“To increase your income, first you have to be honest with the current value you’re getting from your time. And then you have to trade low-value activity for higher-value activity.”
This income problem most people experience can be easily addressed by first defining how much you want, then determining how much you’re realistically worth, at present.
I once asked a wealthy man what advice he had to offer a young man that wanted to be wealthy.
He answered, “Acquire a skill that people value.”
That was it.
Acquire a skill that people value.
So most people who aren’t generating the income they desire . . . they’re simply not engaged in activities that people value.
We all want the shortcut. We want the button, that anyone can push. But that isn’t a skill. And when anyone can do a thing, it’s not valuable.
If you want more you must become more.
Becoming more doesn’t mean working harder than everyone else, indefinitely. And to everyone who hasn’t done the work to get there that seems unfair.
Don’t Do Anything You Wouldn’t Be Willing to Pay, Fairly, to Have Done for You
Your time is not free.
You must value your time accordingly.
Do not spend your time doing anything you wouldn’t be willing to pay someone else to do. When you’re doing it, you’re paying.
If you want to earn $100,000 per year, with a little time off, then you need to earn about $50 per hour 8 hours per day, 5 days per week.
If you do work you can pay someone $15 per hour to do, then you’re losing $35 per hour – not saving $15. That’s reality.
This perspective should help you do two things . . .
- If you’re not willing pay someone (who will probably do it better) is it worth doing at all? I find the answer is almost always “No”. Over my Internet marketing career I’ve done a lot of work that didn’t need to be done. I’ve wasted a lot of time; I’ve cost myself a lot of money. If I had been forced to pay someone to do it – I would have crossed it off the to-do list.
- What is $50 per hour work? What does that look like? What would you expect to pay $50 or more to have done for you?That kind of work is almost always related to producing real results – writing copy, making connections, formulating strategy.
Now, there are things I enjoy doing and I don’t care what they cost. I just like to do them. But on the whole if you want economic success then you need to put your time in an economic context. Your time has value – what value do you want it to have and are your skills and activities a match?
That’s it. There is no great secret beyond that.