What is your monthly income?
Now, what would it mean to you if you were able to add 10 percent to it consistently? Perhaps in a month it might not seem like that much, but what about over the course of a year, would that amount make a difference to your life - make it easier, or give you more opportunity?
What would you have to do to get it?
I find these kinds of thoughts interesting, because I don't think I have met anyone who would turn down an increase in income, yet there aren't that many who have actually worked out what it would take to get a bit more. For those currently employed in a job, they might look to get a pay rise, or perhaps a second job. For those not working - get a job. For those living off of Hive - they can get a job too.
Ten percent is a lot.
Lets say that you earned 1000 dollars a month (which is well below poverty level in Finland, but it is suitable for the math) and would add 100 extra to it. That is salary of 12,000 + 1,200. But, instead of spending that extra ten percent, it went into an investment portfolio that averaged 10% return on it per year. After 20 years of consistently doing this, the investment would be worth $76,700 or about 6.5 years worth of salary, which isn't bad. Yes, there would be inflation on that, but still, it is a fair chunk of change for someone who is used to earning 1000 a month.
Work it out for yourself with local levels.
But, numbers are meaningless unless they are connected to reality. So, while compounding an invested 100 dollars a month for twenty years is fun, one also has to consider what it is going to take to get that amount. What do you need to do to get a raise and are you willing? What kind of second job is available in your area? Abd if you aren't working, what kind of job could you do?
I find it weird that people many people are financially struggling, but won't work.
What skills can you trade, what gifts do you have, what are you willing to Realistically do to earn a bit more? Sure, you might be content where you are, but I am talking to those who are not. Those who are looking to expand their opportunity and build a stronger financial foundation for themselves. Perhaps you are an artist willing to sell, but is anyone willing to buy from you? A writer, an accountant, a handyman?
What value do you have that you can trade? What do you have that someone is demanding?
I was reading a funny story the other day of some young woman who joined only fans under the assumption she would get rich trading her physical assets for cash, like all the people she read about. She is apparently poorer now than when she started, lost her house and is considering going back to the dreaded 9-5 work life. What she discovered was that in a saturated market, she didn't have what it took after all. All that "grinding" left her worse off.
Is dignity maintained if money isn't made?
It is an interesting question, because it is a trade and I think that if a person was raking in tens of thousands a month from getting naked and performing for strangers, there might be a case to say that the trade was worth it. But, what about the majority of people who do exactly that, but don't make much money doing so - how do they feel about their life choices?
I presume this is the same for many traditional jobs too, where people might be working hard, but they aren't earning as much as they think they deserve for the work - so they feel taken advantage of. Perhaps they are even "too" taken advantage of in the workplace, but then, what does this say about the work they are able to do and their own state of mind? Can they leave the job and find something that values them enough?
Dignity.
Is it something given, or is it something an individual has in themselves? It is an interesting question to consider I think, and I think it has to be evaluated under a lot of different circumstances. At least in my own opinion, a person can have a lot of dignity, even if they are performing a terrible job, in terrible conditions, for a terrible salary, if they are doing it for a good reason. But a person who is doing nothing because they believe they deserve more than anyone is willing to give them for what they are able to offer -
Well....
So, what could you do to add 10% to your current income?
Would you do it?
Taraz
[ Gen1: Hive ]
My wife and I have been pretty lucky the last couple of years that we have finally been given some generous raises that reflect the time and commitment we have put into our jobs and our place of employment.
It would be nice to have inbuilt systems that recognized merit automatically :)
Honestly, my view of the future in the sense of mainstream success is rather bleak. Cryptocurrency, precious metals, and cash in the gray market are my most likely opportunities.
Do you find it somehow strange that our "best bet" is away from what we have been told is the best bet?
Not really. Government schools teach what is in the interests of the political class. Corporate media tells us what is in the interest of the corporate system. Finding out what is best for us as individuals takes work and includes a lot of risk.
Hmm interesting question.. I think it's always a work in progress for me. When I entered in the workforce a decade ago, most of my income is from my work. Fast forward to my current self, like most people who have worked for more than a decade, one likely would have accumulated some savings/assets, which are generating some income, be it interest, coupons, dividends or capital gains. Based on this trend, this "investment income" should "add" more and more significantly to our work income.
Are you getting more from your investments? Is it enough? As you know, it compounds, so if able to add a little more each month for the next couple years, it might have a massive effect in two decades from now.
Yeah it's getting more and more as the base grows from my wage as well as the compounded returns each year, it's not significant relative to my wage yet, hopefully, one day I will reach my personal goal.
10 percent increase is huge. Some of my friends didn't even have an increase for a few years. The only time I've heard of people not wanting raises, was when it was connected to a promotion and the raise was minimal. They would have lost overtime pay, had to do more work, and they felt like the pay and compensation wasn't worth it. I think they are looking at things short term, and missing out on future promotions and benefits.
It is a shame that people don't invest as much. Those that put money in their 401k are going to be better off than those that don't. I guess it's a matter of enjoying now having difficulty later, versus saving now and enjoying later.
There are lots of reasons not to take a pay rise, especially if the expected workload isn't worth the salary. But even then, it might be worth considering what the following path might look like. Sometimes, we aren't paid what we are worth, but it is a gateway to getting paid a lot more.
People are pretty shortsighted in general.
I agree. I think the benefits, and the potential career advancements are usually worth it. Once one steps on the managerial path, I think there are a lot of options available.
I think it depends on what people want. I do agree that pay increases don't come without extra effort or some reason. Everyone is struggling in the economy and I honestly think that having better financial planning will work out better than just adding another job. The next job or extra responsibilities should come after that.
Oh for sure. If someone has bad financial hygiene, they can win the lottery and still struggle. Like many people who win the lottery...
Great article! Entrepreneurs are hard to find these days let alone good workers. I blame the welfare system for a starters, living in Australia it's easy money especially if you have a bunch of kids.
Unfortunately a lot of people spend their money before they've even earned it too. Some time ago I wrote about Nathan Whippy Griggs... a young kid (back then), homeschooled, entrepreneur and working for himself. He's just one example of modern day people who have set out to work for themselves and doing it very successfully.
The economy is what you make it! Think outside the box, be determined, keep believing in yourself and your skills, and most of all keep improving yourself.
Be inspired by this homeschooled Guinness World Record holder whip cracker. Nathan "Whippy". https://peakd.com/homeschooling/@ingridontheroad/whipcracking-inspiration
Don't you find it interesting that so many people are able to live off welfare? Where do they think that money comes from?
Magic money mate!
Exactly a 10% raise every month would totally be a welcome thing. The annoying part in there is also inflation which feels like it was 10% over the last couple of years and the fact that you get used to that 10% very easily and it doesn't feel special anymore. Hence the... 'we deserve moooooore'. because it was mentally already forgotten again.
I am a hussler to the max to working 2 jobs for the regular bills but apart from that also have some side projects here and there that don't come up regularly but are nice for some spending cash. That means that there can be some stuff on the side which hopefully over the years will compund nicely.
Ow yeah ...and hive regularly....crypto...After this dark BTC day hopefully we can look up again!
Yes - inflation has eaten a lot over the last few years, however, doing nothing will just end up costing more :)
I shoveled pig poop when I was a kid to make money. It didn't bother me much then because a lot of boys my age at the time worked for farmers. Nowadays though it might because it seems kids see themselves above that type of work and it seems mostly migrant workers are preforming farm hand work now. I guess what I am getting at is that here in the U.S. many gripe about people not working to make their way, but look down on work that they do to make it. It is absurd.
Yes, it is absurd. I think everyone should have to do some pretty crappy jobs in a range of areas before they are allowed to have a proper job. They should also have to hold a service job and deal with customers, like in a café. I see the difference in the way people treat people in these place who know what it is like to work in one, and who don't.
YEs, I see the same thing here. I guess it is not just a U.S. thing.
My monthly income is about $1000. To increase it, I bought HBD and am waiting for the bear market to open my investment window. I will buy ETH for $400-800 and HIVE for $0.05-0.1
Eth for 400? Perhaps - but unsure about that :)
Hive at 5 maybe :D
A lot of people are too lazy to save themselves from financial problems. They keep complaining everyday of their lives but usually find it hard to make moves or take actions.
I used to be like that until I fully became an adult…
Lots of adults still haven't learned to take responsibility for themselves.
One thing I’m sure of is that we all want increase of payment and once our earning increases, we still increase our spending and it continues to go that way
You might increase your spending - but not everyone does :)
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STOPMy going bro, adding 10% to my income would be significant over time. It's surprising how many people don't explore ways to achieve this. I think financial planning and taking calculated risks are crucial for better opportunities. Great idea man, just brilliant
Honestly your article is encouraging for me, creating a source of income is what I need to do to start my journey as an entrepreneur, I'm an 18 year old, I have read a lot of investment books as well as learning about the FX market all I need is to experiment which makes Hive a perfect place for me to share my ideas,get feedbacks and learn while still earning to practice more. Right now putting in the work in hive will be a life changer really to me it's my 100% in terms of finance for now.