- Joined
- Feb 15, 2019
- Messages
- 8
Rep Bank
$390
$390
User Power: 88%
Purposes: Progress tracking of side hustle. Build accountability with this community. Place to store lessons learned.
Background: Read TMF from mid-January to mid-February 2019. Don't remember where I encountered it; likely in another PF thread or book I was reading. Re-read 4-Hour Workweek after that, then Unscripted . A lot to think about.
Current situation: Double-income, four kids. Both of us work for non-profits, both have above average income but not spectacular. Fairly recession-proof, great places to work.
Motivation: Several reasons. First is a "I'll show them" attitude towards family of origin. My family or clan is comprised of poor, uneducated Sidewalkers. Growing up, I was told that I'm too big for my britches, I'll be a logger just like dad, granddad, and uncles; and I shouldn't think that I'm any better than them. Years later, "Hillbilly Elegy" was like reading about my childhood. Out of 14 cousins, three of us finished college and did well. My father had an entrepreneurial bend and did OK as an independent trucker, then independent bookkeeper, and then went bankrupt as a trucking company owner. Lots of lessons there; especially around under-capitalization and human resource management.
Second, work is great but it hasn't always been that way. Leadership changes rocked the boat a few years ago and I became aware that I had no backup plan and I was mimicking my Sidewalk family in terms of spending + debt = income. Not cool. At that point we shifted into the Slowlane.
Third, I want more flexibility in terms of money and time. Doing what I want to do when I want to do it, and being able to help my favorite charitable orgs in a significant manner. Puttering in my garden and helping bring orphans home are two of my favorite things.
Mindset Thoughts: A significant challenge for me revolves around mindset. Challenges include overcoming "paralysis by analysis", and a tendency towards perfectionism. For two months (March-April 2019), I struggled with what I wanted to do. A thread here outlining the differences between building a company and building a side hustle was very helpful and it clarified the choice for me. Let's start with a side hustle and learn things.
Skillset: Information Technology / Accounting background with MBA and Lean Process training. Day job involves Project Management, IT Management, care and feeding of ERP system, maintenance of custom SQL code.
Objective: Develop a side hustle business that profits $10,000 per month no later than 2022 July. This business should not consume more than 15 hours per week.
Already completed: State registration, Federal EIN, re-arranging personal schedule to free up 10 hours per week. Calendar reminders are set to update this thread every week. Several books about side hustles and small business purchased, read and underlined, notes transcribed into notebook. One dropshipping video purchased and noted.
Next steps: Unclear. It appears that I should just do something and see what kind of gumball I get. Three options look interesting at this point:
1) Find something on AliBaba, see what value I can add, and open a storefront.
2) Pursue a product idea or two. Over the March - June 2019 timeframe, I've had a couple of "I wish someone...", "someone should" moments. One lies in sporting goods, one in RC vehicles, and the other in retail.
3) Purchase a multi-family rental unit. I've been a landlord before and it was a mostly positive experience. This would be the next step up. A couple of my realtor friends think this is a good idea; and in the long run I tend to agree. However, it doesn't match well with my Objective.
Personally, I'm leaning towards the RC vehicle option. What I have in mind doesn't appear to be offered in the marketplace. Not sure why; perhaps it is due to cost or a lack of market. But I think it would be cool, and I want one! Maybe other people would too.
Thanks for reading and comments.
Background: Read TMF from mid-January to mid-February 2019. Don't remember where I encountered it; likely in another PF thread or book I was reading. Re-read 4-Hour Workweek after that, then Unscripted . A lot to think about.
Current situation: Double-income, four kids. Both of us work for non-profits, both have above average income but not spectacular. Fairly recession-proof, great places to work.
Motivation: Several reasons. First is a "I'll show them" attitude towards family of origin. My family or clan is comprised of poor, uneducated Sidewalkers. Growing up, I was told that I'm too big for my britches, I'll be a logger just like dad, granddad, and uncles; and I shouldn't think that I'm any better than them. Years later, "Hillbilly Elegy" was like reading about my childhood. Out of 14 cousins, three of us finished college and did well. My father had an entrepreneurial bend and did OK as an independent trucker, then independent bookkeeper, and then went bankrupt as a trucking company owner. Lots of lessons there; especially around under-capitalization and human resource management.
Second, work is great but it hasn't always been that way. Leadership changes rocked the boat a few years ago and I became aware that I had no backup plan and I was mimicking my Sidewalk family in terms of spending + debt = income. Not cool. At that point we shifted into the Slowlane.
Third, I want more flexibility in terms of money and time. Doing what I want to do when I want to do it, and being able to help my favorite charitable orgs in a significant manner. Puttering in my garden and helping bring orphans home are two of my favorite things.
Mindset Thoughts: A significant challenge for me revolves around mindset. Challenges include overcoming "paralysis by analysis", and a tendency towards perfectionism. For two months (March-April 2019), I struggled with what I wanted to do. A thread here outlining the differences between building a company and building a side hustle was very helpful and it clarified the choice for me. Let's start with a side hustle and learn things.
Skillset: Information Technology / Accounting background with MBA and Lean Process training. Day job involves Project Management, IT Management, care and feeding of ERP system, maintenance of custom SQL code.
Objective: Develop a side hustle business that profits $10,000 per month no later than 2022 July. This business should not consume more than 15 hours per week.
Already completed: State registration, Federal EIN, re-arranging personal schedule to free up 10 hours per week. Calendar reminders are set to update this thread every week. Several books about side hustles and small business purchased, read and underlined, notes transcribed into notebook. One dropshipping video purchased and noted.
Next steps: Unclear. It appears that I should just do something and see what kind of gumball I get. Three options look interesting at this point:
1) Find something on AliBaba, see what value I can add, and open a storefront.
2) Pursue a product idea or two. Over the March - June 2019 timeframe, I've had a couple of "I wish someone...", "someone should" moments. One lies in sporting goods, one in RC vehicles, and the other in retail.
3) Purchase a multi-family rental unit. I've been a landlord before and it was a mostly positive experience. This would be the next step up. A couple of my realtor friends think this is a good idea; and in the long run I tend to agree. However, it doesn't match well with my Objective.
Personally, I'm leaning towards the RC vehicle option. What I have in mind doesn't appear to be offered in the marketplace. Not sure why; perhaps it is due to cost or a lack of market. But I think it would be cool, and I want one! Maybe other people would too.
Thanks for reading and comments.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
