Hi
I am Stefan and I live in the UK. I came across TMF from a comment on Amazon and I a delighted I found it. Thank you MJ for this insight.
I read a number of books on FIRE and a year ago (a year and a month to be precise), I left my 9-5 job to embark into contracting i. e Self employed via a Limited Company. I am a IT consultant with a number of year of experience in the industry but it was one of the most difficult decision I've ever made... It was like going away from the "security" of the job as most people view it to an unknown and unsettled route with no mentor. I tried to get approval from family but the mindset was more towards security of the job, you know it the elephant on the room was to convince my wife. We're both glad I did it. I went from an annual salary around £40k to manage a limited Company with annual turnover of £120k + (monthly invoice of £11k approx.)
My wife and I are naturally not big consumers so our life style did not really change. But I still felt there was something wrong with this equation and you know it: I am trading my time for money and I am missing golden time with my wife and two kids (the youngest will be 1 year old on December 1st). I started looking for forums and like-minded self-employed who want to move to the next level. Inspired by my meetups I have set up another limited company and this one is intended to operate without my input. An opportunity came last month where a young company that I happened to follow since it creation 4 years ago started raising funds. After my due diligence I decided to invest extra money from Company A (IT Company) to Company B (Investment company) and my plan is to repeat this process on different exit strategies from investments. Coincidentally I came across this book (TMF) which I just finished to confirm the need to move to another equation where I should not trade my time for money.
Just wondering if this business validate all rules of the Fastlane as I will need to continually fuel my investment company with my own money from my IT company for at least a year or two before seeing any return or not on investments (private equity on young business are usually delayed for at least a year).
That's it for now, this is me in an attempt to take the fastlane route to wealth. Let me know your thoughts.
Stephan
I am Stefan and I live in the UK. I came across TMF from a comment on Amazon and I a delighted I found it. Thank you MJ for this insight.
I read a number of books on FIRE and a year ago (a year and a month to be precise), I left my 9-5 job to embark into contracting i. e Self employed via a Limited Company. I am a IT consultant with a number of year of experience in the industry but it was one of the most difficult decision I've ever made... It was like going away from the "security" of the job as most people view it to an unknown and unsettled route with no mentor. I tried to get approval from family but the mindset was more towards security of the job, you know it the elephant on the room was to convince my wife. We're both glad I did it. I went from an annual salary around £40k to manage a limited Company with annual turnover of £120k + (monthly invoice of £11k approx.)
My wife and I are naturally not big consumers so our life style did not really change. But I still felt there was something wrong with this equation and you know it: I am trading my time for money and I am missing golden time with my wife and two kids (the youngest will be 1 year old on December 1st). I started looking for forums and like-minded self-employed who want to move to the next level. Inspired by my meetups I have set up another limited company and this one is intended to operate without my input. An opportunity came last month where a young company that I happened to follow since it creation 4 years ago started raising funds. After my due diligence I decided to invest extra money from Company A (IT Company) to Company B (Investment company) and my plan is to repeat this process on different exit strategies from investments. Coincidentally I came across this book (TMF) which I just finished to confirm the need to move to another equation where I should not trade my time for money.
Just wondering if this business validate all rules of the Fastlane as I will need to continually fuel my investment company with my own money from my IT company for at least a year or two before seeing any return or not on investments (private equity on young business are usually delayed for at least a year).
That's it for now, this is me in an attempt to take the fastlane route to wealth. Let me know your thoughts.
Stephan
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