Advertising
Advertising

4 Reasons Why Working For Someone Else Won’t Get You Rich

4 Reasons Why Working For Someone Else Won’t Get You Rich

A lot of people have big dreams of running their own business and being their own boss, especially in this economy where small businesses are flourishing. Do you have an idea for a business, store, or service you’d like to start? I’ve had many ideas, but something always keeps me from acting on them. Usually, it’s initial capital. I always feel like I need to bide my time working at my current job, saving up as much as I can, then try to launch my own business once I have my savings built up.

This seems like a practical approach, right? So why am I still not working for myself? Because I’m not taking risks. To get rich, I have to be my own boss. And to be my own boss, I have to take a risk, put myself out there, and make my money work for me.

Advertising

Bill Gates dropped out of Harvard to start a software company. He was in school, learning technology without a definite study or career plan, until his friend wanted to open a business with him. So Bill became a partner in a company; then… well, you know the rest. You know what happened because he became one of the richest, most successful people in the world, all because he took a risk. He left one of the best universities in the world to start a business, and look how that paid off!

Amanda Hocking wrote novels in her free time, and had 17 written by 2010. Instead of just letting these idle on her hard drive, she started self-publishing them as e-books. In just a year, she had sold over one million copies of nine books, and had made over two million dollars. This was unheard of for a self-published author! She sold an average of 9,000 books a day, which caught the attention of a big publishing house, who signed her. All of this happened because she just decided to take a risk and put her writing out there. Pretty inspirational, right? What can you do to make this type of success happen for you?

Advertising

1. You become too comfortable to take risks.

My main problem is that I have a job, which means I have income. I can pay my bills. I have a little left at the end of each month to put into savings. It’s comfortable! I don’t need to change anything. Which means I haven’t. You have to push yourself to make a change in a comfortable lifestyle. If I lost my job, I’d have no choice but to kick-start my dream in order to have a job and income! So do something to shake up your life, and see how one change can push you to take charge and change everything.

2. You’re building someone else’s assets.

When you’re working for someone else, you’re helping them. This is well and good if you believe in the cause and just want to get by in life; but if you want to get rich, you’re only hurting yourself. You’re spending at least forty hours a week focusing on someone else. What about you, and what you want to do? Imagine if you have 40 free hours to work on something for yourself. It’s a lot of time, right? Once you get out of your comfortable career rut, you’ll have those forty hours to dedicate to yourself and your own assets. Everything you put into yourself and your business will come right back to you. The money you spend for the business can be deducted from your taxes, and any income is yours alone!

Advertising

3. Time is more valuable than money.

Money is something you can save, something you can get more of (if you know how). But time is fleeting. You’ll never be able to make up time you’ve already spent. And, as we just mentioned, when you spend time working for someone else, you’re not able to use that for yourself. Sure, you’re making money while you work, but what if you finish your duties before lunch? You’re wasting the other hours of the day doing nothing, just to get that paycheck. Or, if you’re on salary, you might be working way more than forty hours, and not getting paid what you’re worth. The company you work for is in charge of your time. They dictate your schedule, they tell you when you can leave early or have to stay late, and they tell you if you can take vacation time. When you work for yourself, you might have to work harder, but you’re working for yourself, in charge of your own time.

4. You grow too focused on saving for a rainy day.

Saving is smart. We’ve all learned that, and it makes sense. But saving money isn’t helping you make money. Skipping Starbucks and making coffee at home might save you 5 bucks, but did it earn you 5 bucks? If it did, I want your coffee maker! You’re making a fixed income, and just putting money aside. Invest your money in your business, instead! Or if you’re not ready yet, invest in the stock market to watch your money grow.

Advertising

Yes, it’s hard to get something started, but you have to take the chance! And maybe it won’t take off immediately, but that doesn’t mean you’re a failure. Be patient, let your business find its footing and and follow through on things that will help you grow. Don’t expect everything to happen all at once, and don’t get discouraged — you can do it!

Featured photo credit: Nick Ares via flickr.com

More by this author

16 Productivity Secrets of Highly Successful People Revealed Why You Should Keep A Journal And How To Get Started 10 Incredible Benefits of Cuddling That Make You Want to Cuddle Now 15 Differences Between the Boy you Date and the Man you Marry 10 Signs That You’re Ready For Marriage

Trending in Money

1 How to Answer the Tough Question: What are Your Salary Requirements? 2 How Personal Finance Software Helps You Get More Out of Your Money 3 The Definitive Guide to Get Out of Debt Fast (And Forever) 4 35 Real Ways to Actually Make Money Online 5 30 Fun Things To Do With Your Friends Without Spending Much

Read Next

Advertising
Advertising

Published on November 8, 2018

How to Answer the Tough Question: What are Your Salary Requirements?

How to Answer the Tough Question: What are Your Salary Requirements?

After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

Unfortunately, this is the wrong approach.

Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

Of course, you can’t command a high price without bringing value.

The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

1. Hack time to accomplish more than most

Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.

Advertising

Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

2. Set your own boundaries

Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

Here are some important traits to consider:

  • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
  • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
  • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.

Advertising

3. Continuously invest in yourself

Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

4. Document the value you bring

Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.

Advertising

Here are some ideas:

  • joesmith.com
  • joeasmith.com
  • joesmithprojects.com

Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

5. Hide your salary requirements

Avoid giving you salary requirements early in the interview process.

But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

6. Do just enough research

Research average salary compensation in your industry, then wing it.

Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.

Advertising

Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

7. Get compensated by your value

Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

The bottom line

You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

Featured photo credit: LinkedIn Sales Navigator via unsplash.com

Reference

Read Next