The $0-$10K/Day Case Study: Day 186

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Day 186

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Holding on for dear life.

That’s probably the best way to describe how I’m feeling right now. There is a large amount of just shit that is going on that I’m trying to do my best to keep my head above water and “just keep swimming.”

For example, I’m now writing this on a Monday morning, so “yesterday” for the purposes of this case study was Friday.

Friday wasn’t a bad day. I had a lot going on, but I felt in control of it all and I looked forward to rolling into the weekend. I was pumped about the football season starting.

Well, now I’m getting shit slammed from my day on Friday.

As regular readers know, I have been feeling pressure to make money so we can close on our 49 unit deal that is coming up. So, I pitched on every possible project I can find.

Well, here’s the good news: it looks like the odds are high I will sell at least one of them.

Here’s the bad news: my recurring data project that has been relatively manageable hours is now a shit ton of hours. My busy-ness is now through the roof. I am barely keeping my head above water.

This is fricken amazing, but it’s also SO not sustainable it’s practically crazy. My goal here is to essentially keep killing myself on these projects and the hours just long enough to make sure I can keep making money to close this deal.

Consulting is a finite blip of time in my life. I absolutely love it, but it’s time to stop.

For example, we went to open houses this weekend. Not to actually buy anything, but out of curiosity. The nicest open house was a $3.2M house that was beautiful. The only problem was that it’s actually really small for the price point so the price per square foot is not tenable.

Oh, and we can’t afford it just yet.

Either way, that was a nice reminder of what I’m working for. I’m working for a nice house like that in the suburbs.

Yesterday there were 1,507 days until I turn 30 and need to make $10K a day passively. Here’s how I spent it in pursuit of that goal

The current phase of the plan

I’m in Phase #3:  The Business Phase.  You can read more about the phases and my plan to get to $10K/a day at 30 here.

I still consult, and I still have a job. I’m looking forward to removing both of those ASAP.

Wake up & sleep:

I slept 6 hours and 1 minute from 10:45 pm to 6:27am, with baby feeding breaks at night, for a total recovery score of 57%. Pretty low recovery here.

Exercise

I didn’t exercise here and probably should have. This is next on my list of things to start doing. Need to start increasing here.

Stress levels

Stress was probably a 3/5, with 1 being the highest. Fridays are a lot easier from a day-to-day perspective.

Diet

I don’t remember what I had but I know it wasn’t good. Overall, I haven’t been eating very healthily and very vegan forward. I need to start doing so.

My Day Job

I had a few hours of calls here and was more than a little candid about how I disagree with what the company is doing and that some of the issues the business is seeing are actually symptoms of a larger systemic issue.

Beginning of the end here to say the least!

Investment real estate

My fiancee raised a good idea that maybe we should refinance our six-unit property.

We bought the property for $200K and put $46K down. We’ve been paying our mortgage so I think we have roughly ~$150K left on the mortgage.

If the property was worth $200K still, we would have $50K in equity.

However, we’ve put a lot of money into the property. We’ve put in new floors, painted the units, and added in new kitchens. With that in mind, we’ve been able to increase rent pretty substantially.

If we keep cap rate constant at 8%, the property is now probably worth ~$250-$275K. Let’s take the low end and say $250K. With the $150K left on the mortgage, we have $100K in equity.

There are two scenarios here.

Scenario #1 is we keep the cash in the property and continue paying off the mortgage for the next ~19 years. The equity provides some security but doesn’t do much for us until the property is fully paid off and the cash flow increases

Scenario#2 is we “cash-out refinance.”

In this scenario, we realize that the property has $100K in equity/$250K value of 40% equity in the property. We only need 20% to keep the bank happy.

If we “cash out refinance”, we have the bank drop our equity down to only 20% and they write us a check for the other 20%, which in this case is $50K.

This might be a grand slam move because we’d get a $50K check that would help make our deals a lot easier.

We’ll see what happens, but I like it.

My fiancee is looking into this for us now!

CCIO: My business

TBD on this for now. It’s coming in Q1 of 2021

Content website business

This is up and running and working now.

I have 9 websites that are now launched and ready for content. I have Ahrefs and Surfer SEO paid for. It’s now time to have my brother start writing content for me

Acquisition Entrepreneurship

I got approved to join Axial so I’m starting to evaluate deals, knowing I won’t buy anything for ~5 years, so I can get more familiar with what a “good” deal looks like.

Side Consulting

It’s a world.

Data Project

I did a lot of work here, most of it Excel based.

Presentation Project

This involved a fair amount of PowerPoint work to get things up and running and looking good. The main goal here is to make sure that slides are looking good on the schedule here.

Market Research

I sold a project here where I do market research on a specific niche within a specific industry. It’ll be a short two-week sprint project but not a ton of hours.

I don’t have much until a kickoff call late next week.

Sourcing new work

There are three proposals out, each of which would be $20K/month.

We’ll see which one lands, if any.

$10K/day website

Daily post

Family

Time with my fiancee, the love of my life.

Miscellaneous

I looked at Bentley’s online because it’s another nice reminder to work hard.

Rescue Time Daily Screenshot

9/11/20 Rescue Time
I’ve written in the past that consulting is not a get rich quick scheme. It’s not easy work. If you aren’t willing to start working at 9pm on Friday because a client asked for it, then you won’t make it. It’s that simple.

What I made today

Current Income  Streams

  • Job:  $170
  • Presentation project: $400
  • Data Project: $1,000
  • Real Estate Cashflow (13 multi-family units): $65

Total:  $1,635

Planned income streams

  • My Business (CCIO)
  • Ads on $10K
  • Content sites
  • Acquired businesses
  • Coaching

Today’s pro-rated amount of monthly & yearly expenses

 

Life Expenses: $89.73

  • Rent, utilities, Internet: $63.33
  • Phone Bill: $1.57
  • Health Insurance: $8.90
  • Ladder Life Insurance: $0.83
  • TrueBill for Budget tracking: $0.10
  • Car: $15

My Startup’s Expenses: $0.16

  • Bluehost Domain name: $0.16

Health Expenses: $4.20

  • Peloton: $3.20
  • Whoop fitness tracker: $1.00

Productivity Expenses: $2.25

  • SuperHuman to save time on email: $1.00
  • Rescue Time to keep me honest on my productivity: $0.20
  • Fantastical as my main calendar: $0.20
  • Evernote to track everything: $0.27
  • Grammarly to keep my emails looking okay: $0.38
  • BackBlaze to keep my files backed up: $0.20

Consulting Business Expenses: $4.80

  • Quickbooks to track expenses: $0.40
  • Google Business Email Account: $0.40
  • Fiverr for virtual support: $0
  • Hiscox business insurance: $4

Content Business: $10.79

  • Bluehost for hosting (9 domains): $0.89
  • Bluehost for domain names(9 domains): $0.27
  • Ahrefs for keyword research: $3.00
  • Surfer SEO for content: $6.63

$10K a day: $1.59

  • Kinsta for hosting: $1.00
  • Bluehost for domain names: $0.03
  • WP Rocket for speed: $0.14
  • Link Whisper for SEO: $0.14
  • Elementor for site design: $0.14
  • Astra for theme: $0.14

Real Estate Investing: $0.52

  • Legal Zoom Registered Agent (all LLC’s): $0.52

Today’s Income (pre-tax)

Topline of $1,635 spent $114, which means….

Made $1,521 (pre-tax)

My plan for tomorrow

Tomorrow is the weekend, and I have to:

  • Submit one proposal
  • Sleep

1,506 days until I turn $30. I’m making $10K a day passively by then

Dean Woods

Dean Woods

Dean’s goal is to create $10,000/day in passive income through entrepreneurship. Too many people write “success porn” that skates over the struggles many face in entrepreneurship. His goal is to create something real that highlights the lack of sleep, disappointment from family, and setbacks you really face in entrepreneurship. The hope is that $10K a day swill inspire someone else out there to make their entrepreneurship dreams happen. Dean Woods is side hustling and working a full time job to kickstart his entrepreneurial path. Prior to this life, Dean was a management consultant. Dean graduated with honors from The Wharton School.

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