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re: I'm tired of working for someone else.
Posted on 10/11/13 at 10:25 am to poule deau
Posted on 10/11/13 at 10:25 am to poule deau
quote:
Most small and medium business owners are married to the job.
This is my biggest turnoff from being a business owner. My father was married to his company that he ran for 30+ years. In the end, the company closed and he continues to work weekly and on some weekends. He is my main motivation for not starting a business simply because I do not wish to work 50+ hours a week for 30+ years only for it to not equate to a comfortable retirement.
I find that the 40-45 hour work week and enjoying my free time provides plenty of wonderful comforts that I can live with. Personally I would like to operate a business and build an empire but handling stress is a weakness of mine. Combine that with what happened to my dad and I am glad to have my day job. I realize that certain talents/skills of mine are going to waste at my current position. That is one reason why I make every effort in my spare time to do projects that keep me motivated and diversified beyond my day-to-day job.
2
Posted on 10/11/13 at 11:03 am to RickAstley
quote:
but handling stress is a weakness of mine.
congrats for recognizing this.
given this weakness, you would be one miserable SOB as a business owner.
Owning a business is not the only way to a good retirement.
Most people lack the discipline, but I have a family member who worked an hourly pay job for his entire career. Pretty sure he never made more than 70k a year in his life. Had a family.
Retired at 60 with over 2 mil in assets. No inheritance or anything like that. Just lived way below his means all of his adult life. Never deprived himself to the extent of being uncomfortable. Just made choices like driving very reasonable vehicles (Toyota Camry's and such), didn't spoil his kids with the latest and greatest material crap at every turn, built a modest house and paid it off as fast as he could (about 8 or 9 years). Never piled up debt and invested every nickel he could along the way.
Prototypical "millionaire next door".
I was floored when he showed me his investment account a few years ago. I always figured he was sitting on a wad, but not to that extent.
I have learned more about finances from this guy who barely finished high school than all my grad and undergrad business classes combined.
Posted on 10/11/13 at 8:14 pm to RickAstley
quote:
This is my biggest turnoff from being a business owner. My father was married to his company that he ran for 30+ years. In the end, the company closed and he continues to work weekly and on some weekends. He is my main motivation for not starting a business simply because I do not wish to work 50+ hours a week for 30+ years only for it to not equate to a comfortable retirement.
No offense intended to your father, but did he not save his money responsibly? I understand that companies close, and that sucks, but was he not saving for retirement all those years? Owning your own company doesn't secure your retirement, far from it, just like working "for the man" doesn't preclude you from retiring.
quote:
I find that the 40-45 hour work week and enjoying my free time provides plenty of wonderful comforts that I can live with.
Again, no offense intended, but if you think you can really work only 40 hours a week these days and get anywhere substantial you've got another thing coming IMO. You do realize this means you could be in the office every morning at 7 and leave at 3:30? That's just ridiculous.
The one thing I stress in my career moreso than hours worked is flexibility and the ability to manage my own time. I have no problem working 60+ hours a week when something requires it, but I also don't want to get nagged for taking a halfday on a Friday. That's more rewarding than saying I work 45 hours a week max. Every article I've read says this type of management will only increase as the current workforce continues to evolve.
You said you're an engineer. Most every engineering company I've worked for has been pretty flex about hours. It was about getting the job done not punching a clock so to speak. Are you salary?
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