Why You Shouldn’t Work For Money
You’re Never Going To Get Rich If The Only Way You Earn Money Is By Working With A Ceiling On How Much An Employer Is Willing To Pay You For Your Time And Only A Limited Amount Of Hours That Can Be Spent Working This Isn’t The Path To Wealth.
There Is Value To Be Had From Hard Work But You Need To Look Beyond That If You Want To Be Wealthy And Have Enough Money To Buy Whatever It Is You Want And Retire Comfortably Take A Look At Why Trading Your Time For Money Isn’t The Best Option In Watch To See What You Should Do Instead That Has Literally No Limit On How Much You Can Earn
My Name Is Chris And I Help Teach People About Money Personal Finance And Investing If You’re Interested In Improving Your Financial Future Make Sure To Subscribe To The Channel And Hit The Like Button If This Video Is Helpful The Income Received From Working As An Employee Or Trading Time From Money Is Capped At A Relatively Low Amount.
What does it mean that the rich don’t work for money?
Regardless Of Your Education Or Position Even Some Of The Highest Paid Individuals Who Studied For Years And Received A Higher Education Don’t Have The Ability To Earn An Excellent Income.
When Compared To Other Ways Of Making Money A Physician Has An Average Annual Income Of Two Hundred And Eight Thousand Dollars According To The U. S Department Of Labor Statistics While An Engineer Might Make About One Hundred Thousand Dollars Per Year and Earning A Six-figure Income and Doesn’t Sound Too Bad.
But It’s Unlikely Someone Earning This Amount Would Ever Become Extremely Wealthy Physicians And Engineers Are Relatively Well-paid Individuals That Can Make A Comfortable Income But An Income Of That Size Alone Is Not Going To Make Them Rich Robert Kiyosaki Said Your Boss’s Job Is Not To Make You Rich Your Boss’s Job Is To Make Sure You Get Your Paycheck.
It’s Your Job To Become Rich If You Want To When Someone Is Hired At A Job Their Pay Discussed As Well As What The Job Entails The Hiri Can Decide Whether Or Not They Think It’s Fair Compensation For The Amount Of Work They’ll Be Expected To Do From An Employer’s Perspective They’re Trying To Get The Work Completed The Smallest Cost To Them As A Business.
They’re Leveraging The Labor Of Their Employees To Make More Money It’s Not Their Job To Pay Their Employees So Much That They Quit Working For Them If The Compensation.
Do you agree the rich don’t work for money?
Your Employer Is Providing Isn’t Fair It’s Your Responsibility To Move On To The Next Opportunity Could Consist Of Finding A New Employer With More Reasonable Compensation Or Something Else With The Price Of Everything, You Buy From Groceries To Cars To Clothes Rising Steadily Are You Seeing An Equal Or Greater Increase In Your Paycheck It’s Unlikely During A Period Of Extremely High Inflation That Your Income Has Risen The Same Pace As These Household Items Have Increased Just Compare The
Price Of Groceries To Your Paycheck And You’ll Notice The Unnerving Changes Which Are Resulting In A Tighter And Tighter Budget For Your Household ThereMight Be Times When Inflation Is Non-existent And Wages Do Increase but that Doesn’t Help During Inflationary
Periods When Budgets Are Being SqueezedRelying On An Income That Doesn’t MoveIn Line With The Prices Of ConsumerGoods Make It Hard To Budget From YearTo Year This Should Have You ScratchingYour Head Thinking Of A BetterAlternativeThe Reality Is That People Who TradeTheir Time For Money Pay The Most InTaxes When Compared To Entrepreneurs AndInvestors Warren Buffett Who Has A Networth Of About 100 Billion Dollars Has
Made It Clear That He Pays A Lower Tax Rate Than His Secretary Back In 2007 He Conducted A Survey To Compare His Employees Tax Rates To His Own He Found That He Paid A Total Tax Rate Of 17. 7 Percent While The Average Tax Rate For People In His Office Was 32. 9 Percent Of Course Even Though Buffett’s Tax Rate Was Much Lower He Still Had A Much Larger Tax Bill Than His Employees One Of The Reasons For This Is That
Employees Have Very Few Tax Deductions That Can Reduce The Amount Of Taxes They Owe They Might Have A 401k And Another Tax Advantage Account But That’s Basically It Business Owners And Investors Have Many Expenses That They Can Legally Deduct On Their Taxes Resulting In A Lower Percentage Of Their Income Paid In Tax.
There Are Only So Many Hours In A Week After You Spend Time Sleeping Eating Resting Getting Ready For Work And Spending Time With Family There’s Only So Much Time That Can Be Spent Working Needless To Say Most People Don’t Want To Spend Their Every Waking Minute At Work Trading Your Time For Money Means You’re Capped At How Much You Can Earn Working 40 Hours Per Week Means You Bring In X Amount But What If You Wanted.
To Double Your Annual Income What If You Want To Triple Your Income At The Same Rate Of Pay That Means You’d Need To Work 120 Hours Per Week Unless Your Boss Would Be Willing To Triple Your Pay You Can See How Difficult It Is To Double Or Triple Your Income If You’re Only Relying On That One Source.
Fortunately Workers Can Leverage Their Earned Income To Build Exponential Wealth By Keeping A Portion Of It And Investing Wisely In Something That Will Provide More Upward Potential Investing In Assets That Increase In Value Provide Cash Flow Generate Compounded Returns And Do So While You’re Working Or Not Is What Will Make You Wealthy It’s Incredibly Easy To Use The Money You
Earn From Working And Put It Into These Assets Investing Into Assets Will Ensure. You Have Something To Show For Each Hour Spent At Work And You Don’t Become Trapped In A Never-ending Cycle Of Going To Work Earning Money Spending All Of It And Doing It All Over Again Most Commonly These Assets Are Things Like Index Funds And Etfs Stocks Bonds And Real Estate You Could Also Invest In Something Like A Business Where You Provide A Product Or Service Running A Business Could Mean Hiring Employees Who Help You Generate Income.