Myths that Keep You Broke #24

Myth #24 - Hard Work Pays More:                       

Too often I hear someone tell me how hard they work, and it is not producing more income.

What they fail to recognize is that working hard is not the same as producing more value. And the value is in the eye of the customer or client.

My wife sees a woman who does acupuncture and charges $125 per session. My wife feels so much relief and appreciation that she pays $150 instead. The value to my wife is greater than the fee that was requested.

Many years ago I arranged a construction loan for a client after his original bank collapsed. His project was only 50% completed and no new commercial lender would offer the financing to complete his project. The private lender I found charged 10% interest and my client was thrilled.

For my work I was going to charge my client a $750 fee. He asked what would be a fair fee, and instead I asked, “What is it worth to you to finish the construction?”

He offered $1500, and I was silent. (He was offering twice the amount I would have asked for.) He interpreted my silence as my being insulted and asked, “Oh my, did I offend you? Should it be more?”

I said, “No, that’s just fine. After all, you are a great client.”

He paid twice what I would have asked for because he saw more value than I did.

From these two examples I hope you can see, hard work has little to do with the amount of money you earn. It has more to do with the value provided. And you may not be a good judge of the value.

Are you willing to ask your clients about the value you provide?

Try it. You just might be surprised in positive ways. And you could end up with more testimonials if you ask.

To Your Prosperity,