I Was Wrong (About Steady Paychecks)
This post is a little hard to write.
I need to admit ‘I was wrong‘ if it’s going to be an honest post.
Since this blogs inception I’ve been dead-set on telling people to quit the job as soon as they decide they want location independence.
Quit it right away, get out, and deal with the consequences later. At least you’re following your own path and that’s good even if that path will be more challenging than ‘staying the course’.
I think I’ve been telling you all the wrong things to do. I’m writing it largely to get my ego out of the past so I can be more helpful in the future. Here goes…
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Six months ago, I chose to ‘leave it all behind’ and fly to Asia to start a location independent company that didn’t exist. I had no experience in the industry and even fewer contacts.
Beginning 100% ‘clean slate’, tabla rasa, I wanted to fund the business entirely with it’s own profits
Here is an evaluation of what followed…
1. I Couldn’t Invest In Education
One of the saddest days of my journey was when I had to cancel my Audible subscription because I couldn’t afford to buy audiobooks anymore.
Continuous education is necessary for growth, and giving up a key source of knowledge hurt… a lot! I knew I was just falling behind if I didn’t have new ideas washing over me throughout my days.
2. Money Worries Hurt My Ability To Make Money
Does it sound crazy? I felt a little crazy while it was happening.
I was literally so worried about making money that I couldn’t think straight. When the rent is due and your business isn’t bringing in enough revenue to support even a simple lifestyle, the mental circuit board gets fried.
Halfway through applying to a freelancing gig on Upwork my brain freaked out ‘This won’t pay you for another two weeks, AUGH!’
With a misfiring brain you can’t be efficient at much of anything, and you certainly can’t get ahead in any field or endeavor.
3. I Couldn’t Outsource Anything
All of those ‘little tasks’ that you can hire away for $3 per hour? Yea, I had to do them all myself. How efficient could I have been if I had invested $300 to pay for someone else to take the day-filling activities off my schedule? Probably 2-3 times as efficient!
I’d set the goal of only using company revenues to fund the business, but at the beginning when this cash was small I couldn’t even leverage the life-changing power of outsourcing!
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The list could go on, there were a lot of problems with my plan to ‘launch into the unknown and figure it all out later!’
What’s really hard to admit… however… is that one thing would have helped me out a lot during the past six months. That one thing would have doubled my efficiency, cut my stress levels in half, and given me the ability to invest in valuable business education.
A Steady Paycheck
I have been harping on the steady paycheck for a long time now.
The main reasons being that…
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When you’re working for someone else you’re probably not working on your own dream.
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Trading 40 hours per week for a paycheck is trading most of your life to pay the bills.
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80% of people dislike their jobs and find them boring.
I still believe most of this, but what’s changed is my vehement distaste for taking even a few paychecks.
Receiving something stable for a few months (or maybe even a few years) can give you a launching pad to go after the big goals that really fulfill you.
The Launching Pad
During the last month, I’ve taken on a steady location independent job with a company I used to work for. 20 hours per week, part time, but I’m back to earning regular income.
The difference in my life and in my ability to change my future is drastic.
With a few thousand dollars going into my account each month I can do so much more than I ever could before. I can actually invest in my own education. I’m not freaking out about money so much that I can’t make business decisions.
If I need to pay someone $100 to do market research for me, I can do it. If I need to spend $200 to purchase some products to sell online, I can do it!
I’m putting 20 hours per week of my time into someone else’s business, but the remaining hours are filled with so much more value that it more than makes up for the ‘lost time’.
The difference in my life is night and day from the previous six months.
As a launching pad, a steady paycheck is a great tool.
Where it becomes less appealing is when it becomes a never ending cycle that will forever keep you from long-term travel.
The Takeaway
Most of the readers on this blog want to become successful location independent entrepreneurs. We don’t want to work at a ‘typical job’ forever.
That said, it really may be a good idea to keep that steady income going for a few months after you make the firm decision that you want to travel the world and run your own business.
Even if it takes 40 hours of your week, the income you earn on the job can give you leverage that allows you to use your remaining time much better than someone who has all the time but no cash to work with.
You can also learn valuable skills on the job that will be readily applicable once you begin hustling on your location independent business full time!
Have you decided that you want to become location independent and run your own company?
What’s your plan for a smooth transition?
Tell us in the comments below, on Facebook, or on Twitter @Nico Jannasch.