The median annual household income in the U.S. last year was $59,039. How much did you earn?
For many people, they think that a degree or specialized knowledge is the key to making more money.
It’s true that brain surgeons make more money than babysitters but it’s also possible to be a professional dog walker and make more money than a desktop computer technician with a degree.
Let’s do the math with a target hourly rate of $15.
$15 x 12 dogs = $180 per day (you can walk 3 dogs at a time and work 4 times a day for 1 hour)
$180-day x 5 days = $900 a week
$900 x 4 weeks = $3600 a month
$3600-month x 12 = $43,200 a year
Look carefully and you will discover 2 amazing things about earning money.
Your income will be in direct proportion to the number of people you serve.
If a little money from a lot of people doesn’t work for you, consider what you can offer that is valuable enough to charge a premium price so you can sell less but make more per sale.
Lamborghini typically produces only 500 exotic cars a year at a cost ranging from $200,00 to $500,000.
The level of service or the exclusivity of what you have to offer will determine how much you can charge.
As you adapt to the changing job market, ask yourself, “How can I serve more people AND increase the level of my service or exclusivity of what I offer to earn more?
Consider this surprisingly simple and real-world example of this concept related to serving more people.
Gary Dahl was having drinks with his buddies when the conversation turned to pets. Gary thought that dogs, cats and birds required too much care and money. He joked that he had a pet rock and it was his ideal pet.
Dahl spent the next 2 weeks writing a Pet Rock Training Manual. Then he went to a builder’s supply store and bought stone that sold for a penny. He packed the stone in a gift box shaped like a pet carrying case accompanied by the instruction book.
The Pet Rock was introduced at a gift show in San Jose, then in New York. Neiman-Marcus ordered 500. Then Gary sent out homemade news releases of himself accompanied by a picture that showed him surrounded by boxes of his Pet Rocks. Newsweek did a half-page story about the nutty notion, and in less than a year, Gary was shipping 10,000 Pet Rocks EVERY DAY.
He appeared on “The Tonight Show” TWICE.
A million rocks sold for $3.95 apiece and in just a few months, and Gary, who decided from the beginning to make at least $1 from every rock, had become a millionaire.
Now you know the Dog Theory of Income.
Get a new dog walking client (every other day) for a month and you can earn over $43,000 annually.
Sell rocks and you can become a millionaire.
If you research what people make, you’ll find that there are people who earn 100K a year selling mops, pails and cleaning tools and others that make less with a PhD and a corporate position with a major company.
What’s the lesson here?
Your income will always be in direct proportion to the number of people you serve – it’s that simple.
Don’t just think of something you can do to make money.
Ask yourself, “Is what I want to do in demand by enough people who will support me to earn the income I need”?