“How can I earn a lot more money?”
It’s a question that hundreds of millions of people ask themselves all the time.
Some people would tell you to get a higher education and improve your skills. But, with so many educated, experienced, and highly skilled people without jobs, that’s no guarantee.
Besides, many companies have fixed salaries. And some have job grades with small margins for negotiations, while for some jobs you can negotiate with large margins.
So, it seems there’s a lot to consider.
What do you think is having the greatest impact on how much you earn?
Is it your employer, the customers, the industry average, or is it your skills, experience, or your connections?
While it appears that myriad factors determine your income, the amount you earn is ultimately governed by a clear and precise law.
A Law is a Law is a Law
When you drop something from the roof of a building, you don’t have to guess or wonder what’s going to happen next. You know with 100 percent certainty that the object is going to fall to the ground or whatever is directly below it.
How do you know?
You’re aware of and understand the Law of Gravity.
Well, the Law of Compensation is just as exact. This Law clearly states the amount of money you earn will always be in exact ratio to…
- The need for what you do.
- Your ability to do it.
- The difficulty there will be in replacing you.
Let’s look at each of these things one at a time.
The need for what you do.
People who are paying you for products or services put a certain measurable value on your contribution. If there’s a great need for what you do, you are valued higher than if there’s not much of a need.
There’s a huge need for the kind of work I do, so there’s an opportunity to earn millions of dollars. The same is true in many other high-demand industries.
Of course, not everyone who works in a field where there’s a high need earns a high income. That’s where the second factor of the Law of Compensation comes in.
Your ability to do it.
When you work in a field where there is a tremendous need, AND you become very good at addressing or filling that need, your compensation goes way up.
However, you must be very, very good at what you do. Otherwise, it’s easier to find people who can do the job as well as you, and you’re not going to get a big jump in your income automatically. You’ve got to master what you do so that you can command a high salary no matter where you work.
And that brings us to the third and final factor of the Law.
The difficulty there will be in replacing you.
If there are five equally qualified and motivated people waiting for you to quit your job so that they can do your job equally well, you have very low leverage in negotiating a good or better salary.
If, on the other hand, it would take your employer months and months to get someone even half as qualified to do your job as well as you do it, your employer will pay you a very high compensation because you’re going to be very difficult to replace.
Focus on this for the highest rewards
No matter how highly you price yourself, these three factors determine the amount of money or its equivalent you get for your work.
However, if you concentrate your efforts on the second factor—your ability to do the work and you become a master at what you do, and you will be rewarded abundantly.
You always get back what you send out
The Law of Compensation is a demonstration of the Law of Cause and Effect—the law that decrees that whatever you send into the Universe comes back. Action and reaction are equal and opposite.
Increasing your ability to the job is the cause; earning more money is the effect. If you take care of the cause, the effect will always take care of itself.
What’s your pleasure?
Prosperity is available to anyone who chooses it. Thankfully, there are countless ways to earn as much money as you want.
The easiest and most sound way to enjoy financial freedom is to create Multiple Sources of Income (MSI). To do that, I recommend that you think about and choose several things that you love, like, want to do, that you have confidence in, and that will reward you financially, psychically and emotionally.
MSI are passive revenue streams coming in that are beyond the income from your current job, vocation, career, or livelihood. If you have a job, you only get paid while you’re working. However, creating passive revenue streams allows you to make money around the clock.
MSI may include creating something that is a vertical or horizontal market extension of what you do, becoming an investor, generating royalty income from creative work, or getting paid in 101 different, new and exciting ways.
Step up to the plate
It takes only one well-executed big idea, well executed, to harvest six or seven figures from MSI. However, you don’t have to hit the ball out of the park on the first swing.
This isn’t all or nothing. If your first attempt only generates a few hundred dollars a month, that’s a significant step in the right direction. It doesn’t mean that it’s all you can do or the best you can do—it’s just the first step.
Just create the picture in your mind of how you much you want to earn and how you will live when you reach your income objective.
Whether you feel comfortable with or believe that you can earn that amount of money is not important at this point in the creative process.
Just constantly visualize the exact picture of what you want. It will eventually become a desire and provide the necessary motivation for you to discipline yourself in forming new habits that support your vision and create the results you want.
To your success,
Bob Proctor