Forbes Coaches Council
Universal Income Isn’t The Only Solution: How To Personally Invest In Your Financial Freedom
As politicians clash over big government, tax breaks for the wealthy and increased protections for low-income citizens, many hard-working Americans are floundering.
In the past, a college degree and a corporate job provided a reliable income for the average American family. Today companies are cutting costs by outsourcing jobs overseas or relying on automation, sparking layoffs and job insecurity. The hourglass economy created by a shrinking middle class is forcing many Americans to work for a disappointing salary at a job that does not match their skill set.
New technological advances are also evolving the workplace. Americans saw the workplace change during the Roaring 2020s when people converged on cities to work white-collar jobs. Some people took a risk and pursued a different path, reaping the benefits of having a disposable income. The outbreak of the pandemic sparked a new workplace shift. Large corporations were forced to give their employees the flexibility to work remotely, limit travel and increase flexibility. If you took time during the pandemic to reevaluate your career and realize it’s time to make a change, start by investing in yourself.
While the world is focused on potential government-sponsored initiatives, such as universal basic income (UBI), as the ticket to helping Americans flourish, you can stay ahead of the curve by investing in yourself to achieve financial freedom.
Universal basic income is not a new concept. Famed proponents of the plan include American revolutionary Thomas Paine, Martin Luther King Jr. and economist Milton Friedman. Implementing UBI would guarantee that every American over the age of 18 receives a payment from the government each month.
The concept of UBI is particularly popular among Americans under 30 years old and people with low incomes, Pew Research revealed. It should be noted that only 22% of Republicans support UBI. The proposal gained traction during the 2020 presidential election when Andrew Yang, a Democratic contender, focused on UBI as part of his platform. Yang’s plan was to implement a UBI program paying every American adult $1,000 per month.
Supporters of UBI espouse the program, believing it will help low-income wage earners get a leg up. Evidence does suggest it may help diminish income inequality and foster economic security. UBI is not intended to replace public programs like welfare or food assistance. UBI can help free people from relying solely on corporations to pay the bills.
A government program like UBI has the possibility of helping you achieve financial freedom by giving you the resources needed to invest in yourself. Having a bit of extra cash on hand to use for career enrichment classes and training can help propel you forward. On the other hand, some dissenters contend UBI may discourage people from working, creating a labor shortage. And of course, there’s always the question of how to pay for it.
Invest In Yourself
Don’t wait on the government to implement new programs to achieve financial freedom. Invest in yourself by taking the leap from employment to empowerment to achieve self-sufficiency and a long-term generational legacy.
I’ve spent my career helping entrepreneurs discover their futures. Coaching helps people who are at a crossroads in their careers discover a path forward. Taking time to learn your financial and lifestyle goals will help you achieve the future you deserve. Determining if you want to return to the corporate world, start a new business or pursue business ownership by franchising will help point you in the right direction
Many Americans are under the impression that business ownership is a pipe dream. Years of working at a corporate job gave them the idea that writing their own paychecks and achieving self-sufficiency is out of reach. The franchise business ownership model (my specialty) allows entrepreneurs to take charge of their careers with the training, support and guidance they need to be successful. Franchising offers a brand with a proven track record and profitable history. It’s a great strategy for fledgling opportunities to succeed.
It’s never too late to take matters into your own hands, start the next part of your career and pursue a new future.