Do you wish you earned more money? Who doesn’t, right? Well, to put it frankly, your income is directly correlated to the value you bring to the marketplace. The more value you bring to the market, the more money you will earn. There are a number of ways to improve your value in the marketplace, but it all boils down to one thing… knowledge.
Earning Traditional Value
To start things off, I’d like to give an idea of what value is, exactly. Value is the skills and knowledge you have gained over your lifetime. If the skills and knowledge you have gained are in demand, you will earn a higher salary than those that are not in demand. For example, let’s take Josh, the retail employee, and Blake, the software engineer. Both are equally pleasant and valuable human beings, but Blake has years of college education in computer science, while Josh has a high school diploma. Blake has taken the time to improve his value in the marketplace, therefore he earns a much higher salary. Josh on the other hand has plenty of potential, but hasn’t taken the time to improve his skillset.
Traditional Value Options
- High school
- Undergraduate
- Graduate
- Doctorate
These programs all provide varying degrees of knowledge and skill to the student. This is the traditional way we as a society improve our individual value in the marketplace. Although these degrees are very effective at improving personal value, there are still a number of perceived obstacles to accumulating greater wealth.
Perceived Wealth Blockers
Salary Caps
One almost universal issue most of us experience is a salary cap. Once someone has gained their chosen degree, they see only marginal salary increases until they’ve gained enough experience for a management position. Even with subsequent promotions, most new positions will come with a salary cap itself. Income potential is limited and therefore depending on lifestyle, one may find themselves living in the rat race.
Economy
Another common complaint is a bad economy. As someone who graduated near the beginning of the the great recession, this one hits close to home. It’s easy to blame the economy for your current situation and wish things were better. For example, fresh out of college, I must have applied to at least 100 different jobs. I got about two calls back and no job offers. This was a very humbling experience and I found it easy to blame the current economic situation. I was not alone in my experience either, as competition for jobs was fierce during that time.
Taxes
Two things are certain in life, death and taxes. I’ll never forget receiving a paycheck from my first job and wondering where all my money went. It’s easy to blame high taxes on your current financial situation, but the truth is there isn’t much you can do about it. You can move to a state with no state income tax, but you won’t see any substantial return from lowering federal taxes.
Government, Education System, Etc.
A few other complaints you may hear are governmental policies/issues, educational system issues, and many more. As you can see, it’s quite easy to place the blame on something or someone else. It’s no secret that our system isn’t perfect, but it’s all we’ve got! Placing blame will only get you so far in life, so it’s best to learn how to work within the current financial system – key word, learn.
Upping Your Value
If you haven’t realized by now, the key to greater success is greater knowledge. Most people attend college to raise their value, but many may still find themselves complaining about their financial situation. The problem is, many people stop their education once they graduate, limiting their potential income. To realize unlimited income potential, one must continuously educate themselves. After traditional education, one can do that in a few of the following ways.
Additional Sources of Education
- Books
- Classes
- Conferences
- Workshops
- Courses
- Internships
- Meetups
- Mentorships
Take Responsibility
The issue with someone who blames the economy, government, etc, is that they blame everyone besides themselves. It’s everyone else’s fault, life is unfair, and things would get better if they just went their way. Instead, take full responsibility for your situation in life and take back control. You are exactly where you are in life because of the choices you have made. With control back in your hands, you have the power to move yourself in any direction you choose.
Spend Time Wisely
Time is our most precious resource. What you do with that time is a reflection of your success. Take someone who spends their free time at happy hour, watching tv, and playing video games. Those types of activities add no value to your life and therefore limit your potential for success. Take someone else who spends their free time reading relevant books, attending conferences, joining local Meetups, and finding themselves a mentor. This type of person may not see success overnight, but given time and persistence, will greatly increase their potential for success.
Benefits of Increasing Your Value
Once someone has stopped blaming others for their shortcomings and taken complete responsibility, one can begin their path to success. It may not be easy, but nothing great in life comes easy. Take consistent steps towards improving your value and you may see any number of benefits.
Benefits of Higher Value
- Unlimited income potential
- Flexibility
- Financial freedom
- Early retirement
- Peace of mind
- Find/achieve your purpose in life
Taking the time to invest in yourself is crucial to success, but knowledge alone will not get you there. The first step is to grow your knowledge, the second step is to take action. This winning combination will get you far in life, so follow this simple equation and watch as life takes form to your will.
Knowledge + Action = Power
“Learn to work harder on yourself than you do on your job. If you work hard on your job you’ll make a living, if you work hard on yourself you can make a fortune.” – Jim Rohn
Have you taken accountability and started working towards a brighter future? Leave a comment below and share your progress!
