Introducing Myself (Again)...

[gabeb1920]

Hi All,

Reaching back out to the forum for a chance to get things off my chest and seek some advice.

I used to be a fairly active member of the forum and dabbled in a few things as far as starting a business in 2016. Didn't really progress due almost entirely to my own lack of effort/discipline/motivation.

Also note that I have read TMF but haven't read Unscripted . I could probably also use a refresher on TMF .

Anyway, since my time here on the forum I have gotten a quite substantial pay increase to where I have an above average income (~$110k) in a job where I enjoy the day to day work. (Income doesn't really allow me to do the things I want though because I have a LOT of debt )

First question: I everyone suited to be an entrepreneur?
Personally I don't feel I am because I work best with in-depth guidance/advice from others around me. I love having work colleagues I can bounce ideas off and receive constant guidance and support from.

Secondly, if entrepreneurship isn't for everyone what are alternative ways to achieve the lifestyle of early retirement/multi-millionaire we are all working towards?

If on the other hand entrepreneurship is an option for everyone then do I just need to work harder to learn to do it better?

I've just started reading Unscripted and the first chapter just didn't resonate with me. I do enjoy the day to day aspects of my job. However there are some things I would change:

• I would love to be able to leave for extended periods and travel and see the world. Can't afford to do that on my wage with my current debt levels and unlikely I could get the leave approved.
• I would love to work a little bit less each week. Maybe 20 hours instead of 40. I enjoy the work but I enjoy other things too.
• Even $100k+ income doesn't allow me to leave the kind of legacy I want for my kids and to give them the kind of experiences I want them to have.

As I said this is a bit of a rant and chance to get this feeling of dis-satisfaction off my chest.

To finish up, MJ made a comment on another post I saw just now:

I don't have a problem with an education or a job. They can be great stepping stones to business.

But I do have a problem with you getting comfortable with mediocrity.

Because once you get comfortable with the grind of the rat race, you'll never escape.

I'm worried I have gotten comfortable with the grind and now I won't escape or won't be able to escape. I'm just not sure it's possible :/

 

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[Jrbdebtfree]

Hi All,

Reaching back out to the forum for a chance to get things off my chest and seek some advice.

I used to be a fairly active member of the forum and dabbled in a few things as far as starting a business in 2016. Didn't really progress due almost entirely to my own lack of effort/discipline/motivation.

Also note that I have read TMF but haven't read Unscripted . I could probably also use a refresher on TMF .

Anyway, since my time here on the forum I have gotten a quite substantial pay increase to where I have an above average income (~$110k) in a job where I enjoy the day to day work. (Income doesn't really allow me to do the things I want though because I have a LOT of debt )

First question: I everyone suited to be an entrepreneur?
Personally I don't feel I am because I work best with in-depth guidance/advice from others around me. I love having work colleagues I can bounce ideas off and receive constant guidance and support from.

Secondly, if entrepreneurship isn't for everyone what are alternative ways to achieve the lifestyle of early retirement/multi-millionaire we are all working towards?

If on the other hand entrepreneurship is an option for everyone then do I just need to work harder to learn to do it better?

I've just started reading Unscripted and the first chapter just didn't resonate with me. I do enjoy the day to day aspects of my job. However there are some things I would change:

• I would love to be able to leave for extended periods and travel and see the world. Can't afford to do that on my wage with my current debt levels and unlikely I could get the leave approved.
• I would love to work a little bit less each week. Maybe 20 hours instead of 40. I enjoy the work but I enjoy other things too.
• Even $100k+ income doesn't allow me to leave the kind of legacy I want for my kids and to give them the kind of experiences I want them to have.

As I said this is a bit of a rant and chance to get this feeling of dis-satisfaction off my chest.

To finish up, MJ made a comment on another post I saw just now:


I'm worried I have gotten comfortable with the grind and now I won't escape or won't be able to escape. I'm just not sure it's possible :/

 

[Jrbdebtfree]

So two things come to mind,

1. Get that debt monkey off your back, it does nothing but give you freedom and options.

2. Real Estate rentals can be an awesome place to grow wealth because there are plenty of people to manage, maintain them for you and some one else is paying off the mortgage for you, win win..

Just my thoughts.

 

[ZF Lee]

Welcome back!

I everyone suited to be an entrepreneur?

Of course not. You are right!
Remember the day you were born.

You were a weak baby that couldn't harm a fly. You had to be carried around, and fed.

You couldn't walk, talk, take a dump properly, make friends or learn your letters.

Then, what happened? You learned.

You stumbled, made mistakes and successes, got laughed at, photos snapped, scolded at.

And now, you can walk, talk, take a dump properly, make friends or learn your letters.

In the beginning, no one is ever suited to be an entrepreneur. The same goes for lawyers, doctors and engineers, or whatever job scope. The kid that goes into college in the beginning is not suited for the profession.

The process of learning and giving value will make the person suited as an entrepreneur, or whatever field he takes interest in.

Personally I don't feel I am because I work best with in-depth guidance/advice from others around me. I love having work colleagues I can bounce ideas off and receive constant guidance and support from.

There's always meetups, internet forums, co-working spaces and social clubs.

However, you have to make your own decisions based on your analysis and present situation. Entrepreneur or not, decisions have to be made, independent of others.

if entrepreneurship isn't for everyone what are alternative ways to achieve the lifestyle of early retirement/multi-millionaire we are all working towards?

Sure, there are.

Here's this book I read before TMF . Supposedly written for fun, by the author lol.
The Ten Roads to Riches: What Are the Ten Roads?

But IMO, there's nothing 'early-retirement' or 'multi-millionaire'-ish about the work put in to get any sum of money.

And it depends on:
1. How much you need a month/year to survive or live comfortably. 50k? 100k?
2. How much of a time frame you expect to use to earn up to that point
3. What is your 'early retirement' age. 30? 40 years old?

If on the other hand entrepreneurship is an option for everyone then do I just need to work harder to learn to do it better?

You don't need a website, you need sales

I'm worried I have gotten comfortable with the grind and now I won't escape or won't be able to escape. I'm just not sure it's possible :/

Notable! - Manufacturing a FTE (F*ck This Event!)

This is a horse beaten to the bones every day here, but I'm going to say that IF YOU CAN COME INTO A HOUSE, YOU CAN COME OUT AS WELL.

Do read on in UNSCRIPTED . The best parts come later.

 

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[gabeb1920]

So two things come to mind,

1. Get that debt monkey off your back, it does nothing but give you freedom and options.

2. Real Estate rentals can be an awesome place to grow wealth because there are plenty of people to manage, maintain them for you and some one else is paying off the mortgage for you, win win..

Just my thoughts.

Thanks for the reply Jrbdebtfree.

Getting out of debt is certainly on my list of things to do and I am working on it. I guess here I'm looking to use Fastlane/Unscripted principles to increase my income exponentially so I can repay the debt quicker and have more Fastlane opportunities.

Real estate can be good and it is something I've thought about briefly. Main concerns are the initial capital investment which would be required. I just don't have that much money as yet. And then also I live in Australia where property prices have been surging for the last 25 years or so. Granted I haven't looked into it a lot but my understanding is that almost all properties in Australia, especially near where I live, are not cash flow positive. Most people rely on capital gains to make money and given the long term property boom I just can't believe that it is going to keep going that way. :/

 

[gabeb1920]

Hi ZF Lee, thanks so much for the excellent reply!

n the beginning, no one is ever suited to be an entrepreneur. ...

The process of learning and giving value will make the person suited as an entrepreneur, or whatever field he takes interest in.

I do agree that basically any skill can be learnt but I also agree that individual people have aptitudes for different careers. I'm sure I could learn to be an entrepreneur but I'm thinking it would be more difficult for me than someone who has a natural tendency towards it.
The question then is is it worth it given that there are other tasks which I would have a more natural tendency towards?

There's always meetups, internet forums, co-working spaces and social clubs.

True however these don't provide the close working relationship I'm looking for. However I'm sure that's just an excuse and I could make it work if I really tried to.

I'm thinking I' more looking for a mentor/partner who will be able to give specific, real time advice that I would trust.

But IMO, there's nothing 'early-retirement' or 'multi-millionaire'-ish about the work put in to get any sum of money.

And it depends on:
1. How much you need a month/year to survive or live comfortably. 50k? 100k?
2. How much of a time frame you expect to use to earn up to that point
3. What is your 'early retirement' age. 30? 40 years old?

I agree that any means of making money is going to take effort. Otherwise it wouldn't be valuable and then it wouldn't bring in money!

1. Initially I'd like to replace my current income of $110K p/year but ultimately I'd like a 90% passive income of around $250-$300K p/year to live the kind of lifestyle I want.

2. As long as it takes. Now I think this basically depends on how much effort I'm willing to put in. The more effort the shorter the time frame. I guess I can't say for sure because I don't know how long it would take but I'd be aiming for between 5 and 10 years. I think that would be realistic with reasonable effort.

3. Similar to the last point this would be as early as possible. I'm currently 31 turning 32 this year so given the 5-10 year time frame above I'd like to retire around 40 ish. That would still leave plenty of years of good health to enjoy travel and life with my family.


Thanks again for the reply and the posts you've linked to. I'll read them today and I have been continuing to read Unscripted . I really appreciate the feedback

 

[ZF Lee]

I do agree that basically any skill can be learnt but I also agree that individual people have aptitudes for different careers. I'm sure I could learn to be an entrepreneur but I'm thinking it would be more difficult for me than someone who has a natural tendency towards it.
The question then is is it worth it given that there are other tasks which I would have a more natural tendency towards?

Sure, by all means, go in for the opportunities to which you have a more natural tendency or prior experience to do well in.

The rule of the thumb is that someone, or many people, must need that solution or product that you are working on.

Someone must need it badly enough to give you the money for it. Market needs. Remember the Commandment of Need.

You may need, or may not need natural tendencies, to get it done. It's up to your personal route!

For me, I decided to do copywriting as a side gig since I had a thing for writing. But my Fastlane business, which would be in the household products line would involve skills that I might not know jack about. I like to think they serve as entry barriers to keep people out.

I'm thinking I' more looking for a mentor/partner who will be able to give specific, real time advice that I would trust.

Throw up a progress thread here and you can find some of that!

Still, real mentors that actually do their work will have their own things to do in the meantime. They are high performance folks.
Do try to find outside answers before going to the mentors.

Mentors are still limited by industry experience and networks.

I guess I can't say for sure because I don't know how long it would take but I'd be aiming for between 5 and 10 years. I think that would be realistic with reasonable effort.

Looks like a decent time frame. You should be able to make it!

 

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[gabeb1920]

Sure, by all means, go in for the opportunities to which you have a more natural tendency or prior experience to do well in.

The rule of the thumb is that someone, or many people, must need that solution or product that you are working on.

Someone must need it badly enough to give you the money for it. Market needs. Remember the Commandment of Need.

You may need, or may not need natural tendencies, to get it done. It's up to your personal route!

For me, I decided to do copywriting as a side gig since I had a thing for writing. But my Fastlane business, which would be in the household products line would involve skills that I might not know jack about. I like to think they serve as entry barriers to keep people out.


Throw up a progress thread here and you can find some of that!

Still, real mentors that actually do their work will have their own things to do in the meantime. They are high performance folks.
Do try to find outside answers before going to the mentors.

Mentors are still limited by industry experience and networks.


Looks like a decent time frame. You should be able to make it!

Thanks again for the excellent feedback.

I'm continuing to work through Unscripted and it's really good. I'm probably about 30% through it now (it's really long!)
I'll update as I progress if I have more questions or actions.

Thanks mate, it really helps

 

[Guest06196]

Hey @gabeb1920
Thanks for sharing your story. I noticed you gave me a couple of likes and you're from Wollongong (I live in Sydney), also in 30's, which led me to this post.

It's hard to get to the core of your question, is everyone suited to be an entrepreneur, because it's too broad a topic. Let me try from a few perspectives.

Motivation/Discipline. As the post suggested by @ZF Lee if you need motivation, you might be able to manufacture a FTE (it looks like a great thread but I don't need the tips anyway so I didn't read it). Every morning, I spend 30 minutes doing simple exercises. The last task is the hardest - 100 push-ups with fists, within about 5 minutes and no getting up for a break. This habit has greatly enhanced my determination. When times get difficult, I'm often able to get through, simply because of the courage this simple habit has given me.

Working with colleagues. I don't know you so I'll use my experience to identify with you. I graduated from the best university in my native country & also have a master's degree from the group of eight in Australia. I've heard comments like "brain dead" & "they can't do anything which is not taught clearly in advance" to describe people with good education like me. But I brushed them off. Man the comments hit the nail on the head. I was just like that but a brain dead person does not know he is! MJ's Unscripted has a chapter in the later part of the book discussing the market mind, which deals with this issue. Nobody knows everything so the best way is to test it and find out. Do and test, at as low a cost as possible. This is an easy issue.

Mentors. Btw, you do know you need to "attract" mentors right? They will not volunteer unless you've demonstrated some qualities: Usefulness (to them), determination (get some skin in the game), etc. Think about how to serve other people, how to be of use, and how to make people happy. After you've done all that, then you can take your cut of the value you just created (mentor's time & energy).

As you can see, the endeavor to achieve the lifestyle of your desire is a path all entrepreneurs take. Have the determination so nothing can stop you. Come up with creative solutions when presented with problems. Although some people still keep their day job, in this sense they are still entrepreneurs. Use MJ's principles and find ways to leverage time & money. Example Only: I want to be rich but don't know how to achieve it. I still want to get some experience so I rented a few houses and started doing Airbnb. In the meantime I joined a forum where real estate investors all gather and attended some of their events. Some people I met really clicked with me and I learned a lot from them so mentors/new business ideas...The point is, do something. Test it out (as a low cost).

Hope my two cents help. Best wishes to your family.

@ZF Lee Admire you giving so much time to a random member.

 

[gabeb1920]

@ZF Lee Admire you giving so much time to a random member.

I agree. Thanks @ZF Lee and also you @Magneto C for taking the time to reply and offer advice.

As the post suggested by @ZF Lee if you need motivation, you might be able to manufacture a FTE ... Every morning, I spend 30 minutes doing simple exercises.

I have read the thread on manufacturing an FTE and have written down a bunch of things that have triggered me emotionally about money recently. I've started reading them every morning to help keep me motivated and know that I don't want these things for myself or my family any more.

When times get difficult, I'm often able to get through, simply because of the courage this simple habit has given me.

I also like the idea of doing something difficult every morning as practice in learning to push yourself. I've heard similar advice before regarding taking cold showers to learn to push past your comfort zone. I'm going to implement something similar in my own life. Thanks for the tip

"brain dead" & "they can't do anything which is not taught clearly in advance"

This isn't exactly me but it's pretty close. I perform much better when given clear direction or at least when I know the rough path to the end goal. And I guess that's partly why I am currently struggling with entrepreneurship. MJ has provided a path with TMF and Unscripted (which I am still working through currently about half way) but there are still a lot of details to be filled in.

I believe I can learn how to adapt to this lack of explicit detail and as you said the best way to learn is by taking action with the lowest cost possible initially. So that's what I need to do.

I've got a couple of things in mind so I'm going to start a progress thread today to document and hopefully get some feedback/advice and also provide inspiration to others.

Btw, you do know you need to "attract" mentors right?

Absolutely! I have no doubt getting a mentor will require investment on my behalf. No illusions about that.

Thanks again for the advice, it really helps

 

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[ZF Lee]

@ZF Lee Admire you giving so much time to a random member

Thank you for your compliments.

I imagine though that there can be harder questions to answer.