The Final Cure for a Lean Trading Account

studying

“The more of wisdom we know, the more we may earn. That man who seeks to learn more of his craft shall be richly rewarded. If he is an artisan, he may seek to learn the methods and the tools of those most skillful in the same line. If he laboreth at the law or at healing, he may consult and exchange knowledge with others of his calling. If he be a merchant, he may continually seek better goods that can be purchased at lower prices.”

- The Richest Man in Babylon

The seventh cure for a lean purse from The Richest Man in Babylon is just as obvious to most of us as the previous six. If you continually expand your knowledge about your work, you will naturally earn more money.

Like each of the other cures, this one is deceptively simple. On the surface it just tells us to study harder, but it also gets deeper than that.

For example, I say all the time that I would love to go back to school to get my MBA. I really enjoy business classes and would have an absolute blast going back. However, there is absolutely zero upside to having an advanced degree in my current profession. I’m already at pretty much the absolute maximum that a small town restaurant manager can expect to make.

However, by educating myself in an unorthodox fashion through podcasts, I was able to learn about the worlds of freelance writing and Amazon FBA selling, which have tremendously expanded my earning potential.

Taking outside-the-box education a step further, as I continue to develop my communication skills, I am finding myself having more and more conversations with people from the community when they come into the restaurant. These conversations can lead to money-making opportunities like real estate deals and estate sales if I learn to conduct them properly.

At the very least, I have found that reading any type of business focused material stimulates my brain in a way that causes it to look for new opportunities to create income. This is the power of continued education. What are you studying?

Photo Credit: John Althouse Cohen via Compfight cc