Starting a Business

Research Research Research.  You find successful people.  You find old people.  Some of them may be failing… but it’s hard to know.  These people have a head start, that’s clear.  At some point you just have to start running… if you don’t run, it’s impossible to catch up.  But you don’t want to enter a fight where the numbers will just never make sense.  Hard to know sometimes what is calculable vs. flexible.  What’s clear is, I have to start building something.  Even if it isn’t efficient.  Even if I don’t know what the competitive advantage is going to end up being.  It’s like riding a bike.  You have to at least get the motions down even if you know you’re not Tour De France material yet.

Geez.  30% of the business for only $75k?  What a steal…

Maybe I can get something weird going like “Coffee and Financial Planning”


End of 2014 summary

$34,500 outside of retirement accounts ($50k). $36,500 if you count the Dec. 31 paycheck (I don’t, really). My goal was $40k but I missed it. I broke up with my girlfriend and September and then got a bit lazy / sad / retail therapy, missing $1600 in contributions and withdrawing some money for property taxes and a vacation next year (Vietnam flight). Condo worth about $340k with $111k still owed. Not too shabby. Laziness realized, I’ve hopped back on the budget train, and 2015 has a plan… Or at least a spreadsheet showing my options.

I refinanced the condo to a 10 year fixed! I worked an extra job for a while.

My company is doing a 401k in 2015, and I can pick a Roth. So if I max a backdoor Roth IRA at $5500 and the Roth 401k at $18000 then that leaves only about $25k for paying off the condo. At that rate, setting aside $4k a month like in 2014, it would take until Jan. 2018 to pay off the condo… But I’d have a much more balanced financial position than if I shoved all my money into real estate just to be rid of B of A faster.  And the tax free retirement money is better in the long run… and I can’t make up the amount later… An extra $1000 a month would accelerate the whole plan by about a year. That should be doable if I can earn more income.  More on that later.

The $7k from the consulting shows that I should be ableto get some income. I should probably try selling expensive items. Something that requires a little intelligence to describe properly… But I really do like coffee… We will see.

I started this May 17 with $12k. I now have triple that. If all goes according to plan, by this time next year I’ll have more like 5 times that, $60k (after retirement takeouts… and $100k of debt remaining). I should do something at the 1 year mark to celebrate. I should have $55k by then.

Recently I’ve been reading more about Dave Ramsey’s attitude toward the poor… And I think I need to develop an opinion on it.