Tuesday, March 21, 2017

How to get rich - Get a high paying job

A high paying job is for people who prefer a safer and slower way to get rich
over freedom and adventure. There is nothing wrong with that approach and many
people have done it this way before. First plan your career. Getting a high paying job
usually takes a few years to build up on the experience and skills necessary for
getting that high paying job. Benefits of this approach are low risk, less stress and
smaller responsibilities. Cons are that you will have to work for someone else and
conform with his idea of how to do your work.

Another ‘con’ is that if you are employed and work only from nine till five, you
will have more free time and money, which usually result in spending more money on
things you don't need instead of investing them. You can have a good life with less
stress if you choose this way instead of running your own business. Or you can be
employed during the day and work on your business during the evenings.

What you have to realize is that you may not be able to work all your life and
as you grow too old to work, you simply will not be able to work anymore. In the past,
people solved this by having many children who took care of their parents when they
were old. Today it does not work that well. People save in their retirement plans and
hope they will be paid when they retire. As banks and governments get more and
more corrupt, I would not trust them to take care of me. Once you give them your
money, you have none or limited control how they handle it and you have no
guarantee that in crisis your money won’t be taken from you by the government as it
was done on Cyprus in 2013.

It is safer to invest your surplus money into assets and over your productive
life period buy or create enough assets to take care of you when you can’t work
anymore. This process can take ten or thirty years, so don’t expect to get rich fast.
Take your time to analyze your future assets and don’t buy them just because
somebody told you to do it. Assets are items, which put money into your personal
wallet. Compare how much you pay for the item and how much you receive from it. If
this item gives not a positive cash flow, it is not asset but a liability.

You don’t have to have a regular job. You can become a sportsman, an actor,
a singer etc. What you need, is to be either top performer, who gets paid huge
amounts of money for his results or to be well known and attractive for advertising. A
con of being sportsman, actor or singer is that the competition is hard and most of
sportsmen will not make it to the top.

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