For a good deal of my life, I lived under a dark cloud of fear that I would end up financially destitute—a bag lady. Studies reveal that I’m not the only one. Most of us have felt that way, not because we’re broke, but because we lack confidence. That makes us timid, worried and financially insecure.

Look, we don’t have to accept financial insecurity as some kind of life sentence. And that constant and gnawing fear of becoming destitute? Forget it! We can do something about this.

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Become a saver. Saving money is like magic because it changes your attitude and calms your fears. I saved my way out of a six-figure pile of debt. Knowing I had cash tucked away in a safe place quieted my insatiable desires. That is where I found my determination to stick with repaying the debt. You must start now, today—no matter your situation. Even if you are in debt and struggling to catch up and even if you are already contributing to a 401(k) plan at work. This is different. You need money in the bank to boost your financial confidence.  Read more