Name: What is a "lifestyle business" and why you need one.
Uploaded: 2020-04-23T03:54:35.000Z
Duration: 8 min 3 s
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I wanted to talk about lifestyle businesses because I think lifestyle businesses present one of the best ways that you can actually live out your life.

It's somewhere between working a soul sucking 9 to 5 job and then being a CEO of a huge corporate company in which are always hustling and stressed all the time.

Yes, there may be some financial rewards, but the lifestyle it's not necessarily the best.

And you've seen Elon Musk himself say that you don't really want to be like him.

Yeah, it's, uh, not as much fun being me is.

So lifestyle businesses, which is pretty much what I'm doing right now.

You can consider it like a small business in which somebody intentionally designs the type of lifestyle they want and then chooses a business that helps them operate.

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And so for me, this is something I've done a number of years in my past when you're doing, like, say, independent app development, creating some website on your own running online business.

And then you intentionally decide you don't really want to sit down and hire a bunch of people, accept the venture capital and tried the 100 extra business by a bunch of stores, because that's just not really for you.

Whenever I get to a certain point in the business, I find that I usually just take off our travel.

I don't really want to sit down the higher bunch of people.

I just want to go out, see the world, sample the world's cuisines, and then the income that I'm generating that cash flow is just supporting me, and that's pretty much good enough for me, and that's what I want.

I don't want to be held accountable to that.

So this is about lifestyle design, and unfortunately, I think it's something that we don't really teach in schools, either.

Usually we just ask Case, Do you want to be a doctor, lawyer or engineer and you choose one.

But in today's society, with the Internet and remote work available, there are far more many lifestyles than just locking down in one city and working this one job for 30 years until the end of your life.

So if you take a look at the past pretty much everybody had the same lifestyle.

People would just be working their office jobs 30 years, eight hours a day, and that was pretty much it.

But these days, you can actually have so many different ways of working.

Actually, yeah, you can be a doctor, but you could be a doctor working remotely traveling around different countries, helping people in poor areas.

Or you could just be a normal doctor working in the separate and clinic hours a day.

And for some for engineering this well, you could work independently if you don't want the Bostick working and start up where you're moving faster, learning more things or working in the large corporate company in which generally people will tell you what you need to be doing, and then you have a little bit less power and control and flexibility in your choices.

So one trend I've seen among programmers is that at some point after they've finally achieved their career goals, they quit the entire industry because they realize that they didn't really enjoy the lifestyle that created for them.

They didn't like the cubicles staring at the computer all the time and typing.

And so this is where when you don't plan out your lifestyle and your focusing entirely on the career or the financial aspects that it can actually backfire.

And then you see these programmers, they go off and they become bartenders.

Or they opened up a restaurant or start a both shop.

Like I met a programmer here who used to work at Yahoo, and he quit the whole industry, came here to Hawaii, opened up his own tour company, and now he drives the buses around giving tours to people.

What happens is, after a while, you gain enough money.

Maybe once you start reaching 100 K per year or you've saved up on this egg.

Then you start thinking, Well, what are you gonna do with the rest of your life?

And you start seeking more like, what type of lifestyle do you actually want?

Or do you want to just retire and set on the beach all day?

And just your income entirely stops at that point, and that's not really fun, either.

And sometimes people may find themselves trapped in the position in which say they could be making a lot of money, but then their lifestyle isn't necessarily what they really enjoy.

I think what many people fail to realize is that there's this level between being poor and rich somewhere called, like a middle class middle in their say.

And this is where a lot of people are, where you have some sufficient funds, you don't necessarily have enough to completely retire.

But financially, you're doing okay as well.

And then you start seeking more from life like it's not just all about money at that point.

Now, with lifestyles in mind, I thought it would be interesting to take a look at my current situation because I had recently been working as some top tier tech companies like Facebook and Google.

And right now I'm pretty much working on my own self employed and my life.

So I think has taken quite a bit hit, actually, because the bigger companies usually they have a lot of global infrastructure.

They have this huge network tools, equipment, good health insurance, people to back you up, intel and information everything you need to really be functional in this world, along with a bunch of personal development and training for you that can really help you grow as a person.

You get free access to coffee, food, holiday parties, smart co workers.

And all of this helps support a nice lifestyle for you.

It is a multibillion dollar infrastructure.

Now, if you decide to go it alone, though you don't have access to any of this.

You're pretty much just going around by yourself, closed off from all of these beautiful while the gardens and pretty much no single person is able to compete with this level of global infrastructure.

And no one can really owned that, not even the CEOs of these companies.

So this got me thinking it's not really about the money you can make as much money as you want as individual person, but you'll never gain access to, say, Google's global network enter infrastructure and all of their tools.

You still can't get access to any of that.

So it's like these huge spaceships that only people with company badgers are able to get into.

And that's gonna be what provides you quite a nice lifestyle now.

Personally, what I like to do is mix and match things up a bit.

Yeah, sure, I can keep climbing that corporate ladder, but it would not be able to provide me freedom and flexibility, the ability to go travel around and just go to a shopping mall on the Wednesday morning.

Normally at a time like that, I should be locked in my cubicle, doing my 95 so taking sort of a mixture perch here where sometimes I'm working on my own, working for a big tech company working at the start up.

This variety of experiences, I think, gives you a good mix of a bunch of different lifestyles.

Now, if you two are looking to start lifestyle business than a few tips for you, first of all is to keep things lean, so not bring in.

Other co founders tried to automate as much as you can, such that you can operate some of these businesses on the side.

And it's not consuming way too much of your time and not be too ambitious because there's actually some opportunity in this little area where large companies aren't actually going after in the area.

Like, say, custom T shirt sales for game of Thrones, for example, because they're just not going to be bothered trying to make a profit in this area, it's not enough to sustain them.

But if your individual operating in this space, it could be enough to sustain your lifestyle for, say, a year or so, you also need to keep your skills sharp.

So even if you're working in the corporate 9 to 5 job, usually they pigeonhole you in some certain technology, and then you're not really effective.

So, keeping your skills broad enough and staying up to date with current trends can help you take advantage of more opportunities as you find them in the market.

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So just something to think about and there earlier.

You can figure this out the type of last thought you'd like to design for yourself the better.

Let me know what type of lifestyle you're going for.

Is that one of travel living in big city?

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