In today’s world, we could all benefit from earning more money; and most people seek an additional income, often in the form of an extra job (or even two extra jobs) rather than focusing on increasing their hourly rate of pay. This article looks at two simple principles the can help you earn more money without having to work even more hours than you already do. This is particularly helpful to think about if you are trying to fix your finances as all too often we focus more on reducing the amount we owe rather than increasing the amount we earn.
CREATE MORE VALUE
People are ultimately compensated based on the value they create for an external entity – whether that entity is a person or an organisation doesn’t really matter, because the simple fact remains, that at a fundamental level, people get paid according to the value they provide.
This is not to say that a cleaner is any less valuable as a person than a solicitor, because a person’s value as a human being is way more than the job they do, the money they make, or the material possessions they acquire.
It is, to say, however, that an attorney charging $350 per hour to defend against a serious allegation is creating more value to the person receiving the service than a cleaner being paid $10 per hour, as the end result they are creating is of less financial value. If you want to earn more, you need to create more value in terms of the end result you are providing. In simple terms, the more value you provide, the more you will earn.
Look for ways you can provide more value or upgrade your career to one where the value you are offering is greater – as if you want to make more money, the only way to do this, is to create more value to someone that is willing to pay you for that value you produce.
There are two ways to learn; first is through experience and the second is through education. Nowadays, formal education is much easier to access with even specialist courses such as a masters in engineering management being available online – meaning you don’t have the time cost or financial expense of studying at a bricks and mortar university,
There’s a popular saying that goes something like the “more you earn the more you learn”, and whilst this is fundamentally true, there are many people that drop-out of college and make more money than their well educated white collar friends by simply selling things on eBay.
With this in mind, it should be noted that learning is not limited to academic education; indeed, if you were to learn how to invest in property, or how to master the art of influence, these skills are likely to get you much further in life, on a financial basis, than having a specific degree. Indeed, often times, you’ll find the highly educated white collar workers attending weekend seminars on topics such as real estate investing, amazon trading, and digital marketing.
In summary, the trick is to learn more, but to ensure the time and money you are investing provides a decent return on investment – by enhancing your ability to provide tangible value to someone that is willing to pay for it.