A rat race is defined as an endless, self-defeating or pointless pursuit of a competitive activity. Imagine a rat in the laboratory trying to escape while frantically running around a maze or in a wheel. This analogy is often used in reference to work in our modern society. Most people enter the rat race to earn income. They travel to work early in the morning, work very hard to get a promotion (hopefully) and then work even harder for the next promotion (again hopefully). This corporate ladder climbing continues until they peak and stagnate at a certain level. As there is only one CEO and few senior management positions in an organization, only a handful of employees would be promoted to these appointments. What are the chances of people reaching the highly coveted management positions in the course of their career?
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There are many different interpretations of financial freedom. Try asking your family and friends what financial freedom means to them and they would likely be giving you different answers.
Some people define financial freedom as being very rich. To some, financial freedom is being able to afford anything that one desires. Then there are those who think that being financially free is to be totally debt-free. Still, others see financial freedom as having sufficient money to retire. Hence, financial freedom means different things to different people. What does it mean to you?
Are you running your household like a business?
Have you ever prepare a profit and loss statement for your household? Do you know the net worth of your household? If your answered "No" to any of the above questions, you may want to take some steps to run your household finances just like you're running a business entity. Doing so would bring your finances to a healthier level, whatever the state of financial health you may be in right now. |
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