How To Build Wealth As A Photographer

This post is Day 28 of 30 Ways In 30 Days To Redesign Your Life With Photography. This series seeks to provide you with practical steps to get you from wherever you are today, to exactly where you want to be – this year! If your goal has always been to take your photography to a whole new level, hang on and start enjoying a new lifestyle you’ve always dreamed of.

I attended an interesting meeting last night on wealth in America. The distribution of wealth in America has changed drastically over the past 60 years. Right now, statistics show:

  • 34 percent of all wealth is controlled by the top 1 percent of America
  • 38 percent of all wealth is controlled by the 90-99th percentile
  • 26 percent of all wealth is controlled by the 50-90th percentile
  • 2 percent of all wealth is controlled by the bottom 50th percentile

Shocking right? Over 72 percent of all wealth in America is in the hands of the top 10 percent. So what does that mean for the rest of us?

Right now, we’re seeing that wages are increasing at about 3.4 percent on average per year. That is if you happen to be lucky enough to be in an industry that is currently giving raises. Add in the fact that job security is at an all time low – will your job really be there next year? And expenses are growing at a much faster pace then our income could ever hope to keep up with.

Okay, I’m not using all of this to bring you down. Just the opposite in fact. I’m using these numbers to bring you up.

See statistics also show that the only way to build wealth right now in America (and the rest of the world too) is to start and build your own business. When you are in control, you also control how much you bring in. You can continue to learn and grow as much as you desire. And tax laws favor owning a business. You don’t pay “income taxes” in the same manner as the person with a JOB. You can do so much more! [Read more…]