Self-esteem affects every area of a person’s life. With low self-esteem comes discouragement, relationship problems, and even health issues. Of course, the opposite is true, too: A positive self-image stimulates creativity, a can-do attitude, and better physical well-being. One of the best ways to boost your self esteem is to achieve financial freedom from debt.
Whether your debt comes from an investment like that enviable college degree, a splurge vacation, or hardships in your past, it can effect your self-esteem negatively. Believe it or not, debt actually improves the self-esteem of young people, according to Ohio State University sociologists Rachel Dwyer and Professor Randy Hodson. However, around the age of 27 when the responsibilities of life start to catch up, the heavy burden of debt takes a toll on these same respondents.
The Vicious Cycle
Getting down on yourself doesn’t happen overnight. And usually, getting out of debt takes time, too. The key is your daily habits, and that starts with mental patterns. According to the Mayo Clinic’s Mental Counseling team, once you’re aware that debt is triggering your low self-esteem, these steps can help you reverse the cycle.
Changing your self-image through external factors like your appearance or philanthropic activism may have immediate benefits, but digging yourself out of a place of debt takes a long-term approach, and the rewards are more permanent.
What about you? How has your self-esteem been effected by debt or financial freedom? Leave a comment or tell your story below.
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