Let’s connect the idea of ‘Charging More!’ to why you should charge more.
What are you supposed to do once you’re charging more?
Once you’ve carpe’d the day, seized your rates, and courageously charged forward, what next?
Put another way; whatcha gonna do with all that mon-ey?
This answer gets philosophical. Buckle in.
First, let me say that you don’t have to do all of the stuff I lay out here. I’m sharing this as a mindset + goals/actions to strive for.
Figure out the options that you like and define a plan that you works for you.
Above all, with great power comes great responsibility. Be kind.
First, put your oxygen mask on.
If you need support, resources, help, or development to better function as a human — or be — invest in yourself.
It is hard to be human. You deserve to be happy, in an environment you love, and supported in your endeavors.
As you raise your rates, spend without remorse or apology on whatever it takes for you to live your best life.
You only have one, so be kind to yourself.
After that, work on yourself.
If there are skills, resources, abilities, journeys, knowledge, or discoveries that will help you move further towards who you are supposed to be, work on those.
Work on self-actualizing. Build a personal library. Read. Find mentors. Join masterminds. Stand on the shoulders of those who have been there before. Buy plants. Water your plants.
Beyond that, contribute to your communities.
We aren’t — or at least, I’m not — seeking to be a dragon lounging on an ever-growing Jeff Bezos-esq pile of gold sitting in a vault somewhere. Spread the wealth around. When you do that, the money often comes back to you in exciting ways.
Contribute to your communities. Reward visions of the version of society you want to live in. For me, this looks like:
- Pay more. The flip side of ‘Charge More!’ Spend more on the services (and service providers) that you enjoy working with.
- Give to charities. Pick a few charities that you feel a resonance with and give to them. I try and donate 3-5%+ of my businesses’ annual revenues to charities, groups, and organizations I believe in and resonate with.
- Invest in your micro- and macro-communities (and the next generation). Invest in your community, whatever shape, form, or calling that takes for you. Give to individuals in your direct network and community. Help others around you reach their dreams. Fill fridges. Fill backpacks with school supplies.
- Become a patron of the arts. Sponsor artists on the micro, direct, or macro levels. Be one of someone’s 1,000 true fans (https://kk.org/thetechnium/1000-true-fans/).
Optionally, put your money to work for you.
An end goal can be to use some of your money to make more money. The execution of this principle differs from person to person and business to business. It might take the form of:
- Hire people. If you’re selling services or your labor, hire other people to handle the effort. Focus on the parts of delivery that you are personally exceptionally skilled at (or that you love doing).
- Buy revenue-producing assets. If you can purchase assets that make you money, do that. Even if they spit off an occasional few hundred (or thousand) bucks profit for you each month or year, that’s a win.
- Create revenue-producing assets. If you see a need in a market, create. Build something that helps a small, specific target market save time, save money, or make more money. Stack small wins that pay off over time. (For example, once a month or so, one of the ebooks I wrote 7+ years ago hands me $200 with a note that says, “Hey, those groceries are on me.” That’s a win.)
- Buy property (caveats do apply). Property is an exceptional store of value and creator of wealth. People wiser than me and in the game for far longer agree on that. If you have the cash to support this type of investment, it might be wise to buy property: land, buildings, rental property, a house for you, etc. And then put that property to work, creating more income and wealth. (Yes, it will take work, effort, luck, and time to do this well, not lose money, and make money. But there ain’t no such thing as a free lunch.)
Stay on your grind. Be kind. Keep going.