Summary
Highlights
To replace your job income, you need to start a business. This doesn't mean extensive market research; focus on solving a problem and generating revenue quickly. Begin with something easy, leveraging your existing skill sets. Many hobbies can be turned into a business by charging for your expertise.
Incorporating your business is crucial. The speaker advocates for 'living corporate life,' where everyone 18 and older should have a company. This helps with tax reduction and establishing a professional financial foundation. An S-Corp or LLC is a common starting point, with more complex structures considered as income grows.
The 90-day formula focuses on replacing half of your take-home income, not your gross income. For example, if you take home $4,000 monthly, aim to replace $2,000. Once this is achieved, you can quit your job, freeing up 40-60 hours per week to dedicate to your business. This strategy emphasizes treating your current job like a contract to shift your mindset and optimize your time for your entrepreneurial venture.
As an entrepreneur, you'll need new skill sets in marketing, sales, and cash flow, which are not typically taught to employees. Marketing is critical; setting up a landing page and database to capture leads is essential, regardless of the product or service you offer. Organizations like 'ask rms.com' can help with marketing setup for a monthly fee.
To generate fast cash, consider selling service-related items or informational reports (e.g., 'cash flow reports' with real estate market insights). Selling education and small-ticket items helps build a database of followers. This allows you to establish trust and familiarity with potential clients, so when they are ready for bigger purchases like real estate or insurance, they come to you as a trusted source.