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Wise Words

Wise Words are those Snappy Sayings and Clever Quotations that give you Wisdom-in-a-nutshell: such as this one from Albert Einstein

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"Anyone who has never made a mistake has never tried anything..."
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How to Make More Money

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Posted 27 September 2016 by Chris FarmerChris Farmer

Personal Development Courses

We offer both:
• Bespoke in-house training.
These can be tailored to your specific needs.
• Open training courses at locations near you.
You may find the following will help your own personal development skills.

How to Make More Money

If you want more money there are three things you need to do:

  1. Produce.
  2. Trade.
  3. Save.

The financially successful, develop their ability to produce, trade and save.

1. Produce.

If you want to earn more money, you need to have something to trade in exchange for money. That means you must produce something.

Production splits into two sets. You need to produce a Product or offer a Service.

Produce a product, means produce tangible goods, such as cakes or cars, a toaster or a table. You need to produce, or be involved in the production of a tangible product, that you can offer to others. Or,

Provide a service. A service is a non-tangible item, such as the ability to teach, play music, clean cars, play football, or repair lawn-mowers. You are selling your labour, your skills or knowledge.

Or you could do both.

You can combine these two aspects and both produce a product and provide a service. In fact, most companies do both. They provide a service, together with some tangible products. Or they provide a tangible product, together with associated services. For example, I bought a BMW car, (a tangible good) and the company offers a high degree of after sales service.

You need to be involved in one, the other or both.

2. Trade.

The second element is to successfully trade your goods and services, with others who have the money and the willingness to buy.

Trade also involves two subsets. Marketing, and selling.

Marketing. Marketing is the art of getting your name out there!

You need people to know about you, your products and your services. If nobody knows about you, then you won't make many sales.

Sales. Trading with others means perfecting the art of making the sale.

You need to communicate and negotiate a trade with others, who would like to have your product or service.

Sales is the missing link in most people's communication skills. Most people don't know how to sell themselves or their product or service. In a free market economy, Sales makes the world go round.

3. Save.

If you successfully market and sell your product-service, then you will have some cash flow. Your next trick is to make sure that you save some of it.

Don't spend it all. Almost everyone spends more than they earn and they get into debt.

  • Governments spend more than they earn, and they get into debt. Example: Greece.
  • Companies spend more than they earn and they get into debt. Example: RBS.
  • Individuals spend more than they earn and they end up in debt.

Here is the golden rule of personal finance:

Spend less than you earn and invest the difference in things that gain value over time.

Memorise that message and ponder its implications.

Spend less than you earn and invest the difference in things that gain value over time.

Successful people often invest in property; which gains value over time.

Most people do the exact opposite.

Most people, spend MORE than they earn, and they buy things that LOSE value over time. (Bad money managers blow their money on flash cars, which lose money over time.).

You need to be able to save, so that you have some money to invest. You need to invest in your future: you need money to develop your products and services, your marketing and sales.

Product-service development, marketing and sales skills, all cost money, and that money is best taken from savings that you have accumulated by previous activity, rather than by borrowing money to fund your future.

Everyone needs savings. most people don't have them because they spend MORE than they earn.

Summary

If you want to do well:

  1. Spend less than you earn and invest the difference in things that gain value over time.
  2. Improve your personal marketing and sales communication skills.
  3. Develop your products and services so that they are better than your competition.

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