This was a great read! Stanny starts by explaining that more women than ever are becoming high earners chiefly due to the fact that they were absent in the workforce for so long. She next turns to the issue of underearners - women who don't believe or who are unwilling to ask for what they are truly worth. To highlight her point she asks, "How can we ever expect to earn as much as a man if we can't even earn as much as we ourselves are capable of making?" However, there's a raging double standard here - when men lobby for raises or negotiate a starting salary, they are seen as aggressive, which is typically a good trait in the business world. When a women does the same, she is seen in a far less positive light. It honestly blows my mind that we're still dealing with this issue in the 21st century.
On that same note, when Stanny begins walking the reader why and how she should negotiate a starting salary, raise, bonus, duties, etc. she does a wonderful job. I particularly loved this statment: "Asking for more is an act of self-love. Saying no is a show of self-respect. Refusing to settle is a statement of self-worth. And walking away is a sign of self-trust." I realize that without reading the book or fully understanding her arguments, this may sound pie-in-the-sky and totally unrealistic. But I'm a believer; you're not doing yourself any favors in selling yourself short. Being a martyr isn't the goal in business. It isn't going to help your family if you're overworked, underpaid, stressed to the max, and bitter over your situation. I work to make money; it's not a charity event for me.
I took extensive notes on this book that I plan to refer back to often. Stanny's strategy is as follows:
1. Declaration of intent
2. Letting go of the ledge
3. Get in the game
4. Speak up
5. The stretch
6. Seek support
7. Obey the rules of money (spend less than you earn, pay yourself first, and put your money to work)
I love, love, LOVE that Stanny covered that last topic; it really gives the book a holistic feel and puts the reader in a good mindset. Some may initially find Stanny's relentless focus on money off-putting. But she consistently reminds the reader that money is only a means to an end. Money provides security, freedom (if you want to quit your job, you can), the ability to help others, etc. When speaking about philanthropy, one of the women Stanny interviewed said, "Money is like manure. If you pile it up it stinks. But if you spread it around, it does a lot of good."
The strategies are a little different than the "secrets" Stanny alludes to in the title. Those are:
1. Working hard doesn't mean working all the time
2. Focus on fulfulling your values rather than financial gain
3. Loving what you do is much more important than what you do
4. Feel the fear. Have the doubts. Go for it anyway.
5. Think in terms of trade-offs. mot sacrifices, to find a workable equilibrium.
6. Sometimes you just have to shrug it off and have a good laugh.
7. Appreciate abundance
I found it interesting that Stanny's father was the founder of H&R Block. She had a disastrous first marriage where she stuck her head in the sand when it came to financial matters. As a result, her trust fund was basically squandered by the guy. Before she completed this book, Stanny had joined the ranks of six-figure women, herself. If there was thing I dind't like about this book, it was the heavy emphasis on getting your frame of reference in place; the "think good thoughts and they will manifest in your life" type thing ala The Secret. Fortunatley, that passes rather quickly and Stanny gets to the meat of the material. As the book progresses, though, I came around a little. You're never going to make six-figures if you're not confident in yourself, your abilities, and what you're worth. I wish, though, that she had stressed a little more than that was just like the pre-req for everything else; it won't get you there on its own.
Overall, I would recommend this book to any woman. We all deserve to be paid what we're worth and have confidence in our skills and abilities. I may end up purchasing this book (which I hardly ever do) and can definitely see myself picking it up again. A great read!
Facts:
* Women's chances of high incomes are increasing faster than men's. From 1996 to 1998, the number of female high earners jumped 68% while the number of males in that category increased only 36%.
* Wealth doesn't come from what you make, but from what you don't spend.
* The glass ceiling at work is nothing compared to the lead ceiling in my head.
* Luck is a frequent companion of a firmly fixed focus.