I am was working for a very good company and making a good paycheck. The economy is slowing down (aka recession), the housing market sucks, I am losing money on my rental properties, my ARM loans will go up in a year or 2, what should I do? What would a rational person do? What else? I quit.
Some probably think, I am either stupid or crazy. The funny thing is that I actually liked the company I worked for and I was making enough money to pay my bills. But I had to do it. I have several ideas and want to dedicate all my time to them. I want to be 100% committed to them and not work on them on evenings and week nights. I have been wanting to do this for a while but the time was never right (and I didn’t have the guts).
Two things happened last week that triggered this seemingly irrational decision. I was reading the 4 hour work week and a few things caught my attention:
- The time is never right
- Imagine the worst case scenario and ask “is it that bad?”
- Taking a risk is a lot less frightening than the thought of it – the though of skydiving is a lot scarier than actually doing it.
After thinking about the worst case scenario i.e. losing my houses, my job, be completely broke, etc… I realized, it wasn’t that bad. It’s also highly unlikely. So I got to work and emailed and a bunch of friends asking to raise capital for my idea. The second thing happened, the response was overwhelming. It was over $100k of possible investment. Wow!!!
Then I talked to a friend and he gave me a good advice and basically told me not to take money until I absolutely needed it. So, I decided, for now, I will finance my ideas with my credit cards, loans, credit lines and so on. When I get to a beta or at a point when I really need the money then I will start looking for investors. Plus, I didn’t want to deal with investors, paperwork and all that headache.
I am sure you want to know what the ideas are. Well, stay tuned, I will be blogging about them very shortly and will try to post regular progress here.
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