How Ordinary People Can Turn Their Lives Around: Lessons from Foreign Laborers
This article addresses how ordinary, low-income individuals can improve their financial situations, particularly when starting without significant parental support. It draws inspiration from the strategies employed by foreign laborers in Taiwan.
The Obstacles to Upward Mobility
Many believe that a lack of effort is the primary reason people struggle to advance in society. However, the main obstacle is often the capital-driven class system, which creates significant barriers to upward mobility. Examples of these barriers include low starting salaries despite higher education costs, and the struggle to afford housing despite working full time. This system allows those with existing capital to accumulate more wealth, creating an uneven playing field.
The Importance of Capital Accumulation
The key to overcoming these obstacles is recognizing the importance of capital accumulation. Forget the idea of a "rich mindset"; instead, focus on practical ways to earn and save money. By consistently saving, you increase your chances of improving your financial standing. Avoid falling for schemes that promise quick wealth through expensive courses or programs, as these often deplete your capital.
Learning from Foreign Laborers
To learn how to navigate this capitalist system, we should look to foreign laborers. These individuals often come from countries like Vietnam, Indonesia, the Philippines, and Thailand. Despite lacking high-level education or specialized skills, they improve their lives through diligence and strategic financial decisions.
Foreign Laborers' Approach to Financial Success
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Recognizing the Value of Taiwanese Currency: Foreign laborers understand the relatively high value of the Taiwanese dollar (NTD) compared to their home currencies. This motivates them to work in Taiwan, even in difficult conditions, to earn more money.
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Prioritizing Savings and Remittances: A significant portion of their earnings is sent home to support their families and invest in assets like land and property. They often live frugally in Taiwan to maximize their savings.
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Understanding the Reality of Wage Stagnation: Unlike many locals, they recognize that Taiwanese wages haven't kept pace with the cost of living, and actively seek opportunities to maximize their income.
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Escaping Exploitation: They're not afraid to leave exploitative jobs ("escape"), seeking better-paying opportunities and improved working conditions. This can include leaving legal employment to pursue higher-paying "black market" jobs.
Applying Foreign Laborer Strategies to Your Own Life
- Embrace the Value of Your Earning Potential: Acknowledge the inherent value of your earning power and strive to maximize your income.
- Don't Be Afraid to Change Jobs: If you're stuck in a low-paying, dead-end job, don't hesitate to seek better opportunities. Consider part-time work or freelancing for more flexibility and potentially higher earnings.
- Consider Overseas Retirement: Explore the possibility of retiring in a country with a lower cost of living. This involves saving diligently and converting your savings into a more stable currency.
- Invest in Tangible Assets: If investing seems risky, consider purchasing precious metals like silver as a way to preserve the value of your labor.
- Recognize Taiwan's Key Advantage Taiwan holds a crucial advantage globally in the Semiconductor industry, this provides a stable backer for Taiwan currency.
The Advantage of Being Taiwanese
Taiwanese citizens have several advantages over foreign laborers, including language skills, access to healthcare, and stronger legal protections. By adopting the saving and investment strategies of foreign laborers, while leveraging these advantages, Taiwanese citizens can achieve financial independence and a better quality of life.