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Probably one of the most common additional income streams comes from a working spouse.
But I realize you may be thinking personal income, though. In that case, it could take some time to build up a side business or gig, or to build up enough funds to invest in something that generates a significant investment income.
I think it's important to consider some type of activity that would generate additional income streams, particularly in situations where there is only one breadwinner in the household (be it a multi-person household, or just one person), and the income eggs are all in one basket. Otherwise, if the job is suddenly lost, that household income can go from whatever to zero at the drop of a hat.
We have 2 incomes and if one income is lost we can make it on the other (with significant modification in life style). However, someone is still having to work full time and the other better be pounding the pavement hard to find new work otherwise resentment sets in.
When people refer to multiple streams of income usually they are refering to investment income or buisness income that they dont have to work full time to make real money. Those things are non-trivial to develop. As for a side buisenss you have to have a passion for something so deep that you are willing to sacrafice your off time on a long shot (because it feels like play time anyways even though you are working) otherwise if it fails your whole life will be a devestation.
The name of the game is f you money. A spouse working is a good emergeny fund but not true f you money, could you imagine if you told your boss to take a hike because you know your wifes income can cover you how your wife would respond? But if you had other income that could cover your "share" indefinitly then thats a whole other issue.
Why should I invest nine years and $350,000 in my education and make the same amount as a janitor???? I mean, would you trust a surgeon who makes the same amount as the cashier in the hospital gift shop????
It's a silly idea no matter how you disguise it. Need to be realistic, just a little.
No, sir, I don't feel entitled. I am the one who gets a 100% cut in pay in a bad month to ensure my employees can cash their paychecks.
That's what you should be doing as a business owner
Your tradeoff is you get to make the decisions in who to hire, who to fire, and if your business makes cornucopia, then you get those extra funds for yourself, while your employee are still stuck with the same wages/salary.
Quote:
Originally Posted by Dirt Grinder
Why should I invest nine years and $350,000 in my education and make the same amount as a janitor???? I mean, would you trust a surgeon who makes the same amount as the cashier in the hospital gift shop????
It's a silly idea no matter how you disguise it. Need to be realistic, just a little.
The execution needs to be better fleshed out, but the idea still holds water. Sorry, but MW workers simply don't stick around and give a s$#@ because there's no incentive. There's nothing big to lose. And "the privilege of working for them" isn't enough. Places with ESOP or other stock ownership program have incentivized employees, as they're working towards their own wealth as well. Not just making working for a company that'll discard you at a whim.
yes... if I agreed to the job, then why wouldn't I work hard and put in effort?
if I didn't like the pay, I wouldn't take the job
do you think everyone who volunteers do a poor job because they aren't paid at all? having a work ethic is not tied to how much you are paid, it's about your integrity
Volunteers are A LOT MORE enthusiastic about such activities because it's... voluntary. Most of us do go to work primarily for the pay check. Things can change dramatically when you need to turn an hobby or casual activity, and need to be able to hammer out the business side of things to keep it afloat.
The US and all of our western political systems have the one major flaw that they provide for political power dispersal, without the necessary economic dispersal. Since capitalism’s fatal flaw is its tendency towards monopoly structures, the political system becomes enslaved to the economic powers. The most important role of the state, as FDR and Teddy Roosevelt seemed to understand much better than our current “technocrats”, was to break up monopolistic powers and distribute economic power in a more equal manner, thereby dispersing political power (assuming a republican or direct democratic political system), thus leaving no one group in control.
Why do people think they are worth 15$ an hour or more? In the USA we are heavily armed and watch what happens when you push the masses too far. Keep raising rent so that they can't afford housing. When this large group of people finally feel they have been "broken" or pushed too far bad things can and will happen. Just because the generations of the past feel that we shouldn't be entitled to anything doesn't mean a single thing to ths generation. I was raised on a lie that society sold me on the television that is used to program us to consume and believe we deserve the world. If that lie is no longer true and the good paying jobs are drying up then stop the lie. Consumerism is a disease and is what the USA economy runs on and relies on. If the purchasing power of a working wage slave is almost non existent and the number of low wage jobs are rising every year along with COL then what is the final outcome? You tell me. The elite know they have to give a little to keep the majority from getting restless....guess what? They are getting restless now.
Who would become a doctor or engineer under that system?
The people who would become the doctor or engineer would be the people that have a high interest in that field, thus leading to better medicine. Now we have doctors, doctoring with the main objective being $.
Why would someone think a doctor has more value than say a taxi driver taking that doctor to an emergency.
A person who loves to teach and is good at it, might pass because of the wage being offered. That sounds like a huge opportunity lose for everyone.
People in retail would offer better service to you, because they want to be there, not just because they have to.
And so on.
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What about all the people who invested considerable time and money in an education, or to learn a trade?
