Another Slowlaner looking to switch lanes!

[ClarkeLDN]

Hey All,

First time on the forum having read TMF whilst on holiday over the past couple of weeks. The book sparked so many thoughts for me and I'm currently reflecting on what I can do next to put myself in a better position.

From a slowlane mindset, I'm pretty successful:

• 30 years old & single
• I work as a management consultant, earning roughly £100k per year
• I own my own flat in London
• Net worth about £160k (£100k in equity / £60k invested in peer to peer lending & stocks)

However:

• I'm often working 60+ hours a week. My last three months were working for a US client so often finishing around 10pm in the evenings + weekends
• No matter how hard I work, the only way my salary goes up is through promotions
• On my current trajectory, I'll just be an employee forever, with no control over my income, and wealth building relatively slowly

I know that to experience more freedom and wealth, I'll need something scalable and controllable. At the moment, I'm not quite sure on my next steps, I've had a few ideas but keen to hear words of wisdom from people in the forum

A) Eventually go contracting (higher income, choose my projects, but ultimately selling my time for money)
B) Begin some kind of content generation strategy (people often ask me for career advice, so I'm considering starting an instagram / YouTube / tiktok on consulting and general career advice - then eventually sell a course on how to get promoted or something, as an example)​

C) Take another job at a bank for £120k a year (higher income, but better work-life balance)​

As I've got a mortgage in London, and a decent salary, I feel somewhat constrained, I can't simply quit my job to focus on a business as the mortgage still needs to be paid. Could potentially go for option C, buy a second property and then use the spare time to focus on B, maybe with A as an option for the future if I get bored in the banking job in a couple of years.

I've got lots of thinking to do over the Christmas period! Really keen and interested to hear any insights or perspectives from you all

Thanks,

Clarke

PS - tried to find the website "helpmydecision.com" but doesn't seem to exist anymore?

 

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[MJ DeMarco]

Welcome Clarke, appreciate the intro.

PS - tried to find the website "helpmydecision.com" but doesn't seem to exist anymore?

Yes, I no longer own it.

There are some decision apps on the app store, Decision Revision is one that seems to work well.

 

[Andy Black]

C) Take another job at a bank for £120k a year (higher income, but better work-life balance)

I like this option. An extra £1k/mth in your hand, and more time? You could use that £1k/mth on ad spend or whatever to build some monthly recurring revenue (MRR) on the side.

Saying that, I was also in London and went contracting. I didn’t have a mortgage at the time though.

 

[ClarkeLDN]

I like this option. An extra £1k/mth in your hand, and more time? You could use that £1k/mth on ad spend or whatever to build some monthly recurring revenue (MRR) on the side.

Saying that, I was also in London and went contracting. I didn’t have a mortgage at the time though.

Thanks for the response Andy! Interesting to hear you also was in London and did contracting - how did you find it?

 

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[Andy Black]

Thanks for the response Andy! Interesting to hear you also was in London and did contracting - how did you find it?

Contracting was great. You’ve made a bit of a leap, and are getting paid more per hour. You’re still paid to be on someone else’s clock. After 5 years I wanted out. It took me another 5 years before I finally cut the chord.