#1 Reason You Will Never Be Rich – Betterment Boss
What if I told you that there was one main reason why you will never be rich? Would you want to know why that is? For years, the majority of people have accepted that earning money and becoming rich was out of their reach. With this fixed mindset, these people drag themselves into work each and every day, trading their time for a paycheck that barely covers their bills. In the next couple of minutes, I will tell you the one thing that separates the rich and the poor and how you can leverage this knowledge to increase your income exponentially.
Before I get into how the rich make their money, it is just as important to understand why the poor stay poor. Over the last couple of months, I began to notice something at my local grocery store and you may have noticed this at your grocery store too. Every visit, I would notice that more and more self-checkout machines were being added to the store and less and less cashier lanes were being deployed. This made sense since the self-checkout process was typically faster than going through a cashier and from a business perspective, the cost of the self-checkout machine would be much cheaper than an employee in the long-run. It then dawned on me that all of these poor cashiers were soon going to be without a job as their role will have been fully replaced by these machines.
This easy replacement is the exact reason why poor people stay poor. They have very low skill levels, and these remedial skills are often the first to be automated or eliminated. So not only do these poor individuals have to struggle to make ends meet as they trade their low skill for minimal wage, but they are also the first to lose their jobs when technology advances.
Now you may be saying to yourself, “I have a college degree, so I will always have a high-paying job”. There is no doubt that gaining the technical skills you get at college can help you get a job and increase your earning potential, but these job-related skills pose another issue. You see, we live in a world where companies are starting up and shutting down at a record pace and while your skills may be applicable to one company, they may not be applicable to another. Let’s use the example of a civil engineer to explain this point. Let’s say Jeff is a great engineer who specializes in building high-rise buildings. If, for any reason, the company Jeff works for closes down, he may have trouble finding another job especially if the company he worked for was the only one in his town. To add to this issue, these types of careers are often very competitive meaning that if there are a few jobs vacant there will be tens, hundreds or even thousands of people applying for them. But let’s say your company is not going anywhere so transferring your skills if not an issue, does this mean you will become rich as long as you keep working? Not at all, and this is because as business becomes more competitive, companies are finding any excuse they can to cut costs which often times comes at the expense of their employees’ salaries.
So if having low-level or job-related skills aren’t the way to becoming rich, what is?
The type of skills that the rich spend their time mastering are what is known as “high income skills”. High income skills are defined as any skill you can learn that can make you $100,000 a year. Notice the nuance in this definition, this is not a job that can make you $100,000 a year but a skill. Now, you may not have heard of high-income skills before because they aren’t taught in school and are not highly publicized, but this fact alone makes them more valuable than just about any skillset you can get from attending college. You see, a high-income skill has three key elements: it has to be in high-demand, it has to be scarce and it has to be of very high value to those it serves.
Let me share with you one of my high-income skills to further paint this picture. As a trained accountant, I have cultivated a mastery in personal and business taxes. This skillset allows me to charge clients anywhere from $200–500 an hour because it satisfies the three elements of a high-income skill. Firstly, it is in high-demand as just about everyone has to file taxes, secondly tax specialists are rare as just the thought of tax makes people sick and it is of high value as my advice saves my clients thousands of dollars a year.
One aspect of high-income skills that I love is that your income isn’t restricted by how much your employer will pay you which means that as you cultivate more and more high-income skills, your income will only further increase. But even better is that because high-income skills often help others make money, your clients will continue to want your services meaning even more cash for you.
Now, maybe tax isn’t your thing, so what other high-income skills can you learn to start making ungodly amounts of money?
Some very popular high-income skills include copyrighting, digital marketing and even coaching. As long as the skill is rare, in-demand and valuable, you can use it to make tens of thousands of dollars every single month.
Now, let me tell you the best part about learning a high-income skill. The best part is that the majority of these skills cost much less to learn and master than any degree that would allow you to earn only a fraction of what your high-income skill would. In short, there is no getting yourself into tens of thousands of dollars worth of debt to obtain a skillset that is capped by your employer like those you get in college. So if you want to become rich, begin cultivating the high-income skill that interests you the most and soon you will be making more money than you’ll know what to do with!
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