Don’t feel bad about money or how you earn it. Comparison has been around for centuries. Before digital technology, there was word of mouth. Then people would compare themselves to others in newspapers, TV, magazines, etc.
The Internet and Social Media
Then came the mother of all comparison: the internet and social media. Never before in the history of humankind has it been so easy to access information and compare yourself to what other people are doing.
Want to know what that person in high school you haven’t seen in 25 years is doing these days? Check your news feed. Or want to know what that friend of a friend you met at a party eight years ago is up to? Check your news feed again.
What you see on social media is designed by the user. They are only putting out things they want you to see, not the day in and day out life. The family vacations, new cars, and remodeled house are what people want you to see.
As I wrote about in my book Cash Uncomplicated, nobody is showing their relationship struggles, that their kid is smoking pot after school, or that the family dog chewed up the side of their new couch. Nor are people sharing the mundane like oversleeping, getting the kids to school late, or rushing to get groceries before soccer practice. Only the good stuff is presented and seen.
Statements
Here are six of the most common money statements peppered over social media and online that can make people feel bad.
Number 1: $100,000 Isn’t a Lot of Money Anymore
$100,000 in income has been the standard for a long time. $100k, six figures, six figure earner, etc. With inflation, $100,000 isn’t what it once was.
Don’t let anyone tell you it isn’t a lot of money anymore. It’s still a lot of money, it’s just not as much as it was 10 plus years ago. When influencers say things like “$100k is the new $30k”, or “$100k is poverty level”, don’t pay attention. More than likely they are trying to sell you something.
Number 2: Passive Income is the Only Way
Passive income is fantastic and something I’ve tried to build over the years. It’s a tremendous wealth-building strategy. It can’t be the only way though.
First of all, passive income doesn’t just happen. Nobody wakes up one morning and magically creates passive income. You have to work for it and build it up. You can eventually get to passive income but it takes time.
Secondly, if we all magically lived just off passive income, there would be no more workforce, production, or functioning society. People have to work to keep things going. Imagine going to a restaurant and there were no chefs or servers. Doesn’t work
Or taking your car to a mechanic and nobody knows how to work on the car, or has the desire to because they are living off passive income. That also doesn’t work. Same for a business owner who identifies a solution to a challenge. Without work and implementation, nothing gets done.
So passive income isn’t the only way, but it is one of the ways. Don’t let anyone ever make you feel bad for putting in the work and getting to the passive income later.
Number 3: 10X or Bust
“Go big or go home”, “10X or bust.” We’ve all heard it and it sounds good on the surface. Not everyone wants to 10X it though. Someone making $100,000 per year with a good home and life work balance may not want to put in the extra hours to 10X it.
The rental property investor with three good cash flowing properties may not want to grow a big team so they can expand their portfolio to 30 or more properties. 10X is definitely for some people, but it’s not for everyone.
It’s not playing small if you’re intentionally building the life you want. Bigger comes with its own set of problems and isn’t the utopia portrayed on social media. If you want to 10X it, definitely go for it.
If you don’t, no need to feel bad about yourself, it’s not for everybody. Sometimes bigger is better, other times it’s not and it’s important to recognize when it is and isn’t.
Recommended Book: Small and Mighty Real Estate Investor
Number 4: If You’re Satisfied Working in a Cubicle for 40 Years and Then Enjoying 10 Years of Retirement, That’s Your Business
This is one way to look at it, but there are a thousand other ways to look at it. I could reframe this sentence to:
- Do meaningful work for 40 years and then take time to enjoy other things.
- Find something you really like doing and then stop when you’re ready to.
- Grind for a few years to create career leverage and opportunities, work in something you really like for the next 35 years, then retire when you’re ready.
- Work can look a lot of different ways, trying new jobs and careers is a direction you might want to go.
Nobody is making anyone work in a cubicle for 40 years and then retire, only to enjoy 10 years of retirement. Some people may choose to do this, or think it’s their reality, but it’s not the truth.
Number 5: Don’t Make Money For Someone Else
If you work for someone else, you are making money for someone else. Here’s the thing though–you are also making money for yourself. You are just making a trade: work for someone else because they took the big risk and get rewarded for the value you bring.
If you help the company make a million more dollars, and you’re making $150,000–that’s a win-win. Sure, if you went off on your own you could make more money, but you’re also adding to your risk and likely increasing your stress levels.
Working for someone else is a trade. You do the work you’re good at, help the company make money, and then you get paid as well. If done right, it works.
Number 6: Work For Yourself, Don’t Be a Sheep
You can work for someone else and still have autonomy and purpose. There are literally thousands of companies that give their workers varying levels of autonomy and ability to make decisions without being micromanaged. There are also companies and organizations that give little autonomy, and those are the ones to avoid.
If you’re going the W2 route the right way, you’re not a sheep. Not everyone wants to start their own business and work for themselves. If you do it right, you can work for someone else and keep your dignity, be happy, and control certain aspects of your work environment. It’s never all or nothing.
Conclusion
There’s a lot of sensationalism out there–do it this way or you’re doomed. Or do it using my program, otherwise, you’re going to fail. The fact of the matter is there is always more than one way to do things.
You don’t have to listen to the sensationalism, especially when it comes to earning money. You can make money by starting a business, increasing passive income, working for someone else, and myriad other ways.
Don’t feel bad about the way you choose.
What would you add to this list?
