How Does Money Change Your Self-Worth?

Having high self-worth is an important part of self-acceptance and living a happy life. If you have low self-worth, you are ultimately going to accept less than what you deserve in your life and will likely be unable to accept yourself. If you are already accepting less than your worth, fight those self-doubting thoughts.

What is self-worth?

Self-worth refers to the subjective value and sense of dignity that a person assigns to themselves. It is the belief and perception of one's own inherent value, regardless of external circumstances or validation from others.

Self-worth can be influenced by various factors, such as personal achievements, relationships, experiences, upbringing, and cultural and societal norms. However, it ultimately comes from within and is shaped by how a person thinks and feels about themselves.

Our self-worth can will often change in our lives, and different stages of our lives will incite high or low self-worth. You may find that in high school you have low self-worth if you don't feel popular or are bullied. You may find when you reach your early 30s that you have a solid friendship group, you are happy in your career and feel set in your life, which will lead to high self-worth and acceptance.

How can money affect your self-worth?

So how does money fit into your self-worth? Having a higher income can mean that you have the means to dress a certain way, eat out at restaurants more often, engage in activities more often and surround yourself with belongings that bring you joy.

Will taking a pay cut mean I have low self-worth?

With a loaded question comes a loaded answer. What is the reason for taking a pay cut? Is it to do a more fulfilling job that brings you more joy? Is it because you've not been hitting your job quotas?

If you are changing your job position to please yourself, it is likely that your self-worth won't decrease, however, if you are being forced to take a pay cut or demotion, there is a high chance your self-worth may decrease.

How does having ‘hand to mouth' income affect your self-worth?

Having a ‘hand to mouth', or only having enough income to pay your bills and get food onto the table can have a major effect on your self-worth. You may feel that you aren't good enough to be in a higher-paying job, or that you aren't good enough with money to be able to save any more money.

To be able to have high self-worth whilst struggling to make ends meet will require a lot of effort to keep your spirits high and put more emphasis on what you offer the world in terms of your personality and compassion. You will need to focus less on what your money status means, and more on what you think of yourself as a person, not on your job role.

How can your self-worth change if you have more money?

Ever heard the saying ‘more money, more problems'? Now whilst increasing your income does get rid of problems like living expenses and never being able to go out for dinner, it will bring along some new challenges. Increasing income may lead to you seeking a better home, more furnishings and living a more lavish lifestyle, which will entail keeping up with those expenses.

Many people feel like they are more important if they have a high standing in their jobs or social life, which leads them to have high self-worth and hold themselves in high esteem.

On the other hand, many people find high self-worth with an increase in money because they can give back more, they can gift to their friends more often and donate to more causes. Helping others around you can give you a massive boost of self-worth because you know you are helping other people.

What effects can self-worth have on the rest of your life?

Having a healthy level of self-worth is essential for one's mental and emotional well-being, as it allows individuals to feel confident, capable, and deserving of love and respect. Conversely, low self-worth can lead to negative self-talk, self-doubt, and self-sabotaging behaviours.