Matt announces that he’s finally quitting his day job and going full time with his businesses and self employment. We start out talking about finances, paying yourself, spousal support, and investing in your business.
We get to the difficulties of taking vacations when you love what you do. How do you remove yourself and take a break? We discuss the challenges of systematizing in the context of Physical businesses vs. Digital businesses, and defining the difference between finding fulfillment in your work and just plain workaholism.
Here’s the true workaholism check: Workaholism is when you’re not giving enough attention to the people in your life that need it from you.
— Sean McCabe (@seanwes) July 7, 2014
- 03:06 Matt quits his day job!
- 03:49 Quitting is a bit scary, but remember: There is no such thing as “job security” (Related: e086 Why You Should Quit Your Job).
- 04:19 Paying yourself a salary from the business.
- 04:56 When you have a day job paying your bills, don’t pay yourself extra from side business. You don’t want to get used to living on more money. Keep reinvesting it, then when it comes time to go full time, you can replace your day job income.
- 05:59 Investing in your business—buying equipment, marketing, etc.
- 08:11 When most of the revenue is being used for expenses, how should your business be setup?
- 09:51 Matt’s liquid nitrogen business.
- 15:34 “What are the businesses that require your immediate or regular attention that you feel like would make it hard to take a vacation?”
- 17:37 Physical vs. Digital product businesses and vacations.
- 19:49 Is it worth having a physical product business even though taking vacations is more difficult?
- 21:00 “Your parents work for an airline—how are you not always taking vacation?”
- 22:25 Even if you could be on vacation all the time, you don’t want to because you enjoy your work so much.
- 23:31 It really takes until Day 3 of a vacation to really unwind.
- 24:31 Talking business while on vacation.
- 26:27 “Could you take a vacation in your own home? Is the location element a big deal?”
- 29:32 Working from home is great, but blurring the line between work and play is too easy when you have a home office. The change of location helps, because it forces a context change.
- 31:32 What about just changing location and still getting some work done?
- 33:34 What is the long term goal with your business? What do you want to have in terms of freedom? Are you creating a lifestyle business?
- 36:20 It comes down to giving up control or you’ll drive yourself crazy.
- 36:40 Saying “yes” to too many things.
- 40:47 You have to disconnect from your business because it helps your business.
- 42:15 Feeling socially broken because your definition of “fun” is so different from everyone else. When everyone else is focused on escaping the monotony of a day job they hate, the things they do to escape it will feel weird to you as someone who does what they’re passionate about.
- 45:50 Defining the border between being fulfilled in your work and being a workaholic:
Pay yourself just enough to live off of and pretend you don’t have the extra.
Time off gives you clarity to rethink things, process, and come up with ideas you wouldn’t have otherwise.
It’s worth disappointing the wrong people so you can make the right people happy.
Sometimes the “right person” is yourself.
There’s nothing wrong with enjoying your work—don’t feel guilty supporting yourself with what you love to do.
Here’s the true workaholism check:
Workaholism is when you’re not giving enough attention to the people in your life that need it from you.