Most of us have been there: That internal itch telling you it is time for a change, a new look, a new life, a new us. Today, we are surrounded everywhere with the enticing notion of reinventing ourselves – the idea that higher self-esteem is always just one more trend away.
Even as our attitude towards consumerism is shifting and we are increasingly looking for more sustainability in our lifestyle, it can often seem as though “buying less, but better” is the key to a better version of ourselves.
But behind these narratives often lurks the idea of spending for self-esteem – when in fact, the best way to a better you may just be investing in your financial freedom.
Many people still shy away from investing because it makes them feel the opposite of confident. This is especially true for women. But in fact, a well-grounded financial plan for your future may be more rewarding for your self-esteem than a traditional makeover.
Treating yourself vs. Investing in yourself
Most things we buy for self-improvement are marketed as an investment in ourselves. The right exercise gear, the right gadget, the right new interior for our home can feel like a step in the direction of a better, more confident life. Yet more often than not, these things are temporary treats rather than real investments in our confidence. Meanwhile, our financial setup holds the power to create a much more grounded sort of confidence: The kind that comes from having more choices, less stress and a clearer understanding of our own priorities.
Many people still shy away from investing because it makes them feel the opposite of confident. This is especially true for women. But in fact, a well-grounded financial plan for your future may be more rewarding for your self-esteem than a traditional makeover: ironically, financial independence is far more achievable than many of the things women have been conditioned to strive for.
Elegance is a mindset – and so is investing
Diana Vreeland once said: “The only real elegance is in the mind; if you’ve got that, the rest really comes from it.” Much of this notion of elegance can be found in the mindset of an investor: We need to understand who we are, who we are not, what we value, and what we are willing to risk. We need to be willing to learn and grow. We need to be able to resist chasing blindly after trends. And we must insist on staying in control of the important choices about our lives.
Just like elegance, the investor’s mindset is something we cultivate over a lifetime. We are not born knowing what to do, but we can choose to seek out the guidance we need to acquire the necessary skills. And just like elegance, investing really is for everybody. All we need is the courage to begin.
Once we have the necessary knowledge and the right support, we can use our financial life to take a stand. Through this process, we come to gain clarity on what matters most to us. And knowing what we stand for may just be the best building block for true confidence.
Building confidence by understanding your values
You may remember the “Color Me Beautiful” movement born in the 80s. Perhaps your mother “had her colors done” to discover her seasonal skin type. Perhaps you have even taken the online quiz yourself and consequently eliminated any items from your wardrobe that didn’t match the Cool Summer color chart. The fashion industry has long understood how deep the human need for individual self-expression really runs. Yet, it keeps finding ways to make us question and redefine our “type”, both in creative and deeply problematic ways.
A more sustainable and more effective way of expressing who we are can be found in investing. “If you don’t understand how the stock market works, you can’t make sense of your money. That’s not only a missed opportunity for individual investors, but also for a better world”, says Olga Miler, fintech entrepreneur and founder of SmartPurse, the online platform helping women grow their financial expertise. Miler has made it her mission to help women build the skills they need in order to take charge of their financial future. But she also believes that we vote with our money: every time we invest, we have the power to support companies that share our values.
Once we have the necessary knowledge and the right support, we can use our financial life to take a stand. Through this process, we come to gain clarity on what matters most to us. And knowing what we stand for may just be the best building block for true confidence.
Planning your financial make-over
Step #1: Assess your needs
Many people feel that a lack of knowledge is what keeps them from developing true financial confidence – so when planning your financial makeover, it can be useful to start with where you stand today. Here are some questions that can help you gain more clarity.
How does my current financial plan look and how does it make me feel?
Do I have a clear understanding of my financial goals?
What has been stopping me from growing in this area of my life?
Which questions would I be asking if I wasn’t afraid?
Step #2: Define the goal
Instead of determining to reinvent your financial life overnight, it can be more productive to set realistic goals for yourself. The first step might simply be to list the questions you have. The second may be set aside time each week to find answers. The more you can integrate growing your financial self-esteem into your daily life, the more long-lived and rewarding the experience will be.
Step #3: Begin your journey
Once you feel ready to start growing your financial knowledge along with your confidence, look for resources that can help answer your existing questions (and more).
i-vest was created to be one of these resources! Here are some articles that may help kick things off for you.
Our free masterclass is another great way to start your journey: A 10-part weekly e-mail series, it was designed to simplify the world of investment and provide a helpful stepping stone for those just getting started. Bon voyage!
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