I this episode I talk you through the emotional reasons I have for building a leveraged and passive income business; my short and long term income goals and how I actually earn my income.
In the first episode we talked about the logic behind creating leveraged and passive income streams: income streams that you can step away from and they don’t dry up. Now, for motherhood I think this is a really great idea and I’m sure you’ll agree – it’s a more flexible option that’s more suitable for motherhood.
So there’s the logic, right, okay that makes sense but we are emotional beings, and alongside the logic there are some emotional reasons for wanting to create these leveraged, passive income streams. And that’s what I’m going to talk about in this episode.
So we’ll talk about the vision I have for my online business that generates leveraged income and passive income, and how I think this is going to change things for my family. And you’ll see once I’ve described it, why it’s so important to me that I also help other mums do the same thing.
The emotional reasons, in other words your ‘why’, boils down really to just two things, to simplify it, and that is freedom and options.
Having a business that generates motherhood friendly income that I can step away from whenever I need to gives me the freedom to choose what’s best based on my needs, not my financial position.
So just having enough money is going to allow me to go ‘right, well I need this, I’m going to do this.’ Not ‘oh my god, I need to do this and I cannot afford to do it.’
I don’t want that to be a problem. I want the freedom to choose, I want the freedom that an online business provides me to work when it best suits me, the times it suits me. Currently it’s in between kindy drop off times.
So the times that it suits me, but also where it suits me. Right now I’m sitting at my home office, and that’s because I’m recording a podcast, but really I could be sitting in a café, I could be sitting in the car, I could be sitting at the beach. It doesn’t really matter.
But I could also be working at home if my daughter is sick, or I’m not feeling so great, it’s just a little bit more flexible. If you have sick kids it’s nice to be able to stay home and not stress about sorting out your work situation or what about having the freedom to go and look after a sick parent.
My mum needed some care last year so I was able to fly down and look after her and care for her (and still work), and I want to be able to do that again whenever my parents need me. My parents are in their sixties so they’re getting to that point where they will need a little more extra support over the next ten to twenty years.
I want to have the freedom to choose the area that I live in, the school that my daughter goes to, the food that we eat, the car that I drive, or how many cars we have.
I want the freedom to be able to do that without having to really worry and fret about it.
And talking about worrying and fretting I want the freedom from money stress. I want the freedom from the arguments we have about where to spend our money when it’s limited. I want the freedom from that 2am fretting – you know how it goes, you wake up in the middle of the night and it’s like ‘oh my god’. You’re worried about money or you’re worried about the future, you’re worried about this and that.
I want freedom from that. I want a business that gives me that freedom.
So I want to choose who I work for and who I work with and what I do for work. That’s really important to me.
I’m a highly empathetic person, and I really need to know that I’m helping people. I need to know that I’m making a difference in people’s lives. I’ve tried this in every single job I’ve had, I’m always trying to improve something. And when it boils down to it, I just wanted to make life better for people that were in my orbit.
But I got really frustrated trying to do that in my jobs because it just wasn’t the right environment for me, I hadn’t created the right environment.
So I want an online business that creates the right environment for me to be able to help people and make a real difference. That’s a really strong need that I have.
So when you join up the logic of ‘hey, it’s really smart to build leveraged and passive income streams that are motherhood friendly’, with the emotional reasons that are behind it: wanting a business that generates enough income to give me the freedom, and options and the type of business that gives me that type of freedom as well…. I’ve got a really, really strong reason for doing this.
I’ve spent a lot of time thinking about this, journaling about it, daydreaming about it. What does it really look like, this business of mine, and why is it that I’m going to enjoy it so much. Why am I going to love it. Wow, it’s going to check so many boxes for me, and if it doesn’t well it’s time to experiment and go again.
So my business will be based on creating online courses, workshops and trainings. So that I can teach other mums how to build leveraged and passive income streams too.
This is my job now so that means that I’m constantly studying online marketing (super important when you’ve got an online business). And I’m abreast of industry changes like algorithms and platforms and this and that.
I’ve always been into the web and into tech, an early adopter of everything. Take the Anchor app which I made the podcast on – I’m right in amongst that as an early user.
So that’s what I can bring to the table for other mums. And make sense of the options that you have for creating your own income streams that are online based. This is my bread and butter and I’m really into it.
I’ll be creating content all the time in my business, and I love creating content. Video, audio, writing, all sorts of content. I love sharing and I love teaching. And because you’re on a different part of the journey to your own financial freedom, you have different needs.
So for example, somebody coming along who has no idea what leveraged income is but is really maybe struggling at their job and is wishing that life was easier. That person, they might not be ready to jump in and go right I’m going to start today. But that person, I want to be able to plant seeds with to let them know that there are other options, that there isn’t just the one way, that hey look at this way that I’m doing it, maybe that’s something that you’re interested in at some time in the future.
So I’m planting seeds but I’m also educating about the different ways of earning leveraged and passive income. So creating content of a variety of kinds is really going to help that.
But also to inspire. I have been sharing from the very beginning of my journey so that we can we can reflect back and go, this is where I was at this point in time, this is what was going on for me, and this is what I did in between there and here.
Through all my experimentation and trying different things and building up different parts of the business, and experimenting here and there, I’ll be able to put together a little pathway for you, to be able to come along and to be able to build that income stream quickly without having to spend too much money basically.
Because in my efforts to help you I don’t want to send you broke or send you down a path that’s going to be unprofitable. I want to make sure that what I’m teaching you is going to help you bring in motherhood friendly income as soon as possible.
So, all that content creation is going to plant seeds and educate and inspire. But also, how I will make my income is by selling those online courses and workshops and trainings. A business has to have some kind of income stream, and I believe that because I’m teaching how to do that – that’s going to be how I’m going to earn my own income.
Mainly, I want to be a beacon of light to people, to everyone else. When somebody comes along and says I need a change and there has to be another way. Well I’m going to show you that way, I’m going to show you there is another way.
In terms of income goals, I talked a lot about freedom and options. And in order to have freedom and options you need to have money. I talked a lot about this in a recent blog post: money can buy happiness, money actually does give you these options.
Related content: Money Can Buy Happiness In Motherhood
Having money in a capitalist society, we earn money through trading things for goods or services, the more value you offer, the more you earn. So that’s the reality of our society. The more money you have at your disposal, the more freedom and options you have.
I have some pretty high income goals for my business because in order to be able to have the freedom and the options to be able to give back to my community as much as I possibly can, I need to be in a situation where I’m not worried about laundry for example or I’m not worried about where the next pay check is going to come from. I’m not concerned with these things, I’ve got that sorted, so that I can truly focus on helping others, that’s a really important thing to me.
My income goals for my business within the next five years is in the multi millions. And if this sounds completely crazy to you, trust me it’s not and I’m going to reflect back on this episode when I do make multi millions in a year.
Because I truly do believe in the potential for this business and I’ve done a lot of ‘work’ around making the right moves for this to happen.
I believe in myself, I believe in my ability, and I also know that I’m really strongly attached to this goal. The logic and the why together, make a really strong goal.
Multi millions, hey why not? But first, I’m not going to make multi millions in my first year, first the income goal is to simply replace my job income with income from my business – my leveraged income streams – and have enough money to grow.
I can continue to put my time into content creation, teaching and educating. But also to be able to reach more people and to get out there more and do more collaborations so that more people are aware that I even exist. That’s a really important goal for me.
Now I have some questions for you to ponder.
Firstly, what is your ideal financial landscape look like?
Don’t limit yourself when you think about this, just think about how much money would it be nice to have in my life. What about the debt, what debt level would you be happy with? How could you make life easier if you had that extra money? What freedoms are you seeking? What type of freedoms would make a real difference to your life?
These are the things that will really connect you to making more motherhood friendly income streams happen. Otherwise it’s just a pipe dream. It’s nice to think ‘that would be nice, nice for some’, but actually if you have a strong enough why – you’ll make it happen. I fully believe that, so I really want you to ponder that.