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The More Valuable Your Product, The Greater Your Pay
The owner of a moving company was hauling a couch up the steps of a big, beautiful house when he suddenly had a question: "Why can't I live in a house like this one?"
He asked the homeowner, "I work 12 hours a day for my own company and I can't even keep up with my bills. What's the secret? What am I doing wrong?"
The homeowner said, "The fact is, you need to do something more valuable than moving people's stuff. Anybody can move furniture and you have to compete against inexpensive movers."
The mover said, "You're right. I hate it. I've even had to lower my prices."
The home owner said, "You need to find the most valuable thing you can produce and produce it like crazy."
The Key to Personal Wealth
How do you feel about your standard (level or quality) of living? Are you living the good life?
If you sleep in a car, your standard of living is low. If you live in a mansion on your own tropical island, your standard of living is high.
"It is a basic natural economic law that personal production of VFPs and one's standard of living are intimately related." - - L. Ron Hubbard
So your production of VFPs determines your standard of living. So what is a VFP?
Valuable: Having considerable importance; of great use or benefit; worth a high price; precious.
Final: The end of something; the last stage of a process; complete.
Product: Something created or produced; making raw materials into something more valuable or useful.
Your Valuable Final Product is worth money. You sell or provide your VFP to someone who wants it, and then you get paid.
To increase your wealth and improve your standard of living, you simply increase or improve your VFPs.
Final Product
Some people mistakenly believe their product is pay or profit. Yet unless you're a government currency printer or a counterfeiter, money is not your product. Money is the exchange you receive for your product.
What do you currently produce? What is the end result of your hard work? Examples:
* The product of a car salesperson is a sold car to a happy customer.
* The product of a dentist is a healthy set of teeth.
* The product of a bricklayer is a completed brick project.
So what is the result of your work?
Valuable
Once you know your product, you can then increase your income in three ways:
1. Increase the volume of your product. Produce more products.
For example, instead of laying 200 bricks per day you figure out how to lay 300 bricks per day.
If you own or manage a business, you find ways to increase productivity. For example, if you make $1.00 profit for each book you publish, and you now publish 50,000 books, you find a way to publish 100,000 books.
2. Make your current product more valuable. You can then demand more money per product.
For example, you stop selling old used cars and get a job selling new luxury cars.
As another example, you upgrade your restaurant and sell gourmet meals.
3. Produce a different product that is more valuable.
For example, a heart surgeon takes home $350,000 per year to repair or replace hearts. A car mechanic, who repairs or replaces complicated engines, only makes $40,000 per year. What is different?
The value. A new heart, which adds 20 more years to the customer's life, is more valuable than a new engine.
Of course, if you're a car mechanic it's not easy to switch professions to become a heart surgeon. It's possible, but not easy. But most people are not using all of their resources: knowledge, connections, skills, experience and intelligence. Most people can increase their income, if they wish.
Examples: An accountant starts managing millionaires' investment portfolios. A school teacher writes a best-selling novel. A car mechanic invents a more efficient engine.
If you wish to find a different, more valuable product to produce, the following exercise might give you some ideas.
Exercise
Answer these questions in writing so you can review your answers. Your goal is to work out the most valuable products you can produce.
1. What are all your skills? For example, organizing, listening, teaching, problem-solving, decision-making, speaking.
2. What do you know that most people do not know? Your special knowledge can be the source of a more valuable product.
3. Who do you know? Write down their names. Who are the top ten money-makers on your list? Can you learn to produce what they produce? Can you help them so they can then help you?
4. What benefit can you provide to the world that most people cannot?
5. What have you produced in the past that made you the most income?
6. What do you do better than most people?
7. What are the biggest problems people face? Which of these problems can you help them solve?
8. Make a list of every product you are capable of producing. Which is the most valuable? Which of your products do most people really want?
9. What can you do that most people find too difficult to do? Is it valuable?
10. What can you do to bring greater value, advantage, benefit or results to someone else's life? What do people say, when you ask them what they really need or want?
As soon as your personal production of valuable final products is high in quantity and quality, you'll be living the good life!
Copyright © 2006 TipsForSuccess.org. All rights reserved. Grateful acknowledgment is made to L. Ron Hubbard Library for permission to reproduce selections from the copyrighted works of L. Ron Hubbard. Take better control of your life with the TipsForSuccess coaching website at www.TipsForSuccessCoaching.org. For permission to copy, print or post this article, go to www.tipsforsuccess.org/reprint_info.htm or click here. To subscribe, buy books, contact us or learn more about TipsForSuccess.org, click here. |
