More time vs More Money? What would you do?

[Envious]

Hi All,

First time posting on this forum so I'll give you a bit of background.

I'm 27 year old and do train maintanence for a job.
While I don't despise my job, it's dead end, long hours, doesn't interest me in the slightest and I have to work a lot of night shifts which I know aren't good for your Heath at all. But the one benefit is that I get a lot of free time when I'm not working, I get 4 days off for every 4 days I work.

I've started two businesses in the past, and they failed badly, largely due to the fact that they Didn't follow the CENTS formula and they didn't provide any real Value, I just did what I thought was a "good idea".
Since then I've done a lot of reading, self reflection, some courses and my ideas are generally much better.
I'm very passionate about being an entrepreneur and have two ideas which I believe will provide real value to the market, can be automated and give me the lifestyle I dream of.

Here's the dilemma, I've been offered a job which is a big step up in pay (around 12,000 per year after tax) and working only day shifts through Monday to Friday.
But the hours are longer, the commute will probably be dreadful and I'll get a lot less days off.

I'm worried that I won't have any time to start my venture, but then I'm also toying with the idea that I could do that for a couple of years and use the money to fund the start of the business or save up for a deposit for a rental property.

I'm totally stuck with what to do, has anyone had any experience with making these decisions before?

Any info would be a big help!

Thank you.

 

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[MidwestLandlord]

My honest opinion...

$12,000 is not a lot of money.

If I had to go from trading 4 days of slavery for 4 days of freedom, to 5 days of slavery for 2 days of freedom, it would have to be for a hell of a lot more money than that.

 

[TonyStark]

$12,000 per year is $5.80 per hour if you work 40 hours a week and work 52 weeks out of the year.

or, $232 per week....

 

[MidwestLandlord]

Let's put some math to this.

You are being offered $12,000 more per year. Less after taxes, but whatever, let's keep it simple.

That is $32.88 a day, 365 days a year.

But.

What if you used your 4 days off to start a company selling a physical product. Let's say that item that brought you a $10 net profit each.

If you sold:

1 per day (365 days a year) = $3650
2 per day = $7300
3 per day = $10950
4 per day = $14600
5 per day = $18250
50 per day = $182,500
100 per day = $365,000

If that product netted you $20 each? DOUBLE those numbers.

So are you leaving $12,000 on the table, or are you leaving $100,000 plus??

 

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[TonyStark]

Let's put some math to this.

You are being offered $12,000 more per year. Less after taxes, but whatever, let's keep it simple.

That is $32.88 a day, 365 days a year.

But.

What if you used your 4 days off to start a company selling a physical product. Let's say that item that brought you a $10 net profit each.

If you sold:

1 per day (365 days a year) = $3650
2 per day = $7300
3 per day = $10950
4 per day = $14600
5 per day = $18250
50 per day = $182,500
100 per day = $365,000

If that product netted you $20 each? DOUBLE those numbers.

So are you leaving $12,000 on the table, or are you leaving $100,000 plus??

I love math.

 

[c_morris]

I'm very passionate about being an entrepreneur and have two ideas which I believe will provide real value to the market, can be automated and give me the lifestyle I dream of.

You have to be really honest with yourself. Are you going to commit and use your free time to pursue this? If not, then take the job and use the extra income to build a stash so that you can quit and pursue it once you are fully committed to it.

...day shifts through Monday to Friday.
But the hours are longer, the commute will probably be dreadful and I'll get a lot less days off.

This is my situation ATM and I would gladly take less money for more free time.

 

[TonyStark]

Free time sucks if you're not being productive. It's fun at first, but it can get old. Making money is fun.

 

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[Envious]

You have to be really honest with yourself. Are you going to commit and use your free time to pursue this? If not, then take the job and use the extra income to build a stash so that you can quit and pursue it once you are fully committed to it.


This is my situation ATM and I would gladly take less money for more free time.

This is great advice, I'm not using my free time to its full potential at the moment, mainly because I recently bought my own place and I'm doing a lot of the decorating myself. But I do plan too by the end of the year when it's mostly done. The extra money would help to pay someone to do the decorating for me but I would lose the free time working.

It's the old catch 22!

 

[Envious]

Let's put some math to this.

You are being offered $12,000 more per year. Less after taxes, but whatever, let's keep it simple.

That is $32.88 a day, 365 days a year.

But.

What if you used your 4 days off to start a company selling a physical product. Let's say that item that brought you a $10 net profit each.

If you sold:

1 per day (365 days a year) = $3650
2 per day = $7300
3 per day = $10950
4 per day = $14600
5 per day = $18250
50 per day = $182,500
100 per day = $365,000

If that product netted you $20 each? DOUBLE those numbers.

So are you leaving $12,000 on the table, or are you leaving $100,000 plus??

Thank you, great reply. Could I realisticly do both? Could I set up something in the little free time I would have and keep the extra 1000 a month? I guess I won't know unless I do it.

 

[MattR82]

Let's put some math to this.

You are being offered $12,000 more per year. Less after taxes, but whatever, let's keep it simple.

That is $32.88 a day, 365 days a year.

But.

What if you used your 4 days off to start a company selling a physical product. Let's say that item that brought you a $10 net profit each.

If you sold:

1 per day (365 days a year) = $3650
2 per day = $7300
3 per day = $10950
4 per day = $14600
5 per day = $18250
50 per day = $182,500
100 per day = $365,000

If that product netted you $20 each? DOUBLE those numbers.

So are you leaving $12,000 on the table, or are you leaving $100,000 plus??

I've been explaining exactly this to some people for a few weeks now and it STILL isn't sinking in!

To the OP, this post is GOLD..

Time is your most valuable resource.

 

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[MattR82]

Don't fall into the trap. Take off the golden handcuffs. Use your free time to start learning and executing.


Have you read MJ's book?

 

[Envious]

Don't fall into the trap. Take off the golden handcuffs. Use your free time to start learning and executing.


Have you read MJ's book?

I've read both, that is what I fear I might be walking into. I'm actually the happiest I've been in a long time,but it feels so fragile, like one wrong decision could turn it all upside down on its head.
It's strange, I've wanted to get off this shift for so long, I've wanted a "normal life" with normal hours for over two years, and now that it's here, it doesn't look so attractive it once did.

 

[jon.a]

Don't fall into the trap. Take off the golden handcuffs. Use your free time to start learning and executing.


Have you read MJ's book?

He's got both badges. I'd say read them again.

 

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[MattR82]

I've read both, that is what I fear I might be walking into. I'm actually the happiest I've been in a long time,but it feels so fragile, like one wrong decision could turn it all upside down on its head.

Best get started on your exit plan then

12 grand is not life changing.

 

[MJ DeMarco]

I've been offered a job which is a big step up in pay (around 12,000 per year after tax) and working only day shifts through Monday to Friday.

You identify as an employee. That's why this decision is hard. If you identified as an entrepreneur, the decision would be easy.

Here's a link to more info:

*UNSCRIPTED* - Identity Hacking: How to Kill Your Status Quo

And yes at @MidwestLandlord said, $12,000 is nothing, especially when you account for opportunity cost.

 

[Envious]

You identify as an employee. That's why this decision is hard. If you identified as an entrepreneur, the decision would be easy.

Here's a link to more info:

*UNSCRIPTED* - Identity Hacking: How to Kill Your Status Quo

And yes at @MidwestLandlord said, $12,000 is nothing, especially when you account for opportunity cost.

Thank You MJ!

You're right, I guess I haven't fully made the mindset shift required and i was looking at the money lost, not the opportunity cost.
I've made my decision then.

Thanks Again.

 

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[Stevo1]

Keep the current job and ramp up the business. The extra money is the trap that will keep you in there for years. I worked in Finance for about 12 years, 9-5, long commute. I didn't enjoy it and each year thought about quitting. Do you know what happend each year?...They gave me some more money and that kept me there year after year. Finally I quit. I actually earn less at the moment than I did in the 9-5, but guess what I have my freedom. I also now have a lot more golden balls in my ball machine than i did before. I've landed a few silver ones, but I know the golds are there. Your 9-5 job has no golden balls!

 

[Envious]

Keep the current job and ramp up the business. The extra money is the trap that will keep you in there for years. I worked in Finance for about 12 years, 9-5, long commute. I didn't enjoy it and each year thought about quitting. Do you know what happend each year?...They gave me some more money and that kept me there year after year. Finally I quit. I actually earn less at the moment than I did in the 9-5, but guess what I have my freedom. I also now have a lot more golden balls in my ball machine than i did before. I've landed a few silver ones, but I know the golds are there. Your 9-5 job has no golden balls!

Thank you.

I turned the job down just now, that is exactly what I was afraid of, being trapped. I've seen it happen before, you get so used to earning that little bit more of money, you can't face the leap for freedom for less pay.

I'm confident I made the right decision.

 

[Stevo1]

The key now is to make as much use of that time as possible to start taking action on your ideas. Good luck.

 

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[socaldude]

The OP lives in London, so he is probably talking about pounds not dollars.

12,000 pounds is about $16k.

For most people they reason based on the fact they can make a car payment with that extra cash.

But if you wanna have a high income and lots of free time, clocking in and clocking out at some thankless job won't do it.

The most important thing to remember is that your social conditioning did not condition you to be a producer but to be a consumer(Parents, teachers). Most people need a complete overhaul of their mental foundation in order to start seeing real result and spotting opportunities.

 

[minivanman]

I have a question... what on earth are you doing that will take until next year to complete? We just bought a new house Monday. Tonight we are totally redoing the garage including a finish on the floor and rewiring, this weekend we (actually my buddy but I will be watching and drinking Dr. Pepper) are taking off the popcorn ceiling, spraying new paint on ceiling and painting the walls. By Tuesday I will have it all cleaned and ready for the window cleaners to come. We have to totally pack and have everything ready for the movers by October 30.

If you are serious about being any type of entrepreneur you would get with the program TODAY and spend a little free time here and there 'decorating'. I don't think you are ready.

 

[Envious]

I have a question... what on earth are you doing that will take until next year to complete? We just bought a new house Monday. Tonight we are totally redoing the garage including a finish on the floor and rewiring, this weekend we (actually my buddy but I will be watching and drinking Dr. Pepper) are taking off the popcorn ceiling, spraying new paint on ceiling and painting the walls. By Tuesday I will have it all cleaned and ready for the window cleaners to come. We have to totally pack and have everything ready for the movers by October 30.

If you are serious about being any type of entrepreneur you would get with the program TODAY and spend a little free time here and there 'decorating'. I don't think you are ready.

That's a fair remark. I'm just trying to get my bedroom and living room done so I can stop sleeping on my floor and fit my bed in.

So far I've stripped two rooms completely bare, raised a sagging floor from the joists,fit a new subfloor, fit new floors, painted, re-plastered, fitted decorative coving.

I've never done any of this before so a lot of it is learning as I go, and it's taking a lot longer than expected.

I've already started on my ideas from
Today,

Thanks for your reply.

 

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[biophase]

Thank you, great reply. Could I realisticly do both? Could I set up something in the little free time I would have and keep the extra 1000 a month? I guess I won't know unless I do it.

Well, think of it this way.

New job, your free time is worth $1000/mo
Same job, your free time could be worth $0-$10,000/mo.

With the new job you are 100% sure to get $1000/mo and stay mediocre.
With the same job you have -$1000/mo downside and unlimited upside.

 

[Envious]

Well, think of it this way.

New job, your free time is worth $1000/mo
Same job, your free time could be worth $0-$10,000/mo.

With the new job you are 100% sure to get $1000/mo and stay mediocre.
With the same job you have -$1000/mo downside and unlimited upside.

Thank you so much.
Fantastic insight in a way to look at it differently.

 

[Andy Black]

Well done on your decision. If you can live off your current earnings and want to get a side-hustle off the ground then having more time (and less of a commute) will help.

Is there anything you can start now? Even though you're decorating?

 

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[luniac]

TIME EVERY TIME!

 

[Envious]

Well done on your decision. If you can live off your current earnings and want to get a side-hustle off the ground then having more time (and less of a commute) will help.

Is there anything you can start now? Even though you're decorating?

Well I have an idea that shouldn't take too long to implement, Best way to describe it would be a small aggregator site which would compare fees on finance products/ services.

I would need to ouscource this as I'm no coder though.

 

[minivanman]

Ooohhhh, you said decorating, not a little bit of everything including some construction. I see now. Just work double time and try to get it all 100% finished by December 31.

 

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[Andy Black]

Well I have an idea that shouldn't take too long to implement, Best way to describe it would be a small aggregator site which would compare fees on finance products/ services.

I would need to ouscource this as I'm no coder though.

Anything simpler? Something you can make a sale of in the next week or two?

 

[Envious]

Anything simpler? Something you can make a sale of in the next week or two?

What kinds of businesses can be made from scratch and generate sales in two weeks or less?