Here’s an interesting question that we didn’t think about: what do we tell our friends regarding our financials?
Right off the bat, this case study is anonymous (I talked more about why here). The only person who knows about it is my fiancee.
We also don’t talk about money in general with friends. Does anybody?
What does happen though is friends who ask generic questions to us. For example, “How is COVID impacting you guys? Are you dipping into savings?”
How do we answer that question?
Here’s the truth: It was impacting us in the form of fewer clients paying for consulting, although that’s returned to normal. No, we are not dipping into savings.
Should we say that to friends though?
One thing we’ve noticed is people tend to treat you differently if they think you have money. We aren’t looking for that at all, especially from our friends. We don’t want them to think of us as anything but a good friend.
We also know our friends well enough to know that if we did respond, “no, we’re not dipping into savings”, it will raise even more questions than we want to answer right now.
This is one of those weird points that you don’t see talked about anywhere and never expect you’ll need to think about in your own entrepreneurial journey. This point will also become exacerbated over the next few years when we reach $10K a day, so what we decide to do now
We ended up having a conversation that lasted a couple of hours to answer this.
We decided we will give our friends directional indication that we are financially okay, but try to avoid specifics like the plague.
Our hope is that it provides enough insight that our friends don’t feel like they are in the dark and we’re dodging their questions, but doesn’t give specifics to the point that it could create a weird vibe in the group.
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 okay, 8 hours and 13 minutes, waking up at 8:14 after going to bed at 11:23.
My recovery score is a bit out of wack though. It’s high at 76% and I don’t know what I did to get that score. However, I am feeling good and like I have a lot of energy, so something positive is going on.
No exercise was done, so my daily strain score was 6.9 (out of 21) so it was definitely a lighter day. The hope is that will allow for a good amount of energy to get more work done.
Diet was coffee, eggs, and some ramen for dinner. Overall, probably 3/5
My Day Job
Investment real estate
No work here today.
Optimistic we’ll hear from our property managers tomorrow regarding new tenants being added into the units.
I have a few projects going on now. I didn’t do much yesterday because it was Sunday and my fiancee and I spent a lot of time outside and with family.
I spent a few hours here to write up a full framework for how I’d think about a specific problem. The document ended up being 10 pages long, which I think should overdeliver on what the client is looking for since my take-home from this will be $500.
However, I think it’s absolutely worth the over-deliver time because the client explicitly said there is significant potential for follow on work that will be at a much higher ticket price.
I did some Googling and saw he lives in a $4M house, so I’d believe he has the budget to spend here.
We have scheduled some time to discuss and go over it on Tuesday. I’ll need to plan to impress the hell out of him on Tuesday. I feel confident on the phone with clients, so I’ll just default to that.
This is an UpWork project.
Sourcing new work
No action here.
Just publishing the daily post.
My fiancee and I spent a lot of time together yesterday. We’ve been careful with COVID but yesterday we just drove around for an hour or two to see the world. It was really nice to see the world!
We are thinking about moving, due to a balance of lower cost/more living space if we need to quarantine for longer (which we believe will happen)/better for the baby. We’ll see what happens here because that means finding a sublet, but we’ll need to do that.
We set up some postings online and drove some traffic to it with Facebook ads. Will see what happens.
Rescue Time Daily Screenshot
Not a ton of work. You can see that spike at the end of day, which is the framework project I mentioned above.
I need to take better care of my body so I can keep doing work.
What I made today
Rental Income: $33
My business: $0
Affiliate: Not doing yet
WordPress Maintenance Site: Not doing yet
Dividend Income: 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 Monday.
I had a lot of stuff I wanted to do on Sunday that I didn’t because we ended up seeing family, so I’ll need to grind on Monday. This includes:
- Finish up the framework project
- Finish up the business plan project
- Catch up on financial modeling
- Post a new post here
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.