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The Basics of Making More Money

 

Almost everybody wishes they could earn more money, whether that’s to get a raise at work, set up an online side hustle like a blog or a more traditional side hustle like a man with a van set up.  

This article considers two principles to keep in mind that can help you earn more money than you’re currently making, whether you’re an employee, business owner or investor; the first being to create more value and the second, which in many ways feeds into the first is to learn more.

See, the challenge when looking to make an extra income is that most people earn a living by trading their most precious resource of time in return for money.

The amount you are able to trade for your time is contingent on the value you provide; an attorney will often charge more for an hour of their time than a janitor – because the service they provide has a higher perceived value.  This brings us onto the first principle.

  1. 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 an attorney is clearly a lot higher than the value of an activity such as cleaning.  In basic terms, 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.

Look for ways you can provide more value or upgrade 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.

  1. 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 being made available online; even vocational courses such as a crime analyst degree, which you might not imagine would be available online are now being taught via distance learning.

There’s a popular saying that goes something like the “more you earn the more you learn”, and whilst this is fundamentally true, it should however 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 real estate investing, amazon trading, and digital marketing – in order to escape the rat race they subscribed to by going down a traditional academic route.