At what point do you set a price on your time, experience and skills?
Money is a tricky subject but getting around without it at times can be trickier.
Okay, ladies now let’s start talking money! We love to beat around the bush but it’s time we start putting a number and a pound sign to our time. Time to understand our monetary value.
If there’s one thing I’ve realised it’s that everyone is currently trying to make money and there is absolutely nothing wrong with that. People will tell you “money isn’t everything” but it is a vital part of everyday living.
When we were younger, just like many others I worked for free and was just happy to get the experiences. When I started modelling a while back I was happy to be there but eventually, I became experienced and felt like working for free didn’t make any sense. The same goes for when you may have started with retail at 16. There was no way I was accepting the same amount per hour at 19/20.
A time has come where we need to start respecting people’s crafts enough to pay them. Why? Because it’s somebody’s:
- & Expertise
Travel is not free. I’m in my mid-20s now. There’s also food to think about. I also could be somewhere else getting paid from someone who understands the vitality of what I’m offering. Key point: Understand the value of what you’re offering. And before I go on, I get that not everything needs to be rewarded in a monetary form. Some things may be done out of the kindness of your heart but it’s so key to know where you draw your line.
What some quickly forget in that famous phrase is if I scratch your back, who on earth is scratching mine? We are all trying to build a name for ourselves and cash flow is needed to do that. I am in support of paying my friends for their services because I know their bills are not paid with my friendship. Taking the time to invest in the people in my community has never been a regret because I enjoy putting my money in people I believe in.
As women, we’ve got to speak up and not be afraid to shout a number and believe in that number and that value. Speak up, boss up & don’t sell you short. Ask yourself what your identity capital is. Identity capital is the investments we make in ourselves, the things we do well, the thing that becomes a part of you.
E.g. I’m Bola Sol and I studied maths and finance and I know mathematics quite well. I also learned to model, I know that quite well and it’s made me confident in front of a camera. I’ve also been in several leadership positions and can speak publicly without fear. With that, I could charge to model, charge to tutor maths, get a job in finance and sometimes do some public speaking.
Identity capital is what we bring to the table over the period of our lives. It’s like your currency if you will (hence why I named my personal finance blog Refined Currency – www.refinedcurrency.co.uk).
So the next time someone asks you for your time, skills and experience, remember to ask yourself:
What is my identity capital worth?
Remember: Speak up, boss up, this your life.