Showing posts from December, 2016

What is a bridge-job?

In my last post, I elaborated on bootstrapping a business and how you should obtain experience in a particular field when you are developing a product.  Another compliment to bootstrapping is the temporary job while you are gaining experience. This is called a bridge-job and is a simple job you obtain to pay the bills while you work on your primary business during the off time. A bridge job can also be a job you obtain to gain experience in a particular area. But the primary focus on the bridge job is to put food on the table and not interfere with your primary business endeavor.

In my personal experience, serving tables is a great bridge job because once you leave the business the job stays there and does not come home with you. Moreover, the schedule is consistent. I used this as a vehicle to help me make the transition to a 100% commission only income.

To steal a term from Dave Ramsey, when you are making the transition from your job to your business, the key is to make sure you have…

Bootstrap your business today!

Let me set the scene; you have this idea, you have a product, you have time and energy to invest in working for yourself, but you don't have the funds. What do you do? I say, you should Bootstrap a Business! What is this term mean? Bootstrapping is an entrepreneurial strategy to funding a business. Essentially, Bootstrapping a business means you are going to self-fund your business idea. Also, this means that you are most likely going to create a product that is related to a field you have experience in. 

Example: You are interested in creating a food delivery app. A Bootstrapping example would be that you get a temporary job delivering food become a Subject matter expert (SME) on the operations of moving food. Then, self fund the creation of a mobile application geared towards food delivery. Bootstrapping is going to lower risk due to the tactics you are applying.  
It just so happens that I have personal experience in this arena. I was basically an office administrator for a real …

Careful, Cultural Norms can destroy your wealth and happiness

The story attached is a beautiful tale of real America. My own personal engagement story is the same. My wife and I pay cash for all of our purchases and through many sacrifices, we have absolutely no debt. I noticed that 100% of bank owned repossessed homes, once had a mortgage. So, no mortgage means no threat of the bank taking my home away from my family. That being said, our purchases are super modest because I am in no way a millionaire; I paid $400 for my wife's engagement ring at a pawn shop and my stainless steel ring was bought at Walmart for $25. Our time and money is spent on date nights, traveling together, books we read together and not working to death to support a debt driven lifestyle. We are happy. And we receive much pressure from other people with a lower net worth due to debt telling us that we should succumb to buying a better ring and wedding band blah, blah. Expensive crap is not indicative of a successful marriage. My grandparents had rings worth less than …

Do you want to start a business but don't have a great idea?

Do you want to create something that impacts the world but don't know where to start? One quick way to start is to piggyback off of another successful idea and create something that supports that idea.

For example, whenever the newest iPhone is about to come out, entrepreneurs start creating iPhone cases, YouTube video reviews, blogs and articles that compare the iPhone to other successful phones etc.

I have actually experimented with this idea myself and was amazed at the results. On my blog post here I wrote a simple paragraph reviewing the 4 Hour work week. All I did was write my opinion after I read the book. Somehow, that simple little post generated more views than 90% of my other well thought out posts. I decided to add more book reviews to my portfolio. Simple quick opinions of books that have had an impact on my life. Very similar results.
(Related: Without spending a dime, How to measure if your idea is popular

For my final experiment on this "piggybacking" strat…

The Feds Raised the interest rates?!?!

Quick Summary,

The Federal Reserve raising interest rates just means that bank lending to the mass population will slow down. So if you have cash and you are looking to buy a home or a car you have less competition! This means you can haggle a better deal. This is also true for smaller priced items like electronics etc.

Bond rates will lower. Bonds follow the market, so when interest rates go up, Bond prices go down. People always claim that bonds are solid investments, but I don't fully understand that claim since interest rates will go up in the future. Scary time to invest in bonds since interest rates can't really go any lower. Do your own research, don't just take my advice.

The sky is not falling unless you are in debt and were counting on a lower interest payment on your loans. Aside from that, this post is just another reminder that Cash is king! I am going to post a series of blogs that explain all the benefits of a debt free lifestyle in the future. Stay tuned!���…

Does Automation threaten your job?

Here in the Midwest there is a grocery store called Kroger.  Kroger employs cashiers for $8 per hour.  As per their union contract there is no possible chance for overtime.  After deducting 15% for taxes a wage of $8 per hour will bring you a net of $13,278 per year to live on.

In the past couple of years, Kroger has also introduced a service called U-scan. This product replaces the $8 an hour cashier and allows the customer to scan their own groceries using a touch screen kiosk. This essentially replaces the $8 an hour employee above. On the surface, this sounds like the robots are coming to take our jobs! And in this situation, if you sit back and do nothing, the U-scan robot is taking your job. 
However, there is hope. In this one single anecdotal story, the creation of the U-scan has also created an opportunity for high paying careers regardless of your formal education level. Please allow me to elaborate...

The New U-scan Kiosk that Kroger created needs the following skills to be fu…

Wealth is behavior driven

The example below is so spot on. Mathematically speaking, the solution for poverty is simply a savings account. Having resources in the bank means you have options. The options to move to take a better job, options to invest more so you can retire early, options to live on less and start your own business, etc. I live completely debt free, no mortgage payment at all. Yes, my car is nearly 10 years old, my jeans are bought from Walmart and most of my meals are home cooked. But just imagine what you can do when all your earnings go into your savings account. Imagine the change you can cause in your life and in this world when you have these resources at your disposal. It's truly liberating and stress free. 

Driver number 1 drives the Corolla. He paid it off, has a 2-bedroom house paid for, makes thirty thousand a year and has excellent credit. Driver number 2 drives the Benz, has 3 years left to pay it off, has a 7-bedroom house with hundreds of thousands left to pay, makes two hundr…

The Power of Preconceived Notions

Sweaty palms, anxiety about who I will meet, endless imaginative thoughts about potential opportunities. This is how I normally feel on the first day of work. Where does this feeling go after 365 days? We begin to let our past circumstances affect our way of thought. This is a very bad thing: use the past as a thing to learn from and not dwell on. Last time I checked, Ms Cleo was called back home so there are no psychics predicting our future aside from our own negative thoughts. So why do we sometimes set the pace for negativity with preconceived notions? We don't know the future and we have the power to change our destiny right now. Don't be complacent. If you are not happy with your current direction, take control and make a freaking change!

"People often say that motivation doesn't last. Well, neither does bathing - that's why we recommend it daily." -  Zig Ziglar