Read Millionaire Fastlane
I've Read UNSCRIPTED
- Sep 20, 2019
You may have had your FTE, if you ignore it now and go back to job comfort, it will come back with a vengeance, I promise you.I'll make this as short as possible, but it probably won't be...
We went on vacation to the Frio River very recently, and it was amazing. For those of you who don't know where this is, it's located in the heart of the "hill country" in Texas. It was a great trip and absolutely beautiful. Upon getting back I found myself pulling in to Chick-fil-A to order my usual shitty breakfast. Rolling down the window I smelled the plant I work in along with the general stink of Houston. I almost threw up I was so disgusted with this crap.
I've read The Fastlane and Unscripted (audio) during my shitty commute into Houston where I work at a chemical plant and it pulled on my heart strings something fierce. I've always been wired differently and extremely comfortable when problem solving and doing new things. I try to explain the concept to coworkers but it usually falls on comfortable deaf ears or I get stupid blank stares.
My financial education consists of "get a good job, work hard, put money into your 401K." The end. So hear I am, 38 years old and ready to kick this job and industry to the curb...
What I want: NOT a lavish lifestyle. FREEDOM. Time and financial Freedom to do whatever I want and how I want to do it (as long as it's ok with the wife).
How I want to get it: I've explored options and I've come up with what I think the best approach...turn my LLC into a C-Corp and execute a Rollover for Business Startup "ROBS" as a means to purchase a business. Starting a business from the ground up is out of the question as I work full time and have 2 toddlers and a teenage daughter. I don't know anyone in my circle that has done this and I'm a little apprehensive. A mentorship would be nice, not for holding my hand but for inspiration that it can be done at my age. It would be great to connect with someone like myself that has done this successfully...I'm sick and freakin tired of know-it-alls and debby downers. I'm going shooting tomorrow with a CPA friend of mine who can answer some basic structure questions, but I have no clue what I'm doing. I'm here to learn like a mother fu**er.
Also...if there is an entrepreneur group in Houston that does meet-ups, that would be great!
The fact that you have 3 kids should be a massive motivator, yet you've mentioned it as a hindrance. I get how kids make things difficult, I have only one for now, so take what I'm saying with a grain of salt.
The way I got out of the job life is by setting a financial goal which would cover all expenses for 2 years and then some for rainy days.
I kept doing things, working on a SaaS business to get it off the ground in whatever time I could spare, little sleep, weekend nights while my spouse and kid slept.
Once I was comfortable that the business covered CENTS and it started making enough money per month(divided by 4, because we are 4 owners) so we dont starve(bare minimum expenses) then I focused on building up my reserves. I got a second job and kept working, like almost all I did was work. It took me around 10 months on 2 jobs to collect the rest of the money I needed, and then I quit a month after that.
Now Im working only on my business and a few freelance stuff here and there.
I quit this march, around 3 months ago.
Caution! Your life will get way out of ballance if you try to get out of the rat race, so prepare yourself for this in anyway possible.
I started on this plan in november 2017 and finalized it march 2021, so it takes alot of time, dedication and hard nuts.
Its 100% worth it though, would do it all over again.
Hope this helps.