‘Your Salary Is a Drug’ — Is Kevin O’Leary Right?
Written by
J. Arky
Edited by
Rebekah Evans
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Business and personal financial expert Kevin O’Leary recently shared a clip on Youtube where he compared the concept of a salary to that of a drug.
“A salary is a drug they give you when they want you to forget about your dreams,” O’Leary said. “Because it’s very easy to stay in that world where someone is mitigating your risk. You just have to perform certain tasks, do them well, for a third of your day and they will feed you a salary.”
Is O’Leary correct in this assertion? GOBankingRates reached out to Michael Rodriguez, advice-only financial planner at Equanimity Wealth — below are his opinions on if O’Leary is right or wrong when it comes to his salary analogy.
Also here is how to calculate your salary versus your total compesation.
Lifestyle Plays a Part
What you are working towards plays a lot into O’Leary’s opinion: are you working to pay your bills and save towards the future or are you chasing the feeling of earning more and more money in an attempt to inflate your lifestyle.
“I like some of the things Kevin O’Leary says, but calling a salary a drug? That’s just hyperbolic,” responded Michael Rodriguez. “The way he lives his life — as an entrepreneur constantly chasing deals — isn’t for everyone. And honestly, it shouldn’t be. Some people want to work a solid job, clock in and out, have weekends free and not think about work after 5 p.m. And that’s completely fine.”
Salaries vs. Cost of Living Expenses
There are people who work hard in order to get a raise, move up in a company or be able to finally save enough money for a big purchase. Then there are people who are putting their nose to the grindstone in order to pay rent, put food on their table and take care of their families, often working several jobs just to make ends meet.
“Saying a salary is a drug almost sounds demeaning to people who are doing exactly what they need to do; supporting their families, saving, paying bills and building a life that makes sense for them,” Rodriguez said.
Loving Your Job
While getting paid is definitely the main drive for most workers, lots of people enjoy what they do to earn a living, as well as where they work and the colleagues they work with. Under these circumstances, a salary is just one motivator behind a job.
“If you’re getting paid well in a career you enjoy, that is great. Keep doing your thing. Don’t let a celebrity’s opinion make you feel like you’re doing something wrong because your path doesn’t look like theirs,” Rodriguez explained. “We all have different goals and living a life that fits your values and priorities — that’s what actually matters.”
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