i love the smell of commerce in the morning what's the difference between a workaholic
and someone who who works hard uh you know a workaholic is someone who has to compulsively
who can't not work who feels very uncomfortable at any point where they're not and who has
difficulty you know relaxing and it affects the parts of their lives that aren't about work
if our survey found that 87 of people put more energy into work than their personal lives let me
know when your whole life goes up in smoke always it's time for a promotion it's wednesday everybody
works on wednesday okay can i borrow your hey what would you do if you had a million dollars
if you are anything like my personal hero peter gibbons you would choose to do nothing at all
you would sleep in go fishing and watch kung fu movies all day this attitude is apparently less
popular than you might imagine with new studies finding that most high income earners are choosing
to stay in their jobs well after they have made enough money to fund their desired retirement
but why in a time when most american workers can't even reasonably hope to retire
why would people with the option to live a life their peers could only dream of choose not to this
is america pick a job and then become the person that does it you all know that i hate dragging out
the answer to a question just for the sake of watch time so the simple truth is that people
are both addicted to their work and feel as if they can't leave and i could work here for years
years
years why they feel this way is still a bit of a mystery but looking at some of the leading
theories tells us a concerning story about how modern careers are making even the most secure
workers feel very uneasy about their futures so it's time to learn how money works which
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how money works the first and simplest reason high-income american workers are stuck in
their jobs is simply because they are no more financially secure than people on lower incomes
why is it so hard to just enjoy things a joint report by industrypublicationpayments.com
and lending club found that more than a third of households earning over 250 000
per year dedicate nearly all of their income to household expenses and would not be able to cover
basic necessities if they had skipped just one paycheck the report found that 55 of millennials
in these high-income jobs were struggling mainly because they were focused in high cost of living
areas but even older high-income earners were not immune from spending their money as quickly as
it came in if you can't afford to quit your job you can't quit your job simple as that
i love my job i love my job i love my job you are watching a business and finance channel on youtube
a website where you could literally be watching anything else so i probably don't need to tell you
how bad of a situation living paycheck to paycheck can be beyond the financial insecurity that comes
with not being able to cover surprise expenses it can also seriously hamper your career progress
high income earners earn their high incomes because they have a rare set of skills that
businesses are willing to pay a lot of money for sometimes these skills can be so in demand that
businesses are willing to compete against one another for each other's employees if a high
income earner living paycheck to paycheck gets offered an even better job that requires downtime
between leaving in their existing job they may end up needing to turn it down or at the very least
take on debt further cementing their dependence on their job there is a great clip in the movie
margin call where a trading floor manager reveals how he spends his two and a half
million dollar salary will did you really make two and a half million last year uh sure
how did you spend it all that was quite quickly you learn to spend what you have in your pocket i
have personally worked with vps and md's that have earned this kind of money that this scene was not
a work of fiction even people that you would expect to be really good with money seeing as
how it's their entire career can spend it on the stupidest [ __ ] alright maybe i have been a bit
unfair so far people living paycheck to paycheck are not really addicted to work any more than they
are addicted to breathing they do it because they just need to i've had some experience with this
they look like they could fly and it's not about the paycheck it's about respect it's
about looking in the mirror and knowing that you've done something valuable with your day
and yes all of these high-income earners who are broke could make some changes to put themselves
in a much better financial position but they are adults and how they live their life is up to them
if anything they are addicted to spending not to working all the drugs under god's blue
heaven there is one that is my absolute favorite and i'm not talking about this
i'm talking about this the people who are addicted to their jobs fall into one of three categories
the first are people that just love what they do they work in a field that they find
very interesting and are normally surrounded by like-minded people the engineers on a formula one
team are paid very well but i am sure that there are some of them there that would do it for free
just because of how exciting they find the lifestyle that comes with working in this kind of
environment good for these guys if they can find jobs like this and not turn it into something they
end up hating watch my video on why you actually want a really boring job to see what i mean
the second type of person who is addicted to their job normally does not enjoy it nearly
as much as the first person these are the people who have worked and studied hard their
entire life to get themselves a prestigious position in their chosen field life is this
i like this these are your doctors lawyers engineers and senior management types these
people have sacrificed so much to get to where they are that their career has become their life
their only friends are their colleagues they don't see their family as often as they should
and they certainly don't have time for regular hobbies the only place in life that they have
in order is their career and the only place they ever get positive feedback is at work
for some people their work is their entire identity and simultaneously the most interesting
thing about them you can be a remarkably boring person but people will still give you a lot of
respect if you tell them you are a doctor or a c-suite executive at a big company humans are
ultimately praise driven beings if you are seen as a big swinging dick at work everybody praises
your efforts gives you respect and lets you guide projects it can be very hard to give that up just
to go back and mend the other parts of your life that you have neglected to focus on your career
the saddest part of this is that these people might hate what they do but they do it anyways
because it's much easier to justify a very unhealthy lifestyle if you are making lots of
money the third type of person addicted to their work might also not really enjoy what they do
but they won't have necessarily neglected the other parts of their life they are instead
addicted to their work because the companies they work for have intentionally set them up to be
golden handcuffs is a phrase that is all too familiar amongst high-income earners in corporate
america top talent is quite rare and hard to find it is also expensive most senior executives
and advanced specialists are not performing at their best for six to 12 months after starting
with a new company it takes time to learn new systems new names new projects and a new culture
this is a problem because most people at the top of their careers will know that long term
it is financially much more rewarding to change jobs every two years companies do not want to pay
people like this for 12 months of training just for them to jump ship as soon as they get a better
offer so they set up incentives for them to stay this mostly comes in the form of deferred payments
or bonuses that are only received for work done some number of months in the past a high income
earner will always get their base salary but bonuses in certain roles can be as much as four
times that base pay a great deal for you if you can land this type of job and perform well in it
the only catch is that these bonuses are paid out to you at some point in the future
if you quit before that time you get nothing of course the sinister part of this is that by the
time you have worked long enough to get your bonus from your first year on the job you will have two
more years of bonuses in the pipeline that you will be eligible for in another two years time
it is very easy to get stuck on an endless career treadmill chasing a carrot that is always a few
months away companies have other tricks to keep their top employees around and this can often lead
to people working in jobs that they hate working jobs we hate so we can buy [ __ ] we don't need
even if they don't need to just because they would feel silly quitting now and leaving a bunch of
money on the table people in certain finance communities call this one more year syndrome
as in one more year i will get that big bonus one more year and i will be able to afford a vacation
home in retirement one more year and i can fly business class on all of my retirement vacations
one more year and i will have a bit more financial security in retirement
there will always be reason to work just one more year even for those people that do not really need
the money to support themselves anymore one more year quickly becomes a decade that could have
been spent enjoying the lifestyle that they have worked so hard to achieve the golden handcuffs
can sometimes be self-inflicted as well how do they feel tremendous a lot of very highly paid
jobs are extremely specialized there are only a few dozen engineers in the world that can oversee
deep sea oil drilling projects and their work depends on them constantly keeping up to date
with the latest drilling techniques and industry standards these people are paid extremely well but
if they ever quit their skills will quickly become obsolete and they will find it almost impossible
to secure a role like they had before for people like this there is no trial run at retirement
there is no taking a year off to relax or try out a new business they need to
be committed to their career until the day that they step away money can solve a lot of problems
but unfortunately for many it can't solve the problems of being stuck in a job that you hate
although maybe they should feel lucky that their companies value them enough to literally trap
them into their jobs because for everybody else companies have stopped caring about how long they
stick around go and watch my other video to find out how staff loyalty something that companies use
to prize has quickly become something that they hate and how you can use this to your advantage
in your own career a special thanks again to aura for sponsoring this video and making it possible
for everybody to keep on learning how money works what are you walking with 40. i'm broke