Hey all,
I am looking for some feedback on my current situation.
I have 4 areas of income that I have been pursuing for the past 4-5 years outside of my 9/5. These may not all be fastlane at this point, however I am looking for something to relieve me of overtime hours I currently work so that I can use that time to focus on even bigger things. Basically I need to create some breathing room.
I work in the film industry and now that COVID is over and hollywood has returned to work I have more work than hours in a day. Dollars for hours. Covid decimated my industry, so I am not turning down any work that comes my way. So I am currently working 3 times what my normal work load would be. I am half freelance and half W2 depending on the project. With this work load there is literally no time left in the day to hardly sleep much less pursue another venture. I have hired an assistant to alleviate some of the clerical and mundane stressors in my day to day work. That has been very helpful. Pre COVID day trading was my secondary income which I had planned to move into full-time within the next 5 years. That all came to a halt once CA shutdown. My original plan for the next 10 years was, day trading to take the place of my 9-5, still work on selective movies each year doing what I do now, investing in multifamily real estate. None are fastlane at this point but would provide cash flow and time to pursue more. Then the shutdown and everything was put on hold. My F it moment.
Current plan is as follows. Continue in entertainment as source of income, build back day trading account by the end of the year to min 30K, and then one of the following. This is where I am hoping for some direction.
Option 1. Open a post production studio in the new town I have moved to. I currently have 4 clients lined up with work today. I know this industry very well and have tons of contacts. This however would have to become a B&M business with employees. The profit margins for what I would start out doing are very slim. I have moved back to the south east where rent and income is cheaper, so that will save me cost upfront. I could get this business up and running for very little up front investment. 10k would have me in a great spot, even 5k would be possible.
This business will have to be opened and employees trained all while Im still working 60-70 hr weeks with my current job. I believe that this would basically be a break even for me for at least 2 years. Then depending on market and future investment and expansion it could take off from there. I do believe that this would have long term viability.
Option 2. Short term rental investment. Currently I have 1 duplex that is owner financed and will be paid off at the current rate in the next 2 years. This was purchased 3 years ago and I throw all of the rental income into paying it off by 5 years. My plan would be to purchase land in Gatlinburg TN, or similar location, 1-2 acres and pay cash. I would then either build a tiny home, yurt, glamping tent, or something similar. Basically a unique short term rental. From my research properties offering unique stays in high demand areas are pulling 80% plus occupancy rates at around 150-200$ per night. I believe that I could cash flow most of this minus the property which I am estimating 50K. This could potentially bring cash flow within the first few months once systems are in place for cleaning and stocking etc.
Option 3. Take the little capitol that I currently have and focus all of my time and effort on continuing day trading. If all of my extra money went to funding my account I could potentially fund a 30K account within the next 3-5 months. I have been trading for the past 4 years and this is my primary passion outside of real estate. I understand the risks of trading and I have a trade plan that I have been implementing from day one. My trades are all based on a Risk Value and just before COVID I had worked my way up to $300 risk per trade. My plan has daily limits, drawbacks, cutoff times, etc.
Option 4. Product branding. This has always been a passion of mine and something that I would like to do long term no matter what happens with the other ventures. It is also the one I have the least experience in. I had learned a ton about this during the shopify dropshipping boom a few years ago, however I do not know viability of any of that today. I do not want to start a dropshipping store selling second rate chinese products. I want to find a product that I believe in, brand it, and build.
So these are my current options as I see them. I will tell you from a personal standpoint and a rough past 2 years, I would like to get some kind of win under my belt. I have a partner that we are both pursing similar ventures and we keep one another in check. We have made it a mission that by the end of this year we will both have broken ground one one of these options. I mean significant ground, not action faking. If you guys have any input please share. Also if Im just chasing my tail with all of this please let me know that as well. I appreciate any criticism.
Joshua
I am looking for some feedback on my current situation.
I have 4 areas of income that I have been pursuing for the past 4-5 years outside of my 9/5. These may not all be fastlane at this point, however I am looking for something to relieve me of overtime hours I currently work so that I can use that time to focus on even bigger things. Basically I need to create some breathing room.
I work in the film industry and now that COVID is over and hollywood has returned to work I have more work than hours in a day. Dollars for hours. Covid decimated my industry, so I am not turning down any work that comes my way. So I am currently working 3 times what my normal work load would be. I am half freelance and half W2 depending on the project. With this work load there is literally no time left in the day to hardly sleep much less pursue another venture. I have hired an assistant to alleviate some of the clerical and mundane stressors in my day to day work. That has been very helpful. Pre COVID day trading was my secondary income which I had planned to move into full-time within the next 5 years. That all came to a halt once CA shutdown. My original plan for the next 10 years was, day trading to take the place of my 9-5, still work on selective movies each year doing what I do now, investing in multifamily real estate. None are fastlane at this point but would provide cash flow and time to pursue more. Then the shutdown and everything was put on hold. My F it moment.
Current plan is as follows. Continue in entertainment as source of income, build back day trading account by the end of the year to min 30K, and then one of the following. This is where I am hoping for some direction.
Option 1. Open a post production studio in the new town I have moved to. I currently have 4 clients lined up with work today. I know this industry very well and have tons of contacts. This however would have to become a B&M business with employees. The profit margins for what I would start out doing are very slim. I have moved back to the south east where rent and income is cheaper, so that will save me cost upfront. I could get this business up and running for very little up front investment. 10k would have me in a great spot, even 5k would be possible.
This business will have to be opened and employees trained all while Im still working 60-70 hr weeks with my current job. I believe that this would basically be a break even for me for at least 2 years. Then depending on market and future investment and expansion it could take off from there. I do believe that this would have long term viability.
Option 2. Short term rental investment. Currently I have 1 duplex that is owner financed and will be paid off at the current rate in the next 2 years. This was purchased 3 years ago and I throw all of the rental income into paying it off by 5 years. My plan would be to purchase land in Gatlinburg TN, or similar location, 1-2 acres and pay cash. I would then either build a tiny home, yurt, glamping tent, or something similar. Basically a unique short term rental. From my research properties offering unique stays in high demand areas are pulling 80% plus occupancy rates at around 150-200$ per night. I believe that I could cash flow most of this minus the property which I am estimating 50K. This could potentially bring cash flow within the first few months once systems are in place for cleaning and stocking etc.
Option 3. Take the little capitol that I currently have and focus all of my time and effort on continuing day trading. If all of my extra money went to funding my account I could potentially fund a 30K account within the next 3-5 months. I have been trading for the past 4 years and this is my primary passion outside of real estate. I understand the risks of trading and I have a trade plan that I have been implementing from day one. My trades are all based on a Risk Value and just before COVID I had worked my way up to $300 risk per trade. My plan has daily limits, drawbacks, cutoff times, etc.
Option 4. Product branding. This has always been a passion of mine and something that I would like to do long term no matter what happens with the other ventures. It is also the one I have the least experience in. I had learned a ton about this during the shopify dropshipping boom a few years ago, however I do not know viability of any of that today. I do not want to start a dropshipping store selling second rate chinese products. I want to find a product that I believe in, brand it, and build.
So these are my current options as I see them. I will tell you from a personal standpoint and a rough past 2 years, I would like to get some kind of win under my belt. I have a partner that we are both pursing similar ventures and we keep one another in check. We have made it a mission that by the end of this year we will both have broken ground one one of these options. I mean significant ground, not action faking. If you guys have any input please share. Also if Im just chasing my tail with all of this please let me know that as well. I appreciate any criticism.
Joshua
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