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Hi, Amy Jackson
Thank you for your follow-up question!
It's great to get a follow-up or rephrased question, so that I can better understand your meaning and exact inquiry and give you a more in depth and applicable answer.
Amy Jackson wrote: ↑December 12th, 2023, 7:44 pm
I believe what you're saying is that there's no fixed formula for everyone. What may be good for one person may not be good for another person because we are all unique. We are free to make our choices based on what we want and we are in the best position to know what's best for us and go for it.
Yes, that's a great way to summarize my answer to the previous version of your question
Amy Jackson wrote: ↑December 12th, 2023, 7:44 pm
Let me rephrase the question: Which would be better for me to achieve success and be wealthy? Paid employment or running my own business?
Okay, great. I understand much better. I can also narrow this down even further by adding one more word to your question to make it as follows:
Which would be better for me to achieve financial success and be wealthy? Paid employment or running my own business?
In that case, I would answer that, generally speaking, running your own business will ultimately be a much more effective way to become very wealthy, especially in the sense of retiring early via savings and passive income (e.g. royalties or other investments that pay you profits/dividends regularly with little to no additional work on your part).
However, don't fall for the false dichotomy that you must only choose between the two. For example, I started OnlineBookClub in 2006, but didn't give up my hourly jobs and go full-time at OnlineBookClub until 2014 (8 years later).
In other words, for 8 years while I built OnlineBookClub into a successful company that could pay my bills, I also worked full time as a bartender/server (i.e. did paid employment).
There's 168 hours in a week. You can get a full 8 hours of sleep per night (56 hours per week), which I strongly recommend, and you still have 112 hours per week left. You can easily work a full-time 40-hour-per-week paying job to pay your bills and put food on the table, and then spend another 40 hours working for no pay at building your own business. Even then, you are only working 80 hours per week, which is typical for an entrepreneur.
I did that for years: I worked full-time as a bartender/server at a local restaurant, and I worked 40 hours a week at OnlineBookClub (for no pay).
When I first finally went full-time at OnlineBookClub.org, it wasn't that I reduced my hours to 40 and just gave up the full-time job. But rather I moved the 40 hours so that I was working 80+ hours per week at OnlineBookClub, which I then did for years just to scrape by.
Typically, you can do this gradually. You can start by working 40 hours at your paid employment and 40 hours at your business, then move to 35/50, then move to 30/60, then move to 25/65 and so on, until you are working 80 hours solely at your business and 0 hours in paid employment.
However, (and this ties back into what I originally said about one person's trash being another person's treasure), if working 80+ hours per week for years and years does not sound exciting and delicious to you, then huge wealth and exceptional financial success is probably not something you want to choose. It might be to you what tuna fish sandwiches are to me, which is:
In contrast, I can be a bit of a workaholic, where others find the thought of that as distasteful (
) as I find tuna fish sandwiches.
There's an interesting irony there: For instance, the reason I can retire early is the same reason I don't, and that reason is that I'm something of a workaholic. In more ways than one, that kind of financial freedom has a way of running away from people who chase it and running towards people who won't even use it when they get it. That's something that's explored by the concept of the power of an abundance mindset
and by extension unconditionally grateful inner peace
, meaning that all the things that many people falsely think will buy happiness or give happiness tend to come to those who are already invincibly happy (i.e. grateful) and run from those who are unhappy (i.e. ungrateful/entitled/miserable/unappreciative/possessive/clingy). That concept is also explored in these tweets of mine:
https://twitter.com/scottmhughes/status ... 3984013313
https://twitter.com/scottmhughes/status ... 9098531840
https://twitter.com/EckhartAurelius/sta ... 3281498126
https://twitter.com/EckhartAurelius/sta ... 1628946657
https://twitter.com/EckhartAurelius/sta ... 0804850689
https://twitter.com/EckhartAurelius/sta ... 9679957007
https://twitter.com/EckhartAurelius/sta ... 4728179720
https://twitter.com/EckhartAurelius/sta ... 0416209920
https://twitter.com/EckhartAurelius/sta ... 5083312133
In short, if your #1 primary goal is to make huge amounts of money and become extremely financially wealthy, then the process is simple: work 80+ hours per week, 7 days a week, consistently for years, with a focus on gradually transitioning those hours from paid employment in someone else's business into self-employment and/or running and owning your own business and portfolio of investments to generate passive income.
If you are a workaholic who is happy while working like me, and deeply grateful every day with inner peace no matter what, and your goal is to be happy like me, then the means will be the same (work 80+ hours per week) but the financial success and such will just be an accidental symptom.
However, otherwise, if neither of the above two things apply, then huge financial success probably not something you want to seek, since for you then it would be like me going tuna fish sandwiches.
Eckhart Aurelius Hughes
In addition to having authored his book, In It Together, Eckhart Aurelius Hughes (a.k.a. Scott) runs a mentoring program, with a free option, that guarantees success. Success is guaranteed for anyone who follows the program.