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INTRO Prepared to diversify - M36

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Wonder3581

New Contributor
Jul 31, 2012
20
5
16
Portland, OR
Hi everyone,

It has been a few years since I have been active on this forum. I have read the book as well. Here is my situation - Employed at 36 in the localization industry - pull in an 80K base with commission I'm landing at $125k on a good year due to commission caps. I'm technically employed full time but probably spend 20 hours a week actually working. I work from home so the rest of the time, I have been sending resumes and not exactly making the best use of my time. I'm at the point where I have a decent gig, but I need and want to start side gigs in order to make passive income. I need more money - A contact of mine has an opp to sell credit card processing systems to new businesses, with however much commitment I want to commit to the gig. Another contact has an opp to sell advertisement sales to retail businesses as well. Ultimately, It would be super interesting to hear about someone that may have been in a similar situation to myself, who was able to retain their employment while they spun up some passive income opportunities and were able to sustain and pass income at 200k and beyond.

Thank you,

Wonder3581
 

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MJ DeMarco

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With all the mention of "passive income", it sounds like you're still thinking like an employee.

Trying to be an entrepreneur for the sake of passive income is like pounding on a piano for the sake of music.

Passive income is the fruit of successful entrepreneurship. Sounds like you think it is the seed.
 

Wonder3581

New Contributor
Jul 31, 2012
20
5
16
Portland, OR
With all the mention of "passive income", it sounds like you're still thinking like an employee.

Trying to be an entrepreneur for the sake of passive income is like pounding on a piano for the sake of music.

Passive income is the fruit of successful entrepreneurship. Sounds like you think it is the seed.

Ok, so then remove the word 'passive'. I want and need more income, and am ready and willing to bust my a$$ to get it :) . I mentioned 'passive' because implementing recurring revenue models - which require a ton of dedication and hard work - are only viable by putting in the hard work, and then bearing the fruit of your labor. I need scalable recurring revenue models that over time, allow me to be less involved in the day to day operations, so I can continue and ramp up additional revenue models as well. I just feel like I either have a mental block, or simply an inability to identify how to transition my selling capabilities into a different business that I am currently in, with the end goal of leaving my employment. I have a family with children and my appetite to risk is pragmatic.
 

MJ DeMarco

Administrator
Staff member
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Read Millionaire Fastlane
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Fountain Hills, AZ
Ok, so then remove the word 'passive'.

I think the best we can wish for (at least when just starting out) is to move to a 24/7 income metric ... meaning, you can make money any time of the day, on any day. That has the structure of passive income because you've made money before you wake up, on weekends, and at any time.

Building something like that is usually anything but passive, but the 24/7 metric builds wealth much quicker than M-F, 9-5/

Welcome to the forum and thanks for intro and background!
 

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