How to increase income

The Amount of Money We Receive will Always Be in a Direct Ratio to the Demand for What We Do, Our Ability to Do It, and the Difficulty in Replacing Us.” Earl Nightingale.

Many of us have an income problem which means we barely have anything left over to build wealth. So how can we solve this problem? To answer this question we have to go back in time and study the words of one of the fathers of personal development called Earl Nightingale. Earl Nightingale (March 12, 1921 – March 28, 1989) was an American motivational speaker and author, known as the “Dean of Personal Development.  Earl Nightingale rose from poverty to become the most highly recognized authority on success and personal development. He was also a radio commentator whose program was broadcast daily around the world for more than 40 years.

He recorded a popular audio cassette called “the strangest secret in the world” which you can find on YouTube. It is in this recording that we get a glimpse of how to improve our incomes.
The basic idea is that our incomes are directly proportional to the demand for what we do, our ability to do it, and the difficulty of replacing us. Let’s break this down further.

  1. Demand for what we do. This essentially means that we should do things that are in high demand. Now you have to understand that people are primarily driven by two things. Pain and pleasure. So whatever you do you need to ease people’s pain or provide them pleasure. So what causes pain and pleasure? That is the question you need to ask before choosing a vocation. For example, hunger is debilitating, so anyone in the food business will never go out of demand. People want to look good so anyone in the beauty industry will prosper. Demand also depends on income class, tastes and preferences, and seasons. Some things are in fashion today and disappear tomorrow. So you need to study the trends and see what customers want. 
  2. Our ability to do it. There is a high demand for brain surgeons. However, you don’t just wake up and become a surgeon. Anyone who is able to provide specialized in-demand services will prosper. So look out for vocations that require extensive training and where the barriers of entry are high. Whenever you find high barriers to entry, it means there is prosperity across the fence.
  3. The difficulty of replacing us. Maids provide an essential service but it is so easy to replace them and as such their bargaining power for wages is low. On the other hand, an experienced CEO is hard to replace and so they command very high pay. You can make it very hard to be replaced by providing exceptional quality and quantity of services. I find it hard to replace my mechanic. He always shows up and fixes the problem. Whenever I try the local mechanics in Gayaza I am disappointed. A great attitude makes it harder to be replaced. An average accountant with a great attitude will progress further in an institution than a brilliant one who is always complaining.

So there you have it. You don’t have to settle for low wages. Simply choose a vocation in demand, become one of the best people in that industry, and provide exceptional services to many people and do this with a great attitude. This simple strategy will make you one of the highest-earning people in your industry within a few years.

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