Step Two – Earn Income

Last week I outlined the definition of a Third World country and introduced step #1 of the 10 steps to make it in the third world. For the first step in succeeding in making it in a third world country, we demonstrated why getting an education is paramount. Why is it important? In case you missed it, step #1 highlighted why having an education will open up an opportunity to obtain a job and also create a channel for you to showcase your skills and talent. Some persons may not be enthusiastic or passionate about school or education and of course we should ultimately seek to do what we love, and utilize our talents and skills. But how do we get to this point of satisfaction? As I mentioned last week we should take a measured approach towards achieving this goal.

This week I will be introducing step #2 of the 10 steps which, after education, could be considered one of the most vital steps in this 10 step plan.

Step #2Earn Income

Ok Ricky, you have a knack for stating the obvious – of course we have to earn income if we want to be successful.

Ok let’s break it downafter you have done step #1 of the 10 steps for third world success, naturally you are now looking forward to earning the ‘big bucks’.  After all, you have studied hard and you deserve it right? As you can see, I am assuming that you have followed my Step #1 to the letter, and have garnered for yourselves a good education.  But do not be in despair if you have not gone through the education ‘system’. Whatever income we earn we can still position ourselves for financial stability.  With that thought in mind I would encourage you to still get a basic education because you will see the miracles it do for your self-esteem and your ability to earn even more.  Moral: it’s never too late to learn.  And yes! Old dogs can and do learn new tricks all the time. For example, the technology we had in the past, say 10 or 15 years ago is not the same technology we have today; but we have all learned for the most part to adopt and adapt to these new tech and new ways of doing things.  Isn’t that us learning new tricks?

What is income? – An income according to the Cambridge Dictionary is money that is earned from doing work or received from doing investment. This is the basic definition of an income, it is money coming in.

Types of IncomeThere are three major types of Income.

  1. Earned/Active Income: This type of income is where you work for your money (earning a salary or wage). Basically your time or physical effort in exchange for money.
  2. Investment/Portfolio Income: Money earned from selling of an investment for more than what you paid for it, for example, stocks, bonds etc.
  3. Passive Income: Any money that is gained from assets you own and where you are not actively working, for example, income earned through the rental of property or dividends from stocks.

There are also other types of income such as inherited/unexpected or also won income.  However, for the majority of people in the Third World, Inherited Income is the stuff of fairy tales.  Also, if your financial plan is based solely on unexpected or won income, then as we say in Jamaica, ‘Yuh (your) corner dark’. This means that if this is your financial plan then you need some serious help. People often sit and complain about what the government is not doing for them. But ask yourself this question what active measures are you taking to improve your situation? Luckily you have (TWSG) to help to guide you along.

Earned/Active Income – In this step I will be focusing on Earned Income.  It is the most commonly thought of stream of cash when the word ‘income’ is mentioned. It is also the fastest and easiest income to make.  So why is Earned/Active income step #2?  It’s obvious that after I graduate I would want to earn money.  However, you would be surprised how many university graduates are sitting at home because they are waiting for that perfect job. They will say to themselves statements such as: ‘I would never work in a bank as a teller’ or ‘I studied to become a top notch English teacher; I would never work in the BPO (Business Process Outsourcing) sector aka ‘call centre’, even if I am a supervisor there’.  If you are not among those who have a job waiting for them because you chose wisely before starting tertiary education, in a field that is currently in demand, then you may have to take a job to ‘earn income’ even if it’s not in your field of study. My focus here is on the ‘income’, not the type of job.

It’s below my standard! – why take a job below your qualification?  Now, let me be clear about this.  I am not suggesting that you should forget about your field of study or give up on your dream job.  But the points I will list below will outline why earning income right away is a vital step #2 of TWSG.

  1. Some people wait at home for years instead of taking on a job temporarily. Sounds crazy? You are right, but it is more prevalent than you think. But let us not forget that any income can be used to move us closer to financial stability and eventually that dream job.
  2. Bills are piling up while you wait at home. Need I elaborate?
  3. Interest on bank loans and or student loans and or other credit facilities are compounding.
  4. Up to 11 percent of graduates were still unemployed after two years – a lot of University Graduates wait until finding a job in their field. If, for example, you wait at home for two years, which according to the University of West Indies Tracer Surveys that was quoted in an article in the Jamaica Gleaner dated May 21, 2017, then that is two years missing out on wealth building. Here’s why that is significant: the most critical ingredient in wealth building is time. Time is also an individual’s most valuable asset.  The sooner you start earning income after graduating school, the sooner you can start building wealth.


What can I do to start Earning Income pronto? – There are many ways of earning active income that may be easier (to find a job), and more critically, faster than waiting for your dream job in your field of study.  I will list a few below. This is by no means exhaustive, but is rather a guide to show you where you can find opportunities.

  • Banking/Financial sector: according to Bright Network the banking/finance sector is a popular choice because; 1. It offers fast paced, continuously challenging career, 2. Offers professional training and development opportunities, 3. Salary and benefits, 4. International travel, 5. Long term career plans
  • BPO sector: Based on an article posted on the Global Innov8ion website, there are a number of compelling advantages to being employed by the BPO sector. Among the advantages listed were; 1. It’s a stable industry which in turn translates into job security and financial stability for its employees, 2. Can create great learning opportunities for employees as they are exposed to advanced practices in different industries. In Jamaica, an article posted on the Jamaica Information Service website in March 2017 stated that the BPO sector in Jamaica is growing with the number of Jobs moving from just under 12,000 in 2011 to just over 22,000 persons employed more recently.
  • Freelancing: If you are thinking about being a freelancer, this may be a great career opportunity for you as you will be able to work from home. In addition, you will be able to arrange your activities around your needs. Freelancing has also opened up opportunities on the internet and is seen as one of those careers the economic environment of the world is in favour of.
  • Family business: Being involved in a family business has a number of benefits. Firstly, you are likely to be hired if you show interest in working for the business as long as there is no conflict of interest if you were to be hired. You will likely be working with individuals who you trust and care about which may create a more relaxed environment. You may also be motivated to grow the business as you could also stand to benefit from its growth, which translates to more income in your pocket.
  • Online: We are truly in the digital age, the digital revolution is in full swing. The internet has now reached many remote areas around the globe which for businesses means a larger potential customer base and also creating online job opportunities. For those of us who seek to create additional income, online jobs are a good option. Several career options for those seeking to get into online employment are: social media marketing manager, pay-per click ad manager, web developer, and webinar hosting among others.
  • Farming: This sector offers great opportunities, and is often neglected in Third World countries; in Jamaica it is often looked down on. But what we do not realize is that the backbone of all First World countries is being able to feed its people.  When a nation no longer has to worry about being hungry, we see innovation abound.  We can then concentrate on growing all the other areas and people such as our scientists, philosophers, astronomers, inventors of all forms of technology, that when you are hungry, is the last thing you are thinking about.
  • There are literally countless other ways of legally earning Active Income. A little research can go a long way. Also don’t be afraid to ask questions regarding something that you may be interested in and don’t be afraid to try something new.  It has said that your comfort zone is where you are most uncomfortable.  This means that when you feel uncomfortable about something, you have reached the end of your current comfort zone.  It is also said that no growth takes place in your comfort zone.  Therefore when you feel you have left your comfort zone it means you are about to grow, you are about to learn something new – success is on the other side of your comfort zone.

Wait a minute! Don’t settle! – Earning ‘income’ is not an excuse to not actively pursue and seek a job in your field of study.  However, instead of waiting on that perfect job, go out and explore. Take advantage of other job opportunities. After all, circulation is the key to life.  What would happen if your blood stops circulating?  What would happen if the Earth stopped spinning?  What would happen if everything in nature stopped circulating?  I am not a scientist, but I am guessing it would be really bad!

Your field of study – A great way to get some experience in your field of study is to do volunteer work part-time in that field.  Offer to work for free for a month.  If your offer is accepted, make sure to bring some value.  You would be surprised at the doors that can be opened for you by working for free for a period of time in your field of study.  When a position opens up, guess who they will have on their mind? You. Or, if you have made such a great impression, they may ‘create’ a new position, just so that they don’t lose you. I know many individuals who have refused to do volunteer work as they see it as a waste of time but on the other hand those same persons complain, saying that every workplace wants to hire someone who has experience. Volunteering does not only put you in a position to grab an open position at that workplace but it also provides well needed experience for future employment.

So what should I take away from step #2?

  1. Time is money. Think about it, what do you offer your employers in exchange for money or any other form of reward? Yes, your time. When you go to a “nine to five” job it is your time you are giving as you could have used it for something else. So it is better to do things sooner rather than later or waiting for things to magically fall into place.
  2. The most valuable ingredient in building wealth is time. If time is equal to money then whatever you do each day that passes will determine how successful you will become. Those who are considered successful and those who are yet to achieve success both have 24 hours in a day. The successful do not get more time; it is how they utilize their time that makes the difference.  At TWSG, we are here to guide you along the path where your time will be used towards your success.
  3. The sooner you start earning income the better. As I established above, it is better to have a job than no job at all. When you have a job you now have a better control over your financial independence and stability.
  4. Don’t sit at home and become stale and stagnant, circulation is the key to life. This ties back into the statement made above, the sooner you get a job, the better. When you stay at home, not wanting to even volunteer in your field or ‘dream-job’, there is someone out there that is doing the exact opposite and will certainly be in a better position than you, if a job opportunity comes up.
  5. You will be able to start paying down debt and start building wealth immediately. Debt, especially bad-debt (I will explain good-debt in articles to come) is the MOST crippling element towards achieving success. Debt in relation to your financial success is like trying to catch a loose chicken with your hands and feet tied and an albatross around your neck – really Difficult.
  6. You need an income to move on to step #3.

Stay tuned next week as I will publish step three of the ten steps on how to make it in the third world.

Our actions now will determine future results.

Instagram: Ricky.Lindo.ja

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