How to Climb the Corporate Ladder

Is Corporate Job the Best Way to Build an Income Stream?

If you work in a company, perform well, get promotions and pay hikes, you become rich, right? For a lot of people, a corporate job is an ideal way to build an income. Here are some benefits.

Without investing money, you make money

There is no risk of losing your income because you receive a salary irrespective of the company making money or not making money.

If you don’t like your job you can move to another company.

If you work in the same job for 20 plus years, you get retirement benefits.

You also get a bonus and other perks.

Does this mean, getting a corporate job is the best way to build your income stream? Here are some disadvantages, for example,

You need to be highly qualified and have a lot of work experience to get a better-paying job.

You need to work hard and are always under pressure to perform better

You will have to constantly live in a fear of losing your job.

You will have to continue to work even though you despise the job.

You will have to deal with workplace harassment.

You will have to pay a lot of taxes because the tax on earned income is higher than on capital gains and passive income.

Corporate Job Vs. Your Own Business: Which is a Better Income Stream

After you complete your education, you need to start your career. You might be already working as a student and generating some income but your career basically starts after you complete your education. You have two options, join a company or start a business.

Even though finding a job can be hard, if you have higher education and a lot of skills, your chances of getting hired for a well-paying job are relatively high.

Even though you need money to start a business, there are also ways to build a business without having any money. If you have a great idea, there are numerous ways to build funds.

Between these two, which is a better income stream?

Starting a business is certainly a better plan but it takes time to build a business and businesses have very high failure rates, which means it is less likely that your business will become successful. Getting a corporate job looks less risky, but building a fortune through a job is very unlikely. Even when you are receiving a lot of salaries, you end up giving away 15-25 percent of your income as salary, and 20-30 percent of income paying debt (credit card bills, mortgages, etc.).

The best option is to find the middle path, work for a company for a few years, and then quit your job to build a business.

Working For Yourself Vs. Working For Others

If you are working for others, you work hard to build their wealth. You of course get paid for helping someone to build their wealth, but you are basically spending your entire life for other people. Hundreds of thousands of people work on Amazon, and because of their hard work, Jeff Bezos is earning a lot of money every second. The workers do get paid for their hard work but just see the reality of this situation. People are spending their entire productivity to make someone super-rich.

Working for yourself means being self-employed, running a business, or investing and trading in various markets. If you work for yourself, you use your creativity, productivity, and efficiency to build your own life. You work to make money for yourself, you work to build your own wealth. You might never be rich like Jeff Bezos but you are at least not working to make someone a billionaire.

When you work for others, you just have to follow the orders, you just do the assigned work and everything will be fine; however, when you work for yourself, you will have to constantly renovate yourself, and you will have to improve yours. In absence of renovation and improvement, you will disappear from the market. In order to remain firmly rooted in the market, you will have to make yourself the best.

Conclusion

If you have a job, and even if your job is paying well, you need to look for a side hustle. This will help you earn more. If you have a job and if you are paid an extra month for additional work, you need to do overtime and earn more. You also need to spend time learning new skills so that you can earn more by doing additional work or getting better-paying work. You also need to start investing early on. Never spend money on liabilities, always buy assets. Assets will improve your income, liabilities will increase your expenses.