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Stable job prevents me from making more money

jeandearme

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I realized just recently that my stable well-paid job (software developer) is actually preventing me from making more money. I red somewhere that if you get paid by the hour it will take you a lot of time to get very wealthy.

For the next 2-3 months I'm bound to the project, but I'm thinking if freelancing wouldn't be better for me where I'm paid for results rather than time and develop my own apps.

How would you guys approach this?
 
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ZCP

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You money chasing or is there a particular outcome you are after?
 

jeandearme

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You money chasing or is there a particular outcome you are after?

I want to get into business and stop working for someone else on per hour basis. Even though it's good money I want more freedom in life. So far I started with recently launched product ( DocTemple ), but recently had no time to get customers because I just moved to the new apartment.

My plan for now is to get first 10-20 customers and see how far can I push this thing (ideas are welcome!). If that won't work - then create another product within a month and see if there's any traction. Rinse and repeat. Also saving around $1,5-2k/month now to have some time buffer.
 

JordanK

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If you can save 1.5-2k per month why not move into Real Estate? You can leverage your good income and borrow to get started. Real estate can be as active or as passive as you want it to be. Allowing you to get started and do it alongside your job.
 
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jeandearme

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If you can save 1.5-2k per month why not move into Real Estate? You can leverage your good income and borrow to get started. Real estate can be as active or as passive as you want it to be. Allowing you to get started and do it alongside your job.

Yes, it's one of the things I have in mind. Not sure if I should house hack first or just flip them (the latter seems faster cashflow-wise).

I suppose that all depends what you charge per hour.

Around $25/h (in Poland it's mid-high salary - high salaries are around $30-$35/h).
 

JordanK

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Flipping isn’t the method you want to be using if the economy might turn for the worst.

Buy & hold or house hacking is good. What part of Poland are you based if you dont mind me asking?
 
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jeandearme

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Flipping isn’t the method you want to be using if the economy might turn for the worst.

Buy & hold or house hacking is good. What part of Poland are you based if you dont mind me asking?

I'm new to real estate (only what I read here + I have a friend that owns apartments that are worth couple millions so probably a good source of truth). Buy & hold seems better to me because I don't like to have other people in my house.

I don't mind asking at all - I'm from Wrocław (Lower Silesia)!
 

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Cool! You should check out threads here on the forum from my friend @Fox . He is living in Poland doing Web Design and killing it. Might give you some ideas too on something that would compliment your current skills.

Keep the thread updated on the path you do end up taking. I’m really interested in how things go for you!
 

jeandearme

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Cool! You should check out threads here on the forum from my friend @Fox . He is living in Poland doing Web Design and killing it. Might give you some ideas too on something that would compliment your current skills.

Keep the thread updated on the path you do end up taking. I’m really interested in how things go for you!

@Fox from Fox's Web Design School? Woah - I wonder what brought him to Poland, it's kind of specific country to go to.
 
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Fox

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I realized just recently that my stable well-paid job (software developer) is actually preventing me from making more money. I red somewhere that if you get paid by the hour it will take you a lot of time to get very wealthy.

For the next 2-3 months I'm bound to the project, but I'm thinking if freelancing wouldn't be better for me where I'm paid for results rather than time and develop my own apps.

How would you guys approach this?

Hey not so sure going freelancing would be the best move here.

If you got the stable well paying job you got resources.
I am guessing you get well paid because you got skills.

This is a great start to building wealth.

As @ZCP mentioned though the market won't respond to what you want but what you can give.

If you already have good resources and good skills I don't see the point in getting into freelancing. Maybe if your goal was to travel or to have more personal freedom but for wealth focus on building a business on the side...

- What needs can you find that you could solve?
- What problems have you seen where there are a lot of opportunities?
- Where can you best provide a ton of value in the marketplace?

Also I live in Gdansk if you ever want to meet up. I probably will be close to where you live a lot in the winter for snowboarding/mountains. Hit me up with a PM and your details.
 

jeandearme

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If you already have good resources and good skills I don't see the point in getting into freelancing. Maybe if your goal was to travel or to have more personal freedom but for wealth focus on building a business on the side...

Actually my goal is to have more personal freedom (that implies traveling) AND building wealth. Probably I should start with the latter (wealth creation) so I can achieve the former (freedom).

I'm 31 now. My closest goals are:
  • to make at least $5k/month (for peaceful life) from my own things (job doesn't count because it's a dependency to me - one decision of someone else and suddenly I'm out of that resource)
  • then get to $10k/month (so I can get my Huracan and be able to travel around with it).
I stated my age because I know that having such car at 40 is not the same. I know that creating wealth means living cheap and saving everything, but I also know that with all that money we can't buy youth back so I'm trying to balance things out.

  1. What needs can you find that you could solve?
  2. What problems have you seen where there are a lot of opportunities?
  3. Where can you best provide a ton of value in the marketplace?

  1. For sure all problems regarding programming. I'm a full-stack developer (Vue.js + serverless backend based on Node/Express).

  2. I just created one product that solves a problem of filling same forms over and over (based on other project I did for one company - manual labor it saved for them is enormous). Had not time lately to market it, but soon will start doing it. That's one of the problems I've seen (and been already paid for finding solution for that so I was actually put in front of the problem instead of seeing it myself first).

    I must admit I have a bit of a problem with spotting opportunities although there is one if someone wants to pick it up (I hate dealing with that amount of logistics) - being in Poland you might know Szopi.pl delivery service. Logistically, they are good, but site sucks - search engine is so poor that I have to think creatively to sometimes find something (i.e. "greek yoghurt" - will show you all yoghurts, but greek one. Put just "greek" and it will show actual greek yogo, but at 15. place). Also, they could easily make engine for showing in which store your cart would be the cheapest so not only they deliver but also save you money. Please, someone do it...

  3. As for now programming is my best skill. Thing that makes me stand out is that I've done couple (failed) businesses and I'm interested in the topic actively so I understand many things on the spot. I also know a lot about cars, but can't find a way to translate it into money.

Also I live in Gdansk if you ever want to meet up. I probably will be close to where you live a lot in the winter for snowboarding/mountains. Hit me up with a PM and your details.

Sure!
 

RealDreams

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If you are a full-stack developer, you just need to get some business acumen and you're set lol
 
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RealDreams

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Can you elaborate a bit more on that? I wish that would be that easy :D
What I mean is, if you know how to code already, all you need to do is learn marketing and some business stuff (and obviously apply that stuff).

The reason why many developers don't get F*ck you money rich is because they lack ambition and a desire to actually change the world. They prefer staying at their cushy job for their entire lifetime.

I don't know anybody who started coding to actually start a business. Most learn to code to have a job and that's all they have in their mind.
 

AlfaStream

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As someone who creates software using visual C#; I would focus on product market fit, and like white label solutions, make a template you can spend a few minutes touching up to make a tailored variant for the company. Use a "template" approach; either consider selling them the rights, or selling them a bunch of software licenses for their copy.

Keeping something that just takes a little bit to revise, puts you in a good position to create value, and get paid based on results; thus making results easier to provide.
 
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jeandearme

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As someone who creates software using visual C#; I would focus on product market fit, and like white label solutions, make a template you can spend a few minutes touching up to make a tailored variant for the company. Use a "template" approach; either consider selling them the rights, or selling them a bunch of software licenses for their copy.

Keeping something that just takes a little bit to revise, puts you in a good position to create value, and get paid based on results; thus making results easier to provide.

Thanks, good points! It's nice to hear out from fellow software dev. How it's going for you because I believe you make standalone apps for desktop (as far as I know C#) so it's yet a bit different than making cloud app (most of them out there)?
 

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