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In today’s world, we could all benefit from earning more money; and nowadays most people are seeking an additional income, often in the form of an extra job, as in such a competitive job market, they’re finding this is a more viable option than requesting an increase in their salary. However, life is for living - not just slaving away at a job, or business, for that matter.
This article looks at a few simple principles that can help you earn more money by creating more value, and it’s a particularly good paradigm to consider sharing with your children, as gone are the days where your child will go to school, get a job in a big company, and stay in that job for the rest of their lives until they retire.
The working world our children will be entering is one of portfolio careers, remote working, freelance lifestyles and a value-focused economy, meaning it’s less about academic qualifications and more about the value they provide in the form of a specific tangible output, which is why it’s important everyone, young and old, starts focusing on learning specific skills such as by doing a Microsoft Outlook course or learning to use Photoshop - as what were once niche areas of expertise are now becoming essential expectations.
Let’s now look at two fundamental principles around money and education:
CREATE MORE VALUE
People are compensated based on the value they create for a third party - whether that party is a person or organisation in the form of a client or customer, or an employer - it doesn’t really matter, because the universal fact remains… that at a fundamental level people get paid according to the value they provide.
The value of an activity such as being a solicitor fighting to clear the name of an innocent person is clearly a lot higher than the value of an activity such as cleaning. That is not to say a cleaner is any less valuable as a person than a solicitor, because a person’s value as a human is way more than the job they do, the money they make, or the material possessions they acquire.
It is, to say, however, that a solicitor charging £250 per hour to defend against a serious allegation is creating more value to the person receiving the service than a cleaner being paid £8 per hour, as the end result they are creating is of less tangible value. That said, a cleaner that attends rail collision incidents will be paid a much higher rate, because the value they are creating (by facilitating the trains being able to run again) is of huge value in terms of the output being created.
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.
Therefore, you’ll want to look for ways you can provide more value or consider upgrading 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 the output you produce.
LEARN MORE
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) available online.
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 friends simply by selling things on eBay.
It should therefore 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, in financial terms, than having a generic degree. 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.
In summary, the trick to earning more is learning more so that you’re in a better position to create more value… but ensure the time and money you are investing in this education provides a decent return on investment, as some people will just do a course for the sake of it, thinking that somehow it will lead to greater earning potential.
