How can more women get out of the pay-check-to-pay-check life and break the seven-figure ceiling? By looking at what black women millionaires are doing differently.
Dr. Venus Opal Reese, an entrepreneur and academic who is the CEO of Defy Impossible, examines black women’s history to guide people toward some ways to earn more — for men and women of all ethnicities.
“The survival strategies our ancestors learned from slavery are passed down to us and become our ‘normal’,” Reese says. “We’re taught that to feel good about ourselves, we have to work hard, sacrifice for others, prove ourselves, overcome. Those are survival skills for which we are socially rewarded. But when we allow society to dictate our inherent value, our self-worth, we will always come up short.”
That’s why so many smart, successful black women stay in jobs they hate, Reese says. These are jobs that pay well but will never allow them to achieve their financial potential. That’s why, she adds, they sacrifice for their children, their church, their community, but not themselves.
“Our self-worth and our mindset around money are our biggest barriers to breaking the million-dollar mark,” Reese says
What are black women millionaires doing differently?
- They Make Money from What They “Know” Instead Of What They “Do”
They give up the working-class mentality of making money from what you “do” and start making money from what they “know.” Everyone has a skill, but not everyone has your story and your particular perspective on life. What you’ve learned is your million-dollar message that can be monetized to launch your entrepreneurial dream.
- They Don’t Leave Their Day Job Until they Have Replaced their Income
They keep their job that’s paying the bills while working on the side to market their message and build their revenue stream. If you’re panicking about keeping the lights on, you’re not going to have the enthusiasm and creativity necessary to give your entrepreneurial dream your full power. But once you’re making enough money to replace the salary – give up the day job!
- They Don’t Position Themself As A Low-Cost Leader
It takes clarity, trust and confidence to up your rates, but it also forces you to get real clear on why people should pay you top dollar. If you start low with the intention of going high, you will attract all the people looking for a deal. These folks will not want to pay more.
- They Trade on Value Instead of Volume
When you move into the world of high-end leadership, you don’t make your money from volume. You make your money from the value you bring your clients. The more value you provide, the more you can charge. Value can be tangible, emotional, prestige, exclusivity or customization.
Follow these four advice and you will be earning seven figures in no-time at all!