When was the last time you looked at a salespage from (fill in the name of your nearest competitor) and thought “I am just as good as she is – why is she charging *that much* (some amount 2 to 3 times more than you charge for a nearly identical program)? Urrgh!.”
Sometimes that feeling is jealousy pure and simple and you just need to raise your prices and get on with your life. But, other times, that green eyed monster is a sign of a (very common) problem that will stop your business dead in its tracks.
The question to ask yourself – Are you an underearner?
According to Barbara Stanny, author of Overcoming Underearning, “All underearners share one common trait: A high tolerance for low pay. But that description can be deceptive.
“Low pay” is a relative term. You can make six figures and still be an underearner. Conversely, you can earn far less and not be.”
Here’s the test: Are you earning less than you need to earn (or want to earn) despite doing everything you can to earn more? And… no this is not the same thing as choosing to do work that doesn’t pay well because you love it (bless you school teachers…)
Underearning is not something you choose consciously. It never makes you happier – it robs you not just of earning potential but of time, freedom, joy and even your self-esteem.
And, unfortunately, I talk to many, many brilliant and talented people who are literally shooting themselves in the foot and robbing the world of their brilliance by being underearner.
It’s not really easy to tell if you are underearner or not. Here are the 7 criteria, Barbara Stanny outlines in her book.
1. Are your finances a mess? Underearners go from one financial crisis to another – it’s a constant struggle to make ends meet and not get washed away by debt.
2. Are you fuzzy about how much money you have?— Instead of having a revenue plan for their business – they operate on hopes and dreams. They don’t have goals – they have wishes.
3. Do you under-value yourself? —Do you give away your time for free? Are you afraid to charge higher prices because you think that clients can’t/won’t pay you what you are worth?
4. Are you against earning money? — Deep down do you mistrust people who earn a lot of money? Do you think there is a virtue in being poor?
5. Are you in your own way? — Do you sabotage yourself by procrastinating, not focusing, being scattered? Possibly not delivering on your promises?
6. Are you last on your own to do list? – Underearners put everyone else first. This may seem noble – but anger and resentment builds up over time – making you much less effective.
7. Are you unwilling to be uncomfortable?— Become a high earner means you need to take some risks and gambles. Being safe keeps you where you are. To grow, you need to move – and that’s uncomfortable.
Does any of the above sound like you? Yeah… it was me too for a while…
Honestly, I’m sick and tired of seeing so many smart women waste their lives stuck in the underearning cycle – so this year, I’m taking a stand. Want to join me and get out of the underearning cycle forever?
I’m going on tour to help you make more money.
I’m going to be putting on a series of one day events this summer in cities throughout the United States.
Click here to register for a Make More Money Tour event near you (if there isn’t one near you, pick a city you would like to visit…) – and let’s put an end to your underearning once and for all.
© Copyright 2014 Michele A Scism