Most people get frustrated with low earnings because they don’t understand the direct correlational relationship between income and value. As your value increases your income should directly increase, but with some specific features. Thread on growing income:
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First: value is measurement of the problems you solve for others. You may solve big problems or small problems, and the size of the problem correlates to your earning. How urgent is the problem? What are people willing to pay to solve that problem?
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Next is audience. Are you solving problems for rich people or poor people? Ten people or ten million people? How much can your audience afford to pay you to solve the problem? Their own value may limit your actual value reimbursement. Can’t squeeze blood from a stone.
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Put these two together and you get your value. You can solve one big problem for a few rich people (private mansion architect), one problem for lots of poor people (McDonalds), or several urgent problems for almost every person (medical specialist).
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Remember that time is money. What are people willing to pay for you to solve their problem, and how much can they actually pay? You can’t charge a million dollars to design a shack in the slums, and rich people with private trainers probably won’t eat McDonalds.
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Paying you to grill their burger at fast food is unskilled work that anyone could do. A corporation won’t pay you much. But millions will pay that corporation a little bit each day, so their value is high but they’re always hustling for spare change and pay high operating costs.
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You also need to expand your reach. Just because you’ve solved cancer doesn’t mean everyone will hear about it to pay you. This is where you pay someone to solve your problem. You pay a marketing person to find your audience for you in exchange for a portion of your value.
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A fiction author solves a small problem (boredom) for a lot of people, but needs to get visibility from tons of people to collect all their small payments. They also need to provide a quality product worth paying for. They hire a marketing group to run ads to find more readers.
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If you’re frustrated with low income, you need to ask yourself what problems you’re solving, what your audience is, how much they can pay you, and how urgent your problem is to demand higher payment. Unskilled labor has no leverage. Skilled labor has leverage.
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Start looking at the world around you as a series of problems people face. Ask who’s solving those problems. Look for problems that aren’t being solved, niches where you could step in and earn. And question how much you’re paying others for what solutions they’re providing.
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When you understand value in these terms you can grow your income. Find people to teach you urgently-needed skills to solve problems. This is what college and coaching and training programs are supposed to do. (College has stopped returning investment in many fields).
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What value do you provide and to whom? How urgent is your solution you’re providing right now? What talents or skills do you possess and who would pay you to use those to solve their problems? Who can help you reach a wider audience in exchange for some of that value?
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