When starting out, you need to earn a stable form of income or form of cash flow.
Not everyone can build a multi million dollar company from scratch right from the word go. Even the richest people in the world started with humble day jobs. Jeff Bezos, the richest man in the world started working at McDonalds, Elon Musk did odd jobs at his cousin’s farm, Oprah Winfrey worked at a local grocery and Sarah Blakely once sold fax machines door to door.
If you don’t have the means to be able to live and have a roof over your head and support yourself while
building companies or investing, then we suggest that you first look for a job of some kind (even if you do not plan to be working 9-to-5 forever).
Your first jobs and work experience will teach you many things and will also provide you with cash flow to cover some of your lifestyle costs. You can also learn about becoming wealthy or work on that business that will be your full-time passion one-day.
Now it’s time to introduce the concept of work to learn not to earn!
This means that when you look for work you look for qualities in your job that you’ll be able to learn from to use later in life. When finding a first job, you need to think of the skills that you will learn and how useful it will be later in life. Sales jobs, retail jobs and customer service jobs all provide fantastic forms of on the job training and real world experience. They are some of the most valuable jobs in building personal skills that you will need in life and business.
If you are lucky enough to find a career path that you enjoy while you are young, then follow that, as finding a job that is meaningful, enjoyable and pays well is heaven on earth!
We urge you to look hard and see what qualities your part time job may be able to provide you for your future growth
either in your career or for your wealth building knowledge. If you are lucky enough to find a job that gives you formal training and mentorship then that’s even better. These days there are plenty of internships that will teach you really good real life job skills that you will need if you want to be competitive in the job world.
The next reason to start out with a cash flow job or a means of cash flow is to build up your credit worthiness and your earning power. When applying for a loan, they will look at the amount you earn and what your work history was like before they will lend you any money for investments. All very necessary things to get ahead.
Banks these days are more willing to lend to people with steady jobs than even richer business owners, as they view people with a steady pay check as less risky to lend money to and more likely to pay the interest. That is why when you are initially going for your first loans for investments, it is a good idea to show that you are earning money.
Another good reason to work as an employee when you first start is to save money for investing. You need money to invest no matter what asset class and even though you may be able to borrow other people‘s money, there will always be a component which requires some of your own money. So a job is needed to be able to cover your living expenses and then have extra on top to put away towards your investments.
You may eventually want to stay in a long-term day job or career for your whole life and that’s okay too but it’s hard to get rich or wealthy just by doing this. As soon as you stop working your cash flow will stop and so will your lifestyle. People that want to do this will have to invest well and eventually let their investments allow them to become financially free.
Remember that this is just a starting point and way to fuel your financial future. The plan is to eventually have the choice on whether you want to have a day job when you have achieved financial freedom. You can still work everyday if you want but you have the choice, and if you are ever forced out of your job then you have the security of choice as well.
If you enjoyed this blog and want to learn about money skills and the wealth mindset then check out our series of great courses on this link!
TRY OUR 3 ONLINE COURSES👇🏻
These 3 courses are broken up into:
"The Fundamentals of Wealth" ( 8 week course )
" The Wealth Mindset " ( 4 week course )
"Your money plan in 30 days" (4 week course)
Also you can try out our free mini course here!
THE 6 MONEY SKILLS YOUNG PEOPLE NEED TO LEARN TO TAKE CONTROL OF THEIR LIFE
We look forward to seeing you there! 🙌
Remember:
Keep Learning
Keep Growing
Be wealthy! 👊
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