The present research investigates how incidental confidence influences self‐interested behaviors. It is well established that being in a psychological state of lower confidence causes people to experience psychological aversion that they are motivated to reduce. We study the transfer effect of confidence; people strive to compensate for lower confidence in one domain by obtaining higher status in other unrelated domains. Prior research has linked money with status and suggested that money can increase confidence. Building on this research, we proposed and showed in four experiments that lower incidental confidence increased self‐interested behaviors that brought financial gains. Drawing on research on competitive altruism, we also predicted and found that when altruism, rather than money, was seen as the primary source of status, the effect of incidental confidence reversed such that lower incidental confidence decreased self‐interested behaviors. Data ruled out alternative explanations and provided consistent evidence for the proposed compensatory mechanism. We also discussed theoretical and practical implications of the present research. Copyright © 2017 John Wiley & Sons, Ltd.