Best Advice Ever - Woodworking Talk - Woodworkers Forum
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post #1 of 8 Old 10-19-2019, 12:03 AM Thread Starter
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Best Advice Ever

I had wanted to start my own company. I was going to build a digital dark room timer that was repeatable to the nearest tenth of a second. (If you have printed your own photographs, you understand.) This was between 40 and 50 years ago.

I did all the engineering, lined up suppliers and with market analysis I could sell 40,000 to 50,000. I dug into the advertising costs and figured out that I could net about $750,000.

Then my wife gave me this advice saying, "I will support you in anything that you want to do. Just don't lose the house."

I did not build dark room timers, I did not lose the house, we still live in that house today and after looking at what digital photography has done to the film market, it was the best advice I ever got.

Rich
In furniture 1/32" is a Grand Canyon
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post #2 of 8 Old 10-19-2019, 09:49 AM
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Interesting thread. I had my own company...never again.

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post #3 of 8 Old 10-19-2019, 12:16 PM
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Originally Posted by Pineknot_86 View Post
Interesting thread. I had my own company...never again.
Same here, I had 30 guys working for me, never in a million years would I go through that again. Keep it small and you will be much happier. IMHO Trying to work a bunch of men and women is like trying to work a bunch of kindergarten kids.
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post #4 of 8 Old 10-19-2019, 12:23 PM
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What is IMHO ???
I guess it .. IMHO :(in my humble opinion)
Is it true ??

How many years you have to work for to buy a new normal house ??

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SECOND CHANCE & SECOND LİFE

Last edited by faith michel; 10-19-2019 at 01:20 PM.
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post #5 of 8 Old 10-19-2019, 03:58 PM Thread Starter
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Same here, I had 30 guys working for me, never in a million years would I go through that again. Keep it small and you will be much happier. IMHO Trying to work a bunch of men and women is like trying to work a bunch of kindergarten kids.
Or like trying to herd cats ?

Rich
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post #6 of 8 Old 10-19-2019, 05:26 PM
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Originally Posted by faith michel View Post
What is IMHO ???
I guess it .. IMHO :(in my humble opinion)
Is it true ??

How many years you have to work for to buy a new normal house ??

SM-J700F cihazımdan Tapatalk kullanılarak gönderildi
Depends where you live, the average home here in greater Vancouver is over a million dollars, drive an hour and it is half that, but jobs are scarce.

Wise men speak because they have something to say; fools because they have to say something -Plato

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post #7 of 8 Old 10-19-2019, 07:32 PM
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I owned my own business for 18 years after I retired from the AF. Bought a small Feed & Seed store. People asked, what is a Nuclear Engineer going to do with a feed store. My answer was have fun.


And my wife and I did enjoy it for 18 years. We had about 4 employees on duty at all times and she or I was also usually there. It was a people contact business. Mostly people, who like us, liked animals. As well as feed we sold a large amount of pet supplies, including some live. We sold exotic birds, parrots, parakeets, conures, cockatoos, etc. And of course the baby chicks and rabbits normal to a feed store. Also had a lot of horse customers for feed and tack. We also had a large lawn and garden supply. Guess that ammonia nitrate would have to be carefully accounted for today.



We made friends with many of the customers. To this day we run into old customers. We will look at somebody and they will look at us and we know we have seen each other before. It usually turns out that we know each other from the feed store.After several years I bought the property next door and we expanded. Sold the business 21 years ago and still miss it. We had a great location right on main street in town and at a main intersection.


Would not trade that experience for anything.


George
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post #8 of 8 Old 10-20-2019, 01:30 AM Thread Starter
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How many years you have to work for to buy a new normal house ??
A difficult question to answer.

First, here in the US, new houses are usually cheaper. In a tract or subdivision a new house usually requires that the home owners install fences and landscaping mostly at the home owner's cost.

I can only explain my experience. I worked in the factory bringing newly built computers up and running. Trouble shooting, finding defective circuit boards and wiring errors. (ca. 1965-1970) From there I went to Operating Software Programming and then Telephony switching systems. (APZ-130 / ETS4 if you know) Then field marketing support and finally a network engineer helping to build the Internet.

~ The first house, new, Phoenix Arizona about 2¼ times annual salary.
~ Second house, new, Delaware Ohio (near Columbus) about 3 times annual salary.
~ Third house, previously lived in, near Pittsburgh Pennsylvania about 3 times annual salary.
~ Fourth house, previously lived in, near Los Angeles California about 3½ times annual salary.
~ I'm currently living in the fourth house but retired. This house value is about 5 to 6 times my retiring annual salary. Although, because the company calculated my severance package as a commissioned sales representative, the house value is about 3½ times my then annual salary.

Rich
In furniture 1/32" is a Grand Canyon
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