A while back, Johnny and I read an interesting article, and it’s stuck with us since. The article sells the idea that working for someone else has a capped upside and an unlimited downside. And that the only way to be truly rich (both in money and life) is to work for yourself. Now that’s a bold claim, considering almost all of us make our money by working full time for a salary. So how does the author back it up?
Well, the capped upside comes from us putting all our money toward this one thing (our job) that gives us only a 3 to 4 percent gain each year, aside from the occasional raise. And the unlimited downside comes from us being able to lose it all at any moment if someone else decides to fire us or lay us off. Thus, a terrible investment.
On the flip side, the article states that the only way to get really rich is to work for yourself. The author then goes on to validate his statement by showing how all the top income earners in America and the folks on Forbes billionaires list make their money — by being their own bosses.
Finally, and this is the part that made our ears perk up, the author claims that entrepreneurs are more rich in life. Why? Because entrepreneurs are “free to chart their own courses, to make their own decisions, to make their own mistakes — to let the sky be the limit not just financially but also (and almost always more importantly) personally, too.” Or so the article says.
The author concludes by imploring all his readers to take a chance on themselves and start their own business since that’s the only way to be rich financially and personally.
So what we want to know is what you guys think of these statements. Maybe we can’t become billionaires unless we own our own company. But how many of us want to be that rich? Second, is it actually hard to live a rich life if we’re working for the man? Johnny and I are conflicted on this one. We’ve seen firsthand a lot of downsides to having a full-time salaried job — hours you can’t control at a job you don’t really like where you could be fired at any moment. So the idea of being our own boss appeals to us. But in that sense, I think it appeals to everyone. Would our life be richer if we took that chance? Who knows.
Now it’s your turn to chime in on a) becoming rich and b) living a rich life. Can they only be achieved through entrepreneurship? Is having a full-time job really a terrible investment? Tell us what you’re thinking.