Hey folks, back with another solopreneur business update. Let’s jump in.
My last week(s) in business
If there’s one guarantee in solopreneurship, it’s that no week is ever the exact same as any other – right? I happen to think this is a benefit (otherwise things might get boring pretty quickly), but I digress…
Things continue to go in an exciting direction, as we brought on a big-name Canadian investor for my immigration tech company and are about halfway to our fundraising goal.
With summer weather in Canada and the Covid restrictions slowly easing, things seem to be on the way back to normal too. I’m not sure about you, but over time, the lockdown and Canadian winter definitely took its toll on me mentally and emotionally. Despite being an introverted homebody, 13+ months working from home had more of a “slow burn” on me that summer has helped me recover from.
My key takeaway: sometimes things like burnout or just general unhappiness aren’t from big events – they are slow build ups. As solopreneurs, we need to consistently work on our mental and physical health to keep them at bay, and make sure to take the necessary breaks/vacations otherwise they will creep up on you.
Do you agree?
What I’m thinking about
I’ve been thinking more about saving and investing funds as an solopreneur in the last few weeks.
What do you all do with leftover profits at the end of the year? Or with your personal savings?
I’m a pretty conservative guy, and most of my personal savings go into the stock market, mostly in the form of ETF’s and more recently, REIT’s. But the more I load up these accounts, especially the Canadian tax-free accounts, the more I think about how they aren’t really helping me create short term freedom.
What do I mean by this?
Well, money I’ve put into these accounts grow over time, but the vast majority stays in there – meaning they aren’t creating cash flow for me right now. Yes, it’s a slow build of a nest egg, but probably more for retirement which is decades down the road.
Instead, I’m thinking more about how I can invest in cash-generating assets – things like real estate or other solopreneur businesses/projects/websites that generate cash in my pocket on a monthly basis.
I don’t have a definitive answer on how I’m going to approach this yet, but will keep you posted when I do!
What I’m Reading
I’m still on my fantasy book kick, which isn’t great for these updates because I usually discuss the business/personal development books I tend to read, but will be back there soon.
I’m almost done reading The Wise Man’s Fear, the 2nd book in Patrick Rothfuss’ well-known fantasy series, and it’s been great. For those who like or ever wanted to get into fantasy, I’d say this is a great way to dip your toe in.
Buffett: The Making of an American Capitalist. I picked this up in one of those Take a Book, Leave a Book things on the side of the road in my neighborhood and am really excited to read it (and share my takeaways with you).
Anyway, that’s it for me. Have a great week, keep grinding and if you want my updates right to your inbox so you never miss ’em, make sure to join the list here!