1 00:00:00,120 --> 00:00:02,960 Speaker 1: Welcome to How the Money. I'm Joel and I and Matt. 2 00:00:03,279 --> 00:00:26,960 Speaker 1: Today we're discussing entrepreneurship versus working for the man. So 3 00:00:27,320 --> 00:00:29,360 Speaker 1: right off the bat, you hear that title, you hear 4 00:00:29,360 --> 00:00:32,080 Speaker 1: what we're gonna talk about, and you know which which 5 00:00:32,159 --> 00:00:34,640 Speaker 1: camp you fall into. You know, at least currently you 6 00:00:34,680 --> 00:00:36,880 Speaker 1: are either working for the man or you are working 7 00:00:36,880 --> 00:00:39,840 Speaker 1: for yourself. We're not gonna say that one is necessarily 8 00:00:39,920 --> 00:00:41,640 Speaker 1: better than the other, but there are a lot of 9 00:00:41,640 --> 00:00:44,440 Speaker 1: different factors, a lot of different things to consider, and 10 00:00:44,479 --> 00:00:46,240 Speaker 1: that's what this episode is all about. Man, we talk 11 00:00:46,360 --> 00:00:49,720 Speaker 1: about entrepreneurship a good deal, so we're gonna make sure 12 00:00:49,760 --> 00:00:52,479 Speaker 1: that we address this one as fairly as possible. I 13 00:00:52,520 --> 00:00:55,480 Speaker 1: am excited to talk about this with you, my friend. Yeah, Man, 14 00:00:55,520 --> 00:00:57,680 Speaker 1: should be a good topic, and it's something that that 15 00:00:57,760 --> 00:00:59,320 Speaker 1: weighs on a lot of people's minds. I think in 16 00:00:59,360 --> 00:01:02,040 Speaker 1: particular right now with kind of some of the uncertainty 17 00:01:02,040 --> 00:01:04,400 Speaker 1: in the job market. It's like well, and and and 18 00:01:04,520 --> 00:01:06,520 Speaker 1: also a lot of small businesses that have had a 19 00:01:06,520 --> 00:01:11,200 Speaker 1: difficult time lately. So yeah, entrepreneurship sounds great in a 20 00:01:11,200 --> 00:01:13,120 Speaker 1: lot of ways. Um, and it is great in a 21 00:01:13,120 --> 00:01:15,160 Speaker 1: lot of ways, but there are a lot of entrepreneurs 22 00:01:15,240 --> 00:01:16,880 Speaker 1: having a tough time. There are also a lot of 23 00:01:16,920 --> 00:01:20,600 Speaker 1: people in a traditional career that maybe have found themselves stuck. 24 00:01:20,720 --> 00:01:22,600 Speaker 1: So yeah, there there is a lot to cover on 25 00:01:22,640 --> 00:01:24,360 Speaker 1: today's episode should be a good one. Yeah. One of 26 00:01:24,400 --> 00:01:26,200 Speaker 1: the things you deal with when you are an entrepreneur 27 00:01:26,440 --> 00:01:28,920 Speaker 1: is your prints are not necessarily working the way you 28 00:01:28,959 --> 00:01:31,160 Speaker 1: wanted to, and then you have to beat it into 29 00:01:31,200 --> 00:01:35,440 Speaker 1: submission office space style. You and I we have a 30 00:01:35,480 --> 00:01:38,160 Speaker 1: little printer down here in the studio that we use 31 00:01:38,240 --> 00:01:40,399 Speaker 1: to pronoun our outlines, you know, to pronounce some notes 32 00:01:40,760 --> 00:01:43,679 Speaker 1: for our episodes. And over the past what maybe two 33 00:01:43,720 --> 00:01:46,640 Speaker 1: or three weeks, it's said warning low towner. And we 34 00:01:46,720 --> 00:01:49,080 Speaker 1: keep side eyeing the printer like really like there's actual 35 00:01:49,440 --> 00:01:51,480 Speaker 1: loads owner. I mean it still it still looks really 36 00:01:51,480 --> 00:01:53,840 Speaker 1: good that it's still black on the paper there the 37 00:01:53,880 --> 00:01:57,800 Speaker 1: ink is And until just recently I want to go 38 00:01:57,960 --> 00:02:01,840 Speaker 1: hit prints and it said replaced owner, like literally, you're 39 00:02:01,880 --> 00:02:03,880 Speaker 1: not allowed to print until you do it. It was fine, 40 00:02:04,000 --> 00:02:05,440 Speaker 1: and then all of a sudden, the next time I 41 00:02:05,440 --> 00:02:07,400 Speaker 1: try to print on it, it said, nope, can't do it, 42 00:02:07,480 --> 00:02:09,720 Speaker 1: replace your toner. And you and I we didn't like that, 43 00:02:09,760 --> 00:02:13,200 Speaker 1: and so I called the printer's bluff. I went online 44 00:02:13,440 --> 00:02:15,680 Speaker 1: and figured out what's going on with the printer here, 45 00:02:15,760 --> 00:02:18,160 Speaker 1: and I found out, man, that there is a setting 46 00:02:18,200 --> 00:02:20,280 Speaker 1: that you can go to on this printer. This is 47 00:02:20,320 --> 00:02:22,680 Speaker 1: a brother printer, and you can go down to settings, 48 00:02:23,000 --> 00:02:27,720 Speaker 1: go to replace toner, and you select continue instead of stop. 49 00:02:28,040 --> 00:02:30,600 Speaker 1: And basically the I guess the printer is programmed to 50 00:02:30,680 --> 00:02:33,720 Speaker 1: stop after a certain number of uses, even if there 51 00:02:33,800 --> 00:02:36,880 Speaker 1: is still toner uh in the cartridge. And so, man, 52 00:02:36,960 --> 00:02:39,440 Speaker 1: this is kind of ridiculous, right, It's it's such a 53 00:02:39,480 --> 00:02:42,239 Speaker 1: small barrier to figure this out. I think probably a 54 00:02:42,280 --> 00:02:44,560 Speaker 1: lot of people maybe who are listening know this. But 55 00:02:44,600 --> 00:02:46,640 Speaker 1: at the same time, maybe especially if you are working 56 00:02:46,680 --> 00:02:48,440 Speaker 1: for the man. You are in an office and it 57 00:02:48,440 --> 00:02:50,880 Speaker 1: says replaced toner, you're probably okay and just open it, 58 00:02:50,880 --> 00:02:53,440 Speaker 1: pull it out, throwing the trash, and you're spending money 59 00:02:53,480 --> 00:02:55,480 Speaker 1: on a brand new thing of toner when you don't 60 00:02:55,520 --> 00:02:57,760 Speaker 1: necessarily need it. Yeah, it makes me think of using 61 00:02:57,840 --> 00:03:01,000 Speaker 1: up that last little bit of toothpaste, and yeah, there's 62 00:03:01,000 --> 00:03:05,440 Speaker 1: something just gratifying about using all of of what's in there. 63 00:03:05,720 --> 00:03:08,480 Speaker 1: And uh yeah, with the with the printer in particular, 64 00:03:08,560 --> 00:03:11,000 Speaker 1: knowing that there's a quick by pass in order to 65 00:03:11,080 --> 00:03:12,840 Speaker 1: I mean, I don't know how many extra pages of 66 00:03:12,880 --> 00:03:14,720 Speaker 1: printing we're gonna get out of there. Maybe a hundred, 67 00:03:14,800 --> 00:03:16,760 Speaker 1: maybe hundred fifty. That was That was a week ago. 68 00:03:16,800 --> 00:03:18,920 Speaker 1: Now that and you have we've continued printing since then. 69 00:03:18,960 --> 00:03:20,679 Speaker 1: But we'll see how long it actually lasts. Man, it 70 00:03:20,800 --> 00:03:23,400 Speaker 1: might be a while. Yeah, yeah, So I love that. 71 00:03:23,480 --> 00:03:25,920 Speaker 1: Any anyway we can get the full usage out of 72 00:03:25,919 --> 00:03:27,920 Speaker 1: the thing that we've bought and not throw it away 73 00:03:27,960 --> 00:03:30,920 Speaker 1: prettymaturely is good in my book. Right. Yeah. Well, so 74 00:03:30,960 --> 00:03:33,799 Speaker 1: back into episode two sixty six, we talked about planned obsolescence, 75 00:03:33,840 --> 00:03:35,920 Speaker 1: and we specifically talked about printers, and I feel like 76 00:03:35,960 --> 00:03:39,960 Speaker 1: this is such a clear way that companies out there, like, 77 00:03:40,040 --> 00:03:42,520 Speaker 1: let's make sure, uh, let's let's make sure the quality 78 00:03:42,520 --> 00:03:45,200 Speaker 1: of your printing remains top notch. And you're gonna want 79 00:03:45,200 --> 00:03:47,120 Speaker 1: to pull that cartridge, you want to pull that toner 80 00:03:47,160 --> 00:03:49,560 Speaker 1: out before it's completely gone. But man, this is one 81 00:03:49,600 --> 00:03:51,600 Speaker 1: area that you and I we do not care if 82 00:03:51,640 --> 00:03:54,120 Speaker 1: it's top notch. That's right. Toner is not our craft 83 00:03:54,120 --> 00:03:57,480 Speaker 1: beer equivalent. Yeah, And it's our way to fight back 84 00:03:57,480 --> 00:03:59,800 Speaker 1: against some of that planned obsolescens, right, Like that to 85 00:04:00,000 --> 00:04:02,320 Speaker 1: our cartridge is not obsolete yet, but we will use 86 00:04:02,320 --> 00:04:04,440 Speaker 1: it until it actually is. Yes, And so that's something. 87 00:04:04,480 --> 00:04:06,080 Speaker 1: If you're out there and you've never heard of this before, 88 00:04:06,320 --> 00:04:08,560 Speaker 1: just google whatever model number you have on your printer. 89 00:04:08,640 --> 00:04:10,720 Speaker 1: And if if you think you're you've been victim to 90 00:04:10,800 --> 00:04:12,800 Speaker 1: this practice, you can go in there and figure out 91 00:04:12,800 --> 00:04:15,160 Speaker 1: how to extend the life of your town or there 92 00:04:15,200 --> 00:04:16,680 Speaker 1: you go. All right, maw, Let's get onto the beer 93 00:04:16,680 --> 00:04:18,760 Speaker 1: that we're having on the show today. This one's called 94 00:04:19,040 --> 00:04:22,479 Speaker 1: Realities and it's a triple I p A brewed with honey, 95 00:04:22,600 --> 00:04:25,680 Speaker 1: and it's a collaboration beer between Dissolver and Good Word 96 00:04:25,720 --> 00:04:28,320 Speaker 1: Brewing Company. Good Word close to us in Atlanta and 97 00:04:28,360 --> 00:04:31,279 Speaker 1: Dissolver is up in North Carolina. That's right, man, this 98 00:04:31,320 --> 00:04:33,440 Speaker 1: one's got some crazy can are going on. We can 99 00:04:33,440 --> 00:04:35,520 Speaker 1: talk about it as well as uh the way this 100 00:04:35,640 --> 00:04:37,960 Speaker 1: beer taste. Will do that at the end of the episode. 101 00:04:37,960 --> 00:04:40,640 Speaker 1: But first, man, let's get to the topic at hand. Yeah, 102 00:04:40,720 --> 00:04:43,719 Speaker 1: let's do it. We're talking about entrepreneurship versus working for 103 00:04:43,760 --> 00:04:45,400 Speaker 1: the man. And I guess you know, one of the 104 00:04:45,480 --> 00:04:47,600 Speaker 1: questions that a lot of people have, especially as you're 105 00:04:47,640 --> 00:04:49,920 Speaker 1: maturing in your career is should you work for the 106 00:04:49,960 --> 00:04:52,240 Speaker 1: man or should you work for yourself? Which one is 107 00:04:52,279 --> 00:04:54,480 Speaker 1: going to be better for you over the long haul? 108 00:04:54,760 --> 00:04:56,720 Speaker 1: And there are a lot of things to consider when 109 00:04:56,760 --> 00:04:59,800 Speaker 1: you're asking yourself that question. And there's also not necessarily 110 00:04:59,839 --> 00:05:02,320 Speaker 1: a one size fits all answer. It's not like everybody 111 00:05:02,360 --> 00:05:04,719 Speaker 1: you know fits into to the same categories, um and 112 00:05:04,760 --> 00:05:07,120 Speaker 1: so there are a lot of things to consider. There 113 00:05:07,120 --> 00:05:10,080 Speaker 1: are meaningful trade offs depending on the choice you make, too, 114 00:05:10,440 --> 00:05:11,919 Speaker 1: So we're going to try to cover some of the 115 00:05:11,960 --> 00:05:14,839 Speaker 1: important things that you should think through when you're trying 116 00:05:14,920 --> 00:05:17,240 Speaker 1: to decide whether or not you should be starting your 117 00:05:17,240 --> 00:05:21,200 Speaker 1: own business or whether you're better off in the traditional 118 00:05:21,279 --> 00:05:25,039 Speaker 1: working world as an employee of someone else's business. And 119 00:05:25,080 --> 00:05:27,880 Speaker 1: this question feels I think even more relevant, Matt, given 120 00:05:27,880 --> 00:05:31,159 Speaker 1: the circumstances we find ourselves in with some people being 121 00:05:31,160 --> 00:05:34,920 Speaker 1: furloughed from a business or lego completely UH industries kind 122 00:05:34,920 --> 00:05:38,279 Speaker 1: of in turmoil. Um. Certain sectors are doing incredibly well, 123 00:05:38,360 --> 00:05:42,200 Speaker 1: other sectors of the economy are suffering tremendously so in 124 00:05:42,279 --> 00:05:44,920 Speaker 1: this time of ements change, Hopefully this episode can help 125 00:05:44,920 --> 00:05:47,279 Speaker 1: you think through what you want your future to look 126 00:05:47,320 --> 00:05:50,839 Speaker 1: like in regards to work, whether that's working for yourself 127 00:05:51,200 --> 00:05:53,479 Speaker 1: or working for the man. Yeah, let's go ahead first 128 00:05:53,480 --> 00:05:55,479 Speaker 1: and clear up some misconceptions. You know, I feel like 129 00:05:55,600 --> 00:05:58,760 Speaker 1: entrepreneurship it's kind of been put up on a pedestal 130 00:05:58,839 --> 00:06:02,720 Speaker 1: in our society. We hear a lot about startup successes 131 00:06:02,760 --> 00:06:07,000 Speaker 1: and unicorn companies that soar two billion dollar valuations. But 132 00:06:07,040 --> 00:06:09,480 Speaker 1: those stories, man, are obviously the exception, they are not 133 00:06:09,520 --> 00:06:12,640 Speaker 1: the rule. Most people, they don't write about their massive failures. 134 00:06:12,640 --> 00:06:15,400 Speaker 1: So we tend to to have a view of entrepreneurship 135 00:06:15,440 --> 00:06:18,800 Speaker 1: that doesn't quite align with reality. Right And then at 136 00:06:18,839 --> 00:06:21,040 Speaker 1: the same time, too, I think we're even guilty of 137 00:06:21,080 --> 00:06:23,159 Speaker 1: that to a certain extent here on the show. You know, 138 00:06:23,240 --> 00:06:25,839 Speaker 1: listeners will often hear us talking about ramping up your 139 00:06:25,880 --> 00:06:28,760 Speaker 1: side gig into a full fledged business. But taking the 140 00:06:28,920 --> 00:06:33,039 Speaker 1: entrepreneurship route doesn't come without its risks and its hardships. 141 00:06:33,400 --> 00:06:36,800 Speaker 1: It's not for everyone, and maybe uh more folks should 142 00:06:36,920 --> 00:06:38,640 Speaker 1: stick with the traditional job, you know. So let's go 143 00:06:38,640 --> 00:06:41,640 Speaker 1: ahead and dig in and discuss the benefits, the trade 144 00:06:41,640 --> 00:06:44,200 Speaker 1: offs and more of each of these routes. Let's do it. 145 00:06:44,279 --> 00:06:46,240 Speaker 1: Let's do it all right, So, yeah, yeah, there are 146 00:06:46,240 --> 00:06:48,800 Speaker 1: a few things to consider. Kind of these bigger, overarching 147 00:06:48,839 --> 00:06:50,920 Speaker 1: things before we get into the specific trade offs that 148 00:06:50,960 --> 00:06:53,320 Speaker 1: you're gonna make depending on which route you go. And 149 00:06:53,320 --> 00:06:55,480 Speaker 1: and one of the first things to consider is that 150 00:06:56,040 --> 00:06:59,279 Speaker 1: not everyone has this option. Not everyone has the ability 151 00:06:59,320 --> 00:07:01,800 Speaker 1: to choose whether they want to become an entrepreneur or 152 00:07:01,839 --> 00:07:03,839 Speaker 1: whether they want to work for somebody else. Some folks 153 00:07:03,839 --> 00:07:05,640 Speaker 1: are just happy to be working at all right now, 154 00:07:05,839 --> 00:07:09,200 Speaker 1: completely completely, and yeah, so we understand, in particular, given 155 00:07:09,240 --> 00:07:11,680 Speaker 1: the current state of things in the economy, a lot 156 00:07:11,720 --> 00:07:14,520 Speaker 1: of folks don't necessarily have a choice that they can make, 157 00:07:14,760 --> 00:07:17,840 Speaker 1: and starting a business, it often takes time and some 158 00:07:17,920 --> 00:07:20,800 Speaker 1: resources at your disposal. At the same time, though, Matt 159 00:07:20,840 --> 00:07:22,480 Speaker 1: and I would encourage you to go back and take 160 00:07:22,480 --> 00:07:25,480 Speaker 1: a listen to episode to forty seven with Alan donnegan 161 00:07:25,800 --> 00:07:28,760 Speaker 1: because you can start a business for zero dollars or 162 00:07:28,920 --> 00:07:31,560 Speaker 1: or close to it, and I think that episode was 163 00:07:32,000 --> 00:07:34,560 Speaker 1: really helpful to to see things in a new light. 164 00:07:34,600 --> 00:07:37,160 Speaker 1: We all often think that starting in business requires a 165 00:07:37,200 --> 00:07:39,320 Speaker 1: lot of resources and a lot of money upfront, and 166 00:07:39,320 --> 00:07:41,720 Speaker 1: that's just not always the case. There are some businesses 167 00:07:41,760 --> 00:07:43,960 Speaker 1: that can get started with a little elbow grease and 168 00:07:44,240 --> 00:07:46,440 Speaker 1: next to nothing when it comes to money. Yeah, and 169 00:07:46,480 --> 00:07:49,120 Speaker 1: another consideration is your age. Right, how old are you? 170 00:07:49,520 --> 00:07:52,720 Speaker 1: The average age of a first time entrepreneur is between 171 00:07:52,800 --> 00:07:55,640 Speaker 1: thirty nine and forty two, depending on what study you're 172 00:07:55,640 --> 00:07:58,400 Speaker 1: looking at. Uh. The entrepreneurs that fail most often, though, 173 00:07:58,520 --> 00:08:01,360 Speaker 1: are in their twenties. It's awesome because of the lack 174 00:08:01,400 --> 00:08:05,600 Speaker 1: of experience and knowledge. We learn a lot through working 175 00:08:05,640 --> 00:08:07,200 Speaker 1: for the man you know, at least for a period 176 00:08:07,240 --> 00:08:09,600 Speaker 1: of time. So that's an argument for working at nine 177 00:08:09,640 --> 00:08:12,120 Speaker 1: to five. But on the flip side, when you're young, 178 00:08:12,200 --> 00:08:14,040 Speaker 1: you know you have less to lose, You have fewer 179 00:08:14,080 --> 00:08:17,600 Speaker 1: responsibilities and others counting on you, especially if you don't 180 00:08:17,640 --> 00:08:20,320 Speaker 1: have a family yet and your expenses are minimal, it 181 00:08:20,320 --> 00:08:21,880 Speaker 1: can be a great time to to run with that 182 00:08:21,960 --> 00:08:24,200 Speaker 1: dream that you have and to build your own business. 183 00:08:24,280 --> 00:08:26,240 Speaker 1: I know when Kate and I started our own company Man, 184 00:08:26,520 --> 00:08:28,840 Speaker 1: we were in our twenties. We had zero debt and 185 00:08:28,840 --> 00:08:30,720 Speaker 1: so for us Man that was one of our motivators. 186 00:08:30,720 --> 00:08:31,960 Speaker 1: That was one of the things we kind of kept 187 00:08:31,960 --> 00:08:34,760 Speaker 1: going back to, if not now, when you know, like, 188 00:08:34,760 --> 00:08:36,959 Speaker 1: there's gonna be no better time than than right now 189 00:08:37,000 --> 00:08:39,200 Speaker 1: for us to pursue something like this. Yeah, if you 190 00:08:39,320 --> 00:08:42,760 Speaker 1: have a mortgage and multiple children and all these other 191 00:08:42,800 --> 00:08:44,480 Speaker 1: things on the table that you have to provide for 192 00:08:44,600 --> 00:08:47,600 Speaker 1: it becomes a riskier proposition. And so yeah, that there's 193 00:08:47,640 --> 00:08:50,280 Speaker 1: that kind of dual side of way of looking at things. 194 00:08:50,320 --> 00:08:52,640 Speaker 1: So of is it easier to start later in life 195 00:08:52,720 --> 00:08:54,760 Speaker 1: or is it easier to start earlier? Um, And I 196 00:08:54,760 --> 00:08:57,040 Speaker 1: think yeah, it's an interesting thing to consider. It's also 197 00:08:57,080 --> 00:08:59,920 Speaker 1: important to ask yourself what's your temperament. Some people are 198 00:09:00,000 --> 00:09:02,959 Speaker 1: just wired to do their own thing, while others lack 199 00:09:03,120 --> 00:09:06,040 Speaker 1: the risk taking ability, and some people just work better 200 00:09:06,080 --> 00:09:08,720 Speaker 1: in a group setting. And Matt, I'm one of those people, right, 201 00:09:08,760 --> 00:09:10,960 Speaker 1: So I don't think I ever would have started a 202 00:09:11,000 --> 00:09:13,400 Speaker 1: solo business. If it meant me going out on my 203 00:09:13,440 --> 00:09:16,439 Speaker 1: own and developing something solo, it's just not going to 204 00:09:16,559 --> 00:09:19,000 Speaker 1: do very well because I work better in a group context. 205 00:09:19,160 --> 00:09:21,400 Speaker 1: Starting a podcast with the best buddy though, that was 206 00:09:21,440 --> 00:09:23,560 Speaker 1: a different proposition. I'm like, Okay, cool, Yeah, I can 207 00:09:23,600 --> 00:09:26,080 Speaker 1: do that. We can build this at least one other person, Okay, ye, 208 00:09:26,200 --> 00:09:28,400 Speaker 1: exactly as a team. And I think that is something 209 00:09:28,400 --> 00:09:30,040 Speaker 1: that you need to keep in mind. If you're the 210 00:09:30,120 --> 00:09:33,920 Speaker 1: kind of person that's easily defeated, doesn't necessarily work well solo, 211 00:09:34,120 --> 00:09:38,040 Speaker 1: then you know, starting a solo business, becoming an entrepreneur 212 00:09:38,520 --> 00:09:41,520 Speaker 1: um alone is probably not best for you. You You gotta 213 00:09:41,559 --> 00:09:44,400 Speaker 1: know yourself. You also gotta know what skills and what 214 00:09:44,480 --> 00:09:46,920 Speaker 1: knowledge you possess. Man. You know, if you're looking to 215 00:09:46,920 --> 00:09:49,560 Speaker 1: to take the entrepreneur path, then you're likely going to 216 00:09:49,640 --> 00:09:52,400 Speaker 1: need to have, or be willing to acquire, right a 217 00:09:52,480 --> 00:09:55,360 Speaker 1: certain level of business acumen. You know, this is true 218 00:09:55,679 --> 00:09:58,400 Speaker 1: of a lot of our photographer of our creative friends. 219 00:09:58,520 --> 00:10:01,360 Speaker 1: They love the creative part of work for themselves, uh 220 00:10:01,360 --> 00:10:04,160 Speaker 1: and doing something artistic, but developing the you know, like 221 00:10:04,200 --> 00:10:07,200 Speaker 1: the sales and the administration side of things can often 222 00:10:07,240 --> 00:10:09,400 Speaker 1: come a little bit more slowly, you know, maybe with 223 00:10:09,559 --> 00:10:12,240 Speaker 1: a lot of difficult learning moments, and so that's definitely 224 00:10:12,280 --> 00:10:14,120 Speaker 1: something to keep in mind as well. Yeah, you might 225 00:10:14,160 --> 00:10:16,600 Speaker 1: be a great artist, a great photographer, a great baker, 226 00:10:16,720 --> 00:10:19,040 Speaker 1: but you've got to realize there's a couple of the 227 00:10:19,080 --> 00:10:20,680 Speaker 1: things you're gonna need to learn at the same time. 228 00:10:20,840 --> 00:10:24,160 Speaker 1: Baking awesome cookies is a great first step, but but then, yeah, 229 00:10:24,200 --> 00:10:25,959 Speaker 1: you do have to develop that business acument at the 230 00:10:26,000 --> 00:10:29,440 Speaker 1: same time. And obviously with a more traditional job, it's 231 00:10:29,520 --> 00:10:31,920 Speaker 1: a lot easier to have a very specialized skill where 232 00:10:31,920 --> 00:10:34,079 Speaker 1: you can focus on on the things that you're good at, 233 00:10:34,679 --> 00:10:37,000 Speaker 1: like if you bake great cookies working in a bakery, 234 00:10:37,040 --> 00:10:38,760 Speaker 1: you don't have to worry about the business side, and 235 00:10:38,800 --> 00:10:40,480 Speaker 1: then you can leave it to your employer to handle 236 00:10:40,600 --> 00:10:44,720 Speaker 1: the sales, client services, payroll, insurance, basically all the things 237 00:10:44,760 --> 00:10:47,560 Speaker 1: that might be a nightmare for others, the things you 238 00:10:47,600 --> 00:10:50,200 Speaker 1: might want to completely avoid. There's nothing wrong with either 239 00:10:50,280 --> 00:10:52,880 Speaker 1: of these approaches, but it will affect the type of 240 00:10:52,920 --> 00:10:55,480 Speaker 1: work that's required of you, and that's important to know 241 00:10:55,800 --> 00:10:58,480 Speaker 1: before you launch a business. Just because you're great at 242 00:10:58,520 --> 00:11:01,200 Speaker 1: a particular skill doesn't necessarily mean you have what it 243 00:11:01,240 --> 00:11:04,000 Speaker 1: takes to become an entrepreneur, but that you really even 244 00:11:04,080 --> 00:11:06,720 Speaker 1: necessarily want to go down that path. Yeah, alright, man. 245 00:11:06,760 --> 00:11:08,840 Speaker 1: So those are some great questions for us to run 246 00:11:08,920 --> 00:11:11,640 Speaker 1: through and for individuals to think about before we even 247 00:11:11,679 --> 00:11:14,679 Speaker 1: dive into the weeds of entrepreneurship versus working for the man. 248 00:11:14,800 --> 00:11:17,280 Speaker 1: But after the break, we're gonna talk about some specific 249 00:11:17,840 --> 00:11:20,040 Speaker 1: factors and you know, some of these different trade offs 250 00:11:20,080 --> 00:11:23,200 Speaker 1: that we have to make when you are deciding between 251 00:11:23,679 --> 00:11:26,679 Speaker 1: entrepreneurship and running your own business versus a more traditional 252 00:11:26,760 --> 00:11:28,800 Speaker 1: nine to five and We'll get to all of those 253 00:11:29,000 --> 00:11:40,520 Speaker 1: right after the break. All right, we're back from the break. 254 00:11:40,559 --> 00:11:45,199 Speaker 1: We're talking about entrepreneurship versus working for the man, and 255 00:11:45,280 --> 00:11:47,720 Speaker 1: and either one of these routes can be good depending 256 00:11:47,760 --> 00:11:50,959 Speaker 1: on Like we said, it's your temperament and the skills 257 00:11:50,960 --> 00:11:52,640 Speaker 1: analogy that you possess. We we we talked about some of 258 00:11:52,679 --> 00:11:54,840 Speaker 1: those broader overarching things, but let's get to some of 259 00:11:54,840 --> 00:11:57,320 Speaker 1: the specific things that you need to consider before you 260 00:11:57,360 --> 00:11:59,760 Speaker 1: dive in and you you make a decision before you 261 00:11:59,800 --> 00:12:03,160 Speaker 1: just side which one is right for you. And Matt, obviously, 262 00:12:03,200 --> 00:12:05,800 Speaker 1: the number one thing that people are gonna want to 263 00:12:05,840 --> 00:12:08,640 Speaker 1: consider is what kind of income can you make being 264 00:12:08,679 --> 00:12:11,400 Speaker 1: an entrepreneur versus working for the Man's at the top 265 00:12:11,400 --> 00:12:13,320 Speaker 1: of the list. Man It's act. It is. It is 266 00:12:13,520 --> 00:12:15,720 Speaker 1: that that's going to of course influence people in the 267 00:12:15,760 --> 00:12:18,040 Speaker 1: direction that they go in. A day job will give 268 00:12:18,080 --> 00:12:21,000 Speaker 1: you a steadier paycheck. Most folks who have a nine 269 00:12:21,040 --> 00:12:23,840 Speaker 1: to five might not realize how great this is, but 270 00:12:23,960 --> 00:12:25,840 Speaker 1: it's a pretty amazing thing to know that you're going 271 00:12:25,920 --> 00:12:28,560 Speaker 1: to be receiving a certain amount in every paycheck every 272 00:12:28,559 --> 00:12:31,040 Speaker 1: single two weeks or at the end of every month. However, 273 00:12:31,080 --> 00:12:33,400 Speaker 1: you get paid, but also there are limits to that. 274 00:12:33,480 --> 00:12:36,199 Speaker 1: You're only getting paid as much as your employer is 275 00:12:36,240 --> 00:12:39,600 Speaker 1: willing to pay you. Raises are typically more limited when 276 00:12:39,640 --> 00:12:42,080 Speaker 1: you're working in a nine to five context. I know 277 00:12:42,320 --> 00:12:45,560 Speaker 1: my raises that kind of mash inflation a little bit. Yeah, 278 00:12:45,640 --> 00:12:48,480 Speaker 1: so really you're not really getting a raise. Essentially, in 279 00:12:48,800 --> 00:12:52,120 Speaker 1: my last fifteen years of being employed for the Man, 280 00:12:52,400 --> 00:12:55,760 Speaker 1: it's been, Uh, it's like an annual conversation where it's like, yeah, 281 00:12:55,880 --> 00:12:57,640 Speaker 1: the max we can give you is a two percent 282 00:12:57,720 --> 00:13:00,480 Speaker 1: raise this year. Um, But you've been working so well 283 00:13:00,600 --> 00:13:03,200 Speaker 1: that I think we can give you the two percent um, 284 00:13:03,240 --> 00:13:05,040 Speaker 1: And I feel bad for anybody who it's like, you 285 00:13:05,120 --> 00:13:06,600 Speaker 1: haven't been working at great, so you get the half 286 00:13:06,600 --> 00:13:09,200 Speaker 1: a percent race, but be terrible. But that's like totally 287 00:13:09,400 --> 00:13:12,760 Speaker 1: normal in the corporate context these days, especially with a 288 00:13:12,760 --> 00:13:16,199 Speaker 1: lot of larger employers. So it's not that you can't negotiate, um, 289 00:13:16,240 --> 00:13:17,880 Speaker 1: it's not that you can't try to move up in 290 00:13:17,880 --> 00:13:20,040 Speaker 1: the company, and we've discussed some of those things before 291 00:13:20,080 --> 00:13:22,840 Speaker 1: on the show, but the earning potential upside is often 292 00:13:23,240 --> 00:13:26,079 Speaker 1: far more limited in the corporate contact center is if 293 00:13:26,120 --> 00:13:29,240 Speaker 1: you choose an entrepreneurial route, Yeah, Conversely, starting your own 294 00:13:29,280 --> 00:13:31,120 Speaker 1: thing is uh, it's more of a an eat what 295 00:13:31,240 --> 00:13:34,679 Speaker 1: you kill approach. Right. The earning potential there is limited 296 00:13:34,720 --> 00:13:37,560 Speaker 1: only to what your your industry would allow, not your company, 297 00:13:37,880 --> 00:13:39,960 Speaker 1: and as well, you know, to the time and effort 298 00:13:40,000 --> 00:13:41,840 Speaker 1: that you are willing to put into it. You know, 299 00:13:41,880 --> 00:13:44,240 Speaker 1: the sky is essentially the limit in many ways to 300 00:13:44,320 --> 00:13:46,320 Speaker 1: the income that you can produce when you own and 301 00:13:46,400 --> 00:13:48,600 Speaker 1: run your own business. But you know, to man, one 302 00:13:48,600 --> 00:13:51,760 Speaker 1: of the biggest downsides to starting your own business is 303 00:13:51,800 --> 00:13:55,240 Speaker 1: that income can be highly irregular and inconsistent, you know, 304 00:13:55,360 --> 00:13:57,720 Speaker 1: especially early on, it can be difficult not only to 305 00:13:57,760 --> 00:14:00,640 Speaker 1: have the systems in place that you know, that ensure 306 00:14:00,720 --> 00:14:03,600 Speaker 1: that you have a study paycheck, but additionally, it can 307 00:14:03,640 --> 00:14:06,560 Speaker 1: be really hard to have enough in reserves, you know, 308 00:14:06,600 --> 00:14:09,480 Speaker 1: to ensure that you get paid every single month versus 309 00:14:09,640 --> 00:14:11,040 Speaker 1: you know, a sort of thing where you get a 310 00:14:11,040 --> 00:14:14,760 Speaker 1: fat check you know, maybe once every few months. For 311 00:14:14,760 --> 00:14:16,079 Speaker 1: a lot of folks who are used to getting that 312 00:14:16,080 --> 00:14:18,319 Speaker 1: paycheck every two weeks or once a month, this can 313 00:14:18,360 --> 00:14:21,120 Speaker 1: be a pretty big shock. Yeah, that's a great point, man, 314 00:14:21,160 --> 00:14:24,600 Speaker 1: I think, especially if someone is deciding to move into 315 00:14:25,360 --> 00:14:28,440 Speaker 1: an entrepreneurial role, quitting their day job and starting their 316 00:14:28,440 --> 00:14:30,960 Speaker 1: own business, they really do need to think about having, 317 00:14:31,120 --> 00:14:33,000 Speaker 1: you know, more money in the bank so that they 318 00:14:33,000 --> 00:14:34,880 Speaker 1: can weather some of those storms, because it is going 319 00:14:34,920 --> 00:14:37,920 Speaker 1: to be different, right, You're you're in Consistent pay is 320 00:14:37,920 --> 00:14:39,280 Speaker 1: a hard thing for a lot of people who are 321 00:14:39,360 --> 00:14:41,400 Speaker 1: used to working in a corporate contexts, who are used 322 00:14:41,400 --> 00:14:43,200 Speaker 1: to getting paid every two weeks to kind of figure 323 00:14:43,240 --> 00:14:45,240 Speaker 1: out and get accustomed to, and who may not be 324 00:14:45,320 --> 00:14:48,760 Speaker 1: used to managing their their own personal finances very well. Right, 325 00:14:48,800 --> 00:14:50,440 Speaker 1: you know, if they're just counting on sort of like 326 00:14:50,480 --> 00:14:53,280 Speaker 1: that trickle of money every two weeks, it might be 327 00:14:53,320 --> 00:14:55,560 Speaker 1: a little more difficult to to get behind. Okay, what 328 00:14:55,800 --> 00:14:58,320 Speaker 1: do the next three months of living look like? Let alone, 329 00:14:58,440 --> 00:15:00,600 Speaker 1: It's hard to do that when you're not very good at, 330 00:15:00,640 --> 00:15:02,480 Speaker 1: you know, even managing two weeks at a time. That's 331 00:15:02,480 --> 00:15:04,720 Speaker 1: a good point. Yeah, so, Matt, you you kind of 332 00:15:04,760 --> 00:15:07,640 Speaker 1: touched on this just now to another really important consideration 333 00:15:08,040 --> 00:15:10,280 Speaker 1: when you're deciding which route works best for you is 334 00:15:10,560 --> 00:15:14,440 Speaker 1: the time and balance side of the equation. Day jobs, 335 00:15:14,520 --> 00:15:17,480 Speaker 1: I think, in a lot of ways are easier than 336 00:15:17,520 --> 00:15:20,920 Speaker 1: taking the entrepreneurial route. A full time day job often 337 00:15:20,960 --> 00:15:23,760 Speaker 1: allows you to check out after forty hours of work 338 00:15:23,760 --> 00:15:25,880 Speaker 1: each week. That's not always the case, of course, but 339 00:15:26,120 --> 00:15:28,040 Speaker 1: but it is for a lot of jobs. Nights and 340 00:15:28,080 --> 00:15:31,160 Speaker 1: weekends are likely yours to use how you like in 341 00:15:31,240 --> 00:15:34,200 Speaker 1: many contacts. Plus in a lot of jobs, you've got 342 00:15:34,320 --> 00:15:36,360 Speaker 1: two to four weeks of vacation. All right. It's a 343 00:15:36,440 --> 00:15:40,560 Speaker 1: decent lifestyle that you can plan pretty well around. Whereas 344 00:15:40,720 --> 00:15:43,880 Speaker 1: entrepreneurship can kind of take over your life. You mentioned 345 00:15:43,880 --> 00:15:46,600 Speaker 1: that which you kill approach, and I think because of that, 346 00:15:46,720 --> 00:15:48,880 Speaker 1: sometimes it's hard to shut things down and it's hard 347 00:15:48,880 --> 00:15:52,360 Speaker 1: to find much balance in in your life because you 348 00:15:52,400 --> 00:15:55,640 Speaker 1: can let work take over and expand to as much 349 00:15:55,680 --> 00:15:58,400 Speaker 1: as you'll get it. Yeah, it's definitely able to grow 350 00:15:58,480 --> 00:16:00,920 Speaker 1: to fit that fish bowl you know, right that that 351 00:16:01,000 --> 00:16:03,840 Speaker 1: goalfish that's in there. And man like I I often 352 00:16:04,120 --> 00:16:05,960 Speaker 1: you know, refer back to when Caton I started our 353 00:16:05,960 --> 00:16:08,880 Speaker 1: own company. But we went fell victim to this right here, 354 00:16:08,880 --> 00:16:10,760 Speaker 1: man like I swear the first four or five years, 355 00:16:10,920 --> 00:16:13,400 Speaker 1: folks would ask, what, you know, how the business was going, 356 00:16:13,480 --> 00:16:14,960 Speaker 1: and like what we would say is like, oh, it's 357 00:16:15,000 --> 00:16:18,120 Speaker 1: going great. But it wasn't until after that that we 358 00:16:18,120 --> 00:16:19,640 Speaker 1: were able to kind of look back a little bit 359 00:16:19,640 --> 00:16:21,720 Speaker 1: and what we realize is was that the business sort 360 00:16:21,720 --> 00:16:23,560 Speaker 1: of felt like this runaway train, you know, like we 361 00:16:23,600 --> 00:16:25,440 Speaker 1: felt like we were constantly trying to catch up to 362 00:16:25,600 --> 00:16:29,520 Speaker 1: its versus us leading and guiding where the business went. Uh. 363 00:16:29,600 --> 00:16:31,880 Speaker 1: And that's because, like we were excited about it, and 364 00:16:31,880 --> 00:16:33,560 Speaker 1: that's great to be excited about it, but at the 365 00:16:33,600 --> 00:16:36,680 Speaker 1: same time, it truly can kind of dominate your life. Man. 366 00:16:37,080 --> 00:16:40,040 Speaker 1: And another consideration you know, you mentioned how like salary 367 00:16:40,120 --> 00:16:42,360 Speaker 1: is probably one of the top things to consider when 368 00:16:42,360 --> 00:16:45,360 Speaker 1: you're you know, considering entrepreneurship or or working a traditional 369 00:16:45,440 --> 00:16:48,040 Speaker 1: nine to five. But if that's first, then a very 370 00:16:48,080 --> 00:16:51,040 Speaker 1: close second are the benefits that you receive from working 371 00:16:51,280 --> 00:16:54,240 Speaker 1: a nine to five if you go the entrepreneur route. 372 00:16:54,280 --> 00:16:58,560 Speaker 1: Health insurance is expensive because you are footing the entire bill. Oftentimes. 373 00:16:58,680 --> 00:17:00,880 Speaker 1: I do think this is something that keeps people from 374 00:17:00,920 --> 00:17:03,080 Speaker 1: going down the path of entrepreneurship a little bit more. 375 00:17:03,400 --> 00:17:05,040 Speaker 1: There are some routes you can go for this to 376 00:17:05,160 --> 00:17:07,040 Speaker 1: to be you know, less of a thorn in your side, 377 00:17:07,160 --> 00:17:09,480 Speaker 1: Like does your spouse have health insurance through their work 378 00:17:09,920 --> 00:17:12,159 Speaker 1: it's so great, you know, or maybe your income is 379 00:17:12,160 --> 00:17:14,359 Speaker 1: is you know, low enough that you qualify for some 380 00:17:14,400 --> 00:17:17,800 Speaker 1: meaningful subsidies on the healthcare exchange, Like, that's cool too, 381 00:17:18,200 --> 00:17:20,720 Speaker 1: But if you are paying full price for healthcare, just 382 00:17:20,800 --> 00:17:22,760 Speaker 1: know that it's gonna be a lot of money. The 383 00:17:22,800 --> 00:17:26,280 Speaker 1: average annual premiums for a family are around twenty thou dollars, 384 00:17:26,640 --> 00:17:29,600 Speaker 1: and typically when you're employed, your employer covers a lot 385 00:17:29,640 --> 00:17:31,159 Speaker 1: of that. And so know that that's an expense that 386 00:17:31,200 --> 00:17:33,119 Speaker 1: you're gonna be now burdened with. Yeah, a lot of 387 00:17:33,160 --> 00:17:36,920 Speaker 1: employers covering fifty sixties seventy plus percent of the health 388 00:17:36,960 --> 00:17:39,920 Speaker 1: insurance costs and and yeah, it's a big shock when 389 00:17:40,040 --> 00:17:42,439 Speaker 1: now it's all on your plate easily. Yeah. Uh. And 390 00:17:42,480 --> 00:17:44,040 Speaker 1: you also won't have a company match, you know, when 391 00:17:44,080 --> 00:17:47,080 Speaker 1: it comes to retirement benefits, but you do have access 392 00:17:47,119 --> 00:17:49,399 Speaker 1: to tax advantaged retirement accounts that can allow you to 393 00:17:49,440 --> 00:17:52,240 Speaker 1: invest a whole lot more as well. With a SEPI A, 394 00:17:52,400 --> 00:17:55,280 Speaker 1: you can invest up to fifty seven thousand dollars every 395 00:17:55,280 --> 00:17:57,920 Speaker 1: single year and at tax deferred account. That's a little 396 00:17:57,920 --> 00:18:00,800 Speaker 1: trick that your four one K doesn't have. Yeah, it's sure, yeah, 397 00:18:00,800 --> 00:18:04,639 Speaker 1: four OK, nineteen five is your personal contribution limits? Seems 398 00:18:04,640 --> 00:18:07,960 Speaker 1: pretty piddily compared to the step. Yeah, if you're a 399 00:18:08,000 --> 00:18:10,480 Speaker 1: boller and you're and you're making tons of money, You've 400 00:18:10,560 --> 00:18:13,040 Speaker 1: ramped up income, like we talked about, and you want 401 00:18:13,040 --> 00:18:15,600 Speaker 1: to invest a good portion of it and live modestly. Yeah, 402 00:18:15,680 --> 00:18:18,360 Speaker 1: you can quickly, um, invest a whole lot of money. 403 00:18:18,359 --> 00:18:20,640 Speaker 1: I have at it. Yeah. Yeah. And on the note 404 00:18:20,640 --> 00:18:23,919 Speaker 1: of benefits, Matt, obviously, if you're employed, traditionally there's the 405 00:18:23,920 --> 00:18:26,720 Speaker 1: health insurance thing. And we talked recently on the show 406 00:18:26,720 --> 00:18:28,960 Speaker 1: about some of the great benefits the companies are now 407 00:18:29,000 --> 00:18:31,840 Speaker 1: offering their employees. I feel like companies over the last 408 00:18:31,960 --> 00:18:34,919 Speaker 1: decade have been offering all sorts of interesting new benefits 409 00:18:35,200 --> 00:18:37,640 Speaker 1: that creative out there. They are they are so yeah, 410 00:18:37,680 --> 00:18:40,159 Speaker 1: pto to go vote or or even volunteer at the 411 00:18:40,200 --> 00:18:42,639 Speaker 1: polls was was something that is something that it seems 412 00:18:42,640 --> 00:18:45,159 Speaker 1: like more employers are offering this year. In particular, Google 413 00:18:45,160 --> 00:18:48,800 Speaker 1: announced that they're matching for student loan debt payments, and 414 00:18:48,840 --> 00:18:51,800 Speaker 1: other companies are taking student loan debts seriously as well 415 00:18:51,840 --> 00:18:55,159 Speaker 1: and creating similar incentives and even just like the small perks, 416 00:18:55,200 --> 00:18:58,680 Speaker 1: the small benefits of like free coffee in the break room. Um. 417 00:18:59,000 --> 00:19:00,399 Speaker 1: And I don't know that that's some think that's on 418 00:19:00,400 --> 00:19:03,760 Speaker 1: people's minds these days. Working from home in many ways, 419 00:19:03,960 --> 00:19:05,639 Speaker 1: we'll not with a couple of granola bars there in 420 00:19:05,680 --> 00:19:08,360 Speaker 1: the break room. Yeah, yeah, I mean that was nice, man. 421 00:19:08,440 --> 00:19:10,480 Speaker 1: I will say I miss that, like I missed going 422 00:19:10,520 --> 00:19:12,480 Speaker 1: into the break room grabbing my coffee. It was one 423 00:19:12,520 --> 00:19:15,480 Speaker 1: of those small parks, but it felt real and legitimate. 424 00:19:15,760 --> 00:19:17,719 Speaker 1: And uh, remember we're our own bosses. We can have 425 00:19:17,720 --> 00:19:19,600 Speaker 1: coffee down here too. But that's a good point. We can't. 426 00:19:19,640 --> 00:19:22,560 Speaker 1: Let's do it all right, we're just cheap. We need 427 00:19:22,600 --> 00:19:24,639 Speaker 1: to make that happen. But yeah, those are all the 428 00:19:24,720 --> 00:19:27,560 Speaker 1: kind of things that employers are getting creative with the 429 00:19:27,600 --> 00:19:30,120 Speaker 1: kind of benefits they're offering. And now, if you want 430 00:19:30,119 --> 00:19:32,480 Speaker 1: these benefits, they're up to you. You can pay yourself 431 00:19:32,520 --> 00:19:34,800 Speaker 1: to go vote, I guess um, but you're gonna have 432 00:19:34,840 --> 00:19:37,679 Speaker 1: to be proactive about kind of giving yourself some of 433 00:19:37,720 --> 00:19:39,359 Speaker 1: these parks, just like Matt and I need to do 434 00:19:39,400 --> 00:19:41,600 Speaker 1: get some coffee now here. Right, it's not being cheap. 435 00:19:41,720 --> 00:19:43,919 Speaker 1: Those are the kind of things that you can incorporate, um, 436 00:19:44,000 --> 00:19:47,680 Speaker 1: but it's not this benevolent employer essentially providing it for you. Yeah, 437 00:19:47,720 --> 00:19:49,359 Speaker 1: it feels a little bit different when it kind of 438 00:19:49,440 --> 00:19:52,120 Speaker 1: comes out of your own pocket versus your employer covering 439 00:19:52,119 --> 00:19:54,560 Speaker 1: the bill right right right One other things to man 440 00:19:54,640 --> 00:19:57,760 Speaker 1: that the degree of autonomy and the ability to it 441 00:19:57,840 --> 00:20:01,320 Speaker 1: to work when, how and and where you want. That 442 00:20:01,440 --> 00:20:03,199 Speaker 1: rank's pretty high up on the list as well. You know, 443 00:20:03,240 --> 00:20:05,240 Speaker 1: when it comes to the different reasons that people want 444 00:20:05,280 --> 00:20:08,320 Speaker 1: to leave their traditional job and strike out on their own. 445 00:20:08,680 --> 00:20:10,960 Speaker 1: There's also the ability to to not have to deal 446 00:20:11,000 --> 00:20:13,720 Speaker 1: with all the bureaucracy. You know, all those TPS reports 447 00:20:13,720 --> 00:20:15,280 Speaker 1: that used to have to file. You don't have to 448 00:20:15,280 --> 00:20:17,640 Speaker 1: deal with that anymore. No silly systems and busy work 449 00:20:17,640 --> 00:20:20,639 Speaker 1: as well. There's typically less flexibility with the nine to 450 00:20:20,760 --> 00:20:24,720 Speaker 1: five man, although more companies are relaxing their work practices. 451 00:20:24,760 --> 00:20:27,119 Speaker 1: You know, working from home has gained some real momentum, 452 00:20:27,560 --> 00:20:29,960 Speaker 1: but there's still something to be said for having set 453 00:20:30,000 --> 00:20:31,879 Speaker 1: hours when you're going to work, when you know that 454 00:20:31,880 --> 00:20:34,119 Speaker 1: stuff is going to get done. Uh And I almost 455 00:20:34,160 --> 00:20:36,040 Speaker 1: see that as as kind of like a like a 456 00:20:36,080 --> 00:20:38,479 Speaker 1: benefit of a traditional nine to five because you kind 457 00:20:38,520 --> 00:20:41,199 Speaker 1: of have that accountability. Essentially, It's like when you go 458 00:20:41,240 --> 00:20:43,000 Speaker 1: to workout, you have a trainer maybe kind of yelling 459 00:20:43,040 --> 00:20:44,560 Speaker 1: at you, telling you that this is the workout for 460 00:20:44,560 --> 00:20:46,800 Speaker 1: the day. When you are your own boss, and you 461 00:20:46,840 --> 00:20:48,760 Speaker 1: have a lot of flexibility. You've got to make sure 462 00:20:48,800 --> 00:20:51,320 Speaker 1: that you stay pretty self disciplined in order to get 463 00:20:51,359 --> 00:20:53,600 Speaker 1: the work done that's gonna pay the bills. Yeah, that 464 00:20:53,600 --> 00:20:55,679 Speaker 1: goes back to the temperament thing that we'll be right 465 00:20:55,720 --> 00:20:57,400 Speaker 1: and talked about at the beginning. You've gotta be able 466 00:20:57,440 --> 00:20:59,480 Speaker 1: to set those goals, knock them down. You got to 467 00:20:59,520 --> 00:21:01,880 Speaker 1: be a self starter. You've gotta be able to motivate 468 00:21:01,920 --> 00:21:04,119 Speaker 1: yourself to get going in the morning, um, and to 469 00:21:04,119 --> 00:21:06,320 Speaker 1: start crushing those goals. And man, I think what you 470 00:21:06,359 --> 00:21:08,679 Speaker 1: just said about bureaucracy is an important point. I think 471 00:21:08,720 --> 00:21:10,600 Speaker 1: a lot of people, especially if they work in a 472 00:21:10,640 --> 00:21:13,639 Speaker 1: larger business, they have like creative juices that they're not 473 00:21:13,680 --> 00:21:16,600 Speaker 1: able to expand, and in large part it feels like 474 00:21:16,640 --> 00:21:19,440 Speaker 1: it's because it's this bureaucracy that they can't get past. 475 00:21:19,720 --> 00:21:21,280 Speaker 1: And I think that is one of the number one 476 00:21:21,359 --> 00:21:24,000 Speaker 1: reasons people leave corporate America to start something else. Is like, 477 00:21:24,480 --> 00:21:26,359 Speaker 1: there are all these other things that we talked about 478 00:21:26,560 --> 00:21:30,200 Speaker 1: their benefits to pursuing an entrepreneurial route starting your own business, 479 00:21:30,480 --> 00:21:32,159 Speaker 1: but some of it's just a feel of feeling and 480 00:21:32,200 --> 00:21:34,240 Speaker 1: get out of a place where you feel stuck. And 481 00:21:34,240 --> 00:21:37,360 Speaker 1: I think sometimes that that bigger corporate bureaucracy can can 482 00:21:37,400 --> 00:21:39,240 Speaker 1: make you feel that and and just give you like 483 00:21:39,240 --> 00:21:40,720 Speaker 1: the itch to get out of there. Yeah, you can 484 00:21:40,760 --> 00:21:43,320 Speaker 1: feel stifled when you realize that you're sitting there to 485 00:21:43,359 --> 00:21:45,800 Speaker 1: spinning your tires and nothing is actually you know, nothing 486 00:21:45,880 --> 00:21:48,560 Speaker 1: is changing, and you can see the inefficiencies that you 487 00:21:48,600 --> 00:21:50,880 Speaker 1: can capitalize on and strike it out on your own. 488 00:21:51,000 --> 00:21:53,040 Speaker 1: I totally hear you. Man, You're like, I've got good ideas, 489 00:21:53,080 --> 00:21:55,280 Speaker 1: but nobody's listening to exactly. So yeah, you're like, I 490 00:21:55,280 --> 00:21:57,040 Speaker 1: guess I gotta to go to my own thing, all right, 491 00:21:57,080 --> 00:21:59,280 Speaker 1: but we got a couple more things to get to 492 00:21:59,320 --> 00:22:01,320 Speaker 1: that you have to con better when when you're making 493 00:22:01,320 --> 00:22:04,600 Speaker 1: that choice of becoming an entrepreneur and striking it down 494 00:22:04,640 --> 00:22:06,960 Speaker 1: on your own versus working for the man. And also 495 00:22:07,040 --> 00:22:09,480 Speaker 1: some practical steps if you find if you want to 496 00:22:09,520 --> 00:22:12,280 Speaker 1: find out if entrepreneurship is is the right next move 497 00:22:12,440 --> 00:22:14,639 Speaker 1: for you, and we'll get to that right after this. 498 00:22:24,920 --> 00:22:26,960 Speaker 1: All right, we are back from the break talking about 499 00:22:27,080 --> 00:22:30,480 Speaker 1: entrepreneurship or working a traditional job nine to five for 500 00:22:30,640 --> 00:22:33,359 Speaker 1: the man, Joel, real quick before we kind of dive 501 00:22:33,400 --> 00:22:35,520 Speaker 1: back into some of these you know specific factors we 502 00:22:35,560 --> 00:22:37,359 Speaker 1: want folks to think through. You want me singing that 503 00:22:37,400 --> 00:22:41,720 Speaker 1: Dolly Parton song, let me hear it working? No, I 504 00:22:41,760 --> 00:22:45,520 Speaker 1: want to hear if you weren't in the audio media 505 00:22:45,840 --> 00:22:49,680 Speaker 1: space right if if you couldn't talk for a living? Uh? 506 00:22:49,720 --> 00:22:52,160 Speaker 1: And I want to eliminate personal finances as well, if 507 00:22:52,160 --> 00:22:55,040 Speaker 1: you couldn't say maybe you couldn't talk, but you could 508 00:22:55,040 --> 00:22:57,399 Speaker 1: still write. You still can't sit down with somebody and 509 00:22:57,440 --> 00:22:59,040 Speaker 1: write out how you're going to help them through with 510 00:22:59,080 --> 00:23:01,280 Speaker 1: their personal finances. Uh. If you had to do something 511 00:23:01,280 --> 00:23:04,879 Speaker 1: completely unrelated right now, uh, with with your life, what 512 00:23:04,920 --> 00:23:06,639 Speaker 1: do you think you would do? So my parents always 513 00:23:06,680 --> 00:23:08,920 Speaker 1: say that I'd make a good used car salesman or 514 00:23:08,960 --> 00:23:11,360 Speaker 1: a lawyer, And um, yeah, I probably one of those 515 00:23:11,359 --> 00:23:13,760 Speaker 1: two professions honestly, like so because they're based in some 516 00:23:13,840 --> 00:23:16,040 Speaker 1: of the things that I love already, in particular the 517 00:23:16,080 --> 00:23:18,399 Speaker 1: spoken word, right, Like, I can just see myself in 518 00:23:18,400 --> 00:23:21,520 Speaker 1: front of a courtroom arguing for you know, a defendant 519 00:23:21,600 --> 00:23:24,040 Speaker 1: or something like that. So I don't know, probably probably 520 00:23:24,040 --> 00:23:28,480 Speaker 1: something like that. So maybe you'd be a d a okay, Uh, 521 00:23:28,600 --> 00:23:30,440 Speaker 1: I would kind of I think I could see myself 522 00:23:30,480 --> 00:23:34,640 Speaker 1: gravitating and leaning towards like contractor work, like in particular 523 00:23:34,640 --> 00:23:38,040 Speaker 1: people's homes like spaces and how they use those spaces 524 00:23:38,080 --> 00:23:40,680 Speaker 1: and different tweaks and changes, you know, not necessarily making 525 00:23:40,680 --> 00:23:43,320 Speaker 1: things nicer, but like how could you change this space 526 00:23:43,359 --> 00:23:45,199 Speaker 1: to make it, you know, work for you better? Like 527 00:23:45,240 --> 00:23:46,680 Speaker 1: what are your goals? What are the things that you're 528 00:23:46,680 --> 00:23:49,480 Speaker 1: trying to accomplish with this home renovation? You know, things 529 00:23:49,480 --> 00:23:51,640 Speaker 1: like that. You know, we find a lot of gratification, 530 00:23:51,960 --> 00:23:54,400 Speaker 1: a lot of fulfillment out of personal finance and talking 531 00:23:54,400 --> 00:23:56,639 Speaker 1: about this and man, we love hearing from our listeners 532 00:23:56,680 --> 00:23:58,760 Speaker 1: and how they've been able to change their lives. But 533 00:23:58,800 --> 00:24:02,280 Speaker 1: it's also see it based on either hearing a voice mamma, 534 00:24:02,359 --> 00:24:04,280 Speaker 1: if they mentioned it in a question or if they 535 00:24:04,359 --> 00:24:06,840 Speaker 1: send us an email. But to actually see something physical, 536 00:24:06,880 --> 00:24:09,320 Speaker 1: like something that you've built, something that you've created. Man, 537 00:24:09,320 --> 00:24:11,800 Speaker 1: I've really enjoyed that as well, Like something that I've 538 00:24:11,800 --> 00:24:14,320 Speaker 1: made with my hands makes me really happy. This is 539 00:24:14,359 --> 00:24:15,800 Speaker 1: part of why I like when we go to the beach, 540 00:24:16,000 --> 00:24:18,679 Speaker 1: always bring along with that that shovel. This isn't a 541 00:24:18,880 --> 00:24:20,600 Speaker 1: this isn't like a normal kid beach shovel. This is 542 00:24:20,640 --> 00:24:23,400 Speaker 1: like a grown man's shovel. That that I always stick 543 00:24:23,440 --> 00:24:25,440 Speaker 1: to the beach and I always spend like half of 544 00:24:25,440 --> 00:24:27,360 Speaker 1: the day digging holes in the sand for the kids, 545 00:24:28,600 --> 00:24:30,960 Speaker 1: whether it be tide pools or rivers or castles, you know, 546 00:24:31,000 --> 00:24:33,240 Speaker 1: our giant moats, because I just I like doing that, 547 00:24:33,280 --> 00:24:35,360 Speaker 1: and then I like sitting back and enjoying a beer 548 00:24:35,359 --> 00:24:37,840 Speaker 1: and seeing what I've created. Yeah, I'm curious what you're 549 00:24:37,840 --> 00:24:39,760 Speaker 1: gonna say. That's not something we've talked about before, but 550 00:24:39,880 --> 00:24:41,600 Speaker 1: it's uh, something I've always gonna have in the back 551 00:24:41,600 --> 00:24:44,120 Speaker 1: of my mind for me personally at least, although as 552 00:24:44,119 --> 00:24:46,040 Speaker 1: I get older to my body starts hurting and I'm like, oh, 553 00:24:46,040 --> 00:24:47,840 Speaker 1: it'd be tough to be a contractor, you know, it's 554 00:24:47,880 --> 00:24:49,480 Speaker 1: like hard on the back, hard on the knees. You 555 00:24:49,520 --> 00:24:51,800 Speaker 1: could just be like a design consultant or something. What 556 00:24:51,840 --> 00:24:53,920 Speaker 1: could do that? Or an architect there I feel like 557 00:24:53,960 --> 00:24:56,120 Speaker 1: that's a little less impactful on the body. I could. 558 00:24:56,119 --> 00:24:57,800 Speaker 1: I can totally see you doing that too, for sure. 559 00:24:57,920 --> 00:25:00,720 Speaker 1: Maybe all right, let's get too too. A couple more 560 00:25:00,720 --> 00:25:03,040 Speaker 1: things you have to consider when when you're trying to 561 00:25:03,119 --> 00:25:06,399 Speaker 1: choose between an entrepreneurial or a nine to five route. 562 00:25:06,600 --> 00:25:08,199 Speaker 1: And then we'll get to some practical steps. But but 563 00:25:08,280 --> 00:25:11,719 Speaker 1: another thing that is just of massive importance that you 564 00:25:11,720 --> 00:25:14,280 Speaker 1: have to consider when you're choosing which direction is better 565 00:25:14,359 --> 00:25:16,959 Speaker 1: for you is the mission that you're trying to and 566 00:25:16,960 --> 00:25:19,640 Speaker 1: that you can potentially accomplish. Man, I feel like you're 567 00:25:19,640 --> 00:25:21,560 Speaker 1: touching on this just before the break. But when it 568 00:25:21,600 --> 00:25:24,840 Speaker 1: comes to entrepreneurship, you get to define exactly what it 569 00:25:24,880 --> 00:25:26,680 Speaker 1: is that you want to spend your time doing what 570 00:25:26,800 --> 00:25:29,040 Speaker 1: you want to accomplish. Those ideas that you bring to 571 00:25:29,080 --> 00:25:31,199 Speaker 1: a meeting that might get shut down, they don't get 572 00:25:31,240 --> 00:25:34,200 Speaker 1: shut down any longer because you're on the business right. So, yeah, 573 00:25:34,240 --> 00:25:36,679 Speaker 1: with the traditional job, you might get a degree of 574 00:25:36,720 --> 00:25:39,520 Speaker 1: personal fulfillment, but the mission of of the place you're 575 00:25:39,560 --> 00:25:42,320 Speaker 1: working may not align with your personal mission as much 576 00:25:42,359 --> 00:25:44,919 Speaker 1: as you'd like it to. So being able to define, create, 577 00:25:45,280 --> 00:25:48,000 Speaker 1: and pursue the mission that resonates with you, I think 578 00:25:48,040 --> 00:25:51,399 Speaker 1: it's this this priceless benefit of being an entrepreneur, of 579 00:25:51,520 --> 00:25:54,920 Speaker 1: creating the exact thing you wanted to create and seeing 580 00:25:54,920 --> 00:25:57,439 Speaker 1: whether it succeeds. On the flip side, though not everyone 581 00:25:57,480 --> 00:25:59,680 Speaker 1: knows what their mission would be if they were starting 582 00:25:59,680 --> 00:26:01,920 Speaker 1: their own company. A lot of folks aren't even sure 583 00:26:02,000 --> 00:26:04,160 Speaker 1: of what the perfect job looks like for them. Yeah, 584 00:26:04,200 --> 00:26:05,960 Speaker 1: there's a lot of folks out there who are thinking, 585 00:26:06,200 --> 00:26:07,679 Speaker 1: I don't know, I'm pretty happy with what I'm doing 586 00:26:07,760 --> 00:26:10,360 Speaker 1: right here, you know, like they haven't necessarily looked beyond 587 00:26:10,720 --> 00:26:13,159 Speaker 1: what they're currently doing if they had the option to. YEA. 588 00:26:13,200 --> 00:26:15,400 Speaker 1: And sometimes we have a personal mission that's separate from 589 00:26:15,400 --> 00:26:18,000 Speaker 1: our work mission, and you know, we have things that 590 00:26:18,040 --> 00:26:19,880 Speaker 1: we want to accomplish in life that we we can 591 00:26:19,960 --> 00:26:23,080 Speaker 1: essentially get our complete mission fulfillment outside of the nine 592 00:26:23,080 --> 00:26:25,720 Speaker 1: to five. And that's totally fine too. I just think 593 00:26:25,760 --> 00:26:27,679 Speaker 1: for some people, they want their work to encompass that, 594 00:26:27,880 --> 00:26:30,679 Speaker 1: and oftentimes it's really hard to accomplish that outside of 595 00:26:30,720 --> 00:26:32,680 Speaker 1: starting your own thing. Yeah, I think there are a 596 00:26:32,720 --> 00:26:34,480 Speaker 1: lot of individuals who kind of take that approach right 597 00:26:34,480 --> 00:26:36,440 Speaker 1: where they say, Okay, I'm just gonna work this job. 598 00:26:36,600 --> 00:26:38,439 Speaker 1: It makes a lot of money, and I'm gonna make 599 00:26:38,440 --> 00:26:41,280 Speaker 1: sure that I'm personally fulfilled in all these other areas 600 00:26:41,280 --> 00:26:43,520 Speaker 1: in life. But man, personally, I like there to be 601 00:26:43,520 --> 00:26:45,400 Speaker 1: a little more overlap, you know. I want to see 602 00:26:45,440 --> 00:26:48,680 Speaker 1: my life, uh kind of aligning with my career with 603 00:26:48,840 --> 00:26:51,200 Speaker 1: how I'm spending you know, eight hours every single day 604 00:26:51,240 --> 00:26:54,320 Speaker 1: like life's too short to to only find fulfillment in 605 00:26:54,400 --> 00:26:58,040 Speaker 1: the eight remaining hours outside of sleeping and working, you know, 606 00:26:58,080 --> 00:26:59,560 Speaker 1: like you only have a third of the day left, 607 00:26:59,720 --> 00:27:02,359 Speaker 1: then find personal fulfillment plus all the other chores that 608 00:27:02,400 --> 00:27:04,640 Speaker 1: you need to do. Like, there's just lots of life 609 00:27:04,680 --> 00:27:06,320 Speaker 1: that happens in those eight hours as well. And I 610 00:27:06,400 --> 00:27:07,920 Speaker 1: was gonna leave a whole lot left with kids and 611 00:27:08,000 --> 00:27:10,800 Speaker 1: chores there. Yeah, that that personal fulfillment amount of time 612 00:27:10,840 --> 00:27:13,160 Speaker 1: that you it begins to dwindles, you can pursue that. Yeah, 613 00:27:13,520 --> 00:27:16,600 Speaker 1: it gets cut down to next to nothing. I'd say, um, 614 00:27:16,800 --> 00:27:19,520 Speaker 1: job security, that's nothing else that's important to cover here. Uh, 615 00:27:19,520 --> 00:27:22,280 Speaker 1: it's job security is often considered I think, rock solid 616 00:27:22,400 --> 00:27:25,080 Speaker 1: when you have a traditional job, but I think that 617 00:27:25,240 --> 00:27:29,440 Speaker 1: is often oversold. You know, even in non pandemic COVID times, 618 00:27:29,480 --> 00:27:31,840 Speaker 1: your job is never as solid as you think it is. 619 00:27:32,200 --> 00:27:34,280 Speaker 1: But now, man, people in all sorts of different industries 620 00:27:34,320 --> 00:27:37,720 Speaker 1: are finding the other job either went away altogether or 621 00:27:37,720 --> 00:27:39,639 Speaker 1: at least, you know, for a short period of time. Man. 622 00:27:39,720 --> 00:27:41,680 Speaker 1: There's an article in the New York Times about people 623 00:27:42,000 --> 00:27:44,560 Speaker 1: in the airline industry, you know, finally giving up on 624 00:27:44,600 --> 00:27:47,359 Speaker 1: the prospect of working there. For years to come and 625 00:27:47,440 --> 00:27:50,920 Speaker 1: moving on. Um. Many people are now realizing that their 626 00:27:50,960 --> 00:27:53,199 Speaker 1: job security wasn't quite what they thought it was, and 627 00:27:53,240 --> 00:27:55,720 Speaker 1: they're learning this firsthand. Yeah, I think if I worked 628 00:27:55,720 --> 00:27:58,040 Speaker 1: in the airline industry. We've got friends in that industry, Matt. 629 00:27:58,119 --> 00:28:01,440 Speaker 1: They've taken a long firm low, or they've left completely. 630 00:28:01,880 --> 00:28:03,960 Speaker 1: It's something I'd be rethinking right now, right And these 631 00:28:03,960 --> 00:28:06,440 Speaker 1: are the kind of questions I'd be asking myself. Um. 632 00:28:06,440 --> 00:28:09,080 Speaker 1: And and job security is definitely an interesting thing to 633 00:28:09,119 --> 00:28:12,280 Speaker 1: bring up. Entrepreneurship. Well, it obviously doesn't have the steady 634 00:28:12,280 --> 00:28:14,560 Speaker 1: paycheck of the ninety five we talked about that you 635 00:28:14,600 --> 00:28:16,879 Speaker 1: could maybe gain three clients and lose two others in 636 00:28:16,880 --> 00:28:19,520 Speaker 1: the same month, But once you've developed your business a little, 637 00:28:19,720 --> 00:28:22,240 Speaker 1: that job security is actually better, I think in a 638 00:28:22,280 --> 00:28:24,600 Speaker 1: lot of ways than a traditional nine to five, where 639 00:28:24,600 --> 00:28:27,159 Speaker 1: you could lose all of your income at once, like 640 00:28:27,200 --> 00:28:30,320 Speaker 1: with without a moment's notice. And most importantly, being an 641 00:28:30,400 --> 00:28:33,560 Speaker 1: entrepreneur and calling the shots of your own business instills 642 00:28:33,560 --> 00:28:36,359 Speaker 1: a sense of creative financial control over your life. It's 643 00:28:36,600 --> 00:28:40,240 Speaker 1: basically the opposite of having a victim mentality, And so yeah, 644 00:28:40,240 --> 00:28:42,920 Speaker 1: I think I had this like hesitancy towards entrepreneurship for 645 00:28:43,120 --> 00:28:45,560 Speaker 1: a long period of time, towards starting my own business, 646 00:28:45,600 --> 00:28:48,040 Speaker 1: because that idea of losing the job security and the 647 00:28:48,040 --> 00:28:51,880 Speaker 1: consistency of a nine to five was a little scary 648 00:28:51,920 --> 00:28:53,800 Speaker 1: to me. But over the years, as I've kind of 649 00:28:54,040 --> 00:28:57,680 Speaker 1: gotten my feet wet in entrepreneurial endeavors, I realized that 650 00:28:57,840 --> 00:29:01,040 Speaker 1: it's not nearly as risky as it seems in the surface. Yeah, 651 00:29:01,040 --> 00:29:03,000 Speaker 1: and plus, just like that whole mindset shift, you know, 652 00:29:03,080 --> 00:29:04,880 Speaker 1: like when you have your own business, you're you're in 653 00:29:04,880 --> 00:29:07,000 Speaker 1: the driver's seat. So in essence, I feel like like 654 00:29:07,040 --> 00:29:09,920 Speaker 1: it builds a certain level of resiliency. So when hard 655 00:29:09,920 --> 00:29:12,800 Speaker 1: times do hit, I think entrepreneurs are able to kind 656 00:29:12,800 --> 00:29:15,160 Speaker 1: of adapt and to pivot a little more quickly than 657 00:29:15,200 --> 00:29:17,800 Speaker 1: somebody who is used to being, you know, told exactly 658 00:29:17,800 --> 00:29:19,880 Speaker 1: what to do. Being in a more traditional job, you're 659 00:29:19,920 --> 00:29:22,480 Speaker 1: you're used to thinking a little bit more creatively when 660 00:29:22,480 --> 00:29:24,240 Speaker 1: you do we're in your own business, for sure, and 661 00:29:24,240 --> 00:29:26,120 Speaker 1: so those are some of the different trade offs that 662 00:29:26,200 --> 00:29:28,560 Speaker 1: we are going to experience, you know that folks are 663 00:29:28,560 --> 00:29:31,200 Speaker 1: going to experience as they're out there debating between you know, 664 00:29:31,240 --> 00:29:33,760 Speaker 1: a nine to five or where they're running their own business. 665 00:29:34,360 --> 00:29:36,240 Speaker 1: But let's talk now, let's get a little more practical. 666 00:29:36,320 --> 00:29:38,880 Speaker 1: Let's talk about some of the immediate steps to take 667 00:29:39,400 --> 00:29:42,640 Speaker 1: when it comes to kind of launching into entrepreneurship. And 668 00:29:42,680 --> 00:29:44,040 Speaker 1: the first thing that we want to encourage folks to 669 00:29:44,080 --> 00:29:46,120 Speaker 1: do is just to dabble a little bit in it. 670 00:29:46,200 --> 00:29:48,479 Speaker 1: You know, make the time to do it on the side, 671 00:29:48,920 --> 00:29:51,920 Speaker 1: test out your your your business idea before you take 672 00:29:51,960 --> 00:29:55,000 Speaker 1: this massive leap. You know, as an entrepreneur you're likely 673 00:29:55,000 --> 00:29:57,440 Speaker 1: going to be working over forty hours for a while anyway, 674 00:29:57,600 --> 00:29:59,160 Speaker 1: So kind of get used to it by dabbling a 675 00:29:59,200 --> 00:30:02,719 Speaker 1: little bit on the side before you quit your job completely. Yeah. Man, 676 00:30:02,760 --> 00:30:05,920 Speaker 1: I feel like dabbling massively underrated. I dabbled in our 677 00:30:05,920 --> 00:30:07,960 Speaker 1: friendship before I realized I want to be best friends. 678 00:30:08,000 --> 00:30:09,920 Speaker 1: You know, sure, well, I know you you're seeing that 679 00:30:09,960 --> 00:30:12,200 Speaker 1: as a joke, but like that's true though, you know, 680 00:30:12,600 --> 00:30:14,720 Speaker 1: like like we are always kind of feeling things out, 681 00:30:15,000 --> 00:30:17,720 Speaker 1: and so often in our minds we think, okay, nine 682 00:30:17,760 --> 00:30:20,040 Speaker 1: to five or entrepreneurship. It's one or the other. It's 683 00:30:20,040 --> 00:30:22,000 Speaker 1: either black or white. But that's not the case. You're 684 00:30:22,040 --> 00:30:24,600 Speaker 1: never friends or not friends with somebody. There's a whole 685 00:30:24,640 --> 00:30:28,360 Speaker 1: continuum of friendship in between best buddies. Uh and I 686 00:30:28,400 --> 00:30:32,840 Speaker 1: hate you. That's true, there is all right. So another 687 00:30:33,120 --> 00:30:36,320 Speaker 1: the next practical step we would say is important to 688 00:30:36,520 --> 00:30:40,200 Speaker 1: take if you're considering the entrepreneurship route is to find 689 00:30:40,200 --> 00:30:42,479 Speaker 1: a community of people that will support you in it. 690 00:30:42,880 --> 00:30:44,920 Speaker 1: And we talk about this with real estate investing. That 691 00:30:45,320 --> 00:30:48,080 Speaker 1: joining a local real estate investors group can give you 692 00:30:48,120 --> 00:30:50,720 Speaker 1: the confidence as well as some of the know how 693 00:30:51,000 --> 00:30:53,720 Speaker 1: to to make a smart decision and to make the 694 00:30:53,800 --> 00:30:56,640 Speaker 1: right moves when it comes to buying rental properties. So 695 00:30:56,720 --> 00:30:58,760 Speaker 1: finding that group of like minded folks can help you 696 00:30:58,800 --> 00:31:01,760 Speaker 1: glean those insights without reinventing the wheel, learning it all 697 00:31:01,760 --> 00:31:04,760 Speaker 1: from scratch. By going it alone, that group, that community 698 00:31:04,800 --> 00:31:08,200 Speaker 1: can provide the encouragement that you need along with some 699 00:31:08,280 --> 00:31:09,680 Speaker 1: of the know how. Yeah, and if you want to 700 00:31:09,720 --> 00:31:11,280 Speaker 1: use some marketing language, you can just call it your 701 00:31:11,280 --> 00:31:14,280 Speaker 1: mastermind group. And people are really excited about doing it right. 702 00:31:14,320 --> 00:31:17,840 Speaker 1: Exactly along the same lines, Uh, you can actually find 703 00:31:18,040 --> 00:31:21,280 Speaker 1: mentorship when it comes to starting a business. Score dot 704 00:31:21,480 --> 00:31:23,840 Speaker 1: org and is a great place to turn. This is 705 00:31:23,880 --> 00:31:26,640 Speaker 1: an awesome free resource for anyone looking to start a 706 00:31:26,680 --> 00:31:29,720 Speaker 1: business UH and get personal help from a mentor who 707 00:31:29,760 --> 00:31:33,120 Speaker 1: has gone down that path before. On their website, there 708 00:31:33,200 --> 00:31:35,040 Speaker 1: you can you can find someone locally based on your 709 00:31:35,080 --> 00:31:37,640 Speaker 1: zip code. But due to COVID you can even remotely 710 00:31:37,640 --> 00:31:39,640 Speaker 1: connect with the mentor these days, and they make it 711 00:31:39,680 --> 00:31:42,880 Speaker 1: really easy. You can search by keyword or by industry 712 00:31:42,920 --> 00:31:44,800 Speaker 1: and you can get on there. And even you know, 713 00:31:44,840 --> 00:31:48,000 Speaker 1: this doesn't have to be a mentorship or the kind 714 00:31:48,040 --> 00:31:50,560 Speaker 1: of relationship where you do exactly what they say. It's 715 00:31:50,640 --> 00:31:53,160 Speaker 1: also great to just to like hear what somebody does 716 00:31:53,240 --> 00:31:55,360 Speaker 1: have to say, just to kind of bounce some ideas 717 00:31:55,400 --> 00:31:57,280 Speaker 1: off of them. I see this as a great way 718 00:31:57,320 --> 00:32:00,000 Speaker 1: to kind of combat that temperamental that you mentioned before, 719 00:32:00,160 --> 00:32:03,160 Speaker 1: or if you find it difficult sometimes to work on 720 00:32:03,200 --> 00:32:06,000 Speaker 1: your own, having a mentor is a great way not 721 00:32:06,040 --> 00:32:09,040 Speaker 1: only to get some insightful wisdom, but also to to 722 00:32:09,120 --> 00:32:11,360 Speaker 1: have a friend someone to bounce those ideas off of. Yeah, 723 00:32:11,360 --> 00:32:13,960 Speaker 1: they can be a great sounding board and the fact 724 00:32:13,960 --> 00:32:16,520 Speaker 1: that you can get a mentor for free is pretty sweet. 725 00:32:16,560 --> 00:32:19,040 Speaker 1: Score dot org is the website, by the way, uh. 726 00:32:19,040 --> 00:32:22,040 Speaker 1: And the last practical step would say is to develop 727 00:32:22,240 --> 00:32:25,080 Speaker 1: permanent skills. I think that's probably the best advice we 728 00:32:25,120 --> 00:32:27,960 Speaker 1: can give Matt, because young people will likely find themselves 729 00:32:28,000 --> 00:32:30,400 Speaker 1: not only working for a large number of different companies 730 00:32:30,400 --> 00:32:32,360 Speaker 1: in their lives, but also working in a bunch of 731 00:32:32,400 --> 00:32:35,840 Speaker 1: different industries, very very different from the route that our 732 00:32:35,840 --> 00:32:38,760 Speaker 1: parents took. Work is going to be much more fluid 733 00:32:38,800 --> 00:32:41,560 Speaker 1: for millennials and Gen z ears than it was for 734 00:32:41,600 --> 00:32:44,960 Speaker 1: our parents. So we say, look to develop skills that 735 00:32:45,000 --> 00:32:47,600 Speaker 1: will help you transition well in the future, whether you're 736 00:32:47,600 --> 00:32:50,880 Speaker 1: working for yourself or for someone else. Right. Soft skills 737 00:32:50,920 --> 00:32:54,720 Speaker 1: like humility and leadership, hard skills like accounting or learning 738 00:32:54,720 --> 00:32:57,160 Speaker 1: a second language are great things to learn. Those are 739 00:32:57,200 --> 00:32:59,520 Speaker 1: skills that grow you as a person. They're not just 740 00:32:59,720 --> 00:33:03,480 Speaker 1: work related skill sets. So honing those things and developing 741 00:33:04,080 --> 00:33:06,520 Speaker 1: in your work career is gonna help you whether you 742 00:33:06,840 --> 00:33:09,680 Speaker 1: go the entrepreneurship route or whether you keep working for 743 00:33:09,680 --> 00:33:12,120 Speaker 1: the man in a traditional nine to job. Yeah. I 744 00:33:12,120 --> 00:33:14,360 Speaker 1: feel like that's the kind of mindset shift that allows 745 00:33:14,440 --> 00:33:17,960 Speaker 1: us to look longer term versus focusing on like the 746 00:33:18,000 --> 00:33:20,480 Speaker 1: immediate steps that folks might be tempted to take now 747 00:33:20,520 --> 00:33:23,320 Speaker 1: in order to like earn a quick buck. Uh So, Joel, 748 00:33:23,360 --> 00:33:25,640 Speaker 1: you know we've talked about like the trade offs of 749 00:33:25,840 --> 00:33:29,080 Speaker 1: entrepreneurship versus a traditional nine to five and you know, 750 00:33:29,120 --> 00:33:32,120 Speaker 1: these are helpful to know before you dive in head first, 751 00:33:32,120 --> 00:33:35,440 Speaker 1: but it's also important to take that plunge right. Maybe 752 00:33:35,440 --> 00:33:37,560 Speaker 1: it makes me think about the Polar Bear Challenge or whatever, 753 00:33:37,600 --> 00:33:40,480 Speaker 1: the guys that like jump into the middle. And sometimes 754 00:33:40,480 --> 00:33:42,640 Speaker 1: you've gotta have that boldness of spirit to just like 755 00:33:43,120 --> 00:33:45,160 Speaker 1: hop in the icy cold waters and sit there for 756 00:33:45,160 --> 00:33:46,840 Speaker 1: a minute. You don't often see the guys just kind 757 00:33:46,840 --> 00:33:49,520 Speaker 1: of easing into the freezing cold water. You gotta go 758 00:33:49,600 --> 00:33:52,720 Speaker 1: for us sometimes, uh, And that's something we would encourage. 759 00:33:53,000 --> 00:33:55,240 Speaker 1: If you feel compelled to to own your own business, 760 00:33:55,360 --> 00:33:57,400 Speaker 1: think through, like what is the worst that can happen? 761 00:33:57,680 --> 00:33:59,560 Speaker 1: You know, even if your business fails, it's going to 762 00:33:59,600 --> 00:34:02,680 Speaker 1: be a learning experience. You can always start another one 763 00:34:02,680 --> 00:34:04,840 Speaker 1: down the road. And if you realize that maybe a 764 00:34:04,880 --> 00:34:07,960 Speaker 1: corporate job is more your speed, like what is keeping 765 00:34:07,960 --> 00:34:09,960 Speaker 1: you from going back? You can always go back to 766 00:34:09,960 --> 00:34:12,680 Speaker 1: corporate America. You've only got one life to live, So 767 00:34:12,920 --> 00:34:16,000 Speaker 1: we would encourage folks to pursue their passions. And if 768 00:34:16,000 --> 00:34:17,480 Speaker 1: you ever feel, you know, like you get a little 769 00:34:17,480 --> 00:34:20,840 Speaker 1: cold feet, think about the potential regrets. I know, I 770 00:34:20,880 --> 00:34:22,880 Speaker 1: definitely don't want to kind of reach the end of 771 00:34:23,040 --> 00:34:26,440 Speaker 1: my life or my working career, wishing that I had 772 00:34:26,480 --> 00:34:28,759 Speaker 1: taken some some steps, had I been a little bit, 773 00:34:28,960 --> 00:34:31,160 Speaker 1: you know, a little more emboldened, a little braver. It 774 00:34:31,200 --> 00:34:32,879 Speaker 1: made at the beginning of the the episode we mentioned Alan 775 00:34:32,920 --> 00:34:35,040 Speaker 1: don again. Uh, you know, when it came to you 776 00:34:35,080 --> 00:34:36,640 Speaker 1: know how you don't need a lot of money to 777 00:34:36,680 --> 00:34:39,120 Speaker 1: start a business or any money at all. Uh. And 778 00:34:39,160 --> 00:34:41,880 Speaker 1: so it makes me think of one of his life mottozo, 779 00:34:41,960 --> 00:34:44,840 Speaker 1: which was fail fast and fail cheap. Is so that 780 00:34:44,880 --> 00:34:47,359 Speaker 1: we would encourage folks to take that plunge, you know, 781 00:34:47,520 --> 00:34:50,240 Speaker 1: don't overthink it. Uh, and at the same time avoid 782 00:34:50,320 --> 00:34:53,120 Speaker 1: that business debts. We wouldn't want you in that unfortunate 783 00:34:53,120 --> 00:34:57,400 Speaker 1: position either. Yeah, beginning that startups, starting your entrepreneurship career 784 00:34:57,560 --> 00:35:00,719 Speaker 1: with with very little or or preferably oh debt. I 785 00:35:00,760 --> 00:35:02,719 Speaker 1: think it's great advice, Matt. Yeah, a good point. But 786 00:35:02,800 --> 00:35:04,799 Speaker 1: that was a fun conversation. Matt. Let's get back to 787 00:35:04,960 --> 00:35:06,880 Speaker 1: the beer that we had on the show today. This 788 00:35:06,920 --> 00:35:09,720 Speaker 1: one is called Realities. It's a triple dry hopped honey 789 00:35:09,800 --> 00:35:13,840 Speaker 1: triple India pale Ale by Dissolver Brewing and Good Word Brewing. 790 00:35:14,000 --> 00:35:16,000 Speaker 1: And so, yeah, buddy, what were thoughts on this beer? 791 00:35:16,560 --> 00:35:18,759 Speaker 1: I really liked it. Man. I will say, this is 792 00:35:18,960 --> 00:35:21,120 Speaker 1: a brewery, so it's dissolver and it's one of those 793 00:35:21,200 --> 00:35:24,279 Speaker 1: cool spellings where they leave out vowels, so it's d 794 00:35:24,440 --> 00:35:27,359 Speaker 1: S S O l v R. But this is one 795 00:35:27,360 --> 00:35:29,680 Speaker 1: of the newest breweries there in Asheville, and Kate and 796 00:35:29,680 --> 00:35:31,680 Speaker 1: I maybe a few weeks ago now, we took a 797 00:35:31,680 --> 00:35:33,560 Speaker 1: little trip up to Asheville for the weekend and this 798 00:35:33,600 --> 00:35:35,200 Speaker 1: is one of the one of the breweries that we 799 00:35:35,320 --> 00:35:37,080 Speaker 1: stuck our head in and checked out and see what 800 00:35:37,160 --> 00:35:39,080 Speaker 1: was going on. And this is one of the beers 801 00:35:39,080 --> 00:35:40,920 Speaker 1: they had on draft, and so I actually got this 802 00:35:41,000 --> 00:35:42,680 Speaker 1: is the second time I've had this, Buddy, I had 803 00:35:42,719 --> 00:35:45,719 Speaker 1: it on draft there with my lovely wife. But I'm 804 00:35:45,719 --> 00:35:47,600 Speaker 1: glad you not got to share this one. But yeah, 805 00:35:47,600 --> 00:35:49,480 Speaker 1: so this is a triple dry hopped I P A. 806 00:35:49,920 --> 00:35:52,120 Speaker 1: And I will say, man, it has a lot of 807 00:35:52,520 --> 00:35:55,120 Speaker 1: I p A flavor going on on the front end. 808 00:35:55,280 --> 00:35:57,120 Speaker 1: I feel like you can definitely taste maybe some of 809 00:35:57,160 --> 00:35:59,719 Speaker 1: that honey sweetness going on. But at the same time 810 00:36:00,040 --> 00:36:01,920 Speaker 1: it as it meld and kind of finished out, it 811 00:36:02,000 --> 00:36:04,799 Speaker 1: kind of ended on that little dryer hoppy note. There 812 00:36:04,840 --> 00:36:06,319 Speaker 1: was a nice little one to punch and I'm glad 813 00:36:06,320 --> 00:36:08,040 Speaker 1: this is a beer that you know, I got to share. Man, 814 00:36:08,160 --> 00:36:09,880 Speaker 1: what do you think about this beer specifically? What do 815 00:36:09,880 --> 00:36:12,520 Speaker 1: you think about this artwork. That's the kind of artwork 816 00:36:12,480 --> 00:36:14,200 Speaker 1: I'd put on my wall, man, you know that that's 817 00:36:14,320 --> 00:36:16,280 Speaker 1: that's my style. It's got the little kind of funky 818 00:36:16,320 --> 00:36:18,759 Speaker 1: folk RT vibe going on. Um. And but the beer 819 00:36:18,840 --> 00:36:21,360 Speaker 1: was great too, man, Like I actually I think, honey, 820 00:36:21,520 --> 00:36:23,759 Speaker 1: if it's putting an I p A and it's well done, 821 00:36:24,200 --> 00:36:26,799 Speaker 1: it can just add to the flavors going on. And 822 00:36:26,840 --> 00:36:28,600 Speaker 1: I thought this one did like I thought the honey 823 00:36:28,840 --> 00:36:31,359 Speaker 1: it did lend it that sweetness on the front end. 824 00:36:31,719 --> 00:36:34,200 Speaker 1: And so yeah, just a well made, dry hopped I 825 00:36:34,280 --> 00:36:37,160 Speaker 1: p A with that local honey tossed in there. Made 826 00:36:37,160 --> 00:36:39,919 Speaker 1: for just a pleasurable drinking experience, I'd say. And plus 827 00:36:39,960 --> 00:36:41,319 Speaker 1: it's good to have a beer that's got a lot 828 00:36:41,320 --> 00:36:43,239 Speaker 1: of personality, you know. I feel like this is a 829 00:36:43,239 --> 00:36:46,480 Speaker 1: pretty unique beer. The can art's really unique, The actual 830 00:36:46,480 --> 00:36:48,640 Speaker 1: brewery is super uniquely. They've got a pretty cool vibe 831 00:36:48,640 --> 00:36:50,640 Speaker 1: going on. And so you know, we'd recommend for folks 832 00:36:50,719 --> 00:36:52,799 Speaker 1: that check out this brewery if you are ever up 833 00:36:52,840 --> 00:36:55,399 Speaker 1: in the Asheville area, no doubt. All right, Matt, that's 834 00:36:55,400 --> 00:36:58,320 Speaker 1: gonna do it for this episode for for our listeners. 835 00:36:58,320 --> 00:37:00,720 Speaker 1: If you want the show notes for this episod links 836 00:37:00,719 --> 00:37:02,759 Speaker 1: to some of the resources that we mentioned, just go 837 00:37:02,880 --> 00:37:05,879 Speaker 1: to our website at how to money dot com. Yeah, 838 00:37:05,960 --> 00:37:07,960 Speaker 1: and maybe you are listening to this episode and you've 839 00:37:07,960 --> 00:37:09,120 Speaker 1: been thinking for a while, you know what, I'm going 840 00:37:09,160 --> 00:37:11,719 Speaker 1: to start my own business, And maybe after listening to 841 00:37:11,719 --> 00:37:15,239 Speaker 1: this episode, we have maybe just inspired you just enough 842 00:37:15,320 --> 00:37:17,799 Speaker 1: that you're actually going to get the ball rolling. If so, 843 00:37:18,200 --> 00:37:19,640 Speaker 1: you know, I think a cool place that you could 844 00:37:19,680 --> 00:37:21,680 Speaker 1: let us know about your new business is over an 845 00:37:21,719 --> 00:37:24,359 Speaker 1: Apple podcast. You can leave us a review, and in 846 00:37:24,440 --> 00:37:26,360 Speaker 1: a review, you can tell us what you're planning to 847 00:37:26,400 --> 00:37:28,480 Speaker 1: do with the knowledge that you've gained from this episode. 848 00:37:28,520 --> 00:37:29,840 Speaker 1: What do you think about that, Joel? I like it. 849 00:37:29,920 --> 00:37:33,520 Speaker 1: And if you're particularly planning on starting a brewery once 850 00:37:33,560 --> 00:37:35,520 Speaker 1: you get your first peers, can send us a few. 851 00:37:35,520 --> 00:37:37,160 Speaker 1: We'd love to try them on the show. And that 852 00:37:37,280 --> 00:37:39,320 Speaker 1: is a plea Matt, because we need more craft breweries 853 00:37:39,360 --> 00:37:41,200 Speaker 1: in this country. I think a lot of folks might 854 00:37:41,200 --> 00:37:43,120 Speaker 1: think you're joking, but that's actually true. I don't think 855 00:37:43,120 --> 00:37:45,160 Speaker 1: we've reached a saturation point. You know, the way that 856 00:37:45,200 --> 00:37:47,800 Speaker 1: you and I like to see craft breweries is almost 857 00:37:47,840 --> 00:37:49,920 Speaker 1: as many as there are neighborhoods, you know, Like I 858 00:37:49,920 --> 00:37:53,400 Speaker 1: feel like each neighborhood basically needs his own unique craft brewery, 859 00:37:53,880 --> 00:37:55,959 Speaker 1: just a place for people to gather and for folks 860 00:37:55,960 --> 00:37:57,600 Speaker 1: who kind of hang out, even though we're not doing 861 00:37:57,600 --> 00:37:59,920 Speaker 1: that quite as much these days. But maybe that's you, 862 00:38:00,120 --> 00:38:02,000 Speaker 1: and maybe your new business is going to be a brewery. 863 00:38:02,040 --> 00:38:04,040 Speaker 1: I love to see. It'd be pretty rad, it would 864 00:38:04,040 --> 00:38:05,919 Speaker 1: be well, that's gonna be it for this episode, Joel. 865 00:38:06,000 --> 00:38:09,120 Speaker 1: Until next time, best Friends Out, Best Friends Out,