Hey friends, welcome back to the continuation of my series based on Bob Proctor's "The Science of Getting Rich". Again, you can likely find a free e-book version of this with a little searching and I'd recommend that you do so.
Too, if you haven't done so yet, go back and read last week's articles on this series - they all work together and, even though you can read these and gain something from them individually, it's better when you put them together.
So, let's get started with a definition of what, exactly, this "Law of Compensation" actually is.
The Law of Compensation clearly states that the
amount of money you earn will be in exact ratio to:
1. The need for what you do
2. Your ability to do it
3. The difficulty there would be in replacing you
2. Your ability to do it
3. The difficulty there would be in replacing you
It's really a pretty simple concept, is it not? So, let's break it down and talk about "compensation" as MONEY, o.k.? Now that we have set that down as what we are talking about let's ask the question: "HOW MUCH MONEY DO YOU WANT TO MAKE?"
The interesting thing is how many people don't understand this simple "law" and plan to make millions of dollars with no skill set or work ethic. Is this a major problem with a lot of our younger generation? Yes, it is. Let me clarify that I know it's not ALL of the younger generation but, you would have to admit that many young people have unrealistic expectations about money.
But, there are many older adults that are the exact same way. Bottom line is this: TOO many people expect to get rich doing nothing, knowing nothing and having nothing to offer.
Many people are out of work but yet refuse to go to work flipping hamburgers because "it's not enough". I understand that you cannot do what you need to do to support a family like that BUT it's a start! It's a chance and an opportunity to get into a position and show your work ethic and what you DO have to offer for that company. TOO MANY expect to get hired at a management position when, again, they do not have the qualifications to do so!
So, yes, going back to the "formula" for this "law" the first step is "the need for what you do". Right now a company may have a need for someone to flip burgers and cook fries. HOWEVER, they also have a HUGE need for someone that can come in, be responsible and add to the TEAM as a worker. THIS need will likely outweigh the need to have someone to flip burgers. Truth is, most anyone can flip burgers but not many people can be responsible and add to the team as a worker.
As simple as it sounds - even flipping burgers - again the "Law of Compensation" says that, not only is the first part a NEED for what you do but you also must have the ability to do it! So, yes, anyone can flip burgers but there is so much more that a company is looking for in the people that they hire.
IF YOU WANT TO MAKE MORE THEN YOU MUST HAVE MORE TO OFFER!
What skills do you have? What can YOU offer that not many others can?
Here's the deal...if you focus on these first two parts of this "formula" then the third part (difficulty in replacing you) will take care of itself!
So, here's the main question to tie all of this together....what can YOU do to make yourself irreplaceable?
You may not have the skills to go in at a management position right now. But here's the deal: while ANYONE can flip burgers and it is easily to replace the person that can only do that - YOU CAN OFFER SO MUCH MORE!
I've already discussed that but you MUST understand that even at a "burger joint" YOU CAN BECOME IRREPLACEABLE depending on what you bring to the company as a whole!
But will you?
Or will YOU - like so many others - pass up an opportunity because it's not "good enough" for you?
A lot more discussion can be had, I know. Be sure to listen to the podcast on this for other thoughts on this but let it sink in and cause you to give some SERIOUS thought to what it is that you have to offer and what you may need to do to INCREASE what you have to offer.
Join me again in the next part of the series and, until then, be sure to...
"Make it an AWESOME day! (Who else is going to do it for you?)"
Mike
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