WEBVTT - Entrepreneurship vs Working for the Man #272 0:00:00.120 --> 0:00:02.960 Welcome to How the Money. I'm Joel and I and Matt. 0:00:03.279 --> 0:00:26.960 Today we're discussing entrepreneurship versus working for the man. So 0:00:27.320 --> 0:00:29.360 right off the bat, you hear that title, you hear 0:00:29.360 --> 0:00:32.080 what we're gonna talk about, and you know which which 0:00:32.159 --> 0:00:34.640 camp you fall into. You know, at least currently you 0:00:34.680 --> 0:00:36.880 are either working for the man or you are working 0:00:36.880 --> 0:00:39.840 for yourself. We're not gonna say that one is necessarily 0:00:39.920 --> 0:00:41.640 better than the other, but there are a lot of 0:00:41.640 --> 0:00:44.440 different factors, a lot of different things to consider, and 0:00:44.479 --> 0:00:46.240 that's what this episode is all about. Man, we talk 0:00:46.360 --> 0:00:49.720 about entrepreneurship a good deal, so we're gonna make sure 0:00:49.760 --> 0:00:52.479 that we address this one as fairly as possible. I 0:00:52.520 --> 0:00:55.480 am excited to talk about this with you, my friend. Yeah, Man, 0:00:55.520 --> 0:00:57.680 should be a good topic, and it's something that that 0:00:57.760 --> 0:00:59.320 weighs on a lot of people's minds. I think in 0:00:59.360 --> 0:01:02.040 particular right now with kind of some of the uncertainty 0:01:02.040 --> 0:01:04.400 in the job market. It's like well, and and and 0:01:04.520 --> 0:01:06.520 also a lot of small businesses that have had a 0:01:06.520 --> 0:01:11.200 difficult time lately. So yeah, entrepreneurship sounds great in a 0:01:11.200 --> 0:01:13.120 lot of ways. Um, and it is great in a 0:01:13.120 --> 0:01:15.160 lot of ways, but there are a lot of entrepreneurs 0:01:15.240 --> 0:01:16.880 having a tough time. There are also a lot of 0:01:16.920 --> 0:01:20.600 people in a traditional career that maybe have found themselves stuck. 0:01:20.720 --> 0:01:22.600 So yeah, there there is a lot to cover on 0:01:22.640 --> 0:01:24.360 today's episode should be a good one. Yeah. One of 0:01:24.400 --> 0:01:26.200 the things you deal with when you are an entrepreneur 0:01:26.440 --> 0:01:28.920 is your prints are not necessarily working the way you 0:01:28.959 --> 0:01:31.160 wanted to, and then you have to beat it into 0:01:31.200 --> 0:01:35.440 submission office space style. You and I we have a 0:01:35.480 --> 0:01:38.160 little printer down here in the studio that we use 0:01:38.240 --> 0:01:40.399 to pronoun our outlines, you know, to pronounce some notes 0:01:40.760 --> 0:01:43.679 for our episodes. And over the past what maybe two 0:01:43.720 --> 0:01:46.640 or three weeks, it's said warning low towner. And we 0:01:46.720 --> 0:01:49.080 keep side eyeing the printer like really like there's actual 0:01:49.440 --> 0:01:51.480 loads owner. I mean it still it still looks really 0:01:51.480 --> 0:01:53.840 good that it's still black on the paper there the 0:01:53.880 --> 0:01:57.800 ink is And until just recently I want to go 0:01:57.960 --> 0:02:01.840 hit prints and it said replaced owner, like literally, you're 0:02:01.880 --> 0:02:03.880 not allowed to print until you do it. It was fine, 0:02:04.000 --> 0:02:05.440 and then all of a sudden, the next time I 0:02:05.440 --> 0:02:07.400 try to print on it, it said, nope, can't do it, 0:02:07.480 --> 0:02:09.720 replace your toner. And you and I we didn't like that, 0:02:09.760 --> 0:02:13.200 and so I called the printer's bluff. I went online 0:02:13.440 --> 0:02:15.680 and figured out what's going on with the printer here, 0:02:15.760 --> 0:02:18.160 and I found out, man, that there is a setting 0:02:18.200 --> 0:02:20.280 that you can go to on this printer. This is 0:02:20.320 --> 0:02:22.680 a brother printer, and you can go down to settings, 0:02:23.000 --> 0:02:27.720 go to replace toner, and you select continue instead of stop. 0:02:28.040 --> 0:02:30.600 And basically the I guess the printer is programmed to 0:02:30.680 --> 0:02:33.720 stop after a certain number of uses, even if there 0:02:33.800 --> 0:02:36.880 is still toner uh in the cartridge. And so, man, 0:02:36.960 --> 0:02:39.440 this is kind of ridiculous, right, It's it's such a 0:02:39.480 --> 0:02:42.239 small barrier to figure this out. I think probably a 0:02:42.280 --> 0:02:44.560 lot of people maybe who are listening know this. But 0:02:44.600 --> 0:02:46.640 at the same time, maybe especially if you are working 0:02:46.680 --> 0:02:48.440 for the man. You are in an office and it 0:02:48.440 --> 0:02:50.880 says replaced toner, you're probably okay and just open it, 0:02:50.880 --> 0:02:53.440 pull it out, throwing the trash, and you're spending money 0:02:53.480 --> 0:02:55.480 on a brand new thing of toner when you don't 0:02:55.520 --> 0:02:57.760 necessarily need it. Yeah, it makes me think of using 0:02:57.840 --> 0:03:01.000 up that last little bit of toothpaste, and yeah, there's 0:03:01.000 --> 0:03:05.440 something just gratifying about using all of of what's in there. 0:03:05.720 --> 0:03:08.480 And uh yeah, with the with the printer in particular, 0:03:08.560 --> 0:03:11.000 knowing that there's a quick by pass in order to 0:03:11.080 --> 0:03:12.840 I mean, I don't know how many extra pages of 0:03:12.880 --> 0:03:14.720 printing we're gonna get out of there. Maybe a hundred, 0:03:14.800 --> 0:03:16.760 maybe hundred fifty. That was That was a week ago. 0:03:16.800 --> 0:03:18.920 Now that and you have we've continued printing since then. 0:03:18.960 --> 0:03:20.679 But we'll see how long it actually lasts. Man, it 0:03:20.800 --> 0:03:23.400 might be a while. Yeah, yeah, So I love that. 0:03:23.480 --> 0:03:25.920 Any anyway we can get the full usage out of 0:03:25.919 --> 0:03:27.920 the thing that we've bought and not throw it away 0:03:27.960 --> 0:03:30.920 prettymaturely is good in my book. Right. Yeah. Well, so 0:03:30.960 --> 0:03:33.799 back into episode two sixty six, we talked about planned obsolescence, 0:03:33.840 --> 0:03:35.920 and we specifically talked about printers, and I feel like 0:03:35.960 --> 0:03:39.960 this is such a clear way that companies out there, like, 0:03:40.040 --> 0:03:42.520 let's make sure, uh, let's let's make sure the quality 0:03:42.520 --> 0:03:45.200 of your printing remains top notch. And you're gonna want 0:03:45.200 --> 0:03:47.120 to pull that cartridge, you want to pull that toner 0:03:47.160 --> 0:03:49.560 out before it's completely gone. But man, this is one 0:03:49.600 --> 0:03:51.600 area that you and I we do not care if 0:03:51.640 --> 0:03:54.120 it's top notch. That's right. Toner is not our craft 0:03:54.120 --> 0:03:57.480 beer equivalent. Yeah, And it's our way to fight back 0:03:57.480 --> 0:03:59.800 against some of that planned obsolescens, right, Like that to 0:04:00.000 --> 0:04:02.320 our cartridge is not obsolete yet, but we will use 0:04:02.320 --> 0:04:04.440 it until it actually is. Yes, And so that's something. 0:04:04.480 --> 0:04:06.080 If you're out there and you've never heard of this before, 0:04:06.320 --> 0:04:08.560 just google whatever model number you have on your printer. 0:04:08.640 --> 0:04:10.720 And if if you think you're you've been victim to 0:04:10.800 --> 0:04:12.800 this practice, you can go in there and figure out 0:04:12.800 --> 0:04:15.160 how to extend the life of your town or there 0:04:15.200 --> 0:04:16.680 you go. All right, maw, Let's get onto the beer 0:04:16.680 --> 0:04:18.760 that we're having on the show today. This one's called 0:04:19.040 --> 0:04:22.479 Realities and it's a triple I p A brewed with honey, 0:04:22.600 --> 0:04:25.680 and it's a collaboration beer between Dissolver and Good Word 0:04:25.720 --> 0:04:28.320 Brewing Company. Good Word close to us in Atlanta and 0:04:28.360 --> 0:04:31.279 Dissolver is up in North Carolina. That's right, man, this 0:04:31.320 --> 0:04:33.440 one's got some crazy can are going on. We can 0:04:33.440 --> 0:04:35.520 talk about it as well as uh the way this 0:04:35.640 --> 0:04:37.960 beer taste. Will do that at the end of the episode. 0:04:37.960 --> 0:04:40.640 But first, man, let's get to the topic at hand. Yeah, 0:04:40.720 --> 0:04:43.719 let's do it. We're talking about entrepreneurship versus working for 0:04:43.760 --> 0:04:45.400 the man. And I guess you know, one of the 0:04:45.480 --> 0:04:47.600 questions that a lot of people have, especially as you're 0:04:47.640 --> 0:04:49.920 maturing in your career is should you work for the 0:04:49.960 --> 0:04:52.240 man or should you work for yourself? Which one is 0:04:52.279 --> 0:04:54.480 going to be better for you over the long haul? 0:04:54.760 --> 0:04:56.720 And there are a lot of things to consider when 0:04:56.760 --> 0:04:59.800 you're asking yourself that question. And there's also not necessarily 0:04:59.839 --> 0:05:02.320 a one size fits all answer. It's not like everybody 0:05:02.360 --> 0:05:04.719 you know fits into to the same categories, um and 0:05:04.760 --> 0:05:07.120 so there are a lot of things to consider. There 0:05:07.120 --> 0:05:10.080 are meaningful trade offs depending on the choice you make, too, 0:05:10.440 --> 0:05:11.919 So we're going to try to cover some of the 0:05:11.960 --> 0:05:14.839 important things that you should think through when you're trying 0:05:14.920 --> 0:05:17.240 to decide whether or not you should be starting your 0:05:17.240 --> 0:05:21.200 own business or whether you're better off in the traditional 0:05:21.279 --> 0:05:25.039 working world as an employee of someone else's business. And 0:05:25.080 --> 0:05:27.880 this question feels I think even more relevant, Matt, given 0:05:27.880 --> 0:05:31.159 the circumstances we find ourselves in with some people being 0:05:31.160 --> 0:05:34.920 furloughed from a business or lego completely UH industries kind 0:05:34.920 --> 0:05:38.279 of in turmoil. Um. Certain sectors are doing incredibly well, 0:05:38.360 --> 0:05:42.200 other sectors of the economy are suffering tremendously so in 0:05:42.279 --> 0:05:44.920 this time of ements change, Hopefully this episode can help 0:05:44.920 --> 0:05:47.279 you think through what you want your future to look 0:05:47.320 --> 0:05:50.839 like in regards to work, whether that's working for yourself 0:05:51.200 --> 0:05:53.479 or working for the man. Yeah, let's go ahead first 0:05:53.480 --> 0:05:55.479 and clear up some misconceptions. You know, I feel like 0:05:55.600 --> 0:05:58.760 entrepreneurship it's kind of been put up on a pedestal 0:05:58.839 --> 0:06:02.720 in our society. We hear a lot about startup successes 0:06:02.760 --> 0:06:07.000 and unicorn companies that soar two billion dollar valuations. But 0:06:07.040 --> 0:06:09.480 those stories, man, are obviously the exception, they are not 0:06:09.520 --> 0:06:12.640 the rule. Most people, they don't write about their massive failures. 0:06:12.640 --> 0:06:15.400 So we tend to to have a view of entrepreneurship 0:06:15.440 --> 0:06:18.800 that doesn't quite align with reality. Right And then at 0:06:18.839 --> 0:06:21.040 the same time, too, I think we're even guilty of 0:06:21.080 --> 0:06:23.159 that to a certain extent here on the show. You know, 0:06:23.240 --> 0:06:25.839 listeners will often hear us talking about ramping up your 0:06:25.880 --> 0:06:28.760 side gig into a full fledged business. But taking the 0:06:28.920 --> 0:06:33.039 entrepreneurship route doesn't come without its risks and its hardships. 0:06:33.400 --> 0:06:36.800 It's not for everyone, and maybe uh more folks should 0:06:36.920 --> 0:06:38.640 stick with the traditional job, you know. So let's go 0:06:38.640 --> 0:06:41.640 ahead and dig in and discuss the benefits, the trade 0:06:41.640 --> 0:06:44.200 offs and more of each of these routes. Let's do it. 0:06:44.279 --> 0:06:46.240 Let's do it all right, So, yeah, yeah, there are 0:06:46.240 --> 0:06:48.800 a few things to consider. Kind of these bigger, overarching 0:06:48.839 --> 0:06:50.920 things before we get into the specific trade offs that 0:06:50.960 --> 0:06:53.320 you're gonna make depending on which route you go. And 0:06:53.320 --> 0:06:55.480 and one of the first things to consider is that 0:06:56.040 --> 0:06:59.279 not everyone has this option. Not everyone has the ability 0:06:59.320 --> 0:07:01.800 to choose whether they want to become an entrepreneur or 0:07:01.839 --> 0:07:03.839 whether they want to work for somebody else. Some folks 0:07:03.839 --> 0:07:05.640 are just happy to be working at all right now, 0:07:05.839 --> 0:07:09.200 completely completely, and yeah, so we understand, in particular, given 0:07:09.240 --> 0:07:11.680 the current state of things in the economy, a lot 0:07:11.720 --> 0:07:14.520 of folks don't necessarily have a choice that they can make, 0:07:14.760 --> 0:07:17.840 and starting a business, it often takes time and some 0:07:17.920 --> 0:07:20.800 resources at your disposal. At the same time, though, Matt 0:07:20.840 --> 0:07:22.480 and I would encourage you to go back and take 0:07:22.480 --> 0:07:25.480 a listen to episode to forty seven with Alan donnegan 0:07:25.800 --> 0:07:28.760 because you can start a business for zero dollars or 0:07:28.920 --> 0:07:31.560 or close to it, and I think that episode was 0:07:32.000 --> 0:07:34.560 really helpful to to see things in a new light. 0:07:34.600 --> 0:07:37.160 We all often think that starting in business requires a 0:07:37.200 --> 0:07:39.320 lot of resources and a lot of money upfront, and 0:07:39.320 --> 0:07:41.720 that's just not always the case. There are some businesses 0:07:41.760 --> 0:07:43.960 that can get started with a little elbow grease and 0:07:44.240 --> 0:07:46.440 next to nothing when it comes to money. Yeah, and 0:07:46.480 --> 0:07:49.120 another consideration is your age. Right, how old are you? 0:07:49.520 --> 0:07:52.720 The average age of a first time entrepreneur is between 0:07:52.800 --> 0:07:55.640 thirty nine and forty two, depending on what study you're 0:07:55.640 --> 0:07:58.400 looking at. Uh. The entrepreneurs that fail most often, though, 0:07:58.520 --> 0:08:01.360 are in their twenties. It's awesome because of the lack 0:08:01.400 --> 0:08:05.600 of experience and knowledge. We learn a lot through working 0:08:05.640 --> 0:08:07.200 for the man you know, at least for a period 0:08:07.240 --> 0:08:09.600 of time. So that's an argument for working at nine 0:08:09.640 --> 0:08:12.120 to five. But on the flip side, when you're young, 0:08:12.200 --> 0:08:14.040 you know you have less to lose, You have fewer 0:08:14.080 --> 0:08:17.600 responsibilities and others counting on you, especially if you don't 0:08:17.640 --> 0:08:20.320 have a family yet and your expenses are minimal, it 0:08:20.320 --> 0:08:21.880 can be a great time to to run with that 0:08:21.960 --> 0:08:24.200 dream that you have and to build your own business. 0:08:24.280 --> 0:08:26.240 I know when Kate and I started our own company Man, 0:08:26.520 --> 0:08:28.840 we were in our twenties. We had zero debt and 0:08:28.840 --> 0:08:30.720 so for us Man that was one of our motivators. 0:08:30.720 --> 0:08:31.960 That was one of the things we kind of kept 0:08:31.960 --> 0:08:34.760 going back to, if not now, when you know, like, 0:08:34.760 --> 0:08:36.959 there's gonna be no better time than than right now 0:08:37.000 --> 0:08:39.200 for us to pursue something like this. Yeah, if you 0:08:39.320 --> 0:08:42.760 have a mortgage and multiple children and all these other 0:08:42.800 --> 0:08:44.480 things on the table that you have to provide for 0:08:44.600 --> 0:08:47.600 it becomes a riskier proposition. And so yeah, that there's 0:08:47.640 --> 0:08:50.280 that kind of dual side of way of looking at things. 0:08:50.320 --> 0:08:52.640 So of is it easier to start later in life 0:08:52.720 --> 0:08:54.760 or is it easier to start earlier? Um, And I 0:08:54.760 --> 0:08:57.040 think yeah, it's an interesting thing to consider. It's also 0:08:57.080 --> 0:08:59.920 important to ask yourself what's your temperament. Some people are 0:09:00.000 --> 0:09:02.959 just wired to do their own thing, while others lack 0:09:03.120 --> 0:09:06.040 the risk taking ability, and some people just work better 0:09:06.080 --> 0:09:08.720 in a group setting. And Matt, I'm one of those people, right, 0:09:08.760 --> 0:09:10.960 So I don't think I ever would have started a 0:09:11.000 --> 0:09:13.400 solo business. If it meant me going out on my 0:09:13.440 --> 0:09:16.439 own and developing something solo, it's just not going to 0:09:16.559 --> 0:09:19.000 do very well because I work better in a group context. 0:09:19.160 --> 0:09:21.400 Starting a podcast with the best buddy though, that was 0:09:21.440 --> 0:09:23.560 a different proposition. I'm like, Okay, cool, Yeah, I can 0:09:23.600 --> 0:09:26.080 do that. We can build this at least one other person, Okay, ye, 0:09:26.200 --> 0:09:28.400 exactly as a team. And I think that is something 0:09:28.400 --> 0:09:30.040 that you need to keep in mind. If you're the 0:09:30.120 --> 0:09:33.920 kind of person that's easily defeated, doesn't necessarily work well solo, 0:09:34.120 --> 0:09:38.040 then you know, starting a solo business, becoming an entrepreneur 0:09:38.520 --> 0:09:41.520 um alone is probably not best for you. You You gotta 0:09:41.559 --> 0:09:44.400 know yourself. You also gotta know what skills and what 0:09:44.480 --> 0:09:46.920 knowledge you possess. Man. You know, if you're looking to 0:09:46.920 --> 0:09:49.560 to take the entrepreneur path, then you're likely going to 0:09:49.640 --> 0:09:52.400 need to have, or be willing to acquire, right a 0:09:52.480 --> 0:09:55.360 certain level of business acumen. You know, this is true 0:09:55.679 --> 0:09:58.400 of a lot of our photographer of our creative friends. 0:09:58.520 --> 0:10:01.360 They love the creative part of work for themselves, uh 0:10:01.360 --> 0:10:04.160 and doing something artistic, but developing the you know, like 0:10:04.200 --> 0:10:07.200 the sales and the administration side of things can often 0:10:07.240 --> 0:10:09.400 come a little bit more slowly, you know, maybe with 0:10:09.559 --> 0:10:12.240 a lot of difficult learning moments, and so that's definitely 0:10:12.280 --> 0:10:14.120 something to keep in mind as well. Yeah, you might 0:10:14.160 --> 0:10:16.600 be a great artist, a great photographer, a great baker, 0:10:16.720 --> 0:10:19.040 but you've got to realize there's a couple of the 0:10:19.080 --> 0:10:20.680 things you're gonna need to learn at the same time. 0:10:20.840 --> 0:10:24.160 Baking awesome cookies is a great first step, but but then, yeah, 0:10:24.200 --> 0:10:25.959 you do have to develop that business acument at the 0:10:26.000 --> 0:10:29.440 same time. And obviously with a more traditional job, it's 0:10:29.520 --> 0:10:31.920 a lot easier to have a very specialized skill where 0:10:31.920 --> 0:10:34.079 you can focus on on the things that you're good at, 0:10:34.679 --> 0:10:37.000 like if you bake great cookies working in a bakery, 0:10:37.040 --> 0:10:38.760 you don't have to worry about the business side, and 0:10:38.800 --> 0:10:40.480 then you can leave it to your employer to handle 0:10:40.600 --> 0:10:44.720 the sales, client services, payroll, insurance, basically all the things 0:10:44.760 --> 0:10:47.560 that might be a nightmare for others, the things you 0:10:47.600 --> 0:10:50.200 might want to completely avoid. There's nothing wrong with either 0:10:50.280 --> 0:10:52.880 of these approaches, but it will affect the type of 0:10:52.920 --> 0:10:55.480 work that's required of you, and that's important to know 0:10:55.800 --> 0:10:58.480 before you launch a business. Just because you're great at 0:10:58.520 --> 0:11:01.200 a particular skill doesn't necessarily mean you have what it 0:11:01.240 --> 0:11:04.000 takes to become an entrepreneur, but that you really even 0:11:04.080 --> 0:11:06.720 necessarily want to go down that path. Yeah, alright, man. 0:11:06.760 --> 0:11:08.840 So those are some great questions for us to run 0:11:08.920 --> 0:11:11.640 through and for individuals to think about before we even 0:11:11.679 --> 0:11:14.679 dive into the weeds of entrepreneurship versus working for the man. 0:11:14.800 --> 0:11:17.280 But after the break, we're gonna talk about some specific 0:11:17.840 --> 0:11:20.040 factors and you know, some of these different trade offs 0:11:20.080 --> 0:11:23.200 that we have to make when you are deciding between 0:11:23.679 --> 0:11:26.679 entrepreneurship and running your own business versus a more traditional 0:11:26.760 --> 0:11:28.800 nine to five and We'll get to all of those 0:11:29.000 --> 0:11:40.520 right after the break. All right, we're back from the break. 0:11:40.559 --> 0:11:45.199 We're talking about entrepreneurship versus working for the man, and 0:11:45.280 --> 0:11:47.720 and either one of these routes can be good depending 0:11:47.760 --> 0:11:50.959 on Like we said, it's your temperament and the skills 0:11:50.960 --> 0:11:52.640 analogy that you possess. We we we talked about some of 0:11:52.679 --> 0:11:54.840 those broader overarching things, but let's get to some of 0:11:54.840 --> 0:11:57.320 the specific things that you need to consider before you 0:11:57.360 --> 0:11:59.760 dive in and you you make a decision before you 0:11:59.800 --> 0:12:03.160 just side which one is right for you. And Matt, obviously, 0:12:03.200 --> 0:12:05.800 the number one thing that people are gonna want to 0:12:05.840 --> 0:12:08.640 consider is what kind of income can you make being 0:12:08.679 --> 0:12:11.400 an entrepreneur versus working for the Man's at the top 0:12:11.400 --> 0:12:13.320 of the list. Man It's act. It is. It is 0:12:13.520 --> 0:12:15.720 that that's going to of course influence people in the 0:12:15.760 --> 0:12:18.040 direction that they go in. A day job will give 0:12:18.080 --> 0:12:21.000 you a steadier paycheck. Most folks who have a nine 0:12:21.040 --> 0:12:23.840 to five might not realize how great this is, but 0:12:23.960 --> 0:12:25.840 it's a pretty amazing thing to know that you're going 0:12:25.920 --> 0:12:28.560 to be receiving a certain amount in every paycheck every 0:12:28.559 --> 0:12:31.040 single two weeks or at the end of every month. However, 0:12:31.080 --> 0:12:33.400 you get paid, but also there are limits to that. 0:12:33.480 --> 0:12:36.199 You're only getting paid as much as your employer is 0:12:36.240 --> 0:12:39.600 willing to pay you. Raises are typically more limited when 0:12:39.640 --> 0:12:42.080 you're working in a nine to five context. I know 0:12:42.320 --> 0:12:45.560 my raises that kind of mash inflation a little bit. Yeah, 0:12:45.640 --> 0:12:48.480 so really you're not really getting a raise. Essentially, in 0:12:48.800 --> 0:12:52.120 my last fifteen years of being employed for the Man, 0:12:52.400 --> 0:12:55.760 it's been, Uh, it's like an annual conversation where it's like, yeah, 0:12:55.880 --> 0:12:57.640 the max we can give you is a two percent 0:12:57.720 --> 0:13:00.480 raise this year. Um, But you've been working so well 0:13:00.600 --> 0:13:03.200 that I think we can give you the two percent um, 0:13:03.240 --> 0:13:05.040 And I feel bad for anybody who it's like, you 0:13:05.120 --> 0:13:06.600 haven't been working at great, so you get the half 0:13:06.600 --> 0:13:09.200 a percent race, but be terrible. But that's like totally 0:13:09.400 --> 0:13:12.760 normal in the corporate context these days, especially with a 0:13:12.760 --> 0:13:16.199 lot of larger employers. So it's not that you can't negotiate, um, 0:13:16.240 --> 0:13:17.880 it's not that you can't try to move up in 0:13:17.880 --> 0:13:20.040 the company, and we've discussed some of those things before 0:13:20.080 --> 0:13:22.840 on the show, but the earning potential upside is often 0:13:23.240 --> 0:13:26.079 far more limited in the corporate contact center is if 0:13:26.120 --> 0:13:29.240 you choose an entrepreneurial route, Yeah, Conversely, starting your own 0:13:29.280 --> 0:13:31.120 thing is uh, it's more of a an eat what 0:13:31.240 --> 0:13:34.679 you kill approach. Right. The earning potential there is limited 0:13:34.720 --> 0:13:37.560 only to what your your industry would allow, not your company, 0:13:37.880 --> 0:13:39.960 and as well, you know, to the time and effort 0:13:40.000 --> 0:13:41.840 that you are willing to put into it. You know, 0:13:41.880 --> 0:13:44.240 the sky is essentially the limit in many ways to 0:13:44.320 --> 0:13:46.320 the income that you can produce when you own and 0:13:46.400 --> 0:13:48.600 run your own business. But you know, to man, one 0:13:48.600 --> 0:13:51.760 of the biggest downsides to starting your own business is 0:13:51.800 --> 0:13:55.240 that income can be highly irregular and inconsistent, you know, 0:13:55.360 --> 0:13:57.720 especially early on, it can be difficult not only to 0:13:57.760 --> 0:14:00.640 have the systems in place that you know, that ensure 0:14:00.720 --> 0:14:03.600 that you have a study paycheck, but additionally, it can 0:14:03.640 --> 0:14:06.560 be really hard to have enough in reserves, you know, 0:14:06.600 --> 0:14:09.480 to ensure that you get paid every single month versus 0:14:09.640 --> 0:14:11.040 you know, a sort of thing where you get a 0:14:11.040 --> 0:14:14.760 fat check you know, maybe once every few months. For 0:14:14.760 --> 0:14:16.079 a lot of folks who are used to getting that 0:14:16.080 --> 0:14:18.319 paycheck every two weeks or once a month, this can 0:14:18.360 --> 0:14:21.120 be a pretty big shock. Yeah, that's a great point, man, 0:14:21.160 --> 0:14:24.600 I think, especially if someone is deciding to move into 0:14:25.360 --> 0:14:28.440 an entrepreneurial role, quitting their day job and starting their 0:14:28.440 --> 0:14:30.960 own business, they really do need to think about having, 0:14:31.120 --> 0:14:33.000 you know, more money in the bank so that they 0:14:33.000 --> 0:14:34.880 can weather some of those storms, because it is going 0:14:34.920 --> 0:14:37.920 to be different, right, You're you're in Consistent pay is 0:14:37.920 --> 0:14:39.280 a hard thing for a lot of people who are 0:14:39.360 --> 0:14:41.400 used to working in a corporate contexts, who are used 0:14:41.400 --> 0:14:43.200 to getting paid every two weeks to kind of figure 0:14:43.240 --> 0:14:45.240 out and get accustomed to, and who may not be 0:14:45.320 --> 0:14:48.760 used to managing their their own personal finances very well. Right, 0:14:48.800 --> 0:14:50.440 you know, if they're just counting on sort of like 0:14:50.480 --> 0:14:53.280 that trickle of money every two weeks, it might be 0:14:53.320 --> 0:14:55.560 a little more difficult to to get behind. Okay, what 0:14:55.800 --> 0:14:58.320 do the next three months of living look like? Let alone, 0:14:58.440 --> 0:15:00.600 It's hard to do that when you're not very good at, 0:15:00.640 --> 0:15:02.480 you know, even managing two weeks at a time. That's 0:15:02.480 --> 0:15:04.720 a good point. Yeah, so, Matt, you you kind of 0:15:04.760 --> 0:15:07.640 touched on this just now to another really important consideration 0:15:08.040 --> 0:15:10.280 when you're deciding which route works best for you is 0:15:10.560 --> 0:15:14.440 the time and balance side of the equation. Day jobs, 0:15:14.520 --> 0:15:17.480 I think, in a lot of ways are easier than 0:15:17.520 --> 0:15:20.920 taking the entrepreneurial route. A full time day job often 0:15:20.960 --> 0:15:23.760 allows you to check out after forty hours of work 0:15:23.760 --> 0:15:25.880 each week. That's not always the case, of course, but 0:15:26.120 --> 0:15:28.040 but it is for a lot of jobs. Nights and 0:15:28.080 --> 0:15:31.160 weekends are likely yours to use how you like in 0:15:31.240 --> 0:15:34.200 many contacts. Plus in a lot of jobs, you've got 0:15:34.320 --> 0:15:36.360 two to four weeks of vacation. All right. It's a 0:15:36.440 --> 0:15:40.560 decent lifestyle that you can plan pretty well around. Whereas 0:15:40.720 --> 0:15:43.880 entrepreneurship can kind of take over your life. You mentioned 0:15:43.880 --> 0:15:46.600 that which you kill approach, and I think because of that, 0:15:46.720 --> 0:15:48.880 sometimes it's hard to shut things down and it's hard 0:15:48.880 --> 0:15:52.360 to find much balance in in your life because you 0:15:52.400 --> 0:15:55.640 can let work take over and expand to as much 0:15:55.680 --> 0:15:58.400 as you'll get it. Yeah, it's definitely able to grow 0:15:58.480 --> 0:16:00.920 to fit that fish bowl you know, right that that 0:16:01.000 --> 0:16:03.840 goalfish that's in there. And man like I I often 0:16:04.120 --> 0:16:05.960 you know, refer back to when Caton I started our 0:16:05.960 --> 0:16:08.880 own company. But we went fell victim to this right here, 0:16:08.880 --> 0:16:10.760 man like I swear the first four or five years, 0:16:10.920 --> 0:16:13.400 folks would ask, what, you know, how the business was going, 0:16:13.480 --> 0:16:14.960 and like what we would say is like, oh, it's 0:16:15.000 --> 0:16:18.120 going great. But it wasn't until after that that we 0:16:18.120 --> 0:16:19.640 were able to kind of look back a little bit 0:16:19.640 --> 0:16:21.720 and what we realize is was that the business sort 0:16:21.720 --> 0:16:23.560 of felt like this runaway train, you know, like we 0:16:23.600 --> 0:16:25.440 felt like we were constantly trying to catch up to 0:16:25.600 --> 0:16:29.520 its versus us leading and guiding where the business went. Uh. 0:16:29.600 --> 0:16:31.880 And that's because, like we were excited about it, and 0:16:31.880 --> 0:16:33.560 that's great to be excited about it, but at the 0:16:33.600 --> 0:16:36.680 same time, it truly can kind of dominate your life. Man. 0:16:37.080 --> 0:16:40.040 And another consideration you know, you mentioned how like salary 0:16:40.120 --> 0:16:42.360 is probably one of the top things to consider when 0:16:42.360 --> 0:16:45.360 you're you know, considering entrepreneurship or or working a traditional 0:16:45.440 --> 0:16:48.040 nine to five. But if that's first, then a very 0:16:48.080 --> 0:16:51.040 close second are the benefits that you receive from working 0:16:51.280 --> 0:16:54.240 a nine to five if you go the entrepreneur route. 0:16:54.280 --> 0:16:58.560 Health insurance is expensive because you are footing the entire bill. Oftentimes. 0:16:58.680 --> 0:17:00.880 I do think this is something that keeps people from 0:17:00.920 --> 0:17:03.080 going down the path of entrepreneurship a little bit more. 0:17:03.400 --> 0:17:05.040 There are some routes you can go for this to 0:17:05.160 --> 0:17:07.040 to be you know, less of a thorn in your side, 0:17:07.160 --> 0:17:09.480 Like does your spouse have health insurance through their work 0:17:09.920 --> 0:17:12.159 it's so great, you know, or maybe your income is 0:17:12.160 --> 0:17:14.359 is you know, low enough that you qualify for some 0:17:14.400 --> 0:17:17.800 meaningful subsidies on the healthcare exchange, Like, that's cool too, 0:17:18.200 --> 0:17:20.720 But if you are paying full price for healthcare, just 0:17:20.800 --> 0:17:22.760 know that it's gonna be a lot of money. The 0:17:22.800 --> 0:17:26.280 average annual premiums for a family are around twenty thou dollars, 0:17:26.640 --> 0:17:29.600 and typically when you're employed, your employer covers a lot 0:17:29.640 --> 0:17:31.159 of that. And so know that that's an expense that 0:17:31.200 --> 0:17:33.119 you're gonna be now burdened with. Yeah, a lot of 0:17:33.160 --> 0:17:36.920 employers covering fifty sixties seventy plus percent of the health 0:17:36.960 --> 0:17:39.920 insurance costs and and yeah, it's a big shock when 0:17:40.040 --> 0:17:42.439 now it's all on your plate easily. Yeah. Uh. And 0:17:42.480 --> 0:17:44.040 you also won't have a company match, you know, when 0:17:44.080 --> 0:17:47.080 it comes to retirement benefits, but you do have access 0:17:47.119 --> 0:17:49.399 to tax advantaged retirement accounts that can allow you to 0:17:49.440 --> 0:17:52.240 invest a whole lot more as well. With a SEPI A, 0:17:52.400 --> 0:17:55.280 you can invest up to fifty seven thousand dollars every 0:17:55.280 --> 0:17:57.920 single year and at tax deferred account. That's a little 0:17:57.920 --> 0:18:00.800 trick that your four one K doesn't have. Yeah, it's sure, yeah, 0:18:00.800 --> 0:18:04.639 four OK, nineteen five is your personal contribution limits? Seems 0:18:04.640 --> 0:18:07.960 pretty piddily compared to the step. Yeah, if you're a 0:18:08.000 --> 0:18:10.480 boller and you're and you're making tons of money, You've 0:18:10.560 --> 0:18:13.040 ramped up income, like we talked about, and you want 0:18:13.040 --> 0:18:15.600