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There’s no shortage of opinions about ‘wage gaps’, ‘income gaps’, and ‘wealth gaps’. But those who shout loudest seem to conveniently ignore ‘skill gaps’, ‘effort gaps’, and ‘talent gaps’. The gaps that are influenced by each individual’s personal choice, and actually matter.
It’s our nature to choose the path of least resistance — in this case, pointing the finger outward. It’s someone else’s fault that I don’t get what I want. Like a child in a grocery story, throwing a hissy.
Let’s unionise and strike for more money
Yeah, that’ll show’em! Those fat cats at the top, with their degrees and exams they passed. The company founders, who risked money and reputation to start this business and build it up from the ground. Let’s show them.
You can do that — and you might succeed. There’s only one problem with this logic though: you can’t get rich by demand. No one in the history of “ever” has.
Inflation is 10%. My raise is only 5%. This is unfair!
A quick lesson in Inflation101: if the collective population (you and I) spend more than the value we create, it leads to inflation. Collectively, we’ve been doing this now for a number of years. We make debt to buy things that don’t create value. A tractor creates economic value. A larger tv doesn’t.
Covid accelerated this (i.e. people getting free money to stay home). Today we have inflation.
For inflation to reduce, we collectively need to a) spend less or b) generate more value. Simply giving everyone a 10% pay rise to match inflation does neither, and inflation just spirals to 18%.
Spend less or generate more value (or both)
There are two levers each person can use to improve the quality of their economic lives. Spending less money will show immediate results, but it’s the smaller of the two levers. After all, you’ll reach a point where you genuinely cannot spend less. (You still need to pay for food and a roof over your head.)
The larger of the two levers is personal development (levelling up). This includes studying new skills, passing exams, becoming better at your job…anything that adds more value. The results aren’t as instant, but I promise you they land hard! And if your boss disagrees with your new (higher) market value, there’s a number of other companies lining up to have you. Or you get to start a business and be your own boss.
“But, what about…”
I know, I know — the exceptions to the rule. The small handful of people in our society that are genuinely in need of help because they’re vulnerable (children, disabled or elderly). What about the tax dodgers and illegal corporate dealings. What about my asthma. (I actually have asthma ;-)
There will always be exceptions. But that’s not an excuse to point the finger outward. Yes, acknowledge the personal challenges you currently have. Life places a number of challenges on your path. But quickly move on — there’s no benefit to dwell on, or further add to these.
Now, more than ever, understand that you need to point the finger of blame (taking ownership) inwards if you want to grow out of your circumstance. And if you’ve read this far, I have good news for you: many people will continue to point their finger outwards. To convince themselves that things not going their way is always someone else’s fault. To perpetuate themselves being a spectator to their own lives. The victim.
Don’t be like them. Take true ownership of your circumstance, and build on it.
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