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When to quit an amazing job to go fastlane?

Discussion in 'General Entrepreneur Discussion' started by Youngepreneur, Aug 2, 2018.

  1. Youngepreneur
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    Youngepreneur PARKED

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    Hi everyone!

    I'm 20, and 10 months ago I've decided not to go to college so that I can start my own fastlane business. My parents, friends, and teachers thought I was out of my mind. I've had about $4000 in savings, and I've agreed with my parents to pay them $250 a month in order to live at home. I've gone through quite a few fastlane ideas, but most flopped. I think the main reason was that everyone wants to be an entrepreneur nowadays, so you've got a lot better shot if you go for businesses that require significant money investment, because they have a higher barrier of entry. But with me having no other source of income, my business taking money from me rather than giving it, and also having to cover living expenses, I just couldn't invest enough money to even have a real shot.

    But then, I got an idea last month. An idea which now makes me roughly $40 per every hour I work. And I'm pretty sure I could scale this idea to making even more (I think $10k a month is perfectly doable within a month of two). This is perfect. The only problem is, it's a slowlane method. I have to put my time in to get money out. And while it's amazing (Average salary where I live is around $700 a month, and I had no income just two months ago, so making this much still seems like a dream), it's not something I want to do forever. Which brings me to my question. When do you guys think it's a good idea to give a form of fastlane a try again? I currently have no savings to speak of, so I want to get financial security first. But even after that, I notice that in the first stages I should expect my business to cost me money, not make it. So how did you decide for yourself when to start devoting more time to the fastlane business?

    Thanks!
     
  2. Arun Siva
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    Arun Siva aspiring 大君 of the bourgeoisie Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    theres that damned word again. There is no such thing as security.

    The best time to go Fastlane (again) is when you reach your FTE
     
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  3. Youngepreneur
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    Hi, thanks I'm aware of that. I know there's never complete security, that's why I've forgone college. So security might've been a wrong word to use, but what I meant is I want a bit more stability first. And I'm aware you can never have complete stability as things can always go wrong, but I think if you're better positioned once you start, you'll have better odds. Otherwise you just can't invest money and sh*t falls apart quick. And this might be a newbie question, but what's FTE?
     
  4. Arun Siva
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    Arun Siva aspiring 大君 of the bourgeoisie Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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  5. Youngepreneur
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    Looked it up, thanks.
     
  6. MTEE1985
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    MTEE1985 Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Why do you have to pick one or the other?

    Work your “job” for 20 hours a week, make 4 times the average salary where you live and spend another 40-60 hours a week on your business.

    based on your numbers and U.S. dollars where the average salary is $50k/year you’d be making the equivalent of $225k/year at 20 hours a week. Making 4x average salary should give you plenty of capital to start 99% of businesses.
     
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