Understanding Value in Economics

Learn the simple

economic

formula that works for everybody,

and I can give it to you in just a couple of sentences.

A simple economic formula. Kids can understand it.

Anybody can understand it. Anybody that wants to get paid, here's the

language for your notes.

We get paid for bringing value to the marketplace.

That's as simple as you can put economics.

Anybody that wants to get paid, you get paid for bringing value

to the marketplace. The marketplace is the people.

Now, the value we bring is one part of it,

a product or a service. But here's the other part,

the value you become.

So just off to the side, put the value is two parts.

The value you bring, like a product.

If you manufactured it, you might keep improving the product.

If someone else manufactured it and you're out selling it,

they probably keep

improving the product. But this is the one you have to work on

yourself. The value you become,

like an entrepreneur, a leader,

a teacher,

supervisor, manager.

What you become also pays much more than

what you bring.

Once I understood that,

then here's what my mentor said.

"Go to work on yourself harder than you work on your job.

If you work hard on your job, you can make a living." Then he said,

"If you

work hard on yourself, you could make a fortune."

So I worked hard on my job and made a living, but I learned,

starting with

those extra hours per week, learning these extra skills, I started

working on myself.