Do you think to make more money you need to work more?
I’ve taught many classes on how to manage money and increase your income. In those classes I ask my students to complete the following sentence.
I want to make more money but…
So often the ending to that sentence is; I don’t want to work that hard.
We think that to make more money we’d have to work way more hours and have much more stress than we do already. The thing that is so interesting to me is that most of my clients who don’t earn a lot are already working incredibly hard, often working overtime or having a side hustle just to make ends meet. I can’t imagine them working any harder than they already do. They are holding themselves back, not applying for better paying jobs because of this belief.
Work has to fit into our life and not lead to burnout. But is this assumption true that earning more money means we must work more hours? Experience tells me that those making twice as much don’t work any harder or longer than those making less money. In fact, most high earners work less hours and take more vacation time.
Barbara Stanny, now Barbara Huson, in her classic book Secrets of Six Figure Women, commented on this belief that more money equaled less personal time. She assumed that women who made really good money must all be workaholics. But what she found was quite different. In fact, a majority of women earning over $100,000 a year worked forty hours a week or LESS. “It was the intensity of focus on their work, not the number of hours they spend doing it, that factored so heavily into these women’s financial success.”
If you are currently working for someone else what I’d like you to do is google “salary for” and then whatever your job title is for your location. So, for example, if I was doing this I would be entering salary for Financial Counselors in Chicago.
If you are self-employed you want to google what others who do what you do are charging. If you can’t find the answers there be a little creative and see if you can find out in other ways. You can pretend you’re interested in your competitors service and see what they charge.
Then I want you to see where your salary is in comparison to the range that is listed. Are you making as much as you could? If not, why do you think that is? If you aren’t charging as much as others, why not?
What are the things you are saying to yourself to justify accepting less than you should be making?
Have you asked for a raise lately or increased your fees? If not, what are the things you are saying to yourself about why you aren’t asking for more?
For many people, women in particular it is really uncomfortable to ask for money. In addition, we may unconsciously believe we don’t deserve to be making more than just enough.
When you complete the sentence “I want to make more money but….”, the end of that sentence will be the reason you aren’t earning more.
Examining your beliefs about money is key to earning more.
So, what do you believe?
In Money coaching we examine your beliefs and assumptions about money to help you see how you have been holding yourself back. It absolutely can help you increase your income and financial peace of mind. If you’d like to see if money coaching would be right for you schedule a discovery call.