By Teneshia “Miss Money Sense” LaFaye
Millions of Americans are struggling, living paycheck to paycheck while the rich keep getting richer.
During the Democratic presidential debate on CNN last night, presidential candidate Bernie Sanders boldly stated that he was the only one on stage who isn’t a billionaire. Even more startling is when the Vermont senator repeated that “the top one-tenth of 1 percent own almost as much wealth as the bottom 90 percent.”
Sanders’ solution is for Congress to raise the federal minimum wage to $15 an hour, but I beg to differ.
If workers make a minimum of $15 an hour, corporations will just raise their costs for goods and services, making it even harder on working Americans.
So the answer isn’t raising wages, the answer is for people to follow the lead of presidential candidate Hillary Clinton and former president Bill Clinton and join the wealthy 1%. The Clintons each were raised by working class parents and pursued business ownership and now are worth billions.
So the solution for people’s financial struggles is to take control of your finances by investing and becoming a business owner. Wealthy people have at least seven income streams and use their assets to pay for their liabilities. The bottom 90% pour their money into liabilities, such as their home and cars, and have little assets.
As long as you work for someone else, it will be harder for you to become and stay rich, and even if you do make a lot of money, your position or income can be taken away from you. Ask the professional athletes who have gone from millionaire salaries to bankrupt.
Business ownership isn’t easy. It usually requires a substantial investment. And most new businesses fail within the first 12 months because they generally aren’t profitable for at least 24 months. However, those who persevere benefit from tax breaks, create jobs, leave a legacy for their family and have the potential to join the top 1%, which are about to control more money than the bottom 90% and who already control half of the world’s wealth.
So don’t make the mistake of sitting around on a job waiting for a raise. Get a side hustle or two to pursue business ownership and therefore control of your financial well being. I have helped nearly 100 people from nurses to doctors to bank executives to realtors to retirees become successful sole proprietors and business owners, and I am always looking to help more pursue self-employment and business ownership. So reach out to me on my Miss Money Sense page on Facebook or via email at email@example.com.
Teneshia LaFaye is a former award-winning newspaper journalist and a nationally certified financial education instructor. She owns a health insurance agency and has written two books, What My Mom Taught Me About Money and Mom’s Money Lessons, available on her site, www.mytensense.com. Get her FREE daily money tips to work on improving your financial mindset by “liking” her MissMoneySense page on Facebook.