Author Topic: Success comes with ups and downs  (Read 1854 times)

APowers

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Success comes with ups and downs
« on: June 07, 2019, 10:37:19 PM »
This is half celebratory, and half mild griping about non-problem problems....

So at the start of the year, I set some pretty ambitious remodeling goals (bathroom, kitchen, major yard landscaping), and decided I was only going to work enough to pay for the costs of doing the projects, and let the normal living expenses be just barely covered by rent/Airbnb income.

Well. Actually, rewind to last year, when I officially started my own handyman business, because I wasn't hitting my income goals, and wanted to speed this FIRE process up. So I joined a business referrals group, and got my business rolling along pretty good....now, THIS year, with three or four big home improvement projects that I have to plan and execute, I just. can't. keep. up. At least, that's how I feel. Working my business, doing the remodel, trying to spend time with my family...it's overwhelming.

BUT.

I started the year with ~$6k in my checking account, and now I have ~$7k in my checking account. And that's AFTER putting $3500 into a bathroom remodel, and about $8k into the kitchen so far.

My handyman business has been building up very nicely, I've continued my property maintenance gig from before, the property manager of my rental in WA raised the rent, so now I get $50 extra cash flow every month from that, and renting out the basement through Airbnb has been way more successful than I planned/expected. All of this is like uber-success for me.

On the one hand, I feel like I've got five gajillion things juggling in the air right now, and I just want it to stop. On the other hand, I'm like I'VE GOT FIVE GAJILLION THINGS! And I'm trying to navigate doing all this stuff while not ending up ignoring people important to me or burning myself out. And at the same time just feeling....kind of lost, I guess....because I don't think I've ever been this successful at "life" and I don't want to screw it up.

Also....not really worrying about income meeting expenses is a feeling that's new to me. And that is pretty great.
« Last Edit: June 08, 2019, 04:15:46 PM by APowers »

efree

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Re: Being rich is great! You should try it sometime.
« Reply #1 on: June 08, 2019, 02:20:48 AM »
Well, good for you, but you should have chosen a different title for your thread. I opened it hoping to read about how great it is to be rich and instead I got to read about how great it is to be a businessman - which was a letdown because I don't aspire to be a businesswoman but I do hope to be rich someday.

APowers

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Re: Being rich is great! You should try it sometime.
« Reply #2 on: June 08, 2019, 08:45:04 AM »
Well, good for you, but you should have chosen a different title for your thread. I opened it hoping to read about how great it is to be rich and instead I got to read about how great it is to be a businessman - which was a letdown because I don't aspire to be a businesswoman but I do hope to be rich someday.

I mostly wanted a place to "cry" about how success has come with its own "problems"-- "oh no, I have more income opportunities than I know how to handle, what will I ever do!?"

But I can talk about how being rich is great. 'Cause it is.

The fact that I can afford to take off as many days from work as I choose, in order to remodel my own kitchen....So. Great. And possible because I'm rich now.
The fact that I can just buy whatever I need to do this remodel....So. Nice. This kitchen is going to be incredibly fancypants.
The fact that I never worry about whether or not I can fill my car/truck up with gas, because I have money in the bank designated for that....Sweet.
The fact that I have two different vehicles just waiting for me to use them for whatever I want to accomplish....Luxury.

mozar

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Re: Being rich is great! You should try it sometime.
« Reply #3 on: June 08, 2019, 11:10:18 AM »
Nah, you should still change the title.

APowers

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Re: Being rich is great! You should try it sometime.
« Reply #4 on: June 08, 2019, 04:16:16 PM »
Nah, you should still change the title.

ok.

Loren Ver

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Re: Being rich is great! You should try it sometime.
« Reply #5 on: June 09, 2019, 05:54:49 AM »
Nah, you should still change the title.

ok.

You were rich in opportunities :).

I am glad things are going so well, but if you are feeling overwhelmed you could be over burdening yourself.  That can lead to burn out, even if you are your own boss.

Loren

Kay-Ell

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Re: Success comes with ups and downs
« Reply #6 on: June 09, 2019, 10:58:20 AM »
Youíre doing some exciting things in life. It sounds like you are just at the beginning of having a successful business that covers your familyís needs and leaves you with flexibility and money left over. Itís pretty great isnít it?? Congrats!

Hereís my advice. It sounds to me like youíre looking for things to spend your extra money on. Itís great to love where you live and if remodels help you do that, theyíre worthy investments. But Iím concerned that youíve spent 3x on home improvements over what youíve saved. This not including the lost income from working less at your handy man business to facilitate your remodels. Until your savings has an extra zero Iíd personally counsel you to try to flip the script. Work hard to increase your income, keep your head down and tackle the remodels a little more slowly until your savings and investments have started to take on a life of their own.

This isnít a criticism. I think youíre doing great and I commend you for having enough semi-passive income through rent and Airbnb to be in a place to choose how many hours you want to work based on how much extra money you want to have. Thatís super awesome! Iíd suggest using that opportunity to give yourself a 50% savings rate for a few years until you also have a nice chunk of investments.

wageslave23

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Re: Success comes with ups and downs
« Reply #7 on: June 10, 2019, 07:54:07 AM »
I'm a little confused by the whole thread.  It seems to me like you traded a normal 9-5 for self-employment but that its stressing you out.  How is that a success?  Eventually it may turn into a business that you are making lots of money from and is causing very little stress, but in the meantime from your original post it sounds terrible.

APowers

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Re: Success comes with ups and downs
« Reply #8 on: June 10, 2019, 08:27:25 PM »
I'm a little confused by the whole thread.  It seems to me like you traded a normal 9-5 for self-employment but that its stressing you out.  How is that a success?  Eventually it may turn into a business that you are making lots of money from and is causing very little stress, but in the meantime from your original post it sounds terrible.

I've never had a normal 9-5. I've always worked retail (no consistent schedule), or been self-employed to some degree or another. This year just happened to be an intersection of all my big projects/pursuits ramping up at the same time-- which is good...just overwhelming.

This year will very possibly be the year that I break out of the low income bracket I've been stuck in for 9 years, and that's in no small part due to striking out in business for myself combined with my rental property finally cashflowing positively (which I've been working hard at for most of those 9 years). I'm very excited about the future here. But that doesn't make it less of a struggle to manage my time and prioritize things that are truly important to me over other requests for my time.

AnonymousCoward

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Re: Success comes with ups and downs
« Reply #9 on: June 10, 2019, 08:48:46 PM »
Congratulations on your success!

I think managing your workload is a skill. Over time and with deliberate thought you can maintain your perfect level of business.

You also sound like a high-energy person, maybe moreso than other readers. Figure out what feels right to you and do it. Your preferences are what matter.

APowers

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Re: Success comes with ups and downs
« Reply #10 on: June 10, 2019, 09:31:13 PM »
Congratulations on your success!

I think managing your workload is a skill. Over time and with deliberate thought you can maintain your perfect level of business.

You also sound like a high-energy person, maybe moreso than other readers. Figure out what feels right to you and do it. Your preferences are what matter.

I don't know that I'm high-energy....just highly motivated. What feels right to me is relaxing in my house, planning a fun adventure with my family. Lol! But that can't happen until I have a finished house and enough passive income lined up...so here I am making that happen as best as I know how.