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Golden Handcuffs
02-10-2015, 11:40 AM
I’m facing an important dilemma. Without giving too much away, I work in Finance making low 6 figures. This position, on paper, is amazing -- solid company, excellent boss, 2 people reporting to me, and great benefits. Now my challenge is as follows:
- I’m getting really tired of the daily grind, however I need to be able to continue to build up the secondary (Real Estate) cash flow until I get to the point where I have enough $$s rolling in independent income. Right now I need the W-2s, income from job to have the security that I can continue to obtain conventional mortgages, have a war chest (down payments) for the property acquisitions, and funds set aside for emergencies.
- The problem with the job is that it’s 60 hours a week (easy). This doesn’t leave me with much more time to work on my RE acquisitions, particularly since I already spend 10 hours on property management for existing assets. I have a few options:
1. I can delegate my work to one of my direct reports (other one is a moron). However the issue with the more capable direct report is that he is typical finance douchebag, who wants to take all the glory, talk about all his accomplishments, and is generally described as a prick. I'm pretty sure that he is gunning for my position.
2. Keep grinding away at the day job while Real Estate hustling after work hours.
I feel pretty much in rock and hard place because I need the income from work while I can put my financial independence strategy in action.
I definitely know that others on the forum have gone through/are going through this type of dilemma and would like to hear some thoughts.
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Golden Handcuffs
02-10-2015, 12:00 PM
If you are making 6 figures a year, you should continue saving the majority of your income while keeping an eye on your RE business until you feel safe enough to quit your job. Your situation is still pretty comfortable making 6 figures, provided you don't blow all of your money away.
Don't delegate tasks to any of your subordinates. In fact, don't tell anyone what you are doing at your current job. It can only hurt you in the end.
You could find somebody who doesn't work with you to help you in your side business. Offer monetary incentives.
Keep grinding until you have enough savings to survive for one or two years. Then, give all your focus to your now side business.
There are people who don't even make a fraction of your income and still were able to launch successful business or transform a side business into their main source of income. If you have saved enough money and don't care about the corporate world, it might be time to take the plunge.
Make every day count.
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Golden Handcuffs
02-10-2015, 12:17 PM
I don't think your schedule is that grueling. It's not like you are a junior level investment banker or a medical resident, both of which routinely work 100 hour weeks.
You just sound a little burnt out. Are you getting enough vacation or exercise? Do you carve out a little time each week for a hobby (reading, photography, collecting something, really anything different)?
You should stay the course. It sounds like what you are doing is promising. If it was fun, people would do it for free.
Also, a dollar saved is a dollar earned. Take a look at your expenses. If you aren't already tracking everything, you should be. Figure out how to shave 10% or more off what you are spending.
"Me llaman el desaparecido
Que cuando llega ya se ha ido
Volando vengo, volando voy
Deprisa deprisa a rumbo perdido"
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Golden Handcuffs
02-10-2015, 12:51 PM
Now I understand your situation a little bit better. I still think you are in a very good position.
You talk about a friend who may be interested in investing. Why not ask him to give you a hand? Don't delegate tasks to strangers or people who may back-stab you due to jealousy or corporate BS, not only in your current job but in your RE business as well. There is no reason to let them know what you are doing.
Bottom line, stay the course until you are burnout (see above post) or don't give a damn anymore. Find somebody you trust to help you with your side business. You may have to offer an incentive, but that's a small price to pay for their trust and knowing what they are made of.
Make every day count.
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Golden Handcuffs
02-10-2015, 02:09 PM
As for a reset, I'm a big fan of the basics - body and mind. Do some kind of exercise at least 3x per week for your body, and something like read or visit a museum for your mind. Also, if you are eating crap, change that. Eating junk food and processed food can have a significant negative effect on your energy and mood.
I'm thinking of small things you can do without dramatically altering your life/schedule, and will be sustainable. A big vacation followed by a return to your same routine would just get you right back into a rut again.
"Me llaman el desaparecido
Que cuando llega ya se ha ido
Volando vengo, volando voy
Deprisa deprisa a rumbo perdido"
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Golden Handcuffs
02-10-2015, 03:27 PM
As far as burnout goes.
1) Eliminate the problem that is burning you out - which right now seems like you can't quit
2) Minimize the problem that is burning you out - find a better way to deal with your staff to get stuff done without being the target of one of them. Ideally, you take the weaker one and coach him up. Get it clear his job is at stake and he needs to contribute and do better. Give him the better projects. It will help him build his resume, get him some glory but not at totally fucking you over
3) With the degree completed - that should free up time
4) Take a break - a mini vaction, amybe just a staycation. Stay at home and don't think about anything stressing you out
5) Visualize - know that all this pain is part of your journey to financial freedom. Therefore, don't look at it as a burden. Interpret the events in a different way. These things are helping me towards my goal of freedom. I am grateful to be in this position. Things like that.
6) Meditate - though I don't do this, I have heard people find it useful
7) Find a different way to make your RE business work while lowering stress
8) Workout if you are not
9) Find a way to relax a bit - I am constantly thinking about my work and investments, it does stress me while instead I should be enjoying it, so I am there with you
10) You could look into a new job, but that transition may not be worth it especially if your window before going on your own is small.
11) Map out of your timing to freedom - I.e. I need x ore properties at these figures to sustain me. Work backwards and figure out how many years it will take. You are a finance guy, you should be able to build a model based on savings, rents, etc. Then break them down into quarter goals. Celebrate at each milestone. When the joy seems too far away it is hard to get excited. But if you can see yourself having victories in small windows of time, then it makes it more sustainable.
Fate whispers to the warrior, "You cannot withstand the storm." And the warrior whispers back, "I am the storm."
Women and children can be careless, but not men - Don Corleone
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Golden Handcuffs
02-10-2015, 10:37 PM
Several thoughts:
- Gunning for your position is an act of disloyalty. Unless you're about to engineer your exit, I'd replace his ass. Blame it on "poor cultural fit"/usual BS.
- Why do you have a moron working for you? Replace/sell him too.
- When the time comes, don't quit. Get laid off with severance.
- Finally, as others said, don't leave your job just yet. You sound burned out. Get your fitness and diet sorted out. Take a vacation away from Boston. Delegate more bullshit. Replace the moron with a hot female moron (okay maybe don't do that).
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Golden Handcuffs
02-11-2015, 10:47 AM
Quote: (02-10-2015 10:37 PM)Peregrine Wrote:
Several thoughts:
- Gunning for your position is an act of disloyalty. Unless you're about to engineer your exit, I'd replace his ass. Blame it on "poor cultural fit"/usual BS.
- Why do you have a moron working for you? Replace/sell him too.
- When the time comes, don't quit. Get laid off with severance.
- Finally, as others said, don't leave your job just yet. You sound burned out. Get your fitness and diet sorted out. Take a vacation away from Boston. Delegate more bullshit. Replace the moron with a hot female moron (okay maybe don't do that).
Gunning for your superior's position is standard operating procedure in finance. If someone isn't doing that they are usually untalented or unambitious.
It's sort of like how it works in City of God for Brazilian street gangs. You can either patiently work your way up to the top, and wait for the person above you to be promoted, leave for another job, etc...or you can speed the process along by any and all means necessary.
"Me llaman el desaparecido
Que cuando llega ya se ha ido
Volando vengo, volando voy
Deprisa deprisa a rumbo perdido"
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Golden Handcuffs
02-11-2015, 11:12 AM
I was hoping that this thread was going to be fun and about bondage and golden showers. Big disappointment.
I'm the King of Beijing!