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Today’s entry is Changing Your Philosophy to Tap into Untouched Income Potential
Let’s keep it real. You’re barely making ends meet and the best advice you can get are things like live beneath your means, pay yourself first, fix your credit score, and oh don’t forget to save at least 3 to 6 months of savings for an emergency fund? Really? Or on the flipside, maybe you are doing well and need a strategy to increase your income to prepare for retirement. No matter where you are on your financial journey, the information I am about to share will give you a new philosophy or thought process for tapping into your untouched income potential.
Let me ask you a question? How is it that 2 people in the same city with the same background, attended the same schools, given the same job opportunities, and access to the same resources end up in two completely different financial situations. One is financially stable headed towards freedom and the other one is living pay check to pay check? The next 5 concepts will introduce you to a new way of thinking so you can begin to transform your bank account.
1. Anchor Yourself. The first thing you need is an anchor. An anchor is a meaningful reason for why you want to increase your income. It can’t be to get rich quick or to live a lavish lifestyle. These are selfish pipe dreams. Your anchor needs to be connected to you, your purpose, your family or your faith. It is the very thing that, quite frankly, will keep you from giving up in the toughest of financial times. My anchor has been to retire at age 55, so I can dedicate every breathing moment to my family and my life’s purpose. My purpose in life is to inspire women across the world to live on purpose. I challenge you to dig deep to find your anchor, just make sure it goes beyond selfishness and it gives you something worth working towards.
2. Understand the Income Game. Some of you have worked for years and still don’t understand how the money game works. Jim Rohn, a renowned motivational speaker was broke at age 25 and a millionaire by age 32. He taught me about the marketplace. The marketplace is, simply, where people go to spend money. If you are not bringing value to the marketplace, you don’t get much money. Here is a reality check for you: If your current position doesn’t require a lot of skills and anyone can do it, guess what? Your income potential will be limited. Why? Because if you don’t stand out or do it well, someone else will quickly take your place. Take for example the skill set of the cashier at McDonalds verses the skillset of an NBA player. The cashier gets paid $9/hr. The demand for cashiers are low because most people have the skill set to hold this position. However, Lebron James gets paid $24K/hr. The demand for Lebron is high because not too many can do what he does. The point I am trying to make is your income is directly related to the skillset or value you bring to the marketplace. Honestly, ask yourself if you have any worthwhile skills. If you do, brush them off and continue to acquire new ones so you can remain competitive. If you don’t, then you have work to do to start bringing value to the marketplace.
3. Bring Value to the Marketplace. There are two things you can do to bring value. You can figure out how to set yourself apart in your current line of work or you can acquire more skills or value to move on to the next level. Please understand that value is not working longer hours or creating unnecessary work. In fact, it is the complete opposite. Bringing the most value in a shortest amount of time is what you should strive for. For instance, would you rather go to a stylist that does your hair perfectly in 4 hours or would you rather go to a stylist that provides the same perfection in 1 hour? Right. Three hours back to you day to do something else, instantly creates value for you. Value can come in many shapes and sizes. Sometimes just having a pleasant attitude and smile can go a long way. The question is how are you delivering value over your competition, on your job, or through your business? Do a self-assessment, ask a trusted friends, colleague or customer how you can improve the value you deliver. Case and point, I recently asked a family member for recommendations on what issues, concerns or roadblocks people in their age group struggle with. Yes, that is how this blog came about. Leave your suggestions for the Watch My Feet Blog Spot and watch what happens.
4. Change Your Perspective. Jim Rohn also says don’t wish the world would change so things can be better for you. Instead, wish you were better. There is a story of two men who sell product for a living. One woke up and saw that it was raining hard outside. The first salesman said, “Wow, they can’t expect anyone to sell anything in this weather, I am going to stay inside today.” The second salesman woke up and saw that it was raining hard outside. He said, “Wow, I’m going to make a killing today because most other salesmen will be inside.” He broke a record in sales that day. Changing your perspective makes a difference. Like deciding to spend less than you make in a month can be huge. Or deciding to save first then spend what is left as opposed to spending first then saving what is left is another game-changer. When you have a better perspective, you can turn what you have, no matter how small, into more.
5. Work Harder on Yourself than Your Job. Working harder on your job makes your employer richer but does nothing for you in return. You end up with a bunch of knowledge and skills that only your employer can use. I have seen so many people work 10 or 20 years, then get laid off. They lost themselves in the work and have become less valuable and unmarketable as time went by. Don’t be mediocre. Whether paid or unpaid, take advantage of all opportunities with your employer to acquire skills on the job and make absolutely sure they are transferable to new positions or companies. Don’t be afraid to make a smart investment in yourself. Spending your own money to better yourself is a power move. It shows that you believe in yourself. Look at the long-term value and know that your next career move will demand the money for the skill set you’ve obtained. Remember, if you can transfer a skill set, that is a sure indication that you are working harder on yourself. No one can take that away from you.
Your current financial situation is directly tied to your current way of thinking. Take full responsibility for your past decisions and how they may have led to your current situation. Then use this information to get you on the path to financial freedom. Stay tuned for upcoming videos on more tactical tips on money and finances. Until then, a good book to pick up is Rich Dad Poor Dad by Robert Kiyosacki or Think and Grow Rich by Napoleon Hill.
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