Let’s talk about something that most coaches don’t want you to know, are too embarassed to admit, and feel shame around.
Sound good?
Let’s go.
I made a lot of money really quickly in my business.
6-figures in the first few months, and $250K in the first year. And while I celebrate the success that I had so early on, I also cringe.
Because getting to that point was excruciating, and I was fucking miserable.
Yep. I made $250,000 in my first year of business and I was miserable.
Not only that, but I was also BROKE.
I spent every cent that I earned on things I thought I needed to buy to make me look “legit” (like the business-class flights) and what I was told I needed to buy in order to feel good about myself (like the “expensive” clothes).
For every dollar I received, I saved $0.
For every dollar I received, I put aside $0 for taxes.
For every dollar I received, I SPENT $1.
Which meant, of course, that not only was I broke, I was also in debt. I was back in debt after being debt-free for years.
And of course I couldn’t talk about it.
I couldn’t ADMIT that I was in debt, because OMG WHAT WILL PEOPLE THINK OF ME. I was terrified that no one would trust me or buy from me or want to work with me if they knew that I so poorly managed my finances.
So I continued on, sharing my sales strategies and money hustle work.. all the while, feeling like a total fucking fraud.
I knew how to make money, I knew how to grow an audience, I knew how to do all of the things I taught, but I didn’t know how to KEEP the money I’d made - and that’s what made me feel horrible.
Here’s the thing that most people don’t realize:
Making $250,000 a year doesn’t mean you have $250,000 sitting in your bank account.
Let me repeat that:
Making $250,000 a year doesn’t mean you have $250,000 sitting in your bank account.
There are these things called EXPENSES and we all have ’em, yet no one wants to talk about them.
All of these coaches want to talk about “here’s how to make 7-figures!” and “here’s your 5-step process to $10K months!” and I’m over here rolling my eyes like…
Really?
That’s all you’re gonna say?
That’s all you’re gonna teach them?
To be fair - I don’t think there’s anything wrong selling the idea of “6 Figure Success” or “Millionaire This, Millionaire That” - I just believe that if you’re gonna do that, you’ve gotta be prepared to talk about what that REALLY means.
My business currently makes around $500,000 a year. As far as how much actually goes into my personal bank account?
About $100,000.
The rest goes to:
- Mentors (most of my money goes here!)
- Business Taxes (and here!)
- My Team (2 assistants, sales manager/social media whiz, accountant, lawyer, bookkeeper)
- Tools & Services (Leadpages, Ontraport, etc.)
- Fees (Paypal, Stripe)
- Products (Electronics, Lighting, Accessories/Props, etc.)
- Facebook Ads
- My Affiliates
- Investing in New Businesses/Business Plans (such as my apparel/mug shop)
So while YES, you can make half-a-million dollars per year (or more!), just know that you won’t be keeping all of that. And if you try to, you can expect your debt to pile up and up and up and government to chase you down, lookin’ for their money.
Things I wish I knew about money before I got into coaching:
- You still have to pay taxes. Put money aside so you don’t have a multiple 5-figure bill at the end of the tax year.
- Don’t buy shit you don’t actually want or need.
- Invest your money in things that will make you more money.
- Pay off your credit cards straight away.
- ALWAYS HAVE A MENTOR.
- Have a savings account. It will make you feel more abundant and will attract more abundance to you.
Not only is the MONEY thing an issue for most entrepreneurs, so is the TIME thing.
When I first started my business, I spent a minimum of 12 hours per day online - most of that time in Facebook Groups.
I barely slept, barely saw my family, barely remembered to eat, barely left the house..
Barely did anything other than stare at my computer screen.
It was awful. I felt like such a failure. I was so embarassed.
I felt guilty all of the time.
I felt tired all of the time.
I felt overwhelmed all of the time.
There was always something to do - another email to write, another client call to take, another program to sell, another freebie to promote, another link to fix, another message to respond to..
It was never-ending.
I got to the point where I actually started to DREAD waking up in the morning. I had created a business that I thought would bring me more freedom (especially around time), and I was drowning in to-do’s.
Sure, some of that stuff eas necessary, but most of it, simply wasn’t.
The truth of the matter is:
Building a business is hard work. It takes a fuck-ton of time and costs a fuck-ton of money in the beginning.
Worth it, yes.
But also, something I’m gonna tell you that I wish someone had told me back then:
It can also be easy.
You don’t have to work 24/7.
You don’t have to spend 12 hours a day in Facebook Groups.
You don’t have to work with clients you can’t stand just to make more money.
You don’t have to do a lot of the tasks you’re probably doing right now.
I’m grateful that I’m at the place now where I only spend around 2-4 hours per day “working” (where I’m actually on the phone or computer).
I only wish I’d known it could be this easy 3+ years ago.
I only wish someone had told me that only 2 or 3 of the daily tasks I was spending time on were worth it.
I only wish someone had prepared me for the investments I would need to make in my business (and reminded me to put cash aside for taxes and savings).
All I can do now is share this with you. Remind you. Prepare you.
It’s not all sunshine and rainbows. Entrepreneurship is my most favorite thing ever - but know this:
Just because it can be easy and just because you can make incredible money, doesn’t mean you don’t need to put in the work.
You’ve still gotta show up every day.
You’ve still gotta put in the effort.
You’ve still gotta spend money to make money (1,000x true).
But on the other side of all of that is PERFECTION. Is a life of your motherfucking dreams. IS freedom and abundance and choice.
And it does get better and better, and easier and easier. Pinky promise.
So it’s worth it. Yes.
I just wanted you to know.