Episode 03 / Money

This episode is all about everyone’s favourite subject, money. Cha-ching! From selling products to client services, we creatives have to make a living.

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PJ: in the beginning, defined success through money. Realized quickly that money doesn’t motivate well long-term.
JS: money can create lots of moving parts and stress. Sometimes making a million dollars a year doesn’t mean you’re actually making a million dollars a year (expenses, salaries, etc).
Money doesn’t have to be your WHY.
Having a million dollars doesn’t define success. Click to tweet!
Mo money, mo problems.
Paul had an invisible friend when we was younger, and that friend was a dragon.
Money, for most creatives, isn’t a constant stream – it can come from multiple sources and multiple products/services.
Recommended book: Freaks Shall Inherit the Earth, by Chris Brogan
Chris says, figure out what your monthly “OH SHIT” amount is to live, pay rent, eat. Hustle if you’re under, relax a little if you’re over.
Living within your means is key – the less you spend, the less you need to make.
Recommended book: Everything that Remains, Joshua Fields Millburn and Ryan Nicodemus
Sometimes making more money simply means you’re spending more (and therefore not technically having more money).
Become as cheap as possible so you get more money when you make more money.
Banks don’t trust people with tattoos. Click to tweet!
Consider a “buffer” – saving enough money to be able to life off even if you aren’t working.
How to be rich like Paul Jarvis
The minimalists have BEAUTIFUL hair (oh, and good advice about money too).
Debt can happen even if you’re making money, it’s all about cash flow.
JS: whenever money comes in, a lot goes towards paying down debt.
If you have debt, don’t get comfortable with it.
Buying stuff doesn’t really make you feel accomplished or good.
PJ: doesn’t do gifts for any holidays or birthdays, spends money on experiences instead. For example, buying llamas.
Sometimes what costs the least can mean the most. Click to tweet!
JS: awesome present was a home-made board game made by his girlfriend Caroline.
Services are better to charge for by the project, not hourly. You shouldn’t be punished because you can work fast.
PJ: Selling lower priced items (like books) is a very different game than selling high end services (like websites).
JS: priced his shirt company incrementally (cheaper on the first day than the last day).
Sometimes products can be free or cheap as things that lead people to spend more on what you do (ex: using books to book high-priced speaking gigs).
Free products can funnel people to your paid products.
Don’t put all your eggs into a single source of income.
JS: do things that you can control so a change of an algorithm doesn’t come and wipe out an income stream.
Pricing your products is as much an art as it is a science.
Most of the time the price you put on your product is whatever you think it’s worth and more importantly, what you think it’s audience is willing to pay for it.
Both sides (purchaser and creator) needs to feel like the price has value.
The worst someone can say to your price is that they don’t want to pay it (which is fine). The best though, is when they say yes.
Don’t be afraid to ask for more money with what you do. If people don’t think you’re worth the money, they wouldn’t pay whatever you were charging at any rate.
Do your homework/research: talk to competition and your audience about pricing.
If you’ve purchased courses online, what did you buy and was it worth it? Tweet us!

Hugs & backflips,
Paul & Jason

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Invisible Office Hours / Season Two
Social Media (pt 1)
Perception
Self-Expression
Fear
Quitting
Social Media (pt 2)
Zombies vs. Vampires
Launching
Rituals
Advice
Death
Q & A

Invisible Office Hours / Season One
Positivity
Food
Money
Comparison
Internet Woodshedding
Selling Out
Anger
Side Projects
Bullying
Education
Writing
Q & A

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