Wednesday 14 January 2015

If You Want to be Rich and Happy, Don’t Go to School Summary - Chapter 20

Chapter 20: I Deserve a Raise

1.      The idea that I deserve a raise is obsolete. Any person or company subscribing to that line of reasoning is a dinosaur. The idea that we should get a pay raise for seniority was possible during the Industrial Age and during the high-flying ‘80s when money was cheap and credit was easy. But those days are gone.
2.      Those who go on to seek new information and adopt new ways of thinking will gain the ability to do very, very well. But those who hang on to what our schools taught will continue to struggle and many will perish financially or professionally.
3.      We have to stop confusing money with wealth. In the Information Age, wealth is what a person knows. Today, information is more important than material resources such as gold, land and money. The reason that the employee can’t get his or her raise is because the company isn’t increasing its production.
4.      To survive in business today, only companies that continue to deliver greater performance at a better price will stay in business. The idea that you can simply charge more is obsolete. Today, the rewards go to the efficient, not the arrogant.
5.      Every time a new technology develops, job opportunities change. New products require new knowledge, new information, new services, and unless we’re able to deliver we may discover that the activity that supported us yesterday no longer exists. Given this picture, I would advise any employee who wants a raise to look ahead for new answers. The days are numbered when people or organizations can simply say “I deserve more money”, without giving better performance in return.  

6.      If you want to get rich, start each day by asking yourself, “How can I do more with less?”


Chapter 21: Who Causes Poverty?


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