I have a dilemma.
As you know, the goal is to get to a point where I make $10K a day at 30 passively.
To do that, I need to make as much money as possible as quickly as possible. That allows me to then devote as many resources as possible to buy real estate and other businesses. That’s how I’m going to generate the goal of passive income.
In short, I need to keep making money as much as possible. I’ve talked about how there’s a 25 unit we want to buy. It’s going to be close, as to whether or not we can buy it as quickly as I’d like to. The goal would be to own it by the end of Q2.
So, here’s the rub:
I am doing a project for a client right now on a business plan. The project in itself is interesting, and it seems like there is a potential for longer work together. In fact, it seems like this client could end up being ~$15,000 or more worth of work over the next few months.
I also like the client in general. He’s a nice person, and I think a generally good guy.
But something about the project just doesn’t sit right with me.
The work is extremely simplistic. In fact, most of my clients are some of the top private equity funds and hedge funds in the world. They demand perfect work with high-quality thought and detailed slides on them.
This client is looking for very basic work, which is actually a lot harder to achieve. I’m not sure how to simplify my work down to that level, if that makes sense?
I also don’t love how the client tries to explain “how slides should look” to me. He might be my client, but I’ve made a lot more presentations that have gone to billionaires, CEO’s, etc. I know how a high class, MBB consultant deck should look.
It’s an ego and arrogance thing, I know. But it’s like a middle school baseball player trying to tell a college athlete how to hit a curveball. Someone is the pro in that situation.
I sound like a dick. I don’t mean to be.
It just really rubs me the wrong way because it makes me think this client could be volatile. It makes me worried that this client could very easily hurt my consulting business by giving me a bad review, badmouthing me if they get upset, etc.. This client also has suggested something that is against the terms and conditions of the platform on which we met.
In other words, I think there is a ~25% chance this engagement will have a negative impact on future engagements I may have on the consulting platform.
But, this client is paying a lot and may want to continue paying me a lot.
So, here’s my dilemma: do I keep playing a risky hand and keep working with the client, or do I cut the cord and leave?
Asked differently: how much do I value my good reputation on the consulting platform?
I think the short answer is a shit-ton. I’ve done over $100K worth of work on it, and I don’t want to lose that work. That makes me think it’s worth walking away from this client.
On the other hand, things are slow right now with COVID. I don’t want to walk away from this client because who knows when I’ll get another one.
Risky income that makes me uncomfortable, or no income at all?
What would you do?
I want the option “C.” Here’s what I’m going to do.
I’m going to suck it up and keep working for this client, even though I’m a bit worried about the downstream effects. To that end, I’m going to speak with my contact at the consulting platform to express my concerns.
The hope is that this allows me to keep working for the client, but it also protects my downside. If for whatever reason this client shit talks me, or does something against the platform’s rules and I get dragged down into it, I can point to the fact I pre-emptively raised these concerns.
What do you think?
What I did yesterday to make $10K a day at 30
The current phase of the plan
I’m in Phase #1: The Job & Side Hustle Phase. You can read more about the phases and my plan to get to $10K/a day at 30 here.
Wake up & sleep:
I slept pretty well, 8 hours and five minutes, waking up at 6:48 and going to bed at 9:40.
My Whoop says I am decently recovered at 48%. I think I recover better when I go to sleep earlier and wake up earlier.
Who would have thought haha
No workout today. I was sitting and cranking all day.
Diet was pretty good for quarantine. I did have some eggs and bacon (not good on the bacon, or maybe, too good), but I also had a spinach smoothie and spinach pasta for dinner.
My Day Job
Lots of work during the day on a couple of different initiatives and a bunch of calls.
Investment real estate
I emailed the property manager asking if we have gotten a vacant unit rented yet.
That tells me that no, we haven’t gotten it rented yet.
It also is disappointing that they don’t return the emails. I am bummed that property management is better there.
I have a few projects going on now.
This is the client mentioned above. I did some work on some slides.
Nothing. I haven’t heard from them on if we are done or if there are some follow-ups to be complete.
No work, but I did get a call saying that they wanted to hop on the phone.
Sourcing new work
I pitched a client today on some market research. I executed horribly and wasn’t speaking confidently, which is a problem. I just didn’t have it today.
I sent a follow-up email to try and save it.
I spent ~30 minutes to publish yesterday’s post, which was about the only thing I did here
Fiancee and I were both busy, but we watched Bachelor together at night.
I’m looking to buy a car, which we’ll need when we have a baby. I’m hopeful COVID will get us a better deal, but it looks like they aren’t lowering prices yet due to COVID.
I’ll wait longer to see if we can get a better deal.
Rescue Time Daily Screenshot
I invested in Rescue Time, to help me understand where I’m spending my time vs. not, but really for the purposes of the case study.
It’s pretty clear to see that my productivity (that big 47) falls off a cliff on weekends!
What I made today
Rental Income: $33
My business: $0
Affiliate: Not doing yet
WordPress Maintenance Site: Not doing yet
Micro-SAAS’s: Not doing yet,
Hotels: Not doing yet
Dividend Income: Not doing yet
Today’s pro-rated amount of monthly & yearly expenses
Once I pay off my debt, I’ll break out expenses into a line by line as well.
Today’s Income (pre-tax)
My plan for tomorrow
Tomorrow is Tuesday and I’m going to:
- Do some follow up work for the business plan client
- Do some work for a real estate client
- Pitch more work
About the Author & The $0-$10K/Day Case Study
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.
To read more about how this case study is set up, check out the ground rules here.
The hope is that this series of posts will inspire someone else out there to make their entrepreneurship dreams happen.
Dean Woods is currently an executive by day and a bootstrapped micro-startup CEO by night. Prior to working in startups, Dean was a management consultant. Dean graduated with honors from The Wharton School.