What's the single thing you've done that has slumped your income up the most?
 

For me, becoming a contractor and chasing the dream that I create.

I've had 2 really great years with pretty good years on either side, in 30 years. The rest were from just paying the bills to 3-4 years of a real struggle to keep up. I wouldn't wish this life on anyone, but it's been fun, nevertheless.

Let's hear of other boondoggles.

I'm confused :confused:

Why would you pay tribute to something you dont want?
Focus on what you DO want!

Milt,
think about and plan things "just" the way you'd like them to be, then give that your attention. See what happens then bud. ;)

Buying a Denny's franchise:mad:

Really? Man, I thought that would be a gold mine with hard work, of course. The MickeyD's franchise owners I've run into over the years have been workaholics, nasty managers, but swimming in money. It's not a hands on business.

I once thought about buying a bar. Then I found out how many ways there are to steal from a bar. Not for me.

"I'm confused

Why would you pay tribute to something you dont want?
Focus on what you DO want!"
Did this belong in another thread? Talk about :confused:

Going to an excellent University that no one's ever heard of. :mad:

Cabazon, CA, we developed the "dinosaur" property, 60 acres, nightmare, many years of litigation. Flood-zone, Govt' Grrrrrrrrrrrrrrrr, next subject?:mad:

Ha, getting myself in all kinds of trouble sitting at the computer today. Doing my month end books for November.

Got the right thread Milt and I already admitted I was confused?
I had some tough years in business in my 20's and 30's. I had a rule then and I'm often reminded of it today with so much negative vib going around. My rule was if you had something negative to contribute to one of my seven companies at the time, you brought it to my attention on Tuesdays. I created a rule that I would focus on the positive solutions for 6 days a week and the negative (data collection) only one day a week. I stayed focused on the positive and came through many challenging circumstances; a lot tougher than this over due correction we're in today.

If I would've sat around listing to my accountants, lawyers and negative business partners 5 to 7 days a week; I woulda gone broke long ago!

Success principals have been around for 2,000 years man. So what I'm confused about is WHY would anyone want to focus on the negative? It's a simple decision that takes place between your ears; positive or negative; everything in life offers both, you decide.

Very few adversities that I have suffered didn't lead me to bigger and better things. There's a silver lining in every cloud.

How can that be?

Good, conscientious, reliable contractors (all of which I am sure you are, in spades) are so hard to find.

The few that I know in California have done well and stayed busy for years and years straight, with no advertising, just word of mouth and referrals.

Well said 911 ROB, I couldn't agree more. Life is what you make of it and being positive even when being shat on but learn the errors of your ways and moving on is definitely the way to go not to mention hard work. The only periods of time where I have been unsuccessful have been aligned with focusing on the negative and not treating it like a speed bump and forging ahead despite the setbacks. Oh I'm in the building industry as well but am rather busy at the moment despite being slower in past years. However I have learned how to be a better self promoter and understand how to promote my business and close a deal much better which boosts my confidence in these slow times.

IN LA, that's hard to find. Most people shop prices, and not service or quality. Is not their fault, it just that they don't know quailty. That's why many good contractors want out because they can't make any money. I think its better in No cal. How can one compete with the guy that lives in the back of his truck and have no credentials, insurance, and what not. He has a hammer and a saw and he's a contractor. Thankfully we have done OK in the past 10-15 years.

Wife #2

Changing Job.

working for a US subsidiary of a foreign company when the tech bubble was coming to an end

Well, the worst thing was not diversifying my client list. I basically have only one large, reliable client. However, should anything change, I'm screwed. I have to shake the complacency and develop more clients, but that means spreading my limited workforce thin, which means quality will suffer, which means I could jeapordize my relationship with the main client. Yeah, I can work around that, but I haven't been sufficiently motivated because things have gone so well.

That said, the BEST thing I did was become a contractor. It has it's headaches and is definitely not for everybody, but I love it.

Milt, you need to find a niche, like healthcare facility renovation. It's HUGE and there's no end in site. Also, I can give you a large, national contact if your interested.

I retired! Fixed income kinda sucks. Even though I don't have to get up and go to work every day, I miss the "walk around money". We are on a pretty tight budget until I get social security in 4 years. The band helps and I get a few restoration jobs on shotguns here and there, but I do miss the regular paycheck. I guess that's the price of freedom.

Partied too much at UT and ended up with a worthless economics degree instead of the engineering degree I originally sought. I went back for an engineering degree at UH, but I'm 6 years behind the curve, not to mention not going for a post grad professional degree.

real estate for me as well...bought some property that had me feeding the alligator for 13 long years...finally, the local economy picked up enough that I was able to sell at a nice profit. But...the waiting period was hell.

Rob is right about the silver lining. Selling this property gave us the springboard for better investments...

Contracting has fallen off with everyone I know.

I tell people that homeowners are more interested in keeping their houses instead of remodeling them...

I had to drop my price to 70% of normal just to get my last job and was still the high bidder.


KT

True, KT....Cindy had zero difficulties finding people willing to do her kitchen remodel earlier this year. She wanted it done a couple of years ago...but all the contractors were just "too busy" with new home construction.

Never used my MBA in a finance or banking type of way. Should have earned millions and then left Lehman Bros. in disgrace.

i try not to focus on my regrets...it doenst help my mental being. i was a major eff up.

getting back on crack and the whores....

Actually, in my opinion, this is beneficial.
1. Remembering your mistakes gives you the experience.
2. Remembeiring your mistakes makes you not commit the "history repeats itself!"
3. An old man once told me, "He who never looks back may not reach his destination."
4. Learning from your mistakes helps your 'move on.'

Bottom line....just 'learn from it and move on.'

Convincing myself that I am only an $X earner and no more. That year I only earned $X. Ever since then I tell myself I can earn much more and I've been right.

"Whether you think you can or whether you think you can't, you are right" - Henry Ford.

buying a crappy 911 and thinking it could be fixed within my budget

Amen to that. Talk about negative. Time to move on. At least the moving van and bank account are lighter (LOL).

Thing that slumped my income the most was moving from the private sector to a non profit. Income was cut by more than half and the benefits suck. Wouldn't change a thing.

Thing that cut my net worth the most. Divorcing wife #1. Best thing I ever did!

Thing that has impacted my expenses the most. Porsches, track days, racing! Having a blast.

I may die broke but I'll have fun getting there...........................................:D

I don't get that. How can simply telling yourself you can earn more cause you to earn more? Can you explain in detail how that works, or specifically worked for you?

Oh, it's just that positive outlook thing. Nothing more to it. When I had lots of appointments for quotes, I told myself I could sell every one. If I sold 60-70%, that was good, either because if I sold more, my price was too low, (never really believed in that method of running a business) or there was an issue with the customer (unrealistic, etc.). So a batting average well north of 50% was always a good one. But, you had to look at every deal with the same enthusiasm or they'd eat you up or just walk out of uncertainty.



I know HE'S a contractor!!

(never really believed in that method of running a business)
More on that: I always thought consistency rather than opportunity was king.

I'm in sales so I keep track of how much my commissions and bonuses on top of my base salary are going to be based on my closes and projections. If I knew that say, by September, I'd make my quota, I would begin to work less and play more just so I'd stay within my self imposed salary limit. Even if commissions and bonuses are uncapped, I'd think I can't make more because I've set that artificial limit upon myself.

I can't make myself believe that the sky is the limit so now I set a very high limit upon myself and work until Dec 31.

Maybe we should have a barter thread, I just had a shotgun redone up here but would have been more than happy to send it your way. Has the barter thread been done yet?

[QUOTE=milt;4352559]Oh, it's just that positive outlook thing. Nothing more to it.


I know HE'S a contractor!!


I once had a guy told me that he can cut and hang big crown (stain grade) with just a Skill saw. I pick up my things and ran as if a bear was chasing me.

I quit my job in Oct, 2007 and live off my investments. You can guess how thats been working out.