Get Smart!: How to Think and Act Like the Most Successful and Highest-Paid People in Every Field
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- Unplanned Skill Obsolescence
- The Race Is On
| The 80/20 Rule and Income Today, many people have obsolete skills they are being replaced by people with better and more appropriate skills that are in higher demand. Gary Becker, the Nobel Prizewinning economist, reported in the Wall Street Journal about a study on income growth. What Becker found in research at the University of Chicago was that the average income of people in the bottom 80 percent increased at about 3 percent per year, just equal to or slightly ahead of the rate of inflation. However, the incomes of people in the top 20 percent were increasing at an average of 11 percent per year, enabling them to double their income every six or seven years and move into the upper-middle class or even the wealthy classes over the course of their working lifetimes. What was the major difference between the 20 percent and the percent It was the commitment to continuous learning and upgrading of skills. People in the top 20 percent bought all the books, attended all the courses, listened to all of the audio programs, and continually sought ways to do their jobs better, cheaper, and faster. Unplanned Skill Obsolescence People in the bottom 80 percent were exactly the opposite. They seldom read a book, took a course, or made any effort to upgrade their skills. They spent their spare time in activities that were tension relieving rather than goal achieving. As a result, they fell further and further behind, usually unknowingly. When they finally lost their jobs, they found that their skill sets, largely based on experience, were of minimal value to current employers. And because continuous learning and new skill development were not part of their worldview, they simply went home and watched television. As a result, they often found themselves unemployed for months and even years. Many people today, at all income levels and in all career categories, are unaware of this pressing need to continually upgrade their skills. But as Pat Riley, the basketball coach, said, If you’re not getting better, you’re getting worse.” The Race Is On No one stays in the same place for very long. If you are not continually upgrading your knowledge and skills, you are not staying even. You are actually falling further and further behind, while people who are aggressive about continuous learning are moving further and faster ahead. Most people today are stuck in a rut, and the only difference between a rut and a grave is the depth. As motivational speaker Jim Rohn said, If you’re stuck in a rut, I hope a wagon wheel comes along to motivate you out of it.” Download 0.86 Mb. Share with your friends:
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