Lark Dean Galley shares
5 Reasons Why You'll Never Be Rich Working for Someone Else
1. You're Building Someone Else's Wealth
When you work for someone else, you ’ re building their assets. An asset is something that puts money in your pocket every month. They could include your own business, investments, passive income, etc. Is a paycheck an asset? No, because if you stop working it stops showing up. Plus, with all your living expenses, you ’ re probably investing very little of it into assets of your own. If you had your own company, you ’d still have expenses, but the ability to grow your company to the point that it keeps making more income will outweigh those expenses. Also, you can always sell your company later if you choose. You can ’t sell your job
2. Time is Greater Than Money
The vast majority of jobs require you to trade your time for a salary. In exchange for a set number of hours each month, you receive a set number of dollars; however, I have come to appreciate a very valuable secret. You can always get more money, but you can never get your time back. When you work for yourself, however, you can just increase your rates when you need a pay raise. You decide when you work and who you work with.
3. You Save Instead of Invest
Entrepreneurs and employees think very differently. Employees think they must have a large rainy day fund in case they get laid off. Entrepreneurs on the other hand are always looking to diversify and invest to increase their assets because they know it will give them a greater return than just putting away a percentage of their paycheck. You can invest in your own business, paper assets, property, network marketing, etc. The possibilities are endless and the barrier-to-entry lower than ever thanks to the Internet.
4. You're Too Comfortable
When you work a job, you become too comfortable. You have an income which means you can pay your bills and put a little in savings each month. Many people ask themselves why they should take a big risk and potentially lose it all when they can just let things continue as they are. To become really wealthy in life, you have to take risks. Entrepreneurs are willing to put it all on the line and take the necessary risks to be successful. Do something to shake up your life. Take a risk and see where it might lead you.
5. You Stop Learning
When you work a 9 to 5 style job, it becomes really hard to continue educating yourself outside of work. By the time you get home from all that traffic, you ’ re tired and exhausted. People that work for others are comfortable and don ’t really care about learning more. Entrepreneurs on the other hand are opportunists. They understand that if they can learn something before others, they can capitalize on it and make a lot of money.
If you ’ re looking for time freedom while still making good money, you may need to move away from the typical success formula. Countless people have invested in a side hustle and turned them into full-blown businesses. Are you going to be one of them?