Choose a Career For The Money or Fulfillment?
Summary
TLDRThe script discusses career choices, emphasizing that one should pursue their passion rather than prioritizing financial gain. It highlights teachers as an example of individuals who, despite a median income of $60,000, can become 'everyday millionaires' by living below their means and focusing on fulfillment over money. The discussion suggests that by adjusting one's lifestyle and adhering to financial principles, one can achieve both happiness and financial stability, ultimately retiring with a significant nest egg and a pay raise.
Takeaways
- 😀 Choosing a career should be based on personal fulfillment and alignment with one's purpose rather than solely on financial gain.
- 🏫 The speaker suggests that teachers, despite having a median income, are often fulfilled and can become 'everyday millionaires' by living below their means.
- 💼 The concept of 'living to work' is emphasized, meaning that one's work should be a means of contribution and fulfillment, not just for earning a paycheck.
- 💰 A financial strategy of living below one's means, paying off debt, and avoiding new debt can lead to financial stability and wealth accumulation over time.
- 👵👴 Teachers can retire as millionaires by following sound financial principles, which can also result in a 'pay raise' in retirement through wise investment of savings.
- 📈 The importance of not chasing money but rather happiness and fulfillment in one's career is highlighted, as it can lead to a more satisfying life and legacy.
- 🌱 The idea that everyone has an innate desire to make a difference and contribute to society is presented as a fundamental human motivation.
- 🤔 The speaker encourages individuals who are unsure about their career path to seek guidance and explore what they are truly meant to do.
- 🏛 The potential for a fulfilling career in nursing is mentioned, but the speaker questions whether financial gain might overshadow personal fulfillment.
- 📊 The script discusses the median income of teachers and challenges the notion that high income is necessary for a successful and impactful career.
- 🔑 The final takeaway is about the importance of adjusting one's lifestyle to align with their chosen career and the values that drive them, rather than the other way around.
Q & A
What is Calista's dilemma regarding her career choice?
-Calista is a dental hygienist but is considering getting a bachelor's degree in a field that would be more fulfilling and offer more opportunities. She is torn between becoming a teacher, which she fears may not be financially rewarding, and nursing school, which offers potential income but may not be fulfilling.
What is the general advice given for choosing a career?
-The advice given is to choose what you were created to do and adjust your lifestyle to that career. It emphasizes the importance of working for impact and fulfillment rather than solely for financial gain.
What is the median income for teachers in the United States?
-The median income for teachers across the nation is $60,000.
Why are teachers considered the third largest group of everyday millionaires?
-Teachers are considered everyday millionaires because they live on less than they make, which allows them to pay off debts and accumulate wealth over time, leading to financial stability and potential retirement wealth.
What is the concept of 'living below your means' as mentioned in the script?
-Living below your means refers to the practice of spending less than one earns, which enables individuals to save, invest, and pay off debts, ultimately leading to financial independence and potential wealth accumulation.
How can teachers become debt-free and accumulate wealth for retirement?
-Teachers can become debt-free and accumulate wealth by living below their means, paying off their debts, and investing wisely, which can lead to significant financial growth over time.
What is the potential outcome for a teacher who retires with a million dollars in their retirement fund?
-If a teacher retires with a million dollars in their retirement fund and earns an interest of, for example, 8%, they could receive an additional $80,000 per year in retirement, effectively giving them a pay raise even after stopping work.
What is the 'money principle' discussed in the script?
-The money principle discussed is to live below your means, pay off debt, and stay away from debt. This approach to financial management can lead to financial freedom and the ability to enjoy life without financial stress.
How does the script suggest one should approach their work life?
-The script suggests that one should approach their work life with the intention to contribute and make a difference, rather than focusing solely on the paycheck or becoming a workaholic.
What is the 'soul case' mentioned in the script in relation to career choices?
-The 'soul case' refers to the idea that choosing a fulfilling career can lead to a life without regrets, where one can look back on their journey with satisfaction and a sense of having made a meaningful impact.
What is the importance of adjusting one's lifestyle according to their career choice?
-Adjusting one's lifestyle according to their career choice is important because it allows for a balance between financial stability and personal fulfillment, ensuring that one's work aligns with their values and passions.
Outlines
🤔 Career Choice Dilemma: Fulfillment vs. Finances
Calista from Nebraska, a dental hygienist, is contemplating whether to pursue a more fulfilling career, such as teaching, despite lower pay, or to choose a career like nursing for higher income potential. The speaker emphasizes the importance of choosing a career based on personal fulfillment and adjusting one's lifestyle accordingly. They highlight that teachers, despite having a median income of $60,000, are often fulfilled and can still accumulate wealth by living below their means, becoming 'everyday millionaires'. The conversation also touches on the broader concept of finding purpose in work and contributing to society, rather than solely focusing on financial gain.
Mindmap
Keywords
💡Dental Hygienist
💡Bachelor's Degree
💡Fulfillment
💡Teacher
💡Nursing School
💡Financial Income
💡Lifestyle Adjustment
💡Everyday Millionaires
💡Retirement Funds
💡Money Principles
💡Fulfillment vs. Financial Success
Highlights
Choosing a fulfilling career over finances is advised, as adjusting lifestyle to the chosen career can lead to happiness and fulfillment.
Teachers, despite median income of $60,000, are considered the third largest group of everyday millionaires due to living on less than they make.
Pursuing impact over income can lead to sufficient income, as teachers are fulfilled and have enough to live on.
Working should be about contribution, not just living to work or putting all value in the paycheck.
People often express a desire to help others, indicating an innate longing to make a difference.
The show offers to help callers figure out their purpose and adjust their lifestyle accordingly.
Teachers are retiring as millionaires by living below their means, paying off debt, and investing wisely.
Paying off a mortgage and living debt-free can lead to significant financial benefits in retirement.
Retiring with $1 million and drawing only the interest can result in a substantial pay raise after retirement.
Even with a lower interest rate, the passive income from retirement savings can provide a comfortable lifestyle.
Not chasing money but happiness and fulfillment can lead to financial success and no regrets.
The importance of living the money principles: living below your means, paying off debt, and avoiding new debt.
Retiring with a seven-figure savings can provide financial security and the ability to pass on wealth.
The journey of life should be about finding happiness and fulfillment, not just about making a high income.
The transcript emphasizes the soul case for choosing a fulfilling career over chasing a high salary.
The transcript provides a financial case for why teachers can retire as millionaires despite average income.
The transcript suggests that not needing to make a million dollars a year to be successful and fulfilled.
Transcripts
today's question ayo comes from calista
in nebraska she
says i'm a dental hygienist but i'm
considering getting a bachelor's degree
in something that would be more
fulfilling
and give me more opportunities i'd love
to be a teacher
but the pay is not the best i've also
considered nursing school
because of the potential income but i
wonder
if i would end up feeling unfulfilled
again
do i choose my career based on finances
or adjust my finances for the career the
answer is and
always will be if you ask me be
you must always choose what you were
created to do
and you adjust your lifestyle to that i
mentioned this earlier
teachers who across the nation
the median income is 60 000 they are the
third largest group of everyday
millionaires which means they live
on less than they make they are very
fulfilled in other words
they've got plenty of income because
they're working for impact and i say
this on the ken coleman show
every day when i start the show you were
created to contribute
you were created to work you don't work
to live you live to work and that
doesn't mean becoming a workaholic and
putting all your value in your paycheck
what it means is
you were created to contribute that's
why everybody that i talked to on the
show ao who calls in and they're very
confused can i don't know what i want to
do with my life i just want to help
people everybody says that because we
all long to make a difference so
the answer is figure out what you're
supposed to do you can call my show
we'll do a deep dive with you
uh once you figure it out you adjust
your lifestyle to that you know what ken
i want to add something to that
all right not really necessary to the
question but to the point you just made
and i really want america to hear this
out well how is it that
teachers who are making on average
median income
uh making 60 thousand dollars a year
right
but then they are retiring millionaires
yeah i i i i want to teach right here
from the money principal do it you say
live below your means that's how they're
doing it they're living below their
means they're paying off their debt
and then also in that same study that we
did we found out that also paying off
their mortgage yes
watch this uh when they retire if they
have
one million dollars in their retirement
funds
and then they just let's say they just
draw the interest only don't pull from
the 1 million
let's just say the interest is 10 at
that time it's a hundred thousand
dollars
so i know america probably probably
saying where are you gonna get ten
percent from
that added up well i can talk to that
too but let's just go down to the low
end
let's say it's eight percent that's
eighty thousand dollars
so when she retires she's debt-free has
a million dollars in her account and she
gets a 20 000
pay raise yeah that's right to go retire
why because over a period of time she
didn't chase
money she chased happiness and while she
was chasing her happiness
her fulfillment like you taught she's
living the money principles that
that we teach live below your means you
know have the nice things pay off your
debt stay away from debt and so when she
retires not only she has seven figures
that she could pass down
to her kids and to her kids kids but she
gets a twenty thousand dollar
when she stops working and she can now
go enjoy life
i just had to add that in there it's
great for all y'all people saying oh you
gotta make a million dollars a year no
you don't know
and not only did he make the financial
case let me make the soul case
not only has she had a raise in
retirement
she's going to get to the end of her
journey look back and reminisce
not regret so good and that's what this
journey is all about
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