I was broke until I discovered the formula that made me a millionaire at 24

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I was broke until I discovered a secret formula I'll share with you.

Paycheck after paycheck, there was too much month at the end of the money. I was scrambling to pay the bills and student debt. I couldn't go any further, and it drove me to do whatever it took to find the solutions.

Eventually, I learned that the only way you can attain more money is if you make a bigger impact. The more impact you make, the more income you earn. Impact equals income. To make a greater impact is to offer amazing service.

Service is the key.

We've all heard people say, "My parents worked all these years, but still had little to show for it." It's not that these people didn't offer a good service or make an impact, but it's because they neglected the truth of this formula.

Earning money is simple and you should remember this formula for the rest of your life. Here it is: The demand for what you do, your ability to do it, and the difficulty of replacing you will determine your income.

Let’s break it down into three parts:

1. The demand for what you do must be high if you want to get paid

If you’re buying a 24-pack of water and selling it door-to-door in your neighborhood, don’t expect a fortune. Even though it may be an excellent start to earn a small profit, it isn’t in high demand since most people keep water readily available in their homes.

However, if you are selling bottled water to tourists who are hiking along a path under the 100-degree sun on the Great Wall of China, you may be able to charge $5 or even $10 per water bottle. If there were hundreds of tourist on this path and you had no competitors, you would walk away with hundreds or thousands of dollars per day.

If you want to earn more money, find people who have a demand. You can also create one, if possible. For instance, before the elevator can created, everyone was taking the stairs. Hence, the man who created the elevator also created demand. You must be in demand if you want to earn top dollar.

Paul Rysz / Flickr

If you're a better waiter than your coworker, you'll probably earn more.

2. Your ability to accomplish the task must be the best if you want a higher income

If you were a mediocre worker, people wouldn’t depend on you or expect much of you. On the opposite end, if you were very reliable and capable of handling more work, you will be trusted for your services.

Let's take an example of a server at a restaurant. We'll assume that the average server at a particularly busy restaurant earns $100 per four-hour shift. If John is used to taking 10 tables per night with average service, he may earn $100.

However, if Tina can handle 10 tables with superior service, she may earn $150, which is $50 more than John. Her personality, dependability, and consistency allowed her tables to enjoy the experience. Your skills will pay the bills.

If you’re looking to earn more money, you’ll have to increase your ability to deliver your product or service in an exceptional way, even though the immediate rewards may not be apparent. Nothing can replace someone with exceptional abilities to do their work. Finish strong!

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Pro athletes earn a fortune because they are irreplaceable.

3. The difficulty of replacing you must be high

If you're an aspiring cashier, you should not expect to receive a substantial amount of income. In fact, you would be highly replaceable, since it's easy to find cashiers. Therefore, the job you are working may likely have a list of people waiting for the position.

Conversely, if you were a superstar athlete, then the difficulty of replacing you will be high. You would get a maximum contract for over $100 million in the top four major American sports. The people who have built a reputation for doing superior work will be rewarded the most. They are irreplaceable.

Is there something that you can do extremely well that no one else can do that is in demand? Do you have the ability to offer impeccable service? If what you do with great ability is highly demanded and hard to find, then you can be expected to earn the most in your particular industry.

Remember: Money is the harvest of your production.

Source:businessinsider