Trauma, misinformation, poor mental wellbeing and life experiences are all factors that erode our confidence. And a lack of confidence affects every area of our lives – from our personal relationships and quality of work, to health and our wealth.
Here’s something that we’ve learnt about confidence: it’s not something we arrive at after future success, it’s something we work on today that helps us achieve success in the future. In other words, confidence is not actually the result of success, it’s the cause.
The sooner we can rebuild our financial confidence, the sooner we can improve our overall wellbeing. (and vice versa!)
A solid financial plan can be sabotaged by a lack of self-confidence.
We’ve put together some simple tips to help you rebuild your confidence levels so that you can start enjoying the journey more today and get to your destination tomorrow, that much more easily.
Confident people make healthy decisions
A staggering amount of poor decisions can be traced back to an impulsive decision led predominantly by emotion instead of rational thinking. So, the first step in rebuilding financial confidence is to get things that wreak havoc with your emotions, in check.
Sleep seven hours or more a night, exercise regularly and avoid blood sugar-spiking foods which affect your emotions like refined sugars and fast food. Even better, try meditation or another mindfulness technique to learn how to master your internal thoughts and make them more positive. You’ll be amazed by the decrease of thought-clouding tiredness, emotional stress and impulsiveness in just a few short weeks.
Break it down
Most ultimate financial goals are set for far in the future, like starting a fund for your child’s university education while they’re in nappies or opening a retirement annuity in your twenties. It can be easy to lose sight of the far-off goal and lack confidence in your plan.
The best cure for this is to break your goal down into small, achievable steps that can be done today, like researching the average cost of university fees on Google or booking an appointment with your financial advisor. Staying connected to the ‘why’ of your investment will help you rebuild your financial confidence.
Make small goals and keep them
This leads us to the most rewarding step that takes your financial confidence from zero to hero – making promises and keeping them. When you tell yourself you’ll do small step number 1 today, and then you do it and congratulate yourself, you stimulate a surge of endorphin in your brain. This is the feel-good, ‘I can do this!’ hormone, and it physically enables you to be more confident.
It creates a cycle of positive momentum, as you now have the energy to carry out your next small step to achieving your goal. As the steps get bigger and bigger naturally, you learn to have confidence in the wealth-making process but also, most importantly, in yourself.
Rebuilding your financial confidence is just one of the ways that our advice at WellsFaber helps you thrive!