No one wants to be stuck in a rat race where they’re underpaid, underappreciated, or just bored beyond belief. We’ve all been there at some point in jobs we hated, eventually quitting and getting fired when we just gave up. Instead of just seeing the worst in those jobs, see each one as a learning opportunity leading you to success.
Inspiring Creative Success Stories
Employers have the power to create happier and more successful employees by teaching them to be more creative. This not only teachers leadership, but helps enhance your own business.
Start by giving employees an incentive to come up with unordinary solutions. Imagine if the only way to get paid was to come up with ingenious ideas. While you shouldn’t take away pay, provide bonuses and perks based on their effort and creativity. You’ll quickly discover the diamonds in the rough. This is just the start to helping end the rat race and prepare employees for a better future.
Even if your employer isn’t like this, employees can take the lead.
End The Rat Race Through Financial Literacy
Teaching employees to flex their creative muscles is just part of the equation. This can make you a great employer and turn employees into the leaders you need, along with being the employers of the future. The next part is financial literacy. Mastering finances and a creative approach to life are the keys to getting out of the rat race and working toward a wealthier future.
So, what is financial literacy all about? It’s about not just attaining wealth, but sustaining it. The most critical part is understanding the difference between assets and liabilities. Sadly, many people mistake assets for things like their home, cars, or entertainment. But, assets are things that continue to earn money for you.
Some of the most common and valuable assets include:
- Real Estate
- Stocks
- Bonds
- Intellectual Property
On the other hand, common liabilities include:
- Mortgage
- Consumer Loans
- Credit Cards
Even though your home may grow in value, you usually spend around 30 years trying to pay it off. And, when you’re stuck in the rat race, most of your income is just wages that you have to shell out more and more taxes on. That’s not creating wealth.
Did you know you can sell some assets as early as a year and make a profit? Let’s take a look at assets that actually build wealth in one year without you having to continue to pour money into them:
- Stocks (Startups and small companies are good investments)
- Bonds
- Mutual funds
If you want to build more wealth, consider these seven year assets:
- Real estate
- Notes (IOUs)
- Royalties on intellectual property
- Valuables that produce income or appreciate
The Path Out Of The Rat Race
To sum everything up, follow these four simple steps to create wealth and finally get out of the rat race:
So, here are the steps to getting out of the rat race and onto your journey of creating wealth:
Understand assets and liabilities.
- Focus on buying income-earning assets.
- Keep liabilities and expenses at a minimum.
- Mind your own business.
Need help getting into the wealthy mindset? Book a free call today to work with one of our experienced business coaches.