If you were to maximize your earning potential, what would you be worth?
I was thinking about this a little after writing an article last night, and wondered what kind of position I might have been in financially, had I been more aggressive towards earning. There is a much larger side to this in terms of fiat world earning with investment opportunities not taken, as well as work being turned down. But I think the biggest opportunity I likely had throughout my life was supplementing income with a second job.
This is a lesson I should have learned early, because I have often had a second job.
Even when I was working fulltime at McDonald's, I had another job on the side media monitoring. It was fantastic money (for me) for a few hours of work weekly, but I took it for granted. Rather than using it to invest, I just saw it as another tap to spend. The difference those couple years could have made to my life today, might have been significant, because had I invested, once I decided to stay in Finland permanently, I would have had a deposit to buy an apartment, rather than struggling with rent for five years first.
Opportunity missed.
What I have learned since is that not many people are interested in having a second job for additional income, unless absolutely necessary. Even then, people put it off for as long as they can as having to have a second job feels like being a failure. But, there is a difference between needing and choosing, and especially for the young, my advice is, work while you can, as that opportunity to supercharge the start of your financial health and benefit from more years of compounding returns, isn't always available.
We can't go back in the past.
Once passed, the potential is gone forever, and we only ever have the potential that lays ahead of us. Thinking about this a little further, if I was to consider what is the most important thing for my family right now, it would be financial security, as this impacts on so many aspects of our lives. Not just the things we want now, but also into the future, as I believe things like education are going to become increasing costs in Finland, as governments won't cover as they do now. Most people aren't preparing for this.
So, if I am going to maximize my earning potential, I also have to think about the costs, which means evaluating what I am willing to do, and go without. For instance, a second job takes time away from family, so how much am I willing to give up and what impact does that have on them, and our relationships.
This is why Hive is a good second or third source of income, because it is something I can do on the side and when I am able, which is generally after my daughter has gone to sleep, or in between other work tasks when I would normally be taking a break. And the other benefit is that payment comes in the form of an investment directly, whether that comes in the form of HIVE POWER which increases stake and voting potential, or HBD which can be traded into HIVE or put into savings for a 20% ROI.
Just imagine if the fiat salary was put into a similar wallet at payday, and then it was earning 20% on what was in there whilst it wasn't needed. Drawing on it in pieces as required throughout the month. Even if needing all of the salary, the return would be significant.
For instance, if the salary was 4000 net and that was earning 20% in a wallet, but 1000 was needed each week, the first week the approximate daily return would be 2 dollars, the second week it would be 1.50, the third week 1, the fourth week 0.50. That would amount to ~420 a year, but require no more than a month investment at any one time. That might not sound like much, but it is around a 1% increase in net income, which is significant.
Note: I used 4000 as it was easier to calculate in my head, but the percentage is the same for any amount. And, it is also good to note that the 420 if rolled into the wallet would add another 84 on top, so the following year doing the same thing, it would return 500 extra in interest, and the following year it would be an extra 604. Not too bad for almost no risk.
I have worked very hard at developing this side income over the last six years, because the more I participated, the ore I realized what the future potential is worth. But, future potential is zero if daily potential isn't used. And each day we all have the opportunity to use our time in various ways, whether that be learning, acting, or consuming. What is valuable to pay attention to on any given day is personal, and each of us value, or are willing to forego or not different aspects of life.
No one need do what I do and many might laugh at my stupidity.
I am okay with that. Because in the same vein, there are a lot of people out there who are complaining about the economic situation, but are too embarrassed to get themselves a second job. Or, they "value their time" more highly than they value their financial health. Nothing wrong with that, but I do believe most of us should review how we spend our time and whether what we get in return for the trade is worth it.
We look at the markets and talk about bulls and bears, but I wonder if we were to look at through our jobs and potential sources of income, are we generally bullish or bearish on our earning potential? At least for me, while I earn okay in my work, I also know that there is a relatively low salary cap on the roles I am suitable for and the jobs themselves won't likely last for ever, because nothing does. This means that supplementary incomes aren't just valuable for the additional income to improve financial security, they are vital.
I wish this wasn't the case and I wish that I didn't have to think about financial health at all, but that is the position I am in and pretty much everyone I know is in a similar position. Writing about it, discussing it, and acting toward it, help develop the mindset and processes, as well as the motivation to move forward and claim some of that previously untapped potential. Doing this hopefully helps others too and that way, many can benefit and, we are all collectively worth more.
Taraz
[ Gen1: Hive ]
