How much do you want to work? - (W3:D3) Debt Free Millionaire

Simplified Explanation: When you work a normal full-time job, you work between 30-40 hours per week. If you work less, you are considered part-time and don’t enjoy the benefits of health insurance. If you work over 40 hours a week you are due overtime pay, which is usually your normal pay, plus an extra 50% of that pay (often called “time and a half”). So, you are making extra money when you work over 40 hours in a week. These days, the 9-5 job is becoming less popular and employees are looking for more flexibility.

Real Life: In Europe, it is said that they work to live, but Americans live to work. This is not always true, but we need to limit how much we work, so we can focus on the most important part of our lives: our friends and family and reducing stress in our lives. Debt is rampant around the world and the only way to pay your debt, if not get out of it, is to work it off. People have to work all hours of the day just to pay their bills and their debt. If you can limit the amount of debt you accrue, you won’t have to pay as much, and so you won’t have to work as much. Consider this next time you think of making a purchase on your credit card or even getting a student loan. Debt is the modern-day slave owner, but you don’t have to be the slave to debt. You can get out of debt.

Countries by household debt, as % of 2021 GDP:

1. 1. Switzerland – 132% - $908,085 per house
   2. Australia – 120% - $168,600
   3. Norway – 111%
   4. Canada – 109%
   5. Denmark – 108%
   6. South Korea – 106%
   7. Netherlands – 103%
   8. New Zealand – 97.6%
   9. Sweden – 94.8%
   10. Hong Kong – 91.8%
   11. United Kingdom – 86.9%

• United States – 79% - $145,000 per house

20. China – 61.2%

How much should you work? When considering this question, consider how much you need to survive and pay off your debts. Then consider how much extra you want to work (and can work), to pay off your debts faster. As soon as your debt is paid off, you can think of the extra amount you work as how much extra you want to work, in order to pay for your lifestyle and retirement. These are things to consider when thinking about how many hours you want/need to work.

Here are two activities to find out how much you want/need to work. This will help you plan.