Before you read any further, this is not a get rich quick blog nor will I be sharing any ideas on short term success in your career or business.
However what this blog will provide is the mindset, strategies and philosophy of how to work less, earn more and have a bigger impact on the people you work with.
Before we get into that, It’s important that I start with where you could be going wrong to give you some perspective on how you might be currently thinking and how it could be holding you back.
Last week, I wrote a blog on Breaking Away From The Irish Mentality which explained how we Irish think in a very old fashioned and limited mindset.
In short, it’s to work harder and longer for more money.
That’s a great mentality to have for a lot of people but it can be very frustrating for the number of young Irish men and woman who have a feeling that there is another purpose for their life.
And so if you’re in the latter group that’s itching to figure out what their life path might be and how they can make a career out of it, it can be very hard to build the self belief to pursue “something different.”
It’s also extremely hard to step away from long hours & good money when it’s bred into you that it’s the only way to success.
So I wanted to make sure that I give you enough perspective on that old way of thinking and give you some perspective on a new one that will help you start working your way towards having more time, impact, money and freedom as a result.
As mentioned the old Irish Mentality is to work harder and longer for more money but the one big problem with that mindset is that you have to trade more of your time to earn more money.
That’s not a bad attitude to have if it’s for the short term gain of achieving a goal but so many expats aren’t putting anything into their savings each week and are in this cycle of needing more money to “figure out what they want to do”, change career or start a business.
And as a result, they are burnt out, unfulfilled and unhappy.
On the other end of the spectrum, there’s a ton of expats who have a mountain of cash in the bank but they hate their jobs and are afraid to invest that cash in themselves to figure out what they want to do.
Their ego gets in the way of a new way of thinking and they keep their head down, continue to work hard and expect their lives to get better or for them to magically get happier.
So with all that said, here’s a new perspective that will hopefully help you get out of a rut that you might find yourself stuck in.
Firstly, there’s two fundamental ways to make money:
1. Selling your time for money
2. Making a capital gain
As mentioned above, selling your time for money is ok in the short term pursuit of a goal but otherwise it’s its going to leave you burnt out, unfulfilled and happy with no time or energy to figure out what you do want to do with your life.
So you need to learn how to make a capital gain as opposed to selling your time for money.
What is a capital gain?
A capital gain is making a profit of something you invested in.
Let’s say I have some cash saved and I buy a house for $50,000.
I keep the house for two years and then sell for $70,000.
That’s $20,000 profit on my investment which required little effort after the house was bought.
So a capital gain is anything that increases in value over time and makes a profit.
Let me repeat that again;
“A capital gain is anything that increases in value over time and makes a profit.”
So how can this be helpful information for you?
Well, if you’re the kind of person that has got some bigger ideas for yourself and your life but has never put in any work into investing both time and money in yourself, then your income, impact and freedom isn’t going to increase over time.
And you’ve got to invest in yourself for your value to increase which in turn increases all of the above.
There’s a few way’s to explain this if you’re still following on.
Let’s say you’re a Labourer who’s working for $50 p/h and the only conventional way for you to make more money is to work more hours.
But let’s say you start investing some time in yourself in your evenings after work to read some books and develop your communication skills and your personality.
From then on, each day you go into work, you try a little harder to be a more effective labourer who can show other labourers how to do things because of your better communication skills.
After some time your foreman starts to notice and asks you to be his leading hand. Coming with it a pay increase of a extra $10 p/h.
Now that you’ve seen the benefit of investing in yourself you do a short course in construction management after work and before long you’ve worked your way into a foreman position. Coming with it a further $20 p/h increase.
At this point, if you’re a smart foreman, you’ll have your crew skilled up in the areas that would make your life hard and now you’ve got a great team under you which allows you to work less, earn more and have a bigger impact on everyone around you.
So what’s the moral of the story?
You’ve got to get your head around investing time and money in yourself to increase your value and get out of a position you are stuck in.
If you’re lacking confidence, direction and self belief, there’s courses you can do to improve these things.
If you’re finances are all over the place, there’s books you can read to fix them.
If you’re thinking of changing your career or starting a business, it isn’t magically going to happen if you keep your head down and work hard but it will certainly happen if you start investing time to learn more about what career or business you are thinking of moving into.
And as soon as you start investing in yourself it’s going to have a compounding effect overtime. Trust me.
Initially, it will be hard to see and that’s when most people quit but you’ve got to persist, overcome the hurdles and keep on going because the more valuable you are, the more sought after you’ll be.
I hope this blog helped and if you’re still pondering on it, THIS EPISODE of my podcast might help you a little further.
Alternatively, if you want to change your mindset, build more confidence to improve your life and reach your goals check out my Fit4Life course HERE. It has been an amazing help to so many people and it would be great to have an opportunity to help you too.