Are you an underearner?

2012-08-07 09:07

If you identify with this checklist, you could be on the road to underearning.

» Not using your time effectively to work towards your goals and wasting time on things you know won’t amount to anything. This includes procrastination and missing important deadlines.

» Undervaluing and underpricing your work and time come at a high price.

This includes not asking for promotions that you deserve, because you don’t want to appear as though you’re asking for too much.

» Losing track of invoices, not keeping records of the work you’ve done, not following up on profitable opportunities and often being unsure of exactly how much you will be getting paid are signs that you are undervaluing yourself.

» Constantly seeking approval even after you’ve demonstrated your competence.

It can stop you from focusing on how you can move forward and can also lead to your skills being taken for granted, since you’ll take on more than you can handle in order to get approval.

How to deal with underearning
1. Look at your beliefs about money. Identify what your issues are surrounding your finances. You can only tackle your problem once you know what’s causing it.

2. Research your peers’ salaries. Find out what people in similar positions earn. Compare it with your income and ask yourself honestly why your earnings are less.

3. Spend money to earn more. Look into investing in a business consultant to help you build your business and price your services.

4. Value your time. This will not only help you use your time effectively, but also help you plan better.

5. Develop a solid action plan.

It should include addressing your underearning by identifying your financial goals and taking steps to achieve them.

6. Meet with a financial planner. Since you have a history of not handling your finances or understanding the psychology behind money, seek help from a professional until you are able to handle it yourself.

7. Read. One of the best books about under-’nearning is Barbara Stanny’s Overcoming Underearning: A Five-Step Plan to A Richer Life (HarperBusiness).

Read more here.

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