Last week, a few of my coworkers were having a discussion about jobs and salary. I just happened to be coming from the restroom to jump into their discussion. Their argument was that if a surgeon makes $300 per hour it makes them rich. I had to disagree with them and broke down the reason why.
$300 per hour does not make you rich. It only allows you to sell your time at a higher cost. The salary is not residual and you have to show up just to receive the pay. So basically, if you lose the job, the $300 per hour ends. Also it depends on what you are doing with that salary. You can be making that much but your personal finances are jacked up. If you don’t know how to stick to a budget, you could still end up with financial disaster because of the inability to control your money. So if you are in a situation where there is a lack of money, more money will not solve the problem, it could make things worse if your foundation is not right.
What is rich?
When it comes to being rich or wealthy, I have been told that wealth is measured by the amount of days you can survive without needing a job. This is where residual income is needed to meet these demands. It’s advantages are that the income is continuous, you don’t have to show up to get paid, and you’re not selling your time just to receive the salary. With more time this gives an opportunity to do more things like spend time with family, think of new business ideas, preach the Word of God (if you’re into ministry), and have fun!
So I suggest that you educate yourself and increase your financial IQ. Start off by reading Rich Dad, Poor Dad. There are many other books that can assist you with increasing your knowledge. If you’re looking for ways to create residual income, start off by joining my team!
Be blessed and let’s make the shift!
Jay The Analyst
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