Tag Archives: multiple streams of income

Entrepreneurship Is The New Black: Counting Consulting Checks – BEDA Day 12 of 31

Entrepreneurship Is The New Black: Counting Consulting Checks

BEDA Day 12 of 31

Shout out to my mom. Today is her birthday. Love you pretty lady.

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You’re looking at a check I received for some consulting work I completed this Spring.

Back Story:

I was never a fan of gloating about money. But, I did want to show you that the idea that you can turn YOUR idea into a hustle and a business. That is a real thing. Ya boy Paladin did it. And I promise you yall are so much more talented than me. This blog was a Launchpad for my creativity. And now I get paid, on top of my teaching salary, to perform my skills for folks!

I want yall to be able to do the same thing. I already know you’re talented enough to! Now we just gotta give you a little blueprint to get you started.

The past 2 years I’ve pushed to break into the workshop and consulting scene. In the past year, I also hopped on the opportunity to obtain my personal training license. As a result. I was a legit entrepreneur in this year of 30. I’ve managed to identify at least 3 sources of residual income that I can bring in for Empire.

How to read this:

I’m going to share 3 sources with you. While I can’t be certain the real reasons these ventures have turned into revenue streams in my life. I do plan to describe my intentions and short trajectory in each. Remember, think course roadmap. Use my journey, tweak it for YOUR use and purpose, and go kick them doors in yo! (See my post tomorrow to know why I’m oh so serious about this!)

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Income Source 1 – Produce and Facilitate Workshops – I’ve run a handful of workshops over the past 2 years. To date I’ve run roughly 10 workshops ranging from 4 participants to 100 participants. My largest client to date has been my former graduate school.

Definition: A workshop is a presentation or performance in which a group of people are facilitated through a discussion or activity on a certain subject. Skills: Planning, Communicating with clients and audience, finding and modifying tools to share during workshop. Making any additional materials needed such Feedback survey, handouts, creating presentation PowerPoint/presentations, organizing photography and video collection. Training trying new types of workshops, not being afraid to work with large crowds, soliciting feedback from partners and collaborators. Income Type: Largest independent cashflow I receive. Currently have a bid out in the thousands. You’re invoicing here, which means you wont see your money for weeks, if not months down the line. Growth: Continue to search for larger audience. Develop partnerships with institutions to provide trainings and workshops for them. Learn additional skills and tools in the field. Start submitting to speak at more conferences.

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Income Source 2 – Personal Training Sessions – Last Fall, I became a certified personal trainer through the National Association of Sports Medicine (NASM CPT). I’ve taken on the task of providing private personal training lessons.

Definition: A customized fitness lesson used to improve someone’s fitness levels. Fitness can include weightlifting, aerobics, cardio activities, body weight training, stretching, etc… (I’m sure I missed a few) Skills: Conversation, Workout/Lesson Planning, Strength Training Knowledge, Exercise Safety Knowledge, Ability to push clients, Knowledge and application of force on the body, charisma. Training: Teaching is daily training for this. Each session I tried to create new and unique programs from my own knowledge. Income Type: Fast turnover. One client: Four 45-60 minute trainings sessions over 2 weeks would bring in roughly $180 -$240. At one time I was juggling 4 clients. I was brining in over $1,000 a month – and I was playing. Growth: Finding ways to maximize my earning potential. Currently can only earn when I’m with a client physically. Want to develop programs that can be utilized without needing me to be present.

Income Source 3 – Graduate School Technical Assistance – I’ve done some consulting work with my former graduate school. This all began from developing a good name with some of my professors. I pushed to produce excellent work, and that work ethic has carried over into consulting opportunities.

Definition: Consulting is a very vague word. To me, it means providing a company/entity services they either can’t or don’t want to do themselves. There’s BREAD in that! And a lot of super valuable experience points. Skills: Consulting work can be anything. For me it looked like grading papers and giving feedback, giving classroom lectures, creating teaching tools for the school like writing prompts, running focus groups, reviewing work expectations with students, helping students develop masters portfolios, etc… Training: Consulting is training to me. It allows me to practice the things that I want to learn how to do better. Anything that I don’t want to do I can either say no, or do it anyway to learn a new skill. Income Type: Invoicing, have to wait for invoices to be processed by clients. For 10 hours of work, I’ve billed $500. Growth: In order to be successful I need to develop better relationships with clients, potential clients, and potential partners.

 

Each of these methods has been a great confidence booster for me. While I enjoy personal training the least. There was something about knowing that if I ever lost my job, I could pick up clients and be ensured a secure livelihood that gave me freedom and confidence. Each method has built my confidence and skills. And both are equally important to me!

 

Reflection Questions:

Have you thought about consulting/running your own business before?

What skills do you have right now that you KNOW you can sell for profit?

What do your friends always ask you to do for them, but you say no?

(People had been asking me to be their personal trainer for at least 6 years before I finally got out of my own way by saying no)

What do you do at work, that you can use in private to make a profit?

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Tomorrow we find out about Limited Liability Companies and how to set them up. 😉

Drop your questions/thoughts in the comments! Lets make this an on-going discussion.

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Rich Dad Poor Dad Book Review BEDA Day 4 of 31

Rich Dad Poor Dad Book Review

BEDA Day 4 of 31

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NEW_RDPD_Book_mockup1What up fam,

So today. I have a book review for you.

Rich Dad, Poor Dad By Robert Kiyosaki

Rating – 4 out of 5 – Must have.

Pages – 243

Readability – Medium

Amazon link here

Of course, a used Amazon purchase for me. It’s where I get 85% of my books. The other 15% is through e-books. I’m excited because I recently applied for and obtained my Brooklyn Public Library and New York Public Library cards. They both have tons of access to e-books and some article reserves.

This is a book that I’ve seen on the market forever. My interests are very self-help heavy right now, and have been for a few years. Rich Dad, Poor Dad strikes me as a kind of… Top 20 of your self help/personal finance books. I know that I’ve struggled to be strategic with my finances. I used to be very carefree and just for the love type of person. But quite frankly I respect my craftmenship too much to not try to strategically invest in my business and personal financial futures.

This book was a great foundational book for my financial literacy. I started reading this book as a skeptic. I see too many of his get rich quick feeling adds over my instagram and facebook. I’m currently in a space in my reading journey where I’m trying to reach out to books that I normally wouldn’t have read before.

This was a great selection to prove that you never really know the true value of a book until you crack its cover and give it a chance.

Robert takes us through his childhood living in the city with a Rich Dad and a Poor Dad. His Rich Dad was actually the father of one of his friends. This father owned a business and helped expose the boys to life situations geared specifically to develop their understanding and familiarity with money. Robert’s Poor Dad was his biological father. This father was a teacher, long-time government employee. His love for Robert was real, but he taught Robert to be scared of money and as a result taught him many bad money-making habits.

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I pulled a lot from the book. One thing I’ve been absolutely obsessed with since reading the book are my assets. Assets are one part in a 4-part money equation (Income, Expenses, Assets, Liabilities). Robert says that we have income, assets, liabilities, and expenses. His main argument is that we grow up in a society that doesn’t teach us and prepare us to find and develop our own personal assets. We rely on incomes derived from salaries, which never allow us to develop true streams of wealth.

An assets is defined as something that brings money into your pool of wealth, automatically and in perpetuity. Robert says many people assume their house is an asset. But he argues that true assets can be bought, created, inherited, and invested in. Smart people focus on accumulating assets, while poor people focus on accumulating liabilities and expenses.

I’ve been laser focused on creating assets ever since I’ve read this book. This alone was a huge take away from the book.

Some of the other highlights I found in this book:

  • Income – Rental Income, Salary, Royalties, Dividends, Interest
  • Expense – Taxes, Mortgage, Rent
  • Asset – Stocks, Bonds, Real Estate (rental), Intellectual Property
  • Liability – Credit Cards, Mortgage, Loans
  • Financial Literacy 101
  • Planting seeds and cultivating your Asset Column
  • Tax benefits of different business structures
  • Working to learn skills, not working for money
  • Defeating Self Doubting behaviors (pic)

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  • Working to develop assets that value more than your monthly expenses (pic)20160804_123937

I definitely recommend you get this book is you’re looking to transition to making more wealth based decisions in your life. Reading this book made me so much more confident in my current ability to begin collect my own assets. I feel super capable of constructing a strong asset column and can’t wait to make my first few contributions before the end of the year.

What about you? Have you read the book before?

What did/didn’t you like about the book?

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