Don’t know if it’s seasonal but I’m seeing a LOT of people on my FB being made redundant or about to be made redundant. Just want to say that this is the BEST news EVER if you’re in those boots right now. Here’s why:
1.) Bottlenecks are crap. Most people have a single bottle acting as a pillar that’s holding up their whole financial life. And neck of the bottle is terribly thin thereby negating you the ability to have a 1000%+ pay rise if you want one or the ability to work your own hours. And you’re in a frightfully fragile state. Regardless of how strong your company of employment seems.
2.) You can’t sell your job, pass it down to your kids and you can’t sell it. If you stop working for a bit, you stop getting paid and you’re in the WORST tax position. In real terms you keep less than 50% of your gross income.
3.) You will most likely semi-retire when you’re 70. And only semi-retire because of your spending/saving/investing habits coupled with your income until then will be insufficient for you to properly retire. What are you going to do if you live to 100 years old?! UK average pension pot is £50k. So £50k over 30 years = £139 per month! That won’t even cover a week of mortgage/rent! Let alone food.
4.) Within 20 years at least 90% of all jobs will have been assimilated by AI, robotics and 3D printing. A prime example is being an Uber or black cabbie driver who will no doubt be made totally irrelevant within 5-10 years. And don’t be fooled into thinking that your job is safe. Everything from GPs to engineers to waiters will be automated. Surely it’s best to start re-skilling now? Surely in a world of automation the only way to be relevant is to either be a Creator? Whether it’s a Creator of jobs (whether it’s human or non human) or a Creator of things human value?
5.) Now is the best and easiest time ever in human history to set up your own business. It really is. So why don’t you take this golden opportunity to set up your first part time online based business/project? Create your own soft landing before you’re made redundant or even better, if you’ve recently had a nice redundancy package, use a tiny portion of that to start your own journey.
6.) 9 out of 10 businesses don’t last more than a year. And another 7 out of 10 businesses don’t reach the 5 year point. These are some scary stats, but don’t let that put you off. You just need to develop the skill of business. That’s all. Aim to set up 10 businesses. I promise you lucky number 3-10 will hit it big. You definitely will flop your first 2 or 3 ventures if you’re a complete newbie like I was. For me it was lucky number 4! So with this in mind, DON’T spend more than a couple of grand per venture. Don’t dick about get fancy websites, lots of stock or fall in love with any idea. Don’t do something you love. You’ll ruin your passion. Save that for when you’re good at biz. Or you have the money to just do it for fun. Just get good at selling or online direct response marketing. Learn to sell first then get the stock if your product is popular. It will save you so much hassle and wasted stock.
Hope this all makes sense. I mean this all with love and that if you do go the self-employed route, you’re going to initially work a LOT harder and longer for a lot LESS money, but boy it’s worth it. In 5 years you’ll be in a nice and comfy biz/financial position looking back at this moment with fondness. In 10 years you’ll be sorted and on a beach doing the same thing, but no doubt doing deals on the beach and trying to buy the hotel you’re in!
I genuinely hope this post reaches and helps at least 1 person. If so, my job is done. It’s also worth doing the action points here: