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July 10, 2009

5 Tips For Earning What You Really Deserve

Posted by barbarastanny under Barbara Stanny, Business, Earning, Empower, Inspiration, Money, Salary, wealth | Tags: , , |
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Want to make more money?  Well, I’ve got the secret.  And I’ll bet it’s not what you think.

It sure wasn’t what I expected when I interviewed hundreds of high earners for my books; Secrets of Six-Figure Women and Overcoming Underearning®. Very few of these highly successful women were driven by money, yet they still demanded to be well compensated because – and here’s the Big Secret – they felt they were worth it.

The good news is that it’s possible for all of us to build up our self worth. Here are some tips for pumping up your self-esteem along with your net worth:

1. Think Big, Then Think Even Bigger

What most of us do is unwittingly limit our earnings by lowering our expectations.  Especially women.  The idea is to think in terms of what you are worth, not just what you assume the market will bear.

2. Do Your Homework

One of the worst negotiating mistakes women make is picking a number out of the air that’s way too low.  The smarter ones find out their market value by researching the going rates, then ask for more than is offered so they’ll have room to maneuver and negotiate.

3.  Take the Initiative

Have tangible evidence of what you bring to the table.  Maybe you saved your company x-amount of dollars or had an idea that generated so many sales. Every time you accept more responsibility, successfully complete a challenge or create positive changes, document it.  Keeping records is an effective means of demonstrating your value to an organization.

4.  Daily Affirmations – Act As If

Affirmations are positive statements expressed as if they’ve already happened.  For example: “I have the confidence to ask for what I want” or
“I deserve more money in my life“.   Write them down.  Post them in full view. Say them out loud as often as possible.  When you act as if you’re worth a lot, you’ll eventually convince yourself as well as others.

5.  Challenge yourself in other areas

A stretch in any area of life has a ripple effect in other areas as well.  If you can’t quite get yourself to volunteer for that tough assignment or ask for a raise, try signing up for an art class or running a marathon.  Anything that puts you out of your comfort zone builds confidence and self-worth.

By practicing these tips, you’ll begin to notice a shift in how you feel about yourself.  Making more money becomes not something you should do, but something you have to do – because you know in your heart you’re worth it.

Barbara Stanny

The leading authority on women & money
barbara@barbarastanny.com
www.barbarastanny.com

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June 10, 2009

Start Reading The Wall Street Journal, Now!

Posted by barbarastanny under Barbara Stanny, Business, Economy, Finance, Invest, Money, Politics, wealth | Tags: , , , |
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Note to financial neophytes—don’t let theStart Reading The Wall Street Journal - Now! Wall Street Journal intimidate you.  It’s a fabulous learning tool…and offers some fascinating reading… for everyone, no matter how much, or how little, you know.  http://online.wsj.com/home-page

Sure it’s full of, what may appear to some, as indecipherable gobbly-gook, written in ‘broker-speak.’  But the WSJ is a very powerful resource, so ignore all of that and focus on the following:

1.      Peruse the front page.  Every once in a while there are some great human interest stories about the good, bad, and especially the greedy.  Plus, the side-bar on the left is like “Current Events for Dummies”… a collection of news snippets giving you a speedy update  to the latest news (financial and otherwise).

2.      Glance over the following two sections: Marketplace and Money& Investing.  A quick peek is all you need. You’ll be amazed at how much you’ll pick up just by osmosis.

3.      Savor the fourth section (called by different names depending on the day of the week): Personal Journal (Tuesday-Friday); The Journal Report (Monday);  Weekend Journal (Saturday).  This section is loaded with easy-to-read,  often fascinating,  and always useful  tidbits….everything from fashion, sports and personal finance to restaurant, wine and  book reviews.

Let’s take Monday’s WSJ’s Journal Report (theme for this report was “Your Money Matters”).  The front page article was Best Online Tools for Personal Finance, and it was chock full of excellent (and free) website recommendations.

Even if the only thing you do is glance at the Wall Street Journal everyday for 3 months, you’ll be amazed at how much you learn!  Don’t be intimated.  The Wall Street Journal is a great resource, and a must read if you’re serious about upping your personal “financial awareness quotient”!   Try it and report back.
Barbara Stanny
The leading authority on women & money
www.barbarastanny.com

 

December 12, 2008

Achieving Financial Success, In Spite of Fear (yours and everyone else’s)

Posted by barbarastanny under Barbara Stanny, Business, Economy, Empower, Finance, Money, debt problems | Tags: , , |
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Have the headlines got you spooked?

I Can Do This !! Let me introduce you to my 2    Laws for Financial   Success…In Spite of Fear  (yours and everyone else’s!)…(drum roll please!)…expressly for the faint-hearted and other victims of the current fear mongering.

1.  Stanny’s Law of Resistance—the amount of resistance you experience in any endeavor is directly correlated to the amount of power and pleasure available on the other side.

2.  Stanny’s Law of a Lousy Economy—no matter how bad the economy, there will always be people who are prospering.

The following email demonstrates these laws in action.   The writer, a seminar graduate, ended up in the hospital after the first day of a 2 day seminar!  Even though she was in utter fear and the economy sucked big-time, she tenaciously respected Stanny’s Laws!  Look what happened:

Dear Barbara,

I took your Overcoming Under Earning Workshop last fall.   I am the woman who spent the night (after the first day) hooked to an IV in the emergency room.   My body was physically rebelling the changes that were taking place  in  me emotionally in your workshop!   As crazy as it seemed, I forced myself back for the second day… knowing I had every excuse not to launch deeper into more of my financial  mud pit.

Thank goodness I did… I am very happy to report that despite the economic upheaval of our Country I am better than ever.!!!! Since I saw you I have made some real tangible changes.  First off, I got the courage to go back to court and get a child support adjustment… this was something that I had been avoiding for 9 years… results a 233% increase!!!! Long overdue, obviously.

Even better than that, I finally know my financial future is completely in my hands… and that is incredibly empowering.   I now know that I control my financial future.  (I feel excited just writing this, and even more excited living it!!! )  I am working “smarter not harder“.

I have adjusted my business focus to accommodate the economic environment.  I now do what I had been doing full time, part time, and am working more full time with my internet brokerage company.  The  shift in focus has given me great financial success, as a matter of fact by staying on the course I am on  now, I am estimated to triple my best income  ever within 12 months!!!  Wow, didn’t even know what leverage was about a few years ago.

Just wanted to send you my  success story and express my thanks   for you, and the door that you helped me open in my life!

The moral of this story: never ever let fear or resistance stop you from going for the gold… regardless of what’s happening ‘out there’ or going on ‘in here’ (i.e. your head).  Resistance is simply a clear indication of what you need to do next!!

 

March 27, 2008

5 Tips for Getting Paid What You Really Deserve

Posted by barbarastanny under Barbara Stanny, Business, Career, Earning, Finance, Money, Salary, Women, wealth | Tags: , , , , , , , |
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I’ve learned a lot from interviewing high earners. But perhaps the most significant lesson was this:

Even though these women were not driven by money, they demanded to be well compensated because-and here’s the Big Lesson- they felt they were worth it.

The problem: women, in general, devalue themselves. These women, however, taught me specific ways to strengthen self esteem. Here are 5 tips for pumping up your self-worth along with your net worth.

  1. Think Big, Then Think Even Bigger5 Tips for Getting Paid What You Really Deserve – What most of us do is unwittingly limit our earnings by lowering our expectations. Especially women. The idea is to think in terms of what you are worth, not just what you assume the market will bear.
  2. Do Your Homework – One of the worst negotiating mistakes women make is picking a number out of the air that’s way too low. The smarter ones find out their market value by researching the going rates, then ask for more than is offered so they’ll have room to maneuver.
  3. Take the Initiative - Have tangible evidence of what you bring to the table. Maybe you saved your company x amount of dollars or had an idea that generated so many sales. Every time you accept more responsibility, successfully complete a challenge or create positive changes, document it. Keeping records is an effective means of demonstrating your value to an organization.
  4. Daily Affirmations -Act As If - Affirmations are positive statements expressed as if they’ve already happened. For example: “I have the confidence to ask for what I want.” “I deserve more money in my life.” Write them down. Post them in full view. Say them out loud as often as possible. When you act as if you’re worth a lot, you’ll eventually convince yourself as well as others.
  5. Challenge yourself in other areas – A stretch in any area of life has a ripple effect in other areas as well. If you can’t quite get yourself to volunteer for that tough assignment or ask for a raise, try signing up for an art class or running a marathon. Anything that puts you out of your comfort zone builds confidence and self-worth.

By practicing these tips, you’ll begin to notice a shift in how you feel about yourself. Making more money becomes not something you should do, but something you have to do-because you know in your heart you’re worth it.

If you have other suggestions, I’d love to hear them.

 

March 10, 2008

The Secret of SHE

Posted by barbarastanny under Barbara Stanny, Business, Career, Earning, Feminism, Finance, Inspiration, Money, Salary, Women, wealth | Tags: , , , , , , |
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I just got an enthusiastic email from a client: “I feel as if I have discovered from you a magic secret of life that nobody else on the planet knows about.”

OK, she may be exaggerating…a bit. But in truth, what she learned IS one of the most powerful, and best kept secret among Successful High Earners (SHEs). It’s also the biggest show-stopper for underearners.

The secret– so utterly simple, yet so profoundly difficult—goes like this: “When you commit to a goal, you don’t have to know how you’ll achieve it. You just need to do what comes next.”

I learned this from my interviews with SHEs. To paraphrase a famous quote, they’d set a goal, jump off the cliff, and build wings on the way down. Conversely, Underearners think they must have a full-blown plan all figured out before they’ll even allow themselves to consider taking a leap.

Here’s a typical conversation (from an actual email):The Secret of SHE

Woman: “When you say we ‘don’t have to figure it all out,’ does that mean I don’t have to figure out exactly how I am going to make the money I want to make?”

Me: “Yep. “

Woman: “Hmmm, that goes against my business school training that taught you have to make a business plan, a marketing plan to achieve your revenue goals.”

She’s right. The secret runs counter to society’s teachings. But the most successful high earners taught me otherwise.

The lesson I learned from them: The HOW is NOT important. I repeat, the HOW is NOT important. What matters most is your degree of commitment.

Here’s how the secret works. Commitments are like magnets. They draw opportunities to you, often disguised as coincidences. You turn on the news, step on the bus, bump into a friend, hear the phone ring, and from absolutely nowhere, someone or something shows up that’s just what you need.

(Warning: If synchronicities aren’t forthcoming, revisit you commitment. There’s a direct correlation between fierceness of commitment and frequency of coincidences.)

That’s how the secret works. Once you commit to a goal and get out of your own way, it’s mind boggling what can happen. Try it, and tell me your results.

 

December 22, 2007

How Powerful are You?

Posted by barbarastanny under Barbara Stanny, Business | Tags: , , , |
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Not long ago, BusinessWeek ran a cover story on Women and Power. They featured a series of women that ran the gamut of economic status and job titles. It immediately reminded me of an important lesson I learned from successful women:

Money does not give us power

Power comes from the choices we make. That’s a very important distinction. Not all high earners are powerful women.

In my research, successful women fell into two groups. The Successful High Earners and the Hard-driven High Earners.

The Hard-driven ones are  superwomen on steroids, classic workaholics.  They are NOT powerful women. In fact, they have more in common with underearners than their higher paid peers. They live in deprivation…not necessarily money, but time, joy, freedom, and control of their life. They feel trapped, often by the money itself.

You know what makes Successful High Earners so powerful? Conscious choices based on self awareness. Most of these women actually take time to for self reflection, to figure out what was really important to them.  Their decisions are based, not on fear, but on their priorities, their most cherished values.

One of the most poignant examples was a woman who went to a workshop where she was asked this question: If you were on your deathbed, looking back at your life, what would make you feel happiest and satisfied with how you lived?  From that came a list of her top 5 priorities. Soon after, she was asked to be on the board of a business start-up in China. The meetings would be all expense paid weekends in SF. There was a time she would’ve jumped at the chance, but, she realized, Chinese business wasn’t one of her priorities.

“It would’ve been fun,” she told me. “I would’ve met interesting people, but it would’ve taken me away from my partner, the book I was writing, all those things that are really important.”

Spoken by a truly powerful woman. How about you? If you were on your deathbed, looking back at your life, what would make you feel happiest and satisfied with how you lived? When was the last time you identified your top priorities, your deepest values? More importantly, are you living them now?

 

October 18, 2007

Take Back Your Power

Posted by barbarastanny under Barbara Stanny, Business, Earning, Empower, Finance, Money, Salary, Women | Tags: , , , , |
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Taking ChargeI just had a long conversation with Robin Tennant, who teaches negotiation skills to women. My question to her: What’s the biggest mistake women make in asking for more money?

Her response: Women give away their power before they even open their mouth.

How do we take back our power? I wondered. Here were her tips.

  1. Take credit for your ideas. You must toot your own horn, brag about your successes. Let the powers-that-be know precisely what your contribution was to a project or the team. “Men are taught to showboat. Women are taught to be submissive. We need to learn to say, ‘damn I’m good.’”
  2. Take responsibility for your mistakes. Your boss never wants to hear “yes…but” or any explanation. Instead, say ‘I made a mistake and I will fix it.” Robin tells me about a terrible mistake she once made, that lost business for the company, but she took responsibility, dealt with it professionally, and won her superiors’ respect. “It came a badge of honor by the way I handled it.”
  3. Be prepared. Bring a list—that you’ve worked on for a least 3 weeks to a month—of what you want and what you’re willing to give up. For example, Robin says, “I may not need my name on the stationary, but flexibility to go to my kids activities is really important.”
  4. Don’t look or act scared…even if you’re a quivering wreck. See yourself as an equal, adding value, deserving respect.
  5. Ask for what you want firmly, confidently, and allow for silence. Women often talk too much when they get nervous. Listen to what they say, even if its criticism, without interrupting or justifying your actions.

I liked her advice. Especially the part about taking credit for your successes and responsibility for your mistakes. What do you think?

If you want to get a hold of Robin: robintennant@mac.com

 

September 18, 2007

The High Cost of Avoiding Negotiation

Posted by barbarastanny under Barbara Stanny, Business, Career, Earning, Empower, Finance, Money, Salary, Women
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100 dollar billsHere’s something to make you think. “A woman who routinely negotiates her salary increases will earn over one million dollars more by the time she retires than a woman who accepts what she’s offered every time without asking for more.” That quote comes from Women Don’t Ask: The High Cost of Avoiding Negotiation—and Positive Strategies for Change (Bantam, 2007) by Linda Babcock, Sara Laschever.

One million dollars for speaking up!! What a price we pay for staying silent. If you feel you’re not getting paid what you’re worth (and really, who is???), I’ve got a great resource for you.

The Negotiating Women web site was designed by 2 high powered women, prolific writers and experts on the subject. Best of all, they offer 4 different e-courses that will teach you everything you need to know to be a top notch negotiator…and you can do it, at your convenience, in your PJs. I urge you to check them out.