Think about the last time you made a decision that you later regretted. Maybe you chose to stay in a bad relationship, or you passed up on a great opportunity at work. Whatever it was, there’s a good chance that your low self-confidence played a role. When we don’t believe in ourselves, we tend to make choices that aren’t in our best interests. This can be incredibly costly for both our personal and professional lives. In this blog post, we’ll discuss the cost of low self-confidence and how to overcome it!
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How do I know that I am suffering from low self-confidence?
There are a few key signs that you may be suffering from low self-confidence. Do you frequently second-guess yourself? Do you have trouble speaking up for yourself or taking risks? Do you find yourself comparing yourself to others often? If you answered yes to any of these questions, then it’s likely that your self-confidence is holding you back.
What does low self-confidence cost in non-monetary terms?
Low self-confidence can be incredibly costly. Here are a few examples:
- You miss out on opportunities because you don’t believe in yourself.
- You stay in jobs that you hate because you’re afraid of change.
- You have a hard time making friends or building relationships because you don’t feel worthy.
- Your self-doubt keeps you from reaching your full potential.
- You stay in unhealthy relationships because you don’t think you deserve better.
- You don’t pursue your dreams because you don’t think you’re good enough.
What is the value of self-confidence?
Self-confidence is valuable because it allows you to take risks, pursue your dreams, and live a life that is true to you. When you have self-confidence, you feel like you can accomplish anything. You believe in yourself and your abilities, which leads to success both personally and professionally. You put yourself out there, understanding that it’s all an opportunity to learn and do better.
Does low confidence have a monetary cost?
There is no definitive answer to this question. However, there is a lot of research that suggests that low self-confidence can lead to several costly outcomes. For example, in one study it was found that people who had low self-esteem earned less money than those with high self-esteem. This could be because people with low self-confidence are less likely to negotiate for higher salaries or ask for promotions. In another study, it was found that people with low self-esteem were more likely to experience job loss and unemployment. This could be because they lack the confidence to sell themselves in interviews or networking situations.
In fact, a specific study in 2008 showed that low self-confidence can cost a blue-collar worker $7,000 a year in wages, while it costs the average white-collar worker $28,000 per year. That’s a lot of money.
What is the monetary cost of a lifetime of low self-confidence?
If we take the numbers above, and add 2% for inflation every year between 2008 and 2022, that increases the amount you could lose out on per year. Consider also that the average life expectancy in America is around 80 years old. If you subtract your current age from 80 and then multiply it by the annual cost, you can get an idea of the cost of low self-confidence that you will pay if you don’t start to make a change. We have provided a handy calculator below. The result will be shocking!
This calculator is an estimate only. The actual cost may be higher or lower depending on your individual circumstances. Also, note that the result doesn’t account for inflation past 2021.
How much money could I earn if I become more confident?
It’s impossible to tell and we can’t make any guarantees or warranties about this. There are a lot of variables that can affect the final number, such as time, desire, effort, motivation, and more. After all, Confidence Boost Academy isn’t dedicated to business coaching. However, if we take a look at the result of the exercise below, it stands to reason that the number is also eye-popping. At the vary least, you will stop leaving opportunities for growth on the table. You will also prevent some of the negative effects that the stress of what you settle for could cause.
How do I start to overcome low self-confidence today?
This is a difficult question because low self-confidence is often a deeply ingrained habit. It can take time and effort to make changes. However, here are some ideas that might help:
- Start by acknowledging that you want to change and be more confident. This is an important first step.
- Identify your strengths and focus on building on them. Put as much energy as possible into getting to know yourself and what would make you happy.
- Allow yourself to feel good, right now. So often we hold off feeling good until we accomplish something. All that does is prolong your misery.
- Challenge your negative thoughts and reframe them in a more positive light.
- Make a list of things that you are proud of that you have accomplished. It doesn’t matter the size of the win.
- Focus on taking small steps instead of thinking about the entire journey ahead.
- Set realistic goals for yourself and celebrate when you reach them.
- Prepare, practice, perform, and persist. Make sure that you stay ready so you don’t have to get ready!
- Hire a coach. A good coach can help you to develop a plan, identify your strengths and weaknesses, provide accountability, and give you the support that you need.
Wrapping it up
The cost of low self-confidence is high. It can lead to lost wages, joblessness, and decreased well-being. Over a lifetime, this can add up to tens or even hundreds of thousands of dollars. If you are struggling with low self-confidence, know that you are not alone. There are steps that you can take to overcome it. With time, effort, and persistence, you can make a change. And, when you do, the rewards will be great!