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- On Becoming a Financial Grown-up
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Are You Stuck in Noble Poverty?
By Mikelann Valterra Tuesday January 12, 2010
Mikelann Valterra, director of the Women's Earning Institute, is a prosperity teacher and money coach dedicated to helping women earn what they're really worth.
When you live in Noble Poverty, you tend to believe there is some unnamed virtue in not having money—or that Truly Good People shouldn’t want a lot of it. Your mantra is something like: "I may be struggling, but I'm a thrifty soul who doesn't need material trappings to love life!"
While there is immense value in avoiding senseless consumption, Noble Poverty takes that principle to an extreme, where the pursuit of comfort or even solvency is suspect. The result is a series of decisions that a) keep you in financial straits; and b) never earn you that halo.
You may be mired in Noble Poverty if…
- You say you want to earn more, but never raise your rates or pursue better-paying work.
- You "make do" with a beater car, worn-out boots and a toaster that occasionally flames up because you believe deprivation is macho.
- You judge friends with money as bourgeois and slightly sad.
Because it's easy to justify Noble Poverty as “anti-materialism”—you end up keeping your income low to avoid the danger of becoming materialistic. But materialism has nothing to do with earning money, but how you spend your money!
The real danger is that when we decry the wastefulness in the world, we deny ourselves the money to live a truly full life.
If you've taken an unconscious pledge to keep your income in line with your internal financial beliefs, revoke that pledge. When you charge and earn enough money, you can enjoy life, take care of your family, your self and give back to the world. It is time to be bigger.
There is nothing noble about poverty. Nothing.
Mikelann Valterra, director of the Women's Earning Institute, is a prosperity teacher and money coach dedicated to helping women earn what they're really worth.
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Written by Marcie, January 12, 2010
I love this email newsletter and it's consistent underlying goal of making women more equal in terms of pay then men. I believe women are afraid to talk about money, and afraid to learn more about money and DailyWorth empowers women to get what they deserve. Thank you! :)
Written by Suzanne, January 12, 2010
Thanks for this! Reminds me of Barbara Stanny's Overcoming Underearning which I highly recommend reading.
Written by Kate G., January 12, 2010
Great post. I've seen this in so many of my girlfriends and really defeats the cause of equal pay for equal work. Many people confuse the concepts of greed and asking for what their work is worth. What are sound strategies to get out of that mindset? Self-talk often fails.
Written by Holly Woelfel, January 12, 2010
On the Contrary, Religious like Mother Theresa take a vow of poverty and I think it is very Noble. Is it for everyone? No..but for those who do choose it a whole world opens up. For example I can never spend more then 5-10 hours a week in service to the poor because I have a 9-5 helping increase the wealth of the already well off(not very fulfilling or noble but safe)
To play devils advocate :)
To play devils advocate :)
Written by Laura., January 12, 2010
". . . when we decry the wastefulness in the world, we deny ourselves the money to live a truly full life." i don't think that disliking wastefulness is tantamount to denying ourselves anything. there is also nothing wrong with being thrifty, reusing things, or having small closets. just because some of us are not aiming to make six figures does not mean that we a) look down on those who do or b) earn what we earn because we are trying to be martyrs or are afraid to ask for what we deserve.
am i financially poor right now? yes. am i working on changing that? yes. do i have other resources that make me wealthy? YES. money is not the only thing that makes us wealthy. but working to build my finances so i can get out of being poor isn't the only way to build my wealth or my worth (because for me, the two are not the same).
am i financially poor right now? yes. am i working on changing that? yes. do i have other resources that make me wealthy? YES. money is not the only thing that makes us wealthy. but working to build my finances so i can get out of being poor isn't the only way to build my wealth or my worth (because for me, the two are not the same).
Written by Tara Gentile, January 12, 2010
Today's DW made me a little sad... there are reasons why women and men accept less than what they're "worth" that are very noble. For example, women who run non-profit organizations make less than women who run for-profit companies. Sometimes we make choices in life that affect our earning - whether by choice or by circumstance - for reasons that are much larger than monetary worth or subconscious self-loathing.
Yes, I want to feel comfortable in my life and want to enjoy dinners out, new clothes, and pretty stationery. But there really is a higher calling - whether religious or philosophical - beyond comfortable living based on financial earnings.
Yes, I want to feel comfortable in my life and want to enjoy dinners out, new clothes, and pretty stationery. But there really is a higher calling - whether religious or philosophical - beyond comfortable living based on financial earnings.
Written by MP Dunleavey, January 12, 2010
Here at DW HQ, we full-on support thrift, frugality and other forms of smart spending and living! This post doesn't knock any of those virtues--nor are we demeaning the many forms of wealth one can have.
BUT.
Many women have a problem knowing what they are worth, asking for what they are worth--and many also feel uneasy even desiring (let alone pursuing) simple, basic financial comfort.
Earning six figures isn't important. But earning enough to cover your bills and secure your future is. Why are women sometimes reluctant to embrace that? There are times when noble poverty is an excuse, a rationale for putting yourself in financial straits.
BUT.
Many women have a problem knowing what they are worth, asking for what they are worth--and many also feel uneasy even desiring (let alone pursuing) simple, basic financial comfort.
Earning six figures isn't important. But earning enough to cover your bills and secure your future is. Why are women sometimes reluctant to embrace that? There are times when noble poverty is an excuse, a rationale for putting yourself in financial straits.
Written by Mikelann Valterra, January 12, 2010
As the author of this post, I can see that I've struck a nerve in some readers. This is really hard stuff, to be sure. Part of my job is making us all more conscious about money. It's okay to have money and want to make money. And of course it is all relative. You may live a fabulous life on $30,000, or you may need $75,000 to live the life you desire. I just know that some people have a lot of unconscious baggage about money-- they feel that it's wrong to "want" money, and this affects their ability to negotiate on their own behalf (for example). I also think that many women are mad that money (lack of) stands in their way of doing good in the world. But I also know that 90% of women end their lives alone (meaning not partnered- through divorce, death etc) so we've got to make sure we've made enough to take care of ourselves.
Written by xl, January 12, 2010
It is important earn enough, but it is also more important to save enough. If you never save a penny you earn or spend more than you earn, life emergencies will give you a headache and limit your options. My mother always said it's better to save and die tomorrow then to never save and live a long life in poverty. Kind of defeats the purpose of life today like your last day but I guess that doesn't mean spend every dollar you have because you may not be alive tomorrow.
Written by Ariel, January 12, 2010
I love this post - many people have their mind set that you must be humble about how much you earn and work by the hour to quantify your value. What I've realized as of late is that its mostly about your attitude, and thinking outside of the societal 'norm' for generating income as well as saving and affording a life style that you want. We should feel proud and empowered by wanting to achieve financial freedom, and make it an attainable goal. What could be better than having the freedom to make the choices you want in life?
Written by Jaime, January 12, 2010
I like the underlying message here. There are a lot of reasons why people undervalue themselves monetarily, one of which is the thought that being poor is more noble than being rich (or comfortable). Often times people villify the rich, while envying their ability to pay the bills with no worries. If someone is poorer than they'd like to be and feeling helpless to change their circumstances, it's a short trip to go from feeling morally superior to the materialistic rich to justifying not trying to change because you feel that to make more is to compromise your morals.
It's all about making people think about why they make the choices they do and helping them to really explore their motives.
Good article.
It's all about making people think about why they make the choices they do and helping them to really explore their motives.
Good article.
Written by Andrea, January 14, 2010
You are focusing on people with jobs. What about the self-employed? I work from home, 24/7, and raise three children, alone. I am not earning what I am worth so I live with the bare necessities and gave up "luxuries" such as TV and Phone. I open myself up to financial abundance everyday and hope that my hard work will someday allow me to pay all of my bills and be able to show my children wondrous lands and give them adventures. For now, the knowledge that my children are happy and healthy, the hugs they give me and the trusting relationships we share ARE my abundance. Although I feel that I am not suffering from "noble poverty", I am accepting the abundances I have at this moment with a HUGE smile until the material abundance arrives.
Written by Kat, January 17, 2010
"I am not earning what I am worth... and hope that my hard work will someday allow me to pay all of my bills... the trusting relationship we share ARE my abundance... until material abundance arrives".
You are working for less than you're worth, you're not willing to up your rates, you can't pay your bills, you justify that by talking about how great your relationship with your kids are, and your think someday this is all magically going to change.
No offense Andrea, but I think you are exactly the kind of person this post was aimed at.
You are working for less than you're worth, you're not willing to up your rates, you can't pay your bills, you justify that by talking about how great your relationship with your kids are, and your think someday this is all magically going to change.
No offense Andrea, but I think you are exactly the kind of person this post was aimed at.
Written by Anne , January 17, 2010
Yikes, this did strike a nerve. I know these people and I've struggled hard not to be one of them... but, having spent the last 10 years in the arts non-profit world I have never felt that I have been paid what I'm worth and over the last few years I've even seen my salary fall as I took on bigger jobs, until finally I was laid off in September (the second lay-off of my career) and I'm starting over again. I want to be paid what I'm worth and the best chance I have to pay off my student loans and earn a decent salary is to stay in my field, or so I've always thought.
Written by Laura Vanderkam, January 18, 2010
I recently corresponded with a woman who was self-employed and working 100 hours a week... because she hadn't raised her rates in 12 years. She would rather steel time from the rest of her life than ask for what she was worth. Not a good situation to get in.
Written by NICOLENorman, March 31, 2010
People all over the world get the mortgage loans from different creditors, just because that is comfortable and fast.
