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Clarifying my purpose, goals, direction

Discussion in 'Hustles, Freelancing, Bootstrapping' started by 2legit2quit, Dec 16, 2018.

  1. 2legit2quit
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    2legit2quit New Contributor

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    Hi all,

    I'll try to keep this concise as possible. After coming on fastlane, my brain is like on crack - wheels constantly spinning

    I was wondering if I could get some advice? My initial goal was to make extra dough to pay off my student loans.

    I am 31 and work in IT for 4 years. My passion is music, playing guitar since 12. I came up these goals past weekend (some are personal not sure I should include them here):

    1. pay off 26k student loan debt asap.
    2. record an album, work on my guitar playing
    3. get two more IT certifications by August.
    4. Errr ill leave that out for now.
    5. Try to free myself from 9-5, long term, fund my music goals and have financial freedom and success.

    #1 is most important. #2, #3 is related to #1 - if i spend too much time on #1 there is no time for #2 which is important. #3 is a nice to have, although it could increase my earning potential (maybe, by 5-10k tops in a new job), it would still be slowlane.

    Which brings me to some ideas I have and Im not sure where to put my focus. I keep zipping back and forth mentally every time i read these success stories. I feel unclear. Some ideas i have:

    Short term money generating ideas (i need to generate an extra 1200$ per month, or $36/day till september 2019 and my debt would be cleared, i am paying 1k currently a month):

    - uber, but would have to swap my 07 golf for something newer than due to uber restrictions. Its possible if i swap for a cheaper but newer car of different make.
    - arbitrage - ive tried this but i find time cost very high for low reward, inconsistent
    - amazon fba PL, merch by amazon (not as quick as above)

    Longer term money ideas:
    - shopify e-commerce, amazon fba - i have a few ideas for products but would need to do more research
    - fox web design company idea - amazing, but not sure if i want to spend more time doing code
    - real estate investment - not at that level right now.
    - product development, i have an idea for a product that i have not seen marketed exactly, its simple but i feel highly useful. A few friends think its a good idea. I have done some minimum research.

    Any suggestions? I feel i am stretching myself too thin. Thanks.
     
    harp1600 likes this.
  2. MaxKhalus
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    MaxKhalus New Contributor

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    Hi,
    It is pretty interesting goal setting. If you asked for suggestions, if I were you...:
    (This is what I am actually doing) I would pick only one of all those objectives for a simple reason: there's almost always a clear hierarchy, which means if you perform in an excellent way the most important of the objectives, it will be guarranteed that you achieve the other ones more easily. If you think about it, it resembles a lot with the 80/20% Rule.

    Of course, if time and patience is not your problem, you can spare them in your free time, so you feel more productive. I like speed more than anything else, and doing the one right thing is the perfect way to do it. For me, that thing was money. Achieving that, I could 'upgrade my life' as much as I want, which includes reducing time that is needed to complete the other objectives. (Productivity boost)

    Long story short, I disabled all my interests and focused in only that thing.

    Regarding to sources of income, I have started an FBA bussiness (started, made no money yet, inventory has just arrived a few days ago)....
    IF you have at least 1000USD,
    I recomend you starting it too. Regarding to my recent experience, it is something very quick to learn (and easy if you know how to learn effectively) and, of course, about 90% passive. 1000$ and Less than 20hours of work are needed to begin, and the process to succeed is also a simple to-do list: Find products -> Contact Manufacturer -> Create a Listing -> Selling (PPC Ads, Reviews Exchange, Giveaways...)

    If you haven't, you can earn them with arbitrage as I did. It's not to hard, the more products you advertise, the more frecuently they will buy.

    Everything I learned was from Youtube and Tanner J. Fox and 7 Figure Machines Course. (If you do not want to buy it, you can simply consume less than 30% of content and request a refund).

    Oh, for Long Term income streams, building trust and a personal brand with social media is strongly recommended.
    Also, when tlaking about long term goals, you may become an outlier as a student so one day you can make a bussiness from your carrier. Specially if you are been taugh technical info or something simmilar, the entry barrier will be high enough to have no competition problems.

    Ok, you have caught me inspired today :) . I will give you further information.

    Having Money issues covered, let's dive on goal setting (because I know you can improve a lot by following this steps). Let me introduce you the OKR sistem, Objetive Key Result.
    You can learn more about it if you google it. Also the is a profesional app/website designed for that and, surprisingly, it's Free: Weekdone Weekly Planning + Quarterly Objectives and Key Results (OKR)

    OKR system is commonly used by Google and the leading large companies. But there's more: elite athletes and musicians also use this technique to become unstopable. Let's begin the mini-tutorial :).

    What I am about to explain you is the step by step strategy:
    How to set up an OBJETIVE? It's very important that...:
    -The Objetive is achievable in this time interval [1month-3months]
    -The Objetive has NO numbers in its title.
    As an objetive is synonym to a destiny, no numbers should appear on it. Examples: Lifting more weight, getting the best grades, make as much money as you can, ...

    Imagine you want to travel somewhere by car. The objetive is the destiny while the signs that appear in the road are the KeyResults.

    You have to right KeyResults right below your objetives.

    How do you set up Key Results? (This means, How do you know you are on the right path?)
    -Include a number in it
    -Include a % in it
    -Include a Yes/No Question

    You can use a mix of them or just using one of them. What matters is that those keyresults are Needed for that goal. Always have 3-5 KeyResults.

    Example: How do I know that I will get the best grades?
    KR1: Getting at least 7/10 in each exam
    KR2: Doing the 100% of all paperwork and Research Tasks
    KR3: Showing up in class everyday

    And this is how you guide yourself everyday to make sure you are making progress. Ah, under each KeyResult, you can write down the speciffic action that will lead you to get that KeyResult (Ex:Studying 2h).

    Doing this everyday wll help you, if not guarrantee you a high chance to succeed in the Objetives. Of course, nothing matters unless you know exactly your reasons to put your effort in each of those objetives, those are, your priorities. I think I've helped you enough so far.

    This information is taken from a Spanish researcher that has the most recent data from New York University, and I learn from him in Youtube (Vic Blaz). Use this!!
     
  3. 2legit2quit
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    2legit2quit New Contributor

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    Hi i just wanted to thank you for the wonderful post, i will try OKR.

    The way i wrote my goals now, was i made a simple plan setting all four or five for completion by september, but even then time is short.

    I am attached to the music goal, and certification goal, and business goal. I want all three. But i also agree focusing on one may be better, and finish it as quick as possible. Ugh...hmmm

    I am interested in FBA, i tried arbitrage but using retail stores in canada was not effective i wasted my time looking for products. For finding a product + FBA doing PL, i should be incorporated first for suppliers or manufacturers to take me seriously?

    I work in IT, i have money saved up, about 5K. I can definitely spend 1 or 2k on a product.

    I will check the course you sent, thank you very much!!! I may start a progress execution thread.
     
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  4. 2legit2quit
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    2legit2quit New Contributor

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    thank you! to follow up on this as an example, what do you think?

    Objective: Launch a successful product via Amazon FBA

    KKR1: Make $3000 revenue in sales/month after the launch
    - action 1: chose a product that sells between $20-50 dollars (i.e. $30)
    - action 2: sell ~90 items of those a month, or 3/day.

    KKR2: Keep a 30% profit margin
    - action 1: find a product that can be bought in bulk and shipped all costs in at, 10$/piece
    - action 2: double check the fees amazon will take, should not be more than $10/piece
    - action 3: ensure no other hidden costs

    KKR3: Is the customer satisfied?
    - action 1: check reviews of competitors, see if the product can be improved before launch
    - action 2: prompt follow up with customers upon sales
    - action 3: after sales, read my own reviews to see if the customer is satisfied, improve on future iterations.
     
  5. HIPPYOWL
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    HIPPYOWL New Contributor

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    Have you considered flipping items on Az to help pay off debt? It requires capital but and you can utilize fba while you're at your day job.
     
  6. 2legit2quit
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    2legit2quit New Contributor

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    im
    actually researching this like crazy right now, i got a jungle scout membership and trying to find a product i'd want to sell.
     
  7. HIPPYOWL
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    HIPPYOWL New Contributor

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    What your opinion on arbitrage/flipping?
     
  8. MaxKhalus
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    MaxKhalus New Contributor

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  9. MaxKhalus
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    MaxKhalus New Contributor

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    Hey, I'm here again!
    Yeah, it's been a while, almost like travelling to another planet and back. I'm here to reply those questions you had. And hopefully you can share with us the progress who have just made!

    So let's start ith what I think that will impact your life the most: money -> freedom. It's just what it is. Money is the only limitation to become Limitless (yes, like in the movie). I see you are now with FBA.

    Long story short. I started with 1K and I am about to make it. If you have +3K$ and a good mentor or info-course, you will have no problem to make it and scaling that business (which is very easy once your product sells). Don't buy a course. I've done it and absolutely all the info is in YT for free (so I asked for refund). Or you can ask me whatever you need to know about it. I have already have that info.

    Concerning to the OKR's now. Overall, you are following exactly that script. You should be doing it fine with it. But there's one more idea that I want to share you that could turn your goals into something more speciffic (the Objetive itself).

    What I mean is: what does getting a successful product mean to you?

    I don't know if I commented in that thread that it's important to be 100% clear with your why. You could write it down write below your last KeyResult or including it in the objetive title.

    And in order to making it clearer to you, I'll simply show you a few examples about this:
    Objetive: Make enough money with an FBA product so I could get a new appartment / start a second product / improving the lifestyle being able to achieve X / and so on.

    As you can see, you are not including a number. It could feel like that, but in reality you are including a vision, a reason.

    It turns into something really easy if you reverse-engineer your ultimate goals. Let's say your ultimate goal is called '9'. So the previous steps you have to identify to reach '9' are '8', '7', '6'... And all these numbers are objetives depending on their priority. And objetive called '0' would be something in that you could achieve in the next 1-3 months, just as you have designed.

    And the reason to do '0' is '1'. I think you are getting my point.
    Then the main thing I could improve about that would be the Purpose.
    Concerning to Amazon, I'll be here to answer all questions.

    I hope this has been useful for you. Take care!
     
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  10. richRich
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    richRich Contributor Read Millionaire Fastlane

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    Man, I am about to do that step, too. Was there a process behind the "disabling" or you just woke up and said: "Off"?

    Also regarding the FBA, you seem to be very happy with it. How do you view this business longterm?
    How would you evaluate it in terms of the CENTS framework?
     
  11. MaxKhalus
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    MaxKhalus New Contributor

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    Hey, you seem interested in this topic. I wrote only one post with my profile which you should check as it answers you that question (how to shift to that one thing).

    Concerning to FBA, it seems to have a lot of potencial, but being a begginner is as frustrating as hell. Basically because of that you don't know yet how to avoid basic things such as getting your account blocked for months, getting your listing restricted, using ads without throwing away cash and tons of one-time setbacks.

    But you know. There a point when you no longer care about that as long as it eventually works, because it worths it.
     
    richRich likes this.

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