The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

When to quit an amazing job to go fastlane?

The Entrepreneur's Forum for learning how to build wealth and financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join our forum with more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)

Youngepreneur

PARKED
Oct 20, 2017
3
0
24
Slovenia
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!
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Niptuck MD

plutocrat-in-training
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Aug 31, 2016
1,381
2,282
NORWAY - POLAND - WEST EUROPE

Youngepreneur

PARKED
Oct 20, 2017
3
0
24
Slovenia
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

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 shit falls apart quick. And this might be a newbie question, but what's FTE?
 

Niptuck MD

plutocrat-in-training
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Aug 31, 2016
1,381
2,282
NORWAY - POLAND - WEST EUROPE

MTEE1985

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 12, 2018
679
2,815
Arizona
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.
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Must Read Books...

Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore
Top