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Asking for a raise can feel intimidating. Many people hesitate, and as a result, they end up earning far less than they deserve. Over time, the failure to ask for more can cost you a substantial amount of money, potentially hundreds of thousands. Recognizing the typical traits of someone who earns below their potential can help you identify what might be holding you back.
In her book, Secrets of Six Figure Women, author Barbara Stanny outlines several common characteristics of those who earn below their worth (though these traits are just as relevant for men). If you suspect you might be underpaid, it’s a sign you probably are. These traits can help you identify areas where you can make improvements. Here are six key characteristics to look out for:
Acceptance of Low Pay: You’re aware you could earn more, but you’ve grown comfortable with your current wage. You might even rationalize it to yourself.
Undervaluing Your Own Worth: You believe that earning well is out of reach for you.
Willingness to Work Without Pay: You might see the value in working for free at times, but you do it without a second thought.
Poor Negotiation Skills: You shy away from asking for more money and fear the consequences of doing so.
Reverse Snobbery: You assume that wealth comes with a hefty price and is not worth the effort.
Belief in the Morality of Poverty: Similar to the previous point, you associate being poor with higher moral ground and see money as a corrupting force.
In her research, Stanny interviewed 150 women and discovered that those who earned less shared these traits. High earners, by contrast, tend to be confident negotiators, embrace risk, and are comfortable making mistakes while getting started on their journey.
To explore more of Stanny's insights in her book, you can follow the link provided below.
Photo courtesy of Dan Moyle.
