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#11
08-02-2007, 01:36 AM
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Re: Post If You\'re Self-Employed
I own an Ebay Consignment Shop in the mid west. Started in 1990's, do about 400k a year total sales of which I walk in the 23% range after fees. The real money however is made on handling for which I charge 3.00 to 5.00 per item I sell (300 to 500 a week). No one my age is making 150k a year so thats kind of nice.
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#13
08-02-2007, 08:01 AM
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Post deleted by Mat Sklansky
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#14
08-02-2007, 06:09 PM
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Re: Post If You\'re Self-Employed
Own two businesses and am still in college too. First one I started by myself last summer. Second business started this spring with a friend as a partner. It's a lot of work but I wouldn't trade it for a regular job. At the end of the day I have the satisfaction of knowing all the work I did was an investment in myself and my future and didn't slave just to make some douchebag whom I probably never even met a bunch of gains while I am stuck just hoping for a raise and waiting for retirement.
That's why I haven't been on this forum in over a year and a half and just finally started playing cards again. Took 13th and 2nd in my first 2 MTTs played last week!! Best part was people at final few tables telling me how bad I suck because I had no stats to look up since I hadn't played for so long.
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#15
08-02-2007, 07:37 PM
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Re: Post If You\'re Self-Employed
[ QUOTE ]
My last startup wound down and I didn't want to manage any more software development projects. And I was tired of living in a rainforest (the pacific NW). So I decided to invest my remaining savings and see if I could live off it's income. I needed a 15% return the first year just to pay my living expenses. I was able to beat that and grow my portfolio. After 5 years or so I now need around a 5% return annually for living expenses. No regrets, it's been a pretty awesome lifestyle. I work from home, and have two young kids I get to see all day long. And if I want to take a break for some "afternoon delight" with the wife, it's a done deal! No real advice. I think if you understand a business where you can earn superior returns, being self employed is a good option. But you really have to be skilled and enjoy what you are doing. My biggest joy is not having employees anymore, my biggest regret is not having co-workers anymore. [/ QUOTE ] When you first started out and needed a 15% return, do you feel you got lucky to exceed that (i.e., just happened to start investing at what happened to be an opportune time looking back), or was it mainly skill, or a little bit of both? If you knew what you do now, would you have done anything differently back when you first started out, such as take on more/less risk, or perhaps use a different approach or anything else? My goal is to get to the point where I can also live off my investments, but have a long ways to ago before even 15% would pay for my living expenses.
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#16
08-02-2007, 07:51 PM
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Re: Post If You\'re Self-Employed
[ QUOTE ]
When you first started out and needed a 15% return, do you feel you got lucky to exceed that (i.e., just happened to start investing at what happened to be an opportune time looking back), or was it mainly skill, or a little bit of both? [/ QUOTE ] It was probably an opportune time, but I had done quite a few deals in my part-time (real deals with real money) before I quit, and they all returned a multiple of 15% annualized. [ QUOTE ] If you knew what you do now, would you have done anything differently back when you first started out, such as take on more/less risk, or perhaps use a different approach or anything else? [/ QUOTE ] Quit my job sooner. Not applying myself as a value investor easily cost me huge, as I sat on a bunch of internet stocks that collapsed. I don't feel I take on too much risk. I rarely use margin debt. I buy stuff with real value and real businesses very cheap.
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