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

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
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wbadbada
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Joined: Sat Dec 09, 2017 12:49 am

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

Post by wbadbada » Sun Feb 25, 2018 1:20 am

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

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

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

sport
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Joined: Tue Feb 27, 2007 3:26 pm
Location: Cleveland, OH

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

Post by sport » Sun Feb 25, 2018 2:32 am

wbadbada wrote:
Sun Feb 25, 2018 1:20 am
I could juggle all the above but that will be exhausting. I work to live, not live to work.
It seems you have answered your own question.

DrGoogle2017
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Re: Pick up a part-time to get to FI faster or use that time to pursue my dream?

Post by DrGoogle2017 » Sun Feb 25, 2018 10:10 am

You might want to use driving Lift or Uber as your part time strategy for FI. I’ve used Uber twice, both time, they are retirees with fat pocket. One guy own 2 homes in the East Coast, but he drives for Uber from morning till 2PM while his while works.

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Bammerman
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Getting to Florida

Post by Bammerman » Sun Feb 25, 2018 10:35 am

Maybe it's because I hadn't had my second cup of morning coffee yet, but at first I thought this thread was about getting to Florida. I pondered, "I've seen Fla. and FL used as abbreviations, but never Fl ...." then I thought, could that be a capital "I" after the "F" ?? At that, a dim bulb began to glow weakly above my head.

(But more seriously, in my honest opinion (imho) it's better to spell things out at least one time before continuing with an abbreviation.)

THY4373
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Re: Pick up a part-time to get to FI faster or use that time to pursue my dream?

Post by THY4373 » Sun Feb 25, 2018 10:43 am

I think balance in life is important. I am pursuing FI and would be there sooner if I had more than the one side gig I currently have and if I didn't travel internationally so much (2-3 times a year). But you know what none of us know how long we have left so to me it is important to do some things that are meaningful to me now even if it slows down achieving FI. Who knows I'd might lose my grasp on this mortal coil before I would get to FI.

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

Post by ClevrChico » Sun Feb 25, 2018 10:48 am

Any second job/gig will be taxed at your highest marginal tax rate. Add self-employment tax if you're working as a 1099. You could be easily working near minimum wage at the PT jobs you mentioned, but paying nearly half in income taxes. It's totally dependent on your situation, but it's probably not worth it if you value your time.

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

Post by jlcnuke » Sun Feb 25, 2018 10:56 am

sport wrote:
Sun Feb 25, 2018 2:32 am
wbadbada wrote:
Sun Feb 25, 2018 1:20 am
I could juggle all the above but that will be exhausting. I work to live, not live to work.
It seems you have answered your own question.
+1

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Sandtrap
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Location: Hawaii No Ka Oi , N. Arizona

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

Post by Sandtrap » Sun Feb 25, 2018 5:17 pm

jlcnuke wrote:
Sun Feb 25, 2018 10:56 am
sport wrote:
Sun Feb 25, 2018 2:32 am
wbadbada wrote:
Sun Feb 25, 2018 1:20 am
I could juggle all the above but that will be exhausting. I work to live, not live to work.
It seems you have answered your own question.
+1
+1
You can ensure the odds of business success by devoting 24/7 to it. Give up vacations, play, days off, sick leave, leave, hobbies, diversions, a guaranteed 40 hour work week and no more, a guaranteed paycheck, walking away from work at the end of the day and leaving company worries with the "company". There's no comfort zone and security in a business venture. If so, everyone and anyone could do it. Certainly those fearing exhaustion.
Build on existing successes within one's comfort zone.

Check out this forum. MMM
https://forum.mrmoneymustache.com
j :D
Wiki Bogleheads Wiki: Everything You Need to Know

Topic Author
wbadbada
Posts: 28
Joined: Sat Dec 09, 2017 12:49 am

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

Post by wbadbada » Tue Feb 27, 2018 3:17 am

Sandtrap wrote:
Sun Feb 25, 2018 5:17 pm
jlcnuke wrote:
Sun Feb 25, 2018 10:56 am
sport wrote:
Sun Feb 25, 2018 2:32 am
wbadbada wrote:
Sun Feb 25, 2018 1:20 am
I could juggle all the above but that will be exhausting. I work to live, not live to work.
It seems you have answered your own question.
+1
+1
You can ensure the odds of business success by devoting 24/7 to it. Give up vacations, play, days off, sick leave, leave, hobbies, diversions, a guaranteed 40 hour work week and no more, a guaranteed paycheck, walking away from work at the end of the day and leaving company worries with the "company". There's no comfort zone and security in a business venture. If so, everyone and anyone could do it. Certainly those fearing exhaustion.
Build on existing successes within one's comfort zone.

Check out this forum. MMM
https://forum.mrmoneymustache.com
j :D
I agree 100%. However, I'm not saying that I wouldn't pursue starting a company because I fear it will be exhausting. Of course it's going to be exhausting. I said it would be exhausting to do a part-time job (purely for FI) AND start a company (for my own fulfillment).

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

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

Post by TerryDMillerMBA » Tue Feb 27, 2018 5:49 am

Start the company, and you will never regret trying. If you need help, just ask.

I have had issues with balancing my life pursuits. It is a challenge for most. Your situation seems a little more clear cut: I wouldn't want you to monkey around with Uber, etc. when there is human suffering out there to alleviate.

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bottlecap
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Location: Tennessee

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

Post by bottlecap » Tue Feb 27, 2018 6:58 am

Is a part time low paying job really going to make the difference for you? I'd think that time is much better spent planning and building relationships to achieve your dream.

However, I’d start the company before FI. The more money you have, the larger a guaranty the banks will require. If you are going to risk going broke, better now than when older.

Finally, "I work to live, not live to work" is the motto of few successful business owners. The smartest guy I know started several successful businesses in his younger life. Three years ago, he saw an opportunity and started his last one. I’ve seen him 3 times in three years and for less than an hour and a half each time. He probably exercises some and sees his family some on Sunday, but he doesn’t have much time for friends or hobbies.

Let me put it this way: when you start a business, you won’t have the extra free time to take on a second job that you have now.

Good luck,

JT

User avatar
Sandtrap
Posts: 8649
Joined: Sat Nov 26, 2016 6:32 pm
Location: Hawaii No Ka Oi , N. Arizona

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

Post by Sandtrap » Tue Feb 27, 2018 9:36 am

wbadbada wrote:
Tue Feb 27, 2018 3:17 am
Sandtrap wrote:
Sun Feb 25, 2018 5:17 pm
jlcnuke wrote:
Sun Feb 25, 2018 10:56 am
sport wrote:
Sun Feb 25, 2018 2:32 am
wbadbada wrote:
Sun Feb 25, 2018 1:20 am
I could juggle all the above but that will be exhausting. I work to live, not live to work.
It seems you have answered your own question.
+1
+1
You can ensure the odds of business success by devoting 24/7 to it. Give up vacations, play, days off, sick leave, leave, hobbies, diversions, a guaranteed 40 hour work week and no more, a guaranteed paycheck, walking away from work at the end of the day and leaving company worries with the "company". There's no comfort zone and security in a business venture. If so, everyone and anyone could do it. Certainly those fearing exhaustion.
Build on existing successes within one's comfort zone.

Check out this forum. MMM
https://forum.mrmoneymustache.com
j :D
I agree 100%. However, I'm not saying that I wouldn't pursue starting a company because I fear it will be exhausting. Of course it's going to be exhausting. I said it would be exhausting to do a part-time job (purely for FI) AND start a company (for my own fulfillment).

Yes, I work to live, not live to work. Starting a company that I am passionate about and deeply rooted in its' success and impact is my definition of living. My definition of work is to make ends meet, to bring food to the table and to keep a roof over your head.
Outstanding!
Then you will succeed!
One of the most gratifying things to do is start a business from scratch and see it grow and prosper.
What kind of business venture?

Retired businessman.
aloha
j :D
Wiki Bogleheads Wiki: Everything You Need to Know

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