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- Jul 18, 2014
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Hey guys, thanks for sharing your countless stories on this forum. It's so great to see the TMF concepts applied to real world examples EVERY SINGLE DAY! Here's my intro and hopefully some of the lessons I've learned in the last 5 years can expedite your growth!
Summary
Two months ago, I quit my job of five years to scale up 2 side hustles. Currently working on systematizing 1 of them and making a decision of scaling or discontinuing the other one after the holiday rush because it violates too many CENTS principles. I've been money chasing for the past few ventures in that I prioritized my needs first before understanding that the key is to provide VALUE first. Next step is to find a problem worth solving then provide value for all ventures onward.
Here's my recap along with the painful but necessary lessons I've lived through:
2010 & 2011
Graduated and walked into my first full time job out of college. After day 2, I knew I didn't want to stay in the cubicle life but stuck around because I didn't have a direction of what to do next. So I did what I knew how to do best from 22 years of schooling: I read. Lots of self help and entrepreneurship books to be exact. But I didn't actively apply the concepts and didn't cultivate habit of doing.
Lessons:
1) The fastlane all starts with the proper mindset. Identify and unlearn your thoughts and beliefs about being a successful employee, while internalizing the fastlane mindsets littered all over on this forum.
2) Don't stay too long in Knowledge Gathering Mode: Wantrepreneur Edition like I did.
2012
Started a niche site inspired by Pat Flynn's Niche site duel posts. Ranked on 1st page of google for keywords. Didn't make any money. It simply wasn't a problem that needed to be solved. Probably the reason why it didn't have much competition!
Lessons:
3) Knowledge needs to be applied to be internalized. Always be learning and applying. Knowledge takes on a different meaning when you can relate to it.
4) Validate your idea quick, so you don't spend more of your most valuable asset on it. Competition can be a good thing and can signify market validation.
5) Your most valuable asset is your time. It's finite and fleeting. Meanwhile there's no shortage of money as long as you provide value.
2013
Started another niche site and it started making $3-$7 a day. It was minuscule compared to my corporate job, but man did I feel pumped! But it didn't add much value and solved a small problem. So I eventually let it die out.
Lessons:
6) When you're just starting out, keep trying and learning. You'd be surprised how transferable the knowledge and skills are to your next idea!
7) "Passive" Time Detached Income is addicting! But it's not free. You need to put in the work.
2014
Read the TMF , mind blown! Thanks @MJ DeMarco! Then read and internalized a lot of the GOLD threads and started habitually applying what I learned on weekends at a cafe. Started a side hustle 1 that violates CENTS but was still worthwhile.
Lessons:
8) Habits are everything. Habits are the manifestation of repeated process, which will lead to events (the snapshots of your life). Habits are simply repeated actions, so it means that you're finally out of your head and creating things in the real world.
9) Experiencing passive income is addicting if you've been accustomed to trading time for money. Feeling it is a different story than reading about passive income for the hundredth time.
2015
I let side hustle 1 die out in Q1 after the holiday season. Then I started side hustle 2 and broke even while learning the ropes, so I continued putting more effort into it. In Sept, I decided to finally quit my job knowing that I saved enough and had a decent sized runway. "Passive" income streams from projects in the beginning of the year still drop in my bucket today and that's a wonderful feeling. A feeling I would NEVER trade for a paycheck. Heck, I still get recruiters calling me to this day offering higher salaries than my previous job. Currently I'm systematizing side hustle 2. I've also rebooted side hustle 1 for the holiday rush and will bring the axe down on it if I can't detach myself from it. Looking to branch off from side hustles and create businesses that provide massive value.
Lessons:
10) Unless you want to work in a job of your own creation, build systems for your business!
11) Growth & contribution is so much more rewarding than comfort & certainty. If you're looking to shift your values, realize that every action you take counts toward who you're going to become.
12) If you're scared of quitting your job like I was for 5 years, realize that there are tons of jobs out there and you can always go back. They might even pay you more! The bar for an average employee is so low and jobs are always there as a safety net if you fail hard.
13) Save up your money. Be resourceful but realize that you can't do everything yourself. Paying someone with 10 years of photoshop experience is way better than doing it yourself if you have no experience.
14) Always embrace your new best friend named Uncertainty.
15) Hang out with like minded people who support your dreams. The world is full of dream slayers.
Excited to meet you all on the forums and at B&P 2016!
Omni
Summary
Two months ago, I quit my job of five years to scale up 2 side hustles. Currently working on systematizing 1 of them and making a decision of scaling or discontinuing the other one after the holiday rush because it violates too many CENTS principles. I've been money chasing for the past few ventures in that I prioritized my needs first before understanding that the key is to provide VALUE first. Next step is to find a problem worth solving then provide value for all ventures onward.
Here's my recap along with the painful but necessary lessons I've lived through:
2010 & 2011
Graduated and walked into my first full time job out of college. After day 2, I knew I didn't want to stay in the cubicle life but stuck around because I didn't have a direction of what to do next. So I did what I knew how to do best from 22 years of schooling: I read. Lots of self help and entrepreneurship books to be exact. But I didn't actively apply the concepts and didn't cultivate habit of doing.
Lessons:
1) The fastlane all starts with the proper mindset. Identify and unlearn your thoughts and beliefs about being a successful employee, while internalizing the fastlane mindsets littered all over on this forum.
2) Don't stay too long in Knowledge Gathering Mode: Wantrepreneur Edition like I did.
2012
Started a niche site inspired by Pat Flynn's Niche site duel posts. Ranked on 1st page of google for keywords. Didn't make any money. It simply wasn't a problem that needed to be solved. Probably the reason why it didn't have much competition!
Lessons:
3) Knowledge needs to be applied to be internalized. Always be learning and applying. Knowledge takes on a different meaning when you can relate to it.
4) Validate your idea quick, so you don't spend more of your most valuable asset on it. Competition can be a good thing and can signify market validation.
5) Your most valuable asset is your time. It's finite and fleeting. Meanwhile there's no shortage of money as long as you provide value.
2013
Started another niche site and it started making $3-$7 a day. It was minuscule compared to my corporate job, but man did I feel pumped! But it didn't add much value and solved a small problem. So I eventually let it die out.
Lessons:
6) When you're just starting out, keep trying and learning. You'd be surprised how transferable the knowledge and skills are to your next idea!
7) "Passive" Time Detached Income is addicting! But it's not free. You need to put in the work.
2014
Read the TMF , mind blown! Thanks @MJ DeMarco! Then read and internalized a lot of the GOLD threads and started habitually applying what I learned on weekends at a cafe. Started a side hustle 1 that violates CENTS but was still worthwhile.
Lessons:
8) Habits are everything. Habits are the manifestation of repeated process, which will lead to events (the snapshots of your life). Habits are simply repeated actions, so it means that you're finally out of your head and creating things in the real world.
9) Experiencing passive income is addicting if you've been accustomed to trading time for money. Feeling it is a different story than reading about passive income for the hundredth time.
2015
I let side hustle 1 die out in Q1 after the holiday season. Then I started side hustle 2 and broke even while learning the ropes, so I continued putting more effort into it. In Sept, I decided to finally quit my job knowing that I saved enough and had a decent sized runway. "Passive" income streams from projects in the beginning of the year still drop in my bucket today and that's a wonderful feeling. A feeling I would NEVER trade for a paycheck. Heck, I still get recruiters calling me to this day offering higher salaries than my previous job. Currently I'm systematizing side hustle 2. I've also rebooted side hustle 1 for the holiday rush and will bring the axe down on it if I can't detach myself from it. Looking to branch off from side hustles and create businesses that provide massive value.
Lessons:
10) Unless you want to work in a job of your own creation, build systems for your business!
11) Growth & contribution is so much more rewarding than comfort & certainty. If you're looking to shift your values, realize that every action you take counts toward who you're going to become.
12) If you're scared of quitting your job like I was for 5 years, realize that there are tons of jobs out there and you can always go back. They might even pay you more! The bar for an average employee is so low and jobs are always there as a safety net if you fail hard.
13) Save up your money. Be resourceful but realize that you can't do everything yourself. Paying someone with 10 years of photoshop experience is way better than doing it yourself if you have no experience.
14) Always embrace your new best friend named Uncertainty.
15) Hang out with like minded people who support your dreams. The world is full of dream slayers.
Excited to meet you all on the forums and at B&P 2016!
Omni
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