In their book, entrepreneurs Satu Rämö and Hanne Valtari talk directly about money and how to earn it. They give their tips to salaried workers and entrepreneurs – and also tell their own income.
Entrepreneurs, Satu Rämö and Hanne Valtari, known for their own blogs, reveal in their recent book The Dream Lady’s Account Day (WSOY 2020) how money can be attracted to a dream laden’s account.
On the dream track, a writer duo means work “that you’d be willing to pay to do.” The book is a sequel to Dream Job – Make Yourself Work for What You Like. The sequel focuses specifically on money, because, as Rämö and Valtari say, it is also a dream job to do a job that pays a decent fee.
According to the publishing house, the book is suitable for novice entrepreneurs, freelancers and those who dream of entrepreneurship, but also for those who work hard to find help in the book to improve their own position.
“No matter how good you are at work, no matter how much you like your job and even if everyone knows you as an absolute champion in your field, but you don’t know how to price your skills correctly, it’s not worth doing. You get tired when you do too much work starts doing something else, “Rämö and Valtari summarize.
So why should you strive for dreams and work in accordance with your own values in working life? Why can’t a job just be a job that is forgotten after eight hours of starting again until it returns to the lathe the next day?
“People spend a large part of their waking hours at work. The joy and paycheck produced by work are not indifferent. Meaningful and comfortable work drains happiness beyond working life as well,” the authors argue.
“The salary leaves money for living €2,397.50 per month”
So finding your own dream job can be about becoming an entrepreneur, doing paid work for yourself, being a freelancer, or light entrepreneurship – or a combination of all of that.
Hanne Valtari, who lives in Helsinki, writes the popular Lähiömutsi blog and works as an entrepreneur, writer, photographer and Finnish influencer. In the book, Valtari says that in 2013 he founded his own business name and in 2019 around his limited company blog.
The ruler opens his income accurately in the book. He pays himself €4,500 gross every month. Taxes accrue to be paid in the amount of 1,102 euros per month, so € 3,397.50 will flow into the account. From this, he transfers EUR 500 per month to voluntary pension insurance and EUR 500 to a savings account. He pays the YEL fee once a year.
“After taxes, funds and a savings account, the salary I pay leaves €2,397.50 a month to live on. For many, it’s a lot of money, for some too little, but just right for me and my family now and in this life situation,” Valtari writes.
“When shopping, you don’t have to worry about whether there is money in the account, and you can go buy a couple hundred euro overalls for the child without eating oatmeal for the rest of the month.
The increased turnover directly brought additional income of EUR 20,000
Satu Rämö, on the other hand, lives in Iceland with her family and works as an entrepreneur, writer and Finnish influencer. Rämö has written several books and kept a popular blog. In the book The Dream Day of the Dream Runner, he tells about his own working methods and times, among other things.
“I personally spend a maximum of six hours a day doing billable work at my desk. Most days I only have four effective working hours. These working hours are topped by working hours that no customer directly pays me for, but that, of course, is working time. 7.5 hours, “says Rämö.
He also says he could probably do four hours more billable work each day and get twice as much money, but doesn’t want to.
“I also want to spend time with my family, exercise and sleep in the morning for as long as possible. If I clearly increased the amount of work, I might get a ton or a couple more money a month in the account, but I don’t want to give up my hobbies because of that.”
Rämö also gives a concrete example of the good aspects of entrepreneurship. Entrepreneurship often gives you the freedom to earn more than being an employee in a company.
“For a self-employed person like me, the company’s financial situation immediately shows both good and bad in my wallet. When my company’s turnover rose 30 percent a year but expenses didn’t increase, I paid myself a € 20,000 dividend. So I got € 20,000 more (capital) income that year.”
In this way, you can increase your own value and salary in the employment relationship
How, then, could you, as an ordinary wage earner, be able to work not only for a job you feel like yourself, but also get enough financial compensation?
“The amount of monetary compensation for work is tied to the value that the work in question produces. The easier it is to measure the value of one’s own work, the easier it is to make a Price Request,” Satu Rämö states in the book.
The amount of compensation paid for work is also tied to the compensability of the work.
“If anyone else can do your job, it’s easy to replace your job. It’s easy for an employer that maximizes financial returns and is looking for continued savings to hire a cheaper employee. That’s why the manufacturing industry, for example, has relocated production to cheaper countries. It’s not necessarily fair, but it makes perfect sense. “
Rämö calls for a closer approach to the employer’s core competencies, ie the tasks that bring the most money to the employer. Then it will be easier to negotiate your own salary upwards.
“If you do things that the company really desperately needs, they might pay you a big pay raise so you don’t get lost in a competitor’s bread, for example.”
In other words, the rarer and most desperately needed skills in the labor market, the better the salary an employee can ask for for his or her own work.
“If you acquire the kind of know-how that companies need and that not many people have yet, it’s easy to get your reward for the work done,” Rämö sums up.
Of course, it is also important to be able to negotiate your own salary and justify your salary wishes carefully.
Also, you can read: How To Earn In Cryptocurrency (no experience)
This is how you price your job properly as an entrepreneur
In their book, Rämö and Valtari give monetary tips not only to those in paid employment, but also to entrepreneurs. Especially in the early stages of entrepreneurship, it may also be necessary to do work that may not fully meet your own aspirations.
“Money always has to come from something. Sometimes you get it by doing your favorite jobs, most of the time no compromises are required.
The authors urge you to consider how much risk you can take, whether the certainty of a steady return or the possibility of a much higher but more uncertain return is more important to you. As an entrepreneur, it is important to get a lot more money into your account for a full working day than as an employee.
“Not because the entrepreneur is somehow a more valuable employee, but because the entrepreneur takes care of all the expenses of the business himself and only then pays himself a salary. A ten for a wage earner is at least 25 euros for an entrepreneur, sometimes even much more.”
When pricing your own work, it is important to consider three things:
- What kind of need does your product or service meet? Don’t think about how much effort it takes for you to do something, but how much work will bring benefits and good to the client.
- What is the product / service you are selling? Are you selling a unique service or product that you can resell or once? Or can the service or product be repeated numerous times? The features of a product or service affect the price.
- Who buys the service or product you sell? The price level is also affected by the thickness of the buyer’s wallet. If the customer does not have the money to buy it, the transaction will not take place. In this case, try switching to a customer who can afford to pay before the price drops.
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