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Nairaland Forum / Nairaland / General / Career / Can An Employee Ever Be Richer Than His Employer? (3139 Views)
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Can An Employee Ever Be Richer Than His Employer? by dearie(m): 1:54am On Jul 30, 2006 |
is it possible to have someone on ur payroll, yet the person is richer than you are? What are the possibilities if they exist? |
Re: Can An Employee Ever Be Richer Than His Employer? by diddy4(m): 2:21am On Jul 30, 2006 |
it is not possible unless the person has other business or inherited money from his peps or someone else or the person won lottery. if the person works under you and you pay him and he aint got no other business, their aint no way he will be richer dan you. it will only be possible if he has other investments. |
Re: Can An Employee Ever Be Richer Than His Employer? by dollypee1(f): 3:28am On Jul 30, 2006 |
Yes. If d employer is a spend thrift i tell u sooner or later d employee is gonna get richer than his employer and like diddy rightly said if he has another business,then d righes ' gonna double in a fell swoop. |
Re: Can An Employee Ever Be Richer Than His Employer? by Rams(m): 4:59am On Jul 30, 2006 |
It's very possible. Someone might have their own burgeoning business on the side but remain employed with someone esle because of the security, i.e. you don't know if your business might collapse so you remain employed just in case. Sometimes people are extremely rich "on paper" (in the form of stocks, investments, etc) so that's another way. A few people put part of their disposable income into short term, high risk investments and when it pays off, it usually pays off big. |
Re: Can An Employee Ever Be Richer Than His Employer? by waleleader(m): 9:37am On Jul 30, 2006 |
the answer is simply YES, OF COURSE. if the employee inherited money from parents or if he has made money from a previous business venture. its like asking if a son can be richer than his parents |
Re: Can An Employee Ever Be Richer Than His Employer? by diyobdw(f): 9:08pm On Aug 01, 2006 |
nothing is impossible! But not usual in this part of the world or in the mid level |
Re: Can An Employee Ever Be Richer Than His Employer? by my2cents(m): 9:42pm On Aug 01, 2006 |
I assume this question deals with a situation where the employee works for no one else but the employer - no inherited wealth, no biz on the side, no juju etc If this is the case then the answer is no. Speaking for the states, each person's salary is pegged (exlcuding racism and sexism of course) to how much that person's peers are making within the same line of work. Also, employers are privy to tax breaks that the employee may not be able to take advantage of, thanks to tricky tax laws. |
Re: Can An Employee Ever Be Richer Than His Employer? by OldGlory1(m): 10:05pm On Aug 01, 2006 |
My2cents It depends on which country the thread owner is talking about. Many Bus drivers/Conductors in Nigeria, are richer than the owner of the bus. Lolol, am i lying? |
Re: Can An Employee Ever Be Richer Than His Employer? by Zahymaka(m): 10:17pm On Aug 01, 2006 |
Old Glory: True talk! |
Re: Can An Employee Ever Be Richer Than His Employer? by my2cents(m): 4:10am On Aug 02, 2006 |
Old glory, True, true talk LOL If na naija, yes, especially the "nwata w at" crowd. I stand corrected LOL |
Re: Can An Employee Ever Be Richer Than His Employer? by Seun(m): 8:17am On Aug 02, 2006 |
What's "nwata w at"? |
Re: Can An Employee Ever Be Richer Than His Employer? by micklplus(m): 9:21am On Aug 02, 2006 |
Good points so far ! the truth is, putting into consideration so many favourable factors, it is just too possible for employee to be richer than the employer. e.g inheritance, investment, e.t.c. In a country like naija where everything and anything is possible, u'll be suprised when u find out that someone you are paying is damned richer than urself ! like example oldglory gave above, bus driver and conductor being richer than the bus owner.imagine that ! It is however not very possible in a normal scenario where all things are equal. Cheers |
Re: Can An Employee Ever Be Richer Than His Employer? by Ka: 9:50am On Aug 02, 2006 |
Old Glory: Many Bus drivers/Conductors in Nigeria, are richer than the owner of the bus. Technically speaking, the bus driver/conductor isn't employed by the owner in the typical Nigerian arrangement - he just leases the bus to them for a fixed fee. |
Re: Can An Employee Ever Be Richer Than His Employer? by Seun(m): 11:20am On Aug 02, 2006 |
Nigerians should stop this "job, job, job" nonsense and start their own businesses. Instead of wondering whether your boss will pay you enough to be richer than her, go and start your own! The people that run their own businesses are human beings just like you. Most of them were not even born in rich families. |
Re: Can An Employee Ever Be Richer Than His Employer? by Mystique(f): 1:21pm On Aug 02, 2006 |
If u be sharp guy. u fit get money pass ur oga |
Re: Can An Employee Ever Be Richer Than His Employer? by otokx(m): 2:09pm On Aug 02, 2006 |
its possible if the gal is married to a rich guy. |
Re: Can An Employee Ever Be Richer Than His Employer? by doshbass(m): 3:43pm On Aug 02, 2006 |
It is Possible, if the Employers has little or no profit and alot of financial responsibilities (debts). whereas the employee is collecting his or her own salary whether there is profit or not. Most Businesses especially in Nigeria exist to barely survive not to make money as it is very difficult to make a profit. |
Re: Can An Employee Ever Be Richer Than His Employer? by Seun(m): 3:53pm On Aug 02, 2006 |
Some people will get a little money and immediately start spending. Because they have "arrived". When banks offer give them credit, they believe they must not allow their credit rating to "waste" by not borrowing. If your employer is like that, then you can be "richer" in a sense because your empployer might have more debts than assets. But he/she will be spending more every month despite the debt. Extravagance is a deadly affliction of many Nigerian businessmen. Given that, you might find yourself richer than your employer! |
Re: Can An Employee Ever Be Richer Than His Employer? by my2cents(m): 4:22pm On Aug 02, 2006 |
seun et al with similar opinions: that is y a smart biz man shd register their company as a limited liability. That way, assuming the definition still holds from my commerce class days of 1990 (if not, shoot me ), they are only limited to losing only what is part of the biz, as opposed to personal wealth |
Re: Can An Employee Ever Be Richer Than His Employer? by Seun(m): 4:51pm On Aug 02, 2006 |
Banks are not unaware of that trick. They'll just demand collateral. Your family house. Then when you default on the loan, they'll seize it and sell it to get back their money. And you'll be on the streets! |
Re: Can An Employee Ever Be Richer Than His Employer? by dollypee1(f): 5:05pm On Aug 02, 2006 |
are there things like forclosed properties in nigeria? never heard bout that,are dey cheap when u wanna buy like in usa? strange. |
Re: Can An Employee Ever Be Richer Than His Employer? by skima(m): 10:47pm On Aug 02, 2006 |
All things being equal, The employee can't be richer than the employer. In the case of Bus driver and Bus owner, \ The owner can only peg the amount to be delivered but not the amount the driver can take home. So even if he makes 100k and the delivery due is 5k then he owns the rest. The owner also bears the major risk (repair servicing etc etc). Business Owners Rules! E / S / B / I CashFlow Quadrant |
Re: Can An Employee Ever Be Richer Than His Employer? by babe1(f): 12:39am On Aug 03, 2006 |
Seun: Yea, whats that? |
Re: Can An Employee Ever Be Richer Than His Employer? by micklplus(m): 9:23am On Aug 03, 2006 |
dolly -pee:Forclose ke? for where ! that aint gon happen ! the only thing that can happen in that case is, the properties would be disposed off with the forced sales value (FSV) which is about a good price to sell it even when there are no issues on the properties ! my2cents: Limited liability ke! it doesnt workout in this case o! infact, the bank(s) are insured as first loss payee incase, such properties might have been used as collateral in some other dealings and also personal guarantee is put in place in case the properties is not enough to pay down the credit facilities. Back to the topic, it is very possible for employee to be richer than his employer especially in a one man business. |
Re: Can An Employee Ever Be Richer Than His Employer? by omogenaija(f): 10:41pm On Aug 03, 2006 |
yes its possible, its all bout the way the money u make is used and saved |
Re: Can An Employee Ever Be Richer Than His Employer? by diyobdw(f): 10:08am On Aug 04, 2006 |
"mickyplus especially in one man business? How? just curious |
Re: Can An Employee Ever Be Richer Than His Employer? by micklplus(m): 1:08pm On Aug 04, 2006 |
diyobdw: Hey ! Dont be curious. Lets look at it from this angle . Yeah, in a one man business(sole proprietorship) especially in underdeveloped countries where (1)due diligence and operational excellence in not in place.(2) Employees tends to be more educated than some employers (3) sharp practices on the part of the employees (4) other economical and technical factors ! Going by the listed factors, chances are that, employee could be richer than the employer ! Some employers are not even vast in the knowhows of running a business hence, giving room for a desperate and smart employees to divert proceeds from sales. More educated employee could also, enrich himself/herself at the detriment of the employer(illiteracy on the part of the employer) how do you track performence? This is even one of the major reasons why some enterprises are failing because the employers would have gone bankrupt as a result of some the above listed points. Employees then goes into another line or business venture(s) as a result of the ill gotten wealth from his/her employer. So, the possobility of the employee(s) being richer is very high ! which also means, employee(s) can be richer than the employer(s). Cheers |
Re: Can An Employee Ever Be Richer Than His Employer? by segedoo(m): 8:10pm On Aug 04, 2006 |
the business owner rules Just make sure you learn the basics of starting a business before jumping into one. A lot of folks say start your business bla bla bla but i strongly believe it should study entrpreneurship basics and then start your business. |
Re: Can An Employee Ever Be Richer Than His Employer? by kimba(m): 9:13am On Aug 06, 2006 |
Yes, why not. In fact, every employee should strive to be richer than his employer. Definitely you are not going to work for that company(private company) for the rest of your life, you've gotta make it on your own. My2centsYes o, na true. I know a brick-layer working for a brick/block-making factory who has his own/personal low-down 190e. |
Re: Can An Employee Ever Be Richer Than His Employer? by tEsLim(m): 8:35pm On Dec 15, 2006 |
Hey hey!!! Someone I know tried getting richer than he's employer and was showned is way outta the company. And another person I employed in my fish farm did the same thing and ran down the whole farm. And these funds did'nt even show on him. I can't imagine where he spent all the money. Cos he still lives in one room. Though I was'nt in his village and I loss 900k to this ripper! Rule is: U gotta be a real ripper to be richer than ur employer while working under him and getting no funds from elsewhere. Thats why when most Manager notice an employee being to smart they keep an eye on them or fire them for no reasons. |
Re: Can An Employee Ever Be Richer Than His Employer? by Seun(m): 5:14pm On Dec 16, 2006 |
You're equating "trying to be richer than your employer" with stealing. That's very dishonest of you. |
Re: Can An Employee Ever Be Richer Than His Employer? by diyobdw(f): 11:57am On Dec 28, 2006 |
;d ;d |
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