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My Wealth Personal Work Monetization

Posted May 2009

Do you Monetize your work properly? Are you embarrassed to speak about money?


The money is the energy that gives motion to all activities. It is very difficult to find some examples of work absolutely for free, unless somebody is doing that to someone very close or for some special reason. In that case motivation is not the money but some other factors. Of course there are some examples of volunteer work, but still every work has some satisfaction at the end.

All of us are working for money. We trade our time, skills and effort for money. We sell our Personal Work for money. Even if the money is not the main activator, still we need the money to pay our bills. So if the money is that important in our life, then you need to ask yourself at loud: Are you paid enough for the work you do? Are you doing enough to monetize your work properly?

These questions sound so obvious, but do we really ask ourselves these questions or we just accept whatever comes to our life. The reality is that people sometimes are afraid to valuate personal skills, competences and work enough and simply accept compensation as it is.

One of my friends was working on some IT project for the former employer. The project was worth several millions €, and it was quite profitable considering investment, time and fee collection conditions. Based on successful job done, the employer offered to my friend a nice bonus, around 6 monthly salaries. The bonus was not obligation by the contract or any deal. Employer did that to reward his best expert and to motivate him for incoming projects. Most of the people would be really happy to see such a generous bonus, especially since it was unexpected. But what happened is the thing that most of the people cannot imagine: my friend rejected bonus! It sound unbelievable, but it was nothing but the truth. The motivation for this personal decision is still unknown and not understandable to me and to most of the people that I told this story to. If someone is refusing such generous gift that comes without any conditions he is not only loosing financially. Such person also discredits himself as a person, expert and professional. That behavior devaluate someone’s work.

It is highly possible that such decision can cause future employer to pay less to person who appear not to care about the money. Potentially it can cause others to appreciate somebody less as a person and professional.

Most of the people probably would never do such thing against their own interest. But still you should ask yourself are you doing enough in the opposite direction? Do you always try to earn as much as you consider your work is worth? Do you agree financial terms before the deal or you accept what the contractor consider being enough for your work? Are you embarrassed to talk about the money? Are you embarrassed to take the money and put them into your pocket? Do you do enough effort for our own interest?

If you do not try to negotiate your compensation, nobody will. If you are afraid to ask for better salary, the other side will not be afraid to pay you less, since you allow it.
If you show some respect to yourself, other will give you the respect too.



For example, when you were at the employment interview, did you try anything to improve the package or you just accepted what was offered?

If you are promoted before, did you just accepted your new position or you tried to negotiate your salary, bonus and other benefits?

If you did some part time job did you negotiate your fee or you simply accepted what it was offered to you?

These questions are not trying to give you idea that you should be a greedy arrogant bastard, since that can even lead you to failure in negotiation. The idea is to have balanced and realistic approach to negotiation of your working requirements and adequate monetization.

When you go for shopping you can see similar product but with the huge difference in price and presentation. Most people consider expensive products to be quality and reliable. Cheap products cause suspicious attitude about the quality, origin, and service.

Similar is with your work if you do not appreciate your work, probably other people will not too. If you do not try to negotiate your compensation, nobody will. If you are afraid to ask for better salary, the other side will not be afraid to pay you less, since you allow it. If you show some respect to yourself, other will give you the respect too.

 

 

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