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FASTLANE INSIDER
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In this forum everything you need, is written down several times. Invest some time and read!Hi there,
I’m relatively new to this forum.
A quick profile on me, I’m working for the last 7+ years as a Financial Advisor here in the Philippines. I came across MJ’s book accidentally (The Millionaire Fastlane ) if I’m not mistaken I’ve read it once 2-3 months ago, I like the no B.S. approach MJ use in the book, especially the wealth creation equation concept.
Upon reading the book as I reflect upon my choices in career, education and financial choices in life, I’ve come to a conclusion that I have been doing it the wrong things.
While I dream to be a entrepreneur since I’ve graduated in college way back 2010, I have been working as a employee for the last 8+ yrs enumerated as follow:
1. Marketing Consultant / Part time lecturer (Computer school - 10 mos.)
2. Mortgage Advisor (Local Bank - 2 yrs.)
3. Sales officer (Local Bank - 4 mos.)
4. Account Manager (Telecom company - 1 yr.)
5. Financial advisor (Life Insurance - 7+ yrs.)
I’ve been grinding day in day out as a employee for the last 8+ yrs., however due to C0VlD-19 situation. I have encountered financial challenges that force me to debt amounting to $5,500.
As I compute my money in flow / money out flow it seems that what I’m currently doing will not help me attain my financial goals.
Let me break it down:
Money inflow: Active income
Current annual income: $5,500
current monthly income: $458.00
Sales incentive: Performance based
Money outflow:
Projected monthly expense: $936.00
Total debt : $5,500
Projected addt’l expenses: $3,700
Money variance: Income/Expense
: 458/936 = -48% Cashflow (-478.00)
outcome: -$470.00 per month.
Given my current circumstances I’ve been doing side commission gigs that has not yet materialized this 1st quarter of 2023, for that reason I may not be able to quantify it as of the moment since it’s a commission based income.
My current skillset are as follow:
- Business development, Sales management, Financial planning (7+ yrs.)
- Basic computer skills: Excel, Word
- Basic Financial trading (1yr)
- Basic copywriting (newbie)
if you where on my current financial situation, how might you solve this problem?
what side hustle can I do where I can generate $500-1,000 of cashflow (active income)?
should I add another job? Should I start a small service business?
how can I add more value with my current skills that I can start remotely?
I would highly appreciate your constructive feedback, so that I can evaluate a action plan that I can start immediately.
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