Before I get started let me just mention to make sure you listen until the end because I have started sharing some key takeaways for each episode and some action steps you can take.  As I’ve created with the one-of-a-kind Smarter Accountant Podcast Guide, I want to help you apply what you’re learning in each of these episodes.

If you haven’t downloaded The Smarter Accountant Podcast Guide yet, you can go to https://thesmarteraccountant.com/podcast-guide/  

So today, I want to dive into a topic that many of my coaching clients have been struggling with lately: owning their financial value and worth. Whether they’re employees, managers, or firm owners, they all seem to wrestle with this.

The thing is, they’re pros at valuing assets and businesses for their clients, but when it comes to valuing their own skills and contributions, things get a bit fuzzy. So, let me ask you: How do you see your financial value? 

Do you ever doubt if you truly deserve the recognition and compensation you’re seeking? Do you find it tough to ask for a raise or increase your client fees?

As financial professionals, we’re crucial in shaping the financial health of individuals and businesses. But here’s the issue – even though we’re valuable to others, many of us struggle to recognize our own financial value. 

The truth is, it’s not just about our credentials or where we work; it’s about how our brains interpret these factors.

In other words, while our accountant brains are great at finances, they’re not so great at valuing ourselves. And this matters because not acknowledging our worth can hold us back and slow our career growth. 

So today, I want to explore how to understand your true worth, how your brain sees it, and how to own your financial value and worth.

The Brain’s Influence on Financial Value

As accountants, we’re all smart, but just like everyone else, we’re affected by what society thinks about money and how it values us. The thing is, what we learn about work and money when we’re young affects how we see our own financial worth later on in life. 

For example, if you grew up in a family or a culture that says you should be humble, it might be hard for you to recognize your successes and see how much your work is worth.  If you were raised by a blue-collar family, you might struggle with making more money than other people in your family.  

You might even downplay your worth in order to be accepted by others or not feel greedy.  It’s important to understand that your brain has a tribe mentality which means it will do anything to be accepted by the tribe, even if that means not making more money.

It’s also important to realize that your own experiences growing up have a big impact on how you think about money. If you didn’t have much money when you were young, or if you saw people being really careful with money, it could make you feel like there’s not enough to go around, and affect how you see your own value.

On the flip side, a positive financial upbringing may create a sense of confidence in owning your worth.  Either way, reflecting on your early experiences can provide valuable insights into your current financial self-valuation.

It’s also important to point out that imposter syndrome is incredibly common for accountants and will affect whether we own our financial value and worth.  Because we’re surrounded day in and day out with other smart people, this can often cause our brain’s to compare and despair.

Imposter syndrome happens when your brain offers you thoughts that doubt your achievements, making you feel like you don’t deserve your success. I coach many accountants on the topic of imposter syndrome, and if it’s not addressed, it can get in the way of believing that your financial expertise is more valuable than you might believe.

Overcoming impostor syndrome involves recognizing and challenging these self-doubts and actively acknowledging accomplishments.

When working with coaching clients on this issue I’ve had them put on the top of a piece of paper “Why my clients/employer are lucky to have me” and list all the reasons why.  I’m telling you, they are amazed at how much they’re able to come up with, or others are, when they ask them for their opinions.  

Another issue to be aware of is the brain’s natural tendency to compare you to others.  Your brain believes it’s keeping you safe by doing this but it can become a significant roadblock in recognizing your financial value. 

In the competitive world of accounting, where benchmarks and industry standards are all around us, constant comparisons can lead to feelings of inadequacy. For example, one of my coaching clients would get discouraged every time he saw someone’s accomplishments on Linkedin.

Thankfully, we worked together to deal with the comparison bias in his accountant brain and shift his focus inward.  He was able to see others accomplishments as examples of what’s possible for him, appreciate his own progress, and set goals that we worked toward him achieving.

The last issue when it comes to our brain’s influence on our financial value and worth is the fear of failure.  It’s important to understand that a fear of failure is a cognitive bias that can impact how we perceive our financial value. 

The thing is, we’re taught to be scared of mistakes or things going wrong, which stops us from trying things that could help us make more money. To get past this fear, we need to see mistakes as chances to learn, take some smart risks, and know that setbacks are just part of getting better at what we do.

In other words, by acknowledging that occasional missteps are part of the journey, we can create a healthier mindset toward risk and reward.

Hopefully, you can now see why knowing how your accountant brain works and the biases it has is really important for realizing your financial value. When you understand your accountant brain better, you’ll feel more in control and confident in your accounting job and how much you’re worth professionally.

The Consequences of Undervaluing Yourself Financially

The issue with undervaluing yourself financially is that it can have profound implications on your career and business. For example, if you consistently undervalue your skills and expertise, you’re more likely to accept lower compensation or lower rates than industry standards. 

Over time, this undervaluation not only affects personal income but may also limit access to higher-profile projects and job opportunities. Employers and clients often associate value with the price paid for services, and consistently positioning yourself below market value may inadvertently communicate a lack of confidence in your abilities.

The truth is that not owning your financial value and worth is seen as a sign of weakness.  Clients and employers may be less likely to trust someone who does not assert their worth.

Whether you realize it or not, undervaluing yourself financially also takes a toll on your emotional well-being. Constantly underpricing your skills can lead to a sense of dissatisfaction and frustration. 

The emotional stress that comes from undervaluation can show up in various forms, such as burnout, anxiety, or a general sense of unfulfillment. This, in turn, may impact your overall job satisfaction and affect your ability to perform at your best.

In the context of professional growth, consistently positioning yourself below your true worth may result in missed opportunities for promotions, leadership roles, or specialized training. The hard truth is that employers may be less inclined to invest in the advancement of someone who doesn’t fully recognize and advocate for their own value.

Additionally, when it comes to negotiations, a lack of self-valuation can lead to agreeing to less than you deserve.  Whether discussing salary increases, client fees, or contract terms, a failure to assert your worth may result in settling for less than what you genuinely deserve. 

This, in turn, reinforces a cycle of undervaluation and can have long-term financial implications.

Here’s the thing – understanding the far-reaching consequences of undervaluing yourself is the first step toward breaking free from this cycle. Once you see how it affects your job chances, how you feel, and how well you negotiate, you can take proactive steps to own how valuable you truly are.

Strategies for Owning Your Financial Value

The first step in owning your financial value involves identifying and challenging limiting beliefs that may have been with you for a while.  For example, if you were taught that discussing money is taboo or that you shouldn’t brag about your accomplishments, you’re going to need to reframe these beliefs.

You need to get clear about your current beliefs about money and value so that you can create a more empowered mindset. By recognizing and challenging any limiting beliefs, you can begin to own your financial value.

For example, one of my clients was taught that talking about money is impolite and bragging about achievements is wrong so she avoided discussing her salary and downplayed her successes. Once we worked together she started openly discussing her compensation and proudly sharing her achievements, feeling more confident in owning her financial value.

The second strategy is practicing gratitude by shifting your focus from your perceived shortcomings to your accomplishments. Take time to reflect on milestones, successful projects, or even personal financial goals achieved. 

As accountants, we often dismiss the things we’re good at because we’re surrounded by other people who are also good at what they do.  But by acknowledging and expressing gratitude for your accomplishments, you reinforce your sense of worth and competence, no matter what anyone else has done or is doing.

For example, one of my clients was an experienced financial analyst who struggled with owning her financial value and worth. Instead of getting fixated on challenges during a tough quarter, we worked on practicing gratitude for all the cost-saving measures she had already implemented.

This shift in mindset not only improved her confidence but also strengthened her sense of worth, creating a healthier connection with her achievements.  She had been so used to moving on to the next project, that she wasn’t taking time to appreciate everything she had done for the current project.

The third strategy for owning your financial value is to set clear and attainable financial goals. Whether it’s a short-term goal like securing a particular client or long-term goals like retiring at a specific age with a specific amount in retirement, having a roadmap provides direction. 

For example, one of my clients was an ambitious accountant but wasn’t taking proactive steps to achieve his financial goal of retiring early. Once we worked together on his lack of self-confidence, he set short-term goals like securing a high-profile client and long-term goals such as building a substantial retirement fund. 

By having a clear roadmap, he began charging much more for his services. Not only did his clientele improve, but so did his ability to achieve his retirement goals.  

The fourth strategy is to consider mentorship or coaching.  The truth is that you are not meant to have an accounting career alone and getting help is not a sign of weakness. 

The thing is that engaging with a mentor or seeking guidance from a professional coach like me provides valuable insights into specific barriers holding you back and what to do about them.

For example, one of my clients was a partner in a small firm and told me he wished he had come to me sooner because he had been struggling with raising his prices.  He admitted that he had some people-pleasing tendencies that were getting in the way of him building his business to the level he wanted.

Once we worked together, he was able to own his financial value and worth, increase his prices, let go of clients who pushed back, and make room for many more clients wanting his valuable expertise.  He made more money the following year than he had his entire time in business.

If you have been struggling to ask for more compensation in your job, raise your prices in your firm, or achieve your financial goals, just know that there are so many ways you can overcome any hurdles.

Becoming a Smarter Accountant: Overcoming Brain-Related Challenges

As I’ve shared before in other episodes, this podcast is the place where brain science meets accounting.  In order to deal with issues involving your financial value and worth, you have to get clear on your brain’s role and how to overcome these brain-related challenges.

Let me share how various clients have handled each brain-related challenge in order to improve professionally and personally.

The first challenge is insecurity.  One of my clients had several years of experience in public accounting but was struggling with persistent feelings of insecurity about her financial value even though she consistently delivered high-quality work.

She struggled to speak up in meetings or reviews, often not giving herself credit for what she did well. This made her less confident and stopped her from moving up in her career.

She realized she had a lot of limiting beliefs around money that were holding her back.

But after becoming a Smarter Accountant, she learned to see how valuable she really was. She started talking about what she’d achieved proudly and thinking more positively about herself. 

She began joining in more in meetings, showing off her financial skills without holding back. Feeling more sure of herself, she not only got a raise she deserved but also took on bigger jobs.

Another client was really struggling with feeling like a fraud. Even though he did great work for his clients and got good feedback, he thought it was all just luck.

This made it hard for him to show how good he was to new clients and made him often doubt himself. He wanted to grow his small business, but feeling like a fraud always got in the way.

After becoming a Smarter Accountant, he started to see how much he’d actually achieved. He learned to see that feeling like a fraud didn’t make sense.

So, he started to think more about what he’d done well and how lucky clients would be to work with him. Because of this change in thinking, he was able to get more clients than ever before and was able to charge more.

Now, when a potential client pushes back on his fees, he stands strong and explains how and why they would be lucky to be working with him.

Hopefully these clients can be examples of what’s possible when you learn how to manage your brain.  Whether you’re dealing with insecurity, stress, limiting beliefs, fear of rejection, lack of motivation, or imposter syndrome, owning your financial value and worth is so much easier when you learn how to get your brain onboard. 

Key Takeaway and Action Item

Bottom line: your financial value and worth are not just about your credentials or your job title—it’s about how you perceive and assert your own value. By understanding your brain’s influence, challenging limiting beliefs, and setting clear goals, you can confidently own your financial worth. 

This week, ask yourself, “What specific accomplishments and skills can I highlight to confidently communicate my financial value and worth?”

Remember, you are not alone in this journey. Seek mentorship, practice gratitude, and embrace your achievements. Trust in your skills and contributions, and don’t be afraid to ask for what you deserve. 

You are more valuable than you’re probably giving yourself credit for.

Well, that’s what I have for you.  Thank you for joining me as I discussed how to own your financial value and worth.  Just know this – if you struggle in this area, you are definitely not alone.

Just because you’re smart doesn’t mean your brain offers you supportive thoughts.  In fact, most of the time, it’s doing the opposite.  

That’s why you need to learn a simple way to manage your brain so that you can quickly own your financial worth and value.  They say time is money, but if your brain is not on board, you’re leaving a lot of money on the table.  

If you are struggling with any aspect of being an accountant, you can simply go to www.thesmarteraccountant.com/calendar and book a free session with me.

And make sure you check back each week as I help you go from being a stressed accountant to a Smarter Accountant.

Make sure you go to www.thesmarteraccountant.com and take The Smarter Accountant Quiz. You’re going to want to know if you’ve been underutilizing your accountant brain so that you have a starting point for becoming a Smarter Accountant..

Also, I would appreciate it if you could get the word out to other accountants about this podcast.  And don’t forget about The Smarter Accountant Podcast Guide.  It will help you apply what you learned from the previous episodes.

Also, please keep sending positive thoughts my way as I recover from my surgery and find out what my next steps are.  I believe it takes a village to support someone in healing and I’m honored to have you as part of my village.

And as I end each week, the truth is that you’re already smart, but this podcast will show you how to be smarter.