Possible Six-Figure Career VS. Entrepreneurship

[Slide]

Hey everyone,

I am a 18 years old computer science student from Central Europe studying at a highly prestigious university. It is a very tough field, you have to learn advanced mathematics et cetera, but once you graduate it's not delusional to expect a 80-120k yearly salary with around 3 years of experience.

Now, you could ask, why am I here?

Since I was like 14 I have always fantasized about building a business, having my own product/service and living a lifestyle that average people aren't.

I had a couple attempts with freelancing, writing e-books for Amazon, affiliate marketing, but I never truly succeeded and didn't earn much. Mostly because I didn't have the required skills and wanted results too fast. I learned it the "hard way" that results take patience and you need skills in order to give value to people.

A couple months ago I've read MJ's book and it really aligned with my world view so I thought I join this forum.

My problem is this: Now that I'm pursuing a highly paying career I'm a bit afraid to take risks and start a business. "What if I just waste my time? What if I regret dropping out?"

My main fear is that I'm giving up something very good for something great then not getting anything in the end.

So right now I'm trying to develop my programming skills on the side and freelance in the next year or so then start a business while studying, but I'm not sure if doing so many things at once is feasible. I fear I'll either half a$$ university or my business career. Hopefully not, we will see.

Thanks for reading!

 

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[MrYoshi]

You are still young so it wouldn't be the worst thing to take a job, gain some experience and do things on the side. When the time is right you can leave and start a business. That's what I'm doing now and I'm having a ton of fun and can always get a job if things don't work out.

 

[Slide]

You are still young so it wouldn't be the worst thing to take a job, gain some experience and do things on the side. When the time is right you can leave and start a business. That's what I'm doing now and I'm having a ton of fun and can always get a job if things don't work out.

Yes I agree, but my main problem is that although I like coding/programming, I'm dreading uni, I find it boring and a bit depressing at times. Sadly my time schedule won't let me work a regular job on the side right now, that's why I want to sharpen my skills a bit and try freelancing again. It's more flexible time wise (I think).

 

[Niptuck MD]

Do you want to program and code Is the real question.

Also, where do you intend to migrate to or do you wish to stay in Central Europe?

 

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[Slide]

Do you want to program and code Is the real question.

Also, where do you intend to migrate to or do you wish to stay in Central Europe?

I find programming fun, but it's not something that I would want to do for the next 40 years in a 9-5.

I chose this field because it earns really well and I see huge potential in it. Also I was really good in math and messed around with computers since I was like 4.

I'm pretty broke so I don't think migrating is possible in the near future, maybe to an European country, but really, why should I? Am I missing something?

 

[Niptuck MD]

Just wondering, based on the needs of where you are and where you wish to be is what I was getting at; this can fuel your ideas to implement and value creation etc

 

[Anon1351z]

...that's why I want to sharpen my skills a bit and try freelancing again.

My $0.02 would be to go work for a good development shop. To some extent, programming itself is a commodity. The hardest part of going from freelancing to starting a real company (in my opinion) is learning and building the processes that are required to successfully run and scale a company.

If you go work at a company that already has these and soak everything in, it will be a massive help when the time comes to start your own.

 

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[ALC]

It's all in your head, do you want to program or not ? you see huge opportunities in that field, then jump and go for it, even if you don't like it 100%..

I'm myself a professionnal Barista, i'm italian and this is my culture, i love doing coffee & beverages but when you do that 8/9h a day it's not that cool after all..but you can't love everything of it.

Now, you seems to be in a great situation with your school, IT skills are very valuable, if you can turn that around to a business, with you at the top managing the other (Software/IT Company) and prospecting for projects, this can be huge.

Look ahead, see what can be done, and working for a company will teach you exactly how to manage your H.R, your time and your projects, and this is where you'll need to take notes.
And even if you don't like to work for a company anymore, try to build side gigs, make enough money from it to live without going to work.

 

[Slide]

It's all in your head, do you want to program or not ? you see huge opportunities in that field, then jump and go for it, even if you don't like it 100%..

I'm myself a professionnal Barista, i'm italian and this is my culture, i love doing coffee & beverages but when you do that 8/9h a day it's not that cool after all..but you can't love everything of it.

Now, you seems to be in a great situation with your school, IT skills are very valuable, if you can turn that around to a business, with you at the top managing the other (Software/IT Company) and prospecting for projects, this can be huge.

Look ahead, see what can be done, and working for a company will teach you exactly how to manage your H.R, your time and your projects, and this is where you'll need to take notes.
And even if you don't like to work for a company anymore, try to build side gigs, make enough money from it to live without going to work.

I agree with you for the most part, but as I've said before my main problem is going to university. I feel like I'm stagnating, not earning money. I want to go to a slowlane job first to experience how things work, but don't know if university will be worth the time. I think I can get a job without a degree. Not sure if I'll need all the extra mathematical knowledge from uni.

 

[Philip Marlowe]

I feel like I'm stagnating, not earning money. I want to go to a slowlane job first to experience how things work, but don't know if university will be worth the time.

Don't get ahead of yourself, Slide. It's excellent that your eyes have been opened at such a young age, but don't become a "young man in a hurry". I learned a lot at university and had an awesome time. Now, did I learn all of the skills necessary to launch my fastlane dreams? Of course not, but it was all part of the journey and I don't regret a minute of it.

Plus, if you're truly motivated, the job you get after university will pay the bills while you hustle on the side. And you WILL have bills.

Also - and this is where the fastlane comes in - six figures isn't crazy money. To your initial question about the Fastlane vs. a six-fig salary - there actually is no question. That six-figures will never make you rich or allow you to retire early. Your job will pay you just enough to keep you, and your lifestyle will likely rise accordingly.

Finish out university and have a great time. Learn a lot. Look for problems to solve. Find other like-minded folks while you don't have any responsibilities. If you're taking-on debt for classes, keep it just to your classes (I worked at night to pay my rent, and I worked at a bar so I usually ate a free meal there every night).

It's easy to read TMF and think you're on the totally wrong path. So long as you keep your eyes on the prize, everything else will be a learning experience.

Just my $0.02

-PM

 

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[Slide]

Thanks to all of you! Great advice!

 

[ZCP]

If you have some say in your curriculum or have some elective classes, take business / accounting / etc. classes. My father was a computer science major. Said his accounting class elective helped him the most in his businesses.

 

[ALC]

I agree with you for the most part, but as I've said before my main problem is going to university. I feel like I'm stagnating, not earning money. I want to go to a slowlane job first to experience how things work, but don't know if university will be worth the time. I think I can get a job without a degree. Not sure if I'll need all the extra mathematical knowledge from uni.

I'm in France, i don't know how it works in your country, but if you think you're kind of ready to jump into a job, do it.

You can also learn IT skills and work for someone after that to apply everything and then open a business, i think it's about patience.

Even myself, at 20yo i want the big idea that will make myself rich, not for the fancy life, but for the cars, to be able to help anyone, because it is my real passion since very little, but here i am going in the Coffee Shop industry, where you need 10/20yo to build something, i am sure to do that ? Not at all, that's why i'm doing side gigs (Clothing brand, if it doesn't work then Amazon FBA and then who knows..)

But be sure that UNI won't learn you anything else, i personnally quit college because i was in a languages degree, not related to any business and my parents already own a business so i can literally learn anything on youtube and apply everything in the business and so far it works and i learn a lot about H.R, finances, management.

 

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[sparechange]

Career means F*ck all. If you cleared $100k a year it would take you a decade to earn $1mm. Take into account taxes, living expenses and the bling blang, you’ve earned pocket change in the last 10 years!! And wasted 10 years of your life. Now whatever is left over from that $1mm, congrats! You can’t even afford a house in Vancouver! Sounds fun, there are tons of people on this forum that make 5 figures monthly. Not easy to get there but a hell of a lot better wasting your life away in a career.

 

[ChasingPaper]

Career means F*ck all. If you cleared $100k a year it would take you a decade to earn $1mm. Take into account taxes, living expenses and the bling blang, you’ve earned pocket change in the last 10 years!! And wasted 10 years of your life. Now whatever is left over from that $1mm, congrats! You can’t even afford a house in Vancouver! Sounds fun, there are tons of people on this forum that make 5 figures monthly. Not easy to get there but a hell of a lot better wasting your life away in a career.

If you’re in a career making $100,000 and it takes you a decade to earn $1,000,000 you’re doing it completely wrong.

Unlike a lot of the popular advice on this forum, I see a career as a great stepping stone into entrepreneurship. He’s not asking to slave his life away. He’s asking for a step in the right direction, giving advice like this can be dangerous to many potential lurkers.

Having the knowledge, some money saved up, and potential connections for a couple years of his life is not wasting it away.


Sent from my iPhone using Tapatalk

 

[sparechange]

@PTP this kid is 18 years old or was, and started with $200, he did $100.000 in a single year on amazon. Going after a career is complete insanity. You don’t need money, and you don’t need connections. I’m sure there is a ton of other examples that do not share they’re success on a forum. If a broke 18 year old kid can do it, anyone can if they work at it with perseverance.

 

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[Slide]

@PTP this kid is 18 years old or was, and started with $200, he did $100.000 in a single year on amazon. Going after a career is complete insanity. You don’t need money, and you don’t need connections. I’m sure there is a ton of other examples that do not share they’re success on a forum. If a broke 18 year old kid can do it, anyone can if they work at it with perseverance.

Has @PTP really turned $200 into $100.000 just from flipping items on Amazon? That's pretty impressive, I don't think it's as common as you make it out to be.

 

[sparechange]

Read his thread, don’t know exactly but sure it’s not common. He works more than the majority of people on Amazon.

 

[MJ DeMarco]

I don't have a problem with an education or a job. They can be great stepping stones to business.

But I do have a problem with you getting comfortable with mediocrity.

Because once you get comfortable with the grind of the rat race, you'll never escape.

A couple months ago I've read MJ's book

Which one?

 

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[Slide]

I don't have a problem with an education or a job. They can be great stepping stones to business.

But I do have a problem with you getting comfortable with mediocrity.

Because once you get comfortable with the grind of the rat race, you'll never escape.



Which one?

The Millionaire Fastlane

Based on lots of thinking, research and this thread, this is what I'm going to do: Keep going hard at university and soak in as much information as I can, because I see huge potential in computer science as I've mentioned earlier. I could start a data mining company, machine learning, app dev related etc...

While I'm studying I'll try to find work, get some experience, freelance and think about how I'll start my company then actually put my ideas into action.

Of course if it happens before my graduation I'll probably drop out, we will see...

For now I'm going to worry about earning my first 1000

And you are right MJ, never settle for being mediocre!

 

[SteveO]

You are correct that it would be difficult to do more than one project at a time. It is possible though. There is nothing wrong with any of your choices. You open more options and choices by finishing school though.

Personally, I am a fan of learning a business and then figuring a way to service that industry. I watched engineers leave HP and began printer or ink businesses. I also watched them become vendors for parts and services. Others just took their learnings and started a completely different business. But, the majority just stayed and collected a check.

Fear is repeated many times in your posts. It also seems that you are afraid of challenges. Successful business people look at challenges solve them or boot them out of the way.

 

[Slide]

You are correct that it would be difficult to do more than one project at a time. It is possible though. There is nothing wrong with any of your choices. You open more options and choices by finishing school though.

Personally, I am a fan of learning a business and then figuring a way to service that industry. I watched engineers leave HP and began printer or ink businesses. I also watched them become vendors for parts and services. Others just took their learnings and started a completely different business. But, the majority just stayed and collected a check.

Fear is repeated many times in your posts. It also seems that you are afraid of challenges. Successful business people look at challenges solve them or boot them out of the way.

Great response. You are dead on about the fear part. I believe it mainly stems from earning nothing and not having the confidence that I can live on my own.

Fortunately, it can be easily solved by earning my first check.

 

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[WJK]

Hey everyone,

So right now I'm trying to develop my programming skills on the side and freelance in the next year or so then start a business while studying, but I'm not sure if doing so many things at once is feasible. I fear I'll either half a$$ university or my business career. Hopefully not, we will see.

Get your education while you can. Education is never wasted. You don't know how you'll use it -- that's how it's worked with mine. Working is also not wasted -- as long as you are learning. And self-education on the side is also necessary. You have a whole life in front of you to make your mark on the world. Remember to always use your ears and mouth in the proportion in which they were given to you -- listen twice as much as you talk. And when you talk, ask open ended questions and then listen some more. Ask those all important questions -- where, when, how and why. Know that people's favorite subject is talking about themselves. They talk and you learn. Good luck!

 

[lowtek]

I say that if you're good at coding, can do it for the intermediate term, and can go to college without debt - then it's a reasonable idea.

If you can't go to college without debt, but are good at coding and could it in the intermediate term, then don't go to college. The number of cheap and free resources on the internet is more than sufficient to get a university education in computer science. Did you know that MIT puts much of their course material online? Just search for MIT open courseware.

The job and business are not mutually exclusive. There are any number of ways to transition out of a job and into a business, particularly if you bank the majority of your salary for a good 5 years.

the value in knowing how to write software can't be understated. No massive software empire, that I'm aware of anyway, was built on cheap 3rd world coders. The founders wrote their own software and grew their empire from that. I see many people on here that advocate for outsourcing software development, and it's not something I agree with in all cases. If you CAN code, then you certainly should. If you can't code, then you'll have no choice but to outsource, and you give up the very important commandment of control.

As an aside, I started out in computer science in the early 00s. I abandoned it when it got hard, but that's one of my biggest regrets in life. If I had just put in the work and stuck it out, I'd be much better off now. Everything I have done since has lead me back to writing code to solve problems. Now I'm embracing it, and kicking myself for not doing it 15 years ago.

 

[eMIKaE]

Continue your studies. It is worth it. You are going to have so much fun there, many hard moments with exams. I am now on 4th year of electronics , still 1.5 year left till I get my master degree. Studies are not only getting knowledge and partying. You are going to meet a lot of smart people there, maybe U would be able to start a business with them, or they would help you with problems you can't solve at the beginning of your fastlane life.
It worked for me. I learnd a lot of electronics stuff, so now I am designig and programing devices, but thats not the most important part. What is, is that I learnd how to solve problems, how to get impossible things done, how to research web in few diffrent languages (English, German, Russian and of course Polish ) Now since I met many people here, I can consult themwhen I get a problem with my website project which I hope generates small income in future. January 2018 the website would be online ( so late, because I cant give it 100% now, because I'm going to fail a year).

Conclusion: You have balls big enaugh, to start a thread here ( I'm still not doing that :/ ), so go to that University, get knowledge, learn how to solve problems, have a lot off fun, and meet as many people as possible. They could be your business partners, friends for life or even life partner.

Good luck on the Fastlane

PS: Central Europe, hmm do you have to pay for your studies? Just curious about how it works in other countries.

 

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[Slide]

Wow, so many useful and interesting replies! Thank you!

To answer your question: I got a scholarship, so yeah it's free, which is awesome.

 

[Nemolein]

What if I just waste my time? What if I regret dropping out?"

Dont think too muvh! Just do it. If you kepp thinking about it, guess what "you really gonna waste time and dropping out". Negative thoughts come true when you call them. Whatever choice you choose, it gonna help you to get experience on it. The learning is the best gift you can receive.

 

[lowtek]

Wow, so many useful and interesting replies! Thank you!

To answer your question: I got a scholarship, so yeah it's free, which is awesome.

Since it's a scholarship, I would do it and milk the opportunity for all it's worth. Start putting apps on the app store, do websites for local businesses, whatever you can to separate yourself from the pack. Take summer classes and graduate a year early if possible.

 

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[racyred09]

As some others said, it's not a terrible idea to start out with a job if your mind is in the right place. I really wish that when I were your age I thought the way I do now. I can only imagine how many opportunities I didn't notice in my previous field. Also, if you start out in a well-paying job that you know you intend to leave at some point, I am sure you'll save your money well and could use it to self-fund opportunities.