If You Need Money, You’ll Always Work for Less…

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If You Need Money, You'll Always Work for Less...I’m a big fan of satellite radio.  I’m also a big Howard Stern fan.  Years ago, when Howard went to satellite radio, I bought the lifetime package for Sirius satellite radio for about $400.

I definitely got a number of good years out that deal.  Eventually though, Sirius made my life difficult.

Back in 2009, I bought a new Chevy Malibu which had XM radio.  As some of you may know, there was a Sirius XM merger years ago so that should be all good, right?

Not so much!

Apparently, I couldn’t transfer my lifetime Sirius subscription to my car because they’re different systems… sort of.

Different???  Why couldn’t they just convert it into a Sirius subscription?

Stop it.  You’re asking the obvious, but just know that they couldn’t for whatever reason.  So now my wife gets to keep my lifetime subscription in her car since she has a Ford.  And know that I’ve been running with an XM subscription that I’ve been paying for annually for a handful of years.

But I’m trying to cut back on stupid expenses and this is one of them.  The problem though is that local radio sucks.  Maybe it doesn’t suck in every city, but it definitely sucks here.

So I’m easing myself into other things to listen to before I let my subscription lapse in a few months.  I do have flash drives that I put a bunch of music on and I play those in the car.  That part’s been great, but I still need something to fill the talk show void (because that sucks here too!).  Recently, the thing I found to fill that emptiness has been podcasts.

I’ve talked about how fantastic the BiggerPockets podcasts are and how much I’ve learned from them.  Lately though, I’ve stumbled across another podcast that I’ve found to be a good listen.  Robert Kiyosaki hosts the Rich Dad Radio Show every week.  Kiyosaki’s books were the first motivator for me to break out of my rut and pursue financial independence so I’m pretty excited about this.

His podcasts are very interesting.  A lot of the shows focus on what is going on in the world from many different perspectives and how this can affect your money in the long run.  I’ve listened to close to a dozen of the shows so far and learned quite a bit.

But one of the things that really stuck with me was an interesting quote.  On the 04/30/16 episode of the show, Kiyosaki quoted his rich dad with the phrase:

If you need money, you’ll always work for less.

Let that sink in for a minute.

Now why was that a sticking point for me?

It’s because he’s right… being in need of money is one of the worst positions you can be in.  We’ve all heard of F-U money – having enough money to be able quit working whenever you desire.

Not having enough money to be able to quit your job is one thing, but many people are in a whole different dynamic.  Many folks barely have enough money to live.  A lot of people (and I mean a lot of people!) are living paycheck to paycheck and are barely able to pay their bills.

If you’re one of these fine folks, you might fall under this umbrella he’s referring to.  Think about how important this is…

If you need money, you’ll always work for less.

Many people are one missed paycheck away from losing their house or car or whatever you want to fill in the blank with.  That puts families in a horrible spot.  And that’s what the quote alludes to – most people who need money are never going to get paid what they should.  They might even pick up crappy side-jobs just to make ends meet.

That’s usually where they get stuck.

They get stuck because they don’t have the time or energy to really take a step back and think about this from a macro view.

Working harder is not the solution.  Although that’s the way most of us have been brought up to think, it’s not true.  I’m not against hard work, but it’s not the answer.  You get stuck making just enough money that you can’t put aside money for your future… so you get stuck in the hamster wheel.  Working harder is a bad answer to the problem.

The solution is working smarter.

And if you’re one of those people that’s stuck in this predicament, you need to figure out another way.  And there are absolutely better ways – you just need to think about things differently.  If you haven’t read Rich Dad Poor Dad or CASHFLOW Quadrant, I strongly suggest you start there.  The books aren’t meant to give you a step-by-step, but rather to open up your eyes that you can change your financial situation.

Making money at a job is fine, but the problem is that someone else owns you.  And more importantly, if you leave, so does any future income.

Find a way to make money come to you and your entire financial future can dramatically shift.  Think about it – what if you didn’t have to work and could still get paid?  It’s possible and plenty of people are doing it.

For me, rental properties are what I’m working on building up.  For you, it might be starting a business that doesn’t wholly depend on you so you can step out of it later on down the road.  Or maybe it’s building up enough income from dividend stocks to just be able to live off the income the dividends provide.  What about royalties on books or music or maybe licensing any idea or invention?

The point it, don’t work for less.  Even if you think there’s no way out right now, if you push your way through, you just might find your way to financial freedom.

Thanks for reading!!

— Jim

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28 thoughts on “If You Need Money, You’ll Always Work for Less…”

  1. Very motivational, Jim, and very true. It’s not just how to work harder, but smarter!

    I’ve been getting into podcasts in the last year and have found a couple I enjoy. Similar to you, Kiyosaki was the first to open my eyes. I’m excited he started a podcast, I look forward to checking it out. Thanks for sharing and thanks for the motivational post!

    1. Thanks, GS – I’m still trying to find the podcasts I enjoy. Other than BiggerPockets and Kiyosaki, Joe @ Retire by40 got me turned on to Planet Money which is also pretty good.

      — Jim

  2. Podcasts are awesome. I think us NYCers were pushed into using them before a lot of the country thanks to needing things to listen to while you are underground.

    Some that you might find interesting:

    We Study Billionaires
    The Mad Fientist
    The Tim Ferris Show
    Radical Personal Finance
    The Side Hustle Show

    Of course the show that seemed to do the most for pushing podcasts forward is Season 1 of Serial.

    1. I finally made my first trip to NYC last fall and got to experience the subway. That would make sense if a lot of NY’ers are listening to podcasts on their commute.

      Thanks for the list – I’ve actually been looking for some additional ones so I’ll have to dig into some of these!

      — Jim

  3. I have yet to get into podcast but I am constantly reading about them and the great lessons that can be learnt from some of the best ones. My biggest problem right now is that I do not have a car as I am a student so that crosses that option off but I should start listening to it on my computer in the background.

    Working smarter and having passive income is definitely an investment that many people should consider early on. While most life paycheck to paycheck we can all cut back on expenses and put towards building a passive portfolio. I am hoping to get into real estate in five years may have to reach out!

    1. If interested, you can also listen to podcasts on your phone on either iTunes or Google Play Music.

      Good luck on your real estate ventures! I wish I had done that when I was your age – I’d be much further ahead today if I had started earlier.

      — Jim

  4. So true Jim! Podcasts are my new favorite thing on walks too! You are definitely right about “working for less” and it is something to always keep in mind. We got to FI using a number of the things you suggested (real estate, side gigs, our FT jobs, IRA’s, etc.) – for most people it can be done! Keep working it! My favorite quote was from Warren Buffett this spring – “I did decide early in life that my favorite employer was myself”…

    1. That is a great quote!

      That’s fantastic on the different vehicles you used to get to where you are now! A lot of folks just need to stop and think and open up their eyes to know that it can be done.

      — Jim

  5. This is so true. Being able to wait for gigs that pay the proper rate definitely sets me apart from my peers in the contingency work I do. I will not work for a week or two and “make up” for it in a week of a higher wage.

    Radical Personal Finance and the Afford Anything Podcasts are really great, too. I learn a lot from them even though I disagree on what is important.

    1. That’s awesome that you’re able to pick the right jobs at the right pay rate. I can imagine that also helps on the stress level as well! 🙂

      I’ll make sure to check out those podcasts, too!

      — Jim

  6. Hey Jim,

    Completely agree with your points. There are so many great quotes out there about how much easier life is with money ‘Takes money to make money’ etc. We all have to take those first steps to build strong foundations, then we can do whatever we want 🙂

    I haven’t really got into podcasts, I write a lot of our blog posts on train, so I can’t really listen (and enjoy) whilst thinking about blogging words too. Music is a bit easier.


    1. A foundation is definitely key, although anyone can do it. They just need to get their mind out of the circle of spending everything they make and figure out how to bring in more solid and possibly passive income.

      I hear you on the music vs podcasts when you’re trying to get something done like writing blog posts.

      — Jim

  7. I love the quote and idea. Relying on a paycheck to keep up with your lifestyle will always have you searching for whatever job you can take. You need the money so you give up your freedom.

    If you are looking for other podcasts to listen to, I love the Stacking Benjamins show and the Mad Fientist’s Financial Independence show. The Financial Independence show doesn’t come out often but it is fantastic when it does.

    1. Thanks, Thias – it took me a while to understand how important it was to stop relying on my paycheck.

      I actually just checked out the Mad Fientists’ podcast and am actually listening to it now. I’ll add the Stacking Benjamins to my list!

      — Jim

  8. Jim, it’s easier said than done- that no matter what, you would not work for less. Sometimes, you just find yourself in a situation with no choice than to accept the offer, no matter how less it is. I had a similar experience during my first job. I just needed something to survive on, something that could bring in some sustenance. However, I adopted prudent measures from then to manage my finances. With this, I believe I now have better bargaining stance to reject working for less.

    Thanks for the post.

    1. I definitely agree that you need to do what you need to in order to survive. It sounds like you were able to pull yourself out of that though to put yourself into a better position. That’s hard for a lot of people to do and is very commendable!

      — Jim

  9. This is exactly right. Since retiring in 2012 I decided to make about 60%-90% less to try new things, earn some money, and keep things interesting.

    The fear of running out of money in retirement is completely OVERBLOWN! You ask about whether you should push back FI later. I say, don’t fear FI. It is the best thing ever!


    1. I do like to hear that and believe me, I ready! I’m actually trying to adjust a few things to see if I can make it happen sooner… and I’m ready to apply what I learned in your book to see if I can make it even more worthwhile when I do!

      — Jim

  10. Yup! My negotiation power increased exponentially when I didn’t need the money and didn’t worry about getting fired.

    I find it amazing what you can negotiate when you know you can just walk away: salary, car, home, vacation, furniture, services. It’s been wonderful. It makes the “you gotta have money to make [and save] money” ring so much truer for me.

    1. The power to walk away from earning or spending money is huge.

      Ah, “you gotta have money to make money”… the phrase I utter every time we take a Vegas vacation before I lose my shirt! 🙂

      — Jim

  11. Tip for XM Radio savings…..This might not help you with your lifetime package, but I recently cut my XM radio cost for two cars by canceling one car and upgrading my other package to include the streaming app at a cost less than two radio subscriptions. So, not only do I still have XM radio in both cars still, but I have it in rental cars and away from the car. This includes CNBC and CNN which would help me should I decide to do away with cable TV.

    A couple gotchas….. You only get one concurrent Internet streaming subscription (I’m single, so not an issue) and you’ll be using some of your mobile phone data plan (I have plenty of data). I also got a promotion rate the first time I did this, so next year will have to revaluate the cost/benefit.

    1. Sounds like you worked a pretty nice deal on XM! I actually did get the streaming as part of the lifetime package that’s on my wife’s car so that’s pretty good. However, my data plan is not as impressive! 🙂

      I just got my renewal letter on my plan and I think I’ve decided to actually pull the plug. I guess if I really need my Howard Stern fix I can stream it at home/work while on WiFi.

      — Jim

  12. So true! I just had a conversation with a friend who’s panicking because she asked if the salary on an offer she received is negotiable. They were shocked at her request and now she’s worried they’ll rescind the offer.

    It’s a mindset and a reality for many, unfortunately.

    1. Tough spot for her to be in. As you said it can be a mindset and a reality for many people and, unfortunately, it’s one they likely won’t get past. I hope things work out for your friend as that seems to be her reality.

      — Jim

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