The best way to make f*ck you money, Entrepreneurship or High paying employment ?

[Nik@16]

You really must read the book. A YouTube channel is about as far from Fastlane as you can get and you have even made that point for me!

Time - The 'business' is dependant on the content that you create. You will need to add content all the time to maintain subscriber numbers.

Entry - Any fool with a webcam and an internet connection can copy your content over night.

Scale - One distribution channel. Limited to YouTube users. Your quote 'they were unable to monetise it after a certain limit'.

Control - You're using someone else's platform = zero control. YouTube bans you or stops you using its service. Business over. You don't own that business or your content.

Productocracy and therefore a Fastlane business? Not in a million years.

Please try and understand the concept!

Youtube was one of the ways to market the product. It was for gaining scale.They have their own website and have 100k followers on other social media too. The real product was self help products and service , entertainment , coaching services etc. I cannot elaborate everything if you are going to pin point a simgle thing and come back at me. Only a dumb person would try to make money through YouTube .Mensutra is creating video solutions. | Patreon. He makes money though private consulting but is unable to make money for his products. Patreon is one of the ways to monetise his stuff.Mensutra.
He also has a website and is on various social media.

 

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[Ricko]

Changing the story after your initial post again.

There are many youtubers in India who took a lot of years to scale and they monetised a little but were unable to monetise it after a certain limit .

You would have been better to describe them as social influencers that use YouTube rather than describing them as YouTubers, that implied that they just use YouTube.

The real product was self help products and service , entertainment , coaching services etc.

People that have no money trying to sell coaching services and self help services when they themselves have no money?

Cool story bro. I really see people biting their hands off for this service.

 

[Nik@16]

Changing the story after your initial post again.



You would have been better to describe them as social influencers that use YouTube rather than describing them as YouTubers, that implied that they just use YouTube.



People that have no money trying to sell coaching services and self help services when they themselves have no money?

Cool story bro. I really see people biting their hands off for this service.

It's because Indians are not dumb enough to be fooled by sophistry but he can still make money by selling his time as he is famous.
I'm also writing a book for high school in between which has only one author . I can speculate on this demand. I have skin in the game as I scored good marks in that subject.I will need help in marketing strategy.

 

[MTEE1985]

This is getting off topic now. To your original post, he does address this exact thing in Unscripted . I don’t remember the exact page but it’s along the lines of “if you have a well paying job that fulfills you, congratulations, you’ve hit the holy grail” He is simply saying this is not the norm.

You are correct that somebody can comfortably retire early through a high paying job.

You are incorrect to say that MJ does not address this in his books.

 

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[Nik@16]

This is getting off topic now. To your original post, he does address this exact thing in Unscripted . I don’t remember the exact page but it’s along the lines of “if you have a well paying job that fulfills you, congratulations, you’ve hit the holy grail” He is simply saying this is not the norm.

You are correct that somebody can comfortably retire early through a high paying job.

You are incorrect to say that MJ does not address this in his books.

True that .

 

[biophase]

There are many youtubers in India who took a lot of years to scale and they monetised a little but were unable to monetise it after a certain limit .

Youtube was one of the ways to market the product. It was for gaining scale.They have their own website and have 100k followers on other social media too. The real product was self help products and service , entertainment , coaching services etc.

I cannot elaborate everything if you are going to pin point a simgle thing and come back at me.

Only a dumb person would try to make money through YouTube.

1%tile income is 300,000 dollars . It's 480,000 dollars for men.

You cannot form a cohesive argument. You say one thing and in the next post defend it by saying something else.

In your first post you say "There are many youtubers in India"
In your response post you say "They have their own website and have 100k followers on other social media too."

So are you talking about a specific person, who is "they"?

The first thing you must learn is to be able to back up your statements from post to post.

I'm still very curious as to where you found that the top 1% for women is $300k or $350k. Please post your source for this. I've never seen the 1% broken down into gender.

 

[biophase]

@biophase I admire your patience and your underlying aim to help a stranger despite the fact that they are making it very hard for you to help. Please have some rep!

It's a slow week for me... but I'm almost done with this.

 

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[Knugs]

1.) I was just asking your opinions over the possibility of making 1-1.5 million by the age of 35-40 by just saving the salary.
2.) I was saying that you can make 1-1.5 million by 35-40 by going to colleges like Harvard business school or Harvard law school too. It's less risky and a easier way to do so.
I wanted your opinions on it.

Are you kidding me?! What makes you think this is easier than selling food to college kids???
There were 12 applicants for 1 when I applied to med school.
Then you have to fight to not fail through the course
You have to achieve excellent results to get into a good specialty. You are done when you dont.
Do you even know how competitive it is to get into the popular residency like Derma?

 

[Consolation]

The market here is very competitive and only the product with cheapest cost survives. We were selling premium products which didn't worked out for us for a long run.
If an economy has no minimum wage everyone tries to work for themselves and the price of products go super low. India is 5 times cheaper than USA.

• Do you know that this is a goldmine for entrepreneurs? Seriously, you have to read the book again.

• And, why would you strive for the "Cheapest Price of the Day" award?

• Regarding your premium products; can you prove to the market that your product is 'premium' enough for them via marketing, communication, and selling?

• What was your business/revenue model? You were quoting Ray Kroc. Ray Kroc made a lot of money not only from hamburgers, but franchises and real estates.

• You can't control India's economic situation. And why should you? You should only control you own effort.

I think you'll lead a happier life in a high paying job.

 

[Bearcorp]

@biophase I admire your patience and your underlying aim to help a stranger despite the fact that they are making it very hard for you to help. Please have some rep!
I'd compare this conversation to trying to play chess against a pigeon. The pigeon can't play chess, won't listen to basic instructions, will knock the pieces over, crap all over the board and then still strut around like he won the game. But I shall also try and help.

Had a good laugh at this analogy! To read through his thread is like watching Kasparov V a Pigeon. Hard to watch (read) and not worth the time or energy haha!

OP just go get a job and live your best life, why come on here and argue with people? Your job can't be busy enough if you have time for this endless debating, maybe get a second job as well to fill your time up All the best in your endeavours

 

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[Nik@16]

Had a good laugh at this analogy! To read through his thread is like watching Kasparov V a Pigeon. Hard to watch (read) and not worth the time or energy haha!

OP just go get a job and live your best life, why come on here and argue with people? Your job can't be busy enough if you have time for this endless debating, maybe get a second job as well to fill your time up All the best in your endeavours

If you don't make super profits in your venture your gig is no less than a job.

 

[Nik@16]

Are you kidding me?! What makes you think this is easier than selling food to college kids???
There were 12 applicants for 1 when I applied to med school.
Then you have to fight to not fail through the course
You have to achieve excellent results to get into a good specialty. You are done when you dont.
Do you even know how competitive it is to get into the popular residency like Derma?

There are 100 applicants for 1 seat in India for becoming a doctor. I know it pretty well.
What makes you think this is easier than selling food to college kids???
It's easier to profit from selling labour as compared to making profit from a product as an entrepreneur as you make money after paying your employees and freelancers.

 

[Knugs]

There is 100 applicants for 1 seat in India for becoming a doctor. I know it pretty well.
What makes you think this is easier than selling food to college kids???
It's easier to profit from selling labour as compared to making profit from a product as an entrepreneur as you make money after paying your employees and freelancers.

See, this is your issue. What is the point of your 100:1 statement? Get off your high horse.
1: You are literally supporting my argument against you.
2: Statistics for India are irrelevant. You discussed the high pay of US doctors. They are not the same. USMLE as an IMG puts a foreign doctor on the second application round. Meaning: You don't even get to touch the mid/high-tier residency programs because they are already filled with US graduates.

"It's easier to profit from selling labour as compared to making profit from a product as an entrepreneur as you make money after paying your employees and freelancers."

Your sentence is flawed in so many ways. This and your previous comments show how little you understand of the fundamentals and basics of entrepreneurship vs employment. You would never make that statement if you read the book and understood the messages behind it.

"It's easier to profit from selling labour" labor-power to an employer aka employment? You don't earn profit, you earn a wage. A wage that gets taxed with higher taxes in higher incomes. You are left with net pay. This is basic stuff. "easier": Your argument is only correct in low "profit" (pay). It is probably easier making Cheeseburger in MCD and earning 15k USD/year than earning 15k profit as an entrepreneur. But what about 50k,100k,500k, 1mil as a salary. Is that easy?


I attached a .pdf for you so that you can actually construct a logical argument next time. I would also recommend to you to re-read TMF /Unscripted .

 

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[Nik@16]

See, this is your issue. What is the point of your 100:1 statement? Get off your high horse.
1: You are literally supporting my argument against you.
2: Statistics for India are irrelevant. You discussed the high pay of US doctors. They are not the same. USMLE as an IMG puts a foreign doctor on the second application round. Meaning: You don't even get to touch the mid/high-tier residency programs because they are already filled with US graduates.

"It's easier to profit from selling labour as compared to making profit from a product as an entrepreneur as you make money after paying your employees and freelancers."

Your sentence is flawed in so many ways. This and your previous comments show how little you understand of the fundamentals and basics of entrepreneurship vs employment. You would never make that statement if you read the book and understood the messages behind it.

"It's easier to profit from selling labour" labor-power to an employer aka employment? You don't earn profit, you earn a wage. A wage that gets taxed with higher taxes in higher incomes. You are left with net pay. This is basic stuff. "easier": Your argument is only correct in low "profit" (pay). It is probably easier making Cheeseburger in MCD and earning 15k USD/year than earning 15k profit as an entrepreneur. But what about 50k,100k,500k, 1mil as a salary. Is that easy?


I attached a .pdf for you so that you can actually construct a logical argument next time. I would also recommend to you to re-read TMF /Unscripted .

Firstly , I didn't meant profit in literal terms and Yes , you can profit/make wages/get paid/get fees from your labour by being self employed professional like a accountant , designer etc . I was comparing my business to that of practising medicine. Please understand the context of what I'm saying. I mentioned Indian statistics of becoming a doctor to signify the demand for the profession in India and there are 50% chances that the parents of these doctors were self employed folks who were trying to be big entrepreneurs . They didn't made it in lifetime and this is the reason they advice their kids to pursue this profession.
If you understand probabilty , I have already mentioned that expected value EV of an entrepreneurial venture is more than a job but we all know that an success rate of a median venture or a 90%tile venture is negative as 90% of business fail and the sample space for the event is in millions which is a hurdle to reach in top 10%. It's like saying that you should go for entrepreneurship because most people who are rich got there due to entrepreneurship . You are ignoring survivorship bias. Yes Mark Cuban became a billionaire but how many folks who lost 15 million a year / (60% of revenue ) became billionaire in a year ? . have seen dude bro entrepreneurship and it's effects very well and we know it was one of the reasons for 2008's recession.Instead of correcting me ,try questioning the meaning of the sentence.
Entrepreneurship becomes the default option for folks who couldn't/didn't went into high paying profession. This is the reason I said it's the second best option to get rich till 40 (45 for doctors) for people who can get into high paying profession in my earlier posts as they believe in assurance of that profession more than the uncertainty of entrepreneurship but a bird in hand is worth two in the bush. It is questionable but certainly smarter than flipping real estate and taking systemic risk which was taught by the fake gurus.

Thanks for the PDF.I loved the book and read some part of the books monthly . Will reread them and make notes if you insist.Questioning something makes it more lucid and scientific.

 

[Scot]

I make $120,000 at my day job. Cost of living where I live, to earn that much from my day job is high. Saving half of that is completely impossibe, considering 33% of that money goes to taxes. So, if I save $60K per year, for 10 years, that $1.6 million. But, I have to live off of $20,000 for those 10 years, at the poverty level? That seems like a pretty shitty trade off.

But.. what if I grow my company to $15 million in revenue in 5 years and sell it to Kraft Foods for $20 million.

Doesn't that sound like the better trade off?

 

[Raoul Duke]

I make $120,000 at my day job. Cost of living where I live, to earn that much from my day job is high. Saving half of that is completely impossibe, considering 33% of that money goes to taxes. So, if I save $60K per year, for 10 years, that $1.6 million. But, I have to live off of $20,000 for those 10 years, at the poverty level? That seems like a pretty sh*tty trade off.

But.. what if I grow my company to $15 million in revenue in 5 years and sell it to Kraft Foods for $20 million.

Doesn't that sound like the better trade off?

No, I rather become a specialized doctor, that becomes the Ceo of said hospital. So, that, when I am 70 years old and retire. I might have 20 million.

Then I can do anything I want.

Yeah, that is the better trade off. IMO.

 

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[jon.M]

I feel like users should be able to mark these kinds of threads as time-wasters to save others from walking into the same trap.

 

[Raoul Duke]

I feel like users should be able to mark these kinds of threads as time-wasters to save others from walking into the same trap.

Edit the Tags to said shit storm. "It's a TRAP!!" "ABANDON ship!!" "Time-Wasters!!"

 

[Nik@16]

I make $120,000 at my day job. Cost of living where I live, to earn that much from my day job is high. Saving half of that is completely impossibe, considering 33% of that money goes to taxes. So, if I save $60K per year, for 10 years, that $1.6 million. But, I have to live off of $20,000 for those 10 years, at the poverty level? That seems like a pretty sh*tty trade off.

But.. what if I grow my company to $15 million in revenue in 5 years and sell it to Kraft Foods for $20 million.

Doesn't that sound like the better trade off?

Let's be optimistic with these numbers. Let probabilty of you selling a company for 20 million be 1%. Let probabilty of you saving 300k be 90 . expected value is -7 million and opportunity cost is 300k.

 

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[Raoul Duke]

Let's be optimistic with these numbers. Let probabilty of you selling a company for 20 million be 10%. Let probabilty of you saving 300k be 90% . Expected value is -7 million and opportunity cost is 300k.

 

[Nik@16]

My mistake .I changed it before you beckoned .

 

[Nik@16]

Edit the Tags to said sh*t storm. "It's a TRAP!!" "ABANDON ship!!" "Time-Wasters!!"

Hey . Even

No, I rather become a specialized doctor, that becomes the Ceo of said hospital. So, that, when I am 70 years old and retire. I might have 20 million.

Then I can do anything I want.

Yeah, that is the better trade off. IMO.

Even though I did the numbers wrong there are 150 million people who work in states.His numbers are 1%*20 m vs 90%*300k.

 

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[Nik@16]

The real numbers are close to .1%.
I had rather work for 5 years to save that 300k and work from some cheaper country to make my millions instead .

 

[SDE]

Is a sheep who drives a Mercedes to the slaughter house still a sheep?

- MJ DeMarco, Unscripted : Life, Liberty and The Pursuit of Entrepreneurship.

 

[Scot]

Let's be optimistic with these numbers. Let probabilty of you selling a company for 20 million be 1%. Let probabilty of you saving 300k be 90 . expected value is -7 million and opportunity cost is 300k.

See, there is your problem.

You don’t think anyone can build a company and exit it.

Maybe it’s because of the difference in perspective between our up bringing.

In America, we have the American Dream. Anyone can work hard and succeed. And it happens, every day. It’s happened here on the forum many times.

You have such a pessimistic view on entrepreneurship because you are from a country that doesn’t have that same belief in success.



And you’re also and obtuse troll.

 

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[biophase]

Let's be optimistic with these numbers. Let probabilty of you selling a company for 20 million be 1%. Let probabilty of you saving 300k be 90 . expected value is -7 million and opportunity cost is 300k.

LOL, the probability of saving $300k is not 90%. The probability of selling your company for $20 is not 1%. Both probabilities are way lower than that.

But let's say they are the same ratio and that your math was correct.

The HUGE important factor that you did not put into the opportunity cost of the $300k is time. The opportunity cost of the $300k is also at least 10 years.

 

[Nik@16]

See, there is your problem.

You don’t think anyone can build a company and exit it.

Maybe it’s because of the difference in perspective between our up bringing.

In America, we have the American Dream. Anyone can work hard and succeed. And it happens, every day. It’s happened here on the forum many times.

You have such a pessimistic view on entrepreneurship because you are from a country that doesn’t have that same belief in success.



And you’re also and obtuse troll.

I may have pessimistic views but I still did it in past and I'll still pursue entrepreneurship in future . I assume the worst so that nothing can hurt me .

 

[Nik@16]

LOL, the probability of saving $300k is not 90%. The probability of selling your company for $20 is not 1%. Both probabilities are way lower than that.

But let's say they are the same ratio and that your math was correct.

The HUGE important factor that you did not put into the opportunity cost of the $300k is time. The opportunity cost of the $300k is also at least 10 years.

You're right.

 

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[B. Cole]

You are also talking about the people who work 60+ hours a week and have 4 weeks vacation a year. That's the biggest difference. I was making $100k a year when I was 33, but I only had 3 weeks of vaca. Sure I was in the top 5% but life was not that great.

Also, the second biggest issue is that you aren't in control at all. There is a boss above you that determines how much money you should make and if you should get a raiser or not.

I know a few doctors that make mid to high six figures. They all wish they had my life.

This. My day job money is great, way ahead of most thirty somethings. But it’s still a job, under the control of a boss, with a schedule and rationed vacation, under rule of a chicken sh*t HR department with a couple of hundred employees’ problems funneling ultimately to me. Don’t care how good the day job pays, if it owns most of your life, you are losing.

Think I heard somebody say that the only thing worse than not having a job is having one.

 

[Ricko]

I assume the worst so that nothing can hurt me .

That attitude doesn't really work with entrepreneurship. You have to take calculated risks. You can plan, make contingencies, stress test, market test, dummy launch etc but at some stage you still have to jump and have faith in your calculations.

f you don't make super profits in your venture your gig is no less than a job.

This isn't true. If my venture had only produced the same net annual income as my last job then it would still have created a massive life improvement for me. You can pay yourself and cost your expenses before you pay tax rather than after, you run your schedule, you don't answer to anyone, you lead the strategic direction..... the benefits really are endless. After all that, you also own an asset which can be sold!

I think it is about time that we stuck some nails in this coffin.

You are 19 @Nik@16 - whilst your age doesn't define what you can do, it does put a limit on what you have done. You don't have a great deal of real life experience whereas the rest of us do. The majority of us, MJ included, went to University, hit the sidewalk and then the slowlane before realising that we'd built a life that was seriously lacking in many areas. The idea of the book is to get the reader to the Fastlane as quickly as possible or at least highlight the pitfalls of the sidewalk and the slowlane so that you can make an informed decision at a young age.

Feel free to learn this lesson for yourself, perhaps you will then be able to take on some advice. Go and get a degree and a job but try and limit your debt so that you can get to Fastlane quicker once you realise that we were talking sense all along.