The skills that increases your Financial Success

Agada

One of the ways to survive and thrive in any economy as a human being is to have a steady source of income. Thus, income is relevant to life in the same way blood is to the body.

There are two ways to earn income. The first is to apply your skills and competence to earn income. This is called active income. The second is to invest your money and let your money work for you. This is called passive income.

Active income is the first income that you must master because without a solid active income you cannot build a solid passive income.

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Active income is also the only kind of income you can earn from scratch. Passive income needs active income to thrive. To build a solid active income you need skills. There are two kinds of skills you will need: Low-income skill and their corresponding High-Income skill; And the second is career-relevant skills and their corresponding life skills.

Low-income skills are skills that produce low income. These skills require the application of physical energy to solve low-income problems. High-Income skills are skills that produce high income. And these skills require the application of mental energy to solve high-income problems. Similarly, career-relevant skills are skills whose relevance expires at the end of one’s career. And Life skills are skills that are relevant throughout life. To increase your financial success, you must develop high-income skills. And you must focus on skills that are relevant within and outside the career world.

So how do you do this? 

The answer is simple and it is threefold.

First, you must know who your customer/ client is and what is a high-income problem for them. Second, you must develop the skills that enable you to solve the High-Income Problem. And third, you must leverage the maximum income structure to solve problems.

1.Know Your Customer

One of the biggest mistakes you can make is to assume that a high-income problem for you is a high-income problem for the customer. The customer determines what is a high or low-income problem for them. And what determines the value they place on a problem is the importance of the problem to them. The urgency of that problem, and the unique solution you bring to the table. Thus, if you are a white colarprofessional in a job, the customer/ client that will change your income the most is your employer. This is because your employer pays you.

So what High-Income problem can you solve for your employer to earn a high income?

There are three high-income problems to solve for employers. Yet, only one of them will give you the most income within the shortest possible time.  The first is the Sales Problem; Second is the Cost Reduction Problem; And third is the Risk Reduction Problem.

The sales problem is the fastest and most universal problem for employer. Employers also want to increase their financial success just like you, and they are willing to pay anyone who can help them achieve this goal. Thus, solving sales problem is the fastest and straightforward way to increasing your income.

Reducing cost is another way. Organizations always want to reduce cost, and this becomes difficult to do as the organization gets larger. Thus, the cost problem are common with bigger organizations as smaller organizations generally can manage their own cost. Solving a cost problem is, thus, not only limited in scope but also requires credibility and expertise which is built over time.

Risk reduction is another high-income problem to solve because it helps organizations preserve the wealth they have created. However, helping organization reduce risk requires a certain level of expertise and reputation that is built over time.

Thus, among all three high-income problems, the sales problem offers the most benefit for working professionals who want to increase their income with speed. It is the most impactful high-income problem to solve, and it applies to every industry. So no matter how much growth in income you want to achieve solving a sales problem can help you achieve that goal.

 

2.Develop High-Income Skills

High-income problems require high-income skills. Thus, to solve high-income problems you must develop high-income skills.

There are three high-income skills to develop if you want to earn a high income. The First is Creativity skills. Creativity is the ability to discover ideas. And turn these ideas into finished products and services that can produce income. Without creativity, you cannot create, innovate or invent new things.

The second skill is Relationship Building. Wealth is created in the context of a relationship. That is a person must first like you, respect you, and trust you to do business with you, employ you or exchange their cash for the value that you provide. And relationships are the second greatest currency aside from money. This is because it can be used to solve the problems that money cannot solve. Thus, without the right relationships, you cannot create wealth or expand your income.

The third skill is Marketing. Marketing is the ability to convince a person to give you money in exchange for your products and services. Without marketing and sales, money cannot exchange hands. Thus to increase your financial success, you must know how to create something from nothing. You must know how to build rich relationships. And you must know how to market and sell your products and services.

The beautiful thing about the three high-income skills is that they can make anyone rich regardless of where you find yourself. This is because they align with the way money is made. Money is made when you solve problems using innovation & creativity. Money is also made when you solve this problem for many people within a trusted relationship. And money is made when you convince these people through marketing to pay you the right price for your value. These are the ways money is made and it leverages all three high-income skills. Thus, developing the three high-income skills is your fastest flight to financial freedom.

3. Leverage the Maximum Income Structure

An income structure is any structure that can produce earned income. And there are two types of income structure. The first is the guaranteed income structure, and the second is the performance-based income structure.

The guaranteed income structure is the minimum income structure. It pays those under it a fixed guaranteed income based on the value they provide. They earned under the guaranteed income structure sometimes is based on the number of hours put in. It is the structure that drives most employee, worker, and subordinate relationships.

This income structure, although provides a guaranteed income, places a ceiling on your income. Thus, under the guaranteed income structure you sacrifice high income for income security. The performance-based income structure, in contrast, pays you strictly based on performance.  It is the maximum income structure because people can choose how much income they want to earn.

There are no guaranteed income and you only get what you deserve under this structure. Examples of people under the performance-based structure are business owners, independent advisors and problem solvers. People under this structure earn the highest amount of money. Thus, under the performance-based structure, you sacrifice income security for Maximum income.

The key to increasing your financial success as a working professional is to recognize the limitations of the structure you are currently in, and find a side earnings that can give you the advantages of the performance-based structure. Combining the advantages of both worlds is the fastest way to increase your income.

In summary, increasing your financial success requires three things: You must first develop high-income skills; Youmust solve high-income problems; And then you must leverage the maximum income structure.

If you need help developing high-income skills or enlarging your income, we can help you. To learn more, send an email to:  [email protected]

 

There is no lack of money. There is only the lack of high-income skills that produce income.

The post The skills that increases your Financial Success appeared first on Vanguard News.



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