271 | Future Proof
- In a world of uncertainty, how can we future-proof our skillset and also create an environment to help our kids thrive as adults?
- Growing up, Brad never thought about entrepreneurship, but as he has gotten more into this FI mindset, the concept has shifted for him and how he is a model and mentor for his girls.
- While Brad initially thought virtual learning might not be good, he has reframed it and now believes his daughters will look back on this year as a time when they were living their best life.
- Both girls have gone through The Simple Startup workbook, but Molly seemed especially taken to it. After spending a day last week cleaning out one of Brad‘s garden beds in her free time at home, his daughter Molly and her friend have decided they would like to start up a landscaping business.
- It may be that you just need to see the framework and behavior model for entrepreneurship. The business idea may not be as important as understanding the framework for building a business as quickly as possible.
- Brad sat down with Molly to help her think her way through what it is she is capable of and really wants to offer with her business. Whether or not her gardening endeavor ever takes off is less important than the thought process they worked through which can help her out the next time she has a business idea. Having these conversations with your kids is a great way to connect and future-proof their lives.
- While the majority of people in the world will never become entrepreneurs, it's good to start thinking like an entrepreneur and have evidence of what you have skills you have built.
- The Simple Startup still has openings for the Winter Challenge. One student from a previous course is 9-year-old Analise, who while hesitant at first, ended up crushing it with her business, Creative Card Designs.
- The concept behind Creative Card Designs are fun personalized cards you would want to send to someone to say hello, thank you, or for occasions like birthdays. Analise hand draws each card. She has some designs that can be personalized but also takes design requests. Her business mission statement is: To connect people by making quality, personalized cards for different occasions.
- Keeping her business under control, so far Analise has sold two cards. She wants to make it bigger, but sometimes she messes up and burns through her materials just making one card. So she's trying to scale her business by going digital. This will allow the cards to still be personalized, but make it easier on her.
- After coming up with the idea, starting the business, and creating different designs, Analise has set up a website for online ordering which goes directly to her Gmail account.
- Currently, she's charging about $5 a card and making a $2 profit, but by going digital, it will be easier to make the cards and allow her to possibly drop her prices.
- Brad thinks Analise will be able to test out the price for her cards and find the perfect per card price.
- Analise's motivation for starting the business was to make money, but also thinks it's good to learn how to take control of your own things and not always have to work for someone else.
- Andrea, Analise's mother, says the business has been going well and that her daughter has enjoyed learning and adding to her knowledge base. Andrea appreciates that someone is providing support and guidance when they have these ideas.
- Analise didn't go into the class with the card idea in mind. she had several ideas she was torn between and sought feedback from Rob and her classmates before settling on the personalized card business.
- Her advice to other budding entrepreneurs is that you have to come up with an idea for something people actually want, as well as something that will be profitable. She says that if you have a business, don't give up too quickly, and you have to work hard at it if you want to be successful.
- Analise isn't too afraid of failure. After drawing designs and spending all her money on materials, she realized she needed to just figure out another way.
- Andrea says that she's seen her daughter develop a sense of enablement, that she can come up with an idea and watch it grow, and also learning to persist when things aren't always simple or easy.
- The Simple Startup instructor, Rob, modeled coming up with solutions to get past obstacles the students encountered. Learning isn't about reciting facts, but learning how to flex your creative muscle and problem-solve to get things done.
- Andrea says The Simple Startup Camp was much more of a value proposition than she had expected. Being virtual, it was low-pressure, but also comprehensive and detailed with all the aspects of what's required to run a business. Analise even went through a mind-mapping exercise to assess her strengths, resources, and likes to come with a business idea.
- Although some lessons were virtual, Analise was always an active participant. Students in the camp had Rob and each other to reach out to if they were stuck. It was like her very own mastermind group.
- Anyone interested in purchasing a card from Creative Card Designs may visit creativecarddesigns.wordpress.com, fill out the Google form, and Analise will get back to you. Payment will be made with Venmo.
- Analise is laying the groundwork for success, whether with this business of one in the future. Brad himself started several businesses before reaching some degree of success with Richmond Savers, Travel Miles 101, and finally ChooseFI. He picked up skills and knowledge all along the way.
- Since recording the podcast segment with Brad and Jonathan, Analise has gone digital, contacts more people, and doubled her orders.
- There's no fear of failure. It's iterative and failing forward. Once put into practice, all of the skills learned along the way while building a business become demonstrated skills for college and job applications.
- Adding skill to your talent stack and thinking like an entrepreneur is something that the FI community does well. Brad loves being able to read listener emails, like the one from Laura who found ChooseFI episode 265 Talent Stacker, really resonated with her. Because of Jonathan‘s story, she now realizes that she isn't stuck working as a veterinarian forever and can find something else that lights her fire.
- Many professionals like Jonathan and Laura took out six figures of student loan debt only to find that it wasn't a fair exchange. Getting rid of the student loan debt is tough, but it's the right choice. It will give you options.
- While Jonathan can point to a lost decade in his life that he spent in pharmacy school, it's an intellectual exercise. There was an opportunity cost, but there are no sunk costs anymore.
- Jonathan recently found a website and associated app called Supercook which allows you to save money by shopping your cabinets. After completing an inventory of your cabinets, the website will find recipes you can make by only adding a few ingredients. How much money could you save using up what you already have on hand? Reach out to firstname.lastname@example.org and let us know the results.
- It's been a tough year for the ChooseFI local groups, but some are still meeting virtually or for socially distanced activities, like hikes. David wrote in saying Brisbane, Australia just has its first meetup.
- 2021 is bringing better things and we are coming back. ChooseFI is looking to do a grand meet up at a conference next Fall called The Unstuck Project. The date is still to be determined.
- This week's FI Weekly winners are Josh, Sheena, and Hayden. After finding the podcast this summer. since April, they have turned their garage into a guest house and listed it on Airbnb, bought an investment property, contributed all of his wife's income to her 401K, began contributing to an IRA, opened an M1 Finance account, opened a Roth IRA for their son, are closing on a second investment property soon, and opened a Chase Sapphire Preferred card.
Resources Mentioned In Today's Conversation
- ChooseFI episode 269 Let's Make Lemonade With a Twist
- Register for The Simple Startup Winter Challenge
- Join the Facebook group, ChooseFI Meals and Recipes
- Purchase a ChooseFI Publishing ebook bundle and get an extra 15% off with code Holiday15
- Easily shop for and compare life insurance with PolicyGenius
- Learn ChooseFI's 3-card cashback strategy and earn $1,000 or more
- Get started on your path to financial independence at ChooseFI.com/start
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