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What is Work-Life Balance?
Work-Life Balance is working normal 9-5 hours enabling you to spend time with family and friends. It’s about being able to take regular vacations and have weekends and holidays off to spend with those you love.
For many people, Work-Life Balance is non-negotiable. So, does that mean becoming wealthy is not possible for those who desire Work-Life Balance?
The good news is that you can become wealthy and have a life.
The secret to building wealth and having a Work-Life Balance is the Path to Wealth you decide to pursue.
There are 4 Paths to Building Wealth:
- Saver-Investor Path
- Big Company Climber Path
- Virtuoso Path
- Dreamer-Entrepreneur Path
The three Paths to Wealth that interfere with a Work-Life Balance are the Big Company Climber Path, the Virtuoso Path and the Dreamer-Entrepreneur Path.
Big Company Climbers are individuals who are focused on climbing the company ladder, with the goal of one day becoming a senior executive within their company. Those pursuing this path will have to travel between 30% – 70% of the time, which takes Climbers away from family and friends, while they are traveling. This Wealth Path will also interfere with vacations, weekends and holidays – projects, emergencies and responsibilities will eat into your family/friend time. Big Company Climber work on average 51 hours a week during and after their climb up the ladder.
The Virtuoso Path to Wealth includes individuals who are at the top of their field. They are industry experts or professionals in their field. Because they are among the best at what they do, their time is in demand and that interferes with family and friend time. Virtuosos work on average 50 hours or more a week during their careers.
Those pursuing wealth via the Dreamer-Entrepreneur Path have almost no time for family for friends, particularly during the early years of running their businesses. Entrepreneurs work on average 61 hours a week, for many years. Once the business matures and is able to generate a consistent stream of income, which takes an average of 12 years, the Entrepreneurs can then hire individuals to handle the day to day operations. This frees up significant time, allowing them to make up for lost time with their family and friends.
The most suitable path to building wealth for those desiring a Work-Life Balance is the Saver-Investor Path. This path does not require egregious working hours, like the other three paths. The only requirements are a middle-class income and a standard of living that allows you to save and invest 20% or more of your net income. This path does take the longest, however. It took 32 years for the Saver-Investors in my Rich Habits Study to become wealthy.
Tom Corley is an accountant, financial planner, public speaker, and author of the books “Effort-Less Wealth: Smart Money Habits At Every Stage of Your Life” and “RichKids: How to Raise Our Children to Be Happy and Successful in Life“. Corley’s work has appeared on CNN, USA Today, The Huffington Post, SUCCESS Magazine, and many other media outlets and podcasts in the U.S. and 27 other countries. Tom is a frequent contributor to Business Insider and CNBC.
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