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The Dangerous Money Lie You Probably Believe

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Forge Your Wealth is meant for education and entertainment and should not be considered financial advice.

In today’s day and age there is misinformation everywhere. Ask a Flat Earther. However, there is a dangerous money lie that has almost formed a cult. This lie is that a job will get you no where financially and it is better to put all of your effort into working for yourself through a business including being a gig worker. Just to be clear I am not against making a business at all. I have written too many posts about forming a business to turn against that idea. However, it is a dangerous belief that you should not focus on a job and instead focus on a business. There are many things wrong with this idea.

Being An Entrepreneur Can Limit Options

Adding your business to your resume is typically a good thing. But having a business could be a stain on your resume under certain circumstances. Believe it or not, but whether your enterprise fails or succeeds is not a factor. It is if your enterprise is a competitor to your potential employers in a job market and strongly active. Employers do not want to share confidential information with direct competitors nor do they want to hire someone who wants to leave quickly.

Entrepreneurs Do Not Make That Much

Another dangerous money lie is that entrepreneurs make more money than workers. Entrepreneurs in the US make only an average of $43,240 each year. That is not too much, in fact the majority of jobs after college have higher salaries.

Truth is there are many situations where working towards a career will make you more money than working towards a business. In fact, most situations that is the truth.

Not Everyone Should Be An Entrepreneur

Not everyone can become a successful entrepreneur. It is a difficult achievement and being one requires rare qualities.

You Need To Be A Good Follower Before You Become A Good Leader

To be a good leader you first have to be a good follower. If you want to become an entrepreneur, you should first be an employee. Then you will know what is required for a business to work.

Final Thoughts

Making a business is not always the best financial idea. In fact, most of the time it is not. I like the idea of people being entrepreneurial. There are different types of entrepreneurs. Some form new ideas at the business they work in and others form businesses out of new ideas. You can always utilize your creativity to forge your wealth, but that does not mean you will be a CEO much less the founder of a business.

Author: Papa Foxtrot

Most of my life I was careful with money and learned where I should invest it. I was very lucky to have parents who taught me financial literacy when I was young. Unfortunately, I am very lucky because many people lack the financial literacy I know. The purpose of Forge Your Wealth is to teach people who are just starting out in life how to obtain their wealth or anyone who just realized they may need to learn more to handle their finances. I currently have a PhD in biochemistry, just started a job in industry (will not disclose where exactly for personal and professional reasons) and am currently married to the love of my life. I am one of the lucky few people in America who graduated with no student debts, my wife was not. Over the series of a little over 3 years we paid for our wedding with no debt and paid off her federal student loans.

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