3045: The Unexpected Benefit of Earning Less Money Each Year by Kevin of Financial Panther

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 18 February 2025

⏱️ 10 minutes

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3045: Earning less money each year might seem like a setback, but it can actually be a hidden advantage. By gradually reducing income, financial habits shift towards frugality, creativity, and long-term sustainability, making financial independence more achievable. This perspective challenges the traditional belief that constant income growth is the only path to success. Read along with the original article(s) here: https://financialpanther.com/the-unexpected-benefit-of-earning-less-money-each-year/ Quotes to ponder: "Making less money forces you to be more creative with how you earn and spend." "When your income drops, you start asking yourself what really matters." "Instead of feeling like you need to make more money, you learn to make do with what you have." Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:00.0	Here's the truth about AI. AI is only as powerful as the platform it's built into. Service Now puts AI to work for people across your business, removing friction and frustration for your employees, supercharging productivity for your developers, providing intelligent tools for your service agents to make customers happier, all built into a single platform you can
0:22.0	use right now. That's why the world works with ServiceNow. Visit ServiceNow.com
0:27.9	slash UK slash AI for people. This is Optimal Finance Daily, the unexpected benefit of earning less
0:35.6	money each year by Kevin of Financial Panther.com.
0:39.7	An assumption a lot of people make when thinking about their income is that it'll have a sort of
0:44.4	linear upward trajectory. It's a logical assumption to make. Each year you gain more experience,
0:50.8	get promotions, earn raises, and move to higher paying jobs. It's natural to think that as you
0:55.9	progress in your career, your income will steadily rise. And while this is probably generally true that
1:02.1	your income will rise over time, it's unlikely it'll do so in a linear trajectory. Income can
1:08.4	actually be pretty volatile. One year you might do very well for yourself
1:12.6	thanks to a new job or a big bonus, and another year, unforeseen circumstances might cause your
1:17.5	income to drop. Maybe you get laid off, or you move into a lower paying job, or you move to
1:22.7	part-time work. There are a million reasons why your income can go up or down, and there's really
1:27.4	no telling where your income will go up or down, and there's really no telling where your
1:28.4	income will go. My own income trajectory is a good example of how your income can be all over the place.
1:35.0	I went into my career assuming my income would rise each year, but for most of my career, my income
1:40.3	has actually gone the other way. Each year, I always seemed to make less than I did the
1:45.8	previous year. I will say, I don't recommend purposely trying to make less money each year.
1:51.9	I didn't do it on purpose. It happened because I was trying to find the right job for me,
1:56.7	one that gave me purpose and made me happy and gave me the right balance between work and life.
2:01.7	Or maybe it was just because I was stupid. I don't know. In any event, stupid or not, there was an
2:06.7	unexpected benefit of seeing my income go down each year. It gave me a bit of a test run on living
	...

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