In years gone by, the
mantra was "go to school, acquire a certificate with a good result, come
out and get a job", it worked then because the population was small, the
percentage of the educated to the uneducated was small and there was not much
competition going on.
But in the now, the
population has more than quadrupled, millions of people are educated and
throwing their certificates all over the place, there is so much competition
going on now that to get a job has become as difficult as the biblical saying
of the head of a camel passing through the eye of a needle; and so that mantra
of "go to school ..." has become a mirage.
However whether in the
"then" economy or in the "now" economy, statistics show that
99% of people fall into two common wealth traps
No. 1: The trap
of the “regular employee”
Are you a Medical Doctor, Lawyer,
Architect, Surveyor, Pharmacist, Nurse, Microbiologist, Medical Lab Scientist or
other professional? How about a salaried employee?
If so, you’re in a trap.
And you’ll never get out
unless you listen right now.
Here’s what I mean…
At the end of the day,
you’re charging for your time.
And if you want to make
more money, there are only two ways to do it:
a. Charge more per hour (though not too much more, or you’ll risk
sounding ridiculous or, worse, being replaced).
b. Work more hours (though there are only so many hours you can
work and still have a life).
As you improve your
skills—or stay long enough with one company—you may earn more for every hour
you work. Eventually, you might even earn a couple hundred thousand dollars per
year.
To earn that money, you’ll
have to work very hard. Often, that means 10- to 14-hour workdays.
If you’re a salaried
employee or you have a job that pays by the hour, you know exactly what I mean.
You may be earning good
money, but it’s hard to enjoy your success because you’re always up to your
eyeballs in work.
Moreover you cannot afford
to offend your boss or even your Supervisor because then your job might be on
the line.
Retiring is an option. But
remember, when you retire, you lose your active income. That’s not good. Because
if you keep to the lifestyle you have already built up over the years and no
active income, you would become broke before anyone could say Jack Robinson and
then mr. death would be on the door knocking.
Not sure if you’re falling
into this wealth trap?
Consider asking yourself
these questions:
i. Are you 100% confident you can work yourself up the corporate
ladder (considering not just your ability, but also your environment)?
ii. Are you comfortable with the time it’ll take to get to the
top?
iii. If you don’t make it to the top, are you
comfortable having less money by the time you retire?
iv. Can you trust the company you work for to guarantee you a
lifetime of income?
v. Once you’re ready to retire and give up your job, will you be
comfortable cutting off that sole source of income?
If you answered “no” to
any of these questions, you must start setting up other cash flows.
Once you do, all these
worries will go away.
Your income isn’t
dependent on the number of hours you work.
You can make money when
you’re on vacation… when you’re sick… when you’re sleeping.
You’ll never have to worry
about your income again.
No. 2: The
“not-enough-cash” trap
And then there are those
who would never start anything because they are not earning what they ought to
be earning, they always come up with the excuse of "not enough cash"
It is, of course, much
easier to end up with a multimillion-dollar income if you start in your early
20s.
But even if you’re older
and have fewer than 10 years to generate the income you want, you can do it.
But you must get started
now.
Let’s talk about
this—where you could be starting.
I’m going to assume you’re
not yet wealthy—or not as wealthy as you’d like to be.
Perhaps the financial
crisis in 2008-2009 devastated you.
Perhaps you’re starting
from scratch.
Or you had to delay your
retirement plans 10-15 years…
In each of these
scenarios, the single best answer I can give you is: Generate extra
streams of income.
The problem most people
have isn’t that they’re getting only 0.5% on bank accounts, 3.5% on bonds, and
8% from stocks.
The problem is they don’t
have enough cash!
Stop and ask yourself if
that’s true for you.
What will change your
financial life in a dramatic way? Getting an extra few percentage points on
your current investments? Or bringing in thousands of extra dollars in cash
every month?
Very few people build lasting
wealth through stock investing and options alone. Yet the vast majority of
financial advisers you’ll speak with only offer these “solutions.”
Instead, you need to
increase your income through different avenues and opportunities.
And then put that money
into ventures and operations that’ll gush cold, hard cash.
The most important thing
is getting started.
The train is
leaving
This may be the most
important thing to understand about generating extra income: Getting started is
the only difficult part. The rest is a relative piece of cake.
Inertia is always the
biggest challenge.
You know you need to take
some action, but you aren’t quite sure what to do.
And even if you do know
what to do, there are so many distractions and responsibilities keeping you from
the first step.
You will see—I promise
you—the first step is by far the hardest. After that, it’s like walking. One
step after another.
Before you know it, the
cash will flow almost automatically. And it’ll increase with each passing
month.
If you can get started, I
have full confidence that by this time next year, you’ll have at least one—and
maybe two or three—extra streams of cash coming into your life every month.
This year is going to pass
by quickly—whether you’re on the train or standing at the station.
Why not hop on now?
#DrJTF
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