There is a general belief that you cannot be rich working for someone else. I’m not referring to high-level execs who have big salaries, huge performance bonuses and other perks that make them millionaires. I’m talking about ordinary employees who hustle every day with sweat, tears, and blood to make a decent living.
Why is it difficult to become rich as a salary earner?
You’re building someone else’s wealth: They say that all your intelligence, energy, and ideas are aimed at making someone else’s business become successful.
Salary makes you comfortable: Nassim Taleb says the 3 most addictive things in life are heroin, carbohydrates, and salaries. Most salary earners are afraid to take risks because the thoughts of losing their steady paychecks in comparison to trying new endeavours like entrepreneurs scare them.
Time is greater than money: Time is the most precious commodity you have and the company has exchanged it with your salary.
For a fixed number of hours each month, your job is to achieve certain deliverables for a fixed amount of money. If you had control over your time, what you could probably create is unlimited.
What you must do
Even if the postulations above are true to a certain degree, I refused to give up on creating wealth. This is why I started reading a lot and observing those I consider wealthy. Below are the things I’ve observed that rich salary earners do.
A rich salary earner ensures he is physically, mentally, and emotionally healthy every day.
Physical health: Every day, he/she ensures to sleep for 8 hours and ensures to eat healthily.
Mental health: They constantly task their brain muscles for ideas and solutions to various problems.
Emotional health: They surround themselves with people that uplift them.
A rich salary earner loves the product(s) of the company he/she works for. You not only have to know all the products, you must also study the history of how the products came about, what are the lags with the products, what have been the innovations around the products, and what modifications can be made to the products.
If you love the products, you will tell family and friends about them and they will tell others. Doing this will result in more sales for the company.
It doesn’t matter if you work in a bank, insurance company, or a fast-moving consumer good (FMCG); the mentality is the same.
Think like the boss
A rich salary earner thinks like the business owner. So, he/she is constantly learning about the following:
- The history of the market space the company plays in and how it has constantly changed over the years through government regulations, innovations, etc.
- History of the company and how the owners of the business started.
- Competitors of the company and their strategic moves.
- Industry trends in the future.
- Financials of the business.
A rich salary earner always makes his/her boss look good. They don’t do this by merely discharging their duties effectively, but by also crediting their bosses for the jobs they do and helping the boss get promotions, raises, bonuses, etc.
A rich salary earner understands that his boss is just like him, trying to survive the competitive world. Therefore, he/she helps the boss with his goals, ambitions, family troubles, fears, etc. By doing all these, the rich salary earner stands a greater chance of being promoted.
A rich salary earner asks himself at the ends of the day, “Who did I help or what value did I add today” – and answers the question convincingly.
A rich salary earner helps other employees in the organization succeed, builds and maintains relationships with other colleagues beyond the walls of the company.
Improve on yourself and act now
A rich salary earner does not wait for the company’s sponsored training programmes before developing his/her skill-set. This means he/she is currently reading new books, paying for training courses to improve and expand his/her knowledge base.
A rich salary earner knows the values of his/her company and aligns the company values with their personal values.
A rich salary earner understands that the salary doesn’t matter, as he doesn’t look for ways to benefit from the company. He thinks of the values he can deliver and knows that money and rewards will come over time.
A rich salary earner always tests his value in the market at least every 2 years. He understands that the job market is like every other market with forces of supply and demand at play, so he isn’t scared to move to another job because he has developed his skill-set over the years.
A rich salary earner sees himself as a business. Therefore, the salary is just one source of income to him amongst other sources. This means he has side hustles and constantly builds up other sources of income, either by selling products on or offline, starting a blog, doing consulting on the side, etc.
A rich salary earner doesn’t just save money for the rainy day, but invests across different asset classes and watches the value of his investments grow over the years.
A rich salary earner quits his job to work for himself. He understands that after a while, no company can pay him for his expertise, and the rewards he will get from working for himself are unlimited. His goal is not just to be rich but ultimately create wealth.
Credit to the book Rich Employee by James Altucher – I got a lot of ideas from it. It’s a must-read.
7 key ways women can effectively build a professional career while running a family
Juggling between work and family life has been one challenge faced by many women.
According to the World Bank collection of development indicators, compiled from officially recognized sources, women make up 44.94% of labour force in Nigeria as at 2019. It can be estimated that more than half of this number of working women are wives and mothers. This is quite impressive and shows an appreciable increase in the number of working women and working mothers to compared to what was seen two decades ago. However. The rise in the number of working women and mothers also increased some of the problems working wives/mothers faced both at home and at work. In fact, some of these problems remain largely unattended to in the Nigerian society.
In our world today, especially in the corporate world, where competitive nature is prevalent, a lot of women have risen career-wise and have carved a niche for themselves. Some of the career choices they made has put so many of them in a state of dilemma. i.e. juggling between their work as well as their family life, thereby making it difficult for them to strike a balance.
In addition, many husbands, especially in Nigeria where patriarchy is strong do not support the idea of their wives working. A few who buy the idea, do so grudgingly, thereby, not offering their full support and cooperation to their wives. This, however, has made a lot of relationships suffer.
Contrary to the above, many men give their wives full consent to work, pursue their dreams and professions. In Nigeria, there is an indication that most working mothers/wives are working not just for self-fulfilment but also to supplement their husband’s income in the face of persistent inflation and to assist their spouse financially.
A lot of people find it difficult balancing the strike i.e. their career and family, leading to some having to quit their jobs. Nevertheless, there are some women who, over the years were able to balance their professional careers with that of their family, and these women have become source of inspiration to so many women finding it difficult to strike the balance. And they are the likes of Oby Ezekwesili, Folorunso Alakija, Aisha Ahmed, Ibukun Awosika, Toyin Sanni, Ebelechukwu Nwachukwu and so many other women striving in their area of specialization.
According to Mrs. Ebelechukwu Nwachukwu (MD/CEO, NSIA Insurance Company Limited) in an exclusive interview with the Amazons Watch Magazine editorial team, she said that “balancing work with family life is quiet challenging to achieve but is very achievable. I think women more than men need to realize that it is essential to start early to focus on a desired career and we need to stay the course when marriage and children come. We do not have time to play around or to waste, and we must stay motivated and not burn out. Women, by starting early would already have set a pace, before family life comes in. Even when you don’t start early; women must realize that many times, we need to do more. We must stay the course”
According to Ibukun Awosika (Chairman Firstbank Nigeria) “In life, you decide on those things that are important to you, because as a woman I have all my visions and dreams and I want to achieve them. I want to also be a successful mother to my children and I want to be a successful wife to my husband; once I am able to balance it up, it will make a successful home. All we need is understanding. And we need a balanced home to have the right atmosphere. I also apply wisdom most of the time because the day my children matter most to me, I create time for them. The day it is my husband that matters, I create the time. The same goes for my work. If not, everything will crumble and that is why I need to measure the percentage of attention I give to them and that is why I can’t advise another woman on how to run her family because it is your circumstances that determine your kind of action; my home is different from any other home. I am happy to be married to the best man.”
Here are the 7 ways to help make sure both your career and your family flourish:
Having a supportive spouse is key to balance
Having a supportive spouse is key to balancing your career and family because he will assist in the responsibilities of taking care of the family. Having a supportive spouse will enable you reach your career height. They go as far as being supportive of their pursuits to seek higher education thereby supporting them financially, morally, emotionally and otherwise.
Though at times some when overwhelmed might grumble about a woman’s dedication to her job, however, as a woman the best way to resolve this concern is by being diplomatic. Nevertheless, when your spouse is being supportive, it is still imperative to give them top priority and also tend to their needs.
Planning and time management is crucial
Good planning and time management are crucial to balancing career and family. A lot of people are faced with the challenges of taking care of their young children/ pursuing their careers. Some will plan it in a way that they will pursue postgraduate degrees or career advancement when their children are older.
Also, when planning and managing time, figure out your family’s priorities. Have a calendar that includes dates when bills are due, a list of school and family events, extracurricular activities, birthdays, and more. It is always recommended to use a Google calendar, which can be easily shared and synced on smartphones. Set aside 15 minutes each Sunday to review and prepare for the upcoming week’s schedule. This helps eliminate surprises during the week. Also, have a time put in place to take care of yourself by going to a spa and exercising (like a yoga class). Remember to eat well and get enough rest. These are simple things a lot of working mothers/wives’ neglect.
Be focus and work hard
This is specifically true for women who want to compete for leadership positions and elevate higher in their careers. For you to get to that position you have to be focused and work so hard to avoid your gender being a hindrance to your success. There is often pressure from employers on women to convince them that their loyalties lie at work and not at home, since working mothers might not be able to afford to spend extra hours doing overtime or other work-related activities which can jeopardize their family. The best way to meet up with all the expectations is to be focused and work super hard. Multitasking will aid you to achieve your goals. Avoid time-wasting, casual internet browsing, gossiping, and long lunches. All these things cause distractions and make you less productive.
Hire a good house help/nanny
When trying to balance a professional career with family, it is advisable to hire someone that will take care of your children. You may decide to employ a house help/nanny or even invite a family member, like your mother/mother-in-law to come around and take care of your kid(s).
When hiring a help/nanny it is always imperative to do a background check of the person you are bringing inside your home so you wouldn’t end up creating a problem for yourself and for your family. Go for someone that has excellent experience and is adaptable to kids of various age range; caring for newborns and older children who need homework help.
The house help could cover the necessary functions, such as cooking, laundry, cleaning, and taking care of the children while both parents are at work. It is imperative to show your house help love so they can reciprocate and take good care of your children when you are at work.
Find quality creche for you kids
Using a Creche (for toddlers) is a good way of balancing your work and family for those that do not want to hire a nanny/house-help. There are some inexpensive schools you can enroll your kids, where they will receive proper care. Having them enroll in Creche will give you ample time to focus on your job and grow your career. You and your spouse can reshuffle on how you both can go for school runs. Choosing a Creche is not something you carelessly pick out and move on, the reason being that leaving your child in the care of others is a major act and needs your utmost attention. Before choosing a Creche it is important to take note of their services and leave room for evaluation to be sure they are in good hands.
Go for online courses
Getting an education is very important to a lot of women as it enables them to achieve higher leadership positions. Having a successful career has to do with furthering your education, whether through degrees or certifications.
For this to be feasible, since you are trying to balance your career and that of your family, it is advisable to venture into online professional courses/online Master/PHD courses. Going into online courses will give you sufficient time to take care of your family and also aid in self-development which is a good ladder to enable you climb faster in your career.
Create a family time
Making time for your kids is crucial, both during the week and on the weekends, to nurture your family dynamic and allow everyone to bond. Always create family time, like having a family breakfast and family weekend. The family weekend covers going to the movies/amusement parks. When you are having family time, avoid talking about work or checking your phone. Instead, focus on your kids’ interests by asking questions about their friends, classes, and hobbies. With older children, ask for their activity suggestions and try to meet their needs.
Get relevant economic and financial data on Nairalytics
In conclusion, being a full-time working mother can lead to feelings of guilt and stress because of divided attention between work and family. The key is to be focus on a plan, get organized, and find the right balance between profession and parenthood.
Great tips for landing a job during this lockdown
The coronavirus pandemic has had its impact on job opportunities, but here are some tips for landing jobs.
The economic lockdown and movement restrictions due to the coronavirus pandemic has had an impact on job opportunities. Some of them could be in the form of job losses, getting new jobs, or even changing the way we work.
Given the unemployment numbers especially in these challenging times, it might be hard not to be apprehensive.
According to a report from Bloomberg, Mark Hamrick, senior economic analyst for personal finance website Bankrate.com, said, “It’s important to remember that there is hiring happening. There’s always attrition and individuals leaving for other jobs.”
Robin Ryan, a career counsellor, said that just a few unemployed people are job hunting at the moment. Most believe that there are no jobs, they can’t be hired, or that only lower-level jobs are available.
Here are some tips for landing jobs during this lockdown.
Beat the system: Make a list of your recent jobs and your top accomplishments at each of them. Those are the items that should be on your résumé. To get past automated applicant vetting systems, enter your work tasks—budgeting, project management, graphic design, team leadership, etc.—in the first bullet point under each job. Don’t include extraneous formatting, such as text boxes, tables, footers, or headers, because application software can’t recognize it.
Assess your prospects: You have to find out if the opportunities in your industry are shrinking. According to Hamrick, “many people fail to see that their skills might apply to a variety of settings.” Consider some of the sectors that have stayed open in the lockdown—finance, real estate, food and other consumer goods, technology, and retail, plus suppliers and distributors for each. If that exercise doesn’t yield much, think about how your skills might help companies sharpen their online business. “There’s a need for people to help facilitate digital transformation,” Hamrick says.
Hit up recruiters (Recruiting agency firms): Let them help you with your resume and offer suggestions about things you might do to stand out.
Use your resources: Companies are filling positions needed to support virtual workers as part of their pandemic strategies. Many company websites might not yet reflect these changes, so try popular online job search websites, type in a company and your city, and you’ll get a better sense of what kind of hiring is going on.
Network: That friend-of-a-friend who previously ignored you. He’s home now and might be up for a quick Zoom coffee date. Connect with everyone you know in your field. (LinkedIn is good for this.). Those connections build on each other. You can ask mutual acquaintances to introduce you to people who can help and once that happens, you can fix a virtual coffee date. If that goes well, ask for an introduction to a hiring manager or supervisor. You’ve got nothing to lose.
Nairametrics | Company Earnings
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