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How to Recover from 50k in Debt?

TheOrchestrator

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First step I’d recommend is to cancel your motivational YouTube videos, books, or any other material that is meant to “motivate” you. Contrary to what many people think, you don’t have a motivation problem. In fact, motivational videos can potentially be dangerous to your motivation. Motivation is primarily fueled by pleasure (the desire for future and/or continued satisfaction) and pain (the desire to cease or avoid pain).

If you have enough pain from your current situation, then don’t snuff it out by getting lost in “motivational” content or “inspiring” literature. Just like video games, drugs, sex, porn, or anything else, it has the potential to become just another addiction. Excessive engagement in anything that makes you “feel too good” can easily kill all of the mojo that initially gave you your drive, because it temporarily “satisfies” you, thus killing the need to do anything anymore.

99.9% of your motivation should come from 3 things, your hatred of your present situation, your desire of a better situation (although don’t spend too much time focusing on it), and the day-to-day tasks that you successfully take in the direction that you want to go.

Really man, you don’t need motivation, you’re biologically built to motivate yourself, and you’ve got enough reasons in your own life to be “motivated”. Right now, you’re not “unmotivated” just tired and frustrated. Just take care of yourself, eat healthy, get sufficient sleep, express your frustrations to people who understand (like you’re doing now), then start thinking about the very next thing you can do to get back on track.

It’s okay to feel bad, man. Spend some time on self care, then quickly get back up and get moving.
 
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MJ DeMarco

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Teaching coaches personal trainers and consultants how to build a passive income mastermind community.

The thing is, I've never built a high ticket mastermind,

Wuh?

Don't you see the problem here? The incongruity?

You're going to teach someone something you've never done yourself?

Sounds like you're still chasing money and claiming expertise without actually being an expert. There's enough of that crap already infesting the web.
 

msufan

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I work full time. Not sure if that came across. I sell car insurance. Work 40hrs a week like the rest of the slowlaners.

Trading time for money isn't the solution as we know.

Perfect! I would stick within the insurance industry for my side gig then. What are the pain points within the industry? What would insurance companies pay good money to have done for them? Is there something that you could do more effectively than what is typically done?

I'm imagining that we could try to make the insurance companies (such as the one you work at) become your customer for something. What could that thing be?

Could you become drone-certified and make yourself an exceptional claims adjuster? (Meet Your New Claims Inspector: A Drone)

Could you use niche marketing to enhance sales even within your own (presumably commission-based) job? For example, could you create a landing page to focus on people with very high-end cars that gets potential leads directly to your email or phone number?

Not all business need to start in your area of expertise, but after 15 years of trying and not finding success, I'd start with that, personally. Very interested to hear others' ideas as well.
 
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lowtek

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Ramen noodle diet until you pay off the IRS. Student loans are bad, but getting put in a cage because you didn't give the king his cut is worse.

Check out the thread on Deleting the upwork profile and starting over to get some extra income going. With your broad skillset, you should be able to make some extra coin on there.

While a money for time trade isn't fastlane, neither is the debt. Go Dave Ramsey style until you can get debt free, and then go MJ DeMarco style to get rich.
 

Real Deal Denver

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I admire your honesty and drive. Congratulations on reading MJ's books. You have taken the first steps which is great.

As someone who left the daily grind of a regular job 20 years ago, I can offer you some advice. I am not fast lane, but I'm working on it. It should happen within a year if all goes according to plan.

First of all, you have to use your talents. That means, simply, you have to do more. That is not going to be easy. I laugh at a few posts here from frustrated young people that have decided they want to own their own business of some sort, and be rich. They don't want to work for someone else and have a regular job. Don't we all.

So what can we do about that? Luckily, there are easy answers. But it isn't easy to implement them. I work 80 hours a week every week. It's no big deal. 12 hour days are easy, and I work weekends. Throw away any ideas you have of quitting work at 5, yet being very successful. Once you have done that, you are ready to succeed. You just need a vehicle to get you there. Ready?

As you will see, there are many threads here on ventures you could undertake. There are dozens of books on Amazon on how to start a side business as well. There is no shortage of information on how to make extra income if you are willing to work more. Once you pick a way to make more money, you can scale it up, step back, and grow it without doing all the work yourself.

Sounds so easy doesn't it? Well, it is. Let's take a few ideas that you could start up this week. They're not glamorous or high paying, but they are something that you can grow as a business. I know several people doing these side gigs that are making serious money. First - house cleaning. Easy work. Repeat clients. Here's how that works: call around and see what people charge for that. Find out what they do. USE the internet for something productive, which hardly anybody does. Then make a nice website and flyer and start knocking on doors in affluent neighborhoods. Market. Once you have a half dozen customers, hire someone to do the work, and repeat. Soon you could have 6-7 people working for you. I know people doing this. You can make $15 an hour from every person working for you. Times six.

Next idea. Same concept. Lawn mowing. I know a guy that does this as his only business and he makes great money.

I know a guy that buys cars cheap and resells them. If you know something about cars and have tools, this could be easy money. He fixes them up and sells them. Makes $800 and up per car. Huge demand. He's always busy.

I know a guy that "trades" cars with people when they need tires. He takes their car, gets tires installed, and gives them a loaner car to use in the meantime. That's it - and he is doing well. People hate waiting hours to get tires. He is branching out into doing oil changes on site at their home or office. Can you imagine how many of these you could do in an office area of ten story buildings? You could probably do at least ten a day - all within two or three blocks. Set up a "oil change day" for each building. Do this for 15 buildings - one building each day. There you go - easy business. I'd pay a premium for that.

I know people that drive Uber and Lyft and make a few hundred a day doing that.

Be a home inspector. Easy work and lots of it if you market.

There are a dozen things like this that can be started immediately with very little effort. Oh, but you don't want to work extra hours, or you don't want physical work? Fine. (not you - I'm being the devil's advocate) Then get another job and double your income that way. Right now I have two jobs and I'm working on my side gigs as well.

At one time I trained five people to do what I do. They all quit. The most common reason for quitting was they didn't want to work more than 9-5 M-F. Poor babies - I hope they're making lots of money in an easy job today.

In a nut shell - people are lazy. Take advantage of offering services that they can, and will, pay for. From there, build it up.

Once you start being successful on that level, then you can step back and build a real business that you can scale and make a ton of money. That's a different topic, that has been covered here extensively. This post is already too long, so that's enough to think about and get a plan going...
 
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TheOrchestrator

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I think this is just another example of the common pitfalls that most readers seem to fall into right after reading the books...before the proper mindset shift starts to set in. I made similar mistakes too. It seems to come down to too much focus on the C, T, And S, and not enough on the E and N. This is also what makes it really easy to get pulled in by bro marketers and scammers too.

I fell into stuff like this probably because I was reading and listening to too much stuff at the same time, without being honest about how significantly MJ's books conflicted with most of the views/philosophies that I was digesting from everywhere else. Caused me to miss a whole lot of what MJ was trying to preach, and I had to go back and read them again to truly "get the point".
 
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Jfinley

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Get a job. From within your job, look for opportunities and niches in that industry that you could operate on the side. Scale up from there.
I work full time. Not sure if that came across. I sell car insurance. Work 40hrs a week like the rest of the slowlaners.

Trading time for money isn't the solution as we know.
 

TheOrchestrator

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I work full time. Not sure if that came across. I sell car insurance. Work 40hrs a week like the rest of the slowlaners.

Trading time for money isn't the solution as we know.

Sure, but the solution isn't trading in your marriage either, is it?

Bro, if your marriage is just as important to you as the other things you are fighting for, then you are just going to have to find a way. Trust me, I know how you feel. I'm currently doing side hustles along with my full time job to build enough side income to convince her that I'm serious, and that this is really possible. She's been slowly coming around, only after seeing some progress, but I've still a long way to go. By the way, this is ALL while being a husband AND a father who is just as serious about not destroying my relationship with my family in the process. You don't have children, so you've got an advantage over me, and a higher likelihood of pushing past me. I recommend sitting down with her and figuring out ways to meet both of your needs, which will likely require some serious compromises on both sides. But still, even after that, before she's ready to fully jump on the bandwagon, she's going to need to see actual tangible progress, and it's not fair to expect anything else otherwise from her, especially if she's sacrificed years with nothing to show. It's not her dream, man. It's yours, so you can only expect so much help from her.

Of course, I'm saying this with the assumption that you actually love this woman and want it to work out.

But if this is really just a veiled outcry of frustration and regret, that's cool too. I hear you, man. Just hang in there and keep going. We can do this.
 
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G-Man

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Ramen noodle diet until you pay off the IRS. Student loans are bad, but getting put in a cage because you didn't give the king his cut is worse.

Check out the thread on Deleting the upwork profile and starting over to get some extra income going. With your broad skillset, you should be able to make some extra coin on there.

While a money for time trade isn't fastlane, neither is the debt. Go Dave Ramsey style until you can get debt free, and then go MJ DeMarco style to get rich.
This. Remember that scene at the end of Shawshank Redemption where Red is narrating Andy crawling through a shit tunnel to escape from prison? That's the kind of intensity you gotta take until you at least get out from under IRS. Prison diet intensity.
 
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TKDTyler

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I came out of college with 120k in debt + an additional loan due to my car breaking down. While I am still single, 120k+ in debt is no joke, especially living out in the Bay Area where the rent is 40+% of my salary. My only saving grace was the fact I have an engineering job that allows me to support that kind of debt, but it was still paycheck to paycheck until I got my stocks.

For a while it was completely about paying off my loans first and then beginning my life once I reach 30ish. Fastforward to starting a small ecom business (You can see a story I posted here) and it completely changed my perspective.

Debt isn't inherently a bad thing if you can manage it correctly. The question I ask myself now is - can this money that I will be putting towards paying off my loan quicker give me a return higher than my interest rate? If it is, there is no point in putting the money into the loans. Rather, I use it to leverage my positioning.

If I were you give you one piece of advice, it would be to find a mentor. The experience they have will be better than anything you can read. It may not be in a sexy industry, but it will give you the correct tools you need to be successful.

Trust them, follow their advice to the T for a year or two and see where you end up.
A good mentor will help you out along the way. Teach you some tips and tricks of the trade.
A great mentor is someone who will check your a$$ when your being an idiot. When you are chasing money rather than providing value.

Find yourself a great mentor in whichever industry you want to be in.
 

Get Right

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Ok cool, I'm starting to see some patterns. It appears to me that you are chasing money via hustles (not building businesses). A typical business (that works) looks like this:
  • Market - Identify the raving market that you want to sell to
  • Need - Find out what need(s) that market has
  • Product - Develop a product that satisfies the need of that market
 
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Jfinley

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Can you explain how are you going to use the forum as your mentor?

Actively engage, ask a questions, listen and take action, post my results. Get feedback, make adjustments. Keep engaging.
 
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Real Deal Denver

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Here's a tasty tid-bit you might enjoy.

You sound like an ideal customer for ME for doing videos at $3,000 a pop. Six or seven jobs like that a month, and I could do very well, without working too hard.

Maybe THAT'S an option you can consider too.

I do video production, not for profit, but for my own business use.

I too was faced with prices similar to what you pay.

For that reason, I do my own. It isn't cheap. My PC setup cost $2,500, and software cost $500, so I still paid the same. But I now own it, and can make unlimited videos now. My expenses for that have disappeared.

If you pay for first class service, without first class income, you're in for a long struggle. Videos and marketing don't HAVE to be expensive. Now what is the next video going to cost you? There go your profits and/or savings.

In addition to scaling up in your business, think scaling DOWN on expenses as well.
 

biophase

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So my question is that how do you know that the $300/hr coach needs a system to go to a mastermind, forum model?

This coach may not know how to teach a class and may be better at 1 on 1.

You say you know your system can help them, but how do you know?
 
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msufan

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You should really re-read MJ's post from earlier in this thread.

You will not be successful with this because you are trying to teach others to do something which you, yourself, have not been able to do.

Would you choose a 300-pound person to coach you on how to lose weight?
 
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Jfinley

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Hey Fastlaners,

I need your advice.

9yesm9ve read Unscripted and Millionaure Fastlane

I’m 35, 50k in debt and have no credit, but I’m a fighter! Right now life has me on the ropes. I’ve pushed for 15 years to “make money online” without any results EXCEPT Ive learned how to build, design or maintain majority of the top 1% systems and tools,used online.

My Delimma:

I owe IRS 10K and student loans 40K. I have no assets, no leverage and no family (orphan) and seemingly not enough of ___________ to build a real fast lane business.

What advice do you have for someone with great potential, but can’t seem to put it together. I don’t want to be on my death bed regretting life. I grind hard daily creating things and trying to solve,problems with high Impact, but I never gain traction.

I can build websites, setup software and run entire business online, but when I try to market those services I get killed,by competition or lack or past “happy clients” tried,to stuff for free but people act as if there’s a catch or don’t commit to the process since they aren’t paying. Lots of wasted time and money.

I have a great story to share that I feel is inspiring, but speaking and coaching hasn’t led to any real results besides free speaking gigs and a few freebies here and there.

What am I missing?

My spouse wants a home and vacation every now and then. She’s tired of every penny going towards dreams that fail, BUT will always give more if she sees I’m grinding.

What should I do to turn this all around?

I don’t want to go back to school, but she wants stability after 15 years of unwavering support. Stability or results.

I’m past the money motivation at this point. Now I want to be successful for the sheer sake of saving my manhood and self respect for myself. Money is a result. I’m in love with the process and I’m willing to keep fighting til the end, BUT I can’t deny 15 years with nothing to show for It has this warrior questioning his battle plan.

Any advice?
 
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Jfinley

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Hey there Jfinley. Have you read MJ's books? It looks like you have been a member for 2 years but just now decided to post. Have you reached your breaking point, that place where you say no matter what I am going to succeed? What other ways are you growing and learning and developing your greatest asset, i.e. yourself?

Breaking point isn't even the word. I've broke down and broken through on multiple occasions in life, but not in business. Today I mainly read books for specific knowledge and YouTube for motivation and so on. Books are my priority.

I'm upgrading my membership to get to the locked posts and start to FIX this. I'm healthy, smart, dedicated and teachable.

There's no reason I should be failing. MJ opened my eyes and confirmed the truth - there's a better way.
 

Jfinley

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Breaking point isn't even the word. I've broke down and broken through on multiple occasions in life, but not in business. Today I mainly read books for specific knowledge and YouTube for motivation and so on. Books are my priority.

I'm upgrading my membership to get to the locked posts and start to FIX this. I'm healthy, smart, dedicated and teachable.

There's no reason I should be failing. MJ opened my eyes and confirmed the truth - there's a better way.

Upgrade done.
 

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Get Right

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Can you tell us how your previous "failures" relate to the CENTS commandments? There probably is a pattern and we might be able to bring it out.
 
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Andy Black

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Yes I’m all over them. He seems to be the “AdWords Guy” here
I’m not the only AdWords Guy in here. I just probably wrote the most.

Also check out @Ungodly and @eliquid posts/signatures as well as mine.
 

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MAYBE, I can sell it to someone who is!!! $2,000 for a fully functional membership site isn't bad. I can customize it to their liking and niche.

(Ideas turning)

That's kinda what i was trying to suggest... That you reach out to experts in other fields and offer to help them build a platform for whatever it is they help people with.

I've seen a handyman startup blog become a buy membership to learn from my course site.
Also seen same thing with a guy that bought repaired and sold laundry machines on craigslist.
 

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Perfect! I would stick within the insurance industry for my side gig then. What are the pain points within the industry? What would insurance companies pay good money to have done for them? Is there something that you could do more effectively than what is typically done?

I'm imagining that we could try to make the insurance companies (such as the one you work at) become your customer for something. What could that thing be?

Could you become drone-certified and make yourself an exceptional claims adjuster? (Meet Your New Claims Inspector: A Drone)

Could you use niche marketing to enhance sales even within your own (presumably commission-based) job? For example, could you create a landing page to focus on people with very high-end cars that gets potential leads directly to your email or phone number?

Not all business need to start in your area of expertise, but after 15 years of trying and not finding success, I'd start with that, personally. Very interested to hear others' ideas as well.

Take a deep breath . . .

Now focus.

^^^^
That advice by @msufan is the best advice I've read on here and you haven't answered it.. maybe I missed your answer so apologies if so.

Use your experience to make this happen.

Why look at 100 Unsexy Ideas, when you have one staring you in the face?

The kind of typos you're making tell me you are a bit manic at the mo, hence my deep breath advice.

Stay calm, stay focused, stay within your area of expertise.

Wishing you and your family the very best.:thumbsup:
 
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Real Deal Denver

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Hey that's where the ego gets checked at the door. I'm learning and open but don't confuse that with chasing money.

I'm switching paths and ditching the idea thanks mainly to the feedback here. I'm here to learn and not defend an I'll advise position.

Thanks for being honest. I expect it. I'm not qualified to teach that

MAYBE, I can sell it to someone who is!!! $2,000 for a fully functional membership site isn't bad. I can customize it to their liking and niche.

You are going to really like this. Fasten your seat belt.

I think you have a great idea, if it was tweaked a tiny bit.

You might not have the expertise to teach the modules on your site, BUT you certainly have an awesome ability to build the infrastructure for someone that does.

I have a lot of experience with that and I don't like it. It's difficult because I'm not familiar enough with it to do it efficiently, but I know enough to slog through it. I am currently building my own infrastructure system, and it is a lot of work and a lot of learning. Giving you my content and having you build and launch it would be a fantastic service. My system is complex (for me - probably not nearly as much for you), involving landing pages, sales funnels, drip campaigns, adwords, and linked ads. You could take over and build this, and you could offer a scaled back version, for those that want a more basic website with someone to maintain and update it.

Don't sell yourself short! THIS is a great idea, and you have the skills to make it work.

Sell this an an ongoing venture to your customers, not just a set it and and leave it service, and you will eventually build respectable residual income as well.

In short, the world desperately NEEDS someone with your skills and experience that can do this. A "no job too big, and no job too small" one stop service.

If you want, I might be able to partner with you to do the marketing and you do the work. I'm telling you, there is NO limit to the market that would embrace this. You have a gold mine, but you're looking for diamonds! And the beauty of this? You can do it on your time and still keep your job to pay the bills and eat!

Now listen. Pick yourself up. All you have to do is re-calibrate and aim for a slightly different target. The work and skills remain the same!

In reality, you are mere inches from success.
 

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Take 15 minutes and answer the following questions:

- What am I really really good at that I absolutely love?
- How are others making money in this industry that I love?
- Are there jobs or other opportunities within this industry that I love that I can bring value to others?

Why would you take years off your life pursuing a dream that may not come true when you already have the skill and talents necessary TO make your dreams come true - if you just funneled it in the right area?

There are opportunities EVERY WHERE. Take the time to look further.
 
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Jfinley

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Haven't finished reading through all the posts but some thoughts.
1. High ticket masterminds, you have to have some backing and experience to convince people they should listen to you. Check out Jeff Davis down in FL who put together a franchise type of masterminds thats he getting facilitators signed up for based on the popularity of his masterminds. He gives you all the tools to the group leader who is more of a facilitator. Its a neat idea.
2. What insurance company do you work for? I've been a sales leader on the corporate side of both State Farm and Allstate. There are SO many opportunities in the insurance industry. I echo with others to say do what you know. You can make more commissions based on sales and get some of that debt paid down (move to another agent's office if thats not working where you currently are), you can refer someone to open an Allstate agency and get $10k, you can develop coaching/online groups/programs to sell to the big companies - there are MULTIPLE examples of very successful agencies doing this and they are helping people so much, you can work for a soon to retire agent and develop a succession plan that allows you to buy the business (insurance agencies aren't totally fast lane but they are VERY good if you are smart).

Hubs and I paid off $100k, own a house in Hawaii, have several different income streams, my husband is retired military and thats definitely helped a lot but remember you're always going to have the ability to spend more than you make...I had to learn this 2x lol. It sounds like (and I could totally be wrong) that developing a budget with your wife, buckling down for a bit to focus on what you're doing f/t just to get back on track debt wise, and trying to not get distracted by opportunities that aren't in your immediate skill set (I'm totally guilty of getting distracted by shiny new opportunities) will help you start to get ahead.

Thank you for the insight. Jeff is doing something really cool. Almost like a licensing type arrangement.
I sell insurance for Progressive Non-Commissioned. Im unable to be a captive agent at this time. Think of it as customer service sales...yuck!

I burned a lot of bridges chasing my dream since 15. Financial habits sucked, and flip flopping through school stacking up loans, but never finishing didn’t help. I had a real estate job where I was being paid as an employee, but majority of my check was listed as a bonus with a small base pay. I ended up making 70k, blew it and owed the IRS ever since.

I’m getting back on track, but it takes time and discipline. It’s been a long road, but I man up and keep going. It’s been worth the journey to arrive here.
 

Real Deal Denver

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Your posts are thought provoking. Thanks!

During my journey I’ve come across many opportunities like these. I’ve thought about it the last few weeks considering the costs and demand.

You’re initial investment sounds about right. I priced a MAC Pro for about $2,200 and Final Cut Pro. Adobe is another option. I already have a Cannon T7 DSLR and Rhode Mic.

Thanks for the inspiration.

I’m headed to the local lead generation threads. I have all the skills to design Pages, connect systems, and deliver leads to clients. I just struggled with AdWords, but if that’s learnable. Just didn’t fit in my time frame.

A good idea with the wrong expectations of results and success can easily be ruined by a lack of patience. I’m working on it.

You can't go wrong with the Mac Pro and Final Cut Pro. I used to have a lot of respect for Adobe until they decided to be expensive with their leased software.

I use a PC and Sony software. It's super powerful, but Final Cut Pro is the industry standard. I should have went the Mac route, but Apple has always kind of pissed me off with their sky high prices. I don't mind paying extra, but I have my limits. I like to think of myself as NOT being a sucker. I have more power and storage than the Mac at far less cost. But - it's not a Mac.

At the very least, I'd recommend you set up your own video production for the cost savings alone. Not spending $3K a month on video can make you healthy fast, and it's surprisingly easy when you have the major equipment purchases done. It's also something you can easily slide into part time, and see where it might go from there. That is not an easy field to enter, so profits can be very good.
 

Jfinley

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There is a huge difference in coaching on a forum vs coaching 1-1. But I’m sure there are many coaches that would rather go the forum/scale route vs 1-1.

With that being the case I just don’t see how you are qualified to teach that route. I just looked at your website and you are definitely selling something that you have no experience in. It’s one of those websites that makes me cringe just reading your module titles. I’m glad you are seeing the light and not moving forward with it. People would challenge each of those modules and want to know your results implementing them.

Hey that's where the ego gets checked at the door. I'm learning and open but don't confuse that with chasing money.

I'm switching paths and ditching the idea thanks mainly to the feedback here. I'm here to learn and not defend an I'll advise position.

Thanks for being honest. I expect it. I'm not qualified to teach that

MAYBE, I can sell it to someone who is!!! $2,000 for a fully functional membership site isn't bad. I can customize it to their liking and niche.

(Ideas turning)

Gotta turn lemons to lemonade. @Andy Black let me know when you want to launch a course site. You can have dibs on this one. OR I'll barter my site for your course.

Let's make something happen.

As for the idea...NEXT! Scrap it and move on.
 

Jfinley

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Take a deep breath . . .

Now focus.

^^^^
That advice by @msufan is the best advice I've read on here and you haven't answered it.. maybe I missed your answer so apologies if so.

Use your experience to make this happen.

Why look at 100 Unsexy Ideas, when you have one staring you in the face?

The kind of typos you're making tell me you are a bit manic at the mo, hence my deep breath advice.

Stay calm, stay focused, stay within your area of expertise.

Wishing you and your family the very best.:thumbsup:

Thanks!

It's easy to get worked up when you're dealing with dreams and pains. Yeah, I have my manic moments, but a Red Bull and a shaky ride home typing on your phone can lead to the same results. Plus I swear I have a demon in my auto-correct settings. (sometimes I just don't give a duck)

But I appreciate the advice and well regards.

I'll re-read his specific post again and see what makes sense. Sometimes we seek advice to validate an idea rather than truly get feedback. My earlier posts (yesterday) may have a hint of "protect my idea" in the response. As I continued to get responses and more importantly get feedback from "The Man MJ" what else could I do?

I'd be a fool NOT to listen.

It's easy for me to cut the loss and move on which for some seems manic or quite sociopath like at times. But it serves me well.

I've switched paths to rely on my core skills and from there I'm going to create a real business.

For now, I will take a deep breath, and exhale. Woosah in the moment.

Thank you and I wish the best for you and your family.

Take care
 

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