Today I listened to a 5-minute Mentorship Program By Tai Lopez and the key topic was ” the definition of money ” He raised a lot of salient point that I would like to share with you because I know you would be wiser for it.
We all need Money, No matter your current financial situation, we are all looking to “Make More Money”.
However, If I asked you to Define Money, what would your definition be?
I am not talking about the generic version we learned in school. I am asking what money means to you?
“What is your definition of Money? What does Money mean to you?”
Definition of Money…
Mariam Webstars Dictionary aptly Defines Money as
this definition defines the end product. MONEY!
This Definition, Although correct is theoretical in its explanation, so on a more personal note what does the term “MONEY” mean to you. I would love to read your personal definitions in the comment section before you get to the end of this post.
Why you should re-define MONEY
When you are broke and don’t have enough money your first instincts are usually ” I need to make more money” which isn’t wrong. However, you should know that you can Never truly change anything unless you realize “why it is, like it is”
So when you find yourself in a financial situation where you do not have enough, you should ignore your first basic “survival instincts” which is more focused on trying to make more money immediately, because that is a short term fix to a long term problem.
The first step would be diagnosing why!?? so a couple of “why do i not have enough” questions you could ask yourself:
- Why am I not making enough money?
- What have I been doing wrong?
- What have I been doing incorrectly?
- What information do I lack?
- What don’t I know?
- What are My handicaps?
This is an important exercise you should do.
I know I said the post was about the “definition of money” and we would be getting to that soon enough but understanding this definition requires some sort of “background” or foundation because this is a definition I do not want you to be forgetting and one I think will make a very big impact on you.
In Answering the Many WHY questions regarding your current financial situation, A Unifying Answer would be that asides the dictionary money definitions we were taught in school, we were not taught the “True definition of Money”. The Schools definitions of money that we know is really not of much use in our day to day life.
Imagine you had to play a sport like basketball without knowing the rules of the game. Not understanding the definition of how basketball works would keep you at a perpetual disadvantage because even if you had the natural ability to be very good at it, not knowing the basic principles of ” defending one hoop and trying to score by getting the ball through the other hoop without committing any fouls”. Would leave you running around the court playing the wrong game.
This same principle affects the knowledge of Money we have.
Money exists in different forms and currencies across the world but It is unifying in its “True definition”.
You could be knowledgeable about the rules of “football” in Europe and would totally be lost if you found yourself in the USA and people were talking “football”, you find that they would be talking about something entirely different, However, when you realize that the “football” you know in Europe is called “soccer” in the USA, suddenly your “Football” knowledge does not seem so out of place anymore.
The same principle applies to money, no matter the name it is called or in what form it exists. There is just one true definition of money you should know because You could be playing the wrong game if you do not know the real definition of money,
The “true definition” of Money
If I asked you to define money in three or four words what would your response be?
you can take a minute to write it down. Or scroll down to the comment section and leave your definition, in four words or fewer on what you think money’s true definition should be.
MONEY = ” Scarce In Demand Resources”
this is the TRUE Definition of Money according to Tai Lopez and I Do agree.
You can break this definition into three “keywords”
starting with the most relevant which is RESOURCES:
A resource is anything that can generate you Money.
The second “keyword” is SCARCE
Scarcity signifies value. think of the highest paid professions you know, products and services, off the top of my head I could say. Footballers, basketballs, diamonds, etc, what all these have in common is scarcity, a lot more people require these items than the availability of these items. The scarcity of a product signifies value.
the last keyword which you could argue is a key phrase “IN DEMAND” neatly ties up the definition.
This is KEY to the definition of money you should understand. Because while a resource could be scarce like say the ability to teach underwater basket weaving, if it is not in demand you could be just be running around the court lost. As although scarce, it is not IN DEMAND.
If I was a tattoo person I would probably have tattooed across my left-hand MONEY = ” Scarce In demand Resources”.
Anytime you think of money, I want you to think ” scarce in demand resources.”
so if you do not have enough money like you think you should, then the REAL answer to your why question is because you do not have enough ” SCARCE IN DEMAND RESOURCES”.
In a Capitalistic World like the one we live in, MONEY flows to those with “SCARCE IN DEMAND RESOURCES”
So what are those Scarce In demand Resources??
With what you know now I am sure you can mention a few scarce in demand resources in the comment section.
– your doctors, lawyers, professional athletes, entrepreneurs, Bankers, all possess Scarce In demand resources. The more scarce in demand they are in their region, the more Money they are Offered, depending of course on the economic factors in that region. ( Some countries pay their doctors better than others ) so it is not just enough possessing Scarce in demand resources but leveraging your scarce in demand resources to make the best out of this and the only way to achieve this is to invest in yourself. Be hungry for more knowledge.
You can learn a “SCARCE IN DEMAND SKILL” that can become a RESOURCE in the long run
It is okay if you do not possess any of these Scarce In demand resources and It might probably be too late for you to be a doctor or learn to be a professional basketball er but there are more scarce in demand skills that people would pay for coming up every day, We now live in a global community where you can teach yourself to learn any of the new “scarce in demand skill” that can become a resource in the long run.
Some new Profitable Scarce In demand Skills are:
- Freelance Writers
- Virtual Assistant
- Blog Manager
- Affiliate Manager
- WordPress Assistant etc
How can I help?
Despite the gloom you might feel, you can decide to learn a new skill, something that would ensure your future successes and help you with the life you think you deserve. There is a great community called Wealthy Affiliate which I reviewed here that you can leverage to learn any of the new “scarce in demand skills” that could become a resource in the nearest future.
You can read more on these Profitable Scarce in demand skills that you can learn as a part of this great community here!
I would love to get feedback and opposing views in the comment section, including any questions relating to the posts you would love to share with me.
Feel Free to share with Friends if you loved the post or want to hear a different opinion to this.