Quiting 9-5 and taking a chance-What would you do?

[Wickd89]

I have a decent job, but in the end it is just a job working for someone else.

If "you" could, what would you do?

What would you invest in? What industry would you jump into? What do you think has great potential but you just do not have the $ or time?

During these times of concern, we need to look past the noise and see the opportunities.


I'll Start it off:

1. Buy more rental properties (currently at a bargain).

2. Start a "green energy consulting company (get training, licensing, etc)..

[TerryH]

If you want to start a California business and end up with a million dollars, start with 5 million dollars.

I'll take your old job.

Green is in. Lots of competition starting up now in solar and wind.

[Porsche-O-Phile]

Do #2. I'd be interested in talking to you about this too (pursuing my LEED certification right now, among other things). There will be a market for this in the coming months.

I 100% agree with you. Fire your boss. At some point you have to ask the hard question, "why am I giving away 2/3 of the value of what I produce in exchange for convenience and the illusion of job security?" There's no good answer to that one - at least I never found it. There's no such thing as job security (current situation is evidence of this) and the "convenience" of going to the same office every day, doing the same thing and dealing with the same people is frankly a grind more than a convenience after about... oh... two months. At least that's how I see it.

I would caution you about starting a business in CA. If you haven't looked into the tax liabilities, do so before you start. It's pretty astonishing. You WILL pay between $0.50 and $0.60 on the dollar to the state. And that's to start. It is VERY expensive to operate here - and getting worse... It would take a LOT to convince me to open up shop in CA. It's probably the most entrepreneur-unfriendly environment I've ever seen, which is staggering given how much innovation comes out of here (another topic).

As much as being unemployed sucks, I actually love the freedom to pursue what's important to me. The pay sucks, but it's great to be able to "call the shots" and focus on what I think will be important/valuable areas, rather than having to trust someone else (who's usually wrong) and give away 2/3 of the value of my service for the privilege. If I actually had one or two clients right now to work on, I'd be happier than a pig in slop. My uneasiness right now only comes from the fact that there's no work out there - not because I don't have a j.o.b. to go to every day.

Nobody ever got rich working for someone else. I'm 100% convinced if you want to get ahead in this world, give yourself a true sense of accomplishment and/or make real money - you NEED to work for yourself.

[Steve Viegas]

I did what you are talking about. I helped start a computer hardware company, in CA. We did OK and I was able to figure out what I wanted to do when I grew up. I ended up becoming a commercial real estate broker. I am my own boss, I have no employees and I write my own ticket.

I think there are a number of people, in CA alone, that would disagree with the idea of not getting rich working for someone else. Google, Yahoo, VMWare are all recent examples of people getting VERY wealthy working for someone else.

[Porsche-O-Phile]

But how much more could they be making on their own?

Far and away the exception rather than the rule.

[MT930]

This is the time to make the move do your research well. You can always work for someone else.
(Positive Approach)


I have been a business owner, manufacturing then R/E development and brokerage (commercial) for 18 Years, I love it. However right now with the lending troubles. I wish I was working for the government or someone else. (I want My Mommy !)
(Realistic Approach)

Find your niche and Go!

[widebody911]

The last time I was unemployed, I put myself into the fiberglass parts biz. I made enough to cover my mortgage and some basic expenses, so I only had to tap into my savings for hookers and blow.

[looneybin]

I fired my boss 5 years ago & went out on my own, starting my own architectural firm.
It was the scariest thing i have ever done, many sleepless nights.
BUT the feeling of not having to work for someone else & that what i do, i am doing for me, is all the satifaction that i need.
I did, however underestimate the amount of free time i now have.
I thought i would be able to play golf any time i wanted (i've only played 4 times in 5 years)
If i had to do it again, i would do the same thing (but maybe not in Cali).
There is nothing worse that waking up and thinking "damn, i hate going to work"
I love working for myself & haven't "gone to work" since.

[Porsche-O-Phile]

Originally Posted by looneybin

I fired my boss 5 years ago & went out on my own, starting my own architectural firm.
It was the scariest thing i have ever done, many sleepless nights.
BUT the feeling of not having to work for someone else & that what i do, i am doing for me, is all the satifaction that i need.
I did, however underestimate the amount of free time i now have.
I thought i would be able to play golf any time i wanted (i've only played 4 times in 5 years)
If i had to do it again, i would do the same thing (but maybe not in Cali).
There is nothing worse that waking up and thinking "damn, i hate going to work"
I love working for myself & haven't "gone to work" since.

Inspiring. I applaud you. This is EXACTLY the way I think. It's not work if you're doing it because you love it.

BIG, BIG, BIG difference between working for someone else (because you have to) and working for yourself (because you want to). The BIGGEST.

[Zeke]

Where ever I turn, I see IT growing. Web designers are busy.

Buying RE now is definitely a LONG term deal and the properties most likely will come with a negative cash flow. How do you support that?

How are you set for hookers and blow? I hear there's a good market.

[Oh Haha]

Man, I've been thinking about this since I was laid off.

Right now, I have to work for someone else but our plan is to be business owners by the time I am 52(10 years).

While the potential for advancement was talked about before I hired in, I would still be working for someone else.

[dhoward]

I read quilting.
Quilting makes my fingers hurt.

[gr8fl4porsche]

The grass is always greener.

Those who work for others wish they were the boss.

The boss wishes he worked for someone else.

9-5 would be a vacation.

I only work 24-7.

I am never off - I may leave the office but I am never 'off'.

[dhoward]

Originally Posted by widebody911

The last time I was unemployed, I put myself into the fiberglass parts biz. I made enough to cover my mortgage and some basic expenses, so I only had to tap into my savings for hookers and blow.

Inspiring. I applaud you. This is EXACTLY the way I think

[notfarnow]

Originally Posted by milt

Where ever I turn, I see IT growing. Web designers are busy.

ha, that's what I woulda said.... 3 weeks ago!

[Seahawk]

Going into business for yourself, regardless of the niche or how solid the business plan, is nerve wracking. It just is.

That said, my partner and I were talking today and his words were, "My excitement makes the fear bearable". This from a F-14 knucklehead, Top Gun Instructor, fighter puke extraordinaire.

We've got a bunch or work, are growing, but I often wake up in the middle of the night...not always sure if it is because of excitement or fear.

Time will tell.

It is good to be alive. The content of the struggle is often more compelling than the end state.

[turbo6bar]

Originally Posted by gr8fl4porsche

The grass is always greener.

Those who work for others wish they were the boss.

The boss wishes he worked for someone else.

9-5 would be a vacation.

I only work 24-7.

I am never off - I may leave the office but I am never 'off'.

Concur. You can achieve much in life if you work only half a day. Pick the first half or the second half. by Kemmons Wilson, originator of the Holiday Inn and hotel concept.

I am picky and not a good team player, so working for somebody else was never an option. I love the freedom and challenges, but hate the fact I am never truly 'off.'

Wickd, I am a huge fan of real estate and investing. I would not be doing it if I was not 100% confident. You have to seize an opportunity when it presents, and realize opportunities are not available at every moment. Future plans are new residential construction and acquiring a few more rentals. The new construction excites me because I have control over the design and execution, which gives the opportunity to integrate "green" design WRT material selection, energy efficiency, and long-term serviceability of the structure.

The only thing I would change from what I am currently doing is find more quality professionals to help me achieve more. There are only so many hours in the day. As far as I'm concerned, the money is secondary to conquering new challenges and promoting excellence.

[pwd72s]

Invest in Government Growth and taxes. I guarantee you, both will go up.

[911Rob]

Great thread with awsome posts! Bravo!

The question reminds me of the story about the dog and the fox.

Quick Version:
Fox jumps into a dogs yard one day; the dog shows the fox his lifestyle. All the food you want, love and attention, a private yard, beautiful walks and trips here and there, etc, etc.

One day the dog sees the fox jump back over the fence and yells out, "Hey Fox, where are you going? The Fox replied, "Back into the wild". "But why?" exclaims the dog. "Because I am a fox"

It's NOT that one is better than the other, because it is truly NOT. It's whether you are a fox or a dog? I can say I've done both and I would only choose to be self employed; however all the success in the world can leave you feeling lonely, so I've now chosen to build my businesses in partnership arrangements; someone to enjoy the ride with.

Life is all about the contrast. Go into the unkown with an understanding that you want to figure out what you want. Learn to enjoy the day to day processes of what you do; savouring the moments, the conversations, the opportunities. Understand that whatever you do there will always be the uncontrollable yearning to do more.

I think it is excellent to discover the opportunities of what both lifestyles can offer; they can both be very gratifying and rewarding. The biggest increase in my personal income was the year I was head hunted by several companies. I enjoyed that fat six figure income very much in comparison to the struggle of being self employed; however it was not for me, because soon the job had me in the exact same situation as the self employed person, without the control; and unless the guy pulling the strings pulls them the exact way I'd pull 'em; it ain't gonna work for me, especially when it comes to honesty and integrity issues.

I think what people should really evaluate is what kind of lifestyle it is they want to have.
- No alarm clock
- Flexible hours
- High income
- Low stress
- etc., etc.
List out what you want your lifestyle to be like and THEN find the career that satisfies that lifestyle. If an opportunity came my way tomorrow, I'd be all ears, always have been, always will be.
My newest cry is "Multiple Income Streams"
Good Luck, I wish you all the success!

[slodave]

Luis,

I quit my job a little over two years ago. I never did like to answer to anybody and I know that I did my fair share of yelling at my former boss and I also walked out for a week every 6 months (burnout).

I'd say go for it, but, be careful right now. Even the IT industry is slowing down.

Go for it! It is nerve-racking though.