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Friday, November 25, 2016

10 Ways Your Job Makes it Hard to Build Wealth

Notice I say “hard” but by no means “impossible”...

1. The glass ceiling.

The intent in most companies is to level the playing field by having performance reviews and being organized into working groups with managers overseeing those groups. The way It’s supposed to work is that you work hard within your team, make your boss look good , make money for the company and you will be promoted so that you can ascend the corporate ladder. 

Although this might be the intent, in many places promotions work a little different. It can be about who you know and how well you get along with them instead of just performance based. So to get to that level that you aspire there might be some unwritten rules to do so and that’s if you have a chance at all, because some lines just cannot be crossed. 

Who you know, what you do, what you say, what's your last name, how much socializiing you do, etc. are all things that can influence when and even if you get promoted.

The funny part of this is that the ones who get promoted probably don’t believe the above and the ones who don’t do. 

2. It takes a long time.

I realize that nothing in life worth having comes fast and easy, but the "drip" method of saving and investing that you get with a job and the limited earning potential (see #6 and #8 below) makes building wealth with a job a slow process.