Are you interested in wealth and career advancement strategies?
I’m sure you are because why else would you click on this outstanding article to explore more about opportunities you can take advantage of.
Wealth is simply an abundance of resources, in other words a surplus, and is often associated with cash or money.
The more money you have the wealthier you are. What career you decide to be in is a major factor and is what determines your income levels.
Logically, the career you choose may give you an advantage or disadvantage in building wealth faster or at a slower rate then others.
The purpose of this article is to: (1) Explain the difference in thinking and actions or what separates the top 1% of income earners in America compared to the rest of the population
(2) Showcase a couple of career advancement techniques and (3) increase your overall understanding of wealth and develop a quick start to making a financial plan or improve it if you have one already.
Lastly, as you read this begin to adopt or further your belief system to match the thoughts and actions of the wealthy so you can achieve your own version of financial independence and freedom.
Free Career Advancement Training
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Difference Between the Top% & the Other 99% of Income Earners
The top 1% think in terms of gaining cash generating assets by creating or buying them. A few cash generating assets include real estate, businesses and intellectual property.
The one percenters focus on increasing income month to month year to year then saving for excess cash to then use for investments to grow wealthier.
The magic formula every wealthy person has is seen as their passive income exceeds their everyday expenses.
If a person has $10,000 in passive income a month from real estate investments and $3,000 in expenses this person isn’t forced to work to pay the bills but can choose to work by choice.
A person can you use this same method by the follow example. John has an office manager job that pays him $45K annual.
So he saves 20% of his income, which would be $9K. As he saves $9K a year he also spends his evenings after work and on the weekends building a business like consulting.
John each year is saving $9K and on top of this has a potential to make more with his consulting business.
He then has a plan to start buying real estate with his saved money or excess cash. His financial path is determined by his own personal financial goals.
He may want to pour all of savings or excess cash into index funds or any mutual funds he desires or maybe he wants all of his savings to go to real estate rental properties or a combination of these two.
Regardless of what he chooses he is likely to make it far and even achieve financial freedom.
In total, John decided to do what the wealthy do and to increase his income, save and invest for passive income so he can eventually have more cash then his bills or expenses.
Wealthy people are planners and they organize their life to be consistent to where they want to be in the future.
People who do not have a wealth-minded mentality often work regular jobs and do nothing else. They work then go home and do nothing productive.
They spend all their money and go further in debt and then after 40 years of working cant even afford to retire and have to keep working until death.
Please do not let this happen to you. Check out this data source from Urban.org
The wealth gap is growing larger. People with more money in their families tend to make even more while lower income families become more in debt and make less money.
To ensure you’re on the right track financially and career wise below is a way to get started.
Next Steps:
- Set Goals & write them down on paper. Start with one-year goals
- Gather information from blogs, articles & other resources that would give the knowledge of how to get to a certain point in your life
- Make a plan for your life in phases that lead up to your desired goal
- Set metrics on your goals so you can know if your progressing or not and if changes need to be made
Related Articles:
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How & Where to Start Budgeting & Investing: Should I Hire a Financial Advisor
Career Advancement Strategies
I will share with you a couple ways to advance your career and make more money.
The two ways I will share include either changing fields or industries as well as positioning yourself in a highly valued position.
First switching careers has always been a career hack for growth to make more money and sometimes it isn’t that hard.
I can use myself as an example because I’ve lived it. I use to work for a laboratory services company that paid me $12 a hour.
It is hard to live on that even when you’re frugal like I was. I begin searching for opportunities and careers outside of being a lab assistant.
I did some research by spending massive amounts of hours reading about other careers and decided to pursue truck driving and get my CDL (Commercial Driving License).
I got my license in about 6 weeks and found my first job soon after that and my salary jumped from $25K to $35K.
Then 8 months later, I changed truck companies and my salary jumped from $35K to $45K. My overall income rose 45% from $25K to 45K within a year.
Not bad at all on my end. I knew what the wealthy were doing so I customized my own plan based off the information I knew.
Back when I was making $12 a hour, I still was putting away small amounts of money in my IRA retirement account for mutual fund investing.
I continue to do this today as my income increases. I increase my savings rate higher and higher so it is ultimately used to invest in assets.
One last note, when switching jobs or industries look for long term growth and perhaps concentrate on trade skills as well as something that will make you the most amount of money in the shortest period of time.
For me it was becoming a truck driver, which is a trade skill. Take a look at the below top trade schools for employment opportunity and training.
Source: Forbes
A second career hack is positioning yourself in a highly valued position.
When I say highly valued, I am referring to a position in a company that would mean the success or failure of the company and is often a cash flow generating related position.
To be more specific it is a position in which if the duties of that job are not done properly it could disrupt the cash flow of the business and the cash flow is the life of a business.
An example is a manufacturing plant that has a million dollar machine that produces their product at massive scale.
So what would happen if the machine stops working? I’m sure you guessed right. The products being produced by the machine come to a stop or is slowed significantly.
When there is less volume of products to sell then what the company would normally sale on average this decrease cash flow.
The highly valued position here would be the technician or engineer that fixes the machine or keeps it running smoothy.
So a person would learn or get certified to fix the machine. When you are that valuable to a company you’re paid more.
Try this technique within the context of your own personal situations.
Free Career Advancement Training
Lastly, I’ve always been a fan of using whatever you can to make more money but I stick with a basic 50/50 approach.
This means 50% of my time is focus on career advancements for higher income and the other 50% of my time is focus on entrepreneurial pursuits.
Building a business can take a long time so to combat having to wait years for business success I also use career advancement tactics.
I do this so I can already be making more up until my business is a great success.
I behaved in this manner also as a hedge against business failure since we all know the statistics around business startups and how 9 out of 10 businesses fail within first the first 5 years.
Next Steps:
- Decide on what career hack or tactics you want to use
- Make a blueprint for accomplishing your career goals
- Execute! Executive! Executive!
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To understand what the wealthy or doing can give you an extreme advantage over an average citizen. The foundations of wealth creation has always been the same.
Building Wealth is basically 3 things.
GENERATING INCOMES
SAVING
INVESTING
Business is the hardest way to generate large incomes but it can be the most rewarding.
Data from Growthink shows that in recent time more businesses have been started then compared to the past.
The previous 3 things are the secret to wealth and it is not complicated.
What gets most people stuck is not knowing how to earn more.
That’s why so many accept low paying jobs and never decide to make more money and be serious about it.
Once you understand the concept of building wealth now all you have to do is make a written plan on paper.
After you make a written plan on paper you must organize and schedule your daily activity to be in alignment with your goals that were written out.
If you don’t know where to begin then use this sequence of next steps.
- Read 30 Minutes a day on person finance knowledge & take notes
- Clearly define how you want live your life in the future (How much money you want to make, career to be in, how healthy you want to be)
- Find case studies, data, and even interview people who are already where you want to be in life
- Make your own financial plan or have a professional help you that include specific tactics and strategies
- Monitor your progress and enjoy the journey 😊
Related Articles:
Why the Rich Get Richer & The Poor stay Poor
Conclusion:
Much was said but here are the key takeaways from the entire article in a bullet form.
- Understand how the Top 1% of income earners think so you reorganize your life to be in alignment with the habits and practices of America’s most successful people
- Educate yourself about personal finance and wealth creation
- Create or improve your financial plan to build long term wealth
- Use every resource you can to grow your wealth including entrepreneurship & well paid careers
Free Career Advancement Training
One resource to check out is Jooble. Jooble is a job search engine that complies and displays job ads from thousands of job boards, corporate, recruiter pages and newspapers. Jooble is represented in 71 countries and available in 24 languages. The company is based in Kyiv, Ukraine.
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