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The only way you can earn more money is by increasing the value (or perceived value) that you bring to the marketplace.
Period.
Everything that you do to earn more money will abide by this rule.
If you negotiate a raise, you earn that raise because you helped your boss realize the value that you’re bringing to the company.
If you sell more products it’s because you increased the value of those products or leveraged smart marketing tactics to increase the perceived value of those products.
Anything and everything that you do to increase your money must start from a place of increasing your value to the marketplace.
So how do you actually go about doing this?
While there are 1,000,000 and 1 ways you can become more valuable, these are the 3 best that I’ve found after building a 7-figure business.
Enjoy.
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Increase Your Productivity (The Speed with Which You Provide Value)
The first way that you can earn more money is by increasing your ability to get sh*t done and provide value at a faster speed.
Think about it this way…
Imagine there are two people who are equally skilled at their job as creative writers.
The first writer can write 1,000 words in 60 minutes.
The second writer can write 2,500 words in 60 minutes.
Who do you think will be more highly paid? Who do you think will get promoted?
Obviously, the writer who can get twice as much work done in the same amount of time (this is especially true if you’re a freelancer or entrepreneur).
Therefore, one of the best ways to get paid more is to increase your output by leveraging proven productivity tactics.
I’ve written extensively about productivity here on Quora I’ll summarize my best points here:
Sleep 8 hours a night
Workout for 30 minutes a day
Eat a whole foods diet
80/20 your tasks
Eliminate all distractions
Work on a 50 minute timer and take a 10 minute break after it’s over
Plan your days the night before
Meditate for at least 10 minutes a day
Outsource all low level work
Change your work environment regularly
Take plenty of breaks and 2–3 days off a week
Implementing the above tips can help you increase your productivity by 50% or more.
And once you are able to get more done in less time than your competitors or coworkers, you WILL start making more money.
2. Increase Your Skills (The Level of Value You Bring)
Once you are able to get more done in less time, you’ll want to find ways that you can get more done while simultaneously increasing the quality of the work that you’re accomplishing.
To do this, you will need to adhere to three simple principles.
The Law of 1% and Intentional Practice: If you diligently work on your craft for only 1 hour a day and consciously IMPROVE by 1% each day you will be 365% better at your career/business in a year. That’s a HUGE leap.
The Power of Education: In addition to improving your craft by 1% everyday, you must constantly seek out new and applicable knowledge that will help you get better at what you are doing. Read books, buy online courses, attend seminars. Do anything and everything you can to learn more about your skill set. If you learn one thing a month that improves how you work by 10% you’ve now added an additional 120% improvement on top of the existing 365%~
The Power of Coaching: The best in the world ALL have coaches to help them identify their weaknesses and optimize their strengths. Whatever your current career path, you need a coach to help you go from good to great. I once hired a sales coach who helped me go from $8,000/month to more than $30,000/month in under a year. It just plain works.
When you commit to the process, educate yourself massively on your chosen field, and hire coaches to help you identify and eliminate your weaknesses, you will quickly rise to the top of your field and be able to demand any price that you want.
3. Increase Your Status (The Perceived Value of Working with You)
Have you ever watched Dr. Phil?
He’s a marriage counselor, author, and TV personality with an estimated networth of about $400 million.
An hour of counseling with Dr. Phil will run you… Oh, just a measly $40,000!
Now let me ask you a question…
The average marriage counselor charges between $75 and $150 an hour.
That’s less than 10% of what it would cost you to work with Dr. Phil.
But do you really think that Dr. Phil is 400x better than other marriage counselors?
OF COURSE NOT!
He might be good, but I promise he’s not that good.
So how can he charge such an outrageous price?
Simple… Because he’s increased his perceived status. (or value).
And if you want to make more money, you must do the same thing.
People want to work with high status people.
Period.
If you can increase your status by becoming a best selling author, driving a nicer car (e.g. Tai Lopez), setting public speaking engagements, and becoming a prolific creator on all major channels, then you can charge pretty much whatever you want.
Not because you’re better than everyone else.
But because the general public perceives your value to be greater than your competitors.
You can start small here.
Upgrade your wardrobe, create more content and get it published on major blogs, write a book on Amazon, do small things that make you seem more high status.
Eventually, you will reach a point where you never have to look for money again and you’ll have more business and opportunities than you know what to do with falling right into your lap.
Hope this helps
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Thank you.
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