00:00.00
Preston
Good day and welcome to a different episode of “Freelance to Founder.” It is a particular Q&A episode. We do these each Tuesday the place we reply questions that you just ship in at freelancetofounder.com/ask. Thanks a lot for sending in your questions; we love listening to from you guys. At present’s query, I prefer to shock Clay with robust questions, and really, Clay, this one is one that you just answered already in our Fb group. I pulled this from the Fb group. And, whoop, I do know that’s what I’m ready to see in case you do.
00:24.41
Clay:
Good, I hope I give the identical reply. Yeah.
00:31.79
Preston
But additionally, yeah, we take these questions from the Fb group each occasionally too, so you’ll be able to go to that at milow.com/mastermind; that’s our free Fb group. And this query comes from Sumon. The query is, it’s brief: “Can I be a millionaire as an internet designer?”
00:47.92
Clay:
Oh yeah, I did reply this a really, very brief reply.
00:50.80
Preston
Yeah, you answered it, and I believe, and I believe simply in case individuals are listening, they’re like, “I’m not in net design. No matter.” I believe let’s speak about this concept of mainly changing into rich as a freelancer, as a contract service supplier. Can I change into a millionaire or can I change into rich, , providing freelance companies? However let’s reply Sumon’s query first: Can I be a millionaire as an internet designer? Alright, and that wraps up this. So, thanks a lot for becoming a member of right now. Yeah.
01:14.33
Clay:
Sure.
01:20.97
Clay:
Ah, that’s the shortest episode ever. Alright, let’s go into it. I assume, ah, sure. I believe it’s. I imply, there are such a lot of other ways to do that. Um.
01:27.39
Preston
Yeah, go for it.
01:38.46
Clay:
However I believe the best way to do that is month-to-month recurring income, after which use… and yeah, it’s. After which if you wish to get there even faster, you promote it.
01:46.56
Preston
That’s definitely how you bought there so rapidly, proper?
01:56.65
Preston
Um.
01:57.42
Clay:
That’s, for my part, from my expertise, that’s the way you do it. 4 years.
02:02.15
Preston
Yeah, that’s true. How previous was your first company whenever you bought it? So, 4 years. And the way lengthy, you guys… You guys cracked the million-dollar-a-year income mark. How lengthy did it take to try this? Okay.
02:11.10
Clay:
Yeah, we cracked it, and we cracked it in three and a half, yep.
02:19.36
Preston
So, shortly after cracking the seven-figure mark, top-line income, you bought it, and for most likely a fairly good chunk of change. Yeah, yeah, yeah, good. Um.
02:29.38
Clay:
I’m pleased with the quantity, yeah, ah.
02:37.22
Preston
Okay, so I assume let’s dive a bit of bit extra into why an individual is likely to be asking this. Why is Sumon… We’re gonna attempt to learn his thoughts a bit of bit right here, proper? He says, “Can I change into a millionaire as an internet designer?” For me, like, what’s not being stated within the query is, um, there’s this factor I really like doing, however I’m simply undecided I can ever change into actually rich doing it. It appears like, , I’m going to be working for pennies and scratching out a residing, as they are saying, till the day I die. Um.
03:00.73
Clay:
You your self, yep.
03:11.85
Clay:
Ah.
03:12.37
Preston
And lots of people really feel that approach, like, significantly us creatives, if, , net designers, writers, graphic designers. We type of suppose, nicely, like, if I wish to do one thing I really like, that’s simply the price of doing work that I really like, is, like, I’m not going to get wealthy, proper? Or I’m not going to be a millionaire. I’m not going to make tons of cash.
03:24.13
Clay:
E.
03:29.67
Preston
I believe one thing that’s drilled into individuals’s minds is, like, you’ll be able to both become profitable otherwise you may be glad at work, proper? And I disagree with that. I believe you are able to do each. I’ve seen loads of individuals do each, significantly in what we’ve obtainable to us right now with the web and different assets. It’s so attainable.
03:41.72
Clay:
Yeah.
03:47.63
Preston
So for me, I believe the primary piece of recommendation for somebody going, like, “Okay, I’m a author. Can I actually change into really rich as a author?” For me, step one is that mindset, that abundance mindset the place it’s like, there may be a lot cash on the market available. Yeah, yeah.
04:02.40
Clay:
Mindset’s key.
04:05.39
Preston
How has that modified for you through the years, I’m curious? Like, , consuming ramen, proper? Ah, on the backside shelf, no-name ramen to constructing a seven-figure company.
04:19.18
Clay:
Yeah, the mindset’s tremendous key as a result of I believe us as human beings, we’re hardwired. Our brains are hardwired to be in survival mode, proper? It’s that damaging, that damaging, ah.
04:28.20
Preston
Yeah.
04:35.46
Clay:
Mindset, proper? It’s the instance of, like, , like, if, ah, in case you’re investing in, I don’t know, a bit of kit. Let’s simply say that with your small business. Um.
04:53.46
Clay:
However let’s simply say, like, pictures, for instance, proper? It’s… you’ll be able to put money into a brand new digicam. In a digicam. However like, ah, a damaging mindset goes to be, “Properly, man, that’s going to price me, like, $3,000. You recognize, I don’t suppose I can do this,” the place an abundance mindset says…
05:13.19
Clay:
I believe this $3,000 goes to make me 110 occasions that, what I imply? Like, that’s… that’s the distinction. Um, and in addition simply… it’s simply you’ve acquired to consider cash, too. Um, the place…
05:18.57
Preston
Yeah, yeah, yeah, yeah.
05:32.30
Clay:
Cash is a automobile that can gasoline what you really need. So, I noticed a video the opposite day, I don’t keep in mind who it was, however they stated, “Have a look at all of the billionaires on the market.”
05:38.57
Preston
Mm.
05:50.88
Clay:
So, the instance he gave was like, if I… if I made sufficient cash to purchase a Ferrari automotive, I’m… I’m going to do it, proper? I most likely will do it. But when I manage to pay for to purchase Ferrari the company…
06:09.44
Preston
Yeah, yeah, I noticed this.
06:10.25
Clay:
Ferrari… I’m… I’m most likely don’t give a crap about whether or not I drive a Ferrari or not, does that make sense? Like, so, like… Proper now, if I… if I had sufficient cash, however I’m not a billionaire, to purchase a Ferrari, I might purchase it as a result of possibly… possibly I’m gonna present it off or no matter. However like, if I might purchase Ferrari the company, I’ll… I’ll drive no matter I need as a result of who offers a crap? Like, I’m a billionaire.
06:44.48
Preston
Yeah, like how Warren Buffett eats breakfast at McDonald’s and drives… Ah, I don’t keep in mind, like a Volvo or one thing. I can’t keep in mind; he’s well-known. He’s well-known for mainly residing, , fairly modestly for being one of many wealthiest individuals.
06:45.58
Clay:
Ah, .
06:52.27
Clay:
Yeah.
07:02.95
Preston
And smartest, definitely the neatest individuals in investing.
07:03.59
Clay:
Um, yeah. So, yeah, so, like, the purpose right here is, tremendous filthy wealthy individuals have a a lot completely different mindset about cash.
07:15.96
Preston
Um, I believe, yeah, what do they really need, proper? Yeah, as a result of I believe what’s not being stated right here, proper, is, is, um, Sumon is asking…
07:17.13
Clay:
You recognize, it’s extra about, it’s extra about, like, what’s it that they’re going to try this makes them glad.
07:32.46
Preston
Can I be a millionaire? Properly, what are you actually asking? Like, if we had been to go deeper, proper? Why do you wish to be a millionaire? Properly, I wish to not have to fret about my payments. Okay, nicely, that definitely you’ll be able to obtain, proper? Why else? I need extra flexibility to journey with my household. Okay, nicely, that definitely it’s also possible to do.
07:43.88
Clay:
Yep.
07:48.71
Clay:
Oh.
07:50.97
Preston
On an internet designer’s wage or operating your personal net design enterprise. So, like, it won’t be that magical one with six zeros behind it that he’s actually after. However I simply… I assume, yeah, it…
08:06.36
Clay:
It’s all achievable. You recognize, it’s like, okay, don’t go purchase that $100,000 automotive, what I imply, or don’t go purchase that million-dollar home, ? It’s… it’s, ah…
08:08.63
Preston
Yeah.
08:15.52
Preston
Um.
08:21.92
Clay:
It’s so humorous. We generally, like, we purchase… I’m responsible of this. We purchase issues to please individuals we don’t actually like. Ah, yeah, um.
08:28.74
Preston
Oh yeah, whole standing image stuff, proper? Like, simply to point out that we’re doing nicely.
08:39.39
Clay:
Yeah, so I like that you just introduced this up as a result of like what’s the actual purpose behind that, ah, as a result of greater than seemingly it’s completely achievable with out all that cash. Yeah.
08:51.73
Preston
Yeah, yeah, that’s form of what I’m getting at is like you are able to do the whole lot you wish to do and never essentially be, ah, what we’d name a millionaire. Um, but in addition like in case you… Oh, go forward? Properly, I used to be simply gonna say, like, if… in case you care in regards to the title.
08:57.86
Clay:
Yeah, ought to we discuss? Oh, no, I used to be… I used to be gonna swap it up, however like end your thought. And.
09:09.46
Preston
Proper? In case you care, for some purpose, about having the ability to say you’re a millionaire, the extra you examine that and find out about that, the extra you notice how shallow that’s. Like, so many individuals outline that so in another way, proper? Is it… is it that my enterprise is making $1,000,000 plus a yr? Is it that I’m personally pocketing 1,000,000 {dollars} a yr? Is it that I simply have 1,000,000 {dollars} within the financial institution?
09:22.21
Clay:
Is.
09:28.72
Preston
Is it that I’ve money and property within the quantity of 1,000,000 {dollars}? I imply, it’s similar to so… so I believe, I believe, , to associate with what we’ve already stated, you need to outline, like, why that issues to you. The quantity actually doesn’t matter, and $1,000,000 right now isn’t what it was even ten years in the past, proper? And so, like…
09:45.91
Clay:
Again? Yeah.
09:48.31
Preston
Um, I could possibly be a millionaire right now, and that’s fairly small in comparison with a millionaire within the ’70s or the ’50s or 100 years in the past.
09:55.98
Clay:
You recognize, that’s so true as a result of like in case you have a look at all of the adverts and stuff, everyone ten years in the past. Everyone was like, “Ah, let me present you the way to make 100 Ok a yr.” Proper now, you see the adverts are like, “Let me present you the way to make 100 Ok a month.”
10:05.65
Preston
Proper? Yeah. Ah, yup. Yeah, no, once I began an web enterprise, it was like 2008, 2009, which in web time is like endlessly in the past, proper? So, what, fifteen-ish years in the past?
10:13.59
Clay:
You recognize, it’s completely modified.
10:23.50
Clay:
If…
10:24.95
Preston
And, yeah, that was the aim for all of us. We had been all form of hanging out, studying from one another, and the aim was like, can we make 100 grand in a yr? Not revenue, can we simply usher in a $100,000 in income? I wouldn’t be capable to survive on simply that now.
10:36.19
Clay:
Simply quite. Ah.
10:42.51
Clay:
If…
10:44.30
Preston
With what it prices to run the enterprise after which pay myself, , a $100,000 enterprise wouldn’t help me and my staff and my household. So…
10:50.91
Clay:
If I used to be paying myself 100 Ok, like, and that was my paycheck, my private paycheck, what I pay my… I couldn’t. No, couldn’t survive, not right here in Austin. You recognize, it’s loopy. However ought to we speak about, like, okay?
10:55.71
Preston
Yeah. Yeah, yep, yep.
11:09.70
Clay:
Let’s say he’s acquired his happiness stuff all locked in, proper? And let’s simply say 1,000,000 {dollars} is what it’s going to take. Ought to we go that route, or ought to we, like, I don’t know, we’re, like, 11 minutes in? I assume… I imply, I’ll simply form of return to my unique.
11:10.76
Preston
Okay. Certain. I don’t know. Go for it. Yeah.
11:26.99
Clay:
The unique thought was, as an internet designer. Okay, there are different individuals right here. However I assume that is true for any enterprise. Actually, you at all times wish to construct your small business up as if you’ll promote it. You recognize what I imply? As a result of in case you make it tremendous engaging.
11:41.83
Preston
Oh.
11:46.90
Clay:
To a possible purchaser. I imply, that’s truthfully the quickest method to obtain that aim. Is to promote a enterprise, and the best way to try this is to construct it as much as the place it’s engaging for that.
11:57.30
Preston
Um, yeah.
12:04.66
Clay:
Again to my unique thought is month-to-month recurring income. Like, that’s a brilliant engaging factor to a possible purchaser. Money circulate. Money circulate is king.
12:11.47
Preston
Ah, as a result of they will simply step in, and so they’ve acquired money circulate instantly. You recognize? Yeah, yeah. And so, we’ve acquired 1,000,000 episodes on recurring income. We even have a 5-day recurring income problem you’ll be able to take. We now have plenty of content material on recurring income, for positive. As a result of, yeah, that’s not solely will it set you up for fulfillment at an exit if you wish to promote your organization sooner or later, nevertheless it’s additionally the quickest method to predict your money circulate, which then frees you as much as construct programs and develop your small business. Like, we will’t say sufficient good about recurring income in relation to constructing wealth and constructing your small business.
12:56.93
Clay:
So, yep, that’s about, I believe that’s about all we will sum up in 13 minutes.
13:01.13
Preston
That’s what we acquired. Okay, 13 minutes. Thanks a lot, Sumon, for submitting such a easy query, however I believe it has such deep undertones, . So, hopefully, we’ve been in a position to reply a bit of little bit of that for you. Actually, the reply is sure, in fact, you’ll be able to. You’ll be able to change into a millionaire as an internet designer. You’ll be able to change into a millionaire with any form of freelancer. It’s going to take plenty of what we speak about on the present, constructing programs, on the lookout for recurring income, and doubtlessly an exit, promoting your small business sooner or later, which I might additionally suggest, proper? Or let it generate income for you for a very long time. So, anyway, sure, you’ll be able to. We want you one of the best of luck as you do. So, hopefully, we can assist you alongside the best way as you proceed to hearken to this present. Thanks a lot for writing in your query. Um, Clay Mosley from gettrify.com is what I meant to say. And I’ve been Preston from millow.co. Thanks a lot for becoming a member of me, man. We