The $0-$10K/Day Case Study: Day 141

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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 on my mind a lot, more than I would have expected, is how to simplify things down.

At surface level, it doesn’t seem like I’m working a lot. Rescue Time has me at ~60-65 hours a week for the past few weeks. I can hear the “struggle porn” entrepreneurs saying now that 65 hours doesn’t count and that it needs to be 80 hours a week.

But, look at what I’m doing  during those 65 hours a week:

  • I’m working a full-time job, one in which the CEO has made it clear 50+ hours a week should  be the expectation
  • I’m doing a consulting project (the market research one) where the client thinks I  should working full time on this (50+ hours)
  • I have 3 other projects going on, most of which should be 10+ hours a week at a minimum
  • I’m writing a daily post here, where each one should take about an hour each (7 hours a week).
  • I have a business plan that I’m continuously working on and updating. Call that 5 hours a week

All in, I should be working ( 50 hours + 50 hours + 30 hours + 7  hours + 5 hours) = 142 hours a week. For reference, there are only 168 hours a week.

Said differently, this is an investment banking workload right now.

So, that raises two questions:

  • How am I able to do ~140 hours worth of work each week?
  • Is it sustainable?

How am I able to do 140 hours worth of work each week?

Two things are key here. First, I’ve always been very fast and efficient in getting shit done. 80-20 is your best friend if you do it right (most people don’t).

The second key is what I alluded to in the first line of this piece: simplify things down by hiring people who are very good at specific tasks and can get them done for you.

For example, I have a client that needs a model built. I hired my model building expert to do some of the more time-consuming work there so I could handle a different project.

I have another client that needs me to do customer interviews. Finding people to interview takes absolutely forever. So, I hired my team that is an expert at that to handle it for me.

The message is this: focus on 80-20 to free up your time, then hire people who are damn good at other things to take other tasks and run with them.

Is this sustainable?

Not really. Hiring people works, but the problem is that there are 5-6 different discrete tasks going on at once. That is not eminently scalable because I can’t have a whole team focused on one thing. I have 5 or 6 different people working for me to complete 5-6 different things.

At some point, that craps out and cannot continue. I don’t know if I  can handle more than 5-6 different projects going on at once!

This is where the business comes in. I need a business, that I focus on, that allows me to focus on 1 thing in particular.

I’m working on that right now. I’m starting to invest there. Check out the business section below.

Yesterday there were 1,608 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 woke up at 7:54 am after going to bed at 10:51, for a total amount of sleep of 8 hours and 03 minutes. Recovery was 71%.

This is the best I’ve felt in a long, long time. I think the extra sleep played a big role in boosting my energy and making me feel a lot better. The day ended up going a  bit smoother than normal as a result.

Exercise

I did a weight workout at night; pushups, abs, arms, and more. It felt good!

Stress levels

I was at a 3/5, with 1 being the highest. The added sleep helped take some of the stress off.

Diet

Diet was coffee, and a burger and fries for dinner.

4/5 with 1 being the best. As usual, not great.

My Day Job

It was a Wednesday. I had a couple of hours of day job work,  which took away a fair amount of time from my consulting work. It led to a busy day that I  was struggling to catch back up from all day long.

Investment real estate

Nothing at all.

My Actual Business

Things are moving here!

I was planning on scraping 5,000 profiles to start reaching out with Woodpecker to get some potential customer interviews, but I just don’t have the time to do so right now.

I hired someone on UpWork to do this for me. The total cost was $250, which seems totally fair to me since it’s saving me a dozen or more hours. She seems great, so I’m excited to have her run this for me. I’m warming up the Gmail on my side of things. Once I get these emails back, I’ll load them up and get them firing out.

Side Consulting

Still busy with lots of projects.

Business plan

I sent the client an email saying that I’m also done and that it should be coming his way shortly. I have to work on this tomorrow.

Financial modeling

I spent a fair amount of time on this yesterday. I’ll end up hiring my model guy to do even more here.

Frameworking

No work here right now.

Summary presentation

I’m going to call these guys and fire them tomorrow. I don’t have the time.

Market Research & Customer  Interviews

I had a couple things going on here.

I  had a call with the client yesterday and then also set up my interview sourcing agency. I’ll continue the collaboration with both tomorrow.

Sourcing new work

I’m still negotiating with that Fortune 500 and another project that reached out to me. I have a couple of different projects that could happen, but nothing signed yet.

$10K/day website

The daily post.

Family

Time with my fiancee, which is always the most important thing to me

Miscellaneous

Nothing

Rescue Time Daily Screenshot

The day felt longer for sure!

What I made today

Current Income  Streams

  • Job:  $170
  • Rental Income (13 rental units): $43
  • Framework: $250
  • Customer Interviews: $430
  • Follow up work on model: $1,000

Total:  $1,893

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
  • Wingstop for dinner: $0

My business expenses: $0.16

  • Bluehost Domain name: $0.16

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: $2.25

  • 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: $583.30

  • Gusto to pay myself: $1.50
  • Quickbooks to track expenses: $0.40
  • Google Business Email Account: $0.40
  • Fiverr for virtual support: $0
  • UpWork for slides:  $0
  • UpWork for my financial modeler: $30
  • Interview sourcing agency: $250
  • Lead Scraping: $250

$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 $1,893, spent $700, which means….

Made $1,193 (pre-tax)

My plan for tomorrow

Tomorrow should hopefully be a lot smoother:

  • Follow up work on the financial model
  • Finish the business plan
  • Fire that client
  • Pay property taxes on one of our buildings
  • Research for the market research project I’m working on

1,607 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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