|10-03-2008, 12:45 PM||#1 (permalink)|
Join Date: Aug 2007
Location: Brisbane, Australia
How do you 'make money' aka add value?
I was inspired to write this after sorting out really great ideas that were not yet integrated into my natural thinking processes. I wrote all this out to help me understand some of Steve's writings about finance a little better. I hope this helps.
Feel free to add your own thoughts.
Value that society believes to be worthwhile and of value.
Value that you personally believe to be valuable based on personal criteria.
Medium through which social value is transferred from one to another. So it is a social value currency. If you have a certain amount of money, that is how much society owes you in social value.
Law of Fair Exchange
A society that has a stable legal and commerce system allows the law of fair exchange to work properly. When you purchase an item or service with money, you are exchanging social value. The value you exchange with each other is fair. Otherwise you would not decide to exchange in the first place. Sometimes you are forced to make the exchange. In that case the commerce system isn't efficient.
Work out how you can add value. Focusing on making money takes immense effort and does not come from inspiration. It comes out of desperation. This is not the best way to make money. Focus on adding value, work from your strengths, do what you love and make a lasting contribution. Make sure you are adding value in a way society deems to be valuable or the abundance will not flow to you.
Leveraging the amount of value you add to society
-by mastering a financially valued skill
-by providing more value to more people
-by providing more value to a smaller scale to higher value people who will in turn add more to society
-by mastering a form of expression to standardize your expression and provide it to the general public - public speaking, writing, conversation, consulting, internet technology, music, art
-by having a team of committed individuals who are also inspired by your vision
-by using networks
-by using SYSTEMS
-by having mentors
-by knowing that having self-interest is insufficient to generate material abundance
-by shifting your identity to a person who gives value
-by being materially rich (millionaire, billionaire) will help you donate, support and invest in initiatives that need it
-by following your passions
-by having an entrepreneurial mindset - timing is important when you are considering to fill a social need, who you are adding value to and through what medium
-by adding value that is consistent with your (life) purpose
|10-03-2008, 03:15 PM||#3 (permalink)|
Join Date: Oct 2008
I feel that Focusing on making money takes immense effort and does not come from inspiration. It comes out of desperation. This is not the best way to make money.There are the different ways to make money.
Last edited by Brutha; 10-03-2008 at 03:40 PM. Reason: removed links
|10-03-2008, 04:29 PM||#4 (permalink)|
Join Date: Feb 2008
Focusing on Money is a Pull approach.
Focusing on Value is a Push approach.
Refer to this, on Push Vs. Pull: Push vs. Pull Processes - The Blog of Author Tim Ferriss
|10-05-2008, 02:39 AM||#5 (permalink)|
Join Date: Nov 2006
Push vs Pull
Really? I see it different.
Focusing on money is a Push approach and focusing on value is Pull.
For example, the link you provided gave the example of Toyota. The pull is when the customers see the value in the autos and demand more to be built. The push is when a producer just figures they can make more money by producing more when in fact it creates waste because the demand is not large enough to consume the production.
The link you provided favored the pull rather than the push and I assume you favor focusing on creating value rather than focusing on money.
Another analogy I like to use in my company is "Pull through marketing" We go and create demand for our products and then our customers must order them to meet that demand. So essence we focus on creating value via pull through.
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