I Asked for the Least, So I Got the Least: How to Ask for What Your Work Is Worth

One of the most expensive lessons I ever learned about money didn't come from a bad investment. It came from a single conversation where I asked for too little.

What happened?

In 2008, the mortgage industry was falling apart. I'd been doing well as a loan officer, but the division I worked in was collapsing, and I needed a way out.

A colleague told me a bank was hiring loan officers. I went in to interview, and I was the first one in the door. When they asked what I needed in guaranteed pay to make the move, I asked for pennies.

I ended up with about $15,000 in total guarantees.

Then, one by one, the people I'd worked with followed me over to the same bank. And as they went through the same conversation, they asked for far more. Most of them got somewhere around $40,000 to $50,000 in guarantees.

I was furious. I was the one who started it. I was the reason a lot of them even knew about the opportunity. And I'd asked for a fraction of what they got, simply because I went first and asked for so little.

I closed more loans there than almost anyone else I knew. But the number I'd agreed to was set by what I asked for, not by what I delivered.

Why did I ask for so little?

At the time, I told myself I was being reasonable. I didn't want to seem greedy, I was grateful for the opportunity, and I figured I'd prove myself and the money would follow.

But underneath that was something simpler. I didn't know my own value, so I let my nerves set the price.

I see service business owners do this constantly. They quote low because they're worried about losing the client. They discount before anyone asks. They feel lucky to have the work, so they charge as if the client is doing them a favor.

Why does the first number matter so much?

The number you ask for becomes the anchor for everything that follows.

If you quote low, the client never sees what you could have charged. They just see that number as your price, and every future conversation starts from there. Raising it later is always harder than setting it right the first time.

And just like my coworkers at that bank, someone else in your industry is asking for more for the same work. Some of them aren't even better than you. They just asked.

How do you know what to ask for?

How do you actually ask?

State your price clearly, then stop talking.

Most underpricing happens in the seconds after you say the number, when the silence feels uncomfortable and you rush to fill it with a discount, an explanation or a "but we can work with you."

Let the number sit. If the client pushes back, ask what concerns them, and talk about the value you deliver rather than lowering the price right away.

And if a client only wants you because you're the cheapest, that's not a client you want to build your business on.

What if I've already been undercharging?

Most owners have, at some point. The fix is to start pricing correctly with new clients right away, and to give existing clients notice before raising their rates.

That bank taught me something else, too. Once the number was set, there was no going back and renegotiating it because I'd turned out to be good. The only time I had leverage was before I said yes. Your pricing works the same way. The best moment to charge what you're worth is the very first conversation.

You don't need to apologize for charging what your work is worth. You just need to stop asking for the least and hoping someone offers you more. In my experience, they rarely do.

Frequently asked questions