You Will NEVER Get Rich as an Employee (here's how to get ahead)
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 28 May 2024
⏱️ 33 minutes
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Summary
Ken and Danille McElroy explore the harsh reality that a $100k salary may no longer be sufficient to achieve financial freedom. Learn why relying solely on your salary isn’t enough and discover the true path to building wealth through smart asset acquisition and strategic financial planning.
To see the charts that were mentioned in this video follow this link: https://www.dropbox.com/scl/fo/9zimx1qsf7zvmn3ciaiph/ALLHlk7wyayxNv0Zlp_1QtQ?rlkey=vnradleytfijdinsxiy8x5kow&st=h4irvn7h&dl=0
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Visit Ken's Bookstore: https://kenmcelroy.com/books
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
Ken's company: https://mccompanies.com
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Transcript
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| 0:00.0 | Welcome to the Real Estate Strategies podcast. |
| 0:02.8 | Let's get right into this episode. |
| 0:04.9 | A lot of you listening have goals to increase your wealth by increasing your salary. |
| 0:09.4 | But unfortunately, that is not how it works because you're not going to be rich as an employee. |
| 0:14.8 | It sure looks that way. |
| 0:16.0 | Yeah, it's tough pill to swallow, you know, honestly. |
| 0:18.4 | I think, unfortunately, as most of you guys know, |
| 0:22.4 | inflation is killing everyone from, you know, it's way pat. There's 22 consecutive months |
| 0:27.9 | that inflation surpassed wage growth. That's almost two years. That's, that means that things are |
| 0:35.8 | getting more expensive at the same rate of your wage increases. |
| 0:40.3 | And so, you know, it's interesting that 100 grand a year is no longer a lot of money. |
| 0:44.8 | I remember growing up, like that was kind of a big goal, right? |
| 0:48.2 | Oh, yeah. |
| 0:48.5 | Even in the game of life I used to play when I was younger, 100 grand. |
| 0:51.9 | That was like the top salary. |
| 0:53.1 | It was like if you were getting the 100 grand salary, you could just afford 20 kids and all the things, you know. 20 kids. |
| 1:00.0 | Geez. Like remember when you spend that little thing and then she'd put the kids in the car? Yeah. |
| 1:04.9 | It'd be like a liability. Yeah. Yeah. That's actually the truth. That was an interesting game. But I remember the 100 grand |
| 1:11.2 | used to be kind of a big deal. You know, I remember, oh, yeah, I'm making 100 grand. I'm making |
| 1:15.6 | a hundred grand. That's, boom, God. It's interesting. I was, I was looking at inflation in |
| 1:21.7 | getting ready for this video. And I think that if wages adjusted with inflation, you know, like Biden says, at least, |
| 1:31.0 | you know, they would be about 13 bucks an hour. |
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