They’re calling it the Great Resignation. More than four million Americans quitting their job every month. Why…because people are just now waking up to the fact that their job is keeping them BROKE!
In this video, I’ll show you three ways your job keeps you broke and none of them have anything to do with your spending habits. Worse yet, I’ll show you how the 9-to-5 mentality ruins your life. Then I’ll share three things you can do right now to change all this and reveal a simple, step-by-step checklist for you to create the financial future you deserve. We’re talking true financial freedom, today on Let’s Talk Money!
Nation, us old-timers remember a song by Tennessee Ernie Ford, called 16 Tons about a hard-workin’ coal miner stuck in back-breaking work, day in and out, each day deeper in debt than the day before.
I love the song but the tragedy is, it’s become the theme song for tens of millions of workers.
Ask yourself, for all your work, are you better off financially than you were last month or even last year? Do you feel like you’re getting ahead or just barely keeping from drowning in bills?
Now go online and all you hear is the blame game, how you need to fix your spending habits and shaming you into a minimalist lifestyle of ramen noodles and cheap furniture. The truth is, it’s not about budgeting or about bad spending habits. The simple fact is, YOUR JOB SUCKS!
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Before those three steps you can take right now to change this, I want to reveal the three ways your job is keeping you broke…and not just keeping you broke but ruining your life. But first, I want to get your input on this as well. Do you feel like you get paid enough for what you do? Are you happy with your job or do you feel like you’re kind of stuck? So scroll down and let me know in the comments below, just to get a feel for where everyone is at on this.
First, your job locks you into a cage with the 9-to-5 mentality. Having a job, especially if it pays just enough to cover the bills, traps you into a way of thinking. You go to a job you hate every day, you’re miserable for eight hours a day, a third of your life, but you put up with it because…well, that’s just how it is. Nobody likes their job, right? But they do it because it makes you money which can be used for things you do like…like jet skis.
Another way your job keeps you broke is it takes away all other options. The longer you stay in a job, the harder it is to transition into something else, something you might actually enjoy. Employers see 15 years as a sewer inspector and wonder if you have the skills necessary to be in the FBI…wait, not that FBI.
You can’t quit your job because you need the money but every day you stay makes it impossible to do something else.
Finally here before I show you how to change all this but that traditional job takes all the control and earning power out of your hands. Your boss sets the wage and the hours. They tell you how much of a wage increase you get each year, if any, and they tell you how to do the job. That safety in a 9-to-5 is nice but most people don’t realize what they give up in exchange. They lock the door to their own cage.
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And because how much you work means nothing to how much you make…you stop working. You become a desk zombie because it really doesn’t matter. It not only keeps you chained to your job but makes you miserable.
Because how much you work means nothing to how much you make…you stop working. You become a desk zombie because it really doesn’t matter. And that not only keeps you a slave to low pay but it makes you miserable, frustrated and just in a bad mood!
And turning this all around isn’t as simple as just quitting your job because money does buy happiness because food to survive and jet skis are happiness, so you need to make money but there is a way to do that so let’s look at three things you can do right now to break out of that 9-to-5 mentality.
First is to start creating opportunities in your current job! And this might not sound like a break from where you’re at but it’s going to be critical to the rest of this plan and the checklist to quitting I’ll share later.
The idea here is to map out the career paths at your current job and even within the broader industry, whether it’s at your company or a competitor. Is there a place you can go where you’re going to enjoy the work and get paid better? And you can do this no matter where you work. Maybe you’re flipping burgers but would rather be the one running the company…Howard Putnam started as a baggage handler at 17, now he runs Southwest Airlines. Walmart CEO Doug McMillon started loading trucks at the distribution center earning $6.50 an hour…now he makes over $22 million a year!
The point is, if you know where you want to go in the company and then work like it’s your own business, you’ll be amazed at how fast your outlook improves. Not only will you make more money but you’ll take back that control of your work and feel better about your job.
And why I say do this first is because it’s the path of least resistance. You’ve already got the job. Give this a year while you’re working on these next two steps and if you still want to quit, then you’ll be set up to do that.
Second is you need to start building passive income sources. These are business ideas or investments that will continue to cash flow even after you stop working. And this is going to do two things for you. First, it gives you an out and an income that can keep growing with little or no effort. More importantly though, it frees you from depending on any crap job to pay the bills. If you’ve got enough passive income coming in to pay at least some of your bills, you aren’t chained to just any job for the paycheck.
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The problem is, these aren’t something that cash flow overnight. These are income sources like online businesses that cost nothing to start but might take a year before you’re making a grand a month. So you need to get started on one of these now!
I recently did a video on nine passive income ideas that will pay your rent, nine income streams anyone can start and with details for each. I’ll link to that in the description below.
Third here before I give you that step-by-step checklist is to start a side hustle for immediate cash flow. This is going to be different from the passive income ideas you start because these make money immediately and they’re easier to start. With these, you can set your own hours maybe only working five hours a week from home, and they’re going to start building your savings. That’s going to give you more flexibility to quit your job if you want or to invest in some of the passive income business ideas that will create more cash flow!
Simple Step-by-Step Checklist Towards Financial Freedom
Now you’ve got those three steps and I want to bring this all together with a simple checklist for quitting your job and putting yourself on that path to financial freedom.
First, and this goes back to really looking at your job, ask yourself if there’s a path at your company that you can be happy in. This is the first question and has to be because not everyone needs to make the big change to be happy.
Next, if the answer to the first question was no, then you need to find a path to something you enjoy doing. And the generic answer here is look at your hobbies and what you enjoy doing but I want to give you a more direct answer.
Open up the browsing history on your internet by clicking on the three little dots in the top-right and then to History which will show you all the websites you’ve visited…maybe do this part when nobody else is in the room and just scroll through. This is going to show you exactly how you like to spend your time, your interests, and give you ideas.
You’re going to take those ideas and then find out how people are making money doing them. And believe me, there is a way to make money doing just about anything. If you like underwater basket-weaving…there are people that will pay you to learn about it.
So here you’re finding out some of the ways to make money whether it’s producing content through a blog or videos, consulting in the topic or even some kind of traditional work in the industry. Your path might even start with a lower paying job just to get you in that field you enjoy but this is where those other steps, the passive income and side hustles help you do that.
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Fourth here is revisiting those passive income and side hustle ideas. Starting over in a new job or field doesn’t have to mean living off ramen noodles or moving back in with your parents.
Remember, you’re doing this over a year which may seem like a long time if you absolutely hate your job but a year is nothing if it means you can change your life and be happy!
Finally that year is going to give you time to become an expert in your new area. New research has debunked the idea you need 10,000 hours of practice to master something but you still want to hit the ground running when you get started. For mastering any subject, focus on different levels of learning. That means first reading about it, then being able to explain it in your own words and finally thinking critically about it. This will involve not just passive but active learning and critical thinking.
Read the Entire Passive Income Series
- 5 Monthly Dividends Stocks for Retirement
- 6 Essential Steps to Afford a Career Change
- Where to Invest to Get the Best Returns with Less Risk
- How to Create a Dividend Stocks Ladder and Live off Your Dividends
- Passive Income Dividends Portfolio [Monthly Dividends to Pay the Bills]
About the Author
Joseph Hogue is a financial expert and investment analyst. After serving in the Marine Corps, he started his career investing in real estate before becoming an investment analyst for some of the largest private investors. He's appeared on Bloomberg and on CNBC as an investment expert and has published ten books in personal finance. Now he helps investors reach their financial goals and invest in the stock market with some of the same advice he used when working for the rich.