I’ve seen this approach in a number of different forms on here on the FLF. MJ made one about his Raptor truck and I believe I saw biophase do another one about his audi.
I cannot recall but I’ve learned this concept and am slowly implementing it. I’m not 100% if mine is any different but those two posts inspired me for sure. So I’m going to try to explain it simply. (I'll do import and selling because its a simple concept to explain it )
Now I’ve had a real neat spreadsheet of my bills every month and I keep track 95% of my transactions on mint and spreadsheets. However, what I’ve been doing is sorting the necessities from the lowest expense to the highest.
For an example
Rent -$1300
Phone- $160
Electric - $115
Heat - $85
Water - $45 <--(focus)
I’m going to use my lowest one which is my water bill. I have to come up with a way to have additional revenue besides my daily job every month that’ll pay for my water bill which is only $45 dollars.
For instance, I’ll try to import something costing me 20 dollars/ea wholesale and buy 12 of them so I can sell one every month for $65. That way I don’t have to pay my water bill because my hustle got it covered
Rent -$1300
Phone- $160
Electric - $115
Heat - $85 <--(focus)
Water - $45 x--(covered)
The next step would be to try and generate another 40 dollars so it'll cover only my heating bill and I can revert back to focusing on the tiny water bill again.
Rent -$1300
Phone- $160
Electric - $115
Heat - $85 <--(covered)
Water - $45 <--(focus back here again)
Eventually you'll bump it upwards and you start figuring out how to solve the smaller issues to cover your bills, scaling it will be true problem you’ll face, but once you solve that… I feel like you’re well on your way to be on the fastlane.
If you're not on the offensive , you're on the defensive.
I cannot recall but I’ve learned this concept and am slowly implementing it. I’m not 100% if mine is any different but those two posts inspired me for sure. So I’m going to try to explain it simply. (I'll do import and selling because its a simple concept to explain it )
Now I’ve had a real neat spreadsheet of my bills every month and I keep track 95% of my transactions on mint and spreadsheets. However, what I’ve been doing is sorting the necessities from the lowest expense to the highest.
For an example
Rent -$1300
Phone- $160
Electric - $115
Heat - $85
Water - $45 <--(focus)
I’m going to use my lowest one which is my water bill. I have to come up with a way to have additional revenue besides my daily job every month that’ll pay for my water bill which is only $45 dollars.
For instance, I’ll try to import something costing me 20 dollars/ea wholesale and buy 12 of them so I can sell one every month for $65. That way I don’t have to pay my water bill because my hustle got it covered
Rent -$1300
Phone- $160
Electric - $115
Heat - $85 <--(focus)
Water - $45 x--(covered)
The next step would be to try and generate another 40 dollars so it'll cover only my heating bill and I can revert back to focusing on the tiny water bill again.
Rent -$1300
Phone- $160
Electric - $115
Heat - $85 <--(covered)
Water - $45 <--(focus back here again)
Eventually you'll bump it upwards and you start figuring out how to solve the smaller issues to cover your bills, scaling it will be true problem you’ll face, but once you solve that… I feel like you’re well on your way to be on the fastlane.
If you're not on the offensive , you're on the defensive.
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