The Cure for Underearning
Get paid what you’re worth
I have a morning routine that works for me. I wake up, exercise, and read TheWall Street Journal. “The Journal” is 100 pages of business news, national news, world news – content that impacts my wallet. It’s where the mergers, acquisitions, stock plummets, and those all-important Greenspan and Buffett warnings are chronicle.
A few days ago, as I read the paper, I came across a story about how young Europeans, like many young Americans, are still living at home well into their 30s. There was also an article written about the 2.4 million Americans who earn their living as waitstaff, 15% of whom live in poverty. That number is more than double the percentage of U.S. workers who live in poverty (7%). That means there are 360,000 waiters and waitresses living in poverty. Their average wage if $8.94 per hour, about half the average pay of other U.S. workers.
First of all, let me say there are a large number of Americans who are currently not earning at their full potential. Whether it’s because they don’t value their skill set enough, or lost a position and are having trouble finding a position that offers comparable pay. We call these people under-earners. Barbara Stanny, author of the book Overcoming Underearning identified nine traits that underearners have:
- A high tolerance for low pay
- The tendency to underestimate their professional worth
- A tendency to work for free
- Trouble negotiating
- A negative view of money that causes them to engage in a sort of reverse snobbery
- A belief in the nobility of poverty
- A tendency toward self-sabotage
- A tendency to be codependent
- A propensity toward financial chaos
How to Start Earning More than Enough
If you find you have more in common with underearners than with high earners, it may be time to change your path. You can change your life for the better if you are willing to learn more and apply what you learn.
Information is power! Find out what your skill set is worth in your market. Find out the top and bottom pay for those with comparable skills. If you do not like what the top and bottom pay are, it may be time for you to find other ways to earn money.
The U.S. is known the world around as the “land of opportunity.” Irrespective of your background, upbringing, and previous mistakes, if you are smart enough and willing to work your ass off, you can improve your quality of life and quite possibly break the cycle of poverty off your family forever.
I arrived in the US 30 years ago, with less than $1,200 in my pocket. In the last 30 years,
I have built and sold a dozen businesses in financial services, technology, legal, insurance, and real estate. I have employed thousands. But there have been times when I’ve had to lay off my staff. I’ve filed for bankruptcy twice. I’ve had to battle legal woes and literally fight for my freedom and my future for an entire decade of my life (coincidentally, always do what you can to get a good lawyer; the jury conviction rate in the US is close to 80%). That’s all part of the process sometimes.
Remember: It’s not the troubles that define you. It’s how you are able to rebound from trouble that defines you.
When things fall apart, and they will fall apart, let the dust settle then get up, clean yourself off and start over again. Win or lose, I can honestly say I learned and had fun with every endeavor on which I embarked. I have learned to see the opportunity in everything. There is opportunity in making money just as there is opportunity in going broke. The ability to see the opportunity in everything is one of my primary strengths as an entrepreneur. It’s what fuels my ability to reinvent myself and pivot challenging circumstances so they work for my good.
I stay informed. I stay educated. I sharpen my skills, so my professional worth is perpetually increasing. And so will yours.
At the very core of GIC Deal Finders is the need to pay people what they are worth. As a Property Hunter, you provide a valuable service. You invest your time, energy, smarts and skill to find properties, locate owners, and help us secure the deal. You deserve to receive adequate pay for the results you help produce.
Join us today and learn a skill that will help you to acquire wealth and be paid what you’re worth for the rest of your life. Click here to register.