The Number 744

[RichieG]

A 31 day month = 744 hours.

Sleep 8 hours a day = 248 hours per month

Earn $8.50 hr at Mcdonalds ( example )

Work 160 hours a month = $1360 per month ( if there are 2 of you a house, living and life can be run on this )

This leaves 336 hours ( double your working schedule ) per month to build a side business. When the business starts being profitable scale the hourly rate down and apply more hours to the business.

No need to risk anything.

If you really want to do it there are no real excuses.

Just choices.

 

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[Davejemmolly]

Its a great sentiment mate, though a somewhat simplistic generalisation!

I spend $1360 ($340 per week) on groceries alone (and that's before wine for the wife!)

 

[Thoelt53]

While I don't know who can live off $1,360 per month, I do agree that a lack of time is no excuse.

We're all allotted ample and equal time.

If you're attempting to live off $1,360 per month, time is the least of your worries. It's your greatest asset.

 

[RichieG]

Its a great sentiment mate, though a somewhat simplistic generalisation!

I spend $1360 ($340 per week) on groceries alone (and that's before wine for the wife!)

It’s choices. If you really want your own business do you need to spend so much on groceries and wine? If that’s what you want that’s fine.

This is about the amount of time is available to people. Grab some pasta, fruit and veg and build that business.

Not sure why it’s simplistic. If people are at this stage it should be simple. Low bills, low expenses, raise income. Live off simple job income.

Stay with parents, house share. It’s all possible.

 

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[Davejemmolly]

Whilst I understand the point you're making about time (and its a good one), I was simply pointing out that in a forum of this scale, there is everyone from 16 year old students who live at home, through to 80 year old veterans who have paid off everything, and likely everyone in between.

For me personally, with a wife and three kids, I'm well past the living at home or house sharing!

Hence I was pointing out that the 'live off ramen' mantra doesn't apply to everyone!

 

[RichieG]

Whilst I understand the point you're making about time (and its a good one), I was simply pointing out that in a forum of this scale, there is everyone from 16 year old students who live at home, through to 80 year old veterans who have paid off everything, and likely everyone in between.

For me personally, with a wife and three kids, I'm well past the living at home or house sharing!

Hence I was pointing out that the 'live off ramen' mantra doesn't apply to everyone!

Appreciate your point. Can I ask what position you are currently in? Positions impact on how people see things so would be interesting to hear.

 

[Davejemmolly]

Appreciate your point. Can I ask what position you are currently in? Positions impact on how people see things so would be interesting to hear.

What kind of position?

My current financial position, or where I’m at on my Fastlane journey position?

 

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[RichieG]

What kind of position?

My current financial position, or where I’m at on my Fastlane journey position?

You don't have to give numbers away but both would be good. I was pitching my original post at somebody who was starting the journey to give them encouragement and a perspective that if you keep things simple anything is possible.

It will be interesting to see where you are.

 

[RichieG]

Its a great sentiment mate, though a somewhat simplistic generalisation!

I spend $1360 ($340 per week) on groceries alone (and that's before wine for the wife!)

Hi Dave. See you are from Australia so is it about 1.30ish oz dollars to a us dollar? What are living expenses like down there?

I quote in US dollars for the forum but i'm actually UK. The original Mcdonald figures I quoted and what is possible is doable here.

- 1 bed flat is £300
- Council Tax - £50
- Bills - £150
- Food £200 ( that is eating well for one person )

Son that leaves £500+ pounds and 336 hours each month to build a fastlane life.

If your a couple and have double McDonalds income then there is a lot of spare cash for the business if needed.

The problem is when mobile phones, cable, cars, takeaways, nights out etc enter become part of the monthly expense.

Hope you see where I am coming from

 

[Roli]

- 1 bed flat is £300
- Council Tax - £50

I take it you don't live in London then?

Round my way it'll cost you more than twice that for a room in someone's house for a month, and almost three times that in council tax.

However I do agree with your original sentiment, most people just collapse with a beer and a smoke at the end of the day and don't think about anything else till their mind numbing jobs the next day.

 

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[Davejemmolly]

You don't have to give numbers away but both would be good. I was pitching my original post at somebody who was starting the journey to give them encouragement and a perspective that if you keep things simple anything is possible.

It will be interesting to see where you are.

I’m lucky enough to make enough money to pay $340 a week on groceries (plus more for wine).

My current slow lane gig pays well, but that’s only because I work a lot of hours. As a contractor, if I don’t work, I don’t get paid. Whilst the financial benefits are there, it’s not a great way to live, as even when I do go on holidays, I find myself continually worrying about the work I’m missing out on.

With luck, my fast lane plan will give me exactly the opposite result, by completely separating my income from my time!

 

[RazorCut]

I prefer the fact that there are 1440 minutes to a day.

How are you going to invest yours?

-

 

[RazorCut]

I’m lucky enough to make enough money to pay $340 a week on groceries (plus more for wine).

My current slow lane gig pays well, but that’s only because I work a lot of hours. As a contractor, if I don’t work, I don’t get paid. Whilst the financial benefits are there, it’s not a great way to live, as even when I do go on holidays, I find myself continually worrying about the work I’m missing out on.

With luck, my fast lane plan will give me exactly the opposite result, by completely separating my income from my time!

When I sold my last business I went into contracting when the money ran out. It was meant to be for a few months but I really enjoyed it so ended up doing it for 3 years as the money was very good. But as you said if you don't work you don't earn. I waited for the first morning where I didn't want to go to work and that was my cue to get out.

It took a couple of months to shut things down and finish off work for clients but now I have no external pressures just internal ones (no income, just savings). I was doing too many hours before to concentrate on a new business so the strategy for me is all or nothing.

Sometimes you have to burn your bridges to move forward. Sometimes you have to dump the job, go back to your parents or sleep on friends sofa's and grind through to create something worthwhile.

Sometimes your existing life is too comfortable to provide enough inertia to move a business from conception to reality.

-

 

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[BlackMagician]

Simplified!!! I get it all!

BTW, just for joke,

This leaves 336 hours ( double your working schedule ) per month to build a side business. When the business starts being profitable scale the hourly rate down and apply more hours to the business.

336 Hours in hand after work and sleep. We can't work 336 hours for business right? Time to eat, pee/poo, gym, walk, talk with family/second half etc.

This may take around.... 100 hours? hmm.
Still we have 236 hours.

That's quite a lot actually.

 

[BlackMagician]

Sometimes your existing life is too comfortable to provide enough inertia to move a business from conception to reality.
-

This is me right now.

 

[RazorCut]

This is me right now.

Sadly it's a lot of people.

 

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[BlackMagician]

Sadly it's a lot of people.

I know i need an accountability partner to push me. So much in brain, so much burning fire inside, but all going to waste if i be like this.

Ha....

Damn!!

 

[eliquid]

Food £200 ( that is eating well for one person )

No way in hell is that eating well for 1 person all month.

That's $255 in US for 1 person all month, or $63 a week.. or $8.5 a day per person.

At $8.5 a day, I could maybe buy a donut and a starbucks that will last me the whole day. Or a dollar menu breakfast with water at McDonalds and a $6 lunch/dinner at Burger King.

If I stayed home instead of eating out ( see above ), I might be get lucky and buy some off brand cereal and milk to eat all week, plus some bread and lunch meat for sandwiches the rest of the week, and fruit for a snack later on.

I don't consider eating well something in any of those situations above.

Only if you like skipping meals, eating the same thing all the time, or unhealthy foods could you pull this off.

.