Gather round kids, FIGUY1 here baring it all!
- Age: 27
- Job: Engineering Supervisor – Public Machinery Company
- Marital Status: Taken, Bitches
- Kids: 3 weeks left in the oven with our first
- Hobbies: Family, Scheming, Real Estate, Reading, Soccer, + Movies & Netflix more than I care to admit.
- Goals: Increase Travel, Increase Family Time, Higher Focus on Health, Successful Business
I’ve been interested in personal finance as long as I can remember. I don’t think I’ll ever be able to let myself fully stop working, and so that isn’t my goal. My financial goal is very much around creating the freedom of choice in my life to tackle the projects I’m most passionate about. We all have our own goals and one of mine is to make a significant and lasting impact on the world. I have no shortage of pet projects that I’d like to be able to pursue and so even as it stands a lot of my existence revolves around pursuing one entrepreneurial idea or another.
Business Failure – I put every ounce of my spare time and money into a start-up right out of college on top of working full time. As we were dealing with a tangible product, many more expenses came up than a standard boot-strap tech. startup might see. My partner and I handled these costs quite creatively through local contacts, but came out of pocket in the low five-figure range. We were able to recoup these costs in year two, but we ultimately found ourselves facing the difficult truth that our business was not as scalable as we originally believed. We decided it best to not pursue growth and in the end that means we will sell off the business assets and move on.
There were a number of takeaways from this business, and so please understand that I don’t truly count this as a failure. Some of the biggest takeaways from this business were around team building, communication, and understanding my own strengths and flaws.
Moving Forward – As the realization of my first business failure was looming, I decided that I needed to find a method with a better template this time. I decided to approach real estate and in turn I purchased a duplex and pursued a real estate license. I started working for an entrepreneurial mentor of mine, again on the side of my day job. Realty wasn’t the goal, but I rationalized that realty would keep me in my mentor’s focus and put me onto the local real estate radar. I forged a number relationships and paid for my license and fees through the purchase of my current personal residence, but in the end, I found that realty was not for me.
I think my biggest lesson here is that I need to follow my passions more tightly instead of rationalizing steps away from the core focus.
Current – I do have a number of projects in mind, a few of which fall into the category of fintech, but I am not approaching one specifically at this time. I did just get accepted into an MBA program and I am currently working through the decision on whether or not to attend. I’ll publish some articles on the decision process in the coming month.
Pursuing Financial Delta
Coming out of college, my primary goal was to focus on increasing my income. As I’ve matured through some entrepreneurial experiences, I’ve come to realize that focusing on income alone will not get me to financial security in such a way that I can approach my goals on my own terms. In the last two years I have again started to focus on tightening expenses and plowing through debt. This approach is evolving to be cash flow focused for the household and I have started to call it financial delta. The higher the delta between income and expenses, the greater the flexibility and freedom of choice. The main point here is that I shouldn’t focus on just increasing income or decreasing costs. I do my best to focus on whichever makes sense to increase household cashflow at any given time.
I look forward to sharing my journey from here forward with all of you out there. Please drop me a line to say hello and we can get some conversations rolling!
Huge thanks to FIGUY2 for getting this blog off the ground. It is something I’ve wanted to do for quite some time but just never pulled the trigger. As we were talking one day at work, I mentioned the idea in passing and he was immediately on-board. There is no way I would have followed through without him.
Here’s to creating success and holding ourselves accountable to our goals!