Linking self-worth and net worth!

For those of us down under, an abundance of fresh strawberries in season is usually something we watch everyone else devouring … while we’re all rugged up at this time of year, watching the Wimbledon tennis action on television!

Watching Wimbledon is not just about the tennis, it’s about history and tradition, it’s about strawberries and champagne, it’s about acknowledging all the celebrities in the crowd, and it’s about getting in touch with what it takes to have the mindset and self-worth of a champion. With such an amazing standard of tennis this year, many of the top players can beat each other on a good day. Seasoned players Roger Federer and Serena Williams who both regained their Wimbledon crowns, showed their extraordinary power of self-belief. When push came to shove, they both demonstrated their self-worth combined with their mental toughness … and managed to bring it home! It got me thinking about the link between self-worth and the net worth of anyone who excels or struggles in the area of money.

Having a date with your self-worth and net worth

It reminded me of the people I am currently working with who are struggling with facing and accepting their current net worth position.

Simply put, your net worth is the sum of your assets minus your liabilities, and the way to increase your wealth is to increase your net worth.

It all sounds so simple and logical, but let’s consider the impact on the people I’m currently working with. Any struggle with accepting their current net worth position is sourced in facing their self-worth with money:

  • A woman in her early forties has just discovered she has a net worth of $8,000 and is very upset at this point.
  • A woman in her mid forties who knows she should be doing something but not knowing where to start.
  • A woman in her late sixties who realises she’s digging into her retirement savings and it’s not going to last.
  • A woman in her late thirties who is struggling: “I have been completely engaged in my internal dialogue … telling myself that I’m not worth it and I can’t turn this around … and what’s the point Blah Blah Blah … while dealing with everyone else’s issues and putting my importance to the side.”

The reality is that if you don’t have the net worth you’ve planned for, it simply means you’ve:

  • spent too much or
  • saved too little or you
  • need to earn more.
  • If your net worth is negative, saving is your first priority for getting out of debt.

The words of Dr. Venus Opal Reese reveal it all:

“The truth is you can never outperform your self-image. Your net worth will never exceed your self-worth.”

It’s a timely reminder for all of us to decide we are ready to step up … to put a stake in the ground and declare: “If it is to be, it is up to me!”

5 easy ways to shift your self-worth and net worth

  1. Review your net worth position.  You can find all the details in Chapter 3 of Champagne Life on a Beer Budget: ‘Where does all the money go?’ starting on page 56.
  2. Look for ways to move smarter: If you’re an Australian resident, seek advice on starting your own self managed superfund. The tax advantages are excellent. You can start with some free information here
  3. Set up an automated savings plan.
  4. Invest any unexpected money that comes your way into assets that build your financial future, instead of blowing it on a holiday or a new car.
  5. Take action to start earning more.

Last week I wrote about your major life focus for the next six months. If your self-worth/net worth is an issue for you, now’s the time to take action and make it your major life focus!  … and Remember to have a glass of bubbles to celebrate your newfound self-worth!

Read more from Maree Wrack at her blog Champagne Life on a Beer Budget

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