Interesting... so when you have 2 years of tax returns with $500k per year profits from developing they don't consider this income?
What about winning tattslotto? Or buying FMG at $1.00?
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Interesting... so when you have 2 years of tax returns with $500k per year profits from developing they don't consider this income?
Abosolutely agree....it was a real eye opener! Tim Ferriss nailed it on the head.
The key take aways are:
1. Value time over money....you can earn money but can youn get back time?
2. Learn to value your hourly rate...why earn 200k when you are working 80+ hours weeks. This resonated well for me.
3. He also talks about have a millionaire's experiences on smallish budget by being smart about things.
4. The use of Virtual Assistants to simplify your life.....if your hourly rate is high why would oyu do admin work?
V
7. Lastly, you only live once. If you got hit tomorrow by a car, would you regret not taking the plunge? We're all just a lump of protein, water and fat melded together anyway with a bit of consciousness. Are we that scared to lose?
If you had a successful business, you could build a property portfolio in one year that would've taken 10 years.
Personally; I think if you are on more than $100k per year you should shut up and suck it up, and work on transitioning from your horrible job to a business gradually.
If you are on more than $200k and still whining; then first you need a slap across the head, then take a reality check on where you stand on the income ladder, think yourself damn lucky and do this property caper, or shares or whatever on the side; you've made it and all you need to do it top it up with a bit of extra funding as you go.
Running businesses is a lot harder than working in a job - especially if there are staff involved. Yeah; you are your own boss and the scope to make lots of money is there and all that, but at the end of the day, a PAYE can turn off the lights, go home and there's no more commitment most times....
Probably not.Geoff, if you are experienced and competent in IT you would've probably made the same amount over those years for the same effort.
This seems the common belief of PAYG earners...until they join the small business stats.
Geoff, if you are experienced and competent in IT you would've probably made the same amount over those years for the same effort.
What about winning tattslotto? Or buying FMG at $1.00?
Abosolutely agree....it was a real eye opener! Tim Ferriss nailed it on the head.
The key take aways are:
1. Value time over money....you can earn money but can youn get back time?
2. Learn to value your hourly rate...why earn 200k when you are working 80+ hours weeks. This resonated well for me.
3. He also talks about have a millionaire's experiences on smallish budget by being smart about things.
4. The use of Virtual Assistants to simplify your life.....if your hourly rate is high why would oyu do admin work?
Haha. Didn't listen to me either.Hubby original started our business as it was his "dream". Didn't quite listen to the wifey reminding him of very hard slog, long hours, minimal payoff for the first few years etc.
I'd work with him again any time. But there's not much chance of me being able to get back into it any time soon. When the other shop goes I'll have time to look but I don't like the chances.he's still great at IT and looking to get back into it
It's simple really.
If you have no problem not knowing if and when your going to be paid next, and have at least 6 mths expenses covered, you can look at starting your own business.
Otherwise you better enjoy your cushy jobs and stop whinging about the drama.
I don't recall any dead people having any regrets.
This seems the common belief of PAYG earners...until they join the small business stats.
disclaimer: Spoken from someone who has only had one payg job for less than 1 yr and is happy living with the concept of "No produce/do anything, no get paid anything".
Not sure how you would try to develop property, but for me it isn't a punt, rather run as a business with certainty around profit margins. Certainly not like buying an IP and hoping the market increases in value.
Not at all. I, like my mentors, only like businesses to be honest. To the extent the business involves a land bank component and it goes up in value, that's a bonus.
Haha. Didn't listen to me either.
I'd work with him again any time. But there's not much chance of me being able to get back into it any time soon. When the other shop goes I'll have time to look but I don't like the chances.
All the best with whatever way you go.
And sorry about Wrex.
As someone else said business is hard -
you need to:
- be ready to be humiliated at every turn
- be ready to be humiliated/embarrassed at any moment
- be able to tell those closest to you to bugger off
do elaborate the above 3f?
Fantastic thread! Thank you to all the contributors.
What I've enjoyed the most is the balance being provided. Agree that the Kiyosaki stuff can make people think that the ONLY way to go is to own your own business. But the contributions here bring a realism to that; it's not all fairy floss and bubbles!
THIS is the sort of thing I hang around Somersoft for... THIS is the sort of thing that makes one THINK.
I've always found the biggest problem to be employee's and their slowly dumping of $hit on you the more you get to know them.