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Plan Collapsing After Reading TFM

Discussion in 'General Entrepreneur Discussion' started by David 964, Feb 16, 2019.

  1. David 964
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    David 964 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Listening MJ’s books, reading stories of many of you is great way to continue further questioning my life. My story is not as interesting as many of you have. I want to thank you for writing them, they inspire and make me question my plan for success/freedom.

    I like to get your opinion, criticism and wisdom from lessons you learned, trying to prevent learning just from my mistakes.

    My background:
    · Basic education, I never like school but I like work, money and progress. I have 5 year culinary trade school.
    · I was born in Prague and came to US when I was 20 year old. I was not very happy in Czech Republic and I welcome opportunity to come to US.

    Progress to current situation:
    · First years were little struggle but I really enjoy it. Learning language, being on my own. It was awesome. I worked in Gulfport cleaning Walmart’s and Cinemas, then move to LA. (2000 - 2002)
    · In LA I start working in restaurant and as a second job I worked in auto detailing shop where I meet Paintless Dent Removal technician. The guy made more in couple hours then I did in week. Back then my perception of rich was making more then $300/ day . (2002 – 2004)
    · Through some struggle I learned Paintless Dent Removal and since no one want to employ me I started work for my self. This was very rewarding in personal and financial growth. Unfortunately the stage of happiness didn’t last long. The money didn’t answer uncertainty in my life and something was missing. I believe, subconsciously I knew I was trading hours of my life for future promises of freedom. I didn’t understand it yet fully, so I interpreted this void by needing to make more money and starting to invest and being “business man”. (2004-2008)
    · I started mobile bumper repair with good friend of mine which has been bad failure and I almost lost $50k, since I didn’t want to lose the money I used supplies from bumper business and open 1 bay shop which grew into collision shop where I am now. There was lot of trial and error and it took from 2008 – present.

    Problems:
    · My business is not self-sufficient, although I working on it for couple years it’s still just well-paid job with 8 employees
    · I don’t see path out yet, still seeking how to brake out of the rat race (that’s how I stumbled on TFM, then this forum).
    · I got comfortable working 60-80hrs/ weel if I am financially rewarded. I still have believes questioning if I can have life like some of you have. Make money and still enjoying life while you are in younger age.

    Outcome I working on:
    · FREEDOM, I know it’s sounds funny from someone who is slave at his own business. But freedom was always my engine. I remember when I was little kid and talk to my dad, I told him I will not be like him, working hard, get home, work some more, then repeat. Now I doing almost same think.
    · So the goal is to:
    - Create live style where I don’t need to work to live (I will still work, I like meaningful work and progress, but I want to do it not because I have to).
    - Have time to enjoy life and money I making and brake the cycle in my family and for further generations.​
    · My plan to do so is/was:
    - I believe economy will shift by 2020. I want to buy existing property for Collision shop within $2 mil,
    - Paid the loan within 12 years and build my business to self-sufficient operation.
    - Then sell my business (without property) and live on roughly $15 000 from property + $500k – 700k from business.

    The problem is, especially after reading TFM, I don’t really like my plan anymore. I already busting my self for 25 years. And do another 12-15 like this sounds dry and unsatisfying. I am in place where I have some savings but not sure how to use them to make more money incorporating CENTS commandments. Any pointers from those walked the path? Thank you guys, I really appreciate it.
     

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  2. lejus
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    lejus Contributor Read Millionaire Fastlane

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    I don't know dude, I seem to be in similar place as you are, maybe even earlier on my journey. There is probably more than one way but plan to be in financial freedom in 10-12 years sounds good to me. I am looking forward to what other have to say on this subject.

    Personally I started working on side-hustle which have higher chance of making me rich and I think you might have the same problem, you didn't build your business with idea of removing yourself right? At least for me I am in point where I do so many things that I will need few people to remove myself and than business simply won't be profitable. Which means I have job not a business.

    So with my side hustle i build with a plan to remove myself easily. There is few problems with that: my main business takes a lot of time, side hustle ends up with 5-10 hours a week of work. This is an issue, it will take forever to build. Also in my main business I'm good, in this new things I suck, it hurts to suck again but I try to push through.

    At the same time I am trying to actively think how to improve my main business to the point when I can remove myself, so far I don't see that option but I keep looking, I am launching some new products there shortly. I try to play on both fronts I am unsure is that a good decision.
     
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  3. Hubble
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    Hubble New Contributor Read Millionaire Fastlane

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    I really have no authoritative advice to give you. Like you, I'm uncertain in this field and have not made it yet, so I don't feel I'm qualified to advise. And yet, I am following Dan Lok as well, and he says the first thing you need to have is a high-income skill. While you work on it, it doesn't matter you're trading hours for dollars: you're building your money pot and when you have enough, you invest that in a business to multiply it.
    Then, when that is good enough, you put that in safe investments (like the municipals MJ talks about).
     
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  4. David 964
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    David 964 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    H

    Hey guys,

    thanks for your feedback. @lejus you right, I didn't build (or chose) this business to remove myself but it is my main objective now. I looking at it as a bridge to fastlane. It will provide me with decent cash and within next year my goal is to work till 2pm only.

    @Hubble: you got it right. I do need to improve my skills. Not sure where to look yet but I really liked article from @biophase about his McLaren business.

    Let's take his scenario, where he had option to buy business for $150k, making $5k/m. If I would learn how to properly operate and grow such business I could buy 3 business like this and make $15k/m already now, instead of waiting 10-12 years and get huge loan for property. I like the thought of it. Although dreaming I think it's good way to think. Obviously there is lot work to do and I would start with one.

    There is so much good information on this forum it's little too much to process, but we all have same goal, "the fastlane". So my main focus needs to 1) figure it out what type of business I could do. 2) block everyday 1-2 hours to learn abut the business, 3) start working on it.

    There is a light in the end of a tunnel ;-)
     
    Last edited: Feb 21, 2019
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  5. Hubble
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    Hubble New Contributor Read Millionaire Fastlane

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    Having started my blog a year ago, I find the most difficult part is to block the 1-2 hours to work on it everyday. I can only do it at night, and I'm usually over-tired by then. I have adopted a new plan, which is to work on my commute, and I'm going to put it into practice this week.

    Let's see how it goes.
     
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  6. lejus
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    lejus Contributor Read Millionaire Fastlane

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    That sounds like a good plan. I prefer to build a business from scratch, but then again I failed with all the previous one, but I assume I learned something and next one will be better. It's not like our businesses don't bring food to the table right? So we succeeded to some degree, the problem is they will make us work till the rest of our lives if we won't figure something out. The plan you have sounds good, if you still consider property market I've seen some good guys on forum and there is plenty of good books on that. Personally, I don't like loans while in real estate you most likely need one. I like buying business idea better, but real estate is not a bad plan.

    I've tried to do that, I was overtired but I could push through it with a lot of pain. Problem was that I was very inefficient. Those 1-2 hours were a low focus, high pain. I switched to getting up earlier. 5 am, your phone doesn't ring, you are sleepy but it is better to be sleepy than tired, I found shortly that after yerba mate + morning mobility routine I could do 2 hours evening work in 30 minutes. And in the evening if I failed to work I jumped into procrastinating easily, playing games, watching movies. In the morning that doesn't happen, habits you setup kick in easily in the morning. Maybe give that a try.

    View: https://www.youtube.com/watch?v=iI_mU6Wy2_o
     
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  7. David 964
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    David 964 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Nice video, I am with you on early routine, mornings are my most productive as well. Big fan do most important things in the am.
     
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  8. JustinY
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    JustinY New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Hey, it sounds like you make good money while running a business 60-80 hours a week.
    I would focus on efficiency, meaning either:
    1. Increasing your income while keeping your time working the same or
    2. Keeping your income flat while reducing the amount of time you need to put into your business
    Some people hate on the Four Hour Work Week, but the book is all about how you can increase your efficiency so that some of the menial tasks can be outsourced.
    I also love the 7 Habits of Highly Effective People. Specifically "sharpening the saw".
    How often do you take a step back and analyze your business to see: where are you spending most of your time? where are your customers coming from? what jobs are the most profitable?
    And vice versa: which customers are a pain in the a$$? which customers don't pay on time?

    From their you can make your own plan to simplify and focus your business on what matters more to you.

    If you're focused on maximizing income, then maybe you invest into rental properties and slowly create some passive income. I suggest BiggerPockets as a great resource.

    If you're focused on maximizing time, then you have more time to work on your second, "fastlane" business.

    Just some thoughts, hope it sparks some ideas for you.
     
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  9. David 964
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    David 964 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Hey Justin,

    good insight on # 2 - Keeping your income flat while reducing the amount of time you need to put into your business.

    I am in process of doing so for couple years now. It takes time, more then I would approve ;).

    I like your books of choice. Although I have read only summary of 4 hr work week, I am big fan of 7 Habits, it's a book I give to my new employees.

    At this point body shop is my priority while focusing to free more from working in business. In same time looking for new direction. Something with strong foundation.

    Thanks again and good luck to you on your journey to TFM
     

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