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Law of Compensation

· Financial Success

Law of Compensation - How it applies to you?

There are essentially three basic laws to being compensated. Of course people will not pay you for just anything, there has to be a need or value to what they are getting. Think about it, would you compensate someone for a service or product you have no need of and do not want? To understand why a person compensates another let's look at three fundamental areas:

1. Is there a need for what you do?

 

In a free marketplace, is there a market for what it is that you do. This could be the goods that you sell or the service you offer. What are people searching for or where is there a void of goods or services in a particular area that needs to be filled. The person that can identify and get into such areas increases their chances of being successful and compensated for the same.

2. What is your ability to do what you do?

How well do you perform at fulfilling the need in the market? Are you considered an expert? Are you a go to person for the need? Are you trusted and respected to fill that need? Your ability to become a "go to" person in a field will have direct correlation with whether or not you will be called on to fill a need. Are you constantly learning and refining your talents? The world changes more rapidly than ever before with technological advances and access to information more readily available than ever before. What is true today, may not be so tomorrow. Will your abilities to updated to perform when change happens (and you know they will)?

3. How difficult is it to replace you in the market?

Is there someone else that can perform the task that you do and to what extent? Life is moving further and further into automation. Will you be automated out of a job due to not having such an expertise in fulfilling a need? Do not make it easy to be hedged out of the market. You need to have both breadth and depth to mitigate the chances of you finding yourself in a position in which it is easy for people to find another way to fill their needs and wants. Never stop reading, learning, and training yourself. Be astute in several areas within your niche, AND the absolute definitive expert in particular parts of those those areas.

A Deeper look at the Laws

At first look, these laws seem like three separate things, but when looking closely at it, these are all intertwined around law two. Your ability to fill a need or want in the market, determines whether you will be displaced by the market. Also it becomes difficult to replace you in the market if you build yourself and your brand as an industry expert. You are your greatest promoter, marketer and advertiser. When someone looks at you, what do they see? It is important that one never becomes complacent in their field and can always bring value to the market place. "In the sea of sharks, one must learn to swim without being eaten" - Harvey Mackay

Become the scratch to the itch. We live in a consumer based economy and people require that their needs and wants are met. Will that be you? More importantly, you are not much different than most people when they look to have a need or want fulfilled. Start internally and think of what it is that will honestly meet the requirements of the market in your field. Do the goods or services you offer line up with where the market is driving in your field? If not, it may be time to consider catching up to the market by sharpening your skills and abilities so you are not left behind and find yourself in a "not so difficult" to replace situation.

Keep striving toward financial success and financial freedom. If you have not already put a financial success plan in place for yourself and your family, I would love to hear from you and we can go over the "Personal Financial Success" membership offered through the Personal Economy Coach. Learn to minimize your taxes, eliminate debt, start a business and generate income, and accumulate assets, not liabilities.

Until next time, "Be your own boss and take control of your financial destiny. Where you go from here is always up to you" - Personal Economy Coach- Robert Skipper

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