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Re: Making Millions
Old 08-11-2005, 01:57 PM   #21
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Re: Making Millions

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Originally Posted by geeman
I almost want to get fired to give me the motivation to start some type of successful business.* So I guess my question is are there ways to accumulate large sums of cash just working 9-5 (minimal salaries 45-65k a year) without owning a business?
Listen to your inner businessman.* *Being an employee is fine, as long as you don't do it for more than 5 years or so.* *Consider your employment an extension of your education.* *Learn all you can about how the business operates.* * And then graduate to your own business.* * Forget about running your own business while still being employed.* *Both jobs will suffer.
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Re: Making Millions
Old 08-11-2005, 02:01 PM   #22
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Re: Making Millions

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Originally Posted by wabmester
Listen to your inner businessman. Being an employee is fine, as long as you don't do it for more than 5 years or so. Consider your employment and extension of your education. Learn all you can about how the business operates. And then graduate to your own business. Forget about running your own business while still being employed. Both jobs will suffer.
Don't be afraid to be a corporate (or government) slave for the next decade or two. Find an employer/career you like, and stick it out. You'll have evenings and weekends to play/invest/moonlight. If your employer goes broke or their industry gets killed slowly, so what. Find a new job. If your business you spent a decade building goes broke, you have to start from scratch. There are a LOT of risks in starting a new business. The successful business owners who comment on the advantages of starting a new business are a self-selected bunch. The broke and bankrupt entrepreneurs aren't on here telling you about their experiences.

That being said, if you've got a solid business plan in market you know, you can make a lot more than what you are now, especially if you can hire people to work for you.
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Re: Making Millions
Old 08-11-2005, 03:41 PM   #23
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Re: Making Millions

If I had to do it all over again, instead of being entrepreneurial, I would have worked in a government job with a good pension.

A friend of mine does bankruptcy litigation for the IRS. Lots of time off, and she is now eligible to retire. And no keeping billable hour records. Nice job, if you like the IRS.
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Re: Making Millions
Old 08-11-2005, 03:51 PM   #24
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Re: Making Millions

My grandmother's cousin keeps trying to tell me to get into the government. Only problem there is, my grandma's cousin retired way back in 1980, as a GS-13, and she's under that old system where you didn't pay social security, and you'd get a good retirement.

Nowadays, I don't know if it would really benefit me much to go into the gov't. And my Mom, who's been gov't like forever, occasionally mentions that she wishes she'd gone contractor, so she could make more money. I guess the grass is always greener on the other side of the fence. Well, and over the septic tank!
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Re: Making Millions
Old 08-11-2005, 03:54 PM   #25
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Re: Making Millions

Yes Martha, I had a friend who went that route to (DOJ not IRS) and she has always seemed to like her job better than I did. She'll keep working another decade or so, but she likes it and will be set after that.
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Re: Making Millions
Old 08-11-2005, 04:01 PM   #26
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Re: Making Millions

Quote:
Originally Posted by Martha
If I had to do it all over again, instead of being entrepreneurial, I would have* worked* in a government job with a good pension.

A friend of mine does bankruptcy litigation for the IRS.* Lots of* time off, and she is* now eligible to retire.* And no keeping billable hour records. Nice job, if you like the IRS.*
The grass is always greener on the other side. *

Knowing you from these posts, I doubt you would have survived working in a government job. *I know it would drive me bonkers. *If I'm not mistaken, you are the type that needs to control your own destiny.

One reason I am self-employed is because when I want something done, it's done. *I don't have to ask a "boss," I don't have to go through different committees, I don't have to wait for someone to sign off on it or do part A before I can do part B.

Plus, I'm sure you made a lot more money on your own than you would have as a government employee.
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Re: Making Millions
Old 08-11-2005, 04:09 PM   #27
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Re: Making Millions

Ditto on whatever one else said. I would suggest that you do some spreadsheets (if you arent good in excel), I bet there are manuals at work that you could learn. Plug in some numbers with different savings rates and returns. It really isnt a big deal to get to a million and retire early. A lot of people are in your salary range and have done fine. At 22, compounding is your friend.
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Re: Making Millions
Old 08-11-2005, 04:43 PM   #28
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Re: Making Millions

Quote:
Originally Posted by Martha
If I had to do it all over again, instead of being entrepreneurial, I would have* worked* in a government job with a good pension.
This is what I have been doing for the past 27 years.* I now make appx. 10X what my starting salary was.* I will retire at 49 or 50 with about 90% of my salary in pension.* The pension income over my life expectancy will be worth several million dollars. I don't see how I could possibly have saved enough during my working life to provide that much income (well, maybe if I were one of the few entrepreneurs who actually made it big).* I think you give up some cash on the front end* for the pension on the back end* .* Well, gotta go to another boring exciting gathering of fools meeting.* 8)
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Re: Making Millions
Old 08-11-2005, 04:52 PM   #29
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Re: Making Millions

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Originally Posted by Patrick
Well, gotta go to another boring exciting gathering of fools meeting. 8)
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Re: Making Millions
Old 08-11-2005, 04:55 PM   #30
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Re: Making Millions

I like it! I need to load some games on my Blackberry so I can stay awake . . . .
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Re: Making Millions
Old 08-11-2005, 04:58 PM   #31
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Re: Making Millions

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Originally Posted by Patrick
This is what I have been doing for the past 27 years.* I now make appx. 10X what my starting salary was.* I will retire at 49 or 50 with about 90% of my salary in pension.* The pension income over my life expectancy will be worth several million dollars. I don't see how I could possibly have saved enough during my working life to provide that much income (well, maybe if I were one of the few entrepreneurs who actually made it big).* I think you give up some cash on the front end* for the pension on the back end* .* Well, gotta go to another boring exciting gathering of fools meeting.* 8)
"A government job with a *good pension". It's a living death.
Come on folks. *Just shoot yourself in the head. *You will be happier in the
long run.

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Re: Making Millions
Old 08-11-2005, 05:03 PM   #32
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Re: Making Millions

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Originally Posted by MRGALT2U
"A government job with a *good pension". It's a living death.
Come on folks. *Just shoot yourself in the head. *You will be happier in the
long run.

JG
I'm still alive and I'm almost there - just a few* more months . . . .* Besides, I get* a great deal of personal satisfaction from helping my fellow man.*
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Re: Making Millions
Old 08-11-2005, 05:24 PM   #33
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Re: Making Millions

Quote:
Originally Posted by MRGALT2U
"A government job with a *good pension". It's a living death. Come on folks. *Just shoot yourself in the head.
Hmmm, that was one of the occupational risks of my government job.

No regrets!
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Re: Making Millions
Old 08-11-2005, 07:59 PM   #34
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Re: Making Millions

Quote:
Originally Posted by geeman
First of all I don't know what kind of business to start? I currently do computer work on the side but there are so many other companies in the area that do they same thing...Real estate interests me, but everyone tells me it's too late to get into the REIT game...?
Geeman,

If don't mind my asking what's your specific job and what are your hobbies, activities?
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Re: Making Millions
Old 08-11-2005, 08:20 PM   #35
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Re: Making Millions

First let me say that I think I have found another rift here at early-retirement.org. I guess you're always going to have the pro-government and the pro-entrepreneurs. Let me also mention that I appreciate all of the responses and I now am going to actually sit down and crunch the numbers, maybe I can actually be a millionaire one day! (Does anyone know where I can get a hold of a good excel template that may help?)

Quote:
Originally Posted by TargaDave
Geeman,

If don't mind my asking what's your specific job and what are your hobbies, activities?
In response to TargaDave:

Job: I am a govít contractor working in DC. I am a Systems Engineer and I provide support for the military. I absolutely love my job, no stress, (besides the hour commute to Baltimore each day).

Hobbies: I do computer consulting on the side (http://www.precisenetworking.com) I hope I donít get in trouble for posting that?

Activities: Normal 22 year old stuff like going to bars with friends, hanging out with the girl friend, nothing too unusual.
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Re: Making Millions
Old 08-11-2005, 08:23 PM   #36
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Re: Making Millions

A suggestion on increasing your income:

As others have pointed out, being your own boss doesn't mean you will go from making $45k/year to $90k/year with the same life you live now.

As a small business owner, you will have to become the business if you want it to truly succeed. So if someone calls in sick and leaves you high and dry, you'll have to fill the role yourself or find another (higher cost) alternative like temp help.

Rather, see if you could work out a deal to possibly work 4-10 hour days and pick up a decent part-time job someplace with your additional hours.

Note that some places like TGI Fridays may offer decent packages that make sense to lean towards a part-time gig. For instance, you only have to work 27 hours a week at TGI Fridays to be considered full-time, and be elligible for their full-time benefit package. Sure, it may not be the world's best, but by taking their benefit package, you might be able to work out a better deal with your full-time employer and end up making even more by taking additional cash instead of health insurance, being able to contribute to 2 retirement plans with more matching, etc.

Even if you can't work out a 4-10s situation, you could still pick up a part-time job in some of your off-hours and add to that cash stash. Sure, it's more work, but you'll be guaranteed to be working more than 40 hours a week if you owned your own business and wanted it to be financially successful.
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Re: Making Millions
Old 08-11-2005, 09:21 PM   #37
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Re: Making Millions

geeman -

I am a tad older than you and have had similar thoughts. First of all I think you should exercise a little patience. Good things will happen in either situation if you are a go getter and LBYM. Invest wisely, be smart and always read/absorb information. I used to be more hard core about "get me there as fast as possible" but it is not healthly to think about it 24/7. Have goals but don't allow it to consumer your life. Enjoy life.

On the start your own business side. Instead of starting one I would recommend you look into buying one that is already there. Easier to get financing in my opinion. You can show the bank assets and (hopefully) cash flow and in return you get a check. Look around and find a business that fills a niche and evaluate whether or not you could make it better. Look for one that will not go out of style. To me that is easier than trying to come up with the next big idea. If you don't want to do that route then start some business that requires little overhead, i.e runs on brain power.

Lastly is a generic idea and it pertains to real estate. Buy a duplex and rent out the other side. Allows you to watch the real estate closely and will help you build wealth/save money. If you tried to do it now you may have trouble finding one that clears your half but still you might only have to pay a couple hundred to cover the difference. Nothing wrong with roomies either.
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Re: Making Millions
Old 08-11-2005, 10:20 PM   #38
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Re: Making Millions

Quote:
Originally Posted by geeman
In response to TargaDave:

Job: I am a govít contractor working in DC. I am a Systems Engineer and I provide support for the military. I absolutely love my job, no stress, (besides the hour commute to Baltimore each day).

Hobbies: I do computer consulting on the side (http://www.precisenetworking.com) I hope I donít get in trouble for posting that?

Activities: Normal 22 year old stuff like going to bars with friends, hanging out with the girl friend, nothing too unusual.
So Gee, Is PNS on your own or with partners or working for someone else? Seems like a nice business and web site.

Here is my feeble advice not knowing any more details. Forget RE in the DC area, way overpriced right now (but in 3 yrs?). Forget buying a business or starting from scratch right away (unless PNS is more than what I think it is). At your age-experience level it's doable but really tough. Since you enjoy your job stick with it and gain some experience. Interact with other contractors and your PNS clients as much as you can. It's a stepping stone to something better maybe in just a year or two. The beltway is full of companies large and small looking for good talent especially computer related. Plenty of startups there as well (getting into one is an option that could provide a great potential payout without the risk of going solo, or a pathway to going solo yourself). There will be plenty of opportunities for you to earn a much higher income/payout and achieve your $ goals. Good luck!
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Re: Making Millions
Old 08-12-2005, 12:21 AM   #39
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Re: Making Millions

Quote:
Originally Posted by wildcat
geeman -

I am a tad older than you and have had similar thoughts.* First of all I think you should exercise a little patience.* Good things will happen in either situation if you are a go getter and LBYM.* Invest wisely, be smart and always read/absorb information.* I used to be more hard core about "get me there as fast as possible" but it is not healthly to think about it 24/7.* Have goals but don't allow it to consumer your life.* Enjoy life.*

On the start your own business side.* Instead of starting one I would recommend you look into buying one that is already there.* Easier to get financing in my opinion.* You can show the bank assets and (hopefully) cash flow and in return you get a check.* Look around and find a business that fills a niche and evaluate whether or not you could make it better.* Look for one that will not go out of style.* To me that is easier than trying to come up with the next big idea.* If you don't want to do that route then start some business that requires little overhead, i.e runs on brain power.

Lastly is a generic idea and it pertains to real estate.* *Buy a duplex and rent out the other side.* Allows you to watch the real estate closely and will help you build wealth/save money.* If you tried to do it now you may have trouble finding one that clears your half but still you might only have to pay a couple hundred to cover the difference.* Nothing wrong with roomies either.*
Wildcat, step to the head of the class. Boys and girls, there is a good post.

JG
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Re: Making Millions
Old 08-12-2005, 07:28 AM   #40
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Re: Making Millions

Quote:
Originally Posted by TargaDave
So Gee, Is PNS on your own or with partners or working for someone else? Seems like a nice business and web site.
PNS is my own company I started at 17.
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