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INTRO How I quit my job and started living on passive income

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T. Davis

Contributor
Nov 24, 2021
2
24
13
Hiya!
I'm new to Fastlane philosophy but not to entrepreneurship. I started my first business when I was 12 (babysitting), started giving hairwraps to kids at local fairs when I was 14, sold my hand-made clothing in a local retail store when I was 15 and then, much like MJ, started coordinating music & dance events at age 16.

I absolutely loved it. Entrepreneurship is in my bones. I never lost money, but I also didn't make enough money to support myself.

So... I put aside entrepreneurship and went to college. Then I got a masters degree. Then a PhD. For more than a decade, I followed the SCRIPT.

And guess what?!

With my PhD in hand (from Berkeley!) I couldn't get a job. I applied and interviewed, applied and interviewed, ad nauseam. Zero job offers. So much for following the SCRIPT.

Luckily, I hadn't totally abandoned my true calling—entrepreneurship. While in grad school, I spent a lot of time taking classes in entrepreneurship, meeting other entrepreneurs, and even competing in start-up competitions. So, with my tail between my legs, I gave up on the job hunt, and tried something different. I started selling the knowledge I had learned in my PhD to tech companies—I became a freelance consultant. For the first time, I had my own business and I was making decent money from it.

In time, I discovered that selling time to an employer is no different than selling time to a client. In fact, I didn't have just one boss. I had 10! But it was better than a "real" job in one key way: I was in charge of how much of my time I sold. So in year 2, I cut my consulting hours in half and spent that extra time building a business that wasn't dependent on my time.

I spent the next 3 years working in one business while building another. I designed my website, built products, wrote marketing copy, and learned SEO.

Those were hard years. I felt lost and hopeless, like I was walking into dense fog never knowing if I'd make it anywhere. But on my wall, next to my desk, I posted my WHYs. At the very top it said, "Get Out of The Rate Race". I knew I wouldn't be happy until I did it.

Finally, I launched my first product and about a month later I had my first sale. Later, I added a few more products and had a few more sales. I was making about $400 month from my website without having to do anything. Finally, I started to see my path to freedom and I wanted it more than ever.

In 2020, I reached a tipping point. I don't know if it was a true FTE, but I knew in my heart that I just couldn't stay on the path that I was on. So I quit working for my biggest client and shifted 90% of my work focus to my website.

In 1 year, I grew my traffic and my sales by more than 5X. It still may not be a lot of money, but technically, I now make enough passive income to support myself.

Then I randomly stumbled on Millionaire Fastlane and it put words to so many things I'd long wondered about. I feel like things are starting to make sense. So I quit my last consulting job and it felt amazing.

The fog is clearing and I now see the dominos lined up in front of me—my path to freedom. Now, all I have to do is push them down. <3
 
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MJ DeMarco

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Welcome Ms. Davis, great to have ya.
 

WJK

Platinum Contributor
FASTLANE INSIDER
Speedway Pass
Oct 9, 2017
2,247
4,995
1,148
Alaska
Hiya!
I'm new to Fastlane philosophy but not to entrepreneurship. I started my first business when I was 12 (babysitting), started giving hairwraps to kids at local fairs when I was 14, sold my hand-made clothing in a local retail store when I was 15 and then, much like MJ, started coordinating music & dance events at age 16.

I absolutely loved it. Entrepreneurship is in my bones. I never lost money, but I also didn't make enough money to support myself.

So... I put aside entrepreneurship and went to college. Then I got a masters degree. Then a PhD. For more than a decade, I followed the SCRIPT.

And guess what?!

With my PhD in hand (from Berkeley!) I couldn't get a job. I applied and interviewed, applied and interviewed, ad nauseam. Zero job offers. So much for following the SCRIPT.

Luckily, I hadn't totally abandoned my true calling—entrepreneurship. While in grad school, I spent a lot of time taking classes in entrepreneurship, meeting other entrepreneurs, and even competing in start-up competitions. So, with my tail between my legs, I gave up on the job hunt, and tried something different. I started selling the knowledge I had learned in my PhD to tech companies—I became a freelance consultant. For the first time, I had my own business and I was making decent money from it.

In time, I discovered that selling time to an employer is no different than selling time to a client. In fact, I didn't have just one boss. I had 10! But it was better than a "real" job in one key way: I was in charge of how much of my time I sold. So in year 2, I cut my consulting hours in half and spent that extra time building a business that wasn't dependent on my time.

I spent the next 3 years working in one business while building another. I designed my website, built products, wrote marketing copy, and learned SEO.

Those were hard years. I felt lost and hopeless, like I was walking into dense fog never knowing if I'd make it anywhere. But on my wall, next to my desk, I posted my WHYs. At the very top it said, "Get Out of The Rate Race". I knew I wouldn't be happy until I did it.

Finally, I launched my first product and about a month later I had my first sale. Later, I added a few more products and had a few more sales. I was making about $400 month from my website without having to do anything. Finally, I started to see my path to freedom and I wanted it more than ever.

In 2020, I reached a tipping point. I don't know if it was a true FTE, but I knew in my heart that I just couldn't stay on the path that I was on. So I quit working for my biggest client and shifted 90% of my work focus to my website.

In 1 year, I grew my traffic and my sales by more than 5X. It still may not be a lot of money, but technically, I now make enough passive income to support myself.

Then I randomly stumbled on Millionaire Fastlane and it put words to so many things I'd long wondered about. I feel like things are starting to make sense. So I quit my last consulting job and it felt amazing.

The fog is clearing and I now see the dominos lined up in front of me—my path to freedom. Now, all I have to do is push them down. <3
I started about the same time in my work life as you did. All those jobs I did as a kid gave me a great base for my adult life. I did the school thing too. I finished up my formal education in my early 40s with my Juris Doctorate. No, I never practiced as an attorney. I've been working full-time in real estate for 45 years. I understand where you're coming from. I've never used any of my 4 college degrees the way those schools intended. Now I'm a professional RE investor who is moving into a new hard money business this coming spring. I'm developing more passive income.

What is your Ph.D. major? You may find some other interesting uses for it. What's next for you? You don't sound like a person who can sit still.
 

T. Davis

Contributor
Nov 24, 2021
2
24
13
I started about the same time in my work life as you did. All those jobs I did as a kid gave me a great base for my adult life. I did the school thing too. I finished up my formal education in my early 40s with my Juris Doctorate. No, I never practiced as an attorney. I've been working full-time in real estate for 45 years. I understand where you're coming from. I've never used any of my 4 college degrees the way those schools intended. Now I'm a professional RE investor who is moving into a new hard money business this coming spring. I'm developing more passive income.

What is your Ph.D. major? You may find some other interesting uses for it. What's next for you? You don't sound like a person who can sit still.
Hi WJK,
Ya, I think in graduate school I "learned how to learn". So that knowledge applies to any field. My degree is in Psychology. My business (The Berkeley Well-Being Institute) definitely uses my skillset—in fact, this skill set is what helps me beat the competition even in a competitive space. My consulting was also for wellness tech companies so I know my industry very well (but I'm more interested in "business" than "psychology" at this point).

Congrats on shifting to passive income. It's a grind to get there but no more difficult than an degree. Is your passive income plan related to your degree?
 

WJK

Platinum Contributor
FASTLANE INSIDER
Speedway Pass
Oct 9, 2017
2,247
4,995
1,148
Alaska
Hi WJK,
Ya, I think in graduate school I "learned how to learn". So that knowledge applies to any field. My degree is in Psychology. My business (The Berkeley Well-Being Institute) definitely uses my skillset—in fact, this skill set is what helps me beat the competition even in a competitive space. My consulting was also for wellness tech companies so I know my industry very well (but I'm more interested in "business" than "psychology" at this point).

Congrats on shifting to passive income. It's a grind to get there but no more difficult than an degree. Is your passive income plan related to your degree?
Let's switch to a personal message. I'd love to talk to you... I'm taking a final exam for a class I'm taking for a new mortgage broker's license for this new business. I'll PM you as soon as I finish these 25 questions.
 

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