- Joined
- Jan 13, 2024
- Messages
- 194
- Likes
- 197
- Degree
- 1
https://www.cnbc.com/amp/2017/03/16...ing-strategy-is-something-anyone-can-try.html
I saw this on another forum and thought it was interesting so I’ll post it here.
Jay Leno advocates to have two income stream, one for saving and one for spending. The smaller one is the one you spend. He followed this practical advice even when he was host of the tonight show, earning 30 million a year. He’s still have 150 standup gigs a year then so that he’d save all earnings from the tonight show.
This is in stark contrast to what many people on online entrepreneurship forums wish for, which is to quit their job as soon as they get any sign of success with their business. I too want to quit my jobs if my business goes off but I know deep down that jays advice is good. This is because business is turbulent and you just don’t want all your eggs in one basket. It’ll make you sleep a lot better at night and you will make a lot better decisions.
To do this, your side businesses must be lifestyle businesses. Or if they do scale, you need to hire people and make it possible to have multiple jobs. Sucks but it’s a lot better than being dependent on a new business and then facing the crunch when things go down. That’s even worsts.
What’s your opinion of jay’s advice?
I saw this on another forum and thought it was interesting so I’ll post it here.
Jay Leno advocates to have two income stream, one for saving and one for spending. The smaller one is the one you spend. He followed this practical advice even when he was host of the tonight show, earning 30 million a year. He’s still have 150 standup gigs a year then so that he’d save all earnings from the tonight show.
This is in stark contrast to what many people on online entrepreneurship forums wish for, which is to quit their job as soon as they get any sign of success with their business. I too want to quit my jobs if my business goes off but I know deep down that jays advice is good. This is because business is turbulent and you just don’t want all your eggs in one basket. It’ll make you sleep a lot better at night and you will make a lot better decisions.
To do this, your side businesses must be lifestyle businesses. Or if they do scale, you need to hire people and make it possible to have multiple jobs. Sucks but it’s a lot better than being dependent on a new business and then facing the crunch when things go down. That’s even worsts.
What’s your opinion of jay’s advice?