Pick up a part-time to get to FI faster or use that time to pursue my dream?

[sizzlinkola]

One of my main reasons for pursuing FI is to have the financial freedom to start a company in the medical device industry.

I’m having a dilemma whether I should have a part-time job (ex. waiter, barista, Lyft driver, etc.) to get to FI faster or start a company now while I keep my day job.

I'd want the part-time job to still leave time and energy for my other hobbies (hiking, rock climbing, lifting and other fitness pursuits). My worry is that it will give up time that I could have used to start and develop a company, unless I sacrifice some or all my hobbies. I could juggle all the above but that will be exhausting. I work to live, not live to work.

 

[SonofCohoes]

One of my main reasons for pursuing FI is to have the financial freedom to start a company in the medical device industry.

I’m having a dilemma whether I should have a part-time job (ex. waiter, barista, Lyft driver, etc.) to get to FI faster or start a company now while I keep my day job.

I'd want the part-time job to still leave time and energy for my other hobbies (hiking, rock climbing, lifting and other fitness pursuits). My worry is that it will give up time that I could have used to start and develop a company, unless I sacrifice some or all my hobbies. I could juggle all the above but that will be exhausting. I work to live, not live to work.

There’s only 24 hrs in a day and only you can prioritize them. Is this company something you’d keep going after fi or is it a means to fi? I think I’d jump into the new venture and keep the day job rather than pickup a partime job.

Starting a successful company requires hard work and sacrifice. You might have to put the toys and hobbies on hold for awhile. If you work to live starting a company may not be for you. At least for a period of time you’ll probably have to live to work. Honestly your last sentence is telling.

 

[brucethebroker]

I'd want the part-time job to still leave time and energy for my other hobbies (hiking, rock climbing, lifting and other fitness pursuits). My worry is that it will give up time that I could have used to start and develop a company, unless I sacrifice some or all my hobbies. I could juggle all the above but that will be exhausting. I work to live, not live to work.

It sounds like your question was answered in the final sentence....

 

[Lakewood90712]

Part time low wage 2nd job ? IMO , absolutely not.

If you need more money, get a better day job , with overtime opportunities if you are willing to give up time for living.

2nd job is a loose-loose proposition , unless it's some kind of thing that pays more then your primary employer. Gigolo or Escort might be an exception .

Few wealthy old people look back , and think " I wish I spent more time at work when I was young "

 

[joeea]

One of my main reasons for pursuing FI is to have the financial freedom to start a company in the medical device industry.

What are your goals regarding starting a company?

All of the folks I know who started their own company did so from a passion to build and succeed. They were "all in" with their new company plans. I don't know anyone who started a company with the intent to not work really hard. They all worked incredibly hard and sacrificed a lot.

I’m having a dilemma whether I should have a part-time job (ex. waiter, barista, Lyft driver, etc.) to get to FI faster or start a company now while I keep my day job.

All the founders I know of got there one of two ways. Either they used all their free time to prepare for and launch their venture while continuing their day job, or they quit their day job and jumped into their new venture with both feet.

I don't know any founders who got a part-time job while they kept their new company on hold.

I'd want the part-time job to still leave time and energy for my other hobbies (hiking, rock climbing, lifting and other fitness pursuits). My worry is that it will give up time that I could have used to start and develop a company, unless I sacrifice some or all my hobbies. I could juggle all the above but that will be exhausting. I work to live, not live to work.

I suspect what you are considering is very different from what any of the founders I know did. You might say "they lived to succeed". They never worried about being exhausted.

Most of them were in the software field - maybe it doesn't take as much commitment in the medical device field? Or perhaps your medical device venture will be more along the lines of a hobby, rather than a company?

 

[Stormy Kromer]

I started working full time right out of high school and focused on working hard to reach FI by age 50. I made it financially.

I was so focused on work I gave up many hobbies that I enjoyed, such as golf, playing amateur baseball, socializing with friends, gardening and I cut way back on what I enjoy most, fishing, hunting and camping. I figured I'd have time to do it all when I reached FI.

The trouble is now that I have reached FI it is very had to get back into the things I enjoyed. Too old for baseball, not interested in golf anymore and my friends moved on without me.

FI is great, but keep yourself in balance on the way there.

 

[kcowan]

I could juggle all the above but that will be exhausting. I work to live, not live to work.

FI is great, but keep yourself in balance on the way there.

Forget about starting a company. That generates 5 to 7 years of slavery to the cause (with rare exceptions).

 

[Spanky]

I started working full time right out of high school and focused on working hard to reach FI by age 50. I made it financially.

I was so focused on work I gave up many hobbies that I enjoyed, such as golf, playing amateur baseball, socializing with friends, gardening and I cut way back on what I enjoy most, fishing, hunting and camping. I figured I'd have time to do it all when I reached FI.

The trouble is now that I have reached FI it is very had to get back into the things I enjoyed. Too old for baseball, not interested in golf anymore and my friends moved on without me.

FI is great, but keep yourself in balance on the way there.

Have you thought about playing pickleball? It's fun.

 

[Spanky]

Most of them were in the software field - maybe it doesn't take as much commitment in the medical device field?

There are different classes of medical devices. A class III device requires vigorous development and manufacturing process and getting FDA approval is very time-consuming. The OP is probably thinking about a class I device.

 

[joeea]

There are different classes of medical devices. A class III device requires vigorous development and manufacturing process and getting FDA approval is very time-consuming. The OP is probably thinking about a class I device.

Do folks that start Class I medical device companies take things seriously? Or is that a leisurely kind of company to own?

I have sold software to medical device manufacturers. I know a few folks who sell medical devices (but aren't the owner of the company). Perhaps if they dealt with only Class I devices, they would have plenty of time for hobbies and such?

 

[atmsmshr]

Forget about starting a company. That generates 5 to 7 years of slavery to the cause (with rare exceptions).

+1

 

[Spanky]

Do folks that start Class I medical device companies take things seriously? Or is that a leisurely kind of company to own?

I have sold software to medical device manufacturers. I know a few folks who sell medical devices (but aren't the owner of the company). Perhaps if they dealt with only Class I devices, they would have plenty of time for hobbies and such?

Starting any company would require a lots of commitment in time and efforts. I do not think there will be plenty of time for hobbies.

 

[Markola]

I started working full time right out of high school and focused on working hard to reach FI by age 50. I made it financially.

I was so focused on work I gave up many hobbies that I enjoyed, such as golf, playing amateur baseball, socializing with friends, gardening and I cut way back on what I enjoy most, fishing, hunting and camping. I figured I'd have time to do it all when I reached FI.

The trouble is now that I have reached FI it is very had to get back into the things I enjoyed. Too old for baseball, not interested in golf anymore and my friends moved on without me.

FI is great, but keep yourself in balance on the way there.

+1. I’m 52 and was diagnosed a few months ago with sleep apnea. It’s manageable with a nightly machine but it’s already crimping my FIRE plans. I thought I’d get into ultra light long distance hiking and camping. Well, I got a golden opportunity to hike some of the Pacific Crest Trail next fall with a group. I decline, unhappily, because I can’t be untethered from electricity for that long, plus the altitude might be a problem. I can still do overnights for as long as I want to haul heavy batteries. Point is, as my friends and I are learning, we’re not 18 - or even 45 - any longer. I could FIRE but I’ve never been the workaholic type, and I’m glad I’ve smelled most of the roses I wanted to along the way.

 

[Markola]

If You’re Not All-In About a New Opportunity, Just Say No.
https://nyti.ms/2sWWbU6


Seems a relevant article. Good luck!

 

[sizzlinkola]

I suspect what you are considering is very different from what any of the founders I know did. You might say "they lived to succeed". They never worried about being exhausted.

Most of them were in the software field - maybe it doesn't take as much commitment in the medical device field? Or perhaps your medical device venture will be more along the lines of a hobby, rather than a company?

I meant being exhausted working a part-time strictly for FI AND starting a company. It's clear that starting a company is exhausting and I am aware of that.

For now, it is a hobby until it becomes a company.

Forget about starting a company. That generates 5 to 7 years of slavery to the cause (with rare exceptions).

What makes you feel that way? I'd argue that working for a company is 10+ years of slavery. At least with your own company, you're a slave to your own work and not to someone else (other than your board).

I started working full time right out of high school and focused on working hard to reach FI by age 50. I made it financially.

I was so focused on work I gave up many hobbies that I enjoyed, such as golf, playing amateur baseball, socializing with friends, gardening and I cut way back on what I enjoy most, fishing, hunting and camping. I figured I'd have time to do it all when I reached FI.

The trouble is now that I have reached FI it is very had to get back into the things I enjoyed. Too old for baseball, not interested in golf anymore and my friends moved on without me.

FI is great, but keep yourself in balance on the way there.

I agree 100% percent. Build the life you want, then save for it.

Just to clarify, I am not starting a company to get to FI faster. I was thinking about taking a part-time job to get to FI faster, so then I could start my company. But from everyone's responses, I'm going to trash that idea.

Again, I work to live, not live to work. Starting a company that I am passionate about and deeply rooted in its' success and impact to the world is my definition of living. My definition of work is to make ends meet, to bring food to the table and to keep a roof over your head.

 

[njhowie]

What makes you feel that way? I'd argue that working for a company is 10+ years of slavery. At least with your own company, you're a slave to your own work and not to someone else (other than your board).

It's about risk/reward.

Though you may be a slave working for the company, there is less risk. You know pretty well that you have that paycheck coming, you'll make your rent/mortgage payment, you'll be able to meet your financial obligations, you have some additional benefits.

With your own company, unless you have sales and some level of profitability from day one, you have no income - it is a money pit that will drain your savings.

There is nothing wrong with starting your own company, so long as you have a plan - a good plan. If you have a spouse, providing an additional income stream, that is a big help...so long as he/she is on-board with the plan.

Personally, the part-time job is the way I would go. If you can have a (almost) mindless job, that provides more income, keeps you from spending money while you are working, and helps bulk up on savings, it's all good...assuming you have the time to do it, can continue performing at your full-time job, and meet any personal/family obligations. Considering that your alternative is to start your own company, you must have the time available and can meet your other responsibilities.

After you save for a while from the part-time job, if you are still looking to start your own company, you can still do that. Having more savings would only be a benefit.

I started my own (modestly successful) company 25 years ago, so I do have some perspective.

 

[canuck5]

Today, technology moves at lightspeed and will only get quicker, so don't plan on waiting 5 years to start, if that's what you want to do. Remember that there is always another person, just like you, thinking along the same lines that may not be afraid to pull the trigger and jump in.

Years ago, I've sold product into the medical industry (transdermal patch material) and it took 7 years for approval. I've sold products into 10 foot diameter satellite dishes and that business was gone over night. Over night!! The 18" diameter small dishes took off and the 10 footers were never seen again!

So, if you've got a great idea, don't wait. Find the funding and do it or work with a local Engineering school, to make it happen and sell your idea to someone in the medical industry and then work on phase 2.

I've worked with many, many inventors, who could not let go and make it happen. They spent tons of money, wasted lots of time, only to see someone else, or some other company produce a product that made their idea obsolete. Today, people are using 3D printers to make working prototypes, literally overnight. Something that in years past would've taken weeks or months.

Good luck!

 

[joeea]

I meant being exhausted working a part-time strictly for FI AND starting a company. It's clear that starting a company is exhausting and I am aware of that.

For now, it is a hobby until it becomes a company.

I understand.

Many of my friends who were founders started their companies on the side, as sort of "hobbies" at first.

But I did want to convey that the words and phrasing they used were very different from what you write. They were always extremely hard-working types, and never talked about exhaustion or work/life balance, or time for hobbies, or financial independence, etc. They put a ton of energy into their startups.

Some of their companies became successes (a couple of huge successes!), some fizzled out.

There are many paths to success. Although your path appears to be rather different from the founders I know, I wish you luck and success.

 

[HighOnLife]

I've been inspired by Senator saying in an interview that you could just as well be making money every hour of the day. Even if you are making six figures, no shame in a ten dollar an hour job after hours.

So I recently have done just this. In my case, part-time employment that is quite different from my "day job" for variety and I LOVE it. Plus, it turns out it covers my minimized overhead--so it substitutes as an income floor for the moment.

 

[Spanky]

.. Starting a company that I am passionate about and deeply rooted in its' success and impact to the world is my definition of living. My definition of work is to make ends meet, to bring food to the table and to keep a roof over your head.

Great philosophy! May you be successful in your adventure.

 

[marko]

If you plan on starting your own company, I'd say that hiking and rock climbing won't be in your future much longer. Starting and running a small company is a 80 hour a week job. At least the successful ones.

 

[nativenewenglander]

If you plan on starting your own company, I'd say that hiking and rock climbing won't be in your future much longer. Starting and running a small company is a 80 hour a week job. At least the successful ones.

I've started three companies over the years and still run one part time as now my hobby retirement gig. As Marko says, it takes a lot of time to make it work and my businesses have been in the same industry. Once you go into a market you don't know the game changes in my opinion. I'm running my business for some fun money and the write offs, nothing more. I spend my time fishing and hiking otherwise, life is short and then you're dead. You can't avoid dead, I'm trying though.

 

[njhowie]

I've been inspired by Senator saying in an interview that you could just as well be making money every hour of the day. Even if you are making six figures, no shame in a ten dollar an hour job after hours.

So I recently have done just this. In my case, part-time employment that is quite different from my "day job" for variety and I LOVE it. Plus, it turns out it covers my minimized overhead--so it substitutes as an income floor for the moment.

Awesome!

Great job!

 

[RenoJay]

If You’re Not All-In About a New Opportunity, Just Say No.
https://nyti.ms/2sWWbU6


Seems a relevant article. Good luck!

I’ve started 7 companies, earned roughly 8 digits (pre tax) from entrepreneurial activities, and I totally disagree with this “all-in” mentality I keep hearing. I don’t get emotionally attached to my ideas. I figure out the cheapest and least time-consuming method to test an idea. If it shows promise (i.e. willing and paying customers) quickly I keep going. If not, I move to the next easily-testable idea. I eschew any idea that requires tons of time and investment simply to test the market. Others may disagree, but I’ve never worked more than 40 hours/week even with my own companies and been able to maintain good balance with non-work activities.

 

[njhowie]

That's pretty awesome/incredible RenoJay!

What types of companies/businesses were they? What products/services?