It’s disheartening to work just as hard as others and yet make less money than they do, and it can lead to negative emotions such as frustration and resentment. Unfortunately, income disparities are a widespread issue that affects many people, regardless of their education, occupation, or industry.
Even people with advanced degrees and extensive experience can find themselves in this situation, and the reasons for it may include factors such as differences in negotiation skills, networking opportunities, or workplace culture.
However, it’s important to recognize that we can’t control all of these factors and to instead focus on examining our own circumstances, acknowledging the role of luck and privilege in income disparities, and taking action to improve our skills and seek out new opportunities. This can help us regain a sense of control and focus on personal growth and fulfillment.
Let’s explore more.
Understand the Reality
Accepting that income disparities are a part of life
One of the first steps to dealing with the reality of making less than others is to accept that income disparities are a fact of life. While it’s natural to feel frustrated or upset when we perceive that we’re not being compensated fairly, the truth is that there is a multitude of factors that can affect how much money we earn.
These can include differences in education, experience, and job responsibilities, as well as systemic issues such as discrimination and unequal access to resources. Accepting that income disparities exist can help us move past feelings of bitterness or resentment and focus on taking actionable steps to improve our situation.
Examining personal circumstances and how they affect income
Another key aspect of understanding the reality of making less than others is to examine our own personal circumstances and how they may be affecting our income. This can include factors such as our education level, work experience, industry or field, location, and job responsibilities.
By taking an honest look at these factors, we can gain a better understanding of why we may be earning less than others and identify areas where we can improve or seek out new opportunities.
Recognizing the Role of Luck and Privilege in income disparities
It’s also important to recognize that income disparities are not solely the result of individual effort or merit. Luck and privilege can play a significant role in determining how much money we earn, and it’s important to acknowledge this when examining income disparities.
For example, factors such as our race, gender, family background, and access to education or resources can all impact our earning potential. We can work to dismantle them and advocate for more equitable policies and practices in our workplaces and communities by recognizing these systemic factors
Reframe Your Thinking
“Reframe Your Thinking” refers to a mental shift in the way we perceive our own success and value, beyond just the amount of money we earn. Here are three key aspects of this shift:
Shifting focus from income to other measures of success
While income is certainly an important aspect of our professional lives, it’s not the only one. By broadening our definition of success to include factors such as job satisfaction, work-life balance, personal growth, and meaningful impact, we can start to see our overall worth in a more holistic light.
Avoiding comparison and competition
It’s natural to compare ourselves to others, but when it comes to income disparities, this can be counterproductive. Instead of focusing on what others are earning, try to focus on your own growth and development. Remember that everyone’s path is different, and comparisons can be demotivating and distracting.
Celebrating personal achievements and progress
Finally, it’s important to celebrate your own accomplishments and progress, no matter how small. Whether you’ve mastered a new skill, received positive feedback from a colleague, or completed a challenging project, take the time to acknowledge your achievements and give yourself credit for your hard work. This can help boost your confidence and motivation, even when your income doesn’t reflect your efforts.
Taking Action
While it’s important to accept and reframe our thinking about income disparities, it’s also crucial to take action to improve our situation.
Seeking out new opportunities for growth and development
One way to increase your earning potential is to invest in your own growth and development. This can involve seeking out new job opportunities that offer higher pay or better benefits, or pursuing additional education or certifications that can make you more competitive in the job market.
Here are some specific ways you might pursue this strategy:
- Furthering your education: Pursuing a higher degree or certification can open up new opportunities for career advancement and higher pay. For example, if you work in healthcare, obtaining a nursing degree could allow you to become a registered nurse and earn a higher salary.
- Learning new skills: Taking courses, attending workshops or conferences, or participating in online training can help you develop new skills that make you more competitive in the job market. For example, if you work in marketing, learning skills like search engine optimization (SEO) or social media marketing can help you advance in your career.
- Seeking out new experiences: Taking on new challenges or roles in your current job, or pursuing opportunities outside of your current company, can help you gain new skills and perspectives. For example, volunteering to lead a project at work or taking on a part-time job in a different field can help you develop new skills that make you more marketable.
- Networking: Building relationships with other professionals in your industry or field can help you stay up to date on trends and opportunities. Attending industry events, joining professional organizations, or participating in online forums can help you connect with other professionals and learn from their experiences.
Negotiating for better pay and benefits
If you’re currently employed but feel like you’re not being fairly compensated, it may be worth exploring whether you can negotiate for better pay and benefits. This could involve doing research on industry norms and salary ranges, preparing a case for why you deserve a raise or promotion, and advocating for yourself in conversations with your employer.
While there’s no guarantee that negotiations will be successful, it’s often worth the effort to at least explore the possibility of better compensation.
Pursuing side hustles or other sources of income
Pursuing side hustles or other sources of income is a strategy for increasing your overall income beyond what you earn from your primary job. This can be particularly useful if you feel like you’re not being fairly compensated in your current role or if you’re simply looking to accelerate your financial goals.
There are a wide variety of side hustle options to choose from, depending on your skills, interests, and available time. Some common examples include:
- Freelancing: Offering services like writing, graphic design, or web development on a freelance basis to clients who need those skills.
- Consulting: Providing expert advice or guidance to individuals or businesses in your area of expertise.
- Teaching or tutoring: Offering instruction in a particular subject, either in person or online.
- Renting out a property: Using platforms like Airbnb to rent out a spare room or an entire property for short-term stays.
- Selling products online: Creating and selling products on platforms like Etsy or Amazon.
In addition to side hustles, there are also other sources of income you could pursue, such as:
- Rental income: Renting out a property you own, either as a long-term rental or short-term vacation rental.
- Investments: Earning income from stocks, bonds, or other investments you hold.
- Passive income: Earning income from sources that require little to no ongoing effort, such as royalties from a book you wrote or affiliate marketing commissions from a blog you run.
Conclusion
Making less than others can be a challenging and demotivating experience. However, It’s important to remember that income is just one measure of success and that there are many other factors that contribute to our overall well-being and happiness.
By focusing on personal growth, pursuing our passions, and advocating for more equitable policies and practices, we can take control of our own paths and build fulfilling and rewarding lives, regardless of our income.
Ultimately, the key is to focus on our own progress and achievements and not compare ourselves to others.