Carennedy Solutions

Mistake #23 - Denying the Importance of Money

I know all the statistics about gender disparity in pay and benefits. You probably
do, too. I don't want to downplay the significance of these factors - they're real
and they're relevant. But unless you're an equal-pay activist, you have no control
over those factors. The real question then becomes, What are you going to do
about it?

Money is power and power is something women misinterpret and avoid. Ask a
woman if she's powerful and she'll give you five reasons why she's not. This
translates into feeling uncomfortable with the subject of money and thinking she
actually deserves less than she's due. Or worse yet, she doesn't give money a
second thought except in terms of needing enough to pay the bills.

A friend of mine and I often joke, "What are we doing wrong?" when we hear
about people who earn exorbitant sums of money or make extravagant
purchases. Given that we've both chosen helping fields (she's a
psychotherapist), we know we've spent our careers focusing on things other than
money. Although I'm quite content knowing I make a difference, this shouldn't be
mutally exclusive of making a living.
It's a fact that you get what you focus on. If you're not earning a fair salary or not
being given the raises you deserve, it's time to focus on money. It won't mean
you're any less committed to your work - only that you're equally committed to
your well-being and that of your family.

Coaching Tips

If you think you're underpaid, do research into the pay ranges typical for your job
or industry. You can do this on line , through a professional association, or by
asking trusted friends at other companies what their ranges are (don't ask what
they earn). Because salaries differ from city to city and field to field, I can't give
you a web site that is comprehensive, but from your browser type in "salary
surveys" and you'll be give a host of choices.

If it turns out that you are underpaid, use logic and facts to make a case for why
you should get a raise. Ask a friend to help you practice delivering the message.

Subscribe to (and make a point of reading) a magazine that focuses on money
and career issues. Several to consider are, Fortune, Money and Smart Money.

Overcome the notion that talking about money is crass or impolite.

Join, or start, a woman's investment club.

Lois P. Frankel, PHD., is president of Corporate Coaching International, a Pasadena,
California - based consulting firm that specializes in executive coaching, leadership
development, and team building. She is also a popular keynote speaker and author of
Overcoming Your Strengths. She lives in Pasadena, California