Why You Will Never Reach Financial Freedom With A W-2 Job

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Explore the often overlooked realities of achieving financial freedom as a full-time employee in this enlightening video. I delve into 8 crucial reasons why solely relying on a W-2 job might not be the golden ticket to financial independence.
Please note that this content is neither a critique nor intended to be disparaging towards W-2 employees. Rather, it's a sincere effort to shed light on the practical aspects of financial autonomy. My sole purpose is to help people understand the reality of the situation ➡️ To achieve financial freedom in life, you need to be earning income besides just a salary (no matter how much that salary may be).
Video Contents
00:00 - Intro
03:10 - Unlikely to Make a Big Salary
05:11 - Taxes
06:38 - No Control
07:44 - Long Work Hours
09:18 - Stuck in the Rat Race
11:15 - Your Time Required to Make Money
12:41 - No Freedom of Your Time
14:48 - No Time to Invest in Yourself
💡 I do not work with clients or offer any consulting services. If you want to learn more about the best tax and investment strategies, subscribe to my channel and check out these courses ▶️ sharonwinsmith.com/courses/
The information provided in this video is owned by Winsmith Tax LLC and is solely for informational and educational purposes. It is not intended as investment, legal, or financial advice. Always consult with a professional familiar with your unique situation, or conduct your own research before making any decisions. We might receive commissions for recommending certain products or services.

Опубликовано:

9 июл 2024

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Комментарии : 21

@yopyop5546 5 месяцев назад

Your channel is so validating. Thank you.

@sharonwinsmith 5 месяцев назад

Thank you for watching and your kind words!

@FIRE_DrNinjaTurtle 8 месяцев назад

The key is to build up your side hustle so that it replaces your 9-5. I retired a little early, but I also started FIRE late in life. I took the pension as early as I could and so I had the side hustle and pension. No I am replacing my side hustle income with semi-passive income.

@sharonwinsmith 8 месяцев назад

The side hustle idea isn't a bad strategy but the people I know who achieved financial freedom early in life did it by focusing 100% of their time on building a business for many years. I like the side hustle strategy for a year or two to allow people to afford to start a business on the side by maintaining their W-2 income (if this is the only way one can safely afford to start a business). Pension income is going to be taxed at high rates so have to be careful with a strategy relying on future pension or retirement plan distributions.

@Marcustx23 5 месяцев назад

Sharon, high-income earner here (law). If I had continued to be a high-income earner - without figuring out how to diversify into passive-income investments - I would have retired rich and died poor (or on a fixed income). Thankfully, I saw the light and started diverting my excess income into real estate partnerships (I’m an LP through a PE firm). I enjoy a lot of passive income now. You’re absolutely correct. If you never diversify your income streams - and you stay as a W-2 employee forever - you’ll never be wealthy. At best you’ll be rich. No thanks.

@sharonwinsmith 5 месяцев назад

Thank you for sharing your experience! So glad others get how important this is. Diversifying your income stream is extremely important but never talked about much for some reason. Thanks for watching!

@dee24298 7 месяцев назад

Great set of points and well summarized!

@sharonwinsmith 7 месяцев назад

Thank you!!

@ismaelhall3990 24 дня назад

everyone needs to learn this.

@dr.stevehurst 4 месяца назад

This information is pure GOLD. Wish I’d learned it at 25 and not 59.

@sharonwinsmith 4 месяца назад

Thank you for watching and for your kind words! 😀

@worldtrav72 Месяц назад

Good comments, but your experience and point of view is from a VHCOL area. There are tens of thousands of engineers working in M to LCOL places making well above median wage, and living beneath their means to save 20-30 % of their income & be financially independent by their early 50s. Admittedly, the financial tables have turned in the past decade and it’s much harder now than when my cohort started. “Meds & Eds” & a roof over your head have climbed much faster than income. Still, it’s doable, but the path is more narrow and the ditches are wider and deeper if one gets off the path to financial independence.

@khafreahmose8768 2 месяца назад

Love ur content!

@sharonwinsmith 2 месяца назад

Thank you! 😁

@davidhastings2603 4 месяца назад

Excellent presentation ❤ 💯 What type if Businesses would you suggest to purchase?

@sharonwinsmith 3 месяца назад

Thanks for watching! I generally prefer businesses that don't have the 3 p's that I always stay away from. 1. People: require few or no people (employees or contractors) to run, 2. Property: minimum or no property required (brick and mortar, inventory, etc.), and 3. Paid Advertising: no paid advertising needed to market the product/services.

@davidhastings2603 3 месяца назад

Thank you a Million !!! Your channel in my opinion is simply EXCELLENT 💯