Many people believe you must work hard to get rich and work yourself to the bone in order to stay ahead. This is where these misconceptions begin. It is not enough to just work hard to make money and set some aside for a rainy day. To ensure your future wealth, you must work equally smart.
Hard work has little to do with success. Studies have shown that the reason why this strategy of hard work doesn’t pay off is that, after fifty hours of productive time, your productivity goes down.
Furthermore, if you continue to push yourself, often due to lack of sleep and self-care, you will also encounter failed relationships, failed social connections and a drop off in performance. And though I believe in the power of hustling and creating massive opportunities with working hard, we eventually arrive at the conclusion that working harder does not guarantee us more money.
You Become too Attached to Comfort
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When people have a secure job they begin to feel safe and comfortable.
They save a little as they go along in their comfortable world.
Now, there’s nothing wrong with comfort and security but all too often people become complacent and decide to choose comfort overgrowth.
Working in a job does not really allow or encourage you to take risks. You are exchanging your time for money.
When you’re trading time for money, your income will always be limited. This creates a repetitive cycle and your own personal ‘comfort zone’.
There is no room here to create additional income-producing activities. You need to take risks to create wealth in life.
Entrepreneurs are always willing to take big risks and lay things on the line to be successful.
Time is More Valuable Than Money
When you work for a boss you don’t get the chance to use that valuable time for yourself. You use it for them in order to grow their business.
When you work for yourself, you may in fact have to work harder than when you work for someone else, but you’re in control of how to spend your time. You are using the time to benefit you and your future.
Time is the most valuable commodity out there. If you are constantly trading your time for money, then being wealthy may be a goal that is never achieved.
There are only 24 hours in a day. Your choice now is to use them wisely.
You Stop Learning
Working within the constraints of a nine-to-five job can hinder self-education and learning due to the workload.
By the time you finish your workday, you are probably too exhausted to even think about doing anything other than sleep.
As an entrepreneur, I find that I put aside a great deal of time for self-improvement through learning.
I take the time to learn more so that I can teach more and therefore create more opportunities to make more money.
True wealth is about doing what you love while creating time and financial freedom.
You Think Saving is The Savior
Saving money and making money are not the same thing.
You may save a few dollars by skipping that additional muffin with your morning coffee but that muffin isn’t producing money for you.
Making more money means you can save more money. Investing your money is smarter than simply trying to hoard small leftovers from your weekly pay packet.
Investing in your business can help you make money and save money all at the same time.
You have to be dedicated to making your money grow. Entrepreneurs are usually great at this. They make money work for them as an employee.
You’re Making Someone Else Rich
When you’re an employee your role is made in order to make your boss rich.
This is fine if you’re happy with that arrangement. You work for them and you help them make more money.
Security is a big factor here. You can choose to make your life better with the ideas you have to create a business, which will create wealth and time, or you can continue working in a job, which will not really take you anywhere.
Wanting to be rich is a fantastic goal but working yourself to the bone is not the answer.
You must embrace risk and be willing to be uncomfortable if you want to be rich and successful. This can mean detaching from the stability of a regular job. To transform yourself from employee to entrepreneur.