This is the National Holiday Labor Day. In the USA it celebrates and memorializes the engine we call Labor. Labor is simply the application of human energy in a direction that presumably aids survival. Being a laborer is not inherently a bad or derogatory expression but it has been maligned as pedestrian, poor man work or even the hapless and hopeless minions of the entitled elites atop the system. That system can be like those found in the USA, Europe, India, China, et al. These systems all have a societal hierarchy based in part upon money but involving education, family and geography.
The caste system of India is a stated system providing a more less inherited societal position that may or may not be transcended through personal effort. That effort is labor.
I began my working life at age 10 working just 4 hours every Sunday as a helper to my Father's side gig landscaping for his regular job's employer. It paid $10 per Sunday and that was a lot in the pocket of a 10 year back then. I later worked full time M-S after my high school day. It was a grind but I made a lot for a kid and saved to buy my own brand new muscle car which one in my hands I proceeded to crash. It was a very good life's lesson and I was lucky to walk aways. My working life has been eclectic but larhely successful and the only job where I was an employee was at age 19 with the United States Postal Service sling mail bags at the O'Hare Airport mail facility. That occurred when my then wife was expecting. One ce that was behind me in fits and starts, I never went back to being an employee ever. Working as an employee was just not for me. Entrepreneurship seemed somehow in my blood. But is that any less labor than an employee's work? I think not. But it may be a better way to structure ones' labor toward the accumulation of Assets that could, not always, result in having some wealth and the potential for passive income, the secret life of the rich and famous. PASSIVE INCOME DOES NOT REQUIRE LABOR in any conventional sense. It can and does have responsibilities and time put in monitoring how the accumulated wealth performs in earning that passive income.
The most basic of basics I advise to clients is that structure is crucial as the foundation of success in business. Within that is the quiet and sometime not so quiet advice to not be an employee but be a business owner. It has far better potential to accumulate some wealth and is better treated by tax laws. Indeed, America is a nation that favors business, small and big and recognizes it as the engine creating jobs. As of today, I have no client that is not in business for themselves even if also having a w2 employment job.
I admire those who work are productive and make efforts to also move into entrepreneurship. The day of putting in your 50 years, retiring with the proverbial Gold Watch and living a happy life ever after are long gone. Somewhat replaced by the steadfast 401K with company matched contributions it is a shadow of it's former self. In fact, adjusted for inflation and upfront taxation with Roth or later withdrawal taxation with Traditional they do not make most wealthy. Factually, the majority of employees move from job to job for whatever reason and often fail to run there 401K as a real business designed to provide passive income in retirement years. Indeed, even retirement has become less common with many needing to continue work/labor into their 60s, 70s and beyond. I am 76 and work. I work by choice which is a blessing in a sense because not working when I am capable of it seems awfully wasteful. I do take time to enjoy life though and I suppose that the day will arrive when some force acts to enforce my retirement.
Today this Labor Day, I honor those who labor. Though condemnation is my approach, I ask those who do not labor why? Is it due to illness or injury or laziness? There are circumstances that make working difficult or impossible but among the able bodied I see few if any excuses that I can accept. My first daughter thought of me as a hard ass. In this way I can accept it. Rejecting beneficial work that aids survival is an abandonment of one's personal responsibility for his/her own live. No one is owed a living in my world and when UBI becomes the norm, those robots better keep the wheels moving. Leisure is OK in balance to work but all leisure all the time seems a good way to atrophy mankind.
To those who work whether employee or business magnate, I salute you!
Best,
Donn Marier
DM-Your Own CFO and the hardest working man in show business…lol