Almost 26 and Looking to Retire at Age 30

[Andrewjgong]

Hello!

My name is Andrew. In December 2016 I graduated and went full time into my business. Hopefully my intro doesn't sound too cocky!

I picked up TMF two years ago and have listened to it at least 3 times. I also picked up Unscripted last year. My life has changed immensely with that book, learning more knowledge and piecing it together from TMF every time I listen to it.

I work in my tiny business that generated <$20K profit last year. Currently I source and package my inventory. Last year sourced a total of 50 ish days. Starting in January I source inventory for 12 days of the month for 12 hours a day, spend a few more days prepping, packaging, and shipping my product (For those curious, I buy and sell used items from thrift stores). I have to say the numbers are looking much better.

But therein lies the problem, as I'm quickly realizing the business currently only makes as much money as I put time into it. This year I recruited three friends that do very part-time prep work for me which cut my own time put into the business by a ton, saving me from drowning in my own work.

This year, I am focusing on outsource a majority of my time put into my current business. The end of this year is my goal. Once I do, I will be seeking more ideas that will solve problems on a much larger scale. As I reflect being in the resale business for 5 years (Super part time except for the last year and a half), I realize I can't do this anymore because in the long term this will take away from my time with friends, family, and health.

20 minutes ago two of my roommates laughed when I told them of the idea of me retiring at age 30. Ouch I'm gonna remember that one. I'm going to troll and participate in the forums, start binge-watching Shark Tank, and figure out a problem in the world that I can solve on a large scale with magnitude.

Ok, I've spent too much time on this. Time to continue looking through the forums.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[amp0193]

You won’t find anyone here calling you too cocky.

You’re not the only one wanting to retire by 30.

Let your friends laugh for now, you’ll get the last one.


I’ve known people that have able to outsource the shopping for their resale biz and scaled it up into millions a year. See if you can figure out how do the same.

 

[IlyaP]

figure out a problem in the world that I can solve on a large scale with magnitude

Keep in mind that you don't have to start out by attacking a huge problem like that. Otherwise you might end up never starting due to fear or not knowing what to do next.

Obviously, knowing what potential the business has is important, but don't get caught up in the trap of looking for "the one."

I think it's Peter Thiel or some other famous guy that talks about "doing things that don't scale" when you're just starting out.

I was just listening to an interview with the founder of ConvertKit and to start out he cold emailed/tweeted/called people every single day which obviously doesn't scale, but eventually he hit the tipping point where he could hire people to write blog posts, run ads, and scale from there.

 

[Andrewjgong]

You won’t find anyone here calling you too cocky.

You’re not the only one wanting to retire by 30.

Let your friends laugh for now, you’ll get the last one.


I’ve known people that have able to outsource the shopping for their resale biz and scaled it up into millions a year. See if you can figure out how do the same.

What makes it disheartening is that one of them is a self-proclaimed entrepreneur. Recommended him this book a few times and he still hasn't picked it up.

Outsourcing the shopping is definitely the most nerve-racking thing. I remember a quote from episode 1 of Shark Tank: Barbara Corcoran said something along the lines of "Quitting is harder than advancing forward". Hopefully I can let go of the sourcing completely this year.

Thanks for the advice! Today I saw your post in regards to selling your business. Didn't reach the end of your thread, but best of luck to you.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Andrewjgong]

Keep in mind that you don't have to start out by attacking a huge problem like that. Otherwise you might end up never starting due to fear or not knowing what to do next.

Obviously, knowing what potential the business has is important, but don't get caught up in the trap of looking for "the one."

I think it's Peter Thiel or some other famous guy that talks about "doing things that don't scale" when you're just starting out.

I was just listening to an interview with the founder of ConvertKit and to start out he cold emailed/tweeted/called people every single day which obviously doesn't scale, but eventually he hit the tipping point where he could hire people to write blog posts, run ads, and scale from there.

I'll keep this in mind. Thanks for the advice. I'm definitely going to focus much more of my efforts into my current business and using that experience to figure out my future strategies and such.

 

[amp0193]

What makes it disheartening is that one of them is a self-proclaimed entrepreneur. Recommended him this book a few times and he still hasn't picked it up.

Yes, I’ve got local friends like this. The kinds of friends I’ll talk shop with, but I’ll stop short of talking about real dollar goals, because they’re stuck in the “own yourself a job” small business mindset.

Outsourcing the shopping is definitely the most nerve-racking thing.

If you can do it, so can someone else.

You’ve got a system, you just need to get it down on paper and make it trainable. It doesn’t have to be all or nothing, just get one shopper started in addition to what you’re already doing. Imagine how much more territory you can cover this way.

 

[MJ DeMarco]

Welcome Andrew, nothing wrong with wanting to "retire" at 30!

Thanks for the introduction to the community.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[ALC]

One step at a time hire one person, teach him what he has to do, duplicate, scale.
Difficult, but doable.

 

[Ninjakid]

Welcome and expecting great things from you!

 

[TKDTyler]

Yes, I’ve got local friends like this. The kinds of friends I’ll talk shop with, but I’ll stop short of talking about real dollar goals, because they’re stuck in the “own yourself a job” small business mindset.

Typical conversation are very superficial for the most part. Eyes glaze over when you start talking business.

Most people can relate to the dream - not the process or the action.

This is why the summit was such a special event in my eyes. All that superficial small talk is quickly discarded after the first couple minutes and you just deep dive into conversations with tangents all over the place.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[becks22]

Welcome I think you will find a lot of people here looking to retire early. My goal personally is to be financially free and practically 'retired' before I have kids. I'm 25 now so that gives me 5-8 years or so... Enough time to reach my goals I think.

 

[Galaxy16]

Let your friends laugh for now, you’ll get the last one.

Like my school bullies.

 

[HackVenture]

Welcome Andrew!

Would highly recommend you start a progress thread once you're settled in.

Good way to keep yourself accountable and for "showing off" your results

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.