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Welcome to money for average Joe’s a 12 part series on personal finance. I’m your host, Jason Weaver, an average Joe. Episode Five is our very first bonus episode. It’s all about learning how to make more outside of a career or apprenticeship or going back to school. I’ll cover hard hitting topics like do you really own a business? Or do you own a job, I’ll cover my top starter business ideas to get your feet wet, even if you’re not business savvy or have no skills, and also mentioned some top podcasts and online resources so that you can turn a small side hustle into something that really earns you some real cash.
As a quick refresher, Episode Four was all about protecting your family from financial ruin by getting proper insurance, which is definitely a good idea. And of course, all of this that we’re covering today, so you can live better and have more money for when it matters most.

I love this quote,

As you put together your budget, you may find that you have more expenses than income. If this is your situation, you are not alone. And this is a problem you can solve. There are two ways to fix this challenge, either earn more income, or spend less money.

And that comes from the free personal finance course put on by the Church of Jesus Christ of Latter Day Saints. And you can you know, attend that with your spouse if you want for free. I really love that quote, I do speak on you know, getting better education and episode seven to make more income or changing your career. Even doing an apprenticeship, and then episode nine I cover spending less but let’s just focus on making more money. One of the best resources out there is put on by Chris guillebeau. It’s a free podcast side hustle school. He also has several great books, but it’s amazing if you want to get behind the scenes on a business like how they get their first customers how they price How did they You know, just start get started and not wait five years to start making money. You know, how did they not even create a business plan but just got going, knowing that they could make more money. And they understood that they could make more money per hour by doing something that they controlled, and potentially understand how much they’re already worth per hour, right? And then one up that by something they’re doing on the side, and I think the secret you need to understand is essentially, an asset based business. All right. And I’ll define that a little bit more later. But after basically listening to almost every podcast episodes for thousands now I feel like Chris has, I’ve realized and he’s realized, and he’s mentioned several times, like inspiration is good, but action is so much better. So I have a list here of my favorite episodes that take very little skill. Some of them have a little skill, like being a Craigslist photographer, but I love that episode. For instance, because The photographer had never done a wedding got asked to do it by a friend and was willing to mess up some stranger’s wedding and not his own. So he just did. He offered to do a wedding for dirt cheap on Craigslist and show them pictures of, you know, other photographers work saying I want to do shots like this. I think I can do it. I’ve practiced it a bit. Let’s do it. And so now he’s making a significant income because he basically gave the product away for free, got some testimonials and reviews and move forward, right. But there’s cookie delivery service in college town. There is a scavenger hunt for groups. There’s outsource date night, there’s things that don’t take a lot of skill that you can actually start doing right there and you can get the whole list on the website but I also love his Extended Cut episode, starting a service business in less than a week. So if you’ve never done something to earn a little extra cash, I know a lot of you listening might be side hustlers you know always flipping something on Craigslist or now Facebook Obviously, right, but you know, in a couple other apps, but if you’re not, it can be scary to get into it. So I definitely want you to read that and look at it.

4:11

I want to take just a moment to thank my audience listeners, it’s actually starting to grow and take off, which I really appreciate it. But I do want a greater community where we start communicating and I am thinking about doing like free group coaching on these different topics. We can all get together, either Facebook Live or something, and start sharing ideas, helping each other supporting each other, and whatnot. And so I definitely would love to hear from you go to money forever, show calm and just right there. In the little messenger on Facebook message me, let me know what your thoughts are. I also just need to mention Hey, I’m not affiliated with the Church of Jesus Christ of Latter Day Saints, or Dave Ramsey officially for this kind of stuff. I just kind of gather all the best resources I can find out there and share it with you and I have gone and done the personal finance course. Put on by the That’s completely free and my spouse and I really can say it was excellent. And it was really needed. But Dave Ramsey puts on a great one that’s not free, but it’s very emotional based and gets you kind of jazzed up. And if you ever started basically, an exercise routine and failed, then Dave Ramsey would be, you know, the support group that would have gotten you through if you were doing exercise, so to speak, right? He’s He’s very emotional base gets people very mad about how their money is being wasted. And I have to say he has great success too. So whether you’re on a budget, or whether you know that your spouse needs to get angry about losing their money to great resources, you should definitely go and do those courses. So what is an asset based income stream or business? Let me just kind of explain how I break down businesses and it’s somewhat controversial from others, right? But essentially, as Job based. Let’s start there, because that’s what most people are familiar with. I split into two categories. It’s more traditional job. It’s for part time, you know, and it’s kind of a set schedule and you do what they tell you. Right? Then there’s a lot of flexible jobs. There’s not a ton of, you know, remote work or things, even though that has been growing. A lot of people want but a lot of people have jumped into Uber or Grub Hub. And if you actually do the math, and all the risks that you take on, you may be making less than minimum wage, but it’s very flexible. So say you’re an insomniac and you want to work at night and drive people to the airport. You know, there’s some great options there. I should mention Doordash, too, because that’s actually the number one and grub hub is second on the list. recent study that I read, but you know, so it just depends and obviously for a side hustle if it’s not your full time gig, and you really don’t want to do the marketing or you don’t want to make more per hour. You just need a little extra cash to get to that vacation. Uber or these others can be excellent options. Now let’s dive into an asset based job right. And I do split that somewhat controversially into two categories, you can get a franchise and for exchange from some services or like most of the business basically spelled out for you processes and everything, you’re going to share percent of your income, or have a flat rate that you have to pay every year to be a part of something. But basically, you walk in the door, they teach you the system, it’s one step above a job because it’s actually asset that you’re creating that you could sell later. But it’s also very controlled. And so for somebody like me, that would be a terrible fit, because I like to actually Tinker and play with the marketing or, you know, the hiring or the scaling of the business. I don’t want somebody to tell me, this is how my cashier has to say, welcome or you know, upsell people, right? But For a lot of people, that is a great fit in that still one step above, if you’re not like 100%, an entrepreneur, you know or that’s scary or you honestly don’t have all those skills or don’t think you can learn all those skills over time. franchise is a great way to go. I prefer owning the business and creating it from the ground up. It’s my personal favorite choice. The way I described kind of an asset based businesses a business you own preferably would be system have a systematic way of trading goods or services for money. And it would be reliable and consistent much like investing, you know, there’s some risk, but you can mitigate that risk with a really good plan, right.

8:46

I’ve also learned in my life, there is no such thing as job security. One day you can get the tap and you’re out. And so the only way you can have real job security is to own your own asset. Obviously if you get saved You’re the one personally delivering the cookies, for example, in that example, then you’re, you’re up a creek, right? Obviously, you don’t want to have to sell your business and dress, but we’re not going to dive, you know, and all the crazy things that can happen, we’re just going to dive into, you know, you can have better job security, so to speak, and actually have something worth selling, not necessarily that you need to sell, but something worth selling, that actually creates money for you. And that’s what I consider an asset based business. And that’s my favorite when you actually make it yourself, not just sign up for a franchise and, by the way, franchises are usually very expensive. I haven’t heard of a franchise under $10,000 that you can get into, I’m sure now that I’ve said it, somebody will let you know, messaged me or make a comment that Yeah, there are some great ones but you know, your McDonald’s or chick fil A’s are going to be hundreds of thousands of dollars to get in and you know, some of them like chick fil a from what I hear are very unique, where they actually make you work in the business for certain number of years. Yours and, you know, so there’s definitely a lot of requirements there. So here’s how you can know if you have an asset based business, here’s kind of a questionnaire ask yourself, and if you can get, you know, five of all five questions, right? That’s great. If you can only get four of them, you still probably have an asset based business. But obviously, if you could add all five, it’s the golden goose, right? Here’s question number one. Can I be fired? If no asset based business, right? Do I control how much I get paid? To some extent, obviously, you can’t force people to pay more money, but, you know, per hour if you’re basically defining it in some way by how much you work or you know that you made an awesome product and you’re more efficient, and, you know, you get paid a bunch of money. For instance, a friend of mine just started offering, you know, cleaning toilets for $5 because it’s the one thing that people ask Don’t want to do but if they actually did the math, somebody can get in there and clean four or five toilets or even three, really, really fast and per hour, you’ve got an awesome kids business, especially if they upsell them on cleaning the rest of the bathroom, or sign them up to do reoccurring cleanings, then you’ve got a pretty awesome asset based business right there. And you have what I talked about later, in a future episode, you have a really great value ladder where the very first offer is either free or super amazing. And, and where you’ve changed the you’ve changed the paradigm, right? Instead of just a per hour cleaning or per room cleaning. You just broke it down to I’m just going to clean your toilet because I know you hate cleaning the toilet. Now, you might think that’s a terrible example or it’s gross, but I think it’s brilliant, right? Because it’s the one thing the person absolutely doesn’t want to do. And you’re solving that problem and you’re changing the paradigm to just $5 in this problem goes away. Right next question. Do I control the systems in the company from how payments are taken to how scheduling is done to you know all that if you control it, it’s something that you truly own. And then here’s another question. Am I reliant on any one relationship? client brand or supplier? If no, I probably own an asset based business. I’ve seen multiple companies like my father did great for years. But then the one biggest relationship he had there for placing temporary employees at businesses went away and he hadn’t built up two or three other sources. So he was left out dry. He was very grateful for all the money and time and success he had enrolled into some other successful businesses like real estate, I might have to have him give some tips on that too, which is, he’s really good at that. But, you know, he learned that lesson and that’s, it’s fine. Like you can, you could ride a wave basically for a time but just know if you’re Relying on one relationship, you might not have something that you can sell years from now. And then, here’s the last one. This is this is the dream of most business owners, can I stop for short periods of time? And my business keeps going? If yes, you have an asset based business, okay?

13:37

So I do want to warn people, any business, that’s an opportunity, you got to be really careful for about like that they’re supposed to disclose all these multi level marketing companies and things they’re supposed to disclose like, how success rates work, you know, like if this beach body works, or these clothing shops that you resell and all that sort of stuff to your friends and push. You know, how many people are even successful, right? And then if if they take money from you to start this thing, like $200 to get your makeup kit so that you can go do these things like look, most people basically don’t succeed at it. And if they’ve truly disclosed that and showed you the numbers, you’d you’d run away screaming, you’d be like, no, like not going to do it. So I just want to warn you about those as definitely not asset based business. And that’s even worse because you spend $200 and just lost $200 and never get you $200 back right. Now if you’re like me, you love looking at too many ideas for businesses. Another thing so I did include three different articles on kind of small business ideas, they don’t go as depth as like Chris guilbeau with a side hustle school into like the inner workings of the business, but it’s just meant to like spur your ideas like Hey, could I do this? Could I do that? And then I have heard basically some people say like, the perfect intersection for businesses a market people are buying this existing thing out there or want this thing and you have an interest or like that thing and they overlap. Right? But a lot of business owners just start with I have this interest like care about and there’s no market existing out there. And for some businesses that can work, but it’s definitely you’re, you’re blazing the trails, like I worked with a company years ago. Now not too many, but they sold twimble mermaid tails and they still do and they did $20 million a year and that’s awesome. But you know, took them seven years to start getting really big traction and they blazed trails so that people were searching online swimmable, mermaid tail they, they invented that phrase, right? So of course, they ranked number one on Google, but they had to be the one driving people to even care about that. And now of course, you know, years later, all their competitors are trying to dominate that term, and they have to fight an uphill battle, because they blazed that trail. And now others are just ripping off every design they ever created. Right? So I don’t want to give you a horror story. I just want you to know like you can blaze trails, it’s just a lot harder and sometimes has to be very unique to succeed. And that was one that I saw Then, of course, I love marketing. So we will do a future episode on that episode 12. But I just want to say if you go to fixmarketer.com and subscribe on there, I’ll send you a free copy of my book. And it’s really great for local small businesses, especially these little side hustles that you’re doing starts with a framework simple seven step process from one to seven. Number one being you got to have a strategy for getting reviews, because everybody’s reading them and it helps your search engine rankings and optimization. And obviously everybody wants those free clicks, all the way down to more traditional referral based stuff that you can do. And everything in between from digital marketing that people care about, like social media and SEO and websites and all that sort of stuff.

16:54

Well, that is our episode, go to money for average shows calm to basically see some show notes and Then if you want access to all those additional resources that I mentioned, you can get that by just subscribing via email or on the Facebook chat right there. And that will give you access to the nine principles course which is completely free. By educating yourself and applying what you learned today, I hope you’ll gain new skills and have fun and have more money for when it matters most. The show social media hashtag is MFA Joe’s no apostrophe. Please take time to share with your friends via email or subscribe or on Facebook if you liked the show. And I wanted you to know this is just general education purposes. I’m not giving you personal financial advice. I’m just a financial coach, giving you some of the best resources I found and I am Jason Weaver money for average Joe’s Have a good day and I’ll see you on next episode about debt.

Transcribed by https://otter.ai

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