As you may know, I am a fan of the late Jim Rohn’s work. I think he was a great teacher and he is now a sad loss to the field of personal development. He explained some of the core concepts so simply and clearly and he inspired millions of people to achieve much more with their lives than they might ever have imagined was possible.
In this video, Jim explains what you need to do to increase your salary by almost any amount you might choose. I love his explanation of how that is possible. It is all about value. You get paid, he says, not for your time, but for the amount of value you bring to the marketplace and that is an interesting observation for a start.
Most often, people teach that in a job, you do get paid for time i.e. you are simply trading time for money. Although that is true to some extent, Jim’s explanation is more comprehensive. It’s not a question of time, but value, in other words, what you can do in that time. If you can find a way to make yourself more valuable, the marketplace will pay you more money because you will have increased your market-worth.
Jim is at pains to point out that you can be valuable in many different ways, but when it comes to the amount you earn, we are specifically talking about what the market values. Again it’s a good point. He is not saying that money is more important than other things, he is simply addressing the law of supply and demand. Everything and everybody has a market worth.
The ladder of opportunity stretches all the way from the minimum wage, at the lower end, to an amount that is insanely substantial at the other. Just today, I was reading that Manchester City have negotiated a deal to pay their new star striker an amount that would be the equivalent of £5,000 ($8,215) per hour. No doubt there will be many who will say that no footballer is worth that amount, but they would be wrong. You may remember that this is something we discussed when we considered Niklas Bendter.
So for anyone who really wanted to grow their income, Jim has the answer. To get yourself paid more money, you need to increase your market worth and he goes on to give a real key as to how to do it: you need to work harder on yourself than you do at your job. Simple, but profound too and remember that this comes from a man who became a millionaire by doing exactly that, and he did it within just six years of encountering this advice for the first time.
If you take this approach to its logical conclusion, you could identify a specific job that you wanted to get, identify all of the knowledge and skills necessary to perform it well and then work on yourself until you transformed yourself into the person who absolutely fits the bill. That process would win you the opportunity in the market because, just like Nikolas Bendtner, you would be one of a very few people who would be able to perform at the necessary level.
You can watch Jim talking about that process here.