aren't confident. Those from less advantaged families only earn $7,000 more if they have high self-esteem than those who have lower self-confidence.

Your background makes a difference for your future, but your self-confidence gives you that extra boost to succeed.

What high self-esteem does

It makes a difference in all aspects of your life! When you have high positive self-regard, you:

Are more likely to take risks.
Don't blame yourself for mistakes.
Bounce back easier after failure.
Are more motivated to achieve.
Have ambitious goals.
Make less self-destructive choices.
Are more likely to ask for help or seek support.
Strongly believe in yourself.

Wealthy people and positive self-regard

Not all rich people enjoy high self-esteem. It depends on various personality and family factors, one being how the wealth was achieved. For instance, working, planning, failing, and readjusting your goals is more likely to lead to a positive self-concept than inheriting a few hundred million dollars from mom and dad. Struggling for financial wealth – or any type of success – can lead to a healthy self-concept…unless of course it was obtained through illegal or immoral means.

If you feel bad about yourself, money won't increase your self-esteem. Neither will losing weight, sprucing up your appearance, or buying a new red sports car.

Building self-esteem

One way to build a positive self-concept is to succeed at slightly difficult things – and learn to bounce back from failures. Try setting small challenges at which you're likely to taste success, such as making conversation with a stranger at a party or speaking up at a meeting at work. Work up to bigger goals, and go easy on yourself when you stumble.

The copyright of the article High Self-Esteem Equals More Money in Psychology is owned by Laurie Pawlik-Kienlen. Permission to republish High Self-Esteem Equals More Money must be granted by the author in writing.