Thread by @heymaxkoh

Why you do NOT need to quit your 9-5 job to get wealthy?

Read on...

Because you can marry someone rich. Kidding.

The real reason has to do with:

1. the type of job you pick

2. find other ways to own equity beyond starting a business.

Let's dig deeper...

FIRST: Get a job whose outputs do not match inputs.

Here's why:

So that the time you put in does not determine how much money you can make.

If you're paid based on a fixed salary...

then your income will always have a ceiling.

This applies for most 9-5 jobs.

Whether you're a teacher, accountant, or doctor...

Even the highly paid brain surgeon has an income cap. Why?

because it's pegged to his time.

When he's sleeping, on holiday, or retired - He doesn't get paid.

If he doesnt work, he doesn't earn.

The key is to find a job where your income is pegged only partially to time.

Yes, partially.

There should be another portion being influenced by a less finite variable.

This means roles where you get paid based on results or outcomes.

So you don't just exchange time for money.

usually this means sales or creative elements.

Is there uncertainty? Yes.

But everything in life has a trade off.

I found a job at the start of my career that had an average base salary...

But also a large portion of $$$ came from sales and commissions.

This taught me how to pitch and sell, which are valuable skills.

It also allowed me to exponentially grow my income.

Though my base salary wasn't the highest, my total take home was exciting!

You can put in 1,000 hrs of work and make only a little.

Or you can put in the same 1,000 hrs and make 6 figures or more.

So find roles that allow you to enjoy this arrangement with unlimited upside.

You don't need to quit your 9-5.

NEXT: Own equity through vehicles other than your own business

Most people who quit their 9-5 want to be business owners...

Because they wanna own equity in something valuable.

This is a good way to think.

But...

You don't have to start a business to enjoy that benefit.

There are other vehicles you can use.

Buying a property for investment...

Or buying stocks of companies that you understand.

These are all ways to become an owner or part owner.

And the best part?

You don't have to operate the business.

Of course, if you enjoy growing something from scratch...

Then yes, you have an entrepreneur calling.

But I wasn't like that.

I didn't have anything in mind I wanted to build...

Nor did I have ambitions about being my own boss.

But I badly wanted to get wealthy.

So I could have more choices in life.

Thus I channeled much of my salary into buying stocks of great businesses.

I learnt to invest.

With this approach...

I was still able to achieve financial freedom before the age of 30...

While still keeping my full time 9-5 job.

Lesson? Know your end outcome.

There are other ways to enjoy ownership beyond starting a business.

Know your options.

Recap:

1. Get a job where inputs are NOT matched to outputs

2. Own equity through other vehicles beyond starting a business

It's possible to reach your $$$ goals even with a traditional 9-5.

I did it.

Entrepreneurship is not a must to gain wealth.

Follow me at @heymaxkoh where I share my journey.