Your ability to earn an income is the first rung in the ladder of wealth building. The more income you generate, the more investable funds you tend to have for wealth building.
When it comes to earning or generating income, we all know that the fundamental determinant of what you earn is the value you create for your clients or company. It is your contribution to your clients or the company you work for in terms of value that determines your compensation.
The Law of Income simply says you will be paid in direct proportion to the value you deliver according to the marketplace
Great principle…..
You Need To Understand The Other Side Of The Equation
Unfortunately, this is just one part of the equation. A half-truth can be very dangerous. This is the reason many people are frustrated today. They work so hard in their job to create great value for their clients or the company they work for, yet they seem not to be making headway financially.
They become exasperated when they compare what they are earning with people who could not be said to be creating any meaningful value, yet earn huge income.
For example, between a standup comedian and a university professor who creates greater value in people’s lives? The answer is obvious. The comedian can only make people laugh and feel good for a couple of minutes. The impact of his jokes is not a lasting or an enduring one.
The question then is, who should earn more?
Though you might want to argue that value is relative and it is as perceived by the customer. We all know that the comedian cannot transform people’s lives in a meaningful way as does the professor.
The worst part of it all is that the standup comedian might be a school dropout. No college or university degree, yet, earns amazing income.
The truth is many of them earn much more than university professors.
The question is, why does a standup comedian make more money than a university professor?
Or why do many professional footballers or basketball players earn more than medical doctors?
No right-thinking person would doubt or contest the huge value doctors give to their clients. If indeed, income is a reflection of the value you create and if it is true that the more value you create, the more money you tend to earn.
The question we should also ask is, why are doctors and university professors not earning more than these sports guys?
What do standup comedians, musicians, sports guys have that an average professor or doctor does not have?
Simple……Scalability.
The scalability factor
The scalability factor is the missing factor in so many people’s wealth equation. Yet, it is the catalyst that can boost income up to 1000 folds.
Now, let’s compare a seminar teacher with a thousand to two thousand attendees with a one-on-one coach or consultant; in your opinion who has the potential to make more money.
A standup comedian just like the seminar teacher has hundreds and perhaps thousands of people in his show compared to the professor who teaches a class of thirty to a hundred students; as a result, he earns a huge income.
Now understand this, when it comes to earning huge income, it’s not just about the quality of the value you can offer your clients, but the quantity in terms of how many people partake or benefit from the value you offer.
The Money Is In The Number
To earn a huge income you must find a way or ways to massively scale the value you offer the market. You must deliver your value to a lot of people.
The bigger the volume of people you serve, the bigger the income you tend to earn.
The question is how many people do you add value to at a time?
When a surgeon performs an operation to save the life of his patient for five hours and earns $15,000, he has done great work by saving a life. Great value has been added to his client. Unfortunately, he can only add value to only one patient for the five hours the operation lasted. In that same space of time, a comedian or public speaker can run a seminar for an audience of five thousand people and make 100 times more than what the surgeon made.
A footballer would only need to play on the football field with thousands of people as an audience for ninety minutes to earn much more than the surgeon.
While the surgeon was literally just selling his time for money without the tool of leverage, the standup comedian was leveraging his effort by serving a lot of people at once.
This is the secret of generating huge income that will grow your wealth fast.
To earn a huge income you simply have to deliver massive value to a great number of people.
If you want to get rich, you must deliver your value to a lot of people!
The scalability factor is one of the most powerful components of the income formula. It is your access to surplus funds that can be invested to build wealth and live in financial freedom.
This is the secret of wealthy people. It is what separates the rich from the super-rich. It’s the reason someone can make 100 times more money within twenty-four hours than others. And this is the key factor of wealth creation you must engage from now on in whatever you do to earn a living.
Listen, there is a limit to how much you can earn working one-on-one with clients since there is a limit to the number of productive hours you can work. There is only so much you can do in 24 hours. When you run a one-on-one business model, there is only so much of you to go around.
Please understand that one of the basic reasons a musician, a standup comedian, or public speaker may earn much more than an accountant, a professor, lawyer, accountant, and a doctor is simply the number of people they serve per time.
The questions you need to answer are these: In your work, how many people do you serve per time? How can you increase the number of people you serve per time? How can you scale your business and the value you provide to serve hundreds and perhaps thousands of people per time? This is the financial key you need to engage to earn huge income that would enhance your wealth-building endeavor.
It’s a new day for you!
To Your Prosperity
Sharon Akinoluwa
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