Anecdotes & Musings

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Small town living – a path to financial independence?

Here is a reply I left recently at my favorite financial blog, Mr. Money Mustache.  Pete, a fellow engineer, spent the last several years challenging and cajoling people to become financially independent.

He “retired” at age 30, and now does what he wants with no financial worries. Lives a nice lifestyle in nice digs, too.

His formula is simple — cut consumption and increase savings. When your income from investments equals your expenses — viola — you are now financially independent. He did it in seven years, and you can too.

So what does this have to do with consulting? You don’t need to be fully financially independent to make your JumpToConsulting, but you DO need some reserves. Assume at least six months with no income.

So if you are overconsuming and living pay check to pay check. you can’t make a JumpToConsulting, or any other jump. You first need to cut your expenses and change your mindset and your lifestyle!

One way to do this is to move to a small town. That is what my older son (the inspiration for this blog) did this year. Here is his story:

Don’t overlook small towns – particularly those about 100-150 miles from a major city.

After living in the city, my older son recently moved to a small town in Minnesota – population 5000. About 100 miles from Minneapolis, it is beyond commuting distance so it is no longer a suburb. But it still close enough for city resources (hospitals etc.) or a big city “fix” if needed.

They bought a nice house for 1/2 the cost in the city. The grade school and a park are across the street, and the high school is a few blocks away. The kids love it – they can bike all over town with their new friends. His commute is under ten minutes of country driving. His wife works in the high school as a teacher’s aide, and loves it.

They were concerned about leaving the city, but have been pleasantly surprised. Small town festivals –wineries — microbreweries — parks with uncrowded campgrounds. It may be rural, but there is still plenty to do. And the big city is still only two hours away.

Looking for a job change, he stumbled – almost by accident – on an executive opportunity with a small medical manufacturer. The company was delighted to get someone with his talent and experience, and they pay him accordingly. The school was delighted to hire his wife too. Big city wages with small town cost of living — how great is that? Plus the quality of life.

These opportunities abound, but you must seek them out. So if you are not yet financially independent, consider this as one way to speed things up — and enjoy the journey immediately. My son admits he never dreamed they would live like this.

A few more details on my son. After taking a company through a complex acquisition, he no longer had a job. Small thanks for helping grow the firm by 10x in a couple of years as their financial guru.

So he took his MBA in finance, his experience, and his proceeds and hung out his shingle as a consultant. The early discussions with him were the catalyst for this blog.

Although he was building the business, it was going slower than hoped. When one of his clients make him an offer he couldn’t refuse as the VP of Finance for a start-up, he jumped at it. Besides, like his dad, he has a love of small business.

But after a couple of years, it became obvious the start-up was stalling. Furthermore, there was friction with the founder, who was unwilling or unable to make necessary changes. (Been there myself.) So rather than wait for the axe to fall, he started a job search.

One interesting opportunity was with a medical device manufacturer in a rural community. As both he and his wife grew up in the city, there was some reluctance to purse it. Still, the job sounded interesting, so they decided to go in a new direction. So far, so good.

I’m proud of my son for taking that chance, and for working hard, like a good consultant, to make a positive impact on the world.

I’m also proud of his brother. A financial attorney in a large Manhattan firm, he recently took a chance and initiated a special project on alternate currencies. As their “Bitcoin-guru”, he too is working very hard to make a positive impact on the world.

Well done, both of you!

P.S. Thanks to the Internet and Fed-X, one can easily consult from small towns. And depending on your niche, you may even find plenty of clients right in you own backyard. 

Copyright © 2015, All rights reserved.

Thought Leadership – Is is really necessary?

The short answer — NO! 

But you DO need to be able to help your clients. Time for a mini-rant.

If you are like me, you are probably weary of hearing about how you MUST become a though leader to succeed in business. Unless, of course, you are pitching books or programs on thought leadership.

But let’s back up. Just what is thought leadership, anyway? Wikipedia says a thought leader is “an individual or firm recognized as an authority in a specialized field, and whose expertise is sought and often rewarded.” Gee – that sounds like a consultant to me.

My big concern is the concept may hold people back. As in, “If I’m not a thought leader, how can I break into consulting?” Don’t let this business jargon bamboozle you.

Think about it. You doctor has specialized expertise that can help you. But do most doctors consider themselves thought leaders? I doubt it. Most just consider themselves professionals doing their jobs — helping their patients.

Now some doctors, such as specialists, may be considered thought leaders. When my wife had an unusual kidney condition, we consulted with one of the world’s experts at the Mayo Clinic. He fit my definition of a thought leader. Even then, he was modest to a fault. (Incidentally, he quickly diagnosed the issue, while ruling out any serious problems.)

There is nothing wrong with aspiring to and becoming a thought leader. But it doesn’t happen overnight, and you DON’T need it to get started as a consultant.

You DO need to identify your niches, and you DO need to be competent and experienced in those niches. In certain areas, you may need to be licensed.

OK, so I don’t need to be a thought leader to start, but how can I eventually become one anyway? Writing and speaking are two good avenues.

Magazine articles and white papers are a good start. A book is even better, preferably published by recognized publisher.

Speeches and seminars also good avenues. All these take time, however, so don’t expect to be vaulted overnight into a thought leadership position.

But don’t overlook just doing a good job for your clients. Experience is a big part of becoming a thought leader, and the only way to get experience is to  DO it — over and over.

Malcom Gladwell says it takes 10,000 hours to really master a subject. Some pundits dispute the numbers, but the fact is it takes time and effort to become an expert – or a thought leader.

As an example, we started Kimmel Gerke Associates almost 30 years ago as a couple of reasonably competent engineers. To market ourselves, we started writing magazine articles and doing technical presentations. At that time, we did not consider ourselves though leaders.

Over time, this eventually led to 200+ articles, three books, hundreds of consultations, and training 10,000+ students through public and in-house seminars.

At some point, I suppose, we became thought leaders in our field – not that it really mattered to either of us anyway. But that came later, not right away.

NO, you don’t need to be a “thought leader” to make your JumpToConsulting. But the sooner you do make the jump, the the sooner you can become a thought leader – if that is even your goal in the first place.

Copyright © 2015, All rights reserved.

What do you do when it no longer works?

Received an email a while back from a fellow engineer whose consulting firm is struggling. The question was what to do now?

First, a little background. To protect privacy, I’ll be purposefully vague.

He started a consulting firm some years ago, but it recently began to slide. Rather than give up, he kept putting money into the business – but with a negative impact on his finances and retirement. Cash flow is now a key concern.

So the question posed to me was not about starting a consulting practice, but rather –  What do you do when it no longer works?

That is a tough one. Here is my sanitized reply:

Wish I could say I had never heard your story before. Sadly, I have. The good news is things usually get better, but not without some pain.

Here are three examples:

  • Former neighbors (in their 50s) who owned two small restaurants for many years. When the business slump hit in 2008, they refinanced their house to keep things going. In the process, they lost the businesses and almost lost the house. But they are now recovering, as they went back into the corporate world. The good news is that they found jobs where they could use their valuable skills and knowledge.
  • My older son (in his 40s) who was ousted from his position (after an acquisition.) Small thanks for helping grow a small company by 10X and handling the complex financial details of the transaction. So he took his proceeds and hung out his shingle as a business consultant, but within a year it was obvious it wasn’t working fast enough to provide an adequate income. The good news was that one of his clients (a start-up) hired him.
  • Me (in my 30s). Fired one day from a start-up I helped launch, I hung out my shingle. That only lasted a couple of months until I realized it wasn’t going to work – for now anyway.  So I went to “Plan B” and found another corporate engineering job. Of course, that was easier then as I was much younger.

Two common thread on all three cases were:

  • Recognizing the business was not making it (at least fast enough to provide sustenance)
  • Changing direction (while still gaining valuable experience and knowledge.)

My first thought is to see if any firms have an interest in hiring, even on a part-time or sub-contract basis. These firms might be other consulting firms, past/present clients, or even vendors serving  his technical community.

Your knowledge, contacts and experience are valuable. This would let you focus on the technical side of the business and not worry about the sales/marketing/management side of the business.

A second thought is to check with technical contracting firms. Some are small, and some are large (like Manpower.) I know several engineering colleagues who have gone this route.

One caveat – do NOT pay anybody ANY money up front. The legitimate firms make their money when they place engineers with their clients. Many also offer group insurance and related benefits.

In both cases, the business still exists – just in a different form.  Incidentally, nothing wrong with changing directions. Sometimes it is better to stop the bleeding, and start the recovery.

As a fellow boomer, these approaches are likely more successful than seeking a full time position. Many companies want to hire the younger people full-time, but are willing to take on us old-timers part-time. Of course, if you find a suitable full-time position, go for it!

My sincere best wishes, and feel free to write again if you have additional questions or comments.

If you are in this situation, don’t despair — it took me two tries to make it as a consultant, and four tries for the training part of our business. And there have been several ups and downs along the way.

Finally, there are no guarantees for success in any business, consulting or otherwise. Change is inevitable, and the key is to be flexible.

Copyright © 2015, All rights reserved.

Are you seeking freedom… or power?

This dilemma is often faced by those considering a business of their own –– often at mid-career. Should I strike out on my own, or should I stay and climb the corporate ladder?

There is no right answer. You must first seek to know yourself. It is YOUR decision — nobody else can make it for you. NOT your family-NOT your friends-NOT your colleagues.

Either way, there is a price to be paid. Both paths require time and effort — often much more than you realize. Both may result in different levels of compensation… different levels of family time… different levels of overall life satisfaction. Consider the tradeoffs.

In my case, I chose freedom through consulting, with no regrets. At the same time, I’ve had colleagues who chose corporate power with success. No regrets there either. I’ll share specific examples later. But first, a short story…

In ancient China, two brothers went separate ways. One became a monk, and the other became a civil servant.

Many years later they met in the market where the monk was eating his bowl of rice as he sat on the ground.

Said the now successful civil servant to the monk, “If you had learned to bow to the king, you would no longer need to eat rice.”

To which the monk replied, “If you had learned to eat rice, you would no longer need to bow to the king.”

Here are three modern examples…

(1) One colleague chose the corporate route. He worked hard and eventually rose to the level of VP. Along the way, he made significant contributions to the company, and was amply rewarded. He recently retired, and now engages in philanthropy and angel investing.

(2) Another colleague chose the freedom route. After becoming increasingly disillusioned with big corporate life, he founded a small but very successful company. He is still running the company, and is having a blast.

(3) A college classmate was rising fast on the corporate route, but it didn’t really fit. One night he awoke spitting up blood from an ulcer. The stress of being a square peg in a round hole finally caught up with him. Fortunately, his enlightened company let him take a step back, and he finished his career developing several successful products while mentoring numerous young engineers.

Three stories, three happy endings…

And in the third case, nothing wrong or disgraceful with making a change. Had his company been less enlightened, he might well have succeeded with another company, or even as a consultant. (He did moonlight for a while to feed his passion to create rather than manage.)

Incidentally, all three made these decisions (as I did) at about age 40. The late Howard Shenson once noted this is a good age for a mid-career assessment. By that time, you have enough experience to know what you like (and are good at) and what you dislike (and perhaps are not so good at.)

The secret, Shenson said, is to focus on the former and ignore the latter. Unfortunately, many people miss this opportunity for change, and spend the rest of their lives in misery.

This post was prompted by a recent discussion.  I hope this helps if YOU are facing this dilemma. If you opt for freedom, consulting is but one option. It has been great for me!

Copyright © 2015, All rights reserved.

The sad ordeal is over…

Last Wednesday, my good friend and business partner of 40 years passed away from pancreatic cancer. The end came sooner than expected, but at least he is no longer suffering. I will miss him terribly … hell, I already do!

A future blog post will address partnerships. Most of the time I advise against them, as I have seen too many go sour. But when they work, they are absolutely wonderful.

Such was our partnership, and a major reason our consulting firm was so successful.   And so much fun!

Although many of you didn’t know him, here is the eulogy I plan to deliver at his funeral this week. I think it captures the essence of this gentle man.

William “Bill” Kimmel, PE
Kimmel Gerke Associates, Ltd.
Consulting Engineers

For those of you who don’t know me, I’m Daryl Gerke, Bill’s friend and business partner for almost 40 years.

When Bill’s daughter asked me to say a few words, I told her it would be a privilege. But when she told me I only had about five minutes, I knew it would be a huge challenge.

You see, I could go on for hours with wonderful stories about Bill… and given the opportunity, probably would. Those of you who do know me know that’s true.

As an aside, Bill and I spent many pleasant hours telling, and then retelling stories… often to the chagrin of our wives. I will miss that.

So what can I say in just a few minutes? As I reflected on this, I was finally able to distill it down to three key points I’d like to share today.

(1) Bill was highly respected

The highest accolade an engineer can give to another engineer is to say, “So and so is a good engineer.” Sometimes for emphasis, one is called a “darn good engineer.” We engineers are such an emotional bunch.

As the emails and phone calls poured in after the news of Bill’s passing, those phrases were repeated many times. Often with examples of how Bill had jumped in to difficult situations… helped out… and even saved their bacon.

Past students lauded his abilities to take complex concepts and make them easy to understand.

Of course, I agree with those sentiments… Working together for 40 years, I know of no better practitioner of the engineering profession.

(2) Bill was extremely gracious

In a business where giant egos sometimes reign, Bill was modest to a fault. When I shared a comment with him several weeks ago that someone had called  him a “rock star”, he chuckled and replied, “Gee,  I just thought I was doing my job.” … Classic Bill.

Bill also willingly shared what he knew. Not only with clients, but with colleagues and even complete strangers.

An e-mail from a professor in the UK told how, in the middle of his battle with cancer, he took the time to discuss the impact of some new standards. It was much appreciated… He was literally known around the world.

A phone call from a vendor told how he took the time at a trade show last fall to talk with the woman’s son about a career in engineering, and how much it meant to both of them… She had only met Bill earlier that day.

(3) Bill was a friend to ALL

I’m biased, of course… What started out as a couple of young engineers collaborating on some moonlighting projects blossomed into a friendship that lasted almost 40 years… Personally, I can think of nobody else who would have been a better friend and a better business partner.

He also leaves behind a multitude of friends in our engineering community… The many emails and phone calls in the past week have constantly expressed this sentiment… About what a good friend he had been, and how much he will be missed.

In closing, I’d like to share one particularly eloquent e-mail I received from one of those friends just after Bill’s passing.

I’m not much of a reader, but one time my Rabbi lent me a book to read. It was by Rabbi Harold S. Kushner, the author of “Why Bad Things Happen to Good People”. I never finished it, but I remember one passage:

As most clergy do, the Rabbi liked to learn about other faiths. He was at some kind of convention or conference, and he heard the Buddhists talking about how you shouldn’t get attached to anyone, because you would only lose them eventually…

Rabbi Kushner disagreed… He said that isn’t living… Rather, we should allow ourselves to love people even though it will be painful when we lose them… That is living.

So I’m doing a little living right now, over Bill.  (Thanks – Jeff Silberberg)

Right now, I think we are ALL doing a little living over Bill… REST IN PEACE, my friend!

Click here to see Bill’s on-line obituary.

P.S. Changes are coming, so check in from time to time. Initial plans are to ramp up JumpToConsulting, and to ramp down Kimmel Gerke Associates. And to spend more time just goofing off – grandkids, reading, writing, traveling, and playing with the dog.

The goal here – helping “newbies” become consultants, and helping “oldies” become better consultants. Like the underlying goal Bill and I always had with our consulting practice – helping engineers become even better engineers!

Copyright © 2015, All rights reserved.

An update on the sad news…

In February I shared the sad news that Bill Kimmel, my business partner and good friend of almost 40 years, was diagnosed with pancreatic cancer. That is the main reason the posts here have been few and far between. Here is an update.

It has been a rough few months. The chemo failed, but it did make him sick. As a result, he ended up in the hospital for a week with complications. This led to hospice care at home which was working  pretty well.

During that time I flew to MN for some visits. We tied up some loose business ends, reminisced, and even laughed a bit as we relived our past consulting adventures (and a few misadventures…)

We decided our business had accomplished the three objectives we had for any project — do some good, have some fun, make some money.

  • We’ve solved or prevented hundreds of EMI (electromagnetic interference) problems in a wide range of industries – computers, medical devices, defense (space craft to submarines), vehicles (planes, trains, automobiles – even fire trucks), industrial controls, facilities (including nuclear power plants & oil refineries), and more.
  • We’ve trained over 10,000 designers through our public and in-house classes – immensely satisfying in itself.
  • We had a great time visiting almost every state and several foreign countries – and we made many friends along the way.
  • We both ended up financially set for retirement – even though we’ve remained involved with our little consulting business.

The bottom line — no regrets. Looking back, it has been so much more interesting and satisfying than had we stayed with corporate careers.

While consulting is not for everyone, for us it has been simply great! It is also what keeps me going with the blog — the hope that others may be inspired to do the same.

Last week things took a turn for the worse. Having balance problems, Bill moved to a full care facility as his wife could no longer care for him at home. They had agreed on such a move ahead of time.

Nevertheless it has not been easy for anyone — Bill, his family, his friends, nor his business partner. But for now, he is hanging in there.

The response from our friends/clients/colleagues has been most gratifying. That is a good measure of business success – how much you and your work have been appreciated. I’m sincerely thankful to everyone who has expressed their kind thoughts to both of us.

In closing, my Dad had a sign in his workshop that said “Live, so that when you die, even the undertaker will be sorry.”  As a kid, I found it a little spooky, but at this point in my life and career I fully appreciate the sentiment.

And don’t wait to start living your dream. Later, you want to be able to look back and smile as we are now doing — and perhaps even laugh a bit! 

P.S. ATTN Friends/Clients/Colleagues Contact Bill at Due to low energy, he may not reply, but rest assured he enjoys hearing from you. 

Copyright © 2015, All rights reserved.

Motivating professionals…

Here is my reply to a question on LinkedIn about motivating professionals.

The more I thought about the question, the more it festered. Is it motivation, or is it manipulation? You decide.

How do you motivate your professional staff? …

How do you motivate a surgeon to perform an operation? How do you motivate an attorney to win a case?  How do you motivate an engineer to solve a problem or design an better product?

The answer – you don’t. Motivation comes from within. Unfortunately, much of what passes for as motivation is really manipulation.

So do you REALLY want to motivate professionals? Here are some thoughts based on almost 50 years as an engineering professional.

–FIRST, pay them what they are worth. Better yet, pay them a bit MORE than the going market.

— SECOND, consider company profit share rather than individual bonuses, which are too often political. After all, company profit is the “bottom line.”

–THIRD, provide good tools to do their jobs. This is an investment,not an expense.

–FOURTH, create a collegial work environment. See the comment on profit share versus individual bonuses.

–FIFTH, ask what you can do to help them, don’t tell them what to do.

Do this, and you’ll have all the motivation you need. And you’ll have motivated professionals flocking to your door wanting to join your organization.

OR, if you are a fellow professional, you can do what we did almost 30 years ago. When my business partner and I finally had enough management manipulation, we started our own professional engineering firm.

Our motivation is solving problems and/or improving things for our clients. That has been more than enough — and it has proven very profitable as well!

So if you too are weary of management manipulation, stick around and explore my blog. We’ll show you one way out by making your own JumpToConsulting.

P.S. Off to visit my good friend and business partner next week. Unfortunately, the chemo didn’t work and the cancer progresses.  But we both agree that we are so very glad we made our JumpToConsulting when we did. Carpe Diem!

Copyright © 2015, All rights reserved.

How to piss off a prospect…

Time for a rant. This was precipitated by an unsolicited phone call early one Sunday morning, from a so-called “marketing firm” run by a so-called “consultant.”

Too bad he is giving consulting such a black eye.

Normally I’d let the phone ring, but for some reason I decided to answer. Actually, I was kind of curious as to what kind of jerk would call early on a Sunday morning.

Here is a short summary of the conversation:

Who is calling please? –Mumble, mumble, mumble.

Who? –RKX Research. (Not the real name*)

And who are you? –David.

David who? –Sorry, I can’t give you my last name for confidentiality purposes.

OK, David. And just where is RKX Research located? –Sorry, I can’t give you that for confidentiality purposes. But you can Google it.

OK, David. Then who is the CEO of RKX Research, and what is his number? –Sorry, I can’t give you that information for confidentiality purposes. But you can Google it.

OK, David. Did you know we are on the DO NOT CALL list? –(Haughtily) We’re a market research firm, and we are excluded from the FTC rules on DO NOT CALL requirements.

OK David. So does that give you the right to call a complete stranger on a Sunday morning?
— Well yes, legally we can call…

OK David. I don’t really give a damn about your legal interpretations  For your information, I consider your call legal harassment. — Uh, would you like to talk to my supervisor?

Sure, put him on. — Pause

Who is this? –Yohan.

Yohan what? –Yohan K…

Well, Yohan, if that is your real name, I just talked with David, if that is his real name.  I explained that I don’t really like getting unsolicited phone calls on a Sunday morning.
— Well this is a marketing research call, and we are exempt from FTC rules..

OK Yohan.  As I explained to David, I consider your calls legal harassment and will take legal action if you ever call again.  Are we clear? –Do you want me to remove your name from our call list?

Sure – you go ahead and do that. One more thing. Who is the CEO of RKX Research, and what is the address? — Sorry, I can’t give you that information …. but you can Google it.


So, I decided to Google the mysterious RKX Research.  Here is what I found:

  • RKX Research is located in New Hampshire.
  • The owner is KM. Had to hunt a bit to find this, but yes, you can Google him.
  • The web site is self aggrandizing. No list of owners or executives.
  • The FaceBook page has not been updated since January 2013
  • The Twitter feed has one tweet in 2012.
  • LinkedIn. Forget it. At this point, didn’t feel like paying LinkedIn to learn more.

Kind of interesting. If this company is a legitimate marketing company, why so little Internet presence? Why so evasive about ownership?  Perhaps they are not proud of what they are doing?

So what can we as consultants glean from this? Lets look at it upside down.  Imagine you want to break into market research consulting, and you really want to piss off prospects. Here are seven quick ways to do that:

(1) Ignore common courtesy. Call complete strangers at odd hours. Sunday mornings are particularly effective.

(2) Hire snotty kids to make the calls. Then teach them to be obnoxious and patronizing.

(3) Prevaricate. Tell people you’re just doing “market research” even if not completely true. This lets you hide behind a technical loophole.

(4) Be difficult to reach. Hide your identity and personal email address.

(5) Don’t monitor/upgrade social media for years at a time. This has the added benefit of showing how (in)competent you are at marketing.

(6) Ignore common sense.
After all, most people are just waiting for a thinly disguised sales call from some stranger – particularly early Sunday morning. Their time or privacy are not nearly as important as you are.

(7) Brag about what a great outfit you are on your website. Who knows? Maybe your mother will believe it. Or maybe not.

Would YOU hire these clowns to piss off your customers or prospects?

Finally, I’m not opposed to market surveys.  I regularly participate in those sent by email from companies and organizations I know and trust. I do NOT respond to fishing expeditions from strangers, particularly on a Sunday morning. Nor should you.

End of rant.

* Decided not to include the real info on RKX Research as originally planned.  No need to hurt or humiliate anyone – even though they might deserve it.  Rather, decided to share this rant as a lesson on how NOT to act as a professional consultant.

Copyright © 2015, All rights reserved.

Don’t Hoard Your Experience… Share it…

Learned this lesson early in my consulting career. Fortunately, somebody else made the mistake, and I was able to benefit from their goof-up.

We’ve always had a policy of full and open disclosure for our clients. Retain us, and we will share everything we know about our specialty, with the exception, of course, of proprietary client information.

Worried abut overloading a new client, I quipped,

“We don’t hold back. You can tell me when to shut up, when you’ve had more than enough details and information…”

He replied,

“No, I really appreciate your being open. The last consultant we had (on a different problem) didn’t want to share anything. Seems he was afraid if he disclosed all he knew, we wouldn’t need him anymore.

My engineers were frustrated, and we all decided as soon as we have everything we needed, we’re done.  Which is a shame, as if he were more forthcoming, we’ve have him back again and again.”

Wow, I thought, I’m glad we didn’t follow that approach. Based on this incident, we made it a formal policy to ALWAYS share what we knew.  Even if it means they don’t need us again, because we’re pretty sure they will recommend us to others.

P.S. As a consultant, your goal should be to work yourself out of a job. Your client should always be in a better state after working with you. They will thank you for it by their referrals and recommendations — and by inviting you back for new problems.

Copyright © 2015, All rights reserved.

Are You an Economic Slave???

Ninety percent of Americans have virtually no savings… so says the latest issue of Money magazine. If you are in the ninety percent, consulting may offer a way out.

The problem with most jobs is that the income is fixed. Unless you are in sales (commissions) or an executive (bonuses), you have little opportunity for upside. But a consulting side-hustle can change that, and may even lead to full financial freedom.

Of course, making more money alone won’t do it. You need to cut your expenses too. Fellow engineer Pete (Mr. Money Mustache) saved his way to freedom in seven years, by cutting his expenses by 75%. Yes, it can be done purely by aggressive savings.

But you’ll get there faster, and with less pain, if you combine frugality with some extra income. I’m a strong advocate of combining both approaches — make more/spend less.

There are lots of ways to make more money. Unfortunately, many are scams or borderline scams. You know what I mean – multilevel marketing, on-line schemes, too many franchises, etc. Most of the money is made by the promoters — not the producers.

But consulting, even part-time, allows you to control your own destiny. The start-up costs are low, and you get to keep the profits of your labor. Other than the IRS, you don’t need to share those profits with those further up the food chain.

This is not meant to disparage other small businesses, such as restaurants, shops, specialty manufacturing, etc. But most of those require capital, commercial space, and employees. Not a problem if that is the way you want to go – or have already gone. :-)

Since you are reading my blog, however, I assume you have at least a passing interest in consulting –which I define as marketing/selling/delivering professional advice, with the goal of  improving your client’s situation.

No, you are not selling products or get-rich schemes – just your time and advice. You are joining the ranks of other professionals – doctors, lawyers, accountants, engineers, architects, business advisers, and more.

Doing so part time is a good way to start. That is what I did. For several years, my business partner and I moonlighted on engineering projects. Eventually, the itch got so bad we went full time. But is was much easier making the transition from part-time to full-time, than from ground zero.

Two final pieces of advice:

  • First, avoid conflicts of interest. You don’t want to lose you day job, and you don’t want to affect your reputation. Integrity matters.
  • Second, keep a low profile.  You don’t want to inflame petty office jealousies. The voice of experience speaking.

My challenge to you — As the new year begins, give some thought to your own economic freedom. Remember, Uncle Daryl wants YOU — to be FREE. Happy New Year!

P.S. Back in the game… My goal is one post per week each Monday, with additional ones as the mood strikes. So join us Mondays, or sign up for our feed and newsletter.

Copyright © 2015, All rights reserved.

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