Back in 2007 our guest today Steve Chou and his wife Jennifer found themselves in a position that many couples face. Jennifer found out that she was pregnant, and with their growing family came greater financial concerns. Neither Steve nor Jennifer were happy with their jobs, and were stuck in a routine of complacency: drag yourself out of bed, go to work, come home, watch television, go to sleep, repeat.
But with the news of the baby Steve became motivated to take charge of his life and provide better financial security for his family – especially knowing his wife wanted to quit her job to become a stay at home mom. He and Jennifer had to find a way to replace her six-figure income; thus they created Bumblebee Linens, an online store for linens for special occasions.
The success of the business allowed Jennifer to stay at home while still providing for her family, while Steve kept his day job. He started mywifequitherjob.com to share his experiences and help other families deal with the same challenges. He also has a podcast of the same name, and an e-commerce course on how to create a profitable online store. Steve is a graduate of Stanford University with bachelors and masters degrees in electrical engineering, and currently works for a startup company in Silicon Valley.
Three key takeaways:
- How he advances his business by devoting one day per week to planning for the future.
- The business idea that he and his wife fell upon as they were about to get married.
- Finding his audience and clients for his new online course.
One of my favorite quotes from our interview: “I kind of hold a lot of money on the side lines and I wait for something bad to happen. Then I start buying.” – Click to Tweet