Wait, what? Come again please… surely I didn’t just read that. Yes, you did indeed. And no: it’s not a click-bait title, so please just bear with me.
But first, I want to ask you a simple question:
Would you prefer to receive a guaranteed minimum wage for the rest of your life or get a once-off $1,000,000 lump sum payment today?
Keep your answer in mind as we go through this short article.
The minimum wage in Australia as of 2019 is $19.49 AUD per hour. This is calculated based on $740.80 earned over a 38-hour week.
As you can imagine, we don’t work 38 hour weeks here at Sagely so let’s plug the above figure into my equation, which accounts for money working for us 24/7:
$19.49 x 24 x 365 = $170,732.40
Et voila! That’s a whopping $170k salary each and every year! Regular folk like you or I could live incredibly well off that kind of income wouldn’t you agree?
Ok, so I was a bit sneaky and didn’t clarify that you would receive the minimum wage for each and every hour, even while you sleep. So if this thought experiment seems unusual or even pointless to you, I hope it has at least made you think outside the box. For me personally, the key take-aways are:
- Earning “minimum wage” is nothing to be scoffed at – at least when it is calculated over each and every hour in the year;
- It motivates me to set a big target for what I want to passively earn one day and to work harder to try and get there sooner;
- It gives me and my friends an interesting conversation talking point when I tell them I’m still trying to get to minimum wage!