By Tanya, Wall Street Services Reporter
The bestselling book Secrets of Six-Figure Women: Surprising Strategies To Up Your Earnings and Change Your Life says that it is state of mind that determines our level of professional and financial achievement. That means that simply having “chutzpah” is the key tool to becoming a Successful High Earner. In the new era of the Six-Figure Woman it is not your family, academic or professional background – or race and looks – that determines success.
Here are a few among many mind-expanding strategies that author Barbara Stanny, a financial educator, journalist and motivational speaker on women & money, learned upon her extensive research and sit-down interviews with real Six-Figure Women. She interviewed sources from a multitude of various professions, including finance and consulting.
- 1. “What I saw from the big earners is they spoke up and asked for outrageous requests or twice the going rate. They wouldn’t always get it but they’d always end up with a lot more than they were originally given. What I found is women want to be reasonable and fair and those are the ones who are complaining about under-earning. So don’t be reasonable, be outrageous!”
One woman she interviewed returned from a six-month sabbatical which was unheard of at her firm. “Sometimes I’m amazed at the things I ask for and get,” she said. She consulted with a compensation expert and said she should ask for 50% percent of her salary. She requested for 75% which her employers approved unanimously.
- 2. Toughen up! “Every woman I spoke with from Wall Street or Main Street, those who broke through the wage barrier really had to develop a rhinoceros hide which meant not taking rejections personal. Also, women are usually relationship-oriented and sensitive. So it was a real watershed moment for these women who realized ‘I’d rather be respected than liked.”
Stanny says toughening up requires overcoming the fear of talking about money. “For many women who believe big money is a bad thing, hearing someone say, ‘I want to make money’ sounds tasteless, self-serving and materialistic.” Corporate consultant Chris Casper told Stanny that when she was young she believed making money was the wrong thing to do. But a divorce leaving her with three children to support forced her to let go of this mentality and openly declare her desire to profit. “I’m not ashamed to want to make a lot of money,” said Casper. “I know my values and what I’m going to use it for.”
- 3. Finding a mentor or two in the workplace was never a deal-breaker for the Successful High Earners. “You can ask higher-ups questions and advice but formally designating or requesting someone as a mentor may automatically categorize you as a low-level employee. Instead, joining an objective support circle seemed to prevail over the mentor strategy. Networks such as the Women Presidents Organizations or 85 Broads consist of high-achieving, executive level women. They meet not only to exchange business strategies or tech advice, but to discuss the emotional struggles of pursuing the pinnacle of financial success.”
