While I haven't made my first million as of this writing, I can say with certainty that I've had my share of experiences when it comes to things I wish I knew when I started my entrepreneurial journey.
So, if this post helps at least 1 person steer clear of making some of the mistakes I did or at least get them to think about what they're doing before they do it... Will satisfy me deeply.
Thing #1: Don't quit your job until you have an alternative income source
- Should be self-explanatory right? I made the mistake of leaving too soon without any safety net because I "thought I knew everything". I was wrong.
The consequence: Destroyed my 768 credit score by living off my credit cards while "thinking" I was moving toward my goals and ended up with a mountain of debt that I couldn't repay.
Thing #2: Plan on it taking a lot more time to get rich then you expect it to (most of the time)
- While, as MJ says... You can get rich quick -- it's not easy. I underestimated the time it would take for me to get situated with Entrepreneurship because I thought I'd already been one the whole time because I worked for Tai Lopez.
The consequence: Stubbornly rationalizing to myself and others that something will pan out even though I had nothing in the pipeline. Becoming discouraged over my venture because I was so far off I thought I was going to get rich or at least make good money fast.
Thing #3: Knowing the difference between action taking & action faking
- Seriously... This one is a big reason as to why I failed with Entrepreneurship. If you aren't doing things that MAKE YOU MONEY and grow your business (cold calling, meeting prospects, presenting) then you are NOT taking action
The consequence: Not making any sales. Thinking I was doing things that were moving me closer to my goals, but in reality they dug me deeper into my hole of "where to now". Always being busy without having anything to show for it. (Do the work needed and spend time with the people that matter. Stop being pretend busy and make things happen.)
Thing #4: Just because you make a lot of money doesn't mean spend it on whatever the hell you want (unless you made it to the fastlane and you're already actively growing your wealth with other freedom fighters)
- When I started making $25k to $30k a month I made the mistake of thinking it'd last forever. I spent as if I would always have money in my bank account. Boy I was wrong.
The consequence: Ending up broke again and worse-off before since I had a huge tax-bill with no way to pay it back. (Take the majority of that money and grow your business while you can because I can promise you that most of the time you won't stay up forever -- unless you take what you earn and make it work to earn you more)
Thing #5: Get a good accountant that can help you cut your taxes as far as possible & PUT MONEY AWAY FOR TAXES
- This one really screwed me over. I wasn't operating like a business and therefore I ignorantly shunned the tax situation. Because I thought the money would never end, I was hit hard with a tax bill that I couldn't pay. That is NOT fun. Don't do it.
The consequence: Extend my tax payment and the feeling of being "out of control" since I didn't know how business taxes worked. I can assure you... Tax day will come.
Like I said, I hope that this helps some people out there. I truly wish I'd came across this forum before I made the above mistakes, but hey, I didn't... If I didn't make these mistakes then I couldn't help others from making them.
If any of you fastlaners have your "two cents" on mistakes you made, please comment below.
Cheers,
Josh
So, if this post helps at least 1 person steer clear of making some of the mistakes I did or at least get them to think about what they're doing before they do it... Will satisfy me deeply.
Thing #1: Don't quit your job until you have an alternative income source
- Should be self-explanatory right? I made the mistake of leaving too soon without any safety net because I "thought I knew everything". I was wrong.
The consequence: Destroyed my 768 credit score by living off my credit cards while "thinking" I was moving toward my goals and ended up with a mountain of debt that I couldn't repay.
Thing #2: Plan on it taking a lot more time to get rich then you expect it to (most of the time)
- While, as MJ says... You can get rich quick -- it's not easy. I underestimated the time it would take for me to get situated with Entrepreneurship because I thought I'd already been one the whole time because I worked for Tai Lopez.
The consequence: Stubbornly rationalizing to myself and others that something will pan out even though I had nothing in the pipeline. Becoming discouraged over my venture because I was so far off I thought I was going to get rich or at least make good money fast.
Thing #3: Knowing the difference between action taking & action faking
- Seriously... This one is a big reason as to why I failed with Entrepreneurship. If you aren't doing things that MAKE YOU MONEY and grow your business (cold calling, meeting prospects, presenting) then you are NOT taking action
The consequence: Not making any sales. Thinking I was doing things that were moving me closer to my goals, but in reality they dug me deeper into my hole of "where to now". Always being busy without having anything to show for it. (Do the work needed and spend time with the people that matter. Stop being pretend busy and make things happen.)
Thing #4: Just because you make a lot of money doesn't mean spend it on whatever the hell you want (unless you made it to the fastlane and you're already actively growing your wealth with other freedom fighters)
- When I started making $25k to $30k a month I made the mistake of thinking it'd last forever. I spent as if I would always have money in my bank account. Boy I was wrong.
The consequence: Ending up broke again and worse-off before since I had a huge tax-bill with no way to pay it back. (Take the majority of that money and grow your business while you can because I can promise you that most of the time you won't stay up forever -- unless you take what you earn and make it work to earn you more)
Thing #5: Get a good accountant that can help you cut your taxes as far as possible & PUT MONEY AWAY FOR TAXES
- This one really screwed me over. I wasn't operating like a business and therefore I ignorantly shunned the tax situation. Because I thought the money would never end, I was hit hard with a tax bill that I couldn't pay. That is NOT fun. Don't do it.
The consequence: Extend my tax payment and the feeling of being "out of control" since I didn't know how business taxes worked. I can assure you... Tax day will come.
Like I said, I hope that this helps some people out there. I truly wish I'd came across this forum before I made the above mistakes, but hey, I didn't... If I didn't make these mistakes then I couldn't help others from making them.
If any of you fastlaners have your "two cents" on mistakes you made, please comment below.
Cheers,
Josh
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