I won’t be politically correct here. As long you work for a fixed salary you’re not going to be wealthy, period. There are exceptions like multi-million fixed contracts with top athletes, but you better stop considering that right now. If it was realistic, you wouldn’t be reading this blog.
There are realistic ways to make good money but none of them is a fixed income job.
Remember, whenever someone pays you a fixed income, your time is bought wholesale at a huge discount!
Ideally, we want to BUY time, not sell it, but while it’s not always possible we try at least to sell our time as high as we can! It’s a resource that we can’t replenish so no need to sell it cheap unless your financial situation is a true disaster.
We have two options to consider: a good one and an OK one.
1. Good way to make money – business. You own a company. Ideally, you organize a process, which is run by people whos’ time you bought wholesale (aka fixed salary and maybe some bonus as an incentive). You do strategic planning and stuff like that. It doesn’t happen overnight, but that’s the goal which means true financial freedom. Before it happens (let’s call it “The Event”), you have to work hard, but you invest your time in a correct way, which in the long run gives you more free time than most people ever have. We can’t cheat time, but this option is as close to it as possible.
For people not familiar with the financial side of running your own company – you won’t believe how much more a company owner makes vs. someone who works for a salary even in the case of small business. Don’t forget: company is an asset. You can grow it while getting a continuous cash flow or you can sell it and cash out. Small bonuses like being your own boss are included.
Of course if you’re a little girl who pees in pants every time she hears words “risk” or “responsibility” starting your own company may not be for you, but you better remember that the biggest risk possible in life is not taking any risk, which is a sure way to a guaranteed misery.
2. OK way – performance-based pay. Some people may be in a situation when they need an instant income. That’s not always the case when starting your own business, which often requires initial investment and time to gain financial momentum. In this case performance-based job is an OK option. Examples? Mostly sales (door to door, real estate, insurance, you name it). You get commission for every sale you make. Watch out that it’s not capped, some employers include this little innocent trick in contracts. Idea is to get a clear direct correlation between performance and income. Two benefits here: if you work well you make a good money and such an experience prepares you psychologically for running your own business (The Goal), which makes you closer to The Event.
Why do I talk about sales only? Because even if you have a professional education and skills in law, web design etc. doing it on your own means starting your own one-person business. In other words, great idea, but not suitable for every situation. In sales you can use the power of an already established company and brand to your advantage. Of course if some company offers you a performance-based job as a lawyer or software developer, good, but then again, unlikely you would read this blog hence no need to talk about it here.
The rest of losers like me who want to make good money despite being losers, stay tuned!