Wednesday, May 30, 2012

Self-Confident People Make More Money, Study

Children with low-self confidence are not only bully magnets. Low self-confidence translates into lower earnings once bullying victims become adults. 

University of Florida management professor 
Timothy Judge says: 
"People with high opinions of themselves as teenagers and young adults drew bigger salaries in middle age than their less confident counterparts, and the gap was widest for those from privileged backgrounds."

This means that even if you grew up with wealthy parents, you're more likely to earn more money if you have high self-esteem than if you have low self-confidence (and wealthy parents). 

The financial status and income of your parents can help you earn money in the short term, but your self-confidence and self-esteem translates to long-term wealth and earnings.
Professor Judge found that self-esteem makes more impact if your parents have professional occupations or backgrounds. People from affluent families earn $28,000 more per year if they're confident, as compared to those who have wealthy parents but have low self-esteem. Those from less advantaged families only earn $7,000 more if they have high self-esteem than those who have lower self-confidence.

Your background makes a difference for your future, but your self-confidence gives you an extra advantage when it comes to making money.

Agreeableness Is Penalized 

Analyzing data from the Dutch DNB Household Survey, Nyhus and Pons [2005] found 
that among women agreeableness was associated with lower wages while men 
received a premium for autonomy (as tenure increases) and for conscientiousness 
(at the beginning of an employment relationship). 
Study confirmed that for both genders agreeableness was penalized while 
openness to experience was rewarded with higher wages in the labour market.

How Self-Esteem Affects Financial Income

Positive self-regard makes a difference in all aspects of your life! When you have high levels of self-confidence, you:

How to Increase Self-Esteem and Earn More Money

One way to build a positive self-concept is to succeed at slightly difficult things – and learn to bounce back from failures. Try setting small challenges at which you're likely to taste success, such as making conversation with a stranger at a party or speaking up at a meeting at work.
Work up to the bigger goals -- like earning a million or more dollars a year -- and go easy on yourself when you stumble.

See how The Prevention Team helps school kids stop bullying

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