Big Fat Purse Interview....

[craigr]

I was recently interviewed about the Permanent Portfolio by Alvin at The Big Fat Purse Blog. The interview is here:

http://www.bigfatpurse.com/2012/06/cham ... g-rowland/

[ozzy]

Great interview, thanks.

[lazyboy]

Thanks for the really fine interview, Craig. This is the kind of presentation I feel good about sending to friends and relatives. Looking forward to the book.

[Lone Wolf]

That was a really nice interview.  I enjoyed some of the new points you touched on (such as how taking early career risks are probably a better bet than early investment risks.)

Looking forward to that book!

[craigr]

That was a really nice interview.  I enjoyed some of the new points you touched on (such as how taking early career risks are probably a better bet than early investment risks.)

I should probably write more on these topics. A lot of these points are probably counter-intuitive in the investing world. I had a talk with a nurse recently who was lamenting that she never spent more than 2-3 years in any specialty. As a result she had worked in ICU, maternity, emergency rooms, etc. her entire career instead of spending 20+ years doing the same thing. I offered that she did the better career option because it made her skill set more flexible and she was more valuable to employers. Not just this, but it made her more resilient to job loss because she could apply for many different nursing jobs and not just a specialty subset. The career person who has done the same job for 20+ years is more vulnerable to layoffs than the person that worked for 2-4 years each for different companies. IMO. The person with the shorter job span is more flexible.

As it turns out, in a start-up the employees you hire are likely only having 2-4 years at each company beforehand. They aren't the kind to have 20+ year careers. It's kind of an interesting thing I've noticed over the years.

But yes I think when you are young and can do it, take risks on your career. Heck, even when you are older I always encourage people to try out that crazy idea they've always wanted to do. As long as they are risking money they can afford to lose (and not getting sucked into financing an idea that just won't work), they may do very well. I'm very pro-entrepreneur and encourage anyone thinking of starting their own business to go for it.

[Pointedstick]

But yes I think when you are young and can do it, take risks on your career. Heck, even when you are older I always encourage people to try out that crazy idea they've always wanted to do. As long as they are risking money they can afford to lose (and not getting sucked into financing an idea that just won't work), they may do very well. I'm very pro-entrepreneur and encourage anyone thinking of starting their own business to go for it.

I recently took the plunge and I'm not looking back. In January, I started a business selling 3D printer supplies on the side to supplement the income from my day job, and I'm now earning an average of $3,000 a month. It was very important for me to avoid debt, and I'm proud to report that the business's startup costs were $137 and I haven't borrowed one red cent. Honestly, it's easier than my day job. Anyone can do it. We all have hobbies we're passionate about but unless you grew up in an entrepreneurial subculture, I think it's hard to envision becoming a business owner directly selling products or services. It took me years to reach the mental state where I became comfortable with it.

[Storm]

But yes I think when you are young and can do it, take risks on your career. Heck, even when you are older I always encourage people to try out that crazy idea they've always wanted to do. As long as they are risking money they can afford to lose (and not getting sucked into financing an idea that just won't work), they may do very well. I'm very pro-entrepreneur and encourage anyone thinking of starting their own business to go for it.

I recently took the plunge and I'm not looking back. In January, I started a business selling 3D printer supplies on the side to supplement the income from my day job, and I'm now earning an average of $3,000 a month. It was very important for me to avoid debt, and I'm proud to report that the business's startup costs were $137 and I haven't borrowed one red cent. Honestly, it's easier than my day job. Anyone can do it. We all have hobbies we're passionate about but unless you grew up in an entrepreneurial subculture, I think it's hard to envision becoming a business owner directly selling products or services. It took me years to reach the mental state where I became comfortable with it.

Awesome work, Pointedstick!  I bet you can't wait until your business grows to the point that you can quit your day job.

[craigr]

But yes I think when you are young and can do it, take risks on your career. Heck, even when you are older I always encourage people to try out that crazy idea they've always wanted to do. As long as they are risking money they can afford to lose (and not getting sucked into financing an idea that just won't work), they may do very well. I'm very pro-entrepreneur and encourage anyone thinking of starting their own business to go for it.

I recently took the plunge and I'm not looking back. In January, I started a business selling 3D printer supplies on the side to supplement the income from my day job, and I'm now earning an average of $3,000 a month. It was very important for me to avoid debt, and I'm proud to report that the business's startup costs were $137 and I haven't borrowed one red cent. Honestly, it's easier than my day job. Anyone can do it. We all have hobbies we're passionate about but unless you grew up in an entrepreneurial subculture, I think it's hard to envision becoming a business owner directly selling products or services. It took me years to reach the mental state where I became comfortable with it.

Great job! I'm very happy for you. The important thing for people to recognize is that they may fail, but they just get up and try again and again. Ignore the critics. I am reminded of this quote from Teddy Roosevelt:

“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly; who errs and comes short again and again; because there is not effort without error and shortcomings; but who does actually strive to do the deed; who knows the great enthusiasm, the great devotion, who spends himself in a worthy cause, who at the best knows in the end the triumph of high achievement and who at the worst, if he fails, at least he fails while daring greatly. So that his place shall never be with those cold and timid souls who know neither victory nor defeat.”?

[Lone Wolf]

I recently took the plunge and I'm not looking back. In January, I started a business selling 3D printer supplies on the side to supplement the income from my day job, and I'm now earning an average of $3,000 a month. It was very important for me to avoid debt, and I'm proud to report that the business's startup costs were $137 and I haven't borrowed one red cent. Honestly, it's easier than my day job. Anyone can do it. We all have hobbies we're passionate about but unless you grew up in an entrepreneurial subculture, I think it's hard to envision becoming a business owner directly selling products or services. It took me years to reach the mental state where I became comfortable with it.

Well, look at you!  Good man!  I'm not sure how you got away only $137 in startup costs, Captain Thrifty, but that is awesome.  I guess you didn't need to incorporate?

And 3d printing, too.  Really cool area.

[Pointedstick]

Thanks for the kind wishes everyone! It's been a heck of a ride. The low startup costs were primarily because I'm doing it as a sole proprietorship and was already into hobbyist 3D printing, so I'd already built a few machines that I repurposed for business use. I basically just had to buy merchandise and printing stock (plastic filament).

To give folks a sense of what 3D printing can do, here's an older video of mine; a time-lapse of one of my machines printing a little statue: http://youtu.be/Soe5pg5IvGI

[Xan]

That is really cool!  How long until I can order a cup of tea, Earl Grey, hot from one of these things?

[Pointedstick]

I could at least make you the mug right now!

http://www.thingiverse.com/thing:24464

http://techpaladin.com/store/#ecwid:cat ... ct=8939895

[AdamA]

“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly; who errs and comes short again and again; because there is not effort without error and shortcomings; but who does actually strive to do the deed; who knows the great enthusiasm, the great devotion, who spends himself in a worthy cause, who at the best knows in the end the triumph of high achievement and who at the worst, if he fails, at least he fails while daring greatly. So that his place shall never be with those cold and timid souls who know neither victory nor defeat.”?

I love that quote.   I wish I would have taken on this mentality earlier in my life.  Fear of failure and ridicule prevent a lot of people from doing the things they need to do to feel happy.