In today’s economy, we could all benefit from earning more money; indeed it seems today almost everyone is seeking an additional income, often in the form of an extra job or side hustle.
This article looks at the two most fundamental ways to make more money; offering two principles to help you shift your mindset in the right direction.
See, gone are the days where you go to school, get a job in a big company, and then stay in that job for the rest of your life until you retire. Today, we are living in a world of portfolio careers, side hustles, and an aspiration to derive passive income from online activities such as blogging or stock trading.
In that vein, this article focuses on two universal principles around money and education that are relevant to everybody, no matter what your aspiration, background or income.
CREATE MORE VALUE
People are compensated based on the value they create for a third party. Now, that party could be a person or organization; a client, customer or an employer. The universal fact remains that people get paid according to the value they provide another.
The value of an activity such as defending someone’s reputation as a solicitor is a higher value activity than an activity such as cleaning because the outcome of not going to prison is much more valued than the outcome of having a clean home.
That isn’t to infer less value on the person behind the job; it’s simply to say that a solicitor charging $350 per hour to defend against a serious allegation is able to charge that much money due to the value of the outcome he is achieving. If the same solicitor were to clean a house, then it would not be realistic for him to expect the same $350 per hour, because it’s a lower value task in terms of the outcome being provided.
Put simply, if you want to earn more, you need to create more value in terms of the end result you are providing; as the more value you provide the more you will earn.
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 many courses (both vocational and academic) being available online, you can even do a masters in nursing online program, demonstrating that even specific medical qualifications can be studied online today.
Learning, however, is not limited to academic education; indeed, if you were to learn how to invest in property, or master the art of influence, these skills will get you much further in your financial life than having a broad degree in something like psychology or history.
There are plenty of well educated people working in minimum wage jobs, and oftentimes, you can find highly educated white collar workers attending weekend seminars on topics such as property investing, amazon trading, and digital marketing – in order to escape the rat race they subscribed to by going down a traditional academic route.
If you want to earn more, you need to create more value in terms of the end result you are providing and one of the best ways to provide more value is to get more education that is focused on a particular outcome.
In summary, if you want to make more money your focus needs to shift from finding ways to make more money to finding ways to add more value – be that through value added inventive ideas or by learning more.