One of my colleagues approached me recently and told me he heard my salary is very high. I felt slightly annoyed because it was a rumor that he heard. His purpose is to confirm this rumor is true and how to achieve this salary.
He asked whether I was drawing SGD 20k a month. I told him that this is at the director level. I am just a manager and not drawing this level of salary. The only advice I shared with him is to always provide 10x value to justify your salary. This universal role is the same whether you are an employee or whether you are an entrepreneur. You need to deliver more value to your employer or your customer that you are paid for. Always seek to delight your client.
Salary is linear. This is the lowest form of income. It is trading time for money. Money is infinite. Time is limited. You can get multiple jobs to boost your income but your time is limited. You may be trading time for S$50/hr or S$100/hr.
Building an organization creates exponential income. For instance, a multilevel marketing team that you built over the years allows you to increase your income exponentially with the number of active downlines selling products. An insurance agency has exponential income. The agency leader supports the team members through training and increases its income by having more revenue. Property agency has similar potential. A business organization employs more people to serve its increasing business needs. Income is unlimited.
Time may be against you. However, with technology, there are many other means that you can create income online. Utilize this to supplement your employment income before you pivot to other incomes on a full-time basis.
Income is not equivalent to wealth. Wealth depends on your savings rate. Reduce your expenditure and save as much as possible. Invest and buy your way out of corporate slavery. I feel that career lifespan is getting shorter. This means the time to earn an employment income is getting less. Younger people can work longer hours than you. Your energy level is declining and your eyes are not as sharp as before. You need to prepare alternative ways to supplement income and reduce reliance on paid income.