Living as a Wage Slave

What is a wage slave? The short answer is a wage slave is someone who is stuck in a job out of necessity. Maybe they like the work they do, and maybe they don’t. Either way, they have no option other than to just keep doing it. It is a difficult way to live.

A wage slave can never hope to achieve financial independence, because despite hard work they will never get ahead. Why? Because they spend everything they earn as fast as they are able to earn it. A typical wage slave may appear to be living a lavish life, but appearances can be deceptive when it comes to money.

With the easy availability of credit, a wage slave will often carry a high level of debt. Much of the effort they expend will be to pay of the interest of purchases which have already happened. A person who doesn’t understand the proper use of credit is bound to pay interest rather than collect it. Spending money as faster, or faster than it is earned, prevents achieving financial independence.

The life of a wage slave is filled with stress and uncertainty. This is because a wage slave has no emergency fund to use for an unexpected expense. They live at the mercy of an employer, hoping no unfortunate circumstance comes between them and the next paycheck. It makes work in an unfulfilling job excruciating even more painful.

Even if you have been living as a wage slave until now, there is still a chance to make changes and eventually achieve financial independence. It starts by reigning in spending to below the amount of money you earn. After cutting spending you can save up an emergency fund. After an emergency fund is established you can begin investing to generate passive income, and eventually achieve financial independence.

Controlling spending and saving for the future can be difficult, but they are essential steps towards living a richer life. A financial coach may be helpful in reaching your goals, particularly if you have struggled with spending and saving despite making attempts to change. It is never too late to ditch life as a wage slave and pursue financial independence.

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