Image courtesy of Stephen Barnwell.

I was in an “on-line forum” the other day when someone asked the question, “How do you increase your income?” The person asking the question was no longer working their “day-job,” and was seeking to make money in other ways.

This person was making a few dollars each week teaching kids how to play basketball, but was looking to make additional money.

The Solution

In order to increase your income, you must increase your value; “YOU” must become more valuable.

By becoming more valuable you will increase your “socially perceived value;” the value society believes you provide, for this, society will owe you a debt. What is money but a social debt, it represents the value you’ve provided thus far; what society owes you. You take that social debt (i.e. money) and then purchase whatever you desire in exchange for the debt.

Let’s Recap: You exchange your time to become valuable, which in turn allows you to purchase things that you value. Before you can purchase things that you value, you must provide others with what they value.

Your salary represents the monetary value you are able to extract from the world. If you make a $100,000 a year, that means society believes that you provide $100,000 of monetary value annually. In order to make more money, you need to increase society’s perspective on your value.

How does a basketball player provide more value?

A basketball player creates more value by becoming a better basketball player; by becoming more valuable himself. He spends his spare time practicing to become “the best” at what he does. He practices when everyone else is taking time-off. He plays with players who are better than he is; he studies and learns how to “out-shine” the competition. He spends his time sharpening his skills. By doing this, he becomes increasingly valuable, and he will make more money.

How does a comedian provide more value?

By becoming a better comedian; he or she spends their time listening to other comedians. They learn from the most successful. While others are sleeping they’re awake writing jokes that have never been heard before. They become more valuable by offering the world something that it’s never seen before. Scarcity makes valuable.

How do I provide more value?

I provide more value by listening to other self-development teachers (iron sharpens iron); I listen to at least an hour of self-development everyday. When I write, I’m writing from what I’ve learned after listening to dozens of other teachers, and hundreds of books. Every book I read makes me more valuable. I know that if my focus is narrow and constant, eventually, I will become one of the greatest self-development teachers.

Enough Value to Make a Living

In order to provide enough value to make a good living, you have to dedicate your time to becoming the best at what you do.

As a first step in becoming the best, you need to commit to “be” your personal best. Honestly ask yourself right now, “Am I giving my very best to what I’m doing, am I giving my all, am I the best version of myself?” I often ask myself these questions, and the answers are not always “positive ones;” when the answers aren’t positive, I begin to look for ways to give my all.

Walter Cronkite said, “I can’t imagine a person becoming a success who doesn’t give this game of life everything he’s got.”

You must empty yourself into your “task” in order to create real value….

Time

It takes time to provide value, when a basketball player first starts playing basketball in elementary school, he doesn’t get paid. It’s not until years later, when we has perfected his skills, and his talent is rare, that he can get paid for the entertainment value he provides.

You must utilize your “time” to make yourself increasingly valuable so that you can command a higher price tag. The more you study, the more you learn, the more time you dedicate to your passion, the more valuable you will become.

This is why you should never quit sharpening your skills, sharpen them often and daily. Eventually you will become very valuable.

That’s why you should do what you love, because you’re going to be doing it for a while before you succeed.

Finally, it’s not enough to just be valuable

I could be the greatest basketball player in the world, but if know one knows about it, what good would it be. Will I get paid for being a great basketball player? Of course not.

Once you’ve become valuable, you need to showcase that value to the world using leverage (e.g. open up a basketball camp and let everyone know about it); now you’re providing real value; and society will gladly pay to see that value. As the quote goes, set yourself on fire and people will come to see you burn! Thank you for reading.

Mr. Self Development is a guest blogger for PickTheBrain. For more information visit Mr. Self Development; just reading his blog will raise your prosperity consciousness, expand your mind, and challenge you to live the abundant life.

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The people heard it, and approved the doctrine, and immediately practiced the contrary, just as if it had been a common sermon; for the vendor opened, and they began to buy extravagantly, notwithstanding all his cautions.

Franklin knew that knowing the right way to live is much easier than living the right way. Being industrious and frugal each and every day is a tough task, one that most people will never master. It takes an enormous amount of self-discipline and perseverance to become wealthy and successful. Most people who read these posts and the Way to Wealth will agree with the advice but will soon forget it and go on making foolish decisions. This isn’t going to change; people can’t be helped that don’t want to help themselves.

But I also believe there are a lot of people who want to help themselves but have lost sight of the right way to live. I know from experience that a person can be influenced by a negative environment without realizing it. The consumer culture of America incessantly pushes us to buy things we don’t need. We waste our time because we are constantly distracted by media. It is now more difficult than ever to be industrious and frugal. I wrote these posts with the hope that a person who has problems with idleness and extravagance might read them and start to rethink their lives. Up until recently I have always been a very lazy person. After reading the Way to Wealth I started to rethink my mentality. I realized that I’d been trapped by a pessimistic apathetic state of mind. It took a long time to break my old habits but I have steadily improved my productivity and attitude. The old me would never have made this website.

I am still tempted by laziness everyday, but recognizing my own weakness allows me to overcome it. Being industrious is addictive. It fills me with confidence and inspiration. We all have more energy than we believe. After you take the first step to improve your life you build momentum every day. If you want to make that step, take the wisdom of the Way to Wealth to heart. You will certainly profit from it.

However, it is important to remember that we are tiny beings at the mercy of fortune. On this Franklin said:

Do not depend too much upon your own industry, and frugality, and prudence, though excellent things, for they may all be blasted without the blessing of heaven; and therefore ask that blessing humbly, and be not uncharitable to those that at present seem to want it, but comfort and help them.

I can’t help wanting to emulate Franklin. Best of luck to you in your search for wealth and success. We all need it.

Buy Franklin’s Way to Wealth on Amazon

Ben Franklin’s Way to Wealth – Part I Industry

Ben Franklin’s Ways to Wealth – Part II Frugality

The second section of the Way to Wealth imparts the importance of frugality. It isn’t enough just to earn money, you have to be smart about what you do with it. In this collection of sayings Franklin describes how a lack of frugality will cause financial ruin and describes the temptations that lead people to spend foolishly.

1. A man may, if he knows not how to save as he gets, keep his nose all his life to the grindstone, and die not worth a groat at last
2. Beware of little expenses; a small leak will sink a great ship
3. Buy what thou hast no need of, and before long thou shalt sell thy necessaries
4. A fat kitchen makes a lean will
5. Many estates are spent in the getting, Since women for tea forsook spinning and knitting, And men for punch forsook hewing and splitting.
6. Think of saving as well as of getting: the Indies have not made Spain rich, because her outgoes are greater than her incomes
7. Women and wine, game and deceit, Make the wealth small, and the wants great.
8. What maintains one vice, would bring up two children
9. Who dainties love, shall beggars prove
10. Fools make Feasts, and wise men eat them
11. Buy what thou hast no need of, and before long thou shalt sell thy necessaries

So many people are left poor because they are extravagant. Frugality is different than cheapness. Frugality is spending wisely and avoiding unnecessary expenses. Do you ever eat out when you could cook, buy new clothes when your old ones are fine, or buy expensive electronics you don’t really need? This undermines all the hard work you do! To build wealth you must save the money you earn.

1. Wise men learn by others’ harms, fools scarcely by their own
2. Silks and satins, scarlet and velvets, put out the kitchen fire
3. Ploughman on his legs is higher than a gentleman on his knees
4. Always taking out of the meal-tub, and never putting in, soon comes to the bottom
5. When the well’s dry, they know the worth of water
6. If you would know the value of money, go and try to borrow some
7. He that goes a borrowing goes a sorrowing
8. Fond pride of dress, is sure a very curse; E’er fancy you consult, consult your purse.
9. Pride is as loud a beggar as want, and a great deal more saucy.
10. When you have bought one fine thing you must buy ten more, that your appearance maybe all of a piece
11. Tis easier to suppress the first desire than to satisfy all that follow it
12. Great estates may venture more, But little boats should keep near shore.
13. Pride that dines on vanity sups on contempt
14. Pride breakfasted with plenty, dined with poverty, and supped with infamy

When people get some money they feel an urge to go spend it. We want to keep up with our friends and neighbors so we go and buy the finest clothes and the newest gadgets. One new purchase leads to another. To become wealthy, you need to overcome your pride and live humbly.

1. But what madness must it be to run in debt for these superfluities!
2. When you run in debt; you give to another power over your liberty
3. The second vice is lying, the first is running in debt
4. Lying rides upon debt’s back
5. Poverty often deprives a man of all spirit and virtue: ’tis hard for an empty bag to stand upright
6. Creditors are a superstitious sect, great observers of set days and times
7. Those have a short Lent who owe money to be paid at Easter
8. The borrower is a slave to the lender, and the debtor to the creditor
9. Disdain the chain, preserve your freedom; and maintain your independency: be industrious and free; be frugal and free
10. For age and want, save while you may; No morning sun lasts a whole day
11. Gain may be temporary and uncertain, but ever while you live, expense is constant and certain
12. Tis easier to build two chimneys than to keep one in fuel
13. Rather go to bed supperless than rise in debt.
14. Get what you can, and what you get hold;’Tis the stone that will turn all your lead into gold

The stupidest thing you can do is borrowing money unless absolutely necessary. By doing so, you make the creditor your master and pay much more in the long run. Get over your pride and drive that beat up car for a few more years. Live in a smaller house than your wealthy friends. If you live beyond your means you will pay for it.

Buy Franklin’s Way to Wealth on Amazon

Ben Franklin’s Way to Wealth – Part III Conclusion

Ben Franklin’s Way to Wealth – Part I Industry

Anyone who has tried to find financial advice on the web has encountered nothing but scams. “Invest with me, buy this book, use my AdSense secrets, and you will be making easy money in no time.” It is all garbage. Those who want solid advice to live by would be well served to consult The Way to Wealth by Benjamin Franklin. In a few paragraphs Franklin wittily transmits the wisdom the made him a fortune and one of America’s greatest fathers. Beware: there are no secrets or short cuts, only common sense.

Franklin wrote the Way to Wealth as a speech given by a wise old man to the townspeople. The focus of the first section is the virtue of Industry

1. Early to bed, and early to rise, makes a man healthy, wealthy and wise
2. Diligence is the mother of good luck
3. God helps them that help themselves

We have all heard these familiar sayings, but how often do we neglect to live by them? Rising early, using time wisely, and getting to bed at a decent hour is the first step to building wealth. It puts you in the position to succeed.

Franklin also condemns laziness as the cause of many failures.

1. Sloth, like rust, consumes faster than labor wears, while the used key is always bright
2. Dost thou love life, then do not squander time, for that’s the stuff life is made of
3. Lost time is never found again
4. He that riseth late, must trot all day, and shall scarce overtake his business at night
5. Drive thy business, let not that drive thee
6. Industry need not wish
7. He that lives upon hope will die fasting
8. There are no gains, without pains
9. Plough deep, while sluggards sleep, and you shall have corn to sell and to keep
10. One today is worth two tomorrows
11. Have you somewhat to do tomorrow, do it today
12. Be ashamed to catch yourself idle
13. Let not the sun look down and say, inglorious here he lies

How often do we waste time complaining about a lack of opportunity? The reason you find no opportunity is that you waste time you should be using to build. The more we are idle the rustier we get. Laziness makes taking action more difficult. Through industriousness you create opportunities.

1. He that hath a trade hath an estate
2. He that hath a calling hath an office of profit and honor

Here Franklin states that you need to develop a specialization that is valuable to others. A specialization provides a permanent source of income. No one is going to give you money. You need to give people value in exchange for it.

1. At the working man’s house hunger looks in, but dares not enter
2. For industry pays debts, while despair encreaseth them
3. Constant dropping wears away stones
4. By diligence and patience the mouse ate in two the cable
5. Little strokes fell great oaks

Don’t be discouraged by the size of a task. Don’t make excuses because something looks difficult. Great accomplishments are built in tiny increments. You need to remember that the work you do builds up over time. People are often discouraged because they don’t achieve instant success. It is important to think of your work as a long-term investment. This will help you stay motivated during the painful early stages. Remember that most successful people toil for years in obscurity before reaching the tipping point when their hard work starts to pay dividends.

1. Employ thy time well if thou meanest to gain leisure
2. Since thou art not sure of a minute, throw not away an hour
3. A life of leisure and a life of laziness are two things. Do you imagine that sloth will afford you more comfort than labor?
4. Trouble springs from idleness, and grievous toil from needless ease.
5. Many without labor would live by their wits only, but they break for want of stock
6. Industry gives comfort, and plenty, and respect: fly pleasures, and they’ll follow you

Many people don’t like to work, especially if they have boring jobs. Everyone wants to live a life of leisure so we work as little as we have to. This is understandable; everyone prefers leisure to work. In truth, this is an extremely shortsighted attitude. Who do you think has the time play golf during the week or the flexibility to travel abroad? It is the people who worked hard, became successful, and are now reaping the benefits of wealth and leisure. You need to work hard now to gain leisure later. If you are lazy now you will miss out on leisure in the long run.

1. Keep the shop, and thy shop will keep thee
2. If you would have your business done, go; if not, send
3. He that by the plough would thrive, Himself must either hold or drive.
4. The eye of a master will do more work than both his hands
5. Want of care does us more damage than want of knowledge
6. Not to oversee workmen is to leave them your purse open
7. In the affairs of this world men are saved not by faith, but by the want of it
8. Learning is to the studious, and riches to the careful, as well as power to the bold, and Heaven to the virtuous
9. If you would have a faithful servant, and one that you like, serve yourself
10. For want of a nail the shoe was lost; for want of a shoe the horse was lost, and for want of a horse the rider was lost

The point of these maxims is that working hard alone is not enough. You must also keep your business inline with care and attention. Don’t let all your hard work go to waste for a lack of organization. Don’t take anything for granted because small problems are the root of failure.

I cannot state with another emphasis how important these ideas are. Most people will recognize that this is nothing new and ignore it. These ideas aren’t complicated. The challenge is to live by them. If you try being truly industrious for one complete day you will understand what I mean.

The first half of becoming wealthy is Industry: working hard, using time wisely, and paying careful attention to your business. Industry generates revenue. The next step is turning revenue into profit. The second part of Franklin’s Way to Wealth explains the importance of saving what you gain.

Buy Franklin’s Way to Wealth on Amazon

Ben Franklin’s Real Way to Wealth – Part II Frugality

Ben Franklin’s Real Way to Wealth – Part III Conclusion