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  1. #1
    Join Date
    Dec 2005
    Location
    Huntington Beach, CA USA
    Age
    79
    Posts
    2,011

    Default Starting a business

    Some 40 years or so ago, I had the greatest invention known to man. Well, almost. Well maybe only 30 years ago.

    I had designed a developed a timer that could be set to the nearest one sixtieth of a second. The main use would be in a photographic darkroom. I had conned some of my customers to give me samples of their products. (As a Software Support Specialist for a computer manufacturer.) I had gone through the analysis of getting manufacturing started and how to transition from a garage into a full factory operation. Talk about a self education in the process. This was long before the days of "Factory Time in China".

    My wife was exceptionally supportive of the project. She even offered to get a job outside the house to help out. Then in a single sentence with the wisdom of the ages behind it, she brought me back to reality.

    "I will support you in any endeavor that you attempt, just don't lose the house."

    Well my friends that was like standing on the railroad tracks and getting hit by a train. As I look back on it. . . . We are still living in the same house w/o any mortgage, two cars w/o payments and comfortably retired for almost 20 years. I think that "don't lose the house" was the best advice that I ever had received.
    Rich

    When SWMBO said "I won't cook in metric."
    The metric system died in the US.

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  3. #2
    Join Date
    Jun 2018
    Location
    Brisbane
    Posts
    159

    Default

    Thatís the million dollar issue-literally. The converse world view is someone like James Dyson, who remortgaged his house to fund his vacuum Vision...
    I think part of it is time of life; I might have taken serious risk when young, before kids and other commitments, but now, I wouldnít have the energy to rebuild if I lost everything, so Iím much more risk averse.
    My wife and I apply the Ďwill this decision let us sleep soundly at nightí test to all financial decisions now. Itís a good one as you get older...

  4. #3
    Join Date
    Jun 2012
    Location
    Dungog
    Posts
    214

    Default

    Agree

  5. #4
    Join Date
    Sep 2014
    Location
    Australia
    Posts
    620

    Default

    I have taken huge risks, several times now. Each time, there was a good chance that I could have lost the house. But my risks were well researched, and well calculated.

    I am a high school dropout with an electrical trade. I own my house, no mortgage, no car debt, am 44 and could retire now if I wanted.

    Don't be afraid to start a business, just make sure you know what you are doing, make sure you have a plan, and be prepared to work hard at it.

  6. #5
    Join Date
    Dec 2007
    Location
    Sydney
    Posts
    1,698

    Default

    Are you a high school drop out or did you choose to leave and get a trade rather than graduate and progress thru Uni so you could serve hamburgers at Maccas.
    I was pulled up by a friend years back, Iíd say Iím just a tradesman, she remarked and one who owns a house in Sydney outright at 30.(which I did after wrangling a business up the coast for 5 years after a partner left me holding the bag and went back to the family farm).

    On the donít risk the house idea, my father in law up there on the Canadian prairies line was Ď never mortgage the home quarterí.

    H.
    Jimcracks for the rich and/or wealthy. (aka GKB '88)

  7. #6
    Join Date
    Sep 2014
    Location
    Australia
    Posts
    620

    Default

    Quote Originally Posted by clear out View Post
    Are you a high school drop out or did you choose to leave and get a trade rather than graduate and progress thru Uni so you could serve hamburgers at Maccas.
    I got to first term in year 11, failed and got sent back to repeat year 10. Damage was done, I rebelled, got kicked out. Interestingly, I did get the year 10 dux award for woodwork!

    Did a few months as a fibreglass laminator building brand name powerboats, then moved to electronics. Landed a job as an apprentice instrument fitter. Did a bunch of bridging subjects to get into uni, started an electrical engineering degree but dropped out not far from the finish line. Learned a bit about programming microprocessors at trade level, then more at uni, ended up as a computer programmer and still only have a trade qualification.

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