Can salary get you rich?

[Holicent]

Don't ever make the mistake of depending fully in your salary, yea some job and some positions can earn you a fortune but untill you get there. Infact immediately you get your new job and after getting along with their mode of operations, dos and donts, you should think of how to diversify, how to invest that salary you earn into probably a business, well you can think of building a house but don't go about thinking how you will buy a luxury car or rent a mansion, it's risky, Infact your job is never guaranteed, you can make mistakes or due to someone else's negligence, you get fired. What would you do? Sell your car at what value, move out of the luxury house and look for a decent one? Medicine after death. It's good to be wise from day one at work.

 

[Augusta]

No, I don't think so. I don't think one should depend fully on a salary because it might not make you rich. Yes, some jobs and some positions can earn one good money but it stops if you are fired. So if you are not diversifying , or investing the salary in a passive investment or business, then you are bound to fail

Having job is never guaranteed, you need to have your own business for sustainability. You can't bank on a job.

 

[Mika]

Check how much CEO, CFO and managers earns and you will be surprised to learn they are earning more than what an average small businesses are earning. With a job, you can generate salary regularly, and if you have money management skills, you can multiply your income through investment. If you are position on a higher level, you also earn a fat check. It is possible to become rich through your salary but in order for that to happen you need to regularly invest your money

 

[Etini]

There is no person that is really wealthy that is earning salary. A high paying job can make you comfortable but can't make you wealthy. What do I mean by being wealthy? I mean the ability to replenish your financial resources. No matter how much comes into your life, if you are not able to replenish and multiply it, you are not truly wealthy.

I have seen managers that live comfortably and not truly wealthy because a salary was meant to just be an incentive for you to keep coming to work and not to make you healthy.

 

[Jasmine]

There is no person that is really wealthy that is earning salary. A high paying job can make you comfortable but can't make you wealthy. What do I mean by being wealthy? I mean the ability to replenish your financial resources. No matter how much comes into your life, if you are not able to replenish and multiply it, you are not truly wealthy.

I have seen managers that live comfortably and not truly wealthy because a salary was meant to just be an incentive for you to keep coming to work and not to make you healthy.

That's not true dear. Do you realize how rich people in the managerial positions are? Do you know how rich is Microsoft CEO, Google's CEO and all the CEOs of various companies. If you are placed in higher position and if you receive high paycheck, you can become rich. However, in order to become rich you also need to manage your money properly. You need to save money, invest your savings, buy properties and continue to compound your return on investment. If you have a good paying job, you can become millionaire in 15-20 years.

 

[Gondor77]

Relying solely on your salary is like putting all your eggs in one basket. Diversifying your income streams, whether through investments or a side hustle, is key to financial security.

 

[King bell]

High salary alone does not typically make someone "rich" in the sense of substantial wealth accumulation especially if it is an earned income. While a high salary can provide financial security and a good lifestyle, true wealth is often created through a combination of various factors apart from earned income. A high salary might just be the first step to becoming rich. Here are some reasons why a high salary alone does not make someone rich: 1. Limited earning scope: Salary has a cap, even if it is very high. There is a reasonable limit to how much one can earn through employment, depending on the job one holds.earned income through employment becomes a constraint to generate wealth.

 

[Yusra3]

Working you way to a high paycheck only by itself is definitely not a road to riches. A good way to begin maybe using your salary, but becoming truly wealthy has its basis on spending discipline, making saving part of your plan, increasing your savings through good investment in long term, avoiding debt as much as possible, and taking control of expenses over many years. Another way income is generating wealth for average households is through investing in assets such as stocks, bonds, and real estate. Even when the salaries are moderate, the returns can be great when the investments are done in commodities whose value grows. But a high income pays handsomely if one acknowledges the need to treat it like a stock to be invested in not mere random spending.