How Much Are You Worth? Written by Shekinah Ade-Gold on behalf of Budget Leaf
If I asked you how you go about making money, the answer you would probably give me is that you work for it. This can be in a formal setting, such as being employed in an office, or informally by making your own income doing freelance work. In any country, these two economies feed the pockets of the working class. The question is: How much can you make?
Working For Others
The amount that you are able to earn on any given day has to do with how much value you bring to the table. If you work below someone, there’s a high chance that you will only earn as much as is stipulated. This is regular and consistent as long as business is good; yet, even if business is great, the likelihood of you seeing an increase in earnings is not a definite possibility. This is why people work multiple jobs in order to increase what they can get from combined tasks, and this can only go on as long as there is business, or the body allows. While not necessarily increasing in the value they already bring to the table, they are valuable enough for their employer to compensate them for the job they do – the issue for some would be that the compensation would also remain without significant increase.
Working For Yourself
We can also look at earning in terms of you being in charge of your business. Here is where we see greater disparity in earnings between business owners. If business is great, then you stand to earn as much as you can work to earn; if business is bad, then you will be counting your losses. This has a lot to do with your value. There are overhead costs and people to pay, and in order to earn what you possibly could you would dictate as much as possible what you had to pay out so you could keep the rest. If you’re not valuable to the commercial environment you operate in, then you won’t earn much.
This is why people and organizations upgrade as much as possible. If I earn a certain amount of money from a skill like plumbing without having certification, then I’m able to demand more when I do become qualified in this area. If my business is qualified but not in demand, such as being a rocket scientist in Jamaica, then qualification will not necessary help me in earning the maximum amount that I can.
Here are 3 ways to increase your value:
Acquire new skills on a regular basis. I would suggest creating an annual learning plan for new skills.
Stay on leading edge of innovation. Look for new skills in demand in your industry or your area of expertise to increase your value.
Try a skill mashup. Identify ways to mix and match your skills to create rare skill sets to make yourself more unique.
Market research matters. Once you see what the job market in your area demands, you can assess what you like and/or enjoy doing and focus on building that particular career. The more qualified you become in a field that is booming, the better your chances are for earning your asking price. This is how you increase your value, and in turn, your savings and investments.