How Not Trusting Yourself Can Sabotage Your Financial Wellness

Dentistry has come a long way in making us feel more comfortable in the chair. From the latest methods for reducing discomfort to the soothing spa-like environment, everything has been done with the intention of putting us more at ease.

And yet all of this can’t eliminate one of the biggest reasons people avoid dental care: shame. It’s embarrassing to be told that you haven’t been taking good care of your teeth.

While embarrassment is a complex emotion that’s difficult to measure, researchers have identified it as a leading cause in avoiding dental care.1

No matter how nicely the dentist tries to phrase it, hearing about the consequences of bad dental habits causes people to reflect poorly on their own self worth. They think, “What kind of person fails at basic oral hygiene?”

No wonder they avoid checkups and their minor problems become major ones.

This negative cycle of shame and avoidance can also be a significant barrier to good financial health.

Nathan Astle, a marriage and family therapist who specializes in financial issues, has found that even the best practical steps, like budgeting, paying off debt, and meeting savings goals can all be undermined by self-distrust.

“In my work as a financial therapist,” writes Astle, “I’ve seen time and time again how deeply people struggle to trust themselves with money. Not because they lack intelligence or willpower, but because they carry the weight of past mistakes . . .”2

In his practice, Astle has seen that a little guilt can be helpful. If someone has overspent or purposely missed a payment, they shouldn’t feel good about that behavior. However, a financial mistake (or two) should not define who they are. When they make a bad decision, they should feel free to admit it and then move on to do better.

It’s important to remember that, in money matters, nobody is perfect. Making a bad decision should not disqualify you from actively pursuing financial wellness.

Astle recommends two significant things people can do to build self-confidence around money: Increase their financial literacy. And talk with someone they trust.

As your financial advisor, we are eager to help you with both. The better you understand how your unique plan is functioning to achieve your investment and retirement goals, the more confident you’ll be in your participation. And when you talk with your advisor to flesh out the big why in your life after work, the more motivated you’ll be to pursue that dream.

Sources:
1. http://go.pardot.com/e/91522/articles-PMC411042-/96wg3r/2908750225/h/I2t-gYn01wl9iUui6PpwKLf70yn7INHwmmykyDs6osw
2. http://go.pardot.com/e/91522/-barrier-to-financial-wellness/96wg3v/2908750225/h/I2t-gYn01wl9iUui6PpwKLf70yn7INHwmmykyDs6osw