One young telephone receptionist I interviewed in Columbus, OH, replied that the most important factor in wealth acquisition was, "a good job, a great job, a fantastic job.
"You would be surprised how often this answer is given by those whose income is average or below.
Of course, it is rarely given by those who have reached millionaire status.
We have been programmed since childhood to believe that if we find a good job, work hard, move up the ladder to more and more responsibility that eventually, in 20 to 40 years, we will find success, wealth, happiness...
after which we will retire in glory to a place in the sun.
The fact is that a job merely provides monthly income to support the habits we have (like eating)...
but it rarely leads to wealth.
"Wealth is when small efforts produce large results.
Poverty is when large efforts product small results.
" (George David, MD.
) Working at something you don't really enjoy with the hope that eventually your ship of wealth will come in is folly.
If your large efforts are only producing small results you had better check the roadmap.
You may, be on the road to poverty.
Here are two good questions to ask yourself if you still wonder which road you are on: 1.
Are you developing an automatic pilot?In other words, if you quit working tomorrow, could you hire someone in your place who would generate a surplus income to support you?Or do you have investments that would provide this surplus living income?If not, are you planning and working towards this goal? Many people assume that just because they make a large income, they are wealthy.
Take the case of a medical doctor.
Although he makes lots of money, he is still a virtual slave to his practice, the I.
R.
S.
, and his patients...
and often he is so busy that he doesn't have time to generate adequate outside investment "automatic pilots" to fall back on if he should wish to retire.
The goal of a wealth seeker is not to make a lot of monthly income from a job.
It is to transfer the burden of the generation of monthly income from his own back to back of his "automatic pilot".
2.
Have you set a definite goal for you own Declaration of Independence?In other words, if you sold all of your assets tomorrow, could you place the after-tax proceeds in a bank account drawing the highest interest and live off the interest alone?If not, how long could you live before your capital would be depleted?Charles Considine has stated that the sign of true wealth is when you can spend as much as you want to each year and still have you net worth go up.
In summary: Don't work harder.
Work smarter!
"You would be surprised how often this answer is given by those whose income is average or below.
Of course, it is rarely given by those who have reached millionaire status.
We have been programmed since childhood to believe that if we find a good job, work hard, move up the ladder to more and more responsibility that eventually, in 20 to 40 years, we will find success, wealth, happiness...
after which we will retire in glory to a place in the sun.
The fact is that a job merely provides monthly income to support the habits we have (like eating)...
but it rarely leads to wealth.
"Wealth is when small efforts produce large results.
Poverty is when large efforts product small results.
" (George David, MD.
) Working at something you don't really enjoy with the hope that eventually your ship of wealth will come in is folly.
If your large efforts are only producing small results you had better check the roadmap.
You may, be on the road to poverty.
Here are two good questions to ask yourself if you still wonder which road you are on: 1.
Are you developing an automatic pilot?In other words, if you quit working tomorrow, could you hire someone in your place who would generate a surplus income to support you?Or do you have investments that would provide this surplus living income?If not, are you planning and working towards this goal? Many people assume that just because they make a large income, they are wealthy.
Take the case of a medical doctor.
Although he makes lots of money, he is still a virtual slave to his practice, the I.
R.
S.
, and his patients...
and often he is so busy that he doesn't have time to generate adequate outside investment "automatic pilots" to fall back on if he should wish to retire.
The goal of a wealth seeker is not to make a lot of monthly income from a job.
It is to transfer the burden of the generation of monthly income from his own back to back of his "automatic pilot".
2.
Have you set a definite goal for you own Declaration of Independence?In other words, if you sold all of your assets tomorrow, could you place the after-tax proceeds in a bank account drawing the highest interest and live off the interest alone?If not, how long could you live before your capital would be depleted?Charles Considine has stated that the sign of true wealth is when you can spend as much as you want to each year and still have you net worth go up.
In summary: Don't work harder.
Work smarter!
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