If you read yesterday’s blog post ‘There Is No Such Thing as “Extra Money” Anymore’, most of America is broke, or in the process of getting there. Would you rather be broke or broken? See, I’d take broke over broken any day of the week.
Broke or Broken?
Someone who is broke has too small a paycheck, or maybe no paycheck at all. That can be improved quite easily if they are willing to learn to take the right actions. After all, there’s no shortage of money in this world. It’s just not distributed evenly. A few people have alot, and the rest of us have very little. But the money is out there waiting to be earned…
Someone who is broken, on the other hand, either is afraid to take the right actions, unwilling to take risk, or too distracted to learn how to improve him or herself. Broken means inert, frozen, unfocused, and worst of all, complaining. Many broken people are not broke, per se, right now – but if circumstances change it will all come crashing down. Remember that the economy is cyclical.
If you are broke, not broken, and want to make more money to provide for you and your family, here are your options.
- Work harder at your current job. At the increasingly rising tax rates, the government takes at least one third of whatever you make. Also, this just increases stress by shifting time at home relaxing to time at work catering to the demands of your annoying boss.
- Get a part time job to make ends meet. You’re still working at that high tax rate, only these hours are the painful ones. Night shift, early morning shift. Tough stuff for your health. Also, you have to put up with a second boss. One is bad enough!
- Ask your boss for a raise. Wrong! If he/she wanted you to be rich, he/she already would have given you more money. You won’t get what you ask for, and it may even backfire. You may find yourself fired and replaced by someone cheaper later down the road.
- Complain. This may seem like the easy way out, but it eventually causes problems like insomnia, binge eating, binge drinking, anxiety, anger, divorce, loss of focus, marital strife, and depression. This comes out of your pocket in the form of expensive drugs like Zoloft and visits to the shrink. This is an example of taking negative action.
- Start a home-based business with $100 and an Internet connection. Work when you want, with whom you want, travel to exotic locations that you choose. That $100 writes off versus your first $100 of revenue earned. And guess what – as you expand and grow, so don’t all your subsequent expenses. You’ll be earning at a much lower tax rate than being on W-2, if you do it right! And best of all, no annoying boss!
It’s clear that #5 is the best option. So why doesn’t everyone do it? Stay tuned because that will be the subject of future blogs.
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