As I have mentioned in several past posts, today's landscape of corporate success looks nothing like the picture in the 70s and 80s.
Below are some relevant previous posts:
A recent Gallup poll indicated that on average, Americans work approximately 47 hours per week – clearly 40 hours is a figment of the past. America now has the dubious title of the most overworked nation on earth based upon average vacation time taken from work. Some tidbits from the above link to 20somethingfinance.com:
- Productivity per worker has increased over 400% since 1950
- 70% of American children live in households where all adults are employed
- 86% of males and 67% of females work more than 40 hours per week
Given all of this amazing productivity growth and increased work hours, Americans surely must be seeing good wage growth as well, right? Wrong.
An excellent Economic Policy Institute (EPI) study describes US wage stagnation in 9 dramatic charts:
According to EPI Between 1979 and 2013, average hourly wages have increased as follows:
- Very high wage earners (top 5%) – up 41%
- Middle wage earners (50th percentile) – up 6%
- Low wage earners (10th percentile) – down 10%
In 21st century corporate America, we are more productive, are working longer and harder, but aren't succeeding – enjoying the fruits of our labor (except for very high wage earners).
How do we solve this dilemma? Perhaps less corporate and more success is what we need – a different path to success – since the current path is not working.
We need to emulate and become part of the top 5% of income earners. Compared to the general population, high wage earners are much more likely to be small business owners.
I strongly suggest that anyone who wishes to increase their success explore business ownership.
Small business ownership is risky, but so is being an employee or contractor in today's corporate environment. If you are an employee, your boss controls your reward(s) and you aren't likely to earn more than him/her. If you own your own business, you have the chance to determine your reward, to succeed or fail.
You can start a small business part-time (and that is the best way to begin) and grow it over time. You invest or risk accordance to your tolerance and goals. Best of all, if you are building a small business and you get laid off from your corporate job, you have the option to go full time in your business.
That is what I did and it worked out for me.
Give it some thought.