4 Mindset Barriers Keeping You from Earning More

Professional growth, unfortunately, is not always proportional to salary increases. If you feel like you’re giving your all at work but your boss isn’t recognizing your efforts, it might not just be their oversight. Often, the only thing standing between you and financial prosperity is your own limiting beliefs about money. You might consider the pursuit of money as a negative trait, discussions about it superficial, and yourself unworthy of more. These unpleasant associations suppress your potential. Reevaluate your views, and you’ll realize that sometimes nothing is stopping you from earning more than you currently do. It’s not about working extra hours but about fairly valuing yourself and your work.

In her book “Secrets of Six-Figure Women,” Barbara Stanny explains that women who earn less often share common traits. Here are some mindset errors that might be holding back your salary:

1. Tolerance for Low Pay

“High earners gain confidence from being well compensated for their time and work,” writes Stanny. Those who earn less often lack the resolve to highly value their work.

You might be convinced that your employer simply can’t pay more, even if you’ve never asked. Perhaps you believe you need to reach a certain milestone before you can justify earning more. Whatever the excuses, low earners are so tolerant of their situation that they don’t even consider money as a full part of the work process.

“This mindset can affect anyone, but women are more susceptible to it,” says psychologist and DePaul University researcher Alice Stuhlmacher. This isn’t always bad. In fact, it’s often beneficial for employers: employees who are humble, collaborative, and non-confrontational make the workplace more productive and less tense.

As for the benefits for women, their attempts to express their opinions at work yield worse results than when men do the same, as confirmed by Stuhlmacher’s research. Employers perceive self-confidence in women more negatively, which reinforces women’s tolerance for low pay.

2. Tendency to Undervalue Themselves

According to Barbara Stanny, low-earning women tend to undervalue their professional qualities.

A study published in 2012 in the journal “Basic and Applied Social Psychology” showed that women rated themselves lower than men, even when performing the same tasks. Psychologists call this the “depressive effect of law,” where women and other groups devalue themselves due to imposed social roles.

In other words, women themselves contribute to their low salaries. They know they are paid less and accept this valuation of their work.

3. Willingness to Work for Free

Low earners constantly give away their time, skills, and knowledge for free. This habit is so ingrained that they don’t even realize they’re doing it. Since insecure people often devalue their work, they believe it’s worthless.

High earners, on the other hand, expect compensation not only for their work but also for additional time and effort.

There’s a difference between overtime and, say, helping a friend. In the first case, you’re working for free under someone else’s conditions; in the second, you have fewer obligations and more choice in sacrificing your time and energy.

4. Fear of Negotiation

Low earners fear negotiations and try to avoid them at all costs. As Stanny notes, female subordinates are reluctant to ask for more because they fear judgment.

According to Stuhlmacher, most people view negotiations as a male prerogative, associated with confidence, determination, and strength. But when women take this assertive path, they may face negativity because such behavior doesn’t align with social expectations.

“If you’ve had an unpleasant conversation with your boss, it can permanently discourage you from negotiating. However, negotiations are necessary if you want to earn more,” Stanny is convinced.

For the vast majority of women at any income level, it’s difficult to demand more. Such employees may not be liked. How did high-earning women achieve this? They do what others are afraid to do.

Interestingly, research shows that women are better at advocating for others’ rights than their own. When it comes to someone else, we ask for more than when discussing our own salary. This can help you think about demanding a raise from the perspective of supporting an entire group: you’re asking to raise the bar for other women in your industry or workplace.

Of course, the responsibility to end the system that encourages women to have such low salary expectations lies primarily with employers. However, you can change your attitude towards work, demand fairness from your employer, and allow yourself to earn more.

For further reading, consider exploring this article on financial beliefs that might be hindering your lifestyle improvement.