The One Lesson from High School Econ That Actually Matters to Your Income

I don’t remember much about my economics class in High School. I do remember my teacher, Mr. Carstensen, we locked him in a closet. I liked economics (still do), but I’m not a fan how we teach it to our students. We don’t teach them the rules of the financial sandbox. We don’t teach the most proven methods of escaping poverty–entrepreneurial activity. Most of our high-school graduates have no idea how to participate fully in the economy. Many work hard but struggle with low income and grope in the dark searching for the rules of the game.

Some people are great budgeters. They clip coupons, they pay their bills but they cannot get ahead. They give all they can, but they still struggle financially. There are many factors to a person’s wage but one needs to start with that most valuable of lessons in economics class (the one most people slept through): supply and demand.

Increasing Income

If you’re not making enough money you only have a couple of options. First, you can learn to solve harder, more in-demand problems. The harder the problem, the more people get paid to solve it. The harder the problem, the fewer the people who can solve it thus the increased demand.

Or, if you’re not a brilliant super genius, you can learn to solve easier problems for more people. Leverage your talents by creating systems (usually business systems) to serve more people. McDonalds doesn’t make the best burger, but they have the best systems. They solve an easy problem—making a hamburger—for billions of people (not an easy problem). It’s their systems of production, logistics and training that make the difference for them. Unfortunately, many students will graduate this year with degrees that did not prepare them to solve in-demand problems. Many will carry crushing loads of student debt into their future.

According to Forbes magazine, employers are now seeking graduates with degrees in, economics, electrical engineering, logistics/supply chain management, information sciences and systems, management information systems, mechanical engineering, computer sciences, business administration, accounting and finance. If God has wired you for any of these areas, money spent on this kind of education will tend to pay you higher wages.

College May not be for Everyone

However, learning a trade may be a quicker route to financial freedom. If you can leverage that trade into your own business, you can leverage the talent of other people to help your vision flourish. Or, you can invest that surplus into financial investments or some real estate. Don’t eat all your seeds every month, save some to plant into good investing soil.

A friend of mine works at Walmart. He has a high-school diploma and has more in his 401k than the vast majority of Americans. He lives beneath his means, invests in smart mutual funds and employs all those dollars each day. They work for him and have returned a handsome profit.

The quickest way to making more money is not to lobby congress for a higher minimum wage. It is to take ownership of the kinds of problems you can solve and increase the amount of value you bring to every transaction.

The More you Learn the More You Earn

Motivated people can learn almost any skill today. The internet has opened the doors to learning like never before. You can even learn chemistry, computer programming, artificial intelligence, micro-economics from MIT free! https://ocw.mit.edu/courses/most-visited-courses/

Cindy worked in an office as a secretary for a number of years at a local car dealership. In her spare time, she taught herself to code websites. When the dealership needed someone to help with their website, Cindy was ready. Her boss told me if he had to start laying off people, she would be the last to go. She made herself so valuable to the company. Never stop learning. The job you have today, may be replaced by a robot or kiosk tomorrow. Skate to where the puck is going, not where it’s at.

I created the Christians Guide to Wealth Creation to help people grow their salaries. It contains 27 lessons, all focused on increasing your income. We address all four facets of generating wealth—culture conditions, personal characteristics, the three wealth creation methods and the world of investing. The first investment you should make is in yourself.
To learn more about the Christians Guide to Wealth Creation, click here: www.wealthcreation.careywaldie.com

Baking the Socialist Pie

Recently, an older gentlemen asked me to give him insight into the mystery of the millennial generation supporting a Socialist like Bernie Sanders. “Why would anyone do that?” he asked, “Don’t they know their history?” I believe the groundswell of support for Bernie Sanders (accepting his own party’s leadership) is due in part to ignorance of history and economics.

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Why Smart People Listen to Their Momma

A few years ago it would be unheard of to see a young person knock out an elderly man and unthinkable that they would punch older lady. But security cameras are catching these thugs doing just that. A few years ago, when a police officer told you to stop doing what you were doing and put your hands in the air, you did just that. (At least I did.)

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Seven Ways to Get A’s for Slow Learners

I’m a slow learner. I struggle with focus. I was tested for learning issues at a young age. After four decades in the education system in some form or fashion, I learned how to get A’s. It wasn’t always that way. I failed a number of classes in high-school. I even failed gym class.

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You Mad, Bro? The Key to Dealing with Anger

 I’ve recently run across more and more angry people. People that on the outside you wouldn’t think struggle with it. Our society is trying deal with an increasing level of domestic violence.  I have a history of anger that kind of ambushed me. There were times when I would be going along just fine and then BAM! Someone would do or say something that would trigger an angry outburst.  After I settled down I asked myself, “Where did that come from?” Years later, I’ve learned where it came from and how to deal with it so it doesn’t control my life and motivate me to do things I will regret later. Here’s what I’ve learned.

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The Politics of Income Inequality

Income inequality has become one of the big issues of our time. However, our national and local leaders promise help, but what they’re preaching is not helping anyone. Politicians promise “job growth” and “income growth” but government is not a job creator. The governments’ role is to keep the peace and punish lawbreakers. When a government official promises you “better jobs,” or “higher wages” they are lying to you. Governments don’t create wealth. They only redistribute wealth that others have created.

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A Golden Nugget of Information I Wish I had at 13 That No One is Telling You.

At thirteen I had my own lawn mowing business. My mother worked as a beautician (what we call “stylist” today), she served an older clientele and I received the spoils of their need to have their lawn mowed. I made good money for a teenager at that time but I made a lasting mistake because no one in my life told me what I am going to tell you today.

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A Procrastinators Guide to Setting and Achieving Goals in 2015

I was a born procrastinator.  I am not wired as an “alpha type A go get ‘em type.”  In school, my grades reflected my laziness.  I have been on academic probation at two universities.  However, when I began walking with God, He gave me direction and purpose.  This translated into actions my day to day life.

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The Hidden Factor of Success That No One is Telling You

I recently met with twenty-two-year-old Jordan to coach him in some life decisions. He had found himself in a pit through the accumulation of his decisions over the last five years of his life.  Jordan is a healthy, bright, talented, and hard-working young man.

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Why Voting Matters

I recently had some great conversations with a few young adults.  The conversation turned to the requirement in high school to take government class.  They seemed to think the class was a waste of their time.  They also recently turned 18 and I reminded them that they get the privilege to vote.  They had neither registered nor planned to.

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