Impossible To Get Rich On Salary Alone

Written on January 31, 2010 – 11:20 am | by admin

There’s a great article on Money Under 30 about how it is pretty much impossible to get rich on your salary.

I agree. You need side income, whether it be from investments, passive income streams (such as rental properties or a small business), etc.

For the vast majority of us, we will never get rich on our salaries alone. A salary is certainly useful, and should be looked at as a safety net. But it is not enough.

Even professionals, doctors and lawyers, may only bring home $150,000/year or so after taxes. This is a comfortable living, to be sure, but it is by no means “rich” — especially when a decent studio in a good part of Los Angeles, Chicago, or New York may cost you around 4 times that amount.

So if your salary is not enough to become wealthy, and wealth building is a major priority for you… it’s time to put on your entrepreneur thinking cap and get to work on something that will produce a secondary income stream. Ideally something that will only involve minimal amounts of time & energy, so you can continue at your primary job.

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