The Entrepreneur Daily series are blog posts that I write when I am working on my side business. My goal is to write a post every day when I am in “entrepreneur mode” and actively working on my business, talking about what I’m grateful for and what I’m working on. In a perfect world, that would be every single day, but in my reality, I work on my business in spurts. I’ve accepted this as my reality for now and hope to improve going forward. This is my entrepreneur journal, to document where I am today.
What I’m Grateful For
Today I’m grateful for my 4 year old daughter. She turned 4 earlier in the summer and she is a riot of fun and a bringer of huge frustration, all in one little package. I work from home and I watch her while I’m working. The “watch her” is a loose term, which has gotten me in trouble in the past. When she starts preschool, she will only be with me for a few hours on two days of the week.
Anyway, I enjoy my time with her on most days, and yesterday was one of them. Four year olds say some of the craziest little things that can stop you in your tracks. It’s just pure honesty coming from them. I love those little moments and got a few yesterday. They made me laugh.
Being the last in line of four daughters, the little one is very loud, and I think this is her way of ensuring she has enough attention. When her sisters got home from school and I was talking to them, the little one got loud and inserted herself into the discussion. I laughed…her sisters did not. She brings laughter and frustration all at once.
So I’m grateful for these little moments I have with my youngest daughter. I know they won’t last, so I’m soaking them in. I’m sure I will be frustrated with her today (and just about every day), but that comes with the package.
What I’m Working On
I’m continuing my look at my personal finances this week, as I mentioned yesterday. I need to firm up my foundation before I start building a house on top of it. The foundation here is my personal finances and the house I want to build is my side business. This is all part of the journey as an entrepreneur.
You can find many people who will tell you that you can invest in real estate with no money of your own. That you can get started right away with bad credit and using other people’s money. And while there is truth in that, it is not the best model for everyone and it sounds and feels a lot like those huckster gurus you see on the late night infomercials. I’ve been enticed by them many times before. In fact, my first attempt at real estate investing was almost a year ago when my finances were much worse than they are today. I dug myself a deeper hole, but at least I took a shot at something.
Now I’ve got more experience on my side and know that a better model for me is to have a great base of finance at home which will fuel my entrepreneur endeavors next. That means I need to lower my debt load, build a stable emergency fund that continues to grow, save enough to fully fund retirement accounts, save enough for investing in a brokerage account, and then push funds into real estate investing.
That’s what I’m working on this week, readjusting my thinking towards those ends.
Goals For the Day
One goal for today is to make plans for paying down debt this month. I’ve already begun paying towards my highest interest credit card, but I want to formalize the plans for the month. I want to have a set amount paid.
The other goal is to make plans for how I will use the equity I pull out of my house with the cash-out refinance. The application is underway and I hope to close on the loan soon. I want to have a plan in place for where to apply those funds once they hit my checking account. The refi application stipulates that I use the funds to pay off certain debts, which I am fine with. I got the impression that they aren’t going to check up on where I apply the funds, but there is no chance I use it for something frivolous. It’s all going towards debt or investment, and mostly towards debt, which is my new “investment.”
That’s it for today. Don’t forget to join me on Twitter where we can interact.