WHAT IS IT LIKE TO BE THE OWNER OF A MILLION DOLLAR PER YEAR BUSINESS? IS IT ALL ITS CRACKED UP TO BE OR HIGHLY STRESSFUL AND TAKING UP ALL YOUR TIME?
Apr
25
2019
Peter Answers
Is owning a profitable business stressful? How much of your time will it consume?
Short answer: IMO every business, even if you are doing stuff you love, will have its stressful moments. Time is a variable.
At one point in my life, I was owning and running a sort of detective agency, tracing missing heirs to unclaimed money and making well over a million a year. Later on I owned and ran other businesses.
To answer the question, I have said many times every situation is different, but here I will make an exception: IMO every business, even if you are doing stuff you love, will have its stressful moments.
When I owned and ran around 250 residential rentals, I had a staff . They dealt with all the routine stuff, so I didn’t have to spend too much of my time on the business. But as USA President Harry Truman once said about his job, “The Buck Stops Here.”
To me, that meant if & when there was a serious issue with bureaucracy; or if a particular tenant was suing for millions in imaginary damages, the problem and stress of dealing with it landed on MY DESK.
I have never heard of any business that didn’t have any stress.
The bottom line is however, if you want FIRE- Financial Independence-Retire Early, you can ’t just sit on your fanny and read graphic novels or play games. You will need to make some money in the ways I write about. That will mean putting in the time to acquire some expertise/experience, and leaving your comfort zone to endure a bit of stress…
Category: Peter Answers
By P.T.
April 25, 2019
Source : http://www.petertaradash.com/what-is-it ... your-time/