Join us today for an episode about the mindset around your money...
Today's episode is focused on different ways to turn your expertise into dollars...
In today’s episode about investing in others through stewarding your treasures, I talk with you about getting paid by the hour, getting paid for the value and knowledge you have, and why you have more value than you believe.
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00:00:00 Thanks for joining me on episode 645 of the inspired stewardship podcast, hippo success coaching. I want to serve your journey to be the next version of you to be inspired, to become the most authentic. You listen to this, the inspired stewardship podcast by my friend, Scott Mader every day can help you keep the focus that you need because we tend to limit our own beliefs around ourself and the value that we have,
00:00:40 the ability that we have to use our knowledge to create value in the world. That tends to be a very common limiting belief. So I challenge you to think about how can you create value for others? How can you use the knowledge and the skills that you have to do that welcome. And thank you for joining us on the inspired stewardship podcasts. If you truly desire to become the person who God wants you to be,
00:01:08 then you must learn to use your time, your talent and your treasures for your true calling and the inspired stewardship podcast, who will learn to invest in yourself, invest in others and develop your influence so that you can impact the world. In today's episode about investing in others, through stewarding your treasures. I talk with you about getting paid by the hour.
00:01:37 I talked to you about getting paid for the value and knowledge you have and how these are different mindsets and why you probably have way more value than you believe that you do. As we talk about stewarding your treasures. Wouldn't it be great if you could support this podcast and do it without costing yourself an extra dime, it turns out you can. All you have to do is use inspired stewardship.com/amazon.
00:02:05 When you're ready to make a purchase via Amazon and a small commission, we'll come back to support the show. If you enjoy the show, when you're ready to buy from Amazon, just use inspired stewardship.com/amazon. Let's talk a little bit about getting paid or making money. You know, the, the truth is at the end of the day, people buy two different things or pay for two different things.
00:02:31 They pay for things that either increase their pleasure or reduce their pain at a, at a really broad level when we're purchasing things. That's what we're trying to do. We're not really trying to buy a thing or a service. We're trying to buy something that either increases our enjoyment or pleasure or our benefit in life. Our goodness. However, we define that,
00:02:55 or we're trying to purchase something that makes something less uncomfortable, less difficult, less hard, less painful in some way. And when we think about getting paid, whether you're an employee, whether you run your own business, you really are getting paid because you're doing something in the process that provides that to the end user, that the end user either gets something that increases their pleasure or decreases their pain.
00:03:31 And you may be anywhere along that journey, whether you work in production, whether you work in the back office, whether you're in leadership or management, whether you're somebody that provides something that then is turned into something, you're a vendor for somebody else, doesn't matter whether it's a service, whether it's a product at the end of the day, that's what you're getting paid for.
00:03:55 And as part of that, you need to think about how that works. So generally people think about an employment situation where they're paid by the hour in some way, shape or form, even if you're a, a salaried employee and you're paid for results, it often ends up coming down to included in that is a time factor. How much time do I spend in the office?
00:04:20 How much time does it take me to do a certain task? And oftentimes if you're efficient with something you're not necessarily rewarded because you, instead of being paid more, you just do more work in the same amount of time. That's some of the downsides of being paid by the hour, but the upside of it, right? A lot of times people will talk about how,
00:04:44 because the employer, the company, the, the business that you're working for, they bear a lot of the risk in that they have to pay you for your hours, regardless of what's going on. But I think at this present time, you've also seen that if you're paid by a single employee, then in a way you're self employed with one customer,
00:05:08 the company that you work for, the business that you work for, there's definitely some strengths about being paid by the hour. It's predictable. It's reliable. You get the same paycheck every month, but there's also some risk. And right now has highlighted those. Cause a lot of people have lost positions because their company has had to do layoffs because they've closed down locations because of COVID-19.
00:05:34 And the other things that are going on from a mind set perspective, hourly thinking tends to be that if I put in X amount of time, I get X number of dollars. It's very much an exchange of time for money. And that's limiting in a very real way, because time is finite. You can only work so many hours in a day,
00:05:57 even if you're getting paid overtime and other things, there are still a finite amount. You can only do so much in a certain amount of time, but that's not actually the only way people calculate how they pay you. They also pay you for the value you create and the knowledge that you have. If you have a skill that others do not have,
00:06:21 they'll pay you to use that skill. Think like a plumber or someone who comes to repair your air conditioner. The reason you're willing to pay them is because, because you don't have the skill to do it, you could do it on your own or it's inconvenient and takes a larger amount of time for you to do it. This is why sometimes we'll pay for someone to mow our lawn.
00:06:44 Even though we could mow our lawn, the time that we would spend doing it is better spent somewhere else, or we enjoy it more. We're willing to pay someone else to do it, to reduce our own pain, our own discomfort, our own stress, to do it. See if you're paying someone for the value they create, right? Or the knowledge that they have.
00:07:08 It's no longer just an exchange of time. I don't really care if it takes them 10 minutes to do it or 10 hours to do it. I just care that it gets done and that it's done correctly. You know, there's a story and it's probably made up. It probably didn't really happen. But the idea was that Picasso was sitting in a cafe,
00:07:29 drinking coffee, and a woman sees him and comes over and says, you know, Picasso, would you mind, could you, could you do a quick sketch for me? And Picasso grabs a napkin and a pen and sketches onto the napkin very quickly. And it takes them all of about 10 or 12 seconds to produce a sketch. And he goes to hand it to the woman.
00:07:50 And before she can take it, he says, that will be $10,000. Whatever the French equivalent was at that time. I'm not sure what they used as the unit of money at the time of Picasso, but whatever it is, you know, he asked for an exorbitant amount of money and the woman says what, but wait, that took you to 10 seconds to draw.
00:08:12 And Picasso looks at her and says, yes, but it took me 10 years to learn how to do it. You're not paying me for the 10 seconds. You're paying me for the 10 years. The idea is, is when you've developed a skill or an ability, or when you develop knowledge that others do not have all of a sudden your value increases because the value and knowledge that you have is what they're paying for.
00:08:36 Not the time. This is one of the reasons that it comes down to figuring out, are you going to look at things as an exchange of dollars for time, or are you going to look at things as a exchange of value and knowledge that you have? And when you begin to recognize that even if you're an employee, even if you work for someone else,
00:08:59 it gives you a different mindset about your work. It gives you a different mindset about your job. It allows you to begin to look for other opportunities, ways that you can continue to create value and knowledge and increase what you're getting paid or how you're getting paid. It's what creates side hustles for people that then grow into million dollar businesses, because the truth is there are a ton of things that,
00:09:25 you know, and there are a ton of ways that you can create value for others. Almost everyone I meet has way more value than they believe they have. They have way more opportunities in front of them than they can even see, because the truth is most of us undervalue our own knowledge and our own abilities. We don't recognize the things that we're good at that others just cannot do.
00:09:52 We don't recognize the fact that we have things that we are good at. The truth is when I ask people what they're good at, they tend to list very limited things. But then when we start asking around and having you talk to other people and ask them, what would you ask this person to do for you? That lists begins to grow and grow and grow.
00:10:13 And suddenly you discover that you've created way more value in the world than you ever believed you could have, because we tend to limit our own beliefs around ourself and the value that we have, the ability that we have to use our knowledge to create value into the world. That tends to be a very common limiting belief. So I challenge you to think about how can you create value for others?
00:10:39 How can you use the knowledge and the skills that you have to do that? What are you called to do to serve others? And then how are you going to live that out? Thanks for listening.
00:11:08 but act on what you've heard and find a way to live your calling. If you like this episode on the stewardship of treasures, you can sign up for our treasures tips by going to inspired stewardship.com/treasures or text in the U S four four two two two treasures tips. And we'll send you five weeks of our best tips on stewarding your treasures until next time,
00:11:42 invest your time, your talent and your treasures, develop your influence and impact the world.
In today's episode, I talk with you about:
The higher the income, the more the person paid for who they are, rather than what they do. ― Dan S. Kennedy
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