Like we said yesterday part of wealth creation depends on information asymmetry or put differently maintaining a knowledge edge. It follows that we need to learn to work harder on ourselves rather than work harder on our jobs. The marketplace for jobs is changing rapidly and Universities are trailing behind in training people for current job requirements. So you will need to develop yourself. Invest in your growth. I have many friends who repackaged themselves as social media marketers or consultants with no formal education. Now they have changed their earning capacity. Some by simply blogging and studying on certain topics have created themselves into powerhouses in emerging industries. Invest in your personal development. Make full use of the untapped knowledge base on the internet.
Through investing in yourself you make yourself valuable. The more valuable you are to more people the more your earning capacity. The measure of your capacity to attract wealth depends on the value you can contribute to more people. The more people you can serve through value addition, the more your wealth creation capacity grows. At a recent funeral two weeks ago I met a young man who told me that he is an indigenous businessperson. I politely informed him that there is no such vocation, and requested that he be more specific. He later told me that he was once a teacher. Tired of paltry salaries but passionate about education, he then invested in himself so that he could add more value to more people. He started coaching people for examinations on one on one basis. As he did he experimented with different teaching techniques. He adopted those that worked and discarded those which did not. As his competences improved and his success rate soared he started a college. Now he runs a premier private college in one of the mid-sized cities of Zimbabwe. He made himself more valuable and according to his confession he now has a significant wealth portfolio. His investment in himself created value that he has served on others in exchange for their resources. He gets paid for the value that he brings to the marketplace while most of his former colleagues complain about poor salaries in the sector.
Warren Buffet, that Oracle from Omaha, is famed to have said that the greatest investment he has ever made was the investment in himself. Add value to yourself. Make yourself more valuable to more people. How are you going to add more value to the marketplace without investing in your own value?
Investing in yourself means you may need to re-tool, re-skill yourself. Reinvent yourself. Assess your current skills profile. If its not taking you were you want to go, then re-educate yourself. Many people are stuck in professions that were either made for them by parents, teachers etc, or professions which they made as teenagers but are no longer fulfilling.
If you truly develop skills that the marketplace is looking for, it will reward you financially. The current marketplace no longer rewards people on time but on contribution. What is your contribution? What value are you bringing? Are you willing to learn a new and useful skill and profession? Retool to a different level.
The late Jim Rohn used to say, “For things to change you have to change. For things to get better, you have to get better.” Tony Robbins says, “Retool or be the fool.” In some professions they have what they call continuous professional development in order to keep the knowledge and competence edge. You destroy the information assymetry and you erode your wealth creation capacity.
By investing in your self-development and through retooling, you increase your potential to add more value to the world. Therefore you will contribute more, earn more and increase your impact.
As an avid champion nurturer and learning enthusiast, I dare you: Go add value by investing in yourself so that you earn more, invest your earnings and therefore create financial freedom for yourself. Invest in your personal development.
See you at the Top!