The Law of Compensation
What if you knew there are natural laws of money that actually have more determination on how you make money versus fiscal policy or whoever is in the office of the President?There are many natural laws that already affect our lives that we are consciously aware of, such as the Law of Gravity and Law of Thermodynamics. However, most people simply haven’t been made aware that there are also natural laws of money that ALWAYS are at work, whether you know about them or even believe in them.
One of my favorite laws is the Law of Compensation. How many times have you heard someone complain about wanting to make more money? The majority of us would love to earn and have more money. As entrepreneurs, business owners, employees, and customers, we are all subject to the powerful effects of this law.
What exactly is the Law of Compensation and how does it work? This law has 3 basic premises:
- 1. The need for what you do
- 2. Your ability to do it
- 3. The difficulty in replacing you
1.THE NEED FOR WHAT YOU DO: first, let’s remember that your value as a person is NOT determined by WHAT you do, but rather WHO you are. Most jobs and businesses are created to solve a certain problem, to meet a need, or to offer a new solution to the market.
We all need the food that agriculture produces to meet our basic need for survival, but we don’t need a Hollywood movie in order to survive. Thankfully our society has moved beyond basic survival, and for many people, entertainment has moved into being a daily part of our lives. For some consumers, they would consider having movies to watch as something they “need”, while others would not. If you think about what your business offers to customers, do you provide a product or service that has a strong “need” value to most people? If you think about your current job, do people have a strong need for what you do and in a certain quantity?
2. YOUR ABILITY TO DO IT: if you work in a field that is fairly common, such as education, manufacturing, computers, sales, retail, etc., this part of the Law of Compensation is a very important way for you to distinguish yourself among your peers. If everyone is basically doing the same job, your proficiency, attitude, timeliness, creativity, and the value you personally add really works in your favor and you are generally rewarded for it.
3. THE DIFFICULTY IN REPLACING YOU: clearly it is harder to replace a neurosurgeon than it is to replace a front line fast food worker. This is one of the reasons why neurosurgeons will always make vastly more money than a fast food worker. It’s basic economics of supply and demand, which unfortunately most people haven’t studied or understand.
As you look at your own business or career, how do you fit into these 3 points? If you are willing to take an honest look at where you are at, you will begin to grow in your awareness of how this Law of Compensation is always working. Then you can begin to make changes, such as altering what products or services you offer consumers, or distinguishing yourself more at work or finding a different career. Take some time this week to observe this Law at work all around you
It’s incredibly empowering to know about these natural laws of money so that we can begin to align ourselves with them and reap the consistent benefits they bring into our lives. If you’d like to hear more teaching on this Law of Compensation, check out episode #15 on our podcast, Brilliant Horizons, a Leadership Mastermind Podcast.
Also, if you’d like to learn more about the 11 natural laws that influence how money works, consider joining one of my courses or working with me in one on one coaching. I am here to help you grow in wealth and abundance through your awareness and implementation of these natural laws!
Blessings and abundance to you all!