Why is this Important? AKA “You’ll never get rich working for someone else”

So far in this blog, I’ve written lots about how to get on at work and get promoted as quickly as possible without really getting into why I think it’s important, so I thought it was time I explained. Essentially, it’s all about earning enough to do what you want to do without having to worry about the cost.

Getting promoted isn’t the endgame here – what we do next is based on the following idea:

“You’ll never get rich working for someone else”

There are, of course, exceptions to this but for 99.9% of people they’re not relevant so I’m not going to get into those any further. What we’re interested in here is using the income gained through our day job to set up income streams that provide passive income - income that is earned while you’re not working, including when you’re asleep. Some examples of fields that anyone can use to provide passive income are:

·         Social media – this category includes blogs, YouTube channels and Facebook pages.

·         E-learning products such as online courses and seminars.

·         E-commerce such as Amazon FBA and to a lesser extent eBay.

·         Investing – including various types of trading and investing, often in shares.

Anyone taking this route has the option to keep their day job while generating passive income on the side – this is my current path and you’d be hard pressed to find anyone who would recommend quitting your job without having sufficient passive income to replace that from your day job – of course if your enterprise becomes a roaring success you can definitely consider doing so, at which point you gain freedom of time and place – the ability to work whenever and wherever you want, providing you still earn enough to do what you like.

To recap we want to:

·         Get on at work and get promoted as quickly as possible to earn the maximum amount.

·         Use the money left over after paying our living expenses to set up passive income streams.

·         Use the passive income to supplement our day job earnings OR

·         Make passive income generation our career, gaining freedom of time and place.

Hopefully, this explains a bit more what this blog is about – next time I’ll be covering the pros and cons of different passive income streams. To make sure you don’t miss out, remember to enter your email address, click the ‘Get email notifications’ button then check your email and follow the instructions.

Thanks for reading and see you next time!