"Previously":http://alexpooley.com/articles/2005/12/13/pay-your-way-to-financial-freedom I had talked about how it was possible to buy back your time by paying someone to do work you would otherwise have done yourself. I then explored this idea through a series of three articles:
# "How much do you really earn?":http://alexpooley.com/articles/2005/12/14/how-to-buy-back-time-part-1
# "How much should you spend on your venture?":http://alexpooley.com/articles/2005/12/18/how-to-buy-back-time-part-2
# "What should your venture purchase?":http://alexpooley.com/articles/2005/12/20/how-to-buy-back-time-part-3
I just want to summarise what I've learned in this series and succinctly describe how _you_ can buy back your own time. It's really as simple as ...
# Work out how much spare cash you have to actually pay someone with.
# Work out what you are prepared to risk out of your spare cash on your venture.
# Budget your personal income based on these two numbers.
# Budget your venture's expenses based on what you think is vital for the success of the venture.
# Work your butt off.
Although those points are really general this framework will help you protect your downside and avoid unexpected catastrophes. Keep in mind that there's a heap of stuff you need to take in to consideration beyond these simple rules that I have outlined in the posts in the series.
Remember, just because you work a full time job doesn't mean you can't spend time on your venture. Don't be afraid to buy back your time as a way to get work done faster and better than simply trying to work harder. I once did a contract job purely during after hours times. The job took me 40 hours total, over 4 weeks. That's 10 hours overtime each week, or more importantly a 4:1 ratio. It took me 4 times as long in after hours work to get something done during standard work hours. Not to mention how stuffed I was! So, that's 1 year after hours to get 3 months normal work done, or 4 years after hours to get 1 years normal work done. While buying back time wouldn't have helped me complete my contract, it does demonstrate the importance of being able to find time elsewhere.
Anyway, there's a framework for you to build on and perhaps another point of view to factor in to your planning. Good luck and happy venturing!