A word FROM the wise?

[ItzaMe]

Will try to keep this short and sweet.

I've been on this forum for some years and this group of people seems to have many years of experience in life generally.

I have made some big changes throughout my life in the last 6 months, mainly moving to a new state and taking on a new engineering role.

I'm 24 and the main reason I moved was because me, my brother, and my buddy started a business re-selling returned/overstock amazon goods by the truck load. Getting another engineering job was mainly to get me to quit my old one and make the move.

We chose our location since it made sense where some of the loads were coming from and we were familiar with the area already and had friends here also.

Business is slowly growing and have 400+ customers right now who signed up with out online auction.

I work full time 8-5PM and then get to our warehouse and work another 4+ hours daily doing inventory/organizing or cleaning up. I like holding my weight being a part owner.

These last few weeks it's felt impossible trying to keep up with my full time job and the business while still being able to have a social life.

What do you guys think? The business doesn't require cray hours to keep it running. We recently hired a couple more guys to do inventory so that will help also.

I have messed with making music, making YouTube videos, rebuilding cars/bikes and selling all my life. I think that if I off the full time job that I will be alright making funds roll in those other ways. Especially in today's day where people posting videos on YouTube are binging in crazy numbers.

I have some money saved also and have been thinking of investing in a few other ways but i have NO TIME when my job sucks 9+ hours out of me daily.

It's killing my creativity and imagination.

What do you guys think? Have you ever taken a leap and what do you suggest?

Any words of wisdom?

[stomachmonkey]

Are you asking us should you dump the 9-5?

You are 24, no better time than now to be broke and trying to make your own way while enjoying life.

Soon you'll meet that someone, settle down, have kids, and those opportunities will be fewer because you now have responsibilities that can limit your choices.

[cabmandone]

How much personal debt do you have?

Originally Posted by stomachmonkey

Are you asking us should you dump the 9-5?

You are 24, no better time than now to be broke and trying to make your own way while enjoying life.

Soon you'll meet that someone, settle down, have kids, and those opportunities will be fewer because you now have responsibilities that can limit your choices

I actually did the opposite. Started a business after my first kid came along. Nothing motivates quite like responsibility.

[flatbutt]

You must be happy in what you do for a living. Experiment NOW before you have the responsibility of a family. If it were me I'd look for a balance between the two jobs and examine which means more to me while taking the time needed to be me.

Do it now youngblood, you will not be able to do it later.

[1979-930]

I have always worked 10+ hrs a day. From 17 to 46 and I don't plan on stopping. I have always made good money. But I haven't always liked my job. I have had jobs with companies for 6 years where I hated being there. I could feel the energy being drained from me as I drove to work.
I kept working and looking. I eventually found myself in a job that I loved doing and the 10hr to 12hr days seemed like nothing. Iv'e been here for 15 years now and President for 6 years. I work 10hr days and I'll die happy here.

My point and what I've learned is; If you hate going to work no amount of money will make you happy.

[fastfredracing]

If you have a good thing going, make hay while the sun is shining. Pay your house off, keep your debt low. Set yourself up so that when you are older, and can no longer keep up the same pace, you can start to enjoy the fruits of your labor and pull back a little bit .
Make sure to enjoy some down time though.

[javadog]

I would keep your day job until your part-time job pays more than it does. Assuming you can make ends meet by doing a half a dozen random things is not a good idea.

[Seahawk]

A few addition questions to add to the list:

Is the salary from the 9 to 5 essential?

If you went full time with the business gig, would that put you in a financial bind?

Can you part-time the engineering job?

How is the business structured? LLC, C/S Corp? Roles and responsibilities defined? If you are hiring people who does your employee manual, other HR related issues?

Accounting structure...most small start-ups get on rocky shoals here. Line of credit? Are you protected?

Lawyer? We use a CPA with a law degree - saves a lot of money.

I ask these questions because running a business is hard and you need to be hands on...nothing fails more than a business with a part-time owner. You have to drive the bus.

If your brother and buddy are at the helm and you trust them, that is a different story. However, success and money change people. Trust but verify.

Sounds like exciting stuff but get hyper organized if you have not already done so.

[OldSpool87]

24 yrs old is the time to take a risk. If you jump in with two feet and things don’t work out, at least you’ll know. And keep in mind that quitting your job to pursue opportunity won’t erase your engineering background and skill set. If I was hiring and had you as an applicant I would ask about the employment gap. You tell me you went to start a new business venture. I see a motivated self starter who took a calculated risk. Not a bad thing…

[cstreit]

You're 24. If you're going to take risks, NOW is the time. Every year you get older you have more to lose and hence, it gets harder....

[nb6179505]

Originally Posted by cabmando

I actually did the opposite. Started a business after my first kid came along. Nothing motivates quite like responsibility.

Would like to know more. In the same boat sort of, 30 years old, about to have a kid, own a home. But always looking to take a risk if it pays off....

What sort of business?

Sent from my Pixel 2 using Tapatalk

[McLovin]

I agree that 24 is a time to take risk, but for your situation would need more info.

How much does your engineering job make now, and what level of income could be expected for the future?

Could you work your engineering job for a few years, learn it, make contacts then start your own engineering company? Would that be lucrative?

How much do you like/hate engineering?

If you quit your job, how hard would it be to go back and get a similar job?

How much does the Amazon reselling biz make and what are the income prospects for the future? Taking in mind that you are only getting a third of the net profits.

I’d focus your decision on the business and not count on anything from making music, YouTube videos, etc.

[stomachmonkey]

Originally Posted by cabmando

Nothing motivates quite like responsibility.

I agree, but my position was responsibility can also limit what one can actually undertake regardless of the motivation to do so.

Kinda like being tethered to the bottom of a 10 ft deep pool by a 9 foot rope.

[Zeke]

Looking back over the years I should have taken the tortoise route vs. the hare. A good career is just that. If the engineering job is not challenging enough to want limit hours spent on a side gig, then another job in engineering might.

You asked for advice so that's it from a 73 YO man.

[Seahawk]

I should add that I was a part owner of a white water rafting company when I was 20.

I had very good advice from one of my Econ professors, trite but true: Easier to get married than divorced. Get a business pre-nup.

[tabs]

Originally Posted by 1979-930

I have always worked 10+ hrs a day. From 17 to 46 and I don't plan on stopping. I have always made good money. But I haven't always liked my job. I have had jobs with companies for 6 years where I hated being there. I could feel the energy being drained from me as I drove to work.
I kept working and looking. I eventually found myself in a job that I loved doing and the 10hr to 12hr days seemed like nothing. Iv'e been here for 15 years now and President for 6 years. I work 10hr days and I'll die happy here.

My point and what I've learned is; If you hate going to work no amount of money will make you happy.

You are getting into your massive heart attack years..so you might get your wish.

You ain't a spring chicken no more. Your body does not have the same tolerance nor resiliency to.handle stress as it once had. You have already worn those parts down through continual use. You now have to be aware of when you feel tired and back off a bit to recoup. If you don't one morning you will wake up and find that you are dead.

It is a very common mistake to think you can do what you did at 35 . You have already put those miles on your chassis. The guys who think they are still bullet proof are the ones whose engines seize up..

[ItzaMe]

Originally Posted by stomachmonkey

Are you asking us should you dump the 9-5?

You are 24, no better time than now to be broke and trying to make your own way while enjoying life.

Soon you'll meet that someone, settle down, have kids, and those opportunities will be fewer because you now have responsibilities that can limit your choices.

I heard similar when I made the big move to another state and I'm happy I made the change. So dumping the 8-5 might also be a good step.

I have a girlfriend also. It's a new relationship but I'm a pretty serious guy. Won't be dating for year(s) so marriage definitely down the line unless something trash occurs.

Originally Posted by cabmando

How much personal debt do you have?



I actually did the opposite. Started a business after my first kid came along. Nothing motivates quite like responsibility.

Zero personal dept.

Nothing owed for school/cars etc. Renting a place with my buddy and a friend about $300/month.

Looking for a fixer upper house to own also split between the business owners of our company.

[Zeke]

Originally Posted by tabs

You are getting into your massive heart attack years..so you might get your wish.

You ain't a spring chicken no more. Your body does not have the same tolerance nor resiliency to.handle stress as it once had. You have already worn those parts down through continual use. You now have to be aware of when you feel tired and back off a bit to recoup. If you don't one morning you will wake up and find that you are dead.

It is a very common mistake to think you can do what you did at 35 . You have already put those miles on your chassis. The guys who think they are still bullet proof are the ones whose engines seize up..

Tell that to a mid western farmer who works 6 days a week and sees to the livestock even on Sunday. Meaningful physical work is actually beneficial. Yes, one learns to work smarter rather than harder over time. But I don't care what year it is, the lumber still weighs the same.

[ItzaMe]

Originally Posted by flatbutt

You must be happy in what you do for a living. Experiment NOW before you have the responsibility of a family. If it were me I'd look for a balance between the two jobs and examine which means more to me while taking the time needed to be me.

Do it now youngblood, you will not be able to do it later.

Thanks. I'm not happy at my current job.

Originally Posted by 1979-930

I have always worked 10+ hrs a day. From 17 to 46 and I don't plan on stopping. I have always made good money. But I haven't always liked my job. I have had jobs with companies for 6 years where I hated being there. I could feel the energy being drained from me as I drove to work.
I kept working and looking. I eventually found myself in a job that I loved doing and the 10hr to 12hr days seemed like nothing. Iv'e been here for 15 years now and President for 6 years. I work 10hr days and I'll die happy here.

My point and what I've learned is; If you hate going to work no amount of money will make you happy.

Me energy is definitely being drained from me on the daily.

Maybe down the line ill acquire an engineer job that I love but right now I think I can use todays society and tools for my benefit.

Originally Posted by fastfredracing

If you have a good thing going, make hay while the sun is shining. Pay your house off, keep your debt low. Set yourself up so that when you are older, and can no longer keep up the same pace, you can start to enjoy the fruits of your labor and pull back a little bit .
Make sure to enjoy some down time though.

I have zero time to focus on things that I actually love doing and creating.

It took me less than a month to find this new job so I might take the chance.

Originally Posted by afterburn 549

If you are self-employed you immediately graduate to at least 1/2 days , that is 12-hour minimums
for the first 5 years.
The next thing is most business go under in less than 5 because of bad management skills.
Overstock what they don't use, wrong advertisement campaign, etc etc,
Don't complain if you are running in the green with a line looking like it will do better in a while.

We aren't bringing in much money. All profit goes towards building the business so I understand. The people who originally opened one up have gown to 20+ customers in about 3-4 years and we work with them and always ask questions when we run into issues.

Originally Posted by javadog

I would keep your day job until your part-time job pays more than it does. Assuming you can make ends meet by doing a half a dozen random things is not a good idea.

It's going to be a while till the business brings in same money as my salary job.

I'm not a baller but I'm at the point in my life where money seems like an idol to me since I don't enjoy what I'm doing right now.

[Bugsinrugs]

Originally Posted by Zeke

Tell that to a mid western farmer who works 6 days a week and sees to the livestock even on Sunday. Meaningful physical work is actually beneficial. Yes, one learns to work smarter rather than harder over time. But I don't care what year it is, the lumber still weighs the same.

Right on the money!!!!