Mindset to Generate Income

[jpanarra]

I’ve seen this approach in a number of different forms on here on the FLF. MJ made one about his Raptor truck and I believe I saw biophase do another one about his audi.

I cannot recall but I’ve learned this concept and am slowly implementing it. I’m not 100% if mine is any different but those two posts inspired me for sure. So I’m going to try to explain it simply. (I'll do import and selling because its a simple concept to explain it )

Now I’ve had a real neat spreadsheet of my bills every month and I keep track 95% of my transactions on mint and spreadsheets. However, what I’ve been doing is sorting the necessities from the lowest expense to the highest.

For an example

Rent -$1300
Phone- $160
Electric - $115
Heat - $85
Water - $45 <--(focus)

I’m going to use my lowest one which is my water bill. I have to come up with a way to have additional revenue besides my daily job every month that’ll pay for my water bill which is only $45 dollars.

For instance, I’ll try to import something costing me 20 dollars/ea wholesale and buy 12 of them so I can sell one every month for $65. That way I don’t have to pay my water bill because my hustle got it covered

Rent -$1300
Phone- $160
Electric - $115
Heat - $85 <--(focus)
Water - $45 x--(covered)

The next step would be to try and generate another 40 dollars so it'll cover only my heating bill and I can revert back to focusing on the tiny water bill again.

Rent -$1300
Phone- $160
Electric - $115
Heat - $85 <--(covered)
Water - $45 <--(focus back here again)

Eventually you'll bump it upwards and you start figuring out how to solve the smaller issues to cover your bills, scaling it will be true problem you’ll face, but once you solve that… I feel like you’re well on your way to be on the fastlane.

If you're not on the offensive , you're on the defensive.

 

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[ShamanKing]

May I suggest flipping Jordans? 1 flip per month depending on the shoe can cover the cost of water easily.

 

[SEBASTlAN]

Do you have a car? Or can you rent out a room?

 

[jpanarra]

I don't want you guys to misunderstand, I'm doing well off at the moment with a job with solid income and a web business that generates some MRR income.

I just wanted to share this perspective of baby steps to only compound to the point where you can take care of all of your bills 'passively'

 

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[Royce2]

I really like that idea. I will try this as well.

 

[Miketing]

What kind of phone bill do you spend $160 a month on?!

 

[Chapas]

What kind of phone bill do you spend $160 a month on?!

I believe he means that with 160 he has all the first 4 steps/expenses covered. Correct me if I'm wrong

 

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[biophase]

I’ve seen this approach in a number of different forms on here on the FLF. MJ made one about his Raptor truck and I believe I saw biophase do another one about his audi.

I cannot recall but I’ve learned this concept and am slowly implementing it. I’m not 100% if mine is any different but those two posts inspired me for sure. So I’m going to try to explain it simply. (I'll do import and selling because its a simple concept to explain it )

Now I’ve had a real neat spreadsheet of my bills every month and I keep track 95% of my transactions on mint and spreadsheets. However, what I’ve been doing is sorting the necessities from the lowest expense to the highest.

For an example

Rent -$1300
Phone- $160
Electric - $115
Heat - $85
Water - $45 <--(focus)

I’m going to use my lowest one which is my water bill. I have to come up with a way to have additional revenue besides my daily job every month that’ll pay for my water bill which is only $45 dollars.

For instance, I’ll try to import something costing me 20 dollars/ea wholesale and buy 12 of them so I can sell one every month for $65. That way I don’t have to pay my water bill because my hustle got it covered

Rent -$1300
Phone- $160
Electric - $115
Heat - $85 <--(focus)
Water - $45 x--(covered)

The next step would be to try and generate another 40 dollars so it'll cover only my heating bill and I can revert back to focusing on the tiny water bill again.

Rent -$1300
Phone- $160
Electric - $115
Heat - $85 <--(covered)
Water - $45 <--(focus back here again)

Eventually you'll bump it upwards and you start figuring out how to solve the smaller issues to cover your bills, scaling it will be true problem you’ll face, but once you solve that… I feel like you’re well on your way to be on the fastlane.

If you're not on the offensive , you're on the defensive.

I wouldn’t do it this way. This thinking is way too small.

how about start a real business instead. What’s with this try to make $50/mo? Try to make $3000 a month instead from the start.

you are spending the same amount of time. Are you going to spend it to make $50 or $3000?

btw I did this with my Mclaren. Year 1 made $5k, year 2 made $80k. I will have to update the post. Not quite paid for yet, but another few months and it’s paid for.

 

[jpanarra]

I wouldn’t do it this way. This thinking is way too small.

how about start a real business instead. What’s with this try to make $50/mo? Try to make $3000 a month instead from the start.

you are spending the same amount of time. Are you going to spend it to make $50 or $3000?

btw I did this with my Mclaren. Year 1 made $5k, year 2 made $80k. I will have to update the post. Not quite paid for yet, but another few months and it’s paid for.

Biophase,

The truth is I have a job in the industry I want to stay in and open a factory for in about 5-10 years and I'm in a position where I can move up into a global operations management within the next year or 2. Also, at the time being i have 3 young kids after them my priorities are difficult to arrange in terms of the long term goal.

What kind of phone bill do you spend $160 a month on?!

A bit about myself, I'm deaf so unfortunately i need unlimited high speed wherever I am to make phone calls(I use a video relay service) and to use a transcription app that connects to googles servers and this is also for my wife's business as well since she's a realtor. (she's deaf too). I have seen my phone data go over 150+GB of data in a single month. I'm not crazy about it but it's the reality of my disability.

 

[Ing]

I wouldn’t do it this way. This thinking is way too small.

how about start a real business instead. What’s with this try to make $50/mo? Try to make $3000 a month instead from the start.

you are spending the same amount of time. Are you going to spend it to make $50 or $3000?

btw I did this with my Mclaren. Year 1 made $5k, year 2 made $80k. I will have to update the post. Not quite paid for yet, but another few months and it’s paid for.

I think starting small is a good idea.
Why?
Because You may have the knowledge, the financial and imaginary background to do it big, but many others dont have.
I m dreaming about importing goods with renevue 100€ and selling thousands a year. But I cringe thinking to spend 10000s € for 1000s of items not knowing exactly what I do.

So I plan to buy 50 of them and sell maybe a few of them a months. Thats not such a big mountain to fear it.

It can be a start and sell my phone bills. A nice thought.

Summary: you are right for you!

 

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[alexkuzmov]

I’ve seen this approach in a number of different forms on here on the FLF. MJ made one about his Raptor truck and I believe I saw biophase do another one about his audi.

I cannot recall but I’ve learned this concept and am slowly implementing it. I’m not 100% if mine is any different but those two posts inspired me for sure. So I’m going to try to explain it simply. (I'll do import and selling because its a simple concept to explain it )

Now I’ve had a real neat spreadsheet of my bills every month and I keep track 95% of my transactions on mint and spreadsheets. However, what I’ve been doing is sorting the necessities from the lowest expense to the highest.

For an example

Rent -$1300
Phone- $160
Electric - $115
Heat - $85
Water - $45 <--(focus)

I’m going to use my lowest one which is my water bill. I have to come up with a way to have additional revenue besides my daily job every month that’ll pay for my water bill which is only $45 dollars.

For instance, I’ll try to import something costing me 20 dollars/ea wholesale and buy 12 of them so I can sell one every month for $65. That way I don’t have to pay my water bill because my hustle got it covered

Rent -$1300
Phone- $160
Electric - $115
Heat - $85 <--(focus)
Water - $45 x--(covered)

The next step would be to try and generate another 40 dollars so it'll cover only my heating bill and I can revert back to focusing on the tiny water bill again.

Rent -$1300
Phone- $160
Electric - $115
Heat - $85 <--(covered)
Water - $45 <--(focus back here again)

Eventually you'll bump it upwards and you start figuring out how to solve the smaller issues to cover your bills, scaling it will be true problem you’ll face, but once you solve that… I feel like you’re well on your way to be on the fastlane.

If you're not on the offensive , you're on the defensive.

I dont get the focus on specific amounts based on expenses since money is 100% fungible.
Since this is an example of a mindset, I would like to share mine as well.

Lets say that your total living expenses are 1500$
Lets say that you:
- make ~100$ per client on average, then your focus should be to at least find 15 clients(given that your service already provides value)
- make ~30$ of profit per product sale, then your focus should be minimum 50 sales per month
and so on, this depends on what your business is.

I tend to focus on how much "work" I need to do and forget about the actual $ numbers.

 

[biophase]

Biophase,

The truth is I have a job in the industry I want to stay in and open a factory for in about 5-10 years and I'm in a position where I can move up into a global operations management within the next year or 2. Also, at the time being i have 3 young kids after them my priorities are difficult to arrange in terms of the long term goal.

But it really takes about the same amount of time trying to make $50/mo as it does to make $1000/mo. The problem is most of the time a $50/mo idea doesn't scale to a $1000/mo idea. So you might as well start with a $1000/mo idea. Doesn't mean you won't make more than $50/mo at the start, but at least you have a chance to grow it.

 

[jpn]

Doing big things and doing small things takes a similar amount of time and energy. Why waste your potential by doing small things?

 

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[jpanarra]

But it really takes about the same amount of time trying to make $50/mo as it does to make $1000/mo. The problem is most of the time a $50/mo idea doesn't scale to a $1000/mo idea. So you might as well start with a $1000/mo idea. Doesn't mean you won't make more than $50/mo at the start, but at least you have a chance to grow it.

@biophase makes 100% sense, hindsight is 20/20. You are further along on your journey and i appreciate your perspective.

The only challenge I can think of is a $1000/mo idea in FBA or e-com for instance will cost more upfront for inventory, ads, packaging, and shipping and I'm pretty sure there is more costs that get absorbed as well.

Maybe its my limited amount of experience, but the way I visualize it is it'll be a very daunting obstacle to take $500 dollars to make something that sells for $1000 a month.

What I'm trying to share is to grow the mind set of finding smaller opportunities to save up capital to replace your daily expenses like grabbing 5 she-ra figurines for sale on 9.99 on the clearance section at target which goes for 24.99 on eBay so you can build small levels of momentum letting it compound and to offset the costs of your bills and into the business.

 

[biophase]

@biophase makes 100% sense, hindsight is 20/20. You are further along on your journey and i appreciate your perspective.

The only challenge I can think of is a $1000/mo idea in FBA or e-com for instance will cost more upfront for inventory, ads, packaging, and shipping and I'm pretty sure there is more costs that get absorbed as well.

Maybe its my limited amount of experience, but the way I visualize it is it'll be a very daunting obstacle to take $500 dollars to make something that sells for $1000 a month.

What I'm trying to share is to grow the mind set of finding smaller opportunities to save up capital to replace your daily expenses like grabbing 5 she-ra figurines for sale on 9.99 on the clearance section at target which goes for 24.99 on eBay so you can build small levels of momentum letting it compound and to offset the costs of your bills and into the business.

but can you find 5 action figures each month that will generate $75?

how much time goes into looking for them and taking photos and listing them? Probably at least 5-10 hours.

at the end of the day you are going to be making less than $5/hr. Not exactly a good way to pay your bills.

a $1000/mo idea is to eventually start an Etsy store that specializes in action figures, but you start with just selling she-ras then expand.

 

[Primeperiwinkle]

Confidence in one’s self is a muscle that can be exercised.

Thinking of one’s self as a Problem Solver then becoming a person who doesn’t react to situations in scripted ways, takes effort. Mindset changes don’t happen in the blink of an eye unless someone can walk you through your own effed up mental barriers.

Many ppl need to start with small weights to build up their entrepreneurial muscles. The OP is outlining a way to approach making money, today, with small goals.

Once someone takes action with ANY small goal, I’m sure they can progress to what you’re saying @biophase

Getting them to take action is the important step.

But most ppl won’t even take action on a small thing. And for them? The idea of using a McLaren to make money is about as laughable as visiting the moon. It’s preposterous.

 

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