Do You Know THE Key to Wealth?

Written by Kevin S. Bemel

Sunday, 05 July 2015 03:30

The California and Yukon gold rushes are probably the last times you could walk into the wilderness and come back wealthy. For about a century, to earn money you have to sell a product or service that people want to buy. Debates swirl as to whether people should buy a particular product, and therefore whether its producers deserve their wealth. But when people don’t want what you’re selling you won't make any money. You may believe your product or service will massively benefit humanity. If customers disagree, you’ll earn zero.

Skills ≠ Value ↔ Time ≠Wealth

Internalizing this simple lesson will make all the difference on your road to success.

Wealth Comes from Value Delivered

Admittedly it took me a while to learn this. During the first decade of running my real estate company, I equated the number of hours I worked with how well I served my clients. But after years of 60 to 80 -hour weeks, there had to be a better way.

I put a lot of effort into streamlining my processes. Within a few months, I had cut down the number of hours I worked by one-third. My clients didn’t even notice a difference. As long as their needs were met they couldn’t have cared less how much of my time it took. As new services like online banking arrived, I whittled down the hours even more. When I sold my property management company I had reduced my working hours by half.

If you’re starting out, the faster you determine the viability of the market for your offering the better. Fortunately, social media gives you the avenue to quickly and inexpensively see if people want what you are selling.

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Knowing this rule applies to everyone will help you let go of the disappointment if YOUR idea doesn’t pan out. It’s not personal. I started a t-shirt business and a real estate brokerage before gaining moderate success in property management and hitting a home run in commercial appraising. If people don’t like your first idea, NEXT!

The Key to Your Job-Hunt

The wealth-value formula applies equally to developing a career. Instead of having a pool of customers to whom you’ll market a product or service, you deal one-on-one with a few people who hire employees. What counts are their perceptions of the value of your skills. It used to be that a college degree was gold. But today, with 20%-25% of college graduates jobless or under-employed, that's not the case. Credentials may get you an interview. Skills that solve the needs of the organization will get you the job.

Another thing: The lower the value people put on your product, service, or skills, the more hours you will have to work in order to earn the income you want.

Lastly, the same formula, wealth comes from value delivered, is true of almost everything.

If You Want a Wealth of Friends You Have to Be a Valuable Friend

Any realm of your life that you want to prosper: health, self-care, faith, grows when richly and consistently nourished.

People in the military excel at executing the mission. Rarely do commanders care how many hours it took to complete. Rather, they value how prudently resources were expended and how completely the objectives were met. Today’s business world has adopted this same model.

Where can you get abundance for free?

© 2023, Kevin S. Bemel, All Rights Reserved

_{Disclosure of Material Connection: Some links in the above post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guide Concerning the Use of Endorsements and Testimonials in Advertising.”}