It's depressing to think about how much money some people make compared to the average laborer. For example, to make the $250 an hour some attorneys make, many of us would have to put in a half a work week. The question of whether or not the wealthy work harder than the rest of us is a controversial one. People are curious how the 1 percent made it to the top. In many cases, they didn't win the lottery. They just worked a lot. Even though I work a lot, all my extra hours haven't made me wealthy yet.
According to a recent article by The Wealth Report, a new study offers insight into the question of whether of whether rich people really do put in more hours. The study confirmed that there is a leisure gap between the rich and the poor, with poor people enjoying more leisure time. Even though some rich people may put in more hours, it's unfair to say people who make less money are lazy or slackers.
Learning to leverage time
In some ways the statistics can be misleading. I know a college friend of mine who is now a millionaire recently went on vacation for an entire month. He was still earning money through passive income streams. Also, he has employees who can continue to generate income for his marketing business. I think what some people fail to realize is that many millionaires including my college friend didn't start out taking one month vacations. He never took a day of for years until his business was established.
Working beyond the 9-to-5
According to the study, between 2003 and 2007, low-income/low-educated women's leisure time grew from 35 to 35.3 hours. Meanwhile, the leisure time of higher income women shrunk from 32.2 to 30.3 hours. Before I obtained my college degree, I worked a shift. However, after getting a degree, I found I could earn money with freelance work as well as a main gig.
Avoiding time killers
The study defined leisure time as socializing, playing games, watching television, reading personal email, talking on the phone and participating in hobbies. I tend to avoid time wasters. To save time, I may exercise while talking on the phone or watching television. However, in most cases, I find movies and television distract me from being more productive.
Even though some rich people work more hours than the rest of us, a lot of middle class and poor people juggle several jobs to make ends meet. Sadly, many poor people are stuck in jobs that they don't like. Their jobs may be physically taxing or emotionally draining. I've noticed many of the wealthy people I know don't dread working. They actually look forward to the challenges of the day. In many cases, I think it's fair to say the distinction between leisure and work is blurred for many rich people.
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