Tag: self-employment (Page 1 of 2)

How Entrepreneurship is Like Dipnetting

How Entrepreneurship is Like Dipnetting

On Monday, I shared our dipnetting experience this year. Collectively, we caught 21. My contribution: 1. That’s right. I caught 1 salmon and spent nearly the same amount of time in the water as Mr. T. Since I had a lot of time to think about stuff as I was carrying my net and not catching fish, I realized our entrepreneurship journey is actually a lot like dipnetting (you all missed my analogies this summer. Admit it!). Here’s how:

Nets Out of Water Don’t Catch Fish

I really wanted to catch fish. And I did take breaks when I got tired. But I also knew that if I stayed out of the water, I literally had no chance of catching a single fish. If you never try your project, you’ll never succeed. If you don’t apply for the job, you’ll never get it. You actually have to put your net in the water and see what happens. Is there a chance you’ll catch nothing? Yes. Is there a chance your net will break and you’ll be out some money? If you paid for your net, yes. Is it also possible you’ll be the one person in the water that catches 20 fish? Yes! And you won’t know until you try.

Try 3 More Times When You Want to Quit

I recently read Think and Grow Rich. I didn’t love it, personally, because it read like a giant infomercial, but the entire point of the book is that the people who succeed are the people who try just a bit longer. When other people quit, they try just a few more times before giving up and then find crazy success. Will this always be the case? No. But when I was fishing and not catching anything, I got tired. It’s tiring not succeeding (and watching other people succeed). When I wanted to quit, I told myself: “I’ll do 3 more passes and then I’m done.” On the second pass, I caught my 1 fish!

Success Compounds

Sure, I only caught 1 fish, but you know what? After I caught that 1 fish, everyone on the beach cheered. Literally. (This is why I love dipnetting. Everyone knew I hadn’t caught yet.) And even though I only had 1 more pass in the 3 passes I promised myself, I lasted another hour after I caught a fish! The reward of success helps make the hard work worth it. It’s hard to slog through the cold water with a heavy net when you don’t see results.

Keep Reasonable Expectations

Mr. T and I dabble in entrepreneurial efforts, but we honestly don’t seek to create a million dollar company. That sounds like way more stress than our lives currently have and that’s not the point. When it came to fishing, we knew the fish counts were low. If we still expected to catch a ton of fish, we would have been really disappointed with our 21. As it was, we did really, really well and we were super happy with our 21. It’s good to set big goals, but it’s also good to celebrate the wins along the way and make sure your expectations are reasonable. Online, we mostly only hear about people that are huge, wealthy successes in entrepreneurship. My guess is that for every 1 of them, there are 100 others that are doing pretty well and changing their lives through entrepreneurship. They’re paying their mortgages with profits and plugging along.

Why Entrepreneurship?

Honestly, dipnetting is a great example of why we want a life of entrepreneurship. We want to be able to cover our bills, work together, work while the kids are in school, and be able to take off to dipnet or travel whenever we want without too much work getting in the way. Again, we aren’t looking to be the next internet stars of entrepreneurship. We just want to make our lives simpler while the kids are at home, pay off our mortgage, and pay for travel.

Are any of you paying your bills with your own business? If not, do you seek to do so?

How "Make More Money" is Like a Video Game

How “Make More Money” is Like a Video Game

Quick call to action: I’m running an awesome research project and need your help. I need as many responses as possible. Go take the survey. It won’t take long. Thanks so much! Do it for science!

Maybe you’re like me. You read all these amazing posts about how the solution to your problem is simple. Make more money. And then you think: “Yeah, wouldn’t that be great?!” The posts say: “Don’t worry. It’s easy. Start a blog. Make an extra $90,000/year” Or “just start an e-commerce business and watch the sales replace your day job income in no time!” Now, as a consistent blogger of nearly 2 years that has made a grand total of less than $400 on this blog (want to increase that? Sign up for Personal Capital with my affiliate link. The service is free. And awesome. I promise), and as someone that runs an Etsy shop with 2 total sales (I won’t pitch that to you as well. You’re welcome), let me tell you that I finally figured it out!

There are levels to the game Make More Money

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Northern Expressions

Northern Expressions: The Purpose of Work is to Create

You guys, maybe you’ve seen this around, but if you haven’t stopped to watch it. DO IT. This is Mr. Money Mustache talking about how the purpose of work is to create and when money isn’t in the equation, we can truly be authentic in our creativity. 

I watched this and was audibly yelling “YES! YES!” multiple times (reminding myself to be quiet to not wake up the kids!). THIS IS WHY WE WANT THIS!

I won’t take up any more of your time. WATCH THIS:

Happy Friday, Friends!

Love, Maggie

Be an amateur and an expert

Why You Should Be An Amateur AND An Expert

On Monday, I made a case for not swimming alone, but finding people passionate about your subject and swimming with them. You’ll notice I did not use the word “expert.” When you’re seeking out someone with that passion, you want them to be both an amateur AND an expert.

“Amateur” Definition (Oxford English Dictionary):

1. One who loves or is fond of, one who has a taste for anything.
2.  a. One who cultivates anything as a pastime, as distinguished from one who prosecutes it professionally; hence, sometimes used disparagingly, as = dabbler, or superficial student or worker. b. Often prefixed (in apposition) to another designation, as amateur painter, amateur gardener.
3.a. Hence attrib. almost adj. Done by amateurs. Cf. amateur gardener with amateur gardening.
b. Used disparagingly. Cf. sense 2.

Following this list of definitions, “amateur” both means someone with such a passion about a subject, it goes beyond everyday interest as well as someone that “dabbles” instead of seriously studying.

“Amateur” comes from the Latin “Amatore” meaning “Lover of.”

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Problems with Pareto Principle and Outsourcing

Problems with the Pareto Principle and Outsourcing

If you’ve read enough about how to become rich, you’ve probably encountered two concepts:

  1. Pareto Principle – 20% of the input is responsible for 80% of the output. In personal finance, people tout focusing on only doing that 20% responsible for the most return. That leads to principle number 2:
  2. Outsourcing – For the parts of the 80% of the job that are still necessary, you outsource them.

Let me start by stating that I agree that the Pareto Principle is real and outsourcing can be useful in some regards. Let me also state that I agree that while frugality has limits, income potential does not. I agree that everyone is capable of earning more and the amount is potentially limitless.

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non-financial goals

An Update on 2016 Goals

Usually people catch up with a mid-year review in June or July… you know, mid-year!? But here we are, mid-August, and I think it’s time for a check-in. School started Monday for the kiddos, so it feels like a good time to re-evaluate and figure out what needs to happen in the next 4 months.

As I’ve mentioned in the past two plan updates, the financial goals may come up a bit shy. I talk extensively about that monthly, so today’s focus is on the non-financial goals I set in January:

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Northern Expressions

Northern Expressions: Advice is NOT Permission

You don't need anyone to give you permission to pursue a dream

Happy Friday! Today, Mr. T and I are in London. Tomorrow, we get to see the new play, Harry Potter and the Cursed Child (I’m really, really excited!). Also tomorrow, we get to witness the grand parade that is the Trooping of the Colour (in honor of the Queen’s 90th this year!). I hope your summer is going well. Today’s quote from Chris Guillebeau is one of my favorites from the $100 Startup. It’s so inspiring! If you want to do it, DO IT! Follow your dream. Make it happen. Tell the naysayers to get lost and go and live your dream! Have a great weekend, friends!

Love, Maggie

Entrepreneurs

The Study of Entrepreneurs

The first dream of Mr. T and I is to be self-employed in projects of our choosing. By definition, this means we want to be entrepreneurs. As a research geek, I spend my free time reading studies (you do, too, right?!). Recently, I’ve focused my efforts on studies about entrepreneurs. If I can learn about them, maybe I’ll be successful in becoming one. Here are four things I’ve learned:

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Little feet

The 4-Year Potential

Two weeks ago, we did some recalculations and came up with three potential plans. The two plans that would allow us both money AND freedom would take significantly longer than four years. The really lofty goal date on our blog is 2022, which is 6 years away. So what’s the big deal with 4 years? As the school year wraps up, the temporary state of Penny’s childhood is weighing heavy on my mind. In 4 years, Penny will be done with elementary school. Based strictly on our calculations, by the end of May 2020, we expect to find ourselves with a paid-off house and $321,000 in investments. Those numbers won’t get us close to financial independence. And freedom in that plan would mean continuing on our current path for the next four years and then just quitting to be irresponsible for a bit! But looking back on our historical 4-year accomplishments, in all likelihood, stagnation isn’t an option.

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Recalculating: A New Financial Plan

Welcome to the culmination of a week of numbers! On Monday, we took a look at the historic spending of the Banks family and emerged with an ideal early retirement budget of $51,300 with an after-kids budget of $47,000. Remember that these numbers are all based on maintaining our current lifestyle in our current home in Alaska. Moving will most likely decrease those needs, but since we have data about what we currently spend, we’ll build projections based on the life we currently live.

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