5 Reasons Why You Need To Stop Working For Money

Most people will say they do their job for the money. Only a small minority can claim to be happy doing what they do, if you say you do what you do because you love it.

Below are 5 most reasons you should not just work for money:

1. You will never make enough money

There will never be enough hours in the day to earn enough if you are not having your money work for you; Being employed literally means “the more you put in, the more you get out” when you can actually put less in and get more out if you knew how to. Starting a side business on the side like investing in the stock markets, real estate or creating work that will generate royalties will allow you to make passive income. This will in turn free you up to focus on what you really enjoy in life. Your day job will not make you wealthy and will not open you up for new opportunities outside of your day-to-day tasks.

2. The debt spiral:

Being in the rat race and keeping up with the Joneses will lead to the accumulation of debt. It starts with paying for a university degree to get a job, once you have that job, you want to buy a house. The house is bought with bank’s money, and you are now locked into a lifetime of debt. As we all know, the higher the income an individual has, the higher the spending and debt leveraging they will engage in. This now becomes a vicious circle where you can end up just chasing your own tail.

3. Taxation

However, you may look at it, employees will always have the highest tax burden in any society. If you were to own a business or you are a full-time investor, the tax rate would be lower and the system will allow you to make expenses deductions before paying tax, the tax system is designed like this to stimulate business and entrepreneurship. Government is rewarding every individual who is willing to take that risk of running their own business by demanding less tax from them. As employees take less risk, they have to pay a higher a tax.

4. Risk of stagnation

You are less likely to develop and learn when you are only chasing money. In other words, you will be exposed to fewer business scenarios and environment, thereby disabling you to develop the deep problem-solving skills that you will need to make money outside of your job. Try looking at the people in your workplace and ask yourself who are going places and who the journeymen are. I would want to guess that the former will be the learners and are enabling themselves in creating their own destiny, the latter will run on empty and will run the risk of being laid off one day.

5. Being a slave to money

If you are being controlled by money rather than the other way round, you would never be happy. According to statistics, 9 out of 10 employees work just to make ends meet. We live our lives in fear of losing our jobs, not being able to provide for the family and et al. Such feeling is destructive and will lead to aversion making it hard to persuade you to take a chance at making your money work for you. When you harness money and make it work for you, you will be very much in control.

By now I know the question on your mind would be, what then should I work for?

Aim to get to a stage where money works for you, get the knowledge, skill and experience from the company and work towards being your own boss. You should be working to acquire assets, buy stocks and shares, invest in assets which will appreciate overtime. Your goal should be to move up the value chain of and change from being an employee to being a business owner or investor.

This article is not about you leaving your job, rather it is just to open your eyes and shift your mindset, expectations to different opportunities of wealth creation around you. If you are not happy with your job, try to learn how to invest your money, create value to others or even start a side business you enjoy, this will yield more income when you put in as much energy as you put in your current job.

All you need is patience, consistency, making tiny positive action before you know it the business grows. You will be amazed at how much you can do starting a side business. Don’t procrastinate, give it a try, venture into that business, don’t give in to that sceptism, don’t give in to that double mind of whether it’s going to worth it at the end. I put it to you that these actions are likely to be more lucrative when the compounding effect kicked in than simply putting more work in your current job and hoping for a pay rise, and when you don’t get this pay rise you are expecting, it leads to more frustration and makes you less productive at work.

You should not live at the mercy of your employer who has the sole right to hire and fire you at his or her disposal because you did not meet your target as expected. When you have side business which on the long run will mature and bring in more income for you, you will be the one to dictate the tune.

Start today as you are better than those who are yet to start, it might not be easy at the beginning, but it will worth it at the end as the goal is to move up the financial ladder and not counting date to when the pay cheque is coming in, when you have your money work for you, you don’t have to till a certain day of the month to receive your salary, you have laid that foundation and the steams of incomes, all you have to do is to keep on investing, keep on doing that thing that works over and over, acquiring assets that will appreciate in value and keep putting your money to good use.