Online Experts and Website Wizards Matt and Liz Raad share their thoughts on the concept of Slow Wages Growth… how it’s been playing out worldwide for the last ten years… and why you MUST get educated and get leverage on your time TODAY to increase your future success.
G’day everyone, Matt and Li Raad here,
And we’ve just been having a chat at our kitchen table about a really interesting topic… and that’s this idea of slow wages growth.
It’s happening worldwide but it’s here in Australia as well, and we just read an article on ABC News about it and also looking at some research coming out of the Treasury Department and there’s a few studies around this, and basically, even here in Australia we’ve had no real wages growth (or very low) for the last ten years, and this is obviously a concern.
So what is wages growth? Well basically it means that the amount you’re paid now in 2019 is not that much more than you would have been paid 10 years ago for the same job – and what’s interesting is that the Treasury Department are saying that’s regardless of whether you’re a high income earner, a low income earner, man, woman, white collar, blue collar, it doesn’t really matter… it’s across all industries that people are not being able to get ahead… that means you can work really, really hard, but you just can’t get ahead.
We know a lot of our clients that start out with us are swapping time for money, so you can’t possibly work harder now to get ahead… in other words, working hard is not enough to cut it in this day and age…
And it’s interesting, one of our favourite all time investors / mentors / people who inspire us is Warren Buffet and he’s been talking about this as well, and the growing divide between rich and poor, and the fact that it’s a real issue… and he said that basically you need to find a way to get leverage on your time… and that means investing in businesses, or assets, or real estate, that gives you that leverage on time… you need to be smart now… just working more hours is probably not going to cut it… and we all know that has other effects as well… And it’s no fun if you’re just working all the time…
So what can people do, what’s the solution here and certainly getting educated is really, really important… regardless of what it’s about, whether it’s in business assets, website assets, real estate assets, share assets… what you need to be doing is figuring out how can you get some money into a marketplace that is growing and take advantage of that growth.
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One of our mentors, someone that’s a high worth individual, a very successful businessman, he said, ‘look back over the last 10 years and think about all the successful business people that you guys know, and all of us have invested in business, the share market or real estate, and we’ve all done extremely well out of it and we’ve been able to get leverage on our time and money’ – so the question is have you missed out? – well the point he was making, compare that to the people that haven’t invested over the last 10 years, well life is a lot tough, a lot scarier for those people at the moment.
So if you’re listening, you’ve got to start now, tomorrow is a brand new day, the sun is coming up, get into it… don’t just sit there thinking you’re going to get ahead by working harder… keep your job and in your spare time you need to be looking for ways to get leverage.
And so that’s really important to note, that if you’re on that pathway, keep going… it’s really, really worth it… and so we know when you first start out, it’s hard trying to do the job and the investment strategy, it can be tough… but it is definitely worth it, and it’s what is going to create you freedom going forward, especially in this marketplace, which is a strange one… I don’t think we’ve ever seen anything like this before in history… and the main thing that we came up with, you’ve got to do this… get yourself educated and find a way to invest in a market, to grow some other assets as well as what you’re doing as a paid job. Congratulations if you’re doing that, well done and keep on it!