Saturday, January 19, 2008

Book Review: Overcoming Underearning by Barbara Stanny

review by Janine Bolon

Since I received this book I have read it four times. Each time I went through it I highlighted different principles and found a new gem between the covers. I was so blown away by Barbara's approach to money that I bought 10 more copies and passed it out to friends and clients. It is called “Overcoming Underearning: Overcome Your Money Fears and Earn What You Deserve”. Barbara Stanny is the author and I contacted her as soon as I finished reading it to get the inside scoop on her purpose/mission in life and how I could help others with her philosophy.

There are two paths to becoming financially independent. The first is becoming a habitual saver and not spending more than you earn. The second is making more money! Well, since you’ve been reading this blog you’ve been getting lots of good stuff on debt-free living, frugality and saving. What Barbara can do for you is get you earning more money! Now if you think this is a get-rich-quick-scheme then you need to find yourself another blog. That is NOT what the Money Muse is all about.

What Barbara’s book entails is a bunch of questions and journaling exercises to help you break down your personal barriers to wealth. Mainly, dealing with your fear and/or anger toward money. Barbara writes in a very easy-to-read style and walks you through many of the emotional pitfalls people have when working for money. She discusses how you think about money seriously determines your income level. That many of us walk around thinking we can only make a certain amount of money and no more. We actually limit our ability to earn income based on bad mental habits or emotional baggage from growing up in a home where money was seen as evil.

After reading Barbara's book I formed a telephone book club where several clients of mine read the book chapter by chapter and then we would all conference into a call and discuss the changes we had made in our outlook on money or where we surprised ourselves with barriers that we didn't know existed!

I highly recommend this book to anyone who has problems asking for a raise at work or who has difficulty getting what they feel they deserve for their work. If you are self-employed this book is a must. Some of Barbara's advice, if you're not getting enough clients, raise your rates! She explains why you need to do this as well as how to overcome your internal barriers to earning more.

Stop by her website and sign up for her free newsletter to keep your motivation going while you learn to break down your barriers to increased income. You can also read Barbara's 10 Traits of Underearners that will guide you on whether this book is appropriate for you to read.


Carrie said...

I loved this book too. It was wonderful at encouraging me to charge more for my services and have the confidence to make more without working harder. :-)

The Money Muse said...

Carrie: Have you written a review for Amazon on Barbara's book? As an author myself such reviews are wonderful for we authors because it allows our books to come up the list on search engines. I know Barbara would love hearing about how her book has helped you.

Jen said...

I haven't read this one, but I will have to pick it up.

"Mainly, dealing with your fear and/or anger toward money"

This is interesting, because Suze Orman says the same thing. It's really true that there are emotional impacts on our wealth. If you are grasping and fearful, the money will slip through your fingers, but respecting it, and using it as a tool rather than a end point allows it to grow.