Over on my Patreon, I began a subject but decided to finish it over here publicly this time because I think it’s very necessary at this day in time where many people are chasing money and earnings versus wisdom and learning.
The question I asked myself and you should ask is which is more valuable – what you earn or what you learn?
Here are some reasons why what we learn is far more valuable that what we earn.
What good is money if you can’t count it? This is a simple reason for what we earn being less important than what we learn. Without knowledge, even the smallest child can cheat a person of their earnings, and as an entrepreneur, being cheated shouldn’t be in your view of the future.
Knowing honest business practices and having wisdom on avoiding shady partnerships are key to keeping yourself from being cheated out of money.
Above all else, know accounting. No, you don’t have be be an accountant, but know how to keep and understand your own books.
What would be worse than your working countless hours to find out that you are broke because you were cheated by someone else managing your books? Therefore, know how to smell a rat by knowing things yourself and what to look for.
Balancing Your Books
Percentages, rates investments, how money grows … the knowledge of these items is what will help one grow their earnings. As an entrepreneur, my first investments started at 24 years old. A simple $50 a month got me $10 grand in a time I needed it the most.
Without the knowledge on what to do with money or how to invest money in assets or in oneself as an entrepreneur, earnings will be wasted. What is the purpose of earning to waste? Entrepreneurs are supposed to earn and add.
This is again where your learning has more value than earning. It is only after you learn will you know how to command the money you earn. Money isn’t the decision maker. It works for you, not you for it. Don’t let it boss you around. Grow your bank by training yourself how to. Financial Planner, anyone?
If you go out in search of work, you find it, but you have no idea how place value on the service you provide.
Many times, entrepreneurs undervalue their expertise in areas. This is why whenever hired to provide a service, they tend to undercharge. The same is true for those entrepreneurs who overvalue their services and end up charging far too much for something that isn’t worth it.
Both can tank a business in no time. Instead, knowing the value of what you offer is a great way to know how much money you need to place into its development and how much time you need to invest in growing it.
Time is also money because the more time you waste, the more money it costs you. Don’t believe me? Try it.
Business Model & Networks
No amount of money can replace a good plan. Planning your business is almost the same thing as planing your money. An entrepreneur stands to lose both if they don’t have the wisdom and knowledge to create a projection of the future for both money and career.
Doing this requires, knowledge. Put your money into what works. Lay out a plan or business model and scratch off what is a waste of time and money while moving all that energy into what does work.
Knowledge of your specialty in entrepreneurship and building networks that offer quality and not just quantity, aka many likes on social media, is key to success. This saves money and earns money at the same time because knowing what to do with your money (earning) and knowing who to go to in order to make great things happen faster in a great network (saving money) is the way to bigger and better things as far as being a BOSS.
With great networks, some things an entrepreneur one would normally have to pay for could be gotten for free or in an exchange. Like I stated up top, this saves money, proving that what we learn is always more than what we earn. The same goes for having knowledge of and in your specialty.
Sure, many entrepreneurs get into business chasing money, but the real way to succeed is to make money chase you. The only way to do that is to value what you learn over what you earn.