Author Topic: Entrepreneurship for Earlier FI?  (Read 3719 times)

Scottma

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Entrepreneurship for Earlier FI?
« on: October 31, 2013, 02:38:01 PM »
Hello fellow Mustachians,

Has anyone out there pursued entrepreneurship as a means of achieving FI earlier? I am currently evaluating alternatives for ways to make additional money outside of my full time job and am interested in starting my own gig. Has anyone successfully done this? If so, how did you make the decision on what type of business to pursue, what steps did you take to get things started, and how has it turned out? And do you still have free time?

iamlindoro

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Re: Entrepreneurship for Earlier FI?
« Reply #1 on: October 31, 2013, 02:42:00 PM »
Sure, there are tons and tons of people with side hustles, businesses they own, and self employed here.  Do a search for any of those terms and there's a ton of content.  Enjoy!

Scottma

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Re: Entrepreneurship for Earlier FI?
« Reply #2 on: October 31, 2013, 02:59:18 PM »
Thanks!

amiko

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Re: Entrepreneurship for Earlier FI?
« Reply #3 on: October 31, 2013, 03:14:58 PM »
Scottma: Yup, consulting was a great way for me to ease into what I think of as my "semi-retirement". I still do a little work here and there, but only with totally awesome clients doing the kind of stuff I want to do. (And because I could always _not_ do it, that gives me the leeway to set higher rates!) I strongly recommend it, particularly if you find clients who are flexible with time.

The funny thing is that I ended up making about as much consulting as I did with my full-time job, except I worked less than half the time and took a couple of month-long vacations in a year. Depending on how you set it up and whatever your tax laws are (I incorporated), you can draw just a little money out of your company and leave the rest in there.

Scottma

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Re: Entrepreneurship for Earlier FI?
« Reply #4 on: October 31, 2013, 03:31:40 PM »
Depending on how you set it up and whatever your tax laws are (I incorporated), you can draw just a little money out of your company and leave the rest in there.

That is a really, really cool concept! I have really got to look more into consulting. What field is your business in and how did you settle on consulting in that area? I fear I may not have many marketable skills, but at the same time, I also wonder if I really do have skills but don't know how to identify and monetize them.