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LateToTheGame because I am late to this game!

LateToTheGame

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Hello all,

I read the Millionaire Fastlane maybe a year ago, and it stuck with me more than most business books. I have been contemplating starting another business for years, but I just haven't taken the steps. Yep, I have slow laned for years.

I recently read Unscripted which, to me, expands on Fastlane. Like MJ did from Fastlane to Unscripted , I need to expand and kick it up a notch.

I am 45 now (late to the game), and although not doing bad in life, I have been missing the entrepreneurial satisfaction for about 20 years or so. For a couple years in my younger days, I ran my own business. Although it was rewarding, I could not figure out how to decouple my time from my business. I worked long hours to make OK money. I knew nothing of of CENTS, much less how to do it. I was my own boss, but I was a slave to my business. Much like MJ describes how people often do, I shuttered the business and went back to a job.

Fast forward a couple decades and I am still working. I do ok these days, I guess. I make (barely) 6 figures and I rarely work more than 40 hours a week. I work in a low stress position, have a nice desk and chair, and a hands off boss. Sounds great, right? I mean, there are people who would kill for my job. Me, though? I feel like I am dying every day that I go to work. First world problems? Maybe.

I feel like I am wasting my potential and my life. Strike that, I KNOW I am. I could find a better job that pays more (my last couple jobs have paid much more than I make now), but to what effect? I would work longer hours, have more stress and have to deal with everything that goes with more money in a corporate environment. I'd go from bad to worse, but the paychecks would be bigger. In other words, I'd just be a more expensive temporal prostitute.

For years I have dreamed of some sort of break out. I tasted entrepreneurship, and I have missed it. I am ready to make a plan to get back to it, but I have to work out some road blocks. Big questions like: How do I not burn through my life savings? How do I keep my family insured? How do I pay my bills? How do I mitigate all the risks? Basically, I have to figure out the "how" of the "what" to do. I have a partial map from MJ from his two books, but I gotta figure some of these things out.

And so I am here. Before joining, I perused the forum and saw things I liked. Although people here are helpful to each other, there is no babying or pussyfooting around. Post bullshit crybaby stuff, and you'll get called out. Perfect. At least it sounds like it.

Ok, well, there it is and here I am. I ask you to forgive my stupid questions in advance. Also, if I ask something and it seems like I want too much hand holding, it just because I don't know what to ask and where. I promise, I return help tenfold.

Thanks for reading! I look forward to getting to know you all, sharing and learning.

LateToTheGame
 
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lewj24

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Big questions like: How do I not burn through my life savings? How do I keep my family insured? How do I pay my bills? How do I mitigate all the risks?

Easy. Keep your job and start a business on the side. If the business takes off, and you are making about the same amount of money, quit your job. If it fails you still have a job. A lot of people on this forum do that.
 

LateToTheGame

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Easy. Keep your job and start a business on the side. If the business takes off, and you are making about the same amount of money, quit your job. If it fails you still have a job. A lot of people on this forum do that.

Hey, lewj24. Thanks for the response.

Working and running a biz on the side is something I am considering. It is definitely a viable option for me, as it has been for others. On the other hand, I could quit my job and work full time on a biz. 16 hour days of full time work can mean a lot getting done. Of course, there are real risks to that. I am weighing the the two. We'll see how that plays out!
 

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For a couple years in my younger days, I ran my own business. Although it was rewarding, I could not figure out how to decouple my time from my business. I worked long hours to make OK money.

This tells me there is less risk in quiting your job as you have had success before. However I echo the above: I wouldn't quit your job unless you have an established business with clear indications of a productocracy -- the point where the job is now costing you money, not making it.

Welcome to the forum.
 
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SparksCW

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So you have a low stress, easy job where you only work until 5 and get paid a fortune?

Save every penny you can, cut every expenditure you can, learn to live on a small amount, use the other half of the day to build on your own business.

Quit when it gets too much to run, earn less, be free.

Keep building, earn more...

Or keep it very low maintenance as a sideline.

I started my business whilst working a full time stressful job that took 60+ hours of my week and drained me. I had staff and a warehouse for a year before I actually quit the day job.

You'll struggle to do it if you keep your expenses etc at 6 figure income rates. Sacrifice or put up... good luck!
 

LateToTheGame

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This tells me there is less risk in quiting your job as you have had success before. However I echo the above: I wouldn't quit your job unless you have an established business with clear indications of a productocracy -- the point where the job is now costing you money, not making it.

Welcome to the forum.

Hi MJ, thanks for taking time to reply.

I am leaning toward staying put and working off hours and weekends on a business. As much as I want to chuck it in and quit my job, it is probably the best way to go. I plan to decide in the next day or so. I do love a weighted decision matrix for this type of thing.

Thanks for the insight and hard work, and thanks for the great books!
 

LateToTheGame

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So you have a low stress, easy job where you only work until 5 and get paid a fortune?

Save every penny you can, cut every expenditure you can, learn to live on a small amount, use the other half of the day to build on your own business.

Quit when it gets too much to run, earn less, be free.

Keep building, earn more...

Or keep it very low maintenance as a sideline.

I started my business whilst working a full time stressful job that took 60+ hours of my week and drained me. I had staff and a warehouse for a year before I actually quit the day job.

You'll struggle to do it if you keep your expenses etc at 6 figure income rates. Sacrifice or put up... good luck!

Wow, you really worked hard! Good for you for getting out and into your own thing. I hope to do the same in time.

Yeah, I know. It seems like a crybaby thing to complain about my job! It really is just empty work. I want to do so much more, and I want to help others do more along with me.

I have pretty much reduced my expenses other than housing (pretty high col for my house, but it is my home). I drive a 10 year old car and I have a pretty good savings rate. I have been living scripted (slow lane) for quite a few years. Before that, I was in debt to my eyeballs, so definitely some change for the better so far.

I'll look again at reducing my cost of living even more. Something has got to give!

Thanks for taking time to weigh in. Good luck to you, too!
 
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Imgal

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Hey, lewj24. Thanks for the response.

Working and running a biz on the side is something I am considering. It is definitely a viable option for me, as it has been for others. On the other hand, I could quit my job and work full time on a biz. 16 hour days of full time work can mean a lot getting done. Of course, there are real risks to that. I am weighing the the two. We'll see how that plays out!

Going full time could work out brilliantly for you, but a bit of advice for what it's worth. I've started businesses while working for others and also doing it full time.

When I focused on it full time - it took me longer to get going!! Why? Because there was less pressure. I had all day so .... things took all day. Not saying you'd be as crap motivation wise as me, but just something to think about!
 

LateToTheGame

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Going full time could work out brilliantly for you, but a bit of advice for what it's worth. I've started businesses while working for others and also doing it full time.

When I focused on it full time - it took me longer to get going!! Why? Because there was less pressure. I had all day so .... things took all day. Not saying you'd be as crap motivation wise as me, but just something to think about!

For sure something to think about. I remember it was hard to stay focused and motivated on some days. Perhaps having less time to get required tasks done will keep me working smarter. Your input is definitely getting a column in my matrix. Thanks for the food for thought!
 

Iammelissamoore

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Late to the game? Nah, surely we live in a time where people in their 20s are becoming self-made billionaires, but that is still at a minimum.

Two great things you have going for you, you managed to recognise you are ready for that next move AND you had that taste of success by having your own business, so, you've already proven yourself you've got it.

The questions you posted are real concerns that someone with a family has, so, you shouldn't think you over-asked anything, those are genuine concerns.

Since your job more or less offers you some sort of leeway to maneuver yourself, will it be possible to begin your business while keeping your job? This way, you don't mess up with the finances that maintain your family while building your productocracy. Also, depending on which industry you choose, you may need some money at least to get the basic things going.

We live in a world filled with complaints, opportunities fall into our laps daily for business ideas that can lead to phenomenal productocracies; so, carve some time out, where available, and start working on bringing a solid idea to fruition by matching it with the philosophies highlighted in the books and go from there.

Welcome to the forum, saying there's a wealth of knowledge available here is an understatement, that's to tell you how valuable this community is. Kudos on your journey and all the best in your path of successful businesseseseseses! :)
 

Tim Allen Jr.

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Agree with sentiments of the others that have posted - build it on the side until it grows for you to quit.

Another thing that could help accelerate - outsource all tasks that are non-critical or would expose you to some risk. There are people on upwork who do grunt work stuff for super cheap. I use this method all the time - spend 9 bucks to save 20 hours of work... yes please!

Depending on what you are building, might not make sense, but look for opportunities to get stuff off your plate that doesn't immediately get you to where you want to be.
 
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Ivan2BAlive

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I am 45 now (late to the game), and although not doing bad in life, I have been missing the entrepreneurial satisfaction for about 20 years or so. LateToTheGame

First off, welcome to the forum LateToTheGame.
Secondly, I'm more late to the game than you (47 years old). But you know what they say, it's better late then never ;).
 
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BeFound Faithful

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Hey, LateToTheGame, welcome.

I'm in a similar boat. 52 here.

There's got to be a whole new mentality to relentlessly build on the side and not let ourselves off the hook while we've got some "comfort" going on and the temptation to action fake.

I can't NOT get up early and work on my way out of being dependent on my employer.

What's helped me is intentionally surrounding myself with people who think like I want to think and are on the achievement/action track.

Since I can't literally hang out with them, what I do based on the idea that our income is the average of the people we're closest to is listen to at least 4 of those kind of people daily. For instance, I'm reading Unscripted (audible) for the 2nd time, hanging out here (visit 1 time per day if possible), listening to GTD by David Allen, and catching Darren Hardy daily. This helps make motivation a non-issue because I've constantly got my sight locked on annihilating the three B's.

Don't get me wrong. I'm not suggesting I'm doing that instead of real action. I'm doing both.

Anyway, there's some food for thought.

We are not alone. We're in this together and are never to late to win.

-David
 
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LateToTheGame

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There is no late to the game. Roy Kroc didn't make his fortune nor fully establish McDonald's as a power-house until he was damn near 60.
Age ain't but a number, so suit up and get in the game, son!

Right! I am still young and strong in my mind. I can work circles around people 20 years younger than me. I figure I might have 40 more years to bring products to the world. We'll see!

Thanks for the vote of confidence!
 

Iammelissamoore

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Right! I am still young and strong in my mind. I can work circles around people 20 years younger than me. I figure I might have 40 more years to bring products to the world. We'll see!

Thanks for the vote of confidence!
Society does this thing where it makes us feel as if we're supposed to do things according to the number attached to the life years we've been here, nothing is further from the truth. You become what you believe and once you know you have a lot to offer this world, then, you will become great at simply offering greatness in this world. So, allow your belief and empowerment to fuel the greatness which the world awaits!
 
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LateToTheGame

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Late to the game? Nah, surely we live in a time where people in their 20s are becoming self-made billionaires, but that is still at a minimum.

Two great things you have going for you, you managed to recognise you are ready for that next move AND you had that taste of success by having your own business, so, you've already proven yourself you've got it.

The questions you posted are real concerns that someone with a family has, so, you shouldn't think you over-asked anything, those are genuine concerns.

Since your job more or less offers you some sort of leeway to maneuver yourself, will it be possible to begin your business while keeping your job? This way, you don't mess up with the finances that maintain your family while building your productocracy. Also, depending on which industry you choose, you may need some money at least to get the basic things going.

We live in a world filled with complaints, opportunities fall into our laps daily for business ideas that can lead to phenomenal productocracies; so, carve some time out, where available, and start working on bringing a solid idea to fruition by matching it with the philosophies highlighted in the books and go from there.

Welcome to the forum, saying there's a wealth of knowledge available here is an understatement, that's to tell you how valuable this community is. Kudos on your journey and all the best in your path of successful businesseseseseses! :)


Wow, thanks for all of this!

I have spent a few days looking at my family needs, business ideas, financial situation, work situation, etc. I have decided I want to at least start out while still in my job. It isn't a money issue so much as it is a resource issue. Tough decisions, for sure, but I am working through them in a logical, methodical manner. One by one I am addressing them.

Cheers!
 

LateToTheGame

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Agree with sentiments of the others that have posted - build it on the side until it grows for you to quit.

Another thing that could help accelerate - outsource all tasks that are non-critical or would expose you to some risk. There are people on upwork who do grunt work stuff for super cheap. I use this method all the time - spend 9 bucks to save 20 hours of work... yes please!

Depending on what you are building, might not make sense, but look for opportunities to get stuff off your plate that doesn't immediately get you to where you want to be.

All good info. I love the responses I am getting.

I am still in the planning phase of the game, but when I am ready to jump in, I'll be sure to outsource all I can like you suggest. Why tie up my time if I don't have to? As it it, I am cleaning things off my plate to get started. Soon!
 

LateToTheGame

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Welcome to the forum @LateToTheGame, it's a great community.

What was the type of business you had early on? What do you want to do now? Specifics aren't necessary.

I was in a specialty repair business. The $ per hour rate was pretty good, but it was billable hours. It was hard to train and keep people, and so I ended up having to do most of the critical work myself. Every time I tried to train other in, there were quality control issues.

I have a notebook full of ideas. I have found some severe and costly pain points in my industry, and I want to address them. Products to solve those pains!
 
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LateToTheGame

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First off, welcome to the forum LateToTheGame.
Secondly, I'm more late to the game than you (47 years old). But you know what they say, it's better late then never ;).

Right on! I am starting to think that my age isn't a handicap...it is an asset! I am much more patient and level headed now than when I was 25. I know one thing, I have a lot more knowledge now than I did then!
 

LateToTheGame

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Hey, LateToTheGame, welcome.

I'm in a similar boat. 52 here.

There's got to be a whole new mentality to relentlessly build on the side and not let ourselves off the hook while we've got some "comfort" going on and the temptation to action fake.

I can't NOT get up early and work on my way out of being dependent on my employer.

What's helped me is intentionally surrounding myself with people who think like I want to think and are on the achievement/action track.

Since I can't literally hang out with them, what I do based on the idea that our income is the average of the people we're closest to is listen to at least 4 of those kind of people daily. For instance, I'm reading Unscripted (audible) for the 2nd time, hanging out here (visit 1 time per day if possible), listening to GTD by David Allen, and catching Darren Hardy daily. This helps make motivation a non-issue because I've constantly got my sight locked on annihilating the three B's.

Don't get me wrong. I'm not suggesting I'm doing that instead of real action. I'm doing both.

Anyway, there's some food for thought.

We are not alone. We're in this together and are never to late to win.

-David

Hi David,

What a thoughtful and SPOT ON reply. You hit several nails on the head. I have become comfortable, and if I don't get out of that comfort zone, I'll be trapped exactly where I am for the rest of my career. I'll regret it later, and I know I'll want to kick myself. Besides, how many problems would go unsolved if I did? Too many!

*off to google the resources you mentioned.

Thanks!
 

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