MENTAL DIET: How To Understand Money (Part 2)

5 days agoLast Updated: April 22, 2024

3 minutes read

How To Understand Money (Part 2)

Do you need money and even more money? Sure you do. Obviously, everyone needs money. However, money doesn’t drop into your bank account just because you need it nor can you go to a specific location where free money is stockpiled to take as much as you want.

To make money you can either work for someone and receive wages or salary which certainly won’t make you rich because you can’t get rich working for someone else. In essence, receiving monthly wages or salary won’t make you rich in financial terms. Obviously, we don’t have rich people who are employees, we only have comfortable employees.

To be rich you must be in business for yourself and be in control of your time.

I hasten to add that it is also important to note that to be truly rich involves 3 areas of life; spiritual, emotional, and financial.

If you are only rich in financial terms then you are bankrupt indeed in your soul because it is better to be rich spiritually and emotionally and be financially broke than to be rich financially and be poor spiritually and emotionally. You can’t trade the soul for silver or gold or anything else in the world.

However, you can be truly rich spiritually, emotionally, and financially – that’s the best required to fully maximize destiny. Therefore, to be truly rich is to live a wholesome, balanced life and fulfill your purpose on earth.

DEFINING MONEY:

The Law of Exchange states, “Money is the medium through which people exchange their labor in the production of goods and services for the goods and services of others. In essence, money is attracted to us when we give people whatever they want.

7 WAYS TO ATTRACT MONEY:

Brian Shier highlights the different things you can do for people to be paid.

Make or save them money
Save them time
Supply them with food, shelter, or clothing
Provide them with security, safety, or comfort
Offer them leisure or entertainment, affection, friendship, or belonging
Give them status, prestige, or self-respect
Add value to their lives.

The value people place on your goods or services will determine the value of money that they are willing to pay for them. All value is about perception – it is based on the thoughts, feelings, attitudes, and opinions of the prospective purchaser at the moment of the buying decision.

The value of money people are willing to pay for your contribution is determined by the work you do, how well you do it, and your indispensability or difficulty in replacing you. In other words, the kind of work you do will determine the level of impact you will make because of the magnitude or the depth of the problem you solve.

How well you solve the problem better than everyone else in your field so much that you become indispensable or difficult to replace will determine how highly you will be paid.

In essence, the quantity and quality of your contribution in comparison to the contribution of others and the measure of value people place on your contribution will determine the value of money you will attract.

INPUT….OUTPUT

The value of the input of work determines the value of the output and consequently, the value of money you will attract.

To earn more money:

Increase in relevant and specialized knowledge.
Increase and expand your skills in key areas
Improve your work habits – Work better, work longer, concentrate on the work at hand, work smarter, and work creatively.

THE GAME PLAN:

Work more at consistently improving yourself or the quality of your personality and you will become more valuable at what you do.

In what ways can you increase the value of your contribution to become better, smarter, quicker, cheaper, improved, and of a higher quality than anybody else?

In essence, how can you satisfy the needs of people (customers, clients) or the organization you work for better than anybody else? This will entail going the extra mile. In other words, be service conscious and you will attract a greater reward beyond money.