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RANT Business Growth VS Time Freedom. How to choose?

Discussion in 'General Mindset, Motivation, Beliefs' started by TreyAllDay, May 17, 2018.

  1. TreyAllDay
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    TreyAllDay Whatever it takes Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Hello All,

    I feel like I am having a bit of an identity crisis (not really lol). However I'm having a tough time choosing the sort of business life I want to live. I'm being faced with opportunities to grow my business with a large time investment OR live passively. I am curious to hear how some have evaluated their own choices with time investments into their businesses, or have advice.

    I run a SAAS service used by other businesses. When I thought of starting a business, and read what MJ said about passivity, I honestly thought about being able to travel, earn money while sleeping, go to movies during the day, play videogames. And to be honest, that's kind of how it was for 6 months. However, it's grown without even much effort to the point that I'm back to working 10 hour days doing administrative crap, traveling to meetings, leasing an office, entertaining possible offers for VC financing, government grants to hire more developers, etc.

    I know these are good problems - but I live low means, profiting 10-15k a month when I only need $1k to live. Half of me listens to guys like grant cardone saying "you have to reinvest, the 'poor' freedom is a lie and you're being selfish for not growing,etc" and really want to grow. But I'm also wondering if this is a scripted doctrine? The last year I've made more money than ever, but it went by in a flash because I was working non-stop, just like I did in my previous career. I know guys like @eliquid mentioned running multiple extremely profitable businesses without the headache of employing people and running huge operations.

    Anyway! I am curious how some other people operate or what your advice might be.
     
  2. eliquid
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    eliquid ( Jason Brown ) Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    One thing that wont change is, it will all go downhill at some point if you do nothing.

    Meaning, if you are truly passive then at some point the customers will churn and the money train will come to a slow & agonizing stop.

    However, it doesn't have to. You could jump back to 10 hours days when you see it slipping... or work 2-3 hour days to prevent the slip at a bare min now.

    But I will tell you this, it can all vanish one day if you get too comfortable.
     
  3. eliquid
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    eliquid ( Jason Brown ) Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I'll add something else.

    This is just my thoughts and how I would do things if I could live on $1k a month. I don't know if you were stretching this number for demonstration, but that's damn cheap in my book.

    If I wanted to live passively and it only took $1k a month to do that, but I made $10-$12k profit a month, then I have made enough to last me all year pretty much.

    I'd probably work the whole year at that rate ( full on ), and then take the next 12 years off and living off the savings since you can make in 1 month what it takes for you to live all year. In doing that, I'm signalling I want to live passively, so I would spend the next 12 years getting into businesses that can run without me.

    That might mean, first starting off with getting this current business to run without me.. Or selling it which would add to my passive lifestyle overall.

    Id run with that. You only get 1 life.

    You could die in 3 years from a car wreck, or maybe get seriously disabled. Would you regret not living life the way you wanted ( if that's traveling and living passive? ).

    In the end, only you can answer those questions though.

    Other people would say something like you only get 1 shot when opportunity is knocking ( like it is for your SaaS ). However, I think you could run with the opportunity and still free yourself up.

    Maybe you need to hire in a partner at this point - if your growing enough to have an office, devs, and working 10 hours a day... or if you want to live passively.. it sounds like someone else needs to step in some to help you potentially.
     
  4. TreyAllDay
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    TreyAllDay Whatever it takes Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Thank you for advice. Yep - $600 mortgage, no car loan, vehicle is insured by the business, just utilities+entertainment so I run a lean life lol. And yes - one life is true. This is where I'm torn - was just listening on the radio the other day, the usual "it's only tuesday! 3 more days until the weekend" - used to laugh at people that talked like that and now that I am "running" the businesses administrative side I feel like I'm back at that spot. Anyway - I guess I need to do some clarification on what I want - I will be seeking a partner soon.
     
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  5. Fris
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    Fris New Contributor

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    Thanks for the advice and tips!
     
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  6. Seeker
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    Seeker Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    I agree with @eliquid - if you do nothing, it will go down sooner or later. You grow or you die. True in business and in life as well. If you want to have it passive, find a Partner, find a CEO or sell the Business as long as it's still healthy. Also take into consideration what you will do with your life, when you're done going to movies and playing Video games. What will fulfill you? What would you contribute? Found another Business? Write a book? Find something useful.

    As a third Option if neither going completely passive or going all in, find a Manager who does half the work for you. So you can still put in 2-4 days a week and enjoy the rest of your days in a week freely.

    To help you decide what you prefer (grow the business or live passively), I recommend a technique I was once told by a Coach to make a career decision and it might work for you as well:

    Stand up relaxed. Close your eyes and imagine the first Option vividly. Go into great Detail. How does it feel when it's completely passive? You already experienced for several months, so you know how it feels. Do you worry, if the Money ceases to come in? What will you do then? How will you feel then? Do this for a few minutes.

    Then turn around, step physically to another spot in the room and do the same with the second Option. How will it be if you put in all the hard work? How satisfied will you be with the numbers of a grown Business? Will this be more or less fulfilling? Really imagine youself to be in this position. Do this for a few minutes as well.

    You can even step back and forth between the physical positions. After you experienced both sufficiently - which Option felt better for you?

    Hope this helps.
     
    Last edited: May 18, 2018
  7. CaptainAmerica
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    CaptainAmerica Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    At the very least, hire a VA to handle the admin stuff - there's no reason for you to do it unless it both pays more (it doesn't) and you enjoy it (you don't).

    Take the mini-vacations, align your values with what you do on the daily, and start delegating.
     
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  8. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Put the extra money into income producing assets.
     
  9. IGP
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    IGP Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Why not hire someone to run it for you?
     
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  10. WJK
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    WJK Gold Contributor Speedway Pass

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    AGAIN, business cash flows should be used to buy assets, which create passive income...
    www.wjkbusinessbuzz.com
     
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  11. PRO2018
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    PRO2018 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Personally, I would grow the business, especially because you have opportunity right at your doorstep and then when you have had enough, sell it. Then invest the proceeds into another 90-95% passive income earner like real estate or something along those lines. The reason being, needs can change, its better to have more assets than less generating more income than you need at the moment, especially when you have the means (age on your side-assumption and a firing business). Just my 2 cents.
     
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