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In addition to everything mentioned here, I've discovered really just recently that those of us who are extremely busy also have to pay what I call "The Busy Tax". Between my Wife and I we make about 300k a year. I'm soon quiting my job though because we looked at our finances and realized we're spending a ridiculous amount of money just so we can take on more work. We eat out a ridiculous amount instead of making meals, because we have no time. We pay a nanny to watch our son during the days. We hired a cleaner to clean our house every week. We buy things and hire services that we wouldn't otherwise buy or hire because we don't have any time. So on and so on. All in all, our busy tax for the year amounts to a ridiculous 50k a year. It wasn't long ago that 75k was our entire household income. My take home pay after taxes is about 90k (not including side work I take on). It makes absolutely no sense for me to be stressed out all the time, just so I can effectively make 40k a year. It really is that stupid when you do the math. Instead of working I could take on the daily household tasks and cook meals and yeah we'd be making 40k less a year, but be significantly less stressed.
This is a cool idea. Kids aren't for everyone, but if going forward you spend more time with your son you are going to be one happy camper......well, until he grows up a bit more and doesn't have time for you. I'm really excited to read that you and wifie are making this change, you have your whole life to work, while you are younger you should bounce around at the park, travel a bit on a budget.....defy time before anyone finds out and you grow old. How far can you throw a Frisbee, hit a baseball, push a go cart? Time to find out
Wife and I each make about $20k/month and the taxes are making it all not worth the effort. Hoping my company re-orgs me at that end of the year so I can just be done.
Finally, it is good to hear another person on this planet who thinks like me. I explain this to people all the time and watch as their eyes glaze over as they furrow their brows in a vain attempt to understand. You my friend are smart enough to analyze and change your life. The average Joe six pack will fritter his life away and say "I'm doing the best I can." Enjoy creating/designing the life you want. Money is just a transaction tool to make us happier and life simpler. Once it does not do that it loses its value and is no longer serving its purpose.
Really love this word for the concept, The busy tax. I've been thinking the same of course on a smaller scale with my pay. But the OT I spend at work pushes me in a direction to buy out which in turn I could have left early cooked dinner and enjoyed my evening. Not a good transaction in my case, extra hours of work for a meal
Working harder and making more money only applies if you own the business. My dad owned a laundromat for 30 years before selling. He was there nearly everyday. He died a millionaire and was able to push all of us through college. His workers worked just as hard and none became millionaires.
The spread between upper class and lower class keeps growing. Ironic how they tell poor people they need to work harder. Thanks for another eye-opening video.
Everyone wants to have a Rolex when a 50 buck Casio does the same job and is lighter on the wrist. Modest income, modest home, modest goals, happy life, Casio watch.
Yep I agree. Its pathetic advice to tell poor people to just work harder. These people often are working hard as their efforts are going into daily survival.
One of the biggest takeaways from your videos I'm implementing immediately is that people don't care about how hard I work, they just care about the results. Need to engrave that into my skull. Thanks!!
From my experience people like to micro mange how the work gets done, even if you achieve good results. You're only as good as your recent positive contribution to the company.
depends where you are in the ladder because if youre at the bottom hard work = more work as a reward so any gifted worker will not display his whole talent or effort and will do the bare minimum simply because he got enough work as it is and in Canada, working overtime means only that you pay more taxes because companies send 90% of overtime pay to the gov in taxes so a full overtime day can mean only 10 or 15 bucks for a worker on his paycheck
Working harder does not make us poorer. Working a low paying job for an employer that takes advantage of us will take away the opportunity to look for better jobs or develop our skills, and as a result will make us poorer. The right way to do this is plan out how to work hard so that you can leave your current low paying job while developing the skills to get a better one.
The problem with that is. Every company in America pays low now...the gap is just getting worse. And you'll vap soon and will be waiting for a chance when someone retires
@@natesamadhi33 I used to work a low paying wage. I worked nights and did community college during the days. Transferred to a state university and then I got a college degree in a field that I was interested in and had the aptitude for. My pay increased 22% after getting my first professional job. I was given heavy work loads which I worked through for 6-years then quit to get a better paying job. 10 years after graduating college, my pay is 200% higher than it was before. I now earn well over 6-figures. I know the situation is crappy for people in a low wage job, but it’s possible to escape it. If you work hard, have common sense, then just keep going. Once an opportunity opens then you will have the capacity to seize it. You can do it! Note: It took me 3-years in community college and 3-years in a state university. I joined clubs was an officer and tried for many internships got rejected until I landed on one before getting a professional job which I did upon graduation. I was 31-years old with a bachelor’s degree.
This is what happens when we drive our nation towards a corporatist path instead of an entrepreneurial path with small businesses. Most people only know how to be employees and can’t fathom possibly working outside the corporate system. The people complaining about corporate CEO’s are the same ones who have given them so much power over decades. The pandemic shut-downs are a prime example of this.
Then start a small business. Oh wait you need a shitton of money to invest upfront. Oh wait, you're working more now. Oh wait, if another covid shutdown or big inconvenience happens you will likely go bankrupt because no one will bail you out. Yeah, it sounds like the better path to me. They both sucks. This world is not dying; it is actively being killed. And the people doing it have names and addresses too. Just saying.
The busier you become, the less time you can learn something new, less time to do anything out of the regular work, and actually less chance to build connections to advance in your life and career.
@@buri.bii3 also dont be too good becasue sometimes it scares those above you that youre gonna take their place soon so they get you fired for no reason as a result
@@kokocaptainqc honestly, it is best to put in maybe 70% in your job - not only is being too good an issue, employers will also throw in more responsibility towards you and you then do the work of two people or more for no extra pay.
Of all the channels I’ve found in the last 2 years this is my absolute favorite. Starting my first job in 2020 out of college, I had zero understanding of the economics behind my value to the company. I felt burnt out and I wasn’t advancing in a way that made me happy and I contemplated the stagnation constantly without knowing why I felt so trapped. You have done more for me than anyone else in terms of contextualizing my understanding of the workplace and the value of my time vs income. Please keep up the incredible work you do!! ❤
That’s why I don’t put more effort than than what I’m paid at work. I don’t do more than what I am paid to do. If they demand more work, I’ll demand a raise. They refuse, I quit (but not without having an exit strategy to a better paying job with less work).
Checking email and text back working messages make me feel i am needed and important. But the truth is, checking 'how important i am and how everybody needs me' this illusion also makes me a slave of work
One of the few things that most economists will agree on is the simple concept "Tax more what you want less of". Income from work is subject to more taxation than anything else in the US with very little that people who make income from work can do to shelter their income from taxation. It is both a disincentive to make money through work and a bellwether of what is valued in this country. Hint: it's not 'hard work', when people say that it's lip service and if you buy into it you're a chump.
I got sober during the pandemic for various reasons. Instant $50,000 a year savings based on my old lifestyle. Stopped spending unnecessary money on clothes I already have too many of. That's another $20k. So 2 changes. $70k back in my pocket. My new thing is working out which I do on the roads and my home. Costs zero!!! I'm better looking and healthier than I've ever been. Confident Too!!!
Im 31 and I always worked the most minimum amount of effort without upsetting my supervisors. I dont seek attention or appraisal because I know they will pile me more work if I do well. This work era is completely outdated and I wished I could have seen this sooner.
I'd like to add to this that people used to work long hours in order to show commitment to the company in the hope that they'd get a raise. If companies are not rewarding that behavior with raises then there's no point in working extra hours. But in principle, that's what working extra was for. If you just work the minimum then it's clear you don't care that much about the company or the job. And if your extra work isn't been recognized, then get a new job. But since I don't work in corporate idk if that's still a principle that works.
Since the pandemic, its not really the same. Many bosses expect all people to be at their computers 24/7. I personally do as much as needed for my hours and thats it, but so many people at my job work from 7 am to 9 pm or similar, i think because work piles up otherwise.
Hard work for yourself will make you succeed hard work for others won’t. In engineering for example you can start working at a company but focus on learning and building your skills, work on growing so you don’t need the company anymore, now you have powerful skills that make you an asset which you could start your own business, do consulting, teach others, make courses and more which you don’t have to rely on a specific company. Vs a Job that pays well but you don’t learn anything useful then randomly get laid off and you are at 0
1971 is a key date. Since then, fractional reserve banking has been abused, far too much debt in the system. Just look at the rate of public borrowing in the US since 2019, it's exponential, very tough times ahead no matter what Governments do, the monetary system is broken. We had politicians promising the earth to a fickle public to enable them to live a short term fairy-tale lifestyle, it's over for the foreseeable future.
That same fickle public is blaming CEOs and not looking at all the other expenses which came into play. One by one there are businesses popping up who value the employee more than in the past. The trend is going in the right direction......however my statement still needs to be fact checked next year, and the year after. I'm a big fan of staying away from banks, staying away from retail. I think it is great when people treat themselves and enjoy the purchase, I wish they didn't feel the need to do it as often.
Ireland is probably a poor example of better GDP vs hour results when compared to the US due to the highly distorting factor on Ireland's GDP based off all the big US Tech companies shoring their Intellectual Property there for tax avoidance reasons.
Kinda cool isn't it. Most people don't know this is happening. Ireland is also a place to go to work if you live in the EU....That cheap labor used to come to the United States prior to the EU passport turning into a work permit.
I'm an Indian and we have to work like anything. Mental pressure everday when we wake up😢 we dont have the luxury to take rest from work. Bringing bread on the table is more importance
It’s not only how much you make. It’s also about how much you spend. For some people… they make more, but lifestyle inflation causes them to spend more.
I watch those around me that make well above average incomes, spending like drunken sailors! Most people have a spending problem, not an income problem. Most young people graduating from high school come out completely unprepared from a financial education perspective for adulting. This seems like a relatively easy problem to fix. It seems like the lack of financial education is being done on purpose! Many young people and students get themselves into financial predicaments that are not easy to get out of. It’s not How much you make, it’s How much you save! Lack of financial education coupled with the popularity of social media is driving people to spend beyond their means. It starts with better financial education. Financially educated, financially savy people do not carry balances on credit cards charging 25% interest!
My boyfriend works 10 hour shifts for 4 days a week and often ends up working overtime. He told me that he actually makes less when he works overtime because of taxes.
Hard work does pay off if it is focused and invested properly. For example, any successful start up business owner who built their company from the ground up will tell you about the dark days when they were broke and working 60+ hrs/wk. Any doctor will tell you about the hard work they out in during medical school and residency. Working hard in general or breaking your back for a low wage job won't make you wealthy, but working a 9-5 job, maximg your 401k, living below your means, and buying income producing assets will make you wealthy over 1-2 decades.
People don't have the stamina, the patience, the focus, nor the discipline to stick to something that's not guaranteed for 10-20 years. People don't want to fail and start over again, so they'll make other choices.
I am not working because money does not have enough value. Waiting for $33/Hour and up. I no longer care if I die homeless. At least I am free to go at my own pace.
It’s the law of diminishing returns in economic-speak. Def: a principle stating that profits or benefits gained from something will represent a proportionally smaller gain as more money or energy is invested in it. My issue is that when I was working most managers either don’t know what this even is or don’t seem to “get” it when explained to them or are being deliberately obtuse that this “law” of economics also applies to employees and their working schedules as well. There were managers that I had to tell, in private of course, that if I saw my place of employment more than what was on my schedule that week there wasn’t going to BE a place of employment for anyone there after my extra shift. It was worded in a delicate and non-threatening manner and it finally got my point across their thick skulls. They, every last one of several employers, decided going forward they wouldn’t call me in on my off days any more ✌️
Because you don't own land so you have to pay rent and buy food and water. If you had land then whatever money you made you could keep because you wouldn't need to pay rent and buy food and water. You would prosper easily and quickly. Land.
You always put your effort into tasks that have the greatest return. Whether that is tasks that make your personal grow, or tasks that position you for a better job or a nice promotion. It doesn’t have anything to do with how many hours you work. It’s what you accomplish during those hours.
It's pretty simple. Don't burn yourself out at your 9 to 5 because you'll hit a wall at effort to pay. Look to find alternative sources of income for your extra time
Gaining new skills to leverage to a company can give you more negotiating power in theory but it all depends on how necessary the skill is and how many people have it. Companies think of marginal benefit like you said. Therefore if someone can produce at 70% but will work for half the price then it’s a bargain. That’s why companies get rid of highly experienced, highly paid employees for new college graduates.
I go to school part time from 9am to 12pm have lunch and rest a little bit then work from 2pm to 1am and my parent told me its not as hard work like when they were at my age. Are they telling me I need to work even harder? This is crazy!
Working in the software engineer, I feel the burnout 6:19! On my channel I cover how over the last several years the industry in general has gotten wildly inefficient with the tools we use to code, which can lead to less overall productivity and more burnout.
Americans have the highest consumer spending in the world, wealth isn't a good way of measuring the return from work put in because Americans literally spend money more frivolously. Americans spent nearly double what Brits did (per capita) in 2020, for example. You can also observe this in the cost of online advertising, Americans command the highest CPC because they're identified as the most valuable consumers, so advertisers pay the most for interactions with Americans. For Germans or the French, it costs substantially less.
Fascinating insight. I only know that American children possess a disproportionate number of the toys manufactured globally and that Americans also spend many times more for the same prescription drugs as in other nations.
All I did throughout my twenties was put my personal life aside and did nothing but work insane amounts of overtime. I sacrificed a lot just to make a little extra money thinking it'd make me happy. But it didn't. It compounded everything and made me regret giving away my personal time for pennies. I am also in a worse place than when I was 20... You work your life away to make your boss rich, not the other way around. Until minimum wage matches the cost of living, not just enough to make you money to eat like a pheasant, but something that actually puts a roof over your head and leaves you with 3 meals a day and money to retire on, then we can finally live.
I find the harder I work, the luckier I get! Working 40 hours per week pays your bills and you’re able to survive. What you do beyond 40 hours per week is what enables you to build wealth. That doesn’t mean you need to work in a low paying job. You can start a side hustle, which over time can turn into a full time business.
Initially when you have no inheritance, you will have to exchange your time for money. Gradually, you can create products that sell regardless of the time you put in. Gradually, you can invest your money for more unearned income. But initially, without products, or wealth, hard work goes a long way.
Switching jobs is a hell of a lot more stressful than working hard at your existing job. And to have the most leverage that new offer you have to add work by going through the interview process while you’re still at your current job.
I'm living un Mexico, one of the countries where people work more hours but our wages are miserable. Currently, we work 48 hours per week but in average, less than 97.5% of the population make less than 21 000 USD a year, and that's the average needed to Buy a house in Mexico. We work justo for living, i'm 22 and for the social status where I born I'm "succesful" making 7k USD a year because Jobs are SO Bad paid it's nearly impossible start a career making more money without "palancas" as we call un México. And there are many obstacles un law that make even harder to cut these kind of lifestyle, polititians think that shortening work hours it's a risk when they have 2 days of Home Office, only work 40 hours a week and just doesnt do anything. It's a complex situations, many succesful mexicans migrate to other contries just for a bit of more time to live and have a decent wage.
If you don't find a means of multiplying your money, you will wake up one day and realize that the money you thought you had, had been exhausted. Investment is a ladder to climb the financial wall.
Investing in alternate income streams should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
Even if you are skilled and a hard worker- If you don’t have a backbone you will fail. I’m speaking from my own experience, unfortunately. For years I was doing well until I hit a really deep point of depression a little over 3 years ago and I still can’t heal myself from it, since that time I have been screwed over so many times by my workplace and while I can see it happening- I literally cannot bring myself to calling anyone out or leaving. My employers saw this change in me, and used it to their advantage. They literally just used me and I let it happen, don’t be like me lol. 2019 me would have never let it get this bad :,)
Dude when I was BORN the wage at UPS was the same as when I started there after highschool. Companies do not pay what they used to. The Magic shop was paying 17$ an hour when min wage was like 7$ But now min is around 17$ and He can’t afford that. Because RENT and bills have gone WILD You have to have online shops, web sites social media marketing etc people don’t shop like they used to you can’t just make magic outside the store so people come in and Buy kits especially when these things are being made cheaper and sold online…
Based solely on this vídeo, I think you até Theo most honesto and goodest Think Tanker out there, and for this I salute you and respect you. Still, you are a Think Tanker, therefore you are wrong, but you almost made It to the solution. The reason we work harder but make fewer money is to manipulate the freedom of a worker. If it (and yes I will use it because thats how they see us) earns less, its freedom to buy its limited to what they want. And if it has no time and energy outside of work, it will not rebel.
In your homecountry China, a Chinese person earns 1500 RMB per month from overworking. 6 days per week, 12 hours a day. Also, Premier Li KeQiang said what: You only earns 1000RMB per month within the same overwork time.
I work for a company that offers o/t non-stop...the guys who did the o/t, and took the bonuses occasionally tied to it, managed to make less money than if they just worked their normal hours (50/hr wk). Working your 'a' off is really just you sacrificing yourself at the tax alter to fund the welfare state.
The mantra is correct. The problem is governments and increased taxation, fees, fines, regulation of stupid policies have effectively ruined the middle class. Not by accident one would say.
Two additional factors: workers have to pay for ever increasing government which does not produce additional wealth but sucks wealth out of the economy. And interest.
Where I'm at it's not worth making more than 80k a year unless you can get to around 140k a year. 80k you quality for free healthcare free heating oil and some food stamps. Healthcare is extremely valuable especially 0 deductible healthcare. You make just over the amount that disqualifies you save your gonna hurt bad financially if you ever need to use the healthcare your employer provides.
Something he really missed. Job vs job class Americans make WAYYY more than other countries. The study he used includes the vast majority of Americans who work for tips. So in the comparison an American waitress would be classified as her pre tip wage vs Germany where they just get minimal wage Same with commission based job.
What about my hourly based income and overtime pay? After 40 hours I get a 50 percent increase every hour. So every two hours after the threshold I get an extra hour for "free". So it's in my best interest to work more. Plus the extra effort gives me more annual income increases than others.
that's why some higher paid older workers rather delay & drag what they are paid to solve or have no clue how to solve, incase they are retrench earlier after solving the problem.
I drove for someone who would keep telling me, "No one works harder than me!". The man showed me his bank account(not even sure why, considering he said he doesn't trust people), and all of his accounts were in the negatives. No wonder he has to work hard all the time, and kiss dispatch's ass for work.
The most disgusting part of this is how this is largely caused by politics and the system. Teachers don't get a raise for being loyal, they get it by changing to a higher paying school. My dad's school system by the education system forced them to change place every year. And he would've had to change his position to a place too far for him to bike. There was no say in this, they just randomly made this shit up and forced it for no reason. Same happened when progress was attempted with less work hours. They reduced it from 8 to 6 to test it out but even before the first few months had passed, the political right wing here in sweden called The Alliance abruptly stopped it. Same with big businesses. For some reason. Despite lower work hours has shown increase in productivity, less sick leaves, more positive emotional health and a better work pace. They still push against this. Similar to our seriously flawed education system. We know what the problem is. We know how to fix it. Yet our politicians come out and say: We need more reports and formal papers. That will improve results right? They think a bunch of bureaucracy is the solution despite the problems being obvious since the 80s when they were implemented yet nobody dares bring it up. We can see it today as you showed how CEOs earn over 200 times more than workers. Game companies having record profits yet bonuses are withheld. CEOs and higher ups get a raise while at the same time firing employees saying "they can't afford them". It's hypocrisy and they're shooting themselves and everyone in the foot and knee and it's baffling why.
I would say it's a case by case basis with me I'm hourly plus commission so I get the best of both worlds, unfortunately if I want to travel it's hard to take a week off because most of my income is commission. Plus everyone knows commission is typically taxed.
This is misguided. You can't compare countries as they have different MONETARY policies, taxes, budgets, etc, etc. You have to compare workers within the SAME ENVIRONMENT. If hard work vs less work was the ONLY VARIABLE then you could make such conclusions. But they're not! Our FEDERAL RESERVE BANK and FRACTIONAL RESERVE BANKING is why we're poorer than Europe, because we LEND THEM THEIR MONEY.
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The Law of Diminishing Returns
In addition to everything mentioned here, I've discovered really just recently that those of us who are extremely busy also have to pay what I call "The Busy Tax". Between my Wife and I we make about 300k a year. I'm soon quiting my job though because we looked at our finances and realized we're spending a ridiculous amount of money just so we can take on more work. We eat out a ridiculous amount instead of making meals, because we have no time. We pay a nanny to watch our son during the days. We hired a cleaner to clean our house every week. We buy things and hire services that we wouldn't otherwise buy or hire because we don't have any time. So on and so on. All in all, our busy tax for the year amounts to a ridiculous 50k a year. It wasn't long ago that 75k was our entire household income. My take home pay after taxes is about 90k (not including side work I take on). It makes absolutely no sense for me to be stressed out all the time, just so I can effectively make 40k a year. It really is that stupid when you do the math. Instead of working I could take on the daily household tasks and cook meals and yeah we'd be making 40k less a year, but be significantly less stressed.
This is a cool idea. Kids aren't for everyone, but if going forward you spend more time with your son you are going to be one happy camper......well, until he grows up a bit more and doesn't have time for you.
I'm really excited to read that you and wifie are making this change, you have your whole life to work, while you are younger you should bounce around at the park, travel a bit on a budget.....defy time before anyone finds out and you grow old.
How far can you throw a Frisbee, hit a baseball, push a go cart? Time to find out
Wife and I each make about $20k/month and the taxes are making it all not worth the effort. Hoping my company re-orgs me at that end of the year so I can just be done.
Finally, it is good to hear another person on this planet who thinks like me. I explain this to people all the time and watch as their eyes glaze over as they furrow their brows in a vain attempt to understand. You my friend are smart enough to analyze and change your life. The average Joe six pack will fritter his life away and say "I'm doing the best I can."
Enjoy creating/designing the life you want. Money is just a transaction tool to make us happier and life simpler. Once it does not do that it loses its value and is no longer serving its purpose.
Really love this word for the concept, The busy tax. I've been thinking the same of course on a smaller scale with my pay. But the OT I spend at work pushes me in a direction to buy out which in turn I could have left early cooked dinner and enjoyed my evening. Not a good transaction in my case, extra hours of work for a meal
Financially it makes sense you're right. How will your wife feel in a year about providing for a wife though? She's not a man, bro.
Working harder and making more money only applies if you own the business. My dad owned a laundromat for 30 years before selling. He was there nearly everyday. He died a millionaire and was able to push all of us through college. His workers worked just as hard and none became millionaires.
VERY based
*American society in one comment* 💯
The spread between upper class and lower class keeps growing. Ironic how they tell poor people they need to work harder. Thanks for another eye-opening video.
Work harder and smarter, I have seen numerous people that worked hard and became successful, but it wasnt just that they worked smarter.
Everyone wants to have a Rolex when a 50 buck Casio does the same job and is lighter on the wrist. Modest income, modest home, modest goals, happy life, Casio watch.
But you need spend wiser too.
I have met a lot of rich people who became broke due to stupid life choices.
Yep I agree. Its pathetic advice to tell poor people to just work harder. These people often are working hard as their efforts are going into daily survival.
Hard work pays, but only for your boss.
One of the biggest takeaways from your videos I'm implementing immediately is that people don't care about how hard I work, they just care about the results. Need to engrave that into my skull. Thanks!!
From my experience people like to micro mange how the work gets done, even if you achieve good results. You're only as good as your recent positive contribution to the company.
Hard work = wealth is true if no one cheats and lies and everyone gets rewarded for what they put out.
depends where you are in the ladder because if youre at the bottom hard work = more work as a reward so any gifted worker will not display his whole talent or effort and will do the bare minimum simply because he got enough work as it is and in Canada, working overtime means only that you pay more taxes because companies send 90% of overtime pay to the gov in taxes so a full overtime day can mean only 10 or 15 bucks for a worker on his paycheck
you only get rewarded for the value of your work. if you build something no one uses, no matter how amazing that something is, it’s worth nothing.
Working harder does not make us poorer. Working a low paying job for an employer that takes advantage of us will take away the opportunity to look for better jobs or develop our skills, and as a result will make us poorer. The right way to do this is plan out how to work hard so that you can leave your current low paying job while developing the skills to get a better one.
Yup. Stagnant wages with skyrocketing housing prices & greedflation will eventually cause us to crash
The problem with that is. Every company in America pays low now...the gap is just getting worse. And you'll vap soon and will be waiting for a chance when someone retires
@@natesamadhi33 I used to work a low paying wage. I worked nights and did community college during the days. Transferred to a state university and then I got a college degree in a field that I was interested in and had the aptitude for. My pay increased 22% after getting my first professional job. I was given heavy work loads which I worked through for 6-years then quit to get a better paying job. 10 years after graduating college, my pay is 200% higher than it was before. I now earn well over 6-figures.
I know the situation is crappy for people in a low wage job, but it’s possible to escape it. If you work hard, have common sense, then just keep going. Once an opportunity opens then you will have the capacity to seize it. You can do it!
Note: It took me 3-years in community college and 3-years in a state university. I joined clubs was an officer and tried for many internships got rejected until I landed on one before getting a professional job which I did upon graduation. I was 31-years old with a bachelor’s degree.
Well said
many bottom of the ladder workers are way more skilled than higher ups...they simply couldnt afford school to get the permit
This is what happens when we drive our nation towards a corporatist path instead of an entrepreneurial path with small businesses. Most people only know how to be employees and can’t fathom possibly working outside the corporate system. The people complaining about corporate CEO’s are the same ones who have given them so much power over decades. The pandemic shut-downs are a prime example of this.
I have thought this for years, we need small to medium businesses to keep us going.
Then start a small business. Oh wait you need a shitton of money to invest upfront. Oh wait, you're working more now. Oh wait, if another covid shutdown or big inconvenience happens you will likely go bankrupt because no one will bail you out. Yeah, it sounds like the better path to me. They both sucks. This world is not dying; it is actively being killed. And the people doing it have names and addresses too. Just saying.
If everybody becomes an entrepreneur, who will purchase services and goods that those entrepreneurs aim to provide?
Other entrepreneurs and contractors
The busier you become, the less time you can learn something new, less time to do anything out of the regular work, and actually less chance to build connections to advance in your life and career.
Exactly. My best thoughts and ideas stuck while tranquil. Haven't 'worked' in 21 years and have inspirational ideas daily almost.
How not have fun ?
Its best to just work a job and don’t expect anything from it, on your off time find things that you like to do that can make you more money
Well said
Yep. That and realising no job is ever secure. At the end of the day, you will always be replaceable.
@@buri.bii3 also dont be too good becasue sometimes it scares those above you that youre gonna take their place soon so they get you fired for no reason as a result
@@kokocaptainqc honestly, it is best to put in maybe 70% in your job - not only is being too good an issue, employers will also throw in more responsibility towards you and you then do the work of two people or more for no extra pay.
Of all the channels I’ve found in the last 2 years this is my absolute favorite. Starting my first job in 2020 out of college, I had zero understanding of the economics behind my value to the company. I felt burnt out and I wasn’t advancing in a way that made me happy and I contemplated the stagnation constantly without knowing why I felt so trapped. You have done more for me than anyone else in terms of contextualizing my understanding of the workplace and the value of my time vs income. Please keep up the incredible work you do!! ❤
That’s why I don’t put more effort than than what I’m paid at work. I don’t do more than what I am paid to do. If they demand more work, I’ll demand a raise. They refuse, I quit (but not without having an exit strategy to a better paying job with less work).
Checking email and text back working messages make me feel i am needed and important. But the truth is, checking 'how important i am and how everybody needs me' this illusion also makes me a slave of work
and the boss is thinking ''good dog''
One of the few things that most economists will agree on is the simple concept "Tax more what you want less of". Income from work is subject to more taxation than anything else in the US with very little that people who make income from work can do to shelter their income from taxation. It is both a disincentive to make money through work and a bellwether of what is valued in this country. Hint: it's not 'hard work', when people say that it's lip service and if you buy into it you're a chump.
The fact that we get free videos from Vincent Chan on TH-cam is priceless, keeping the education and knowledge alive. 🙏🙏🙏
I got sober during the pandemic for various reasons. Instant $50,000 a year savings based on my old lifestyle. Stopped spending unnecessary money on clothes I already have too many of. That's another $20k. So 2 changes. $70k back in my pocket. My new thing is working out which I do on the roads and my home. Costs zero!!! I'm better looking and healthier than I've ever been. Confident Too!!!
@TheChocletthunder24 I gave them to goodwill.
The most productive work will be work we do for ourselves
Im 31 and I always worked the most minimum amount of effort without upsetting my supervisors. I dont seek attention or appraisal because I know they will pile me more work if I do well. This work era is completely outdated and I wished I could have seen this sooner.
I'd like to add to this that people used to work long hours in order to show commitment to the company in the hope that they'd get a raise. If companies are not rewarding that behavior with raises then there's no point in working extra hours. But in principle, that's what working extra was for. If you just work the minimum then it's clear you don't care that much about the company or the job. And if your extra work isn't been recognized, then get a new job. But since I don't work in corporate idk if that's still a principle that works.
Since the pandemic, its not really the same. Many bosses expect all people to be at their computers 24/7. I personally do as much as needed for my hours and thats it, but so many people at my job work from 7 am to 9 pm or similar, i think because work piles up otherwise.
Hard work for yourself will make you succeed hard work for others won’t.
In engineering for example you can start working at a company but focus on learning and building your skills, work on growing so you don’t need the company anymore, now you have powerful skills that make you an asset which you could start your own business, do consulting, teach others, make courses and more which you don’t have to rely on a specific company.
Vs a Job that pays well but you don’t learn anything useful then randomly get laid off and you are at 0
"What value can you provide that will solve a problem?" Gosh this hits hard
1971 is a key date. Since then, fractional reserve banking has been abused, far too much debt in the system. Just look at the rate of public borrowing in the US since 2019, it's exponential, very tough times ahead no matter what Governments do, the monetary system is broken. We had politicians promising the earth to a fickle public to enable them to live a short term fairy-tale lifestyle, it's over for the foreseeable future.
That same fickle public is blaming CEOs and not looking at all the other expenses which came into play. One by one there are businesses popping up who value the employee more than in the past. The trend is going in the right direction......however my statement still needs to be fact checked next year, and the year after.
I'm a big fan of staying away from banks, staying away from retail. I think it is great when people treat themselves and enjoy the purchase, I wish they didn't feel the need to do it as often.
My brother rejected the whole Hard Work mantra. He grew up to be an accomplished bum. He’s since retired to be a homeless bum in his 70’s.
Can you elaborate please? Did he become homeless because he did not work enough?
Come on that's blood, take hum in with you
Always work smarter first before you work hard,
That's the most original advice I've ever heard, did you make that up yourself?
Ireland is probably a poor example of better GDP vs hour results when compared to the US due to the highly distorting factor on Ireland's GDP based off all the big US Tech companies shoring their Intellectual Property there for tax avoidance reasons.
Kinda cool isn't it. Most people don't know this is happening.
Ireland is also a place to go to work if you live in the EU....That cheap labor used to come to the United States prior to the EU passport turning into a work permit.
Many don't know how to spend free time, considered waste of time in America. Loneliness makes ppl work more to feel needed and part of some entity
I'm an Indian and we have to work like anything. Mental pressure everday when we wake up😢 we dont have the luxury to take rest from work. Bringing bread on the table is more importance
"Bringing food to the table" - says a gamer kiddie. 😂😅
Planning ahead and constricting deadlines and been huge for helping me not have to work as hard to get the same results
Devaluation of the currency is one of the main problems 25 dollars an hour used to be a decent wage no longer the case
Woring smarter is more fun than a typical corporate 9-5 job
This true. And workers do this because they think work will pay more for your hard work
It’s not only how much you make. It’s also about how much you spend.
For some people… they make more, but lifestyle inflation causes them to spend more.
I watch those around me that make well above average incomes, spending like drunken sailors! Most people have a spending problem, not an income problem.
Most young people graduating from high school come out completely unprepared from a financial education perspective for adulting. This seems like a relatively easy problem to fix. It seems like the lack of financial education is being done on purpose! Many young people and students get themselves into financial predicaments that are not easy to get out of.
It’s not How much you make, it’s How much you save!
Lack of financial education coupled with the popularity of social media is driving people to spend beyond their means.
It starts with better financial education. Financially educated, financially savy people do not carry balances on credit cards charging 25% interest!
My boyfriend works 10 hour shifts for 4 days a week and often ends up working overtime. He told me that he actually makes less when he works overtime because of taxes.
It's true
Hard work does pay off if it is focused and invested properly. For example, any successful start up business owner who built their company from the ground up will tell you about the dark days when they were broke and working 60+ hrs/wk. Any doctor will tell you about the hard work they out in during medical school and residency. Working hard in general or breaking your back for a low wage job won't make you wealthy, but working a 9-5 job, maximg your 401k, living below your means, and buying income producing assets will make you wealthy over 1-2 decades.
People don't have the stamina, the patience, the focus, nor the discipline to stick to something that's not guaranteed for 10-20 years. People don't want to fail and start over again, so they'll make other choices.
@@munequa81well said
This is why I job hop. I double my salary in 3 years because I knew my worth
Is this possible for someone who hasn't had a job yet? 🥲 I'm 22, broke and jobless and Im starting to feel hopeless rip
We are salary workers so anything above 40 hours, our per hour wage goes down.
Welp, that's how it goes. Didn't want to work 9 to 5. I wanted to be my own boss and now I'm working 24/7.
I am not working because money does not have enough value. Waiting for $33/Hour and up. I no longer care if I die homeless. At least I am free to go at my own pace.
It’s the law of diminishing returns in economic-speak. Def: a principle stating that profits or benefits gained from something will represent a proportionally smaller gain as more money or energy is invested in it.
My issue is that when I was working most managers either don’t know what this even is or don’t seem to “get” it when explained to them or are being deliberately obtuse that this “law” of economics also applies to employees and their working schedules as well.
There were managers that I had to tell, in private of course, that if I saw my place of employment more than what was on my schedule that week there wasn’t going to BE a place of employment for anyone there after my extra shift. It was worded in a delicate and non-threatening manner and it finally got my point across their thick skulls.
They, every last one of several employers, decided going forward they wouldn’t call me in on my off days any more ✌️
3:39 To be honest, that design is iconic. If that were my work, I would consider it my best work.
Because you don't own land so you have to pay rent and buy food and water. If you had land then whatever money you made you could keep because you wouldn't need to pay rent and buy food and water. You would prosper easily and quickly. Land.
You always put your effort into tasks that have the greatest return. Whether that is tasks that make your personal grow, or tasks that position you for a better job or a nice promotion.
It doesn’t have anything to do with how many hours you work. It’s what you accomplish during those hours.
It's pretty simple. Don't burn yourself out at your 9 to 5 because you'll hit a wall at effort to pay.
Look to find alternative sources of income for your extra time
Gaining new skills to leverage to a company can give you more negotiating power in theory but it all depends on how necessary the skill is and how many people have it. Companies think of marginal benefit like you said. Therefore if someone can produce at 70% but will work for half the price then it’s a bargain. That’s why companies get rid of highly experienced, highly paid employees for new college graduates.
I go to school part time from 9am to 12pm have lunch and rest a little bit then work from 2pm to 1am and my parent told me its not as hard work like when they were at my age. Are they telling me I need to work even harder? This is crazy!
Working in the software engineer, I feel the burnout 6:19! On my channel I cover how over the last several years the industry in general has gotten wildly inefficient with the tools we use to code, which can lead to less overall productivity and more burnout.
Americans have the highest consumer spending in the world, wealth isn't a good way of measuring the return from work put in because Americans literally spend money more frivolously. Americans spent nearly double what Brits did (per capita) in 2020, for example. You can also observe this in the cost of online advertising, Americans command the highest CPC because they're identified as the most valuable consumers, so advertisers pay the most for interactions with Americans. For Germans or the French, it costs substantially less.
Fascinating insight. I only know that American children possess a disproportionate number of the toys manufactured globally and that Americans also spend many times more for the same prescription drugs as in other nations.
All I did throughout my twenties was put my personal life aside and did nothing but work insane amounts of overtime. I sacrificed a lot just to make a little extra money thinking it'd make me happy. But it didn't. It compounded everything and made me regret giving away my personal time for pennies. I am also in a worse place than when I was 20...
You work your life away to make your boss rich, not the other way around. Until minimum wage matches the cost of living, not just enough to make you money to eat like a pheasant, but something that actually puts a roof over your head and leaves you with 3 meals a day and money to retire on, then we can finally live.
I find the harder I work, the luckier I get!
Working 40 hours per week pays your bills and you’re able to survive. What you do beyond 40 hours per week is what enables you to build wealth.
That doesn’t mean you need to work in a low paying job. You can start a side hustle, which over time can turn into a full time business.
But aren’t you someone who promoted this type of work? All of a sudden all these content creators switching up.
I really love your speed in talking
Initially when you have no inheritance, you will have to exchange your time for money. Gradually, you can create products that sell regardless of the time you put in. Gradually, you can invest your money for more unearned income. But initially, without products, or wealth, hard work goes a long way.
Work less, make more money. I like that idea.
Switching jobs is a hell of a lot more stressful than working hard at your existing job. And to have the most leverage that new offer you have to add work by going through the interview process while you’re still at your current job.
This is why I don't work hard. I negotiate instead.
You want me to work more. Give me more money. Otherwise I do the bare minimum.
I'm living un Mexico, one of the countries where people work more hours but our wages are miserable.
Currently, we work 48 hours per week but in average, less than 97.5% of the population make less than 21 000 USD a year, and that's the average needed to Buy a house in Mexico.
We work justo for living, i'm 22 and for the social status where I born I'm "succesful" making 7k USD a year because Jobs are SO Bad paid it's nearly impossible start a career making more money without "palancas" as we call un México.
And there are many obstacles un law that make even harder to cut these kind of lifestyle, polititians think that shortening work hours it's a risk when they have 2 days of Home Office, only work 40 hours a week and just doesnt do anything.
It's a complex situations, many succesful mexicans migrate to other contries just for a bit of more time to live and have a decent wage.
Agree. Labor always has a ceiling. Equity and owning income producing assets was my key to wealth building.
If you don't find a means of multiplying your money, you will wake up one day and realize that the money you thought you had, had been exhausted. Investment is a ladder to climb the financial wall.
Investing in alternate income streams should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
Even if you are skilled and a hard worker- If you don’t have a backbone you will fail. I’m speaking from my own experience, unfortunately. For years I was doing well until I hit a really deep point of depression a little over 3 years ago and I still can’t heal myself from it, since that time I have been screwed over so many times by my workplace and while I can see it happening- I literally cannot bring myself to calling anyone out or leaving. My employers saw this change in me, and used it to their advantage. They literally just used me and I let it happen, don’t be like me lol.
2019 me would have never let it get this bad :,)
If you make a process more efficient do the same amount of output otherwise if you are producing more product you are just working harder.
Dude when I was BORN the wage at UPS was the same as when I started there after highschool.
Companies do not pay what they used to. The Magic shop was paying 17$ an hour when min wage was like 7$
But now min is around 17$ and He can’t afford that.
Because RENT and bills have gone WILD
You have to have online shops, web sites social media marketing etc people don’t shop like they used to you can’t just make magic outside the store so people come in and Buy kits especially when these things are being made cheaper and sold online…
Based solely on this vídeo, I think you até Theo most honesto and goodest Think Tanker out there, and for this I salute you and respect you.
Still, you are a Think Tanker, therefore you are wrong, but you almost made It to the solution. The reason we work harder but make fewer money is to manipulate the freedom of a worker.
If it (and yes I will use it because thats how they see us) earns less, its freedom to buy its limited to what they want.
And if it has no time and energy outside of work, it will not rebel.
11:10... you dont count travel time like from home to work and after work to go home..
I get $291 in food stamps every month and then go donate plasma for extra money every week. It’s not worth it working a job.
Hard work past a point only serves to make other people rich unless you’re self employed
Side hustles= side losses
In your homecountry China, a Chinese person earns 1500 RMB per month from overworking. 6 days per week, 12 hours a day.
Also, Premier Li KeQiang said what: You only earns 1000RMB per month within the same overwork time.
I work for a company that offers o/t non-stop...the guys who did the o/t, and took the bonuses occasionally tied to it, managed to make less money than if they just worked their normal hours (50/hr wk).
Working your 'a' off is really just you sacrificing yourself at the tax alter to fund the welfare state.
The mantra is correct. The problem is governments and increased taxation, fees, fines, regulation of stupid policies have effectively ruined the middle class. Not by accident one would say.
Two additional factors: workers have to pay for ever increasing government which does not produce additional wealth but sucks wealth out of the economy. And interest.
Depends on where the money goes. Military? Yeah, only the military industrial complex profits. Healthcare? Everyone profits.
Hard work doesn’t equal wealth it just makes you poor
Basically working is for suckers and find someone else to dupe into working for you.
Well, that's the way capitalism works. Work is necessary for society to function, yet capitalism contradicts this by prioritizing profit over workers.
@@jaym10918 There's a lot of jobs that don't need to exist for society to function.
Because the game has changed. You know longer have to work hard. You only have to work smart
Where I'm at it's not worth making more than 80k a year unless you can get to around 140k a year. 80k you quality for free healthcare free heating oil and some food stamps. Healthcare is extremely valuable especially 0 deductible healthcare. You make just over the amount that disqualifies you save your gonna hurt bad financially if you ever need to use the healthcare your employer provides.
Something he really missed. Job vs job class Americans make WAYYY more than other countries. The study he used includes the vast majority of Americans who work for tips. So in the comparison an American waitress would be classified as her pre tip wage vs Germany where they just get minimal wage
Same with commission based job.
What about my hourly based income and overtime pay? After 40 hours I get a 50 percent increase every hour. So every two hours after the threshold I get an extra hour for "free". So it's in my best interest to work more. Plus the extra effort gives me more annual income increases than others.
that's why some higher paid older workers rather delay & drag what they are paid to solve or have no clue how to solve, incase they are retrench earlier after solving the problem.
I drove for someone who would keep telling me, "No one works harder than me!". The man showed me his bank account(not even sure why, considering he said he doesn't trust people), and all of his accounts were in the negatives.
No wonder he has to work hard all the time, and kiss dispatch's ass for work.
Why did you leave out Japan and South Korea when comparing the work ethic of countries? Are they not considered developed?
Work harder so the rich will get richer!! Without greed and working us to death, they can’t get even more money.
I never dreamed about labor.
Grate video very well done! Just subscribed 👍
The most disgusting part of this is how this is largely caused by politics and the system.
Teachers don't get a raise for being loyal, they get it by changing to a higher paying school.
My dad's school system by the education system forced them to change place every year. And he would've had to change his position to a place too far for him to bike. There was no say in this, they just randomly made this shit up and forced it for no reason.
Same happened when progress was attempted with less work hours. They reduced it from 8 to 6 to test it out but even before the first few months had passed, the political right wing here in sweden called The Alliance abruptly stopped it.
Same with big businesses. For some reason.
Despite lower work hours has shown increase in productivity, less sick leaves, more positive emotional health and a better work pace.
They still push against this.
Similar to our seriously flawed education system. We know what the problem is. We know how to fix it.
Yet our politicians come out and say: We need more reports and formal papers. That will improve results right?
They think a bunch of bureaucracy is the solution despite the problems being obvious since the 80s when they were implemented yet nobody dares bring it up.
We can see it today as you showed how CEOs earn over 200 times more than workers.
Game companies having record profits yet bonuses are withheld.
CEOs and higher ups get a raise while at the same time firing employees saying "they can't afford them".
It's hypocrisy and they're shooting themselves and everyone in the foot and knee and it's baffling why.
The best way to create value is to teach others how to create value while creating nothing yourself. Say hello to the grift economy.
Because we're surrounded by people who won't return the favor.
It's either politics or money hoarding. Nothing else.
I work harder in the sense of harder job. Personally like my area. I know I make more as programming is more then retail.
Work hard is such useless / pointless euphemisms. Dish washers work hard, doesn’t mean they would ever be rich.
So true ❤❤❤: I’m poorer while working.
Work smarter,Grind smarter that's the key,Hard work only gets u a paycheck,smart work gets u dividends 5 days a week then u get ur paycheck after that
Now is the best time to level up your skills & knowledge and increase the value you can provide people to make more money.
He better mention 1920.
You compare US vs Germany wages, but you not comprehend how much more expensive the cost of living is in Germany relative to states like Texas?
7:00 - Arashiyama?
I would say it's a case by case basis with me I'm hourly plus commission so I get the best of both worlds, unfortunately if I want to travel it's hard to take a week off because most of my income is commission. Plus everyone knows commission is typically taxed.
Thank you for this video
Please please make a video RE: taxes and how you make more money higher tax bracket government takes it.
Write offs how to keep more of your money
Reaganomics is responsible for this.
Working harder at work is just more stress with very little extra pay. Not worth it.
This is misguided. You can't compare countries as they have different MONETARY policies, taxes, budgets, etc, etc.
You have to compare workers within the SAME ENVIRONMENT. If hard work vs less work was the ONLY VARIABLE then you could make such conclusions. But they're not!
Our FEDERAL RESERVE BANK and FRACTIONAL RESERVE BANKING is why we're poorer than Europe, because we LEND THEM THEIR MONEY.
I would add that if you produce something novel, make sure you own the IP