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Working towards working with what I love - will it work?

sveegaard

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jul 21, 2019
13
6
15
Hi there,

I thought this was the forum that suited my question the best.

I am a chemical engineer and self-taught chemist. I love to do research, but if you try to work your way to do your research and have your research group, it's a numbers game.

So, I have decided to shortcircuit the process by achieving financial freedom - so I can do whatever pleases me. The question is: How doable will it be? I have a university teaching position already, so I have an income stream right now. I have a lot of freedom on my job, and I'm only required to be present at work when I teach. So I plan to work hard on a new income stream that over time gives me a passive income large enough to follow my passion. I could gradually decrease the teaching hours as the other income stream increases, so I can spend more hours either improving the income or do research.

Do you have any advice? Am I completely off track?
 

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Ernman

Silver Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
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Feb 8, 2019
373
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Florida, USA
Welcome sveegaard. We all have the opportunity for success. It comes down to the decisions we make. My first recommendation is read The Millionaire Fastlane and/or UNSCRIPTED. This is going to seriously open your eyes and give you a perspective that will help you answer your own question.
 
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sveegaard

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jul 21, 2019
13
6
15
Welcome sveegaard. We all have the opportunity for success. It comes down to the decisions we make. My first recommendation is read The Millionaire Fastlane and/or UNSCRIPTED. This is going to seriously open your eyes and give you a perspective that will help you answer your own question.
Thanks for the quick answer! I've already read The Millionaire Fastlane, which is how I found this forum!

I think what's really troubling me is whether I dare to take another route to 'scientific freedom' than most do. Simply because spending time on a new income stream will take time away from generally improving my other skills in chemistry and engineering. Still, I know that this 'investment' could result in all the time I want to sharpen my skills, and no time necessary to write grant proposals.
 

Ernman

Silver Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 8, 2019
373
643
262
59
Florida, USA
I think what's really troubling me is whether I dare to take another route to 'scientific freedom' than most do.
You'll be hard pressed to find members of this forum who will say, "no just stay in the slow lane." It's just not our nature. Of course you'll have much greater scientific freedom if you get rich and can fund you're own studies. You might even become the person reading other people's grant applications. So if you're asking for an opinion, I say get rich first, then concentrate on science.

Of course the challenge is how to do that. :)
 

Ernman

Silver Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 8, 2019
373
643
262
59
Florida, USA
This idea just came to me, so take it with a grain a sodium chloride. Create your own non-profit research entity (all depends on what country/state you're in), pick a good cause to study, see if you can get supporters via GoFundMe. Maybe you can reach a deal with your school to let you use their facilities until you can set up your own lab. Hell, maybe you set up your own lab and let other scientists pay a fee to use it? The possibilities are endless.
 
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sveegaard

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jul 21, 2019
13
6
15
You'll be hard pressed to find members of this forum who will say, "no just stay in the slow lane." It's just not our nature. Of course you'll have much greater scientific freedom if you get rich and can fund you're own studies. You might even become the person reading other people's grant applications. So if you're asking for an opinion, I say get rich first, then concentrate on science.

Of course the challenge is how to do that. :)
Hehe, I figured I should scrap the slow lane anyway. It's just really nice to get some feedback and suggestions

I actually think it's a great idea with the non-profit organization you suggest. It'll probably be possible to get a higher, but still reasonable salery. But I do fear it will end up as another job like when people open their own shops to 'work for themselves'.
 

NMdad

Silver Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
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Aug 6, 2017
482
924
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New Mexico
As a chemist, you might consider thinking for ideas along the lines of a simple consumable product. For example, Icy Hot (an analgesic balm); you might check out how Jay Abraham (marketing genius) grew the product/company from low 6 figures to 8 figures: From the Vault: Tony Robbins & Jay Abraham | tonyrobbins.com. Icy Hot is a consumer-focused product, but you might also look into business/commercial/industrial products--especially if you already have industry-specific expertise or knowledge.

Likewise, if you simply want to create, patent, then license things, you can go that route as well, if you want more passive returns on your creations. For that route, you can check out the book "One simple idea" by Stephen Key.
 
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sveegaard

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jul 21, 2019
13
6
15
As a chemist, you might consider thinking for ideas along the lines of a simple consumable product. For example, Icy Hot (an analgesic balm); you might check out how Jay Abraham (marketing genius) grew the product/company from low 6 figures to 8 figures: From the Vault: Tony Robbins & Jay Abraham | tonyrobbins.com. Icy Hot is a consumer-focused product, but you might also look into business/commercial/industrial products--especially if you already have industry-specific expertise or knowledge.

Likewise, if you simply want to create, patent, then license things, you can go that route as well, if you want more passive returns on your creations. For that route, you can check out the book "One simple idea" by Stephen Key.
I've also had this idea before. However, my impression is that cosmetics companies etc. stretch their claims a bit too far for my integrity norms. Perhaps that's a 'workplace injury'?
 

NMdad

Silver Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Aug 6, 2017
482
924
339
New Mexico
I've also had this idea before. However, my impression is that cosmetics companies etc. stretch their claims a bit too far for my integrity norms. Perhaps that's a 'workplace injury'?
Perhaps, but cosmetics, balms, etc. are just one class of potential opportunities. There are tons of others--industrial lubricants, for example. Again, if you have industry/niche-specific experience or expertise, use that to identify problems you can solve.
 
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sveegaard

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jul 21, 2019
13
6
15
Perhaps, but cosmetics, balms, etc. are just one class of potential opportunities. There are tons of others--industrial lubricants, for example. Again, if you have industry/niche-specific experience or expertise, use that to identify problems you can solve.
Good point. With my area of expertise, I would be a competitor to an old work place. But they sacked me, so maybe it's not that bad.

Anyhow, I've been thinking about selling an ebook on personal finances in my own language. It's quite automatic when it runs and it would probably generate enough cash for a step-up. It would interest the sidewalkers and the slowlaners if I market it right. And I do have a lot of personal experience with personal finances.
 

drpeppehr

Contributor
Jun 10, 2017
53
50
55
USA
First thing you should do is make your class easy as possible. No joke. The kids and students will love you for it and give you great reviews on ratemyprofessor, but the main benefit is that you'd be saving a ton of time on grading. You can redistribute that time to work on your side ventures.
 

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OP
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sveegaard

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jul 21, 2019
13
6
15
First thing you should do is make your class easy as possible. No joke. The kids and students will love you for it and give you great reviews on ratemyprofessor, but the main benefit is that you'd be saving a ton of time on grading. You can redistribute that time to work on your side ventures.
Good one. I cannot get away with slacking on the teaching quality, but it is welcomed to use educational IT. One task for me is to make as much teaching as time efficient as possible - by using edu IT.
 

Ernman

Silver Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 8, 2019
373
643
262
59
Florida, USA
As a chemist, you might consider thinking for ideas along the lines of a simple consumable product. For example, Icy Hot (an analgesic balm); you might check out how Jay Abraham (marketing genius) grew the product/company from low 6 figures to 8 figures: From the Vault: Tony Robbins & Jay Abraham | tonyrobbins.com. Icy Hot is a consumer-focused product, but you might also look into business/commercial/industrial products--especially if you already have industry-specific expertise or knowledge.

Likewise, if you simply want to create, patent, then license things, you can go that route as well, if you want more passive returns on your creations. For that route, you can check out the book "One simple idea" by Stephen Key.
I agree, great ideas NMdad.
 

Ernman

Silver Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 8, 2019
373
643
262
59
Florida, USA
I've already read The Millionaire Fastlane, which is how I found this forum!
Don't forget to drop a comment in the I've read The Millionaire Fastlane thread. That's what causes the related tag to show up under your name. It lets us all know you understand the Fastlane language and have been introduced to the concepts.
 
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sveegaard

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jul 21, 2019
13
6
15
Anyhow, I've been thinking about selling an ebook on personal finances in my own language. It's quite automatic when it runs and it would probably generate enough cash for a step-up. It would interest the sidewalkers and the slowlaners if I market it right. And I do have a lot of personal experience with personal finances.
I'm about 60% into UNSCRIPTED now, so before MJ reads this, I'd like to defend the ebook idea ;)
I've worked myself from Sidewalker to Slowlane (and now working towards Fastlane), so I know how tough it is with no money and all the world to blame. I know that many people are in the same situation as I was growing up in; we even have TV shows here about lost souls who do not have any clue about you should spend less money than you earn. Most of then do not even have a budget! So I genuinely think I can help those people with a well-written ebook - though it should be easy to read and follow.
 

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