Again, I really recommend the book Money by Rob Moore. Reading this book really made me realise what I’m about to talk to you about; if you want to make lots of money you’re going to have to find a way to do it that doesn’t eat up too much of your time.
If you’re charging £50 per hour, to make a million pounds in one year you’d have to work 20,000 hours! There’s physically not enough time for that, unless you have a Time Turner like Hermione Granger, but who even wants to work that hard?
It’s a common misconception that earning a lot of money wouldn’t be worth it. You’d have to spend so much time away from your family and work late nights and have no life at all.
There are ways of earning money that don’t require any work or hours of your life at all, that’s the reality of the situation.
When I was 12, I had a choice (during the stock market crash) of choosing an inheritance of £50 cash, or of some equity shares in Centrica PLC that were worth almost nothing. I decided it would be more interesting to gamble and take the shares.
As the years went buy I would get the odd deposit of £3 here and there, enough to cover my bus fare I suppose. But in 2015, I got a letter to say that Centrica was being bought out by Shell, and that £500 was being deposited into my account. Then, last year I got another letter to say the value of my shares has risen substantially.
Although my parents have repeatedly hammered into me that if I work hard, I’ll earn good money and that I can’t earn money from sitting on my arse, it’s not true. I may not have ‘earnt’ my £500 from Shell, but it came into my bank account none the less. You can earn money from doing literally no work.
No risk no reward.
Hard work is not rewarded by cash, risk is rewarded by cash. Taking well-calculated risks, like investing money into shares during a recession, can have very high payouts. A friend of mine invested £40 into bitcoin last week after a discussion about it with me, and his money is already worth £70 more than it was last week. Payday loan companies dish out high-risk loans to people who probably won’t be able to pay them back, but they make 1000% interest. Putting a pound into the lottery is very high risk you have a 1 in 14 million chance that your investment will pay off, but if it does pay off? Whew!
Whether you earn the money through graft or get it through betting on horses, money is money. There are professional gamblers in this world who earn a fortune. Now I’m not saying you should become a professional gambler (in fact I’d advise against it!) but where there is no risk, there is no reward. Hard work does not necessarily mean a bigger reward. I used to work as a barmaid and although I worked my little fingers to the bone changing barrels and pumping beer and doing late night shifts, I got paid minimum wage. You can work as hard as you like as an admin assistant, and it’s a steady job, but while you hold no risk you will never become wealthy.
For sure there are other elements like value provided and skill, a doctor will earn more money than a retail assistant because they provide a higher value service and are so skilled, they can’t be easily replaced. But a doctor can only expect a salary that maxes out at 100,000 ish, not a million, if they’re employed by somebody else.
It’s so ingrained into the middle class and working class culture, that many people think that if you haven’t worked hard, you don’t ‘deserve’ your money. Or they assume if you are earning good money, you must have worked hard for it. Trying to work less hard AND earn more money does not compute with most people. Yet if nobody had this aim, the wheel would never have been invented because the guy who created it would have been happy enough carrying his heavy loads on his back.
You don’t have to join the 5 am club.
You don’t have to grind, #hustle and join ‘the 5 am club’ to be an entrepreneur, whatever the Instagram life coaches may tell you. But you DO have to be able to take calculated risks.
As an agency worker, I can get fired at any time, but I get paid more than the employees who work there. When I outsource work, I take the risk that the work might be done poorly, which I would pay the consequences for, but I profit from somebody else’s work.
Have a think about how you can make money without having to earn it, but make sure that the odds of a return on your investment are higher than one in 14 million. 😉