Wealth file #11:
Rich people choose to get paid based on results.
Poor people choose to get paid based on time.
From the Secrets of the Millionaire Mind of T Harv Eker, the 11th wealth file we need to have is to choose to get paid based on results.
Every time I conduct a talk and ask the audience:
“Who among you here are under-worked and overpaid?”
Everybody seems to laugh! But when I ask:
“How about overworked and underpaid?”
All hands went up.
You see, a lot of us, are not paid with what we are worth for. Why? Because as Robert Kiyosaki would say, we are all been programmed to “Go to school, have good grades and go find a secure and stable job.” We are programmed to choose getting paid based on time.
Getting paid based on time is exchanging your valuable time for money. Regardless of the work, you are paid. Even how busy you are, or even if you are sleeping inside the laboratory, you are still paid as long as you punch in the bundy clock. This is normally called as a J.O.B. (Journey of the Broke)
I am not saying that jobs are not good. In fact, it is one of the reasons why our economy is booming. However, jobs should not be the end result.
Here are three reasons why having a job should be temporary:
1. Your job pays you your bills.
After the formal education years, most of us don’t have any money. Thus we need to have a job as a starting point. But as mentioned, it is just the starting point, not the end result. Why?
Because our 8-to-5 job pays us our bills, but what we do on our spare time can either make us rich or poor. A famous example would be the founders of Google. Larry Page and Sergey Brin started it in a garage while still studying in college! (They even were still studying!)
We are also too familiar with, “when income increases, expenses also increase.” I don’t know if I believe that, but a lot of people do. Most employees when you ask them, even with their yearly increase in salary, they still can’t keep up with their expenses. Maybe inflation is to be blamed! Or better yet, we need to take responsibility by learning to earn more.
2. Your job is a buffer or safety net
Since a job only pays the bills, then it is very important that we build a source of income on the side. The best way to earn is to learn how to sell. Learning how to sell is changing your mindset from “time-based” income to “results-based” income or in other words, changing from a poor mindset (according to wealth file 11) to a wealthy mindset.
Related Content: Want to get rich fast? Learn to sell
All entrepreneurs are salespeople. All businesses require people to sell. Thus selling is the basic skill everyone should learn.
So while we are still building our businesses on the side, your job serves as a buffer or a safety net.
Remember: If you don’t build your dream someone will hire you to help build theirs.” – Tony A. Gaskins Jr.
3. The ultimate goal should be to employ others
Lastly, the ultimate goal is not just to be a mouth to feed, but becoming someone who will lift others, help people, and give people the opportunity to also earn.
And to do that, we need to be entrepreneurs, business owners and help other people by employing them. Of course, remember where you came from – employee. So we need to equip them too with the right training (esp. financial education) and with the right benefits.