My future plan - Advice

[Fabi]

Hello everyone and hello MJ,

first i would like to introduce myself. I'm Fabian, 27 years old and from Germany. So please excuse my english, in case you dont understand what im trying to say.
I' will graduate from law school in like 15 days. It has been a hell of a hustle the last years, since im not very "talented", nor really interested in it.

The main goal for studying law has been to have a wide access to jobs, in order to work at a big firm and make a hell of money.
During my time in university i have always been interested in entrepreneurship, even though i wanted to work as a lawyer in a big firm. I have started several businesses and they all either failed, or i had no time pursuing them because of the masses of knowledge i had to gain in order to pass exams.

Now im - as i said before - shortly before graduating. I have read MJ's book the millionaire fastlane and it really openened my eyes. I crashed my previous plan, because working as a lawyer in a big firm is the slowlane. Its not getting me rich, which i desperately want to be!!!! While i read the book i started a mentoringship. I already started a new company in the internet. This business defintely fits the CENTS, it has a lot of scale and magnitude to it. My mentor is F*cking rich!!!


BUT THERES NOW - as MJ WOULD CALL IT - several routes (to my mind 2 routes) that are opening to me after my graduadion on January 20201.
I just dont know which way to go. So this i why im calling out to you guys to give me please some advice:

1. Should i take a regular job as an employee in a law firm, and do my side business while im off my regular job as a lawyer. The regular job is for me absolutely necessary so pay all the bills. But its really not what my aim is, its the slowlane. Its trading time for money. Also i would have less time to work on/improve my internet business.

2. Or should i focuse fully on my business to pursue entrepreneurship? On this way i wont be able to pay all my bills though, since im just starting it.



I already watched this video: In case its now showing it (

View: https://www.youtube.com/watch?v=r_58zPgArb4
)

To my mind im already through my studies in the area of specialized labour.




SO PLEASE GUYS HELP ME OUT



CHEERS,
Fabian

 

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[MJ DeMarco]

1. Should i take a regular job as an employee in a law firm, and do my side business while im off my regular job as a lawyer. The regular job is for me absolutely necessary so pay all the bills. But its really not what my aim is, its the slowlane. Its trading time for money. Also i would have less time to work on/improve my internet business.

Believe it or not, I think you should take a law job and see how you like the work. You might enjoy it! And you also spent years studying law, so I think you owe it to yourself to get a taste of the work. From there, you can decide how to proceed.

I don't recommend anyone QUIT their job unless they've established sales and evidence of a productocracy.

Welcome to the forum Fabi!

 

[Fabi]

Believe it or not, I think you should take a law job and see how you like the work. You might enjoy it! And you also spent years studying law, so I think you owe it to yourself to get a taste of the work. From there, you can decide how to proceed.

I don't recommend anyone QUIT their job unless they've established sales and evidence of a productocracy.

Welcome to the forum Fabi!

I would have never thought YOU would advice me to take the slowlane... I feel a little "betrayed" now...

MJ would you please further explain why taking a job would be the right choice, since i really dont enjoy practicing law, nor have really good skills in it...?

 

[alexkuzmov]

Hello everyone and hello MJ,

first i would like to introduce myself. I'm Fabian, 27 years old and from Germany. So please excuse my english, in case you dont understand what im trying to say.
I' will graduate from law school in like 15 days. It has been a hell of a hustle the last years, since im not very "talented", nor really interested in it.

The main goal for studying law has been to have a wide access to jobs, in order to work at a big firm and make a hell of money.
During my time in university i have always been interested in entrepreneurship, even though i wanted to work as a lawyer in a big firm. I have started several businesses and they all either failed, or i had no time pursuing them because of the masses of knowledge i had to gain in order to pass exams.

Now im - as i said before - shortly before graduating. I have read MJ's book the millionaire fastlane and it really openened my eyes. I crashed my previous plan, because working as a lawyer in a big firm is the slowlane. Its not getting me rich, which i desperately want to be!!!! While i read the book i started a mentoringship. I already started a new company in the internet. This business defintely fits the CENTS, it has a lot of scale and magnitude to it. My mentor is f*cking rich!!!


BUT THERES NOW - as MJ WOULD CALL IT - several routes (to my mind 2 routes) that are opening to me after my graduadion on January 20201.
I just dont know which way to go. So this i why im calling out to you guys to give me please some advice:

1. Should i take a regular job as an employee in a law firm, and do my side business while im off my regular job as a lawyer. The regular job is for me absolutely necessary so pay all the bills. But its really not what my aim is, its the slowlane. Its trading time for money. Also i would have less time to work on/improve my internet business.

2. Or should i focuse fully on my business to pursue entrepreneurship? On this way i wont be able to pay all my bills though, since im just starting it.



I already watched this video: In case its now showing it (

View: https://www.youtube.com/watch?v=r_58zPgArb4
)

To my mind im already through my studies in the area of specialized labour.




SO PLEASE GUYS HELP ME OUT



CHEERS,
Fabian

Hey Fabian, welcome!

Its really though to advice you on such a decision given that we dont really know you as a person.

You said: "Its not getting me rich, which i desperately want to be"
This tells me that you are not thinking about a business the proper way.
Being rich (which is relative for each person, we dont know what "rich" means to you) is generally speaking a consequence of solving problems for people.
If you had said that you desperately want to help people, even for selfish reasons, that would be another thing.

To get to know you a bit better, tell me this
Why do YOU want to be rich? What are your reasons?

 

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[Kid]

I would have never thought YOU would advice me to take the slowlane... I feel a little "betrayed" now...

MJ would you please further explain why taking a job would be the right choice, since i really dont enjoy practicing law, nor have really good skills in it...?

Listen Fabi, MJ is saying that if you don't have revenue or booked clients to whatever you do - you don't cut off yourself from cash flow.
From your post it seems that you don't.

A lot of people that went onto their own business did exactly what MJ said - have a job and grow your business after hours. When you will have enough cash from own business,you make the switch.

 

[Fabi]

Listen Fabi, MJ is saying that if you don't have revenue or booked clients to whatever you do - you don't cut off yourself from cash flow.
From your post it seems that you don't.

A lot of people that went onto their own business did exactly what MJ said - have a job and grow your business after hours. When you will have enough cash from own business,you make the switch.

thank you a lot for this explanation. So this would means like a 12h day hustle? 8 h jobs and like 3-4 h on the business. That will be a hell of a hustle but im absolutely willing to take it

 

[Fabi]

Hey Fabian, welcome!

Its really though to advice you on such a decision given that we dont really know you as a person.

You said: "Its not getting me rich, which i desperately want to be"
This tells me that you are not thinking about a business the proper way.
Being rich (which is relative for each person, we dont know what "rich" means to you) is generally speaking a consequence of solving problems for people.
If you had said that you desperately want to help people, even for selfish reasons, that would be another thing.

To get to know you a bit better, tell me this
Why do YOU want to be rich? What are your reasons?

My reasons to be rich is not to have fancy cars or houses. My reason is to gain free time, to seperate myself from employee slavery. To help friends & family out that are on the sideline. To create myself a life really worth living with no fears. To help & encourage others. To travel the world, learn new languages and get to know different cultures. To prive my future family great circumstances.

 

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[Knugs]

thank you a lot for this explanation. So this would means like a 12h day hustle? 8 h jobs and like 3-4 h on the business. That will be a hell of a hustle but im absolutely willing to take it

Hey Fabian I think your personal circumstances are very important for your next steps. A lot of young founders make the mistake to think they want to escape the rat race before even joining it. You need to get a feel of the real world out there and see what it is really like. As MJ says it, maybe you will even enjoy it.

You are to begin a new chapter in your life. Why not take a job (perhaps even part time) and work on a business on the side. Your law degree opens up a lot of opportunities to you. Its best not to live off the profits of the business when you start, how would you financially support yourself without a job?

 

[Fabi]

Hey Fabian I think your personal circumstances are very important for your next steps. A lot of young founders make the mistake to think they want to escape the rat race before even joining it. You need to get a feel of the real world out there and see what it is really like. As MJ says it, maybe you will even enjoy it.

You are to begin a new chapter in your life. Why not take a job (perhaps even part time) and work on a business on the side. Your law degree opens up a lot of opportunities to you. Its best not to live off the profits of the business when you start, how would you financially support yourself without a job?

I know we texted personally but i still have a question to it: why should/would i join the rat race just to know how it feels? Whats the point of it?

(Other from the fact that I know now, because I was teached in this post, i have to get a job, because i should not cut myself off the cashflow without a business making constant revenues)

 

[knazzaro710]

I know we texted personally but i still have a question to it: why should/would i join the rat race just to know how it feels? Whats the point of it?

(Other from the fact that I know now, because I was teached in this post, i have to get a job, because i should not cut myself off the cashflow without a business making constant revenues)

another point towards taking the slow lane job now (even though it won't be ideal) is to possibly leverage it in a fast lane strategy. For example, you have insights into law that not many other people have. When you start to work in a law job and think from the perspective of a producer, you can start to notice a lot of things not many others will. What problems exist in the market? What do people complain about on a daily basis? Is there anything you can eventually solve once you have enough cash flow? Anything people complain about within the job could be a potential opportunity in the future.

I understand that you don't' want to be part of the rat race, especially once you have this knowledge under your belt. However, think of the LONG-TERM GAINS and how they are hopefully worth the short-term pain.

Hope this helps a bit more!

 

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[alexkuzmov]

My reasons to be rich is not to have fancy cars or houses. My reason is to gain free time, to seperate myself from employee slavery. To help friends & family out that are on the sideline. To create myself a life really worth living with no fears. To help & encourage others. To travel the world, learn new languages and get to know different cultures. To prive my future family great circumstances.

How do you plan to acheive said goals?
Be specific.
What skills can you offer the market through a job or a business?

 

[Knugs]

I know we texted personally but i still have a question to it: why should/would i join the rat race just to know how it feels? Whats the point of it?

(Other from the fact that I know now, because I was teached in this post, i have to get a job, because i should not cut myself off the cashflow without a business making constant revenues)

Perhaps see it from a different perspective. What is your time worth at the moment? You trade your time for the money so that you can live. Thats one of the best deals you can get. You dont have to hunt your food or build your own shelter. You dont even need to walk because you lease a car. A job per se isnt bad, its even good to have. It brings an income which you can live off and in our country you can live off it pretty well. Many underestimate that security it gives you but you dont know that yet, simply because you havent really lived yet. Maybe you have but most likely you havent experienced eviction, debt, homelessness or any other financial hardship.

I started work straight after University and I learned so much from it. To be able to go to your warm and nice home and eat a nice take away with a beer in hand without having to worry about what is going to happen in a months time is a pure luxury to have. You still get time off, like the weekend, where you can do the things that you want. And a few months a year you get to have a long holiday. All you have to do is to trade 5 days of the 7. Its literally what almost all people do and quite frankly many are happy with its upsides and downsides.

But you ended up on this forum, you have read the books, and your mind is poisoned with our beliefs. Sometimes I think entrepreneurship is a disease, because we dont as people fit into the community like others. We dont fit the status quo. Or perhaps because we once saw the truth we want to chase it forever.

Entrepreneurship isnt meant to be an easier life but once you know about it and what it could do to your life, you have no choice other than to follow this path of the unknown. Do you think any sane person would want to swap their cushy lifestyle for daily uncertainty with no stable income and a huge downgrade to their quality of life? This is literally what you sign up to. You will have sleepless nights and a rollercoaster of emotions that will play games with your mental health and cause conflicts on all fronts. You will lose more than you win and a lot of time you will think you have wasted your time.

Maybe the question should be why you really want to do this to yourself.

 

[Sethamus]

why should/would i join the rat race just to know how it feels? Whats the point of it?

Because you get paid to learn skills that you wouldn't be learning from an internet business(socialization/work relationshhips, time management- with a job and side hustle there are only so many hours..pick the important things to do, and what a working schedule is like. All while getting paid to live a little bit more comfortable and fund your business to help it grow faster with the money you earned. Also it sounds as if you have bill's and debt...which why people are saying to take a job until the business is bringing in enough money to cover all of this.

Every reason you first listed in why you want to be "rich" can be done with a slow lane job depending on income and your lifestyle and spending habits. Being tied down to a slave job possibly the only exception, but that is what your side business is for. IMO you need to think about what you really want in 5 and 10 yrs and why you cannot do any of those with a slow lane job. It sounds to me your thought is you cannot be anything unless you are rich. Hence "I want to be rich" "I have a mentor and he is F*cking rich". Rich has nothing to do with 90% of your goals that you have shared.

 

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[peteranalytics]

Definitely take the regular job for now. You are young, and have spent much of your time in school. You really need a real world employment experience.

It's not just about money. In a job you will learn many things like business administration, communications, employee management, financial management, etc.