Working To Get What You Want, Part II
If you read Part I, you know that you now receive money in exchange for the services you render for someone else. You have traded this money for your needs, and can start to spend money on wants.
What Are Your Wants?
Do you enjoy movies? You now have a little extra money to see a movie or two. Do you enjoy music? Purchase an album. Spend a little more on a meal you like. Go ahead and buy that new iPhone.
It may go without saying that money is a limited resource– that means you only have a specific amount to spend. The good news is that you can get more money!
Everyone Wants Your Vegetables
Remember two weeks ago, when I told you you grew vegetables, and they were the best around? Many times, people are willing to pay more for better quality. Your high quality vegetables have a higher demand than someone else’s lower quality vegetables. People that have a bit more money are willing to pay more for higher quality items, including your vegetables. Goods or services that are more in demand generally have a higher worth on the market than services that are in less demand.
Other People Will Compete With You
What happens if your services in today’s market aren’t as in-demand as you hope? There are two solutions- increase your skills, or increase the time you spend selling your services; both of these mean you should make more money.
There’s a catch- this applies to other people as well. If one of your competitors increases his gardening skills, they may eventually have better quality vegetables than you, people will demand the higher quality vegetables, and the value of your goods may go down. This is is why it is important to keep your skills high, and put in the work it requires to create high-quality goods and services.
Congratulations!
You’ve now learned the nuts and bolts of an economy, and how you fit in! If you WORK, you can pay for what you NEED, and what you WANT. Work is the foundation of getting what you need and want. Your work helps you accumulate wealth and possessions. Since you have money, other people sell you things and accumulate their own wealth and possessions. You are an integral part of how the world works. Find something you want to do, become good at it, work hard, and you will be rewarded.
What will you do now?
How will you increase your skills to compete?
What is this graphic about, and how will it help me?
Find this all out, and more next time…. on Hutar Growth Tuesday!
