A lot of our underearning has to do with the negative beliefs we cling to. We will be stuck with underearning as long as we are stuck with this negative mindset.
If you keep thinking that you’re not going to succeed, or you’re never going to make six figures, or you will never be a good businesswoman, then those things will all come true. If you don’t open yourself to possibilities, you’re never going to get out of the loop of underearning.
Why is it easy to believe and cling to these money stories?
A lot of these stories have been with us since we were kids. For instance, I was taught that the middle class was the best way to live and that having enough and nothing more should be good enough. So I became content with earning just enough, even if at times I was close to running out.
There are a lot of these money stories we subconsciously believe to be true. Here are some of the most common examples:
- I can’t earn Six Figures. (I don’t have the money to run my firm as a business, I don’t have time to deal with the business side, the market of my practice is too small, etc.)
- If I raise my prices, I will lose clients.
- I want to focus on my Ideal Client, but I’m afraid that I won’t have any business if I do that.
- My clients don’t have a lot of money, so I can’t charge them.
- I have enough – I don’t need to make any more money.
- I’ll enjoy life when I retire. Right now I need to work.
- If I don’t lower my prices, my clients won’t be able to afford my services and then I won’t have any clients at all.
Most people find it hard to let go of things that they’re familiar with, even if it makes them miserable. We’re so afraid of change that we would rather just hold on to things that bring us down, rather than adapt to a new way of thinking.
How exactly do these stories influence my underearning? They seem harmless, after all.
These money myths lead us to make bad financial decisions, and that can lead to more stressful consequences for your firm.
Some of us are afraid to earn more because it feels greedy. The consequence? We get stuck working hard just to earn below our own worth. Some of us still are afraid to charge clients a higher fee because we convince ourselves they can’t afford that price. The result? We under-charge, and then regret it afterward when we learn our client is actually earning more than we are!
Fact vs. Fiction: Which of your stories are real and which are make-believe?
These stories are not always wrong, but they’re not always right either. The secret to pushing past these narratives is to shed light on which stories are plausible, and which need to be put to bed. If you want to rise above earning below, you have to realize that these money stories are just alternative facts. Put your energy instead into focusing on empowering yourself with correct, current information.
If you can believe it, I have even more knowledge to share on this topic! If you’d like to learn more about how to stop underearning, sign up for my Six Figure Solo program! Six Figure Solo now comes in three tiers – Executive, Solopreneur, and CEO. Sign up here.