There's a common misconception that you have to be a doctor, banker, or lawyer to be rich. That's simply not true. In today's world it's easier than ever to grow your wealth in nontraditional and new innovative ways. You can make more money anywhere doing all kinds of things. But first, you have to believe.
Back in 2002, the Oakland longshoremen went on strike because they were against new technology which could cut their jobs. The issue was quite contentious.
Surprisly Well Paid 6-Figure Jobs
It was a matter of “national security” the union get back to work according to many politicians. What I remember most clearly, however, were salary figures that just boggled my mind.
According to widely spread documentation at the time, the International Longshore and Warehouse Union (ILWU) required their longshoremen to work no longer than 35 hours a week.
Furthermore, it was cited that the average income for an Oakland longshoreman was between $100,000-$120,000. Many senior employees earning $160,-190,000.
When I read the news, it was about 8pm and I had been in the office working since 5:45am. For that one day, I dreamt I was a longshoreman.
Make More Money Anywhere, Even Retired
Right across the Bay, there are well over 400 San Francisco city workers who make over $100,000 a year. And they're not even working anymore. Their $100K+/year earnings are from their annual pensions!
How Does Making $229,000 A Year Doing Nothing Sound?
A top earner is retired SF Chief of Police, Heather Fong. She makes a whopping $229,000/year, retired!
Over at the SF Fire Department, over 200 former employees or their survivors are receiving 6-figure pensions of $100,000 a year or more. You Fifteen of them top $150,000. You really can make 6-figures at any age.
Heck, even a BART janitor makes over $200,000 a year. Abolish welfare mentality!
This is not a post to debate whether one type of job should make X amount of money or not. Frankly, I believe anybody who serves our country and helps others deserves the world!
Don't get me started on our budget cuts in education, and teacher's salaries. They deserve more. This post is simply to illustrate that A LOT of different careers allow people to make a lot of money.
You can make more money anywhere with nontraditional jobs. It's, not just the stereotype engineer, banker, doctor, lawyer, or private equity person getting rich.
Equalization Of Careers
The financial crisis illustrated the grace of pensions and the superiority of public sector jobs and unionized labor over the private sector during crisis times.
Think about it for a second. Take a Senior Vice President at Lehman Brothers, who amassed $3,000,000 in LEH stock over his 20 year career. One day the $3 mil literally disappears.
All he's left with are his savings, 401k, private equity investments and whatever else. Sure, the Lehman employee may have made on average $500,000/year during his career. But again, much of that was locked up in stock.
Meanwhile, compare the Lehman earner to a San Francisco policeman. The policeman is like a turtle, making a steady on average $75,000/year for 30 years.
Let's say the cop puts away $250,000 in savings during his career and retires. Not only does he have a quarter million dollars, he also has a pension. And that pension pays him 75% of his highest year's salary, every year, until he dies!
Let's do the math, based off a real life example from a golfing buddy of mine who is retired from the police force.
- Highest working salary: $125,000.
- Pension: 75% of $125,000 = $93,750/year in pension money upon retirement.
- Retirement age: 60.
- Life Expectancy: 88.
- Value of Pension: $93,750/year X 28 = $2,625,000!
What's more, pensions are adjusted for inflation. So let's just round the number up to $3,000,000. The policeman blows away the banker in this time period. And matches the banker in any “normalized” time frame.
There Are Wealthy People Everywhere
Believe that you too can make more money anywhere doing a wide range of jobs. You can even build your wealth and make money money through a range of passive income streams.
If you're a car salesman, don't look down on the prospective client dressed all shabby with flip flops. He could be the multi-millionaire cash buyer that you've dreamed about thanks to his pension.
The client could even be a famous blogger, with millions of readers, a book deal, and raking in $50,000/month from advertising revenue! Same goes for all you snooty Maitre D's! You just never know, so you might as well treat everybody equally.
Endless Possibilities To Make More Money
For all the parents out there, if little Nancy doesn't want to be a Doctor, and little Timmy wants to be a fireman, that rocks! Immediately go out and celebrate over a vintage bottle of Chateauneuf du Pape knowing your children will be financially secure.
I seriously wouldn't fret about whatever career path your kids choose. There are so many different ways to make more money anywhere these days. Chances are high your children will do just fine.
There's more money out there than we can imagine. A lot of people are making six figures a year and you can too. After realizing the plethora of opportunities out there, I rest easy knowing that Americans will earn their way out of market downturns, and spend like the wind once again.
Finally, you need to build passive income streams if you truly want to reach financial independence one day. It takes a long time, but once you get there you will be thrilled that all the pain was worth it!
I retired in 2012 at age 34 and now get to raise my two kids full-time.
Recommendation To Make More Money
If you feel you're not getting paid what you're worth and want to boost your income, start your own business online on the side! It used to cost a fortune and a lot of employees to start your business.
Start Your Own Business And Make More Money Anywhere
Now you can start it for next to nothing with a hosting company like Bluehost for under $4/month and they'll give you a free domain for a year to boot.
Brand yourself online, connect with like-minded people, find new consulting gigs, and potentially make a good amount of income online one day by selling your product or recommending other great products.
Not a day goes by where I'm not thankful for starting Financial Samurai in 2009. See my tutorial guide on how to start.
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