The Route To Living Our Dreams - Part 1


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This is part 1 in my series of rethinking a business model and achieving financial independence.

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The Route To Living Our Dreams - Part 1

  1. 1. The Route to Living Our Dreams Part 1
  2. 2. Are We Too Smart for Our Own Good?
  3. 3. Being in technology, I have certainly had some financial success
  4. 4. Almost anyone in my line of work gets relatively well compensated.
  5. 5. However there is a flaw in the equation.
  6. 6. If we stop working we don't get paid.
  7. 7. I got laid off twice in 13 months.
  8. 8. If you have ever gone through this, you know it isn't fun.
  9. 9. In retrospect, it was the best thing.
  10. 10. It was because of this I formed my own corporation. I embarked on a whole new learning track.
  11. 11. The first thing I learned was the value of networking and meeting lots of people.
  12. 12. This enabled me to see things through others' eyes.
  13. 13. In particular I paid attention to those who had succeeded to the levels I wanted.
  14. 14. I spent 6 solid months doing nothing but building a software consulting business.
  15. 15. I had some success but it was never going to produce the results I wanted.
  16. 16. I had to network, sell and deliver. It is really difficult to do it all.
  17. 17. I could see that the problem was the fundamental way I was trying to do business.
  18. 18. I decided to stop and take time to reconsider my business model.
  19. 19. I spoke to anyone I could find and asked them how they structured their business.
  20. 20. During this period I spoke to many people, went to numerous meetups, barcamps
  21. 21. Here is some of what I learned.
  22. 22. Many technical people don't think business in the right way.
  23. 23. They can be great at making technology work and still be broke.
  24. 24. They follow their passion at the expense of getting paid.
  25. 25. It's not that they don't often make a great salary. They often do.
  26. 26. That leads me to the second thing I learned.
  27. 27. Getting paid is not about salary.
  28. 28. Recurring revenue is what is important. Far far more important.
  29. 29. Think about buying a house and renting it.
  30. 30. <ul><li>Each month, rent comes in.
  31. 31. Do we have to work for that rent every time?
  32. 32. Do we have to find a new tenant every month?
  33. 33. We find a tenant once and that income keeps coming in for several years. </li></ul>
  34. 34. This presentation is not about real estate. It is about a concept that isn't new.
  35. 35. The key is to set up a series of income streams.
  36. 36. It does not matter how much the income is.
  37. 37. What matters is that it runs on its own once it is up and running.
  38. 38. The next step is to start on the next income stream.
  39. 39. This model produces very little results at first.
  40. 40. Eventually, the streams add up.
  41. 41. 5 Income Streams
  42. 42. It is important to hammer home one point.
  43. 43. Getting Paid is Priority 1
  44. 44. It does not matter what business it is.
  45. 45. Simple is better.
  46. 46. If we focus on getting paid using the right model and getting paid, we can achieve financial independence.
  47. 47. End of Part 1