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There are a lot of people in this world, who are making few millions each month, and there are also people who are making only few hundreds each month. There are so many examples of those young people making few millions each year out there. Some people who have MBA degrees, graduated from Harvard, but their income is much more lower than some people. What makes them so different from others? What determines their income? The answer is obviously the value.

Why is value so much powerful and it determines some one’s income? To be able to answer this, you will need to understand what is value and how you can increase your value so that you can increase your income. This is what I’ve learn from Adam Khoo. A person’s income is determined by the amount of value he or she created multiplied by the time he or she spends creating value multiplied by the scalability factor. To make it simple :

Income = Value x Time x Scalability

Therefore, if you want to increase your income, you will have to increase the amount of value you’ve put into work. So what is value? Let me tell you this metaphor that Adam always used to show people what exactly value is.

A Sony Ericsson 910i model that had a price tag of $1,400 and a Nokia 2600 with a price tag of $238. Now, why is one mobile phone priced seven times more than another? The answer is simple. It’s because one phone has a lot more functions and can hence create a lot more value to the user. The Sony Ericsson 910i is able to make calls, send & receive SMS, send & receive MMS, record and edit videos, play & edit music, take high quality pictures, surf the internet, entertain with games, send and receive emails, has word processing and spreadsheet capabilities, has Bluetooth technology and has an in-built personal digital assistant.

 

In short, it is not just a phone, it is a mini computer! It does a lot more than expected. It creates a lot more value for the user by allowing him to achieve his goals more efficiently. How about the Nokia 2600? Well, it’s just a standard mobile phone. It makes calls, sends and receives SMS, has entertainment games and a calendar. It creates a lot less value, and is hence priced lower. If the Nokia 2600 had a price tag of $1400, would you pay for it? Of course not. It’s just not worth the price. But if you had the money and needed to surf the net, manage your time, check emails and record images on the go, would you pay $1400 for the Sony Ericsson? Of course you would!

So let me ask you a question. Which mobile phone do you represent? What is the price tag that you carry? If you want to have a higher price tag and have people pay for you, then you must create the necessary value! What allows the Sony Ericsson 910i to create so much more value? The answer is that it has a lot more software installed. How does this translate to you? Well, in order for you to create a lot more value to your company and your clients, you must keep upgrading your knowledge and skills, your intellectual capital!

The very same principle applies in your life of pursuing success and wealth. So in order for you to increase your income, no matter in business or jobs, you will need to have to increase the amount of value you should put in. The more value you create, the more income will increase. Hence, create more value! To Your Success.

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Posted on September 15th, 2007 by Shawn
Filed under: Millionaire Mind Mastery

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