The $0-$10K/Day Case Study: Day 131

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Day 131

DISCLOSURE: THIS POST MAY CONTAIN AFFILIATE LINKS, MEANING I GET A COMMISSION IF YOU DECIDE TO MAKE A PURCHASE THROUGH MY LINKS, AT NO COST TO YOU. PLEASE READ MY DISCLOSURE FOR MORE INFO

One thing that is important in business is the willingness to make the tough decision.

As I’ve been writing about for a while, $10K has been undergoing a complete redesign. I wanted to spruce up the site since I spend a fair amount of time writing this content for you guys to follow along. I stand by that I hope it will be helpful to someone.

I figured the least I could do was make the sign a nice design so it’s easy for you to follow along with what is going on with the case study.

As part of that process, I hired an expert to help me out. I do this a lot because it helps accelerate things for me and make things work just a bit easier.

This update process to the website has been going for a couple of weeks now. In short, I hired wrong.

The developer was:

  • Very clearly not working
  • Billing me higher than quoted
  • Promised, multiple times, that the  site would be completed shortly
  • Had promised the whole thing would take 48 hours
  • Had completed 50% of the project in  2 weeks

This is all clearly sub-par performance. In a day job, you would get shitcanned ASAP for doing all of this.

I didn’t want to fire him. I genuinely liked the guy and thought he was a good person. He just didn’t do a good job.

I fired him, roughly two weeks longer than he should have.

I hired someone else last night, and he finished the job today, roughly 24 hours later.

Make the hard choice, and learn from your mistakes

I made  two mistakes:

  • Hiring the wrong person
  • Waiting to fire them. Every day I didn’t fire him was the same as me actively choosing to “hire” him again

I  won’t make this mistake again. Feel free to keep me honest here. If I mention someone who isn’t delivering, then call me out on it and I’ll adjust accordingly.

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 woke up at 7:23 am after going to bed at 10:56, for a total amount of sleep of 7 hours and 52 minutes.

Recovery was at 40% despite the large amoubt of sleep. That’s partially driven by the busy week I’ve had recently and partially driven by me just not taking great care of myself. I’ve run twice this week, but that’s about it.

I should take a day slow, and then get back after it from an exercise perspective as soon as I’m feeling good.

Exercise

I did about 30 minutes of weights and abs in my apartment with my fiancee, which felt good. I didn’t do much more than that.

Stress levels

I was at a 4/5, with 1 being the highest. It’s a long weekend, so life is good.

Diet

Diet was coffee and eggs for breakfast, then ice cream, and a ton of pizza for dinner. I think I’ve realized that I’ve been eating tiny breakfasts (mostly coffee) and then having a large dinner at night. That doesn’t really fly in terms of a health perspective, so I need to do better in that regard to make sure I’m being much more healthy.

I’m going to start eating big breakfasts and tiny dinners.

5/5 with 1 being the best.

My Day Job

Nothing, it was Sunday.

I’ve put off doing a ton of work that I actually need to do for day-job work, which is a big problem.

I have time blocked on my calendar tomorrow morning to try and get up and get more work done.

Investment real estate

Nothing here today.

My Actual Business

I have my business plan written but I haven’t begun to execute on it.

My plan is to begin execution on this likely in August of this year.

Stay tuned!

Side Consulting

Fuck I’m busy

Business plan

Nothing here. It should be just about done, but I haven’t heard from this guy in about a week. It’s on my to-do list to email him tomorrow.

Private Equity

This is now done; waiting on the final payment.

Financial modeling

This is just about done! Thank god

Frameworking

No work right now, but I did get my first check from this project.

Summary presentations

I’m helping the company summarize some consulting work for them. This is a pain in my butt because it takes way more time than it should and the pay is low. I want this project to end ASAP.

Sourcing new work

I had a company reach out to me from Australia and ask to hire me.  They are doing a quick meeting tomorrow to ensure that it happens and things are good to go, but I expect this to be a quick sell.

$10K/day website

I talked about this above. Things are all good here!

Family

My fiancee and I watched some TV together and spent some time with her parents, which is always a blast since they’re great!

Miscellaneous

Taxes, taxes, taxes.

I’ve talked about it before, but my tax rate is now extremely high. My tax bill is about 55% of my income.

I’ve realized part of the issue is I’m probably set up incorrectly as a business. I am an LLC, but it sounds like I should be an  S corp.  As such, I’ve been contacting lawyers because Legal Zoom cannot help me switch over to be an S corp.

As part of that process, I now need software to make myself a more legitimate company. I need to set up Payroll software in Gusto and accounting with QuickBooks.

I also set up a Google Business Gmail account, so my email address is now “dean@myLLC’sName.com”

This is actually really fun being legit like this.

It makes me realize I stood up a business that went from nothing to  $200K in it’s first year in business.

Rescue Time Daily Screenshot

Not bad numbers at all for a Sunday!

What I made today

Current Income  Streams

  • Job:  $170
  • Rental Income: $33
  • Upwork: $0
  • Consulting: $394

Total:  $597

Planned income streams

  • My Actual Busines
  • Local Serviced Based Business
  • Affiliate
  • WordPress Maintenance Site
  • Dividend Income
  • Micro-SAAS’s
  • Hotels

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

 

Life Expenses: $89.73

  • Rent, utilities, Internet: $63.33
  • Phone Bill: $1.57
  • Heath Insurance: $8.90
  • Ladder Life Insurance: $0.83
  • TrueBill for Budget tracking: $0.10
  • Car: $15
  • Misc: $0

Health Expenses: $12.00

  • Peloton: $3.20
  • Gainful Protein Powder: $1.80
  • Care/of Vitamin pack: $3.00
  • Whoop fitness tracker: $1.00

Productivity Expenses: $2.05

  • 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

Consulting Business Expenses: $2.30

  • Gusto to pay myself: $1.50
  • Quickbooks to track expenses: $0.40
  • Google Business Email Account: $0.40
  • Fiverr for virtual support: $0

$10K a day: $12.42

  • 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
  • Rhino Rank for SEO: $10.83

Real Estate Investing: $0.52

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

Today’s Income (pre-tax)

Topline of $597, spent $119.02, which means….

Made $478

My plan for tomorrow

Tomorrow I need to:

  • Reach out to my unresponsive client
  • Finish up a model
  • Do an entire “quick” project for a client
  • Start and finish another model
  • Finish up my summary slides for the other client
  • Do my day job

Overall, I look at tomorrow  and think I need to charge more, or cut down the amount of work that I’m accepting.

It’s going to be an interesting and busy day. I also need to exercise as well

1,617 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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