The 3 Fundamental Wealth-building Principles Which Have Stood the Test of Time (Part 2)
This post is a continuation of the previous blog The 3 Fundamental Wealth-building Principles Which Have Stood the Test of Time (Part 1).
When you really get to the bottom of what money is, it is simply an exchange of value. Something of value is given, whether it is time, knowledge, a skill, a service or a product and in exchange a value is placed on the money itself. So let’s be real here for a second and straight forward, if you don’t have the level of money and wealth you want in your life, then you are not adding enough value in the money exchange you are playing in right now. Sorry to be harsh, but sometimes we need a sharp uppercut to the jaw to wake us up from some societal programming of expecting to get something for nothing or instant gratification or the victim mentality so prevalent around money. I know I needed that when I started and I mean truly started on this journey to wealth in my early twenties.
Money is an exchange of value
Now this doesn’t mean you are not valuable in other ways in your life. You might be adding massive value as a parent or to a cause you care about or as a member of your community and those are of course incredibly important and perhaps far more important than the value we are referring to in the exchange for money, however here I am purely talking about from an economic stand point as the value you are exchanging to the market place which pays in this value exchange with money.
I have found 12 primary ways to increase your value proposition to the market:
- Technical value – become technically better at a specific of set of skills.
- People value – raise your value when it comes to interpersonal relationships with other people or even in managing others.
- Networking Value – a network of people can be a valuable and powerful asset. For some people, this is their genius and it just comes effortlessly.
- Character Skills – raise your value as an individual in your character. Develop yourself as a person. Numerous studies have shown that those responsible for hiring people hire for personality and character than they do for a qualification or skill set.
- Process or systems value – ability to create and implement systems to fine tune operations.
- Knowledge value – current specific knowledge or a being a natural researcher. Some people just have a thirst for new knowledge and spend hours reading, watching and listening to new content.
- Innovator – taking an existing product or service or operation and innovating to simply fine-tune it or completely revolutionize it.
- Deal Maker – someone who knows how to negotiate and structure deals to achieve a satisfactory outcome.
- Supporter – believe it or not this can be extremely valuable and some people in supporter type roles do extremely well because they become the right hand person to another person where their life or business almost stops without them.
- Teacher – could you become someone who can teach, train and educate others in specific skill sets or trainings?
- Leadership – the ability to bring together and lead individuals and teams or companies is huge value.
- Brand value – raising your own personal brand makes you more valuable as a brand can influence, inspire and connect others.
Now this next statement might be a bit controversial and might piss some people off, but I’m totally ok with that, as how we are conditioned in life has set most people up to live a life of mediocrity and on a path to not fulfill their own potential and to create the life of their dreams. Many people walk around with this belief system that somehow to be wealthy means you are a crook or are greedy or are selfish and to be poor or of low economic means somehow means you are a good honest, hardworking person, but frankly in more cases than not the reality of this is the complete opposite.
In the most part wealthy people get that way because they add more value to the market place, hardly seems selfish right? And on the flip side, many people who don’t have the economic means they want simply are not adding the value that they could be or have the potential to do and are operating way below their potential, which hardly seems honourable and honest or hard working.
Now of course, there are exceptions to this principle, some people get wealthy by winning lottery where really no value has been exchanged apart from the cost of the ticket itself, but as we already know; the statistics show that over 70% of people who win the lottery in the millions of dollars within 5 years are back to where they started before they won. On the other side again, some people add a huge amount of value to the market, but simply are not rewarded economically for it, but on the most part, the above statement holds true.
The good news though is that if you are willing to accept this principle and begin taking personal responsibility for your money and wealth, then there is nothing stopping you from beginning to find ways to add more value and become more valuable right now; and I do mean right now by answering the questions below.
Write down 5 ways you could begin adding more value in your work right now?
- Write down 5 different types of value you have to offer? (Your time? A specific skill? Specific knowledge? A specific or set of personality traits?)
- How can you begin getting rewarded economically for the value you add rather than the time you spend?
The last part of this blog will be posted next week! 🙂