According to Eker's book: Rich people "choose to get paid based on results."
Also according to Eker's book: Poor people "choose to get paid based on time."
In T. Harv Eker's eleventh wealth file, the directive "Choose To Get Paid Based On Results" emerges as a bold proposition in the landscape of personal finance and career ideologies.
At its core, this principle underscores the meritocratic spirit of compensation, asserting that remuneration should be tied not to hours worked, but to the tangible outcomes produced.
It's a call to transition from a fixed mindset, where one expects a predetermined salary, to a growth-oriented perspective, wherein earnings mirror one's direct contributions and achievements.
From the public's vantage point, this principle resonates with those who champion entrepreneurial thinking and who believe in the efficacy of performance-based rewards.
It's seen as a clarion call for taking charge of one's financial destiny, advocating for a risk-reward balance that, while potentially volatile, can be more lucrative than traditional modes of employment.
This perspective encourages a proactive approach, nudging individuals to consistently deliver value, innovate, and seek continuous improvement, knowing that their financial rewards will be directly commensurate with their results.
Yet, it's also worth noting that this principle invites a fair share of debate.
While many laud the empowerment inherent in Eker's message, others raise concerns about the practicality and fairness of a results-only compensation structure, especially in professions or roles where outcomes are collective efforts or where results aren't immediately quantifiable.
They argue that while results are important, they shouldn't be the sole determinant of one's worth, especially in a complex, collaborative work environment.
Furthermore, for individuals who cherish job security and a predictable income, this principle might appear daunting, if not outright discouraging.
The unpredictability of a results-based pay can be stressful, especially for those who have financial obligations or who are risk-averse by nature.
Nevertheless, the overarching essence of Eker's "Choose To Get Paid Based On Results" extends beyond just monetary compensation.
It's also a call for personal agency, urging individuals to align their passions, skills, and efforts in such a manner that their contributions make a discernible impact.
Whether or not one agrees with the practical applications of this wealth file, its core message, advocating for proactive value creation and ownership of one's results, has left an indelible mark on public discourse surrounding wealth and personal achievement.
And we'd love to know your perspective on Eker's statement, so you're welcome to leave your own personal rating, review and commentary on this wealth file:
Eker's eleventh wealth file emphasizes the value of results-driven compensation as a route to wealth and success.
This performance-oriented approach to compensation is touted as an emblem of entrepreneurial spirit and risk-taking.
As with other principles, the public’s reception is varied, marked by robust endorsements, points of contention, and calls for more profound interpretations.
Excellence is at the foundation of the secrets of the millionaire mind, and the results are evident in the consequences of your actions.
You can choose to get paid based on results and earn coin for your valuable talent like wealthy folk do, or you can trade your time for money and stay limited.
In "Wealth File #11," T. Harv Eker presents a critical distinction in the mindset of rich versus poor people concerning earning money.
He emphasizes that rich people choose to get paid based on results, while poor people often settle for payment based on time.
This wealth file is about reorienting one's approach to earning, focusing on outcomes rather than hours, hence influencing the reader to also choose to get paid based on results and outcomes instead of using time as a measure for reward.
Eker questions the conventional wisdom of a steady paycheck as the path to financial security and happiness.
He humorously likens this advice to fairy tales, pointing out its unreliability when scrutinized against real-life experiences.
The core issue he identifies is that opting for a fixed salary often caps one’s earning potential and is tied to the notion of seeking security, which, according to Eker, is rooted in fear.
Rich people, Eker observes, prefer to be paid based on their results.
They often own businesses or work in roles where their income is tied to their performance, such as commission-based jobs or profit-sharing scenarios.
This approach inherently involves more risk but offers higher potential rewards.
Eker points out that wealth accumulation is often proportional to the willingness to take risks.
Eker shares an anecdote about a consultant who refused a results-based payment plan, underscoring her mindset limitation and its impact on her financial status.
This story exemplifies the difference in mindset: rich people believe in their value and capabilities, whereas the poor often seek the comfort of guaranteed payments.
The author extends this principle to personal service industries, where traditionally, payment is for time.
He illustrates the limitations of this model with a humorous scenario involving a massage therapist overwhelmed by a high volume of clients.
This example highlights the need for duplication or leveraging oneself to escape the constraints of time-based earning.
Addressing the reluctance to shift from a steady paycheck to performance-based pay, Eker recognizes that this fear often stems from deep-rooted conditioning.
He advocates breaking out of this cycle and exploring opportunities to earn based on results, whether through entrepreneurship or renegotiating work terms.
Eker’s advice aligns with entrepreneurial pursuits, highlighting the financial and tax benefits of owning a business.
He notes that most millionaires achieved their wealth through business ownership and emphasizes the advantages of having control over one's income potential.
In conclusion, Wealth File #11 from Eker’s teachings is about shifting the focus from being paid for time to being compensated for results.
This file challenges the reader to reassess their earning methods, encouraging a move towards performance-based income that aligns with the creation of wealth.
Eker's message is clear: to increase your financial potential, you must be willing to align your earnings with your results, not just your time.
In other words, choose to get paid based on results so you can build yourself and create wealth, not based on the limited amount of hours you spend toiling on behalf of someone else.
Reviewed from the public perspective, here's what is said in praise of this Wealth File:
Meritocracy in Action:
A large section of the audience appreciates the principle for championing meritocracy.
They see it as a way to ensure that hard work, innovation, and results are aptly rewarded.
Encourages Accountability:
Many laud the principle for fostering a sense of accountability.
When one's earnings are tied to outcomes, there's a heightened responsibility to deliver.
Potential for Greater Earnings:
Some individuals resonate with the idea because it offers the possibility of limitless earnings, unlike fixed salaries that cap income.
Reviewed from the public perspective, here's what is said in criticism of this Wealth File:
Feasibility across Professions:
Critics argue that not all professions or roles can adopt a results-based compensation model.
For instance, educators, healthcare workers, or artists may find it challenging to quantify their impact strictly in results.
Risk of Short-term Focus:
There's a concern that such a model might encourage short-term gains at the expense of long-term sustainability or ethics, especially if results are narrowly defined.
Stress and Uncertainty:
The unpredictability of income in a results-based model can lead to increased stress and financial instability for some, detracting from its appeal.
Reviewed from the public perspective, here's what is said in subtle consideration of this Wealth File:
Defining "Results":
Public discourse often revolves around how 'results' are defined and quantified.
There's a call to ensure that results encompass holistic success markers, not just monetary gains.
Balancing Stability with Incentive:
Some suggest a hybrid compensation model where there's a base pay for stability, complemented by performance incentives, offering both security and motivation.
Influence of External Factors:
A nuanced view is that while results are crucial, external factors, often beyond one's control, can impact outcomes.
There's a sentiment that these factors should be acknowledged in such a compensation model.
Eker's Wealth File #11 introduces a provocative stance on compensation, urging individuals to embrace a results-driven model.
While the principle finds favor among those who champion meritocracy and accountability, it also sparks debates on its applicability across professions and the potential risks involved.
The conversation underscores a need for a broader definition of 'results' and a balanced approach that melds the spirit of this principle with the diverse realities of the working world.
Source: Secrets of the Millionaire Mind T. Harv Eker © 2003
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Has your Mind ever wondered...
Considering that key performance indicators are a potentially good measure of productivity and execution of agreed duties as well as customer requirements, even when managed by adequate leadership, some employees use it as a weapon to do the bare minimum and it is also often used by poor leadership as a stick to beat overwhelmed workers with.
In the purest context of one individual offering value to another though, choosing to get paid based on results is considered a fair trade of value and resources.
It is also a good indicator of how valuable your service or product really is.
Put your passion and purpose to good (monetized) use by transferring skills, developing products, making services available and in essence, helping others solve problems with the knowledge and resources you have at your disposal.
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