In the current economic climate, the phrase we find that is used more than any other is this:
`Financial security does not come from the amount of money you currently have - it comes from your ability to get more of it whenever you want`.
There are two key "art forms" underlying the skill of being able to get more money whenever you want it:
The art of serving others, or what we call "difference making"
The art of exchanging value, more commonly known as "sales" and "negotiation"
In order to better understand how mastering the art of serving others can guarantee your financial future, here is a simple economic formula we share with you that demonstrates exactly why people earn however much or little money they are currently earning:
Scope of Difference x Scale of Difference
Scarcity/Uniqueness of Difference
= Potential Earnings
Let's go through this step by step...
1. Scope of Difference
In one sense, money is just a measure of the difference you're making in the world. If you're not making any difference, it will be difficult to make any money; if you make a huge difference to people's lives, it will be easier. This is not to say that you can measure difference making in pure monetary terms - after all, not everyone chooses to exchange the value they create for money. But if you do want to make more money, mastering the art of `serving others` will help you secure your financial future.
2. Scale of Difference
How many people currently benefit from what you do? Making a tremendous difference in the lives of just one human being may be the most important thing you do in your time on this planet, but in terms of financial value, it's extremely limited. (Unless that one human being is Bill Gates!) In simple terms, the more people whose lives you positively impact, the higher your earning potential will be.
3. Scarcity/Uniqueness of Difference
Scarcity and economics go together like a horse and carriage, with the basic rule of thumb that scarce resources are always valued higher than easily accessible ones. This is the law of supply and demand in action - when demand exceeds supply, prices go up; when supply exceeds demand, prices go down. When it comes to our personal economy, you can substitute the word "uniqueness" for scarcity. The more unique the contribution you make, the more you will be able to charge for it.
Ever wonder how much what you do is actually worth to the world in monetary terms? Or why movie stars get paid so much more than school teachers or even doctors?
Let's run a few examples through the formula to see what we can learn. As we do, please note that we are only using these examples as examples - if we stumble across something you actually do for a living and you feel we have undervalued it, simply run the numbers again substituting what you think the real difference you make in the world is and see if and how that changes things.
Here is a simple scale we will be using so that we can plug in some numbers Note that the scale is reversed for scarcity:
a. A line worker at a factory
Paul works on an assembly line in an automobile factory. His job is physically difficult but most people can learn to do it in just a few days.
Scope of Difference:3 x Scale of Difference:3
Scarcity/Uniqueness of Difference
= Potential Earnings: 1.2
b. A teacher
Jo is an elementary school teacher. Her 30 students a year love her, and the parents do as well. However, from the city's point of view, she`s just another member of the union and doesn't have a lot of seniority.
Scope of Difference:7 x Scale of Difference:2
Scarcity/Uniqueness of Difference:5
= Potential Earnings: 2.8
c. A doctor
James is an emergency room surgeon. He saves lives almost every single day, and will treat over a thousand people in the course of a year. While he is highly skilled at what he does, he doesn't have a specialty in one particular area.
Scope of Difference:9 x Scale of Difference:5
Scarcity/Uniqueness of Difference:3
= Potential Earnings: 15
d. A movie star
Julia is one of the few actresses who can "open" a film - that is, her name above the title guarantees that millions of people will go to see it and/or rent it when it comes out on DVD.
Scope of Difference:3 x Scale of Difference: 9
Scarcity/Uniqueness of Difference: 1
= Potential Earnings: 27
So what can we actually learn from this?
Well, the first thing to realise is that if you want to increase your income, there are essentially three ways to do it - make more of a difference with people, make that difference with more people, and increase the uniqueness of what it is you have to offer.
The second thing is to notice whether your actual earnings seem small compared to what the value formula would predict them to be. If this happens, chances are that you have not yet mastered the skill of exchanging value for earnings - as the saying goes, "you do not get what you deserve in life - you get what you negotiate."
Today's Experiment
Run whatever it is you do through the value formula. Give yourself marks out of 10 (or out of 100 if you prefer) for the scope of the difference you make to your employer, customer or clients, the number of people you actually serve with your work, and how unique your work is - i.e. how easily could someone else get what you have to offer if you were no longer available to offer it?
2. What are at least ten things you could you do to make more of a difference to your existing employer, customer or clients?
3. Who else could you serve with what you do? Make a list of at least 20 people or categories of people (i.e. plumbers, working moms, recently laid off people, etc.) who would benefit from what you have to offer.
4. What is your unique contribution to the work that you do? Why would I choose you over someone else who does something similar? This time, write down at least 50 things which make what you do and/or the way that you do it uniquely valuable in the marketplace.
Yes, you can achieve all things in life by your attitude to be positive, you have the solution in you, so go forward and use it now!
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About the Author Colin Thompson
Colin is a former successful Managing Director of Transactional/Print Manufacturing Plants, Print Management/Workflow Solutions companies and other organisations, former Group Chairman of the Academy for Chief Executives and Non-Executive Director, helping companies raise their `bottom-line` and `increase cashflow`. Plus, helping individuals to be successful in business and life in general. Author of several publications, research reports, guides, business and educational models on CD-ROM/Software/PDF and over 400 articles published on business and educational subjects worldwide. Plus, International Speaker and Visiting University Professor.
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