Money, Money, Money

They had a saying at the bank I once worked for as a trainer:

“If it’s about money, it’s never funny”

Ain’t that the truth! To that I added my own saying:

“Show me your bank account, and I’ll tell you how you lead your life”

Bankers and accountants probably know more about you than your therapist. By the way you spend your money, they can tell whether or not you lead a healthy lifestyle, if you’re a good planner and even if you can resist instant gratification.

On blogs and networking sites, money is a recurrent theme. People want to know how much to charge; whether or not they should spend  $300 on a membership of a particular site, and if it’s OK to discount some services… the list is endless.

Recently, I found myself caught up in a discussion about on-line freelance job sites like Elance. These sites offer an opportunity to connect with prospective employers from all over the world, and find projects that are not listed on the familiar voice-over casting sites.

However, when I looked at the average bids some of our colleagues put in to get voice-over work, I was stunned. If you think that doing a job for $100 is stretching it, wait until you check out sites like Odesk.com. Your jaw will drop to your knees. And that’s not a good thing if you’re in the voice-over business.  

HARD TIMES

Some people are justifying this downward trend by pointing at the current recession. This is what they will tell you:

“We’re all suffering. We all have to tighten our belts and do more with less. The only way to still get work is to lower our fees. The economy is going down and our rates have to follow suit.”

I’m not buying it! Are you? As I was paying a stack of medical bills, I had a realization. Do our doctors lower their rates because we’re in a recession? Would a nurse take care of us at half price? Is a baker going to charge less for his loaf of bread, or would a plumber be willing to show up and take a 40% pay cut? No way.

If anything, their fees increase every year to keep up with the rate of inflation. Then why do some of us feel the need to put themselves up for grabs in the bargain basement?

Remember: once you’re in there, it’s so hard to climb out. Recession or no recession, if you subscribe to the notion that you often get what you pay for, why are you selling yourself and your colleagues short? What are you afraid of? A certain two-letter word?

THE HARDEST WORD

Top negotiator William Ury wrote a book called “The power of a positive No”. For some of us, that powerful word is one of the hardest in the language. But when we’re saying “No,” we’re asserting ourselves and we’re affirming our boundaries, whether it’s in an intimate relationship or in a business relationship.

Being an independent contractor means that we have to have a good sense of what we’re worth. We have to have the guts to stand up for ourselves (and each other), and say “No” when faced with a bad deal. If we don’t, people will inevitably take advantage of us.

Let me rephrase that: if we don’t dare to say “No,” we are allowing others to take advantage of us. Or, as Dr. Phil puts it: we teach people how to treat us.

HERE COMES THE BRIDE

Did you know that I’m also a non-denominational wedding officiant? I basically set my own fees. Every now and then a young engaged couple tells me that they’re on a shoestring budget, and they’re practically begging me to lower my rate.

In the beginning -when I didn’t know any better- I fell for it big time. I wanted to be liked and I felt sorry for the couple as I remembered the times I had to nickel and dime. Guess what… I paid for my lack of backbone, until I had learned my lesson.

First of all, these couples turned out to be the most demanding couples I had ever worked with. I’d give them a finger and they would ask for the entire hand. I’m all for underpromising and overdelivering, but within reason. If you’ve seen some of the Bridezilla shows, you know that not every princess is as sweet as her Daddy believes her to be.

Secondly, these ‘shoestring weddings’ often turned out to be the most lavish events I’d ever be invited to. Apparently, other vendors had not fallen for the couple’s story of woe. These days, I encourage my brides to be, to price officiants out. I also tell them that low fees are often a red flag. It either means that an officiant is just starting out, or that he or she might not be able to offer as many services. I tell my couples: Don’t expect a gourmet meal at a fast-food price.

When I started to put my foot down, something amazing happened: as soon as I decided to charge a fair fee, people started taking me seriously. Sure, I lost a few weddings due to price, but my limited time on earth is too valuable to have to deal with haggling Bridezillas.  

THE SECRET TO MAKING BILLIONS

William Ury recalls a breakfast he once had with Warren Buffet, one of the most successful investors ever. Ury writes: “He confided in me that the secret to creating his fortune lay in his ability to say No.” Buffet said:

“I sit there all day and look at investment proposals. I say No, No, No, No, No, No -until I see one that is exactly what I am looking for. And then I say Yes. All I have to do is say Yes a few times in my life and I’ve made my fortune.”

So, let’s learn from Buffet and promise each other to teach our clients how to treat us. Say “No” to rates that insult your unique talent, your professionalism, your intelligence and your experience.

Economists tell us that the only way to get out of this recession is to start spending again. If anything, we should start making more, not less. You can bank on that!

Paul Strikwerda ©nethervoice

PS There’s much more on “the power of NO ” in this article!

HERE COMES THE BRIDE
Some of you

About the author

Paul Strikwerda

is a Dutch-English voice-over pro, coach, and writer. His blog is one of the most widely read and influential blogs in the industry. Paul is also the author of "Making Money In Your PJs, Freelancing for voice-overs and other solopreneurs." goo.gl/ihVpMc

by Paul Strikwerda in Articles, Career, Money Matters, Pay-to-Play
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