499. The First Money Mistake Podcasters Make

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Good morning podcasters.
Today is Monday, April 20th,

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2026 and today hitting your
first $1000.

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Now what?
Ralph E Step guides a Money

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Monday conversation on how to
turn that exciting milestone

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into a smart, strategic next
step.

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So if you're listening live on
Clubhouse, hit the share button

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top right hand side of the
screen and share it.

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However, Clubhouse lets you.
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podcast, YouTube, etcetera,
please share this episode with a

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fellow podcaster.
And now give us about 30

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seconds.
We'll get things rolling.

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Thanks for being here.
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powered by Ironic Media, helping
podcasters launch, Polish and

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grow great shows, and by Content
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creators build real business
behind their content.

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Good morning again podcasting
morning chat.

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Thank you so much for being
here.

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I am your host Mark Ronick and
currently on stage with me we

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have my Co hosts Dr. Faye, Sid
Meadows, Ralph Estep, Alex

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Baelish, Nick Nalback and BC
Babbles who's just joined us

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over on Riverside.
So if you didn't know, we also

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do this thing via video live
streaming every single morning

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to YouTube, LinkedIn, Facebook,
etcetera.

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And you can find us at
Podcasting Morning chat.com/join

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us.
You can find all the different

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ways to connect.
And today is an important day.

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No, not because it's episode
499.

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Well, that is important, but no,
not because of that, but because

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it's time to find out who our
winner is of Ralph E Steps

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roadcaster duo.
And also one monetization

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strategy session, I got DRS
Timpani playing here today.

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So that winner, by the way, we
had 2000 entries total today,

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well total over the past of the,
of course of a couple weeks.

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And the winner, Justin Costello.
Justin, I don't know Justin

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personally, at least I don't
think I do.

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And Justin is the winner.
So congratulations to Justin.

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Tomorrow we will share the
runner up Who Will Win a free

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year of True Fans, the podcast
hosting company that we learned

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a lot from Sam Sethi over last
Friday, this past Friday.

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So we will announce that winner
on episode 500 tomorrow.

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But congratulations to Justin
for winning that duo.

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Ralph will contact you.
We have your e-mail address, so

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Ralph will contact you with
details, including how he will

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send that duo to you.
And he'll also help get that

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strategy session settled and
ready to go for you.

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So congratulations, Justin.
Let's keep things moving.

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As I said earlier at the top of
the show, today is Money Monday

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and Ralph's going to lead us in
a conversation around our first

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$1000.
What?

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What do you do when you get that
first $1000 from your content?

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Ralph, good morning to you.
Take it away.

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Good morning, Mark, and good
morning, everybody.

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I'm so happy you chose to join
us today.

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And Justin, congratulations,
man.

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I'm looking forward to working
with you.

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This is going to be fantastic,
but the truth is a lot of

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creators spend a lot of time
trying to make their first

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money.
That's a great thing and it

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feels so great when it happens,
but almost nobody talks about

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what happens after that first
payment arrives.

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And that's really what I want to
start off today's discussion

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with.
So I want to open this up to the

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room right now and ask this
question.

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Do you remember the first time
your content made money?

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So I'm going to start.
I want you to if you want to

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comment.
What was the income source and

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how did that moment change how
you saw yourself?

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O questions are good again.
Do you remember the first time

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your content made money?
What was the income source and

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how did that moment change how
you saw yourself now that you're

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a AID content creator?
I'm happy to chime in if you

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want, Ralph.
I don't.

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Is this supposed to be for the
chat or just an open discussion

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here?
This is an open discussion for

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everybody who wishes to chime
in.

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OK, cool.
Well, my first thousand that I

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remember anyway was probably
with my old podcast, the Mark

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and Lowell Show, I believe.
Yeah, I was trying to think

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earlier about this and I was
thinking at first, was it

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merchandise or was it something
else?

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And I think it's the something
else because if we're talking

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specifically the first thousand,
I think I got there quicker with

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this other product, which was a
digital product.

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We basically did a bonus episode
every week and we charged for

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it.
This was before or in the early

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days of Patreon, so we didn't go
that route.

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We actually found a third party
company that was that would host

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and help with the e-commerce
side of things.

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So they would host the files and
we had options like you could

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buy a la carte.
So every week if you just wanted

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to buy an episode that week, you
could do that.

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We had monthly packages and we
had yearly packages or

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subscriptions.
Probably the better word to use.

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And yeah, I would say that was
our first $1000 for the Mark and

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Lowell show.
Was there another question I

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can't remember?
Yeah.

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So, and, and I don't want to
make it just $1000 just the

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first time you got paid.
But Mark, how did that moment

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change you?
How did that moment change how

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you saw yourself in that content
creation or podcasting sphere?

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I would say that it gave it, it
validated some things for me.

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It made me feel like, yeah, you
know what?

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This audience, they're not
passive.

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They're actually really
interested and want more of what

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we're doing.
And so that I would say that

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probably gave me some additional
confidence about what we were

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doing.
It valid.

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Like I said, it validated me,
yeah.

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How long did that process take,
Mark?

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Did you feel like, oh, this is
taking forever?

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I'm never going to get anywhere?
Well, we waited a bit before we

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started doing bonus content and
your question is really just

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what did it?
Was I feeling impatient?

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No, I very much because I think
a lot of content creators think

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and I like what Dave Campbell
put in the chat.

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He put Buy Me a Coffee has been
fantastic for my shows, how it

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made me feel seen and heard.
And I think that's kind of where

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I was going, Mark, but I don't
want to cut off what you were

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saying.
There.

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Yeah.
Well, I think that's what I mean

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by validation.
Is feeling seen and heard really

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seeing that my audience, like I
said, loves, loved my content,

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wanted more of it and was
willing to pay for it.

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So yeah, that I felt very with
my free content, felt very seen

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and heard because I, like I
said, it wasn't just downloads

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or listener retention rates that
I'm paying attention to now.

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I'm seeing people are actually
taking action and paying me for

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what I was doing.
Yeah, I mean, there's a ton of

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validation in that.
And I remember when I made my

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first, I was like, wow, this is
cool because I had heard so many

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people saying, well, you know,
your super fans are about 3% and

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I'm looking at numbers and
going, OK, well, 3% that might

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be 6 people, you know, So it's
hard when you first get started.

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But Mark, let me ask a follow up
question because this is really

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where I want to take this
discussion today.

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Were you prepared for it or did
it catch you off guard?

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And remember, by the way, Dr.
wants to chime in as well, so

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we've got to go to her before we
move forward.

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Was it difficult?
Is that what you're asking me?

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No, what I'm asking you is, were
you prepared for?

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It was.
I prepared for it.

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I mean, no, probably not.
Probably not.

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I mean, I didn't know what to
expect.

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I didn't.
I was optimistic, but I didn't

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know what to expect.
And once we started seeing

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people actually purchasing our
bonus content, yeah, I mean, I

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would say probably not prepared.
It was just exciting in the

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moment.
And yeah, I just kind of, yeah,

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I, I don't think I was really
prepared.

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Quote, UN quote.
Well, let's go to DRDR. You had

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a question or a comment?
Yeah, well, for me it was when I

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got that very first client.
Just to say the words I have a

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client was a huge validation
thing.

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And it's kind of a a double
edged sword.

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Number one, I'm so excited that
I finally have a client and I

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can finally prove that I know my
stuff.

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And then the double edged sword
is, Oh my God, I got to prove

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that.
I know it's so it works both

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ways.
When the money came in, you

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know, I set that price so
extremely low 'cause I, it was

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my first client.
I really wanted to get it for

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his client.
But when it finally, you know,

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when I, it was finally payday
and I went, Oh my God, this is

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real now.
This is really real now.

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Yeah.
And this is the one that I have

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boundary issues with as well
because she is my first client.

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Yeah, I can totally relate to
that whole, I mean if truth.

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Be told I probably would have
paid her just so I can say the

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words I have a client.
Now, right, I get it.

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I get it.
Ralph, we have several people

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that are gonna that ask to chime
in here, so let's keep it going

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if you don't mind.
Sid, I saw you put something in

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the chat I thought worth
cheering out loud if you don't

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mind.
Oh yeah.

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Good morning, everybody.
So I got my first sponsor for my

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podcast in 2021.
We had a really great

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relationship for a couple of
years.

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The interesting thing is I
resisted them being my sponsor

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for about a year.
I had lots of emotional

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roadblocks around sponsorship.
This community, the older

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community that was here, helped
me work through that.

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And I correlated sponsorship
with creative control, which is

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not the case at all.
And I don't remember having any

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real feelings around it other
than it just was another monthly

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bill, another monthly invoice
being paid and coming into my

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business.
So it did challenge me to figure

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out how to do things with the
sponsor and how to communicate

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with them.
But in general, I don't remember

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any specific feeling about it.
But we had a great relationship

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and still do, you know, for a
couple of years.

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Thank you, Sid.
All right, let's go to let me

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make sure I'm going in the in a
fair order here.

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Yeah.
So let's go to BC, BC.

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Good morning.
Go for it.

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Yeah, good morning.
So I didn't realize we were also

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talking about like getting
clients for this particular

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question.
So since the I mentioned it

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going into that same direction
myself, when I attracted my

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first client, it was definitely
kind of a wow.

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All the work I've put into the
platform has reached has the

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signals been received by
somebody.

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That's by itself is really cool.
For my particular situation

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though, when I met my client and
at the time I was just set to be

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an advisor, a consultant,
someone who would teach someone

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about podcasting and help them
kind of feel empowered to bring

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their idea to life.
But during the conversation they

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said they had, they wanted
nothing to do with post

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production, nothing with the
creative lift.

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And I'm like, crap, I don't have
a team for that.

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And so I thankfully I do have a
colleague who does have a team

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that I have commissioned
officially to help out.

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But there's also this kind of
another version of DRS double

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edged sword where it's now it's
not just me proving my own

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capabilities as someone with a
lot of background and a lot of

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expertise to provide as an
advisor to my client.

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I now have a whole team handling
all that creative lift for post

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production and distribution that
I have to hope also meets the

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same bar.
So it's kind of nerve wracking

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in a way, but it's great so far.
The clients really happy, go

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lucky, really down for anything
new, which is great.

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I want to make sure the
expectations are making are

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equating to the provisions.
So it's a nice balancing dance

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every single time.
Yeah.

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Thank you.
BC yeah, I mean, we can apply

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this to 1st clients as well if
especially if there's some kind

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of direct connection to creating
content.

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So I think that applies.
All right, before Ralph

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00:13:08,640 --> 00:13:11,760
continues on, we had one more
person wanting to chime in.

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00:13:11,760 --> 00:13:13,920
Alex, good morning.
What did you want to share?

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00:13:14,440 --> 00:13:16,560
Hey guys, Yeah, we dabbled into
this.

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We created our own poster, 2
posters for our seasons as well

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as we did March and you know, it
kind of champion what you guys

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are saying.
It is a double edged sword.

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00:13:29,480 --> 00:13:34,680
It was exciting to finally get
it out like the poster, but and

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we did small quantities just so
that we didn't have an outlay.

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But behind the scenes, we had
to, you know, it went through

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my, my, my Co host's bank and,
you know, working with print,

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print full and Etsy is
sometimes, you know, a blessing

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00:13:51,760 --> 00:13:54,760
and a curse.
But it was what was really neat

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00:13:54,760 --> 00:13:58,120
to going back to what you were
saying, Ralph, is it's exciting

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00:13:58,120 --> 00:14:02,480
when people, you know, do buy
something that's yours.

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00:14:02,560 --> 00:14:05,480
And it, you know, especially
with the posters that we did,

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that's kind of something that
is, is really special because we

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had a Commission and people
really enjoyed it.

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00:14:11,800 --> 00:14:14,320
That wasn't as successful as
we'd like it to be.

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00:14:14,840 --> 00:14:19,240
Probably not, but it was
exciting and also concerning

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00:14:19,240 --> 00:14:20,480
because you're always worried
about that.

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Those kind of numbers too.
Now, we didn't have all the

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00:14:22,720 --> 00:14:25,200
merch in our house.
We just had pre done the

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00:14:25,200 --> 00:14:27,280
posters.
The rest of it was print on

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00:14:27,280 --> 00:14:30,360
demand.
Thank you, Alex and also Tim in

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00:14:30,360 --> 00:14:34,040
the chat shared that he has two
clients and that feels

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00:14:34,040 --> 00:14:38,480
validating to him think and he
thanks the empowered podcasting

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00:14:38,480 --> 00:14:42,040
conferences 1:00 and 2:00 and
also the podcasting morning chat

255
00:14:42,040 --> 00:14:42,880
as well.
Very cool.

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00:14:42,880 --> 00:14:46,400
Thank you, Tim, and thank you
again Alex for sharing that

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00:14:46,400 --> 00:14:48,440
experience.
I think, Ralph, we are safe to

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00:14:48,440 --> 00:14:50,840
keep things moving.
Yes, we are.

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00:14:50,840 --> 00:14:54,480
Now I want to do what I'll call
the Grand Pivot because I wanted

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00:14:54,480 --> 00:14:56,880
to start there.
But now I want to talk about

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00:14:56,880 --> 00:15:00,280
what I really wanted to really
focus in on today and that is

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what did you do with the money?
Because I think that is really

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the $1000 creator question.
We all have different paths of

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00:15:07,720 --> 00:15:10,880
how we got the money or how it
came to be, what the structure

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00:15:10,880 --> 00:15:12,520
was, what the system was for
that.

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00:15:12,880 --> 00:15:15,720
But what I really want to lean
into next is what did you do

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00:15:15,720 --> 00:15:18,360
with the money?
Is anyone willing to volunteer

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00:15:18,560 --> 00:15:22,120
and say when I got my first
paycheck or got my first pay for

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00:15:22,120 --> 00:15:25,320
my content creation, what did
you do with the money?

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00:15:25,960 --> 00:15:30,840
I'll start and honestly, I would
say no idea really what I did

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00:15:30,840 --> 00:15:33,600
and I mean that lot because I
don't remember, but general

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genuinely because I don't think
I did anything specific with it

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00:15:37,520 --> 00:15:41,600
other than I guess technically I
let it stay within the business,

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00:15:42,240 --> 00:15:44,040
right.
But I didn't necessarily say,

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00:15:44,040 --> 00:15:47,600
OK, here's this $1000, our first
thousand that we've made.

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Now I'm going to apply it to XY
and ZI, just kind of let it sit

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00:15:51,640 --> 00:15:55,600
there for a rainy day, if you
will, for whatever.

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00:15:55,600 --> 00:15:58,680
I was going to need it for
expenses, maybe to invest in

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00:15:58,680 --> 00:16:00,880
some merchandise or that kind of
stuff.

280
00:16:00,880 --> 00:16:06,080
But yeah, I would say I was not
very strategic with it, that is

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00:16:06,080 --> 00:16:07,800
for sure.
And I think that's part of the

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00:16:07,800 --> 00:16:10,360
issue that I really want to
discuss today because I think

283
00:16:10,360 --> 00:16:14,000
you have to be strategic because
I think at least my journey has

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00:16:14,000 --> 00:16:18,280
been, I was kind of surprised by
the 1st money and I wasn't

285
00:16:18,280 --> 00:16:20,800
necessarily prepared for, OK,
here's what I'm going to do with

286
00:16:20,800 --> 00:16:22,760
that.
Am I going to reinvest it?

287
00:16:22,960 --> 00:16:25,800
Am I going to pay myself?
What am I going to do with that?

288
00:16:25,800 --> 00:16:28,000
But I really wanted to see what
other people did.

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00:16:28,200 --> 00:16:32,280
I see Dave put in the chat,
reinvested in other podcasts

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00:16:32,520 --> 00:16:34,760
these, which I think is really
cool.

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00:16:35,080 --> 00:16:37,080
And I think that's one of the
things that we all can learn

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00:16:37,080 --> 00:16:38,760
from that is then we're kind of
giving back.

293
00:16:38,760 --> 00:16:41,960
But what has anybody else want
to comment about what they did

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00:16:41,960 --> 00:16:44,640
when or maybe what you're doing
right now, even if you're

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00:16:44,640 --> 00:16:46,760
getting some revenue from your
podcast?

296
00:16:47,080 --> 00:16:48,520
I think Alex wants to chime in
again.

297
00:16:48,520 --> 00:16:49,320
Go ahead, Alex.
Yeah, I.

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00:16:49,440 --> 00:16:52,640
Mean all we did was because of
the fact it wasn't humongous

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00:16:52,640 --> 00:16:55,040
numbers, and maybe if it was
humongous numbers, it'd be a

300
00:16:55,040 --> 00:16:58,520
different thing.
We were just trying to pay for

301
00:16:58,520 --> 00:17:02,240
the next poster and then the
eventual goal is to pay for the

302
00:17:02,240 --> 00:17:04,480
podcast.
Those are the only two goals

303
00:17:04,480 --> 00:17:08,920
that we had to make it to 0
because, you know, unlike a lot

304
00:17:08,920 --> 00:17:12,079
of the people in this room, when
you have a podcast partner, that

305
00:17:12,079 --> 00:17:15,720
changes everything.
I mean, you know, we were 5050.

306
00:17:15,920 --> 00:17:17,240
I wasn't taking any of the
money.

307
00:17:17,240 --> 00:17:19,640
She wasn't taking any money.
And that's just the way we

308
00:17:19,640 --> 00:17:21,640
worked it.
And Alex, I think you bring

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00:17:21,640 --> 00:17:24,440
about a good discussion point
maybe for another show, and that

310
00:17:24,440 --> 00:17:27,680
is how to deal when you've got
multiple parties involved in

311
00:17:27,680 --> 00:17:29,560
something.
Because you're right, that is a

312
00:17:29,560 --> 00:17:32,160
difficult thing, Alex.
I'm kind of learning that

313
00:17:32,320 --> 00:17:34,080
different things that I'm
working on currently.

314
00:17:34,320 --> 00:17:36,520
You know, when you're used to
doing everything the way that

315
00:17:36,520 --> 00:17:39,480
you do them, and then you go
into a place where you're doing

316
00:17:39,480 --> 00:17:42,200
it with someone else and I see
Mark is nodding his head.

317
00:17:42,440 --> 00:17:45,600
But it's true.
And it's something that's hard,

318
00:17:45,600 --> 00:17:48,600
Alex, And I'm glad you brought
that out because I think we go

319
00:17:48,600 --> 00:17:51,360
into it with the best of
intentions and then something

320
00:17:51,360 --> 00:17:53,480
happens and you're like, OK,
well, how do I make this work?

321
00:17:53,480 --> 00:17:56,200
We got different personalities.
We got different even think

322
00:17:56,200 --> 00:17:58,960
about it on the money side.
You have different philosophies

323
00:17:58,960 --> 00:18:01,560
on money.
I mean, in most people's homes,

324
00:18:01,760 --> 00:18:03,520
I'm going to throw, it's what I
do for a living.

325
00:18:03,840 --> 00:18:06,400
There's one person's a saver,
one person's a spender.

326
00:18:06,600 --> 00:18:10,080
You might have the same thing
with your podcasting partner or

327
00:18:10,080 --> 00:18:11,640
your Co host, whatever that
looks like.

328
00:18:11,640 --> 00:18:15,000
So Alex, I think that is a
brilliant point and something

329
00:18:15,000 --> 00:18:17,000
that we probably should delve
into in another show.

330
00:18:17,000 --> 00:18:18,480
I think it's a great idea to
talk about.

331
00:18:19,080 --> 00:18:22,040
Yeah, I am nodding my head
emphatically because you know

332
00:18:22,040 --> 00:18:25,520
where Ralph has really partnered
up with me when, you know,

333
00:18:25,640 --> 00:18:29,520
recently announcing that he's a
Co executive producer now.

334
00:18:29,960 --> 00:18:34,440
And it takes some getting used
to, especially when I've been

335
00:18:34,640 --> 00:18:37,920
more or less.
I mean, certainly don't get me

336
00:18:37,920 --> 00:18:42,240
wrong, have had plenty of help
with all of these fine people

337
00:18:42,240 --> 00:18:44,360
that I that are here on stage
with me.

338
00:18:44,360 --> 00:18:48,880
And still at the end of the day,
it was all on my shoulders where

339
00:18:48,880 --> 00:18:51,040
as now I'm sharing some of that
load.

340
00:18:51,040 --> 00:18:54,800
Well, Ralph is sharing some of
that load load with me and it's

341
00:18:54,800 --> 00:18:57,760
hard to get used to.
I think that if I had gone into

342
00:18:57,760 --> 00:19:01,680
this with a partner, it might
have been different because

343
00:19:01,800 --> 00:19:04,760
yeah, I just the experience I
created for myself and

344
00:19:04,760 --> 00:19:06,960
originally was a solo
experience.

345
00:19:06,960 --> 00:19:10,600
So now getting used to somebody
else having their thoughts and

346
00:19:10,600 --> 00:19:14,000
opinions and doing things maybe
a little differently than I do.

347
00:19:14,000 --> 00:19:16,000
It's it can be challenging
sometimes.

348
00:19:16,240 --> 00:19:20,240
Not in a bad way, just in what
it it, just that it's just more

349
00:19:20,240 --> 00:19:23,440
challenging.
I liken it to navigating a

350
00:19:23,480 --> 00:19:26,840
marriage sometimes, and
everybody brings different

351
00:19:26,840 --> 00:19:29,240
things with them to the table
and different ways to

352
00:19:29,240 --> 00:19:33,760
communicate and nuance ways to
talk and how you see the world.

353
00:19:33,760 --> 00:19:36,320
I don't want to go on that
sidetrack too deep, but Alex,

354
00:19:36,480 --> 00:19:38,720
that's a really good point.
When you're talking about what

355
00:19:38,720 --> 00:19:41,360
do you do with your money and
does anybody else want to

356
00:19:41,360 --> 00:19:43,120
comment?
I have some ideas of like what

357
00:19:43,120 --> 00:19:45,560
are the most common things that
people do, but does anyone else

358
00:19:45,560 --> 00:19:47,880
want to comment about what
they're doing with the money

359
00:19:47,880 --> 00:19:50,760
they're getting from their show?
I will say I'm done for the year

360
00:19:50,760 --> 00:19:52,160
now.
That was my good idea idea, my

361
00:19:52,200 --> 00:19:55,600
good point.
So, all right, good.

362
00:19:55,600 --> 00:19:57,920
You can retire now.
Thank you, Alex.

363
00:19:57,920 --> 00:19:59,600
Appreciate that.
Yeah.

364
00:19:59,600 --> 00:20:01,240
Well, then let's hear some
examples.

365
00:20:01,240 --> 00:20:04,240
And by the way, good morning to
Jonathan Howard, who has joined

366
00:20:04,240 --> 00:20:08,720
us on stage since before when I
made my introductions.

367
00:20:08,720 --> 00:20:11,320
So I just wanted to make sure in
case anyone hears that voice.

368
00:20:11,760 --> 00:20:13,680
And, of course, just want to say
good morning to Jonathan.

369
00:20:14,000 --> 00:20:15,080
All right.
Yeah, Ralph.

370
00:20:15,080 --> 00:20:17,240
So, Ralph, why don't you share
some examples?

371
00:20:18,080 --> 00:20:21,440
Yeah, And I think, and I do want
to address Jessica Camacho, put

372
00:20:21,440 --> 00:20:23,600
something in the chat, is there
a strategy to achieve

373
00:20:23,600 --> 00:20:26,720
monetization, even encouraging
support via Buy Me a Coffee?

374
00:20:26,720 --> 00:20:29,720
Let me talk about that for just
a second because I think that's

375
00:20:29,720 --> 00:20:31,640
something a lot of people come
to this discussion.

376
00:20:31,880 --> 00:20:33,960
I was going to take in a
direction of what you do with

377
00:20:33,960 --> 00:20:35,680
the money, but let's park here
for a second.

378
00:20:36,400 --> 00:20:39,400
The thing I will say, Jessica,
in my view, working with people

379
00:20:39,400 --> 00:20:42,240
for monetization, especially if
you're going to do buy me a

380
00:20:42,240 --> 00:20:46,560
coffee, is about repetition.
You have got to mention this on

381
00:20:46,600 --> 00:20:49,920
every single show.
The thing is, like I said

382
00:20:49,920 --> 00:20:54,680
earlier, most of the experts
will tell you about 3% is what

383
00:20:54,680 --> 00:20:57,040
you're going to get and those
are your super fans.

384
00:20:57,480 --> 00:21:00,440
But you've got to drive that
message in if you want to

385
00:21:00,440 --> 00:21:03,240
support the show, if you want to
support the show, if you, I know

386
00:21:03,240 --> 00:21:06,720
it sounds redundant, but that's
how you build that, especially

387
00:21:06,960 --> 00:21:10,600
if you're going to do the buy me
a coffee model.

388
00:21:11,280 --> 00:21:14,000
I'm a big proponent of sell
something that you have

389
00:21:14,000 --> 00:21:17,560
yourself.
I have Buy Me a Coffee on all of

390
00:21:17,560 --> 00:21:20,360
my shows.
And if I was drinking coffee,

391
00:21:20,360 --> 00:21:24,040
I'd be in trouble because it
honestly is a trickle of money

392
00:21:24,040 --> 00:21:26,600
coming in.
It's not a bad platform.

393
00:21:26,600 --> 00:21:29,320
I know people use it to offset
the cost and some people have

394
00:21:29,320 --> 00:21:32,080
been very effective with it.
Jessica, I will tell you it's

395
00:21:32,080 --> 00:21:35,720
not been a game changer for me.
In my view, the best

396
00:21:35,720 --> 00:21:38,920
monetization strategy is sell
something that you are

397
00:21:38,920 --> 00:21:43,040
providing, whether that is
digital content, whether that is

398
00:21:43,040 --> 00:21:46,560
coaching, whether that is some
sort of product that you have in

399
00:21:46,560 --> 00:21:50,160
your ability to deliver.
I think that's a big thing.

400
00:21:50,160 --> 00:21:53,400
Did anybody else want to comment
about the specifically buy me a

401
00:21:53,400 --> 00:21:55,440
coffee?
I know Dave mentioned in the the

402
00:21:55,440 --> 00:21:58,320
chat that my community paid all
the expenses for a new podcaster

403
00:21:58,320 --> 00:22:00,440
to attend Podcast Summit in
Calgary.

404
00:22:00,800 --> 00:22:03,560
Reinvesting in podcasters
creates a desire for listeners

405
00:22:03,560 --> 00:22:05,080
to continue giving to the
podcast.

406
00:22:05,440 --> 00:22:07,920
I think that's a really
brilliant way to do it too, is,

407
00:22:07,920 --> 00:22:10,040
you know, you could say, hey,
you want to support the show,

408
00:22:10,040 --> 00:22:12,200
Here's what we're going to do.
We're going to, I think the term

409
00:22:12,200 --> 00:22:14,600
is pay it forward.
But did anybody else want to

410
00:22:14,600 --> 00:22:17,160
comment about that while we're
before we move on to like, what

411
00:22:17,160 --> 00:22:20,680
do you do with the money?
Well, I do see here that Kathy

412
00:22:20,680 --> 00:22:22,960
put also in the chat on
Clubhouse.

413
00:22:23,200 --> 00:22:29,120
GoFundMe audio setup raised 1000
lbs which has provided me with a

414
00:22:29,120 --> 00:22:34,120
home setup and I gifted the
levels of donation tiers with

415
00:22:34,120 --> 00:22:37,360
exclusive content.
OK, I'm going to, I'm going to

416
00:22:37,360 --> 00:22:39,480
interject something because I
think we need to be really

417
00:22:39,480 --> 00:22:41,640
careful.
Now we've started to use the

418
00:22:41,640 --> 00:22:45,440
word donate and we stepped into
something that I want to be very

419
00:22:45,440 --> 00:22:49,400
cautious about.
And as a content creator, if you

420
00:22:49,400 --> 00:22:53,160
hear nothing else I say today,
do not use the word donate.

421
00:22:53,480 --> 00:22:55,760
Use the word support.
The reason I go there and I'm

422
00:22:55,760 --> 00:22:57,240
going to take a little
sidetrack, a little Ralph

423
00:22:57,240 --> 00:23:01,760
tangent, but it's important.
The word donate connotates that

424
00:23:01,760 --> 00:23:05,560
you have a, some sort of
donation way.

425
00:23:05,880 --> 00:23:09,680
You basically are a nonprofit.
So if you are not a nonprofit,

426
00:23:09,680 --> 00:23:12,320
now there are podcasters and
content creators out there who

427
00:23:12,320 --> 00:23:14,440
are nonprofits.
I'm not speaking to you right

428
00:23:14,440 --> 00:23:18,400
now, but I am speaking to the
person who uses who is not that.

429
00:23:18,760 --> 00:23:22,320
If you get money from GoFundMe,
if you get money from Buy Me a

430
00:23:22,320 --> 00:23:25,760
Coffee, if you get money from
Patreon, those are not

431
00:23:25,760 --> 00:23:29,640
donations.
The person making that support

432
00:23:30,040 --> 00:23:32,080
does not get a tax deduction for
that.

433
00:23:32,520 --> 00:23:37,080
That's piece number one piece #2
is that it needs to be reported

434
00:23:37,080 --> 00:23:40,720
somewhere on your tax return.
And this is where I'm going to

435
00:23:40,720 --> 00:23:45,520
wear my geeky money guy hat.
But I think, and I, it's funny

436
00:23:45,520 --> 00:23:47,400
because I call people out on
this all the time and I don't

437
00:23:47,400 --> 00:23:50,800
mean to pick on anybody, but do
not use the word donate.

438
00:23:51,320 --> 00:23:54,920
That is a very bad term because
people think, OK, and this is

439
00:23:54,920 --> 00:23:56,880
the biggest misconception about
GoFundMe.

440
00:23:57,200 --> 00:24:00,280
Everybody assumes that when they
give to GoFundMe, that's tax

441
00:24:00,280 --> 00:24:01,800
deductible.
Guess what?

442
00:24:02,080 --> 00:24:05,600
It's not tax deductible.
So a lot of people don't

443
00:24:05,600 --> 00:24:08,720
understand that.
So, you know, be very careful.

444
00:24:08,840 --> 00:24:13,040
You can use the word gift, you
can use the word support, you

445
00:24:13,040 --> 00:24:15,320
can use the word, you know,
fantastic.

446
00:24:15,720 --> 00:24:18,840
You can use the word sponsor.
But when you get into the word

447
00:24:18,840 --> 00:24:21,560
donate, be very careful because
a lot of content creators get

448
00:24:21,560 --> 00:24:24,400
stuck on that.
And then you get angry people

449
00:24:24,480 --> 00:24:26,840
saying to you, well, I thought I
could take a deduction for this.

450
00:24:26,840 --> 00:24:28,880
And the IRS said this isn't tax
deductible.

451
00:24:29,320 --> 00:24:31,760
So just be careful.
Like what Dave Campbell said,

452
00:24:31,760 --> 00:24:35,000
donation can imply a tax receipt
to the donor.

453
00:24:35,000 --> 00:24:37,480
That is absolutely right.
So I know that was a bit of a

454
00:24:37,480 --> 00:24:40,320
tangent, but I just want to let
everybody know that is an area

455
00:24:40,320 --> 00:24:43,960
to be careful of.
So anytime somebody gives you a

456
00:24:44,080 --> 00:24:47,800
single dime for your content,
that needs to be reported

457
00:24:47,800 --> 00:24:50,920
somewhere.
So Ralph, I had shared in

458
00:24:50,920 --> 00:24:55,280
Clubhouse a link to support the
Podcasting Morning chat which is

459
00:24:55,280 --> 00:24:58,880
at Podcasting Morning
chat.com/support and when it

460
00:24:58,880 --> 00:25:03,080
popped up and I shared it here
in Clubhouse, it said donate to

461
00:25:03,080 --> 00:25:06,720
the Podcasting Morning Chat.
I think that was a default from

462
00:25:06,720 --> 00:25:09,920
pod page and so I quickly went
in there as you were just

463
00:25:09,920 --> 00:25:12,720
sharing and changed it up.
Now it says support the

464
00:25:12,720 --> 00:25:14,360
podcasting morning chat,
although it's a.

465
00:25:14,360 --> 00:25:17,440
Support Yeah, I got to fix it.
Still, that is a default.

466
00:25:17,440 --> 00:25:20,480
And I've actually called Dave
Jackson out on that because I

467
00:25:20,480 --> 00:25:22,920
think you're promoting something
that is dangerous.

468
00:25:22,920 --> 00:25:25,920
But I just that that is one of
those pet peeves I have.

469
00:25:25,920 --> 00:25:28,440
And I just I'm trying to keep
content creators out of hot

470
00:25:28,440 --> 00:25:30,960
water.
And so just be careful in the

471
00:25:30,960 --> 00:25:33,320
words that you use.
All right, cool.

472
00:25:33,320 --> 00:25:35,920
And I think we have some people
that also want to chime in.

473
00:25:35,920 --> 00:25:37,680
Sid, you were one of them.
Go ahead.

474
00:25:38,320 --> 00:25:40,600
Yeah, I just wanted to add on to
what Raffle was talking about

475
00:25:40,960 --> 00:25:44,720
and to kind of comment towards
Jessica, which was early on in

476
00:25:44,720 --> 00:25:48,080
my podcast, if you have an
interview based podcast, I

477
00:25:48,080 --> 00:25:52,040
actually sought out to interview
people who would be an ideal

478
00:25:52,040 --> 00:25:54,600
client for me.
And that gave me an opportunity

479
00:25:54,960 --> 00:25:58,040
to bring them into my show, to
get to know them, to let them

480
00:25:58,040 --> 00:26:01,280
tell their story, and honestly,
for me to build a relationship

481
00:26:01,280 --> 00:26:05,600
with them, which led to several
of them hiring me to do work

482
00:26:05,600 --> 00:26:08,600
with them, whether one-on-one or
with somebody on their team or

483
00:26:08,600 --> 00:26:12,040
even some group events.
So that's a pretty good strategy

484
00:26:12,040 --> 00:26:14,920
as it relates to if you've got
an interview show, to bring your

485
00:26:14,920 --> 00:26:18,080
ideal customer onto the show and
start building a relationship

486
00:26:18,080 --> 00:26:20,200
with them.
Yep, absolutely.

487
00:26:20,200 --> 00:26:21,800
Thank you, Sid.
Appreciate that.

488
00:26:21,800 --> 00:26:24,480
And BC wants to add as well.
Go ahead BC.

489
00:26:25,320 --> 00:26:28,200
Actually, the quick side
question, so we've spoken about,

490
00:26:28,640 --> 00:26:31,720
you know, Buy Me Coffee, we've
talked about Patreon of these

491
00:26:31,720 --> 00:26:35,480
different supporting platforms,
do we know which of them tend to

492
00:26:35,480 --> 00:26:38,080
be more popular for podcasters
specifically?

493
00:26:38,440 --> 00:26:42,560
And I kind of want to exclude
Patreon a bit because Patreon

494
00:26:42,720 --> 00:26:45,720
compared to Buy Me a Coffee, you
don't have to put content on

495
00:26:45,720 --> 00:26:49,440
Buying Me a Coffee, whereas
Patreon you do to typically host

496
00:26:49,440 --> 00:26:52,160
like exclusive content.
So do we have any kind of

497
00:26:52,160 --> 00:26:55,320
numbers that kind of say which
ones are more popular amongst

498
00:26:55,320 --> 00:26:57,240
podcasters or is it kind of all
over the place?

499
00:26:58,440 --> 00:27:01,600
I don't, I'm sorry.
OK, I was going to say that I

500
00:27:01,600 --> 00:27:04,200
don't think so.
I don't know any specific

501
00:27:04,200 --> 00:27:07,720
numbers that are out there that
say, but I'm sure they probably

502
00:27:07,720 --> 00:27:10,280
exist.
And from just my experience

503
00:27:10,280 --> 00:27:12,840
alone working with lots of
different podcasters, I would

504
00:27:12,840 --> 00:27:17,680
say that Patreon is probably the
more more popular because you

505
00:27:17,680 --> 00:27:20,080
can.
Well, I know you could do that

506
00:27:20,080 --> 00:27:23,920
with Buy Me a Coffee too, but I
think it because it's so

507
00:27:24,320 --> 00:27:30,480
structured around providing
content, providing stuff to your

508
00:27:30,480 --> 00:27:32,880
audience.
I think that I think that's why

509
00:27:32,880 --> 00:27:35,240
it's where people gravitate.
And it was one of the first ones

510
00:27:35,240 --> 00:27:37,800
too, which I think gives it a
little more of an edge.

511
00:27:37,800 --> 00:27:41,640
But yeah, I would say just from
personal experience, Patreon is

512
00:27:41,640 --> 00:27:44,720
the more popular.
I also think the good thing

513
00:27:44,720 --> 00:27:48,000
about Patreon, and this is not a
commercial for Patreon, is I

514
00:27:48,000 --> 00:27:50,800
think it helps to build an
ecosystem and a community.

515
00:27:51,240 --> 00:27:53,880
And I think that's one of the
things that I would say one of

516
00:27:53,880 --> 00:27:57,280
the best strategies that I tell
content creators, if you really

517
00:27:57,280 --> 00:28:00,600
want to build revenue, build a
community because that's how

518
00:28:00,600 --> 00:28:03,520
you're going to get more, more
people that are going to get

519
00:28:03,520 --> 00:28:05,640
engaged.
Those are going to be the same

520
00:28:05,640 --> 00:28:07,600
people that are going to talk
about your content.

521
00:28:08,040 --> 00:28:10,560
And by doing that, I think you
can be really effective in that.

522
00:28:10,560 --> 00:28:11,560
I'll give you an example of
that.

523
00:28:11,840 --> 00:28:14,520
One of the people I work with
has a daily podcast called

524
00:28:14,520 --> 00:28:18,000
Walking is Fitness and he's
actually built a Patreon

525
00:28:18,000 --> 00:28:21,360
community and he's been doing
really well with that because of

526
00:28:21,360 --> 00:28:23,840
the fact that he's building that
community, he's making, he's

527
00:28:23,840 --> 00:28:26,560
putting extra content out there.
He actually interviewed me for

528
00:28:26,640 --> 00:28:29,480
content that came out this
morning about my journey with

529
00:28:29,480 --> 00:28:33,240
the beating diabetes and, and
he's really building a community

530
00:28:33,240 --> 00:28:35,640
around that.
And I mean, you're talking about

531
00:28:35,640 --> 00:28:39,600
$5 a month is what he charges.
So it doesn't become this big

532
00:28:39,880 --> 00:28:43,480
budget thing for most people.
So when you offer something like

533
00:28:43,480 --> 00:28:45,880
that, I think it's easier.
And when you're giving them

534
00:28:45,880 --> 00:28:49,120
additional content, the nice
thing about Patreon is they kind

535
00:28:49,120 --> 00:28:51,160
of build out the whole
infrastructure for you.

536
00:28:51,520 --> 00:28:54,360
The not nice thing about Patreon
is they take a pretty heavy cut

537
00:28:54,360 --> 00:28:56,720
of it.
So you just have to understand.

538
00:28:56,720 --> 00:29:00,320
And as I've said many times on
this show, you're building on

539
00:29:00,320 --> 00:29:03,640
their platform.
So if they get sideways with

540
00:29:03,640 --> 00:29:06,560
you, they can de platform you.
So this is one of the other

541
00:29:06,560 --> 00:29:08,760
times where I say, you know,
build a community around what

542
00:29:08,760 --> 00:29:11,440
you own.
Push them back to your website,

543
00:29:11,600 --> 00:29:13,720
push them back to the things
that you own.

544
00:29:14,480 --> 00:29:17,040
Thank you, Ralph.
And by the way, Dave also

545
00:29:17,280 --> 00:29:21,760
offering more good info here, he
says Buy Me a Coffee does have a

546
00:29:21,880 --> 00:29:25,160
monthly Patreon plan option as
well.

547
00:29:25,160 --> 00:29:29,440
They have a storefront as well.
So yeah, they do have a lot of a

548
00:29:29,640 --> 00:29:32,280
lot of similar features as
Patreon.

549
00:29:32,280 --> 00:29:36,000
And I still think Patreon is the
more popular among content

550
00:29:36,000 --> 00:29:38,920
creators.
But you know, I also have no

551
00:29:38,920 --> 00:29:41,320
problem being wrong with that.
It's just that's my hunch.

552
00:29:41,920 --> 00:29:45,760
Let's see here somebody is also
Kathy is asking.

553
00:29:45,840 --> 00:29:49,120
Well, first before I get to her
question, Nick is sharing that

554
00:29:49,120 --> 00:29:54,440
School SKOLL is another big
growing platform right now for

555
00:29:54,440 --> 00:29:57,320
those sort of things.
And he also mentioned Kajabi and

556
00:29:57,320 --> 00:30:02,280
Mighty Network as well.
But I think that I do think that

557
00:30:02,360 --> 00:30:08,040
Buy Me a Coffee has some good QR
code options as far because

558
00:30:08,040 --> 00:30:12,800
she's asking here about QR tip
jar apps that are good for this

559
00:30:12,800 --> 00:30:15,040
kind of thing.
I think Buy Me Coffee does.

560
00:30:15,040 --> 00:30:18,760
Obviously Venmo and PayPal have
those sorts of things that they

561
00:30:18,760 --> 00:30:22,800
can offer for you as well.
So that would be my advice.

562
00:30:22,800 --> 00:30:25,240
I don't know if anybody else has
any thoughts on that.

563
00:30:25,600 --> 00:30:27,560
I will say this about buy me a
coffee.

564
00:30:27,560 --> 00:30:30,560
It is a very low friction thing,
which is nice.

565
00:30:31,000 --> 00:30:33,720
You know, patrons, a little bit
more friction because you've got

566
00:30:33,720 --> 00:30:36,760
to go join Patreon.
And so I think that as you're

567
00:30:36,760 --> 00:30:40,160
thinking about this type of
strategy for monetization, think

568
00:30:40,160 --> 00:30:42,920
about the friction points, you
know, are you making it so

569
00:30:42,920 --> 00:30:45,920
complicated for people?
Whereas, you know, Buy Me a

570
00:30:45,920 --> 00:30:47,920
Coffee, you can go make a one
time thing.

571
00:30:48,040 --> 00:30:50,400
You can set up monthly.
There's a few podcasters that I

572
00:30:50,400 --> 00:30:53,400
support monthly through Buy Me a
Coffee, but there's not a lot of

573
00:30:53,400 --> 00:30:55,040
friction to it.
It's pretty simple.

574
00:30:55,360 --> 00:30:57,480
You just go out there and you
bang, you're done.

575
00:30:57,760 --> 00:31:00,320
So be aware of that too, because
you can build a lot of friction

576
00:31:00,320 --> 00:31:02,680
into the model.
And you know, a lot of people

577
00:31:02,680 --> 00:31:05,200
don't get this, but the more
friction you build, you know,

578
00:31:05,200 --> 00:31:08,160
the more complications.
I mentioned a little while ago,

579
00:31:08,280 --> 00:31:10,920
send them to a website that says
support to show, well, guess

580
00:31:10,920 --> 00:31:13,680
what, you're creating friction
now because now they've got to

581
00:31:13,680 --> 00:31:15,720
remember the website.
Now they got to go to the

582
00:31:15,720 --> 00:31:17,320
website.
Now when they get to the

583
00:31:17,320 --> 00:31:19,400
website, they got to go, OK,
what do I do next?

584
00:31:19,880 --> 00:31:22,640
That's friction.
Whereas if you do something

585
00:31:22,640 --> 00:31:27,160
like, you know, podcasting,
morning chat.com/support and it

586
00:31:27,160 --> 00:31:30,960
goes right to the end point.
I'm not saying that's the right

587
00:31:30,960 --> 00:31:33,400
answer, but sometimes it is
because, you know, if you create

588
00:31:33,400 --> 00:31:36,560
friction for people, it's no
different than if you give

589
00:31:36,560 --> 00:31:39,200
multiple calls to action.
If you give multiple calls into

590
00:31:39,200 --> 00:31:41,880
action, what they have found is
people won't do any of them.

591
00:31:42,360 --> 00:31:45,240
So the more friction you create.
So as we're thinking about

592
00:31:45,400 --> 00:31:48,920
strategies, specifically think
about how to make it less

593
00:31:48,920 --> 00:31:51,520
friction in what you're doing.
Yeah.

594
00:31:51,520 --> 00:31:55,960
And also Dave in the chat says
that he does a personal video.

595
00:31:55,960 --> 00:31:59,440
Thank you to all of his Buy Me a
Coffee sponsors.

596
00:31:59,440 --> 00:32:01,880
I think that's a great touch,
getting that personal.

597
00:32:01,880 --> 00:32:05,200
Thank you, seeing you, hearing
you, I think that can go a

598
00:32:05,200 --> 00:32:07,400
really long way.
Great idea, Dave.

599
00:32:08,080 --> 00:32:10,400
Go ahead, Ralph.
Now, Mark, I want to talk about

600
00:32:10,560 --> 00:32:13,680
the strategy of all this.
I promised today that I have

601
00:32:13,680 --> 00:32:16,840
some strategy tips of what to do
with that money as you make.

602
00:32:16,840 --> 00:32:19,920
I used the $1000 sort of as an
attention grabber.

603
00:32:19,920 --> 00:32:23,680
But I really think there are
three ways that you can look at

604
00:32:23,680 --> 00:32:24,960
that money that's coming in the
door.

605
00:32:24,960 --> 00:32:27,160
And I just want to take a few
minutes and talk about those.

606
00:32:27,520 --> 00:32:29,240
And Mark, you kind of alluded to
the first one.

607
00:32:29,680 --> 00:32:33,240
I think your first path is to
reinvest everything, and that

608
00:32:33,240 --> 00:32:35,520
seems like a responsible thing
to do.

609
00:32:35,520 --> 00:32:38,400
It's an ambitious thing to do.
A lot of people go out and they

610
00:32:38,400 --> 00:32:42,240
buy more gear, they go buy some
more software, they do some

611
00:32:42,240 --> 00:32:45,240
branding, maybe they buy some
editing tools, they get some

612
00:32:45,240 --> 00:32:47,400
more education and reinvestment
is good.

613
00:32:47,720 --> 00:32:51,000
But even with reinvestment, I
think you need to have a plan

614
00:32:51,000 --> 00:32:53,480
behind that.
I think that's important to

615
00:32:53,480 --> 00:32:55,560
understand because Mark, and I'm
not throwing you under the bus,

616
00:32:55,560 --> 00:32:57,800
but you said, well, I wasn't
really it just we did what we

617
00:32:57,800 --> 00:32:58,880
did.
I can't even tell you where it

618
00:32:58,880 --> 00:33:00,960
went.
And I think that's one of the

619
00:33:00,960 --> 00:33:04,880
problem pieces.
If you don't have a strategy for

620
00:33:04,880 --> 00:33:07,160
when that money comes in, and
I'm going to throw this out to

621
00:33:07,160 --> 00:33:10,400
the chat, you know who here has
a strategy for that money?

622
00:33:10,400 --> 00:33:12,160
You know, when, what did you buy
1st?

623
00:33:12,160 --> 00:33:14,880
And when you look back at it,
was it worth it if you took that

624
00:33:14,880 --> 00:33:17,440
approach of, well, I've got this
money and I'm going to reinvest

625
00:33:17,440 --> 00:33:18,840
it.
I will be honest with you.

626
00:33:18,840 --> 00:33:21,040
I, you know, it's easy to go buy
gear.

627
00:33:21,280 --> 00:33:23,520
Sometimes that feels like a
really good thing to do.

628
00:33:23,520 --> 00:33:27,280
But is that a good strategy?
Well, I see Jonathan in the chat

629
00:33:27,280 --> 00:33:30,720
says that he would buy himself
something nice with that money.

630
00:33:31,840 --> 00:33:33,240
Which?
Look, Ralph, do you Would you

631
00:33:33,240 --> 00:33:35,200
say that?
I'm guessing that Jonathan's

632
00:33:35,200 --> 00:33:38,960
somewhat joking, but probably
also a little bit serious too.

633
00:33:39,400 --> 00:33:41,160
What?
Is there something wrong with

634
00:33:41,160 --> 00:33:43,240
doing something like that?
Like taking that money and

635
00:33:43,240 --> 00:33:46,080
spending it on yourself first.
Absolutely not.

636
00:33:46,080 --> 00:33:49,040
I think that's important because
you've got to feed, you know,

637
00:33:49,040 --> 00:33:50,680
think about like a fireplace,
right?

638
00:33:50,960 --> 00:33:54,040
If you don't keep putting wood
in the fireplace, the fire dies

639
00:33:54,040 --> 00:33:56,480
down.
Well, if you're not supporting

640
00:33:56,480 --> 00:34:00,080
yourself, if you're not
investing in yourself, that's a

641
00:34:00,080 --> 00:34:01,840
problem.
So no, I think that's a great

642
00:34:01,840 --> 00:34:03,920
idea.
That said, I think there needs

643
00:34:03,920 --> 00:34:06,360
to be a system behind that.
I'm going to talk about that in

644
00:34:06,360 --> 00:34:08,360
a couple of minutes.
But no, I think that's a very

645
00:34:08,360 --> 00:34:10,239
valid thing.
And it's actually the second

646
00:34:10,239 --> 00:34:12,920
path on my list, Jonathan.
So you were reading my mind, my

647
00:34:12,920 --> 00:34:15,040
friend.
And that is spend it personally.

648
00:34:15,480 --> 00:34:18,520
And that's normal because as
everybody said, the beginning,

649
00:34:18,719 --> 00:34:21,880
that first money that coming in
feels like validation.

650
00:34:22,239 --> 00:34:23,639
It does.
It's like, oh, people are

651
00:34:23,639 --> 00:34:26,920
willing to listen to me.
So celebrating is not wrong.

652
00:34:27,480 --> 00:34:30,400
Celebrating is fine, but here's
the problem.

653
00:34:30,679 --> 00:34:32,960
So many people don't stop the
celebration.

654
00:34:33,400 --> 00:34:37,600
And when business income becomes
random personal spending, that's

655
00:34:37,600 --> 00:34:39,120
when you get yourself into
trouble.

656
00:34:39,400 --> 00:34:41,480
And that's when you had that
knock, knock at the door.

657
00:34:41,480 --> 00:34:44,800
But hey, the tax man's here and
you didn't set anything aside.

658
00:34:44,800 --> 00:34:47,600
But no, Jonathan, I think that's
a very valid thing.

659
00:34:47,840 --> 00:34:49,880
I think there's a way to
celebrate that, and I think

660
00:34:49,880 --> 00:34:52,920
there's a place to celebrate
your first creator income.

661
00:34:53,360 --> 00:34:54,679
I think that's a fine thing to
do.

662
00:34:54,679 --> 00:34:57,760
I just think the other side of
this is to build some structure.

663
00:34:57,760 --> 00:34:59,600
But I don't want to talk the
whole time, but that's what I

664
00:34:59,600 --> 00:35:02,240
want to talk about in a minute.
But I think it's fair to say no,

665
00:35:02,240 --> 00:35:04,600
I'm going to reinvest.
I'm going to spend it on myself.

666
00:35:04,840 --> 00:35:07,440
But I think there might be a way
to build some structure into

667
00:35:07,440 --> 00:35:10,800
that Mark.
And Nick in the chat says Chris

668
00:35:10,800 --> 00:35:14,640
Ducker talked about that.
He always had a set milestones

669
00:35:14,640 --> 00:35:18,440
and one thing we had to do is
decide what we were going to do

670
00:35:18,440 --> 00:35:21,200
for ourselves to celebrate when
we get there.

671
00:35:21,840 --> 00:35:24,720
Yeah, that's, I think that's
some, that's a good strategy,

672
00:35:24,720 --> 00:35:27,920
good advice.
And look, I also think it's just

673
00:35:27,920 --> 00:35:32,760
important to think ahead about
these things, even just so that

674
00:35:33,080 --> 00:35:35,800
you feel a little more
confident, a little more

675
00:35:35,800 --> 00:35:40,400
prepared when when you do make
that first 1005 thousand

676
00:35:40,400 --> 00:35:42,680
$10,000.
You know, I know my wife right

677
00:35:42,680 --> 00:35:46,800
now is doing an exercise in her
journal every day.

678
00:35:46,800 --> 00:35:50,080
She's writing down.
So she's starting with a fake

679
00:35:50,080 --> 00:35:54,040
$1000, her own for $10,000.
She just earned it, right?

680
00:35:54,240 --> 00:35:56,360
What is she going to do with
that $1000?

681
00:35:56,520 --> 00:35:59,360
And she writes down what she's
going to do with it Day 2.

682
00:35:59,360 --> 00:36:02,120
She double s it.
I got $2000.

683
00:36:02,120 --> 00:36:04,480
What am I going to do with that
$2000?

684
00:36:04,480 --> 00:36:06,760
And then day three double s it
again.

685
00:36:06,760 --> 00:36:09,640
And I think it's like a 30 day
challenge or at least it gets

686
00:36:09,640 --> 00:36:13,480
you to like $1,000,000.
And the whole idea is to get

687
00:36:13,480 --> 00:36:16,640
your mindset in that mode of
making money and what you're

688
00:36:16,640 --> 00:36:18,360
going to do with it.
I think it can help.

689
00:36:18,680 --> 00:36:21,720
It can really go a long way.
And with that, I'm going to go

690
00:36:21,720 --> 00:36:25,400
to Tide who wanted to chime in
as well, AKA Nikki.

691
00:36:25,400 --> 00:36:28,160
Go for it, Tide.
Yeah, I was just going to say

692
00:36:28,160 --> 00:36:33,200
that for me, when I develop a
plan for something, I'm very

693
00:36:33,200 --> 00:36:38,280
Type B and I don't have a total
plan for everything and I just

694
00:36:38,280 --> 00:36:42,040
go with the flow.
But making a purchase with the

695
00:36:42,040 --> 00:36:45,840
money is starting to make more
sense to me now, especially in

696
00:36:45,840 --> 00:36:48,040
recent months since we've been
talking about it a little bit

697
00:36:48,040 --> 00:36:51,360
more, it's making a little bit
more sense to me, the order in

698
00:36:51,360 --> 00:36:55,160
which I need to do certain
things or take certain actions.

699
00:36:55,480 --> 00:36:59,240
So for me, I have to ask myself
what's the ultimate goal?

700
00:36:59,520 --> 00:37:03,080
And if I have an answer to that,
but I don't necessarily feel

701
00:37:03,080 --> 00:37:07,320
like I can achieve that goal in
the next day or week or month,

702
00:37:07,680 --> 00:37:10,680
then I have to break it down
into a smaller step and just

703
00:37:10,680 --> 00:37:13,640
say, well, even if I can't
achieve this in the next day,

704
00:37:13,640 --> 00:37:17,800
month, a week or month, what is
the next logical step?

705
00:37:17,880 --> 00:37:21,840
So if that is equipment, if that
is education, if that is a

706
00:37:21,840 --> 00:37:26,000
conference, whatever it may be,
I can decide from there what my

707
00:37:26,000 --> 00:37:30,320
next step is as opposed to over
investing in things that I don't

708
00:37:30,320 --> 00:37:33,600
necessarily need.
Because everybody always talks

709
00:37:33,600 --> 00:37:35,960
about like, oh, you know, not in
this space necessarily, but

710
00:37:35,960 --> 00:37:38,720
people always say take massive
action and all of that.

711
00:37:38,760 --> 00:37:40,840
And I don't necessarily disagree
with that.

712
00:37:41,080 --> 00:37:43,920
But just because you're taking
massive action doesn't

713
00:37:43,920 --> 00:37:48,480
necessarily mean that you have
to take a big action, something

714
00:37:48,480 --> 00:37:53,680
that's well over the realm of
what your capacity is at this

715
00:37:53,680 --> 00:37:57,680
moment in time with your money.
So for me, the order in which I

716
00:37:57,680 --> 00:38:00,200
do things now and it's, you
know, this may change, this may

717
00:38:00,200 --> 00:38:03,200
evolve over time, but as of
right now, I feel like I'm in a

718
00:38:03,200 --> 00:38:05,760
fairly good rhythm.
And the first thing I do with

719
00:38:05,760 --> 00:38:09,120
any money that I get, it doesn't
matter if it's money from my

720
00:38:09,120 --> 00:38:12,880
side hustles, money from my
actual job, or if it's money

721
00:38:12,880 --> 00:38:15,000
coming from a place that was
unexpected.

722
00:38:15,040 --> 00:38:18,840
The very first thing that I do
is I give to a church, God, a

723
00:38:18,840 --> 00:38:20,560
charity, something that I care
about.

724
00:38:20,800 --> 00:38:23,840
It's the very first thing that I
do because it puts me in the

725
00:38:23,840 --> 00:38:28,120
headspace to not be necessarily
attached to that money

726
00:38:28,200 --> 00:38:30,800
emotionally.
And so from there, that's when I

727
00:38:30,800 --> 00:38:34,240
get into the planning, the small
steps that I can take that'll

728
00:38:34,240 --> 00:38:37,120
help me see a little bit further
down the line in terms of what's

729
00:38:37,120 --> 00:38:40,400
going to help my overall growth
as a creator and podcaster.

730
00:38:40,560 --> 00:38:44,560
And then after that's when I do
sort of I put the tax stuff to

731
00:38:44,560 --> 00:38:48,080
the side and then I pay myself.
And that's sort of the order and

732
00:38:48,080 --> 00:38:50,240
the realm that I kind of stick
in for right now.

733
00:38:50,440 --> 00:38:52,200
Again, it may evolve, but I just
thought I'd share that.

734
00:38:53,040 --> 00:38:54,520
No, Nikki, I think that's
brilliant.

735
00:38:54,520 --> 00:38:57,160
I want to thank you so much and
for the courage to share that

736
00:38:57,160 --> 00:38:59,600
because you said a couple of
things in there that I think we

737
00:38:59,600 --> 00:39:01,120
really need to land on for a
minute.

738
00:39:01,480 --> 00:39:04,160
And this is one of the biggest
struggles I see with content

739
00:39:04,160 --> 00:39:06,480
creators.
Our money comes in in drips and

740
00:39:06,480 --> 00:39:09,280
drabs, little piece here, a
little piece there.

741
00:39:09,400 --> 00:39:13,360
It is super hard to manage that
without a plan, without a

742
00:39:13,360 --> 00:39:15,840
system.
I was with my my youngest son is

743
00:39:15,840 --> 00:39:19,680
a Barber and he and I spent half
the day together yesterday and

744
00:39:19,680 --> 00:39:21,320
he's really struggling
financially.

745
00:39:21,560 --> 00:39:24,240
He's doing better, but his is
the same scenario.

746
00:39:24,480 --> 00:39:26,960
You know, if he has, if not a
lot of people come into the

747
00:39:26,960 --> 00:39:28,840
Barber shop today.
Well, guess what?

748
00:39:28,840 --> 00:39:32,200
He's not making as much in tips
and they're, you know, in a lot

749
00:39:32,200 --> 00:39:35,080
of ways he lives off his tips.
Well, we can look at it the same

750
00:39:35,080 --> 00:39:39,640
way as a content creator.
We might get $10 from Patreon or

751
00:39:39,640 --> 00:39:43,040
$15 from Buy Me a Coffee.
Well, if you don't have a

752
00:39:43,040 --> 00:39:46,880
strategy for that, it is real
easy to watch that money disco

753
00:39:47,080 --> 00:39:49,120
bye, bye.
Because it's little small

754
00:39:49,120 --> 00:39:50,600
pieces.
Nikki, that's why I love what

755
00:39:50,600 --> 00:39:52,240
you said.
You had an intent.

756
00:39:52,240 --> 00:39:54,680
You have an intentional
strategy.

757
00:39:55,120 --> 00:39:57,800
And I love what you said about
gratitude and giving back.

758
00:39:57,800 --> 00:40:01,120
I think that is huge.
I talk about that on my Daily

759
00:40:01,120 --> 00:40:03,320
Show almost once or twice a
week.

760
00:40:03,720 --> 00:40:06,600
I think if you start out with an
attitude of gratitude and I'm

761
00:40:06,600 --> 00:40:09,760
stealing that from somebody
else, I'm sure, but I think that

762
00:40:09,760 --> 00:40:12,800
puts you in the right headspace.
But then your next pivot, I like

763
00:40:12,800 --> 00:40:15,600
to you said, and then I've got a
plan of I'm going to do this.

764
00:40:15,720 --> 00:40:17,520
I'm going to set aside money for
taxes.

765
00:40:17,680 --> 00:40:20,680
I'm going to reinvest because
you're right, Nikki, you might

766
00:40:20,680 --> 00:40:22,360
have a goal.
Let's just say you have a goal.

767
00:40:22,360 --> 00:40:23,640
You want to buy a new
microphone.

768
00:40:23,840 --> 00:40:26,680
You see this as a microphone.
I really want this microphone.

769
00:40:26,680 --> 00:40:28,000
It's $300.
Well.

770
00:40:28,800 --> 00:40:31,320
Most content creators I work
with are not going to get a one

771
00:40:31,320 --> 00:40:34,840
time support check for $300.00.
So you've got to have an

772
00:40:34,840 --> 00:40:36,760
intention of like maybe every
week.

773
00:40:37,000 --> 00:40:39,280
And I like to think I do this
thing where I call your money,

774
00:40:39,280 --> 00:40:42,480
your weekly money meeting where
you carve out a certain amount.

775
00:40:42,480 --> 00:40:46,720
Maybe 20% goes to your
reinvestment in gear, maybe 15

776
00:40:46,720 --> 00:40:50,040
or 20% goes to taxes.
Some of it goes to you.

777
00:40:50,040 --> 00:40:51,480
You got to keep fueling that
fire.

778
00:40:51,480 --> 00:40:54,040
But Nikki, thank you so much for
sharing that because I think

779
00:40:54,040 --> 00:40:57,320
it's real easy to get stuck in
the nickel and dime things that

780
00:40:57,320 --> 00:41:00,600
come to us as content creators.
That is by far the biggest

781
00:41:00,760 --> 00:41:04,680
struggle for content creators
who are doing this as a primary

782
00:41:04,680 --> 00:41:07,160
income or even a secondary side
hustle.

783
00:41:07,320 --> 00:41:10,560
Because it comes in such this
weird like roller coaster

784
00:41:10,560 --> 00:41:14,240
pattern of income that if you
don't have a plan, it's really

785
00:41:14,240 --> 00:41:16,280
easy for the money to just go
bye bye.

786
00:41:16,280 --> 00:41:17,760
And then you're like, what
happened?

787
00:41:19,480 --> 00:41:22,240
Real quick, just want to pause
here for a second and remind you

788
00:41:22,240 --> 00:41:25,720
that if you have something, some
experience, something of

789
00:41:25,720 --> 00:41:29,160
importance that you think you
could share with your fellow

790
00:41:29,160 --> 00:41:32,720
podcasters and content creators
on a stage, let's call it a

791
00:41:32,720 --> 00:41:37,640
physical stage and let's say
it's might be in Charlotte, NC.

792
00:41:37,840 --> 00:41:42,000
And specifically at Empowered
Podcasting, our conference, our

793
00:41:42,000 --> 00:41:45,480
third annual conference coming
this August 21st through the

794
00:41:45,480 --> 00:41:49,560
23rd, our speaker, the
application deadline has been

795
00:41:49,560 --> 00:41:53,800
extended to May 1st and we would
love to have you there on a

796
00:41:53,800 --> 00:41:55,600
stage.
And by the way, speakers do get

797
00:41:55,600 --> 00:41:59,160
a free ticket.
So if you are accepted to speak

798
00:41:59,160 --> 00:42:03,160
there, you get a free ticket to
the entire weekend of activities

799
00:42:03,160 --> 00:42:06,560
and seminars and workshops,
etcetera.

800
00:42:06,760 --> 00:42:11,000
So go to
empoweredpodcasting.com/speakers

801
00:42:11,400 --> 00:42:16,160
and join us there today.
OK, Ralph, with that, you know,

802
00:42:16,160 --> 00:42:19,800
real quick, I want to say hello
to Chris, who's been on stage

803
00:42:20,080 --> 00:42:23,040
waiting, I assume waiting
patiently, unless he's just here

804
00:42:23,040 --> 00:42:24,640
for the conversation, which is
cool too.

805
00:42:24,840 --> 00:42:26,440
But Chris, I wanted to say good
morning to you.

806
00:42:26,440 --> 00:42:28,160
Did you have something you
wanted to add to the

807
00:42:28,160 --> 00:42:30,440
conversation?
And no pressure, just wanted to

808
00:42:30,440 --> 00:42:31,800
check in.
Good morning.

809
00:42:31,800 --> 00:42:35,840
Well I wanted to ask maybe about
selling swag but then I just it

810
00:42:35,840 --> 00:42:39,240
just dawned on me I'm not
getting there but it looks like

811
00:42:39,240 --> 00:42:44,680
to me I only got $40 from buy me
a coffee last year and but I

812
00:42:44,680 --> 00:42:47,600
don't remember getting any 1099
or any payout.

813
00:42:48,080 --> 00:42:52,120
So is this and I just realized
this wasn't on my taxes

814
00:42:52,120 --> 00:42:54,760
anywhere.
I mean I don't know if the IRS

815
00:42:54,760 --> 00:42:56,960
is going to get upset about 40
bucks but.

816
00:42:57,800 --> 00:42:59,040
Yeah, well, let's hear from
Ralph.

817
00:42:59,880 --> 00:43:01,440
Let's see what Ralph has to say
about it.

818
00:43:01,600 --> 00:43:05,760
So couple things there, Chris.
Number one thing is the IRS is

819
00:43:05,760 --> 00:43:08,480
not going to know about it
because of the fact that it's

820
00:43:08,480 --> 00:43:11,480
less than the reportable amount
that Buy Me a Coffee needs to

821
00:43:11,480 --> 00:43:15,280
report.
But that said, technically if

822
00:43:15,280 --> 00:43:18,560
you received economic benefit,
it should have been reported.

823
00:43:18,560 --> 00:43:19,960
But I want to go a little deeper
than that.

824
00:43:20,320 --> 00:43:22,640
This is one of my pet peeves of
people on these different

825
00:43:22,640 --> 00:43:24,880
platforms.
Don't leave the money on the

826
00:43:24,880 --> 00:43:27,280
platform.
Pick a time once a week, once a

827
00:43:27,280 --> 00:43:30,440
month, and pull that money into
your own bank account.

828
00:43:30,880 --> 00:43:33,640
I am not a big fan of using
these platforms as a bank

829
00:43:33,640 --> 00:43:34,560
account.
A lot of people do.

830
00:43:34,560 --> 00:43:36,800
And Chris, one of the things
that worries me, you said I made

831
00:43:36,800 --> 00:43:39,800
$40 last year, but I don't know
where the money is because

832
00:43:40,000 --> 00:43:42,720
basically what you're saying is
did they not pay it out to you?

833
00:43:43,160 --> 00:43:46,000
Did you transfer it and you
didn't realize you transfer it?

834
00:43:46,000 --> 00:43:48,480
So that's one of my things when
I talk about doing this weekly

835
00:43:48,480 --> 00:43:51,040
money meeting with yourself is
go out to your platforms and

836
00:43:51,040 --> 00:43:54,480
bring that money into your
account because that way you'll

837
00:43:54,480 --> 00:43:57,280
see it.
And when it comes time to report

838
00:43:57,280 --> 00:43:59,760
that income, you're going to see
the income from those different

839
00:43:59,760 --> 00:44:02,040
platforms.
Because again, like I said, with

840
00:44:02,040 --> 00:44:04,920
content creators, we might have
17 different platforms.

841
00:44:05,200 --> 00:44:06,920
And if we're going to think at
the end of the year, we're going

842
00:44:06,920 --> 00:44:09,280
to go out and check all those
platforms, you're not going to

843
00:44:09,280 --> 00:44:11,440
do it.
So if you have a but if you have

844
00:44:11,440 --> 00:44:14,440
a system built in that I always
pull that money back, I think

845
00:44:14,440 --> 00:44:16,520
that's a better strategy.
Yeah.

846
00:44:16,520 --> 00:44:18,760
You might want to log into your
Buy me a coffee account.

847
00:44:18,760 --> 00:44:20,160
I know I have one.
I just.

848
00:44:20,160 --> 00:44:20,880
Did I?
Just did?

849
00:44:21,000 --> 00:44:23,280
Yes.
And take a look there, Chris.

850
00:44:23,840 --> 00:44:26,800
Yeah.
Also, does anybody use Shopify

851
00:44:26,800 --> 00:44:29,400
or anything else?
And I'd like to sell some swag

852
00:44:29,840 --> 00:44:32,320
and I don't.
And you know, I have no interest

853
00:44:32,320 --> 00:44:35,000
in being a store myself.
I want, you know, just like

854
00:44:35,000 --> 00:44:37,320
Amazon does everything for me.
I mean.

855
00:44:37,720 --> 00:44:40,840
Shopify, I'm hearing and maybe
somebody else, but you know,

856
00:44:40,840 --> 00:44:43,920
it's hard to say out there.
I just I don't seem very

857
00:44:43,960 --> 00:44:47,680
motivated unfortunately.
Well, Chris, I would say Shopify

858
00:44:47,680 --> 00:44:50,840
is definitely a good one.
I've used it for several years

859
00:44:50,960 --> 00:44:53,240
and it does similarly what
you're talking about.

860
00:44:53,240 --> 00:44:57,480
I think it would satisfy that
need of not doing anything and

861
00:44:57,480 --> 00:45:00,040
just basically letting the
orders come through and be

862
00:45:00,040 --> 00:45:01,960
distributed through their
services.

863
00:45:01,960 --> 00:45:03,640
I think that's probably the best
way to go.

864
00:45:04,320 --> 00:45:06,520
Yeah, 'cause you get into doing
it yourself.

865
00:45:06,520 --> 00:45:08,960
And also I want to stress too,
it's got to be international.

866
00:45:09,000 --> 00:45:10,840
Just can't be America.
Yeah, yeah.

867
00:45:11,280 --> 00:45:12,880
OK, well, yeah, that's good to
know.

868
00:45:12,880 --> 00:45:14,400
I'll see what's happening here,
you know?

869
00:45:14,800 --> 00:45:16,560
Awesome.
Yeah, I'll contact them and see

870
00:45:16,560 --> 00:45:19,200
what I can do with the shop with
buy me a coffee though.

871
00:45:19,520 --> 00:45:20,440
Awesome.
Thank you.

872
00:45:20,440 --> 00:45:22,800
If I take maybe the money will
just, you know, appear as a

873
00:45:22,800 --> 00:45:24,440
payout this year and that's
fine.

874
00:45:24,440 --> 00:45:26,640
But OK.
Well, thank you very much.

875
00:45:26,640 --> 00:45:27,880
You have a good day.
Bye, bye.

876
00:45:27,880 --> 00:45:29,680
Keep us posted.
Thank you.

877
00:45:30,240 --> 00:45:32,600
All right, Keep it going, Ralph.
Thank you.

878
00:45:33,200 --> 00:45:34,960
Yeah, And Chris, here's one
thing I will say.

879
00:45:35,000 --> 00:45:39,280
I love the idea of having a
platform to do that with.

880
00:45:39,280 --> 00:45:43,320
Like I sell a gear for my show
and I use, I think it's called

881
00:45:43,320 --> 00:45:45,360
4th wall or something along
those lines.

882
00:45:45,640 --> 00:45:47,960
The nice thing about that is you
don't have to inventory that

883
00:45:47,960 --> 00:45:50,040
stuff.
But let me get back to sort of a

884
00:45:50,040 --> 00:45:52,320
teaching moment here because
that's why I wanted to do the

885
00:45:52,320 --> 00:45:54,640
Money Monday today.
Here's what I think should

886
00:45:54,640 --> 00:45:56,840
happen.
And Nikki sort of said all the

887
00:45:56,840 --> 00:46:00,120
things that I was going to say.
Your first money should trigger

888
00:46:00,120 --> 00:46:02,240
a system.
And here's the thing I will

889
00:46:02,240 --> 00:46:04,400
recommend to all content
creators.

890
00:46:04,440 --> 00:46:07,960
Number one thing, a separate
account for your business.

891
00:46:08,360 --> 00:46:10,920
Your first money should get
deposited to that separate

892
00:46:10,920 --> 00:46:12,720
account.
That's what you should do.

893
00:46:13,040 --> 00:46:16,160
Second thing, set aside money
for taxes.

894
00:46:16,480 --> 00:46:19,840
That way you don't have that big
surprise moment in April when

895
00:46:19,840 --> 00:46:23,200
somebody like me calls and says,
hey, by the way, guess what, now

896
00:46:23,200 --> 00:46:25,640
you owe.
Third thing I recommend is a

897
00:46:25,640 --> 00:46:28,880
reinvestment plan.
What are you going to do for

898
00:46:28,880 --> 00:46:30,160
gear?
What are you going to do for

899
00:46:30,160 --> 00:46:32,080
software subscriptions, all
those things.

900
00:46:32,080 --> 00:46:36,680
What is your reinvestment plan?
And last but not least #4 is

901
00:46:36,680 --> 00:46:38,360
figure out a way to pay
yourself.

902
00:46:38,920 --> 00:46:42,440
You've got to continue to.
If you want this to be something

903
00:46:42,520 --> 00:46:45,520
that's going to fulfill your
life, then you got to figure out

904
00:46:45,520 --> 00:46:48,280
a way to pay yourself.
You can't just go into it with,

905
00:46:48,280 --> 00:46:49,720
well, I'm just going to reinvest
the money.

906
00:46:49,720 --> 00:46:51,840
I'm going to reinvest the money
and you're not paying yourself,

907
00:46:52,080 --> 00:46:54,760
you're going to burn out.
And I think that's one of my big

908
00:46:54,760 --> 00:46:56,880
takeaways.
So separate account tax set

909
00:46:56,880 --> 00:47:00,120
aside, reinvestment plan and
owner pay plan.

910
00:47:00,120 --> 00:47:04,160
Those are really the things that
I see are the most best things

911
00:47:04,160 --> 00:47:07,440
to do.
So my question now is how many

912
00:47:07,440 --> 00:47:10,760
people have the system in place
and how many people wish they

913
00:47:10,760 --> 00:47:13,520
had the system in place before
they started having some money

914
00:47:13,520 --> 00:47:15,360
coming in the door?
OK.

915
00:47:15,480 --> 00:47:19,320
Before we answer that, unless
Nick wants that ask or answer

916
00:47:19,320 --> 00:47:21,080
that as well.
Nick, you put a question in the

917
00:47:21,080 --> 00:47:23,800
chat that I thought would be
worthwhile sharing with the

918
00:47:23,800 --> 00:47:25,760
group.
Yeah, good morning, everybody.

919
00:47:26,040 --> 00:47:28,640
The question I asked was, is,
Ralph, you were talking about

920
00:47:28,640 --> 00:47:31,080
having that separate account,
that separate business entity to

921
00:47:31,080 --> 00:47:32,640
collect that.
Like how do you feel about

922
00:47:32,640 --> 00:47:35,320
PayPal?
Because I think PayPal and

923
00:47:35,320 --> 00:47:39,640
Stripe and you can Venmo, like
those are all very common for

924
00:47:39,640 --> 00:47:43,720
creators because they're so easy
to set up and they are easy to

925
00:47:43,760 --> 00:47:46,680
separate personal from business.
So what are your thoughts there?

926
00:47:47,440 --> 00:47:49,960
I don't have a problem with
that, but I think they create a

927
00:47:49,960 --> 00:47:52,280
lot of friction.
That's my only issue with the

928
00:47:52,280 --> 00:47:56,680
PayPal and the cash apps and all
that sort of thing is they

929
00:47:56,680 --> 00:47:58,720
create some friction.
Now if you can deal with AQR

930
00:47:58,720 --> 00:48:01,200
code where somebody takes a
picture of the QR code and bang,

931
00:48:01,200 --> 00:48:03,120
they're there, I think that's
easier.

932
00:48:03,560 --> 00:48:06,320
But Nick, I do like the fact
that they keep things separate

933
00:48:06,320 --> 00:48:07,680
for you.
I think that's a great idea.

934
00:48:07,680 --> 00:48:11,520
I still would say that I'm not a
fan of leaving your money there.

935
00:48:11,720 --> 00:48:15,120
I think there should say they
are a good platform for

936
00:48:15,120 --> 00:48:18,920
generating that, but I still AM
a firm believer in bringing that

937
00:48:18,920 --> 00:48:23,400
money back to your account and
in in a frequent, you know,

938
00:48:23,520 --> 00:48:26,760
time, place way to do that.
They're they're good plans to at

939
00:48:26,760 --> 00:48:29,480
the front end.
They're easy, but I just believe

940
00:48:29,480 --> 00:48:32,200
that you bring it back into your
money so you know what's going

941
00:48:32,200 --> 00:48:33,320
on.
OK.

942
00:48:33,320 --> 00:48:35,080
Thank you.
Yeah, he's giving you the thumbs

943
00:48:35,080 --> 00:48:38,040
up there, Ralph.
All right, so again, let's reset

944
00:48:38,040 --> 00:48:39,880
your question for the group.
Yeah.

945
00:48:39,880 --> 00:48:42,680
My question for the group is,
now that we've discussed what

946
00:48:42,680 --> 00:48:46,560
this looks like, how many people
have a system and how many

947
00:48:46,560 --> 00:48:48,600
people wish they had a system in
place sooner?

948
00:48:48,600 --> 00:48:51,520
And what is going to be your
take away from today?

949
00:48:51,520 --> 00:48:54,120
You know, what are you going to
do differently after this

950
00:48:54,120 --> 00:48:58,320
discussion today?
I think for me, which I know as

951
00:48:58,320 --> 00:49:01,000
my financial advisor,
accountant, etcetera, you know,

952
00:49:01,000 --> 00:49:05,080
this too, it's for me, it's
really creating more structure

953
00:49:05,080 --> 00:49:08,320
and more systems around my
finances and really

954
00:49:08,320 --> 00:49:11,320
understanding like if, if I'm
going to make X amount of

955
00:49:11,320 --> 00:49:14,880
dollars, where is where are all
these dollars going to really

956
00:49:14,880 --> 00:49:16,480
go?
You know, it's how much of it's

957
00:49:16,480 --> 00:49:18,880
going to be invested into the
back into the business?

958
00:49:18,880 --> 00:49:23,320
How much of it can I take for
myself personally and how much

959
00:49:23,320 --> 00:49:25,320
of it, you know, what else am I
going to do with the rest of the

960
00:49:25,320 --> 00:49:27,760
money, right?
So I think it's really having a

961
00:49:27,760 --> 00:49:32,640
stronger sense of not just the
finances coming in, but really

962
00:49:32,640 --> 00:49:35,640
what I'm going to do with them
once once they arrive.

963
00:49:36,320 --> 00:49:37,800
What You're speaking to a
strategy?

964
00:49:38,040 --> 00:49:40,200
Yeah.
And that is the key to this

965
00:49:40,200 --> 00:49:43,360
whole discussion today is what
is your strategy?

966
00:49:43,640 --> 00:49:46,560
I'm a firm believer in having a
strategy like Nikki talked

967
00:49:46,560 --> 00:49:47,960
about.
You know, when the money comes

968
00:49:47,960 --> 00:49:50,680
in, here's what I'm going to do.
So, Mark, I think that's a

969
00:49:50,680 --> 00:49:53,280
brilliant way to look at it.
Yeah, Thank you.

970
00:49:53,280 --> 00:49:56,040
Appreciate that.
Anyone else want to chime in?

971
00:49:56,560 --> 00:49:58,840
OK, so there you go.
You got my answer, Ralph.

972
00:49:59,280 --> 00:50:01,440
Well, that's good.
We got some answers today.

973
00:50:02,120 --> 00:50:04,920
Answers are good.
As Mike, I apologize here for a

974
00:50:04,920 --> 00:50:05,800
second.
There we go.

975
00:50:06,320 --> 00:50:07,960
Ralph is fixing his background
there.

976
00:50:07,960 --> 00:50:09,160
That's.
Oh yeah, you know, it's

977
00:50:09,360 --> 00:50:11,360
technology is fun.
Well, you know, Speaking of

978
00:50:11,360 --> 00:50:15,000
technology real quick, I think
that I have a win to celebrate

979
00:50:15,000 --> 00:50:17,920
early this week and that is that
my Internet connection has been

980
00:50:17,920 --> 00:50:21,560
quite stable today.
I think I've solved the problem

981
00:50:22,000 --> 00:50:24,600
over the weekend.
Ralph and I were talking because

982
00:50:24,600 --> 00:50:27,960
we got some feedback about the
fact that the Empowered

983
00:50:27,960 --> 00:50:32,640
Podcasting live episode we did
Wednesday afternoon last week,

984
00:50:32,640 --> 00:50:35,600
the audio quality wasn't great
and we knew it had to do with my

985
00:50:35,600 --> 00:50:39,080
poor Internet issue.
And if a lot of you here joining

986
00:50:39,080 --> 00:50:41,880
us live in the mornings know
I've been really frustrated with

987
00:50:41,880 --> 00:50:45,120
my Internet connection lately.
And I think it's been solved.

988
00:50:45,280 --> 00:50:48,920
And it's basically, you know, I
thought that these little Google

989
00:50:49,400 --> 00:50:53,560
Home mesh devices would help,
and to a degree they definitely

990
00:50:53,560 --> 00:50:55,720
did.
But the thing I wasn't doing was

991
00:50:55,720 --> 00:50:59,960
plugging my Mac mini directly
into one of these mesh

992
00:51:00,320 --> 00:51:02,960
contraptions.
And that has more than doubled

993
00:51:02,960 --> 00:51:06,760
my Internet speed.
And I think that has stabilized

994
00:51:06,760 --> 00:51:09,560
things for the show and I am so
relieved.

995
00:51:09,560 --> 00:51:12,760
I was quite excited over the
weekend, wanted to test it out,

996
00:51:12,760 --> 00:51:15,840
but it was too beautiful of a
weekend to stop and do anything

997
00:51:16,040 --> 00:51:18,560
work related.
So I waited till today and I am

998
00:51:18,560 --> 00:51:21,160
so happy.
Glad that I'm coming through

999
00:51:21,160 --> 00:51:23,120
crystal clear today.
Yes.

1000
00:51:23,760 --> 00:51:26,160
So Mark I, I really just wanted
to leave everybody with this

1001
00:51:26,160 --> 00:51:28,880
thought today.
The first money that you make as

1002
00:51:28,880 --> 00:51:32,120
a creator is exciting.
Enjoy that, celebrate that.

1003
00:51:32,640 --> 00:51:36,160
That is a fantastic place that
you've gotten to, but what

1004
00:51:36,160 --> 00:51:39,240
really matters in the end is the
system that you build around it.

1005
00:51:39,720 --> 00:51:42,640
So think about today, what is
that system I'm going to build?

1006
00:51:42,760 --> 00:51:45,480
Maybe you haven't made any money
with your content yet.

1007
00:51:45,600 --> 00:51:47,680
That's OK.
You will eventually.

1008
00:51:48,280 --> 00:51:50,560
So think today about.
I love what your wife is doing.

1009
00:51:50,560 --> 00:51:53,640
Mark is having an intentional
idea of what would you do with

1010
00:51:53,640 --> 00:51:55,240
this.
So that's why I want to

1011
00:51:55,240 --> 00:51:56,880
challenge with everybody as we
close out today.

1012
00:51:57,320 --> 00:51:58,880
This is the challenge I have for
you today.

1013
00:51:59,160 --> 00:52:03,320
Enjoy the excitement, enjoy that
moment, but build a system,

1014
00:52:03,320 --> 00:52:06,400
build a plan around it so that
when that happens, and I hope

1015
00:52:06,400 --> 00:52:09,160
that happens for every one of
you listening right now, when

1016
00:52:09,160 --> 00:52:11,360
that happens, you know what
you're going to do with them.

1017
00:52:11,360 --> 00:52:13,880
I think a funny thing always,
people always talk about, well,

1018
00:52:13,880 --> 00:52:15,960
if I hit the lottery, what would
I do with the money?

1019
00:52:16,600 --> 00:52:18,680
Well, think about your content
in that same category.

1020
00:52:19,040 --> 00:52:21,320
If all of a sudden people
started paying you and you

1021
00:52:21,320 --> 00:52:23,320
started getting coaching
clients, you started getting

1022
00:52:23,320 --> 00:52:26,920
money through Patreon or buy me
a coffee or PayPal and all the

1023
00:52:26,920 --> 00:52:28,720
things we talked about.
A great idea selling

1024
00:52:28,720 --> 00:52:32,200
merchandise, all great ideas.
But let's talk about a system

1025
00:52:32,200 --> 00:52:34,480
that we're going to build to
manage that once it comes in.

1026
00:52:34,480 --> 00:52:38,040
Because here's the problem.
If you have a non system or if

1027
00:52:38,040 --> 00:52:41,160
you're in chaos right now, when
the money starts coming in,

1028
00:52:41,160 --> 00:52:43,920
guess what's going to happen?
The chaos is going to get worse.

1029
00:52:44,360 --> 00:52:47,240
So build that system today.
And I admit, Mark, I really

1030
00:52:47,240 --> 00:52:49,400
appreciate you letting me share
this thought today.

1031
00:52:49,840 --> 00:52:52,640
Yeah, thank you, Ralph.
Thanks for another great money

1032
00:52:52,640 --> 00:52:56,880
Monday and a little Fast forward
next Monday, we are back to

1033
00:52:56,880 --> 00:52:59,800
Obsession Worthy podcast with
Jonathan Howard.

1034
00:52:59,800 --> 00:53:02,480
And since we've got Jonathan
here, Jonathan, you want to

1035
00:53:02,480 --> 00:53:05,280
tease what next Monday's
Obsession Worthy podcast

1036
00:53:05,280 --> 00:53:07,760
breakdown is going to be?
Are you free to do that?

1037
00:53:08,160 --> 00:53:10,520
He may not be.
I know he's got three dogs

1038
00:53:10,520 --> 00:53:11,800
running around.
So maybe that's.

1039
00:53:12,200 --> 00:53:13,560
Yes, when I find the mute
button.

1040
00:53:14,400 --> 00:53:15,920
Yeah.
So next, next.

1041
00:53:15,920 --> 00:53:22,040
It's actually a podcast that Dr.
says every single week and we're

1042
00:53:22,040 --> 00:53:25,760
going to figure out why that
podcast is actually obsession

1043
00:53:25,760 --> 00:53:28,320
worthy.
Dr. What podcast do you say

1044
00:53:28,320 --> 00:53:29,640
every single week?
Are you there?

1045
00:53:30,000 --> 00:53:32,240
I know what she's going to say,
and I bet she's going.

1046
00:53:32,240 --> 00:53:33,520
To get.
It's not that one I.

1047
00:53:36,720 --> 00:53:39,280
Have to give it.
A thought.

1048
00:53:39,280 --> 00:53:41,880
OK, so we are going to be
attacking.

1049
00:53:42,400 --> 00:53:44,960
Give me a second.
I have it in my notes here.

1050
00:53:45,760 --> 00:53:47,720
I did catch you off guard.
I did do this.

1051
00:53:47,720 --> 00:53:48,280
You did.
I didn't.

1052
00:53:48,760 --> 00:53:49,640
Go ahead, Mark.
What are we?

1053
00:53:49,880 --> 00:53:51,520
Do you have it?
It was the daily, wasn't it?

1054
00:53:51,600 --> 00:53:54,920
It is the daily, yes.
Yes, we're going to go that one

1055
00:53:54,960 --> 00:53:59,160
often appears in DRS top five
list and technically they are

1056
00:53:59,160 --> 00:54:02,720
not DRS top fives.
They are the top five she finds

1057
00:54:02,720 --> 00:54:06,280
on the charts and the dailies.
Always in the top five it seems

1058
00:54:06,280 --> 00:54:09,600
with Spotify and Apple.
I don't remember the episode

1059
00:54:09,600 --> 00:54:10,440
though.
Jonathan.

1060
00:54:11,120 --> 00:54:13,840
I don't remember.
Well, that's to be continued.

1061
00:54:13,840 --> 00:54:17,080
We will share more about that
and of course, you can learn

1062
00:54:17,080 --> 00:54:21,920
more about those shows over at
Podcasting Morning chat.com/owp

1063
00:54:23,680 --> 00:54:26,800
Obsession Worthy podcast.
Thank you, Jonathan, and thank

1064
00:54:26,800 --> 00:54:30,840
you again to you Ralph, for a
great Money Monday conversation.

1065
00:54:30,960 --> 00:54:34,920
We are back tomorrow to
celebrate episode 500.

1066
00:54:35,360 --> 00:54:39,640
Podcasting Morning Chat, since
it became a podcast, has hit 500

1067
00:54:39,640 --> 00:54:41,440
episodes.
It's been running way longer

1068
00:54:41,440 --> 00:54:45,200
than that as a live stream on
Clubhouse and we're going to

1069
00:54:45,200 --> 00:54:48,160
have a lot of old friends
joining us tomorrow.

1070
00:54:48,160 --> 00:54:50,400
Fingers crossed.
I've invited a lot of people.

1071
00:54:50,400 --> 00:54:53,640
A lot have agreed to join us.
So we will catch up with some

1072
00:54:53,640 --> 00:54:57,360
old friends, talk a lot of
podcasting as we all do so well.

1073
00:54:57,480 --> 00:55:00,840
So come join us tomorrow
morning, 7:00 AM Eastern, and

1074
00:55:00,840 --> 00:55:04,800
you can do that at Podcasting
Morning chat.com/join us and

1075
00:55:04,800 --> 00:55:07,680
until tomorrow, tomorrow, make
it a great day.

1076
00:55:07,680 --> 00:55:08,840
Everybody take care.