00:00.00

Preston

Howdy 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 simply ship in at freelancetofounder.com/ask. Thanks a lot for sending in your questions; we love listening to from you guys. As we speak’s query, I wish to shock Clay with powerful questions, and truly, Clay, this one is one that you simply 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 if you happen to do.

 

00:24.41

SponsoredGrow to be a sponsor

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 every so often too, so you may 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 online 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 feel, and I feel simply in case individuals are listening, they’re like, “I’m not in net design. No matter.” I feel let’s discuss this concept of mainly changing into rich as a freelancer, as a contract service supplier. Can I grow to be a millionaire or can I grow to be rich, you understand, providing freelance providers? However let’s reply Sumon’s query first: Can I be a millionaire as an online designer? Alright, and that wraps up this. So, thanks a lot for becoming a member of immediately. Yeah.

 

01:14.33

Clay:

Sure.

 

01:20.97

Clay:

Ah, that’s the shortest episode ever. Alright, let’s go into it. I suppose, ah, sure. I feel it’s. I imply, there are such a lot of alternative ways to do that. Um.

 

01:27.39

Preston

Yeah, go for it.

 

01:38.46

Clay:

However I feel the way in which 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 sell it.

 

01:46.56

Preston

That’s actually how you bought there so rapidly, proper?

 

01:56.65

Preston

Um.

 

01:57.42

Clay:

That’s, in my view, from my expertise, that’s the way you do it. 4 years.

 

02:02.15

Preston

Yeah, that’s true. How outdated was your first company whenever you bought it?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 do 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 in all probability a reasonably good chunk of change. Yeah, yeah, yeah, good. Um.

 

02:29.38

Clay:

I’m proud of the quantity, yeah, ah.

 

02:37.22

Preston

Okay, so I suppose let’s dive a bit bit extra into why an individual may be asking this. Why is Sumon… We’re gonna attempt to learn his thoughts a bit bit right here, proper? He says, “Can I grow to be a millionaire as an online designer?” For me, like, what’s not being mentioned within the query is, um, there’s this factor I like doing, however I’m simply unsure I can ever grow to be actually rich doing it. It seems like, you understand, I’m going to be working for pennies and scratching out a dwelling, 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, notably us creatives, if, you understand, net designers, writers, graphic designers. We kind of suppose, effectively, like, if I need to do one thing I like, that’s simply the price of doing work that I 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 feel one thing that’s drilled into individuals’s minds is, like, you may both earn cash otherwise you will be completely satisfied at work, proper? And I disagree with that. I feel you are able to do each. I’ve seen loads of individuals do each, notably in what we’ve out there to us immediately with the web and different sources. It’s so potential.

 

03:41.72

Clay:

Yeah.

 

03:47.63

Preston

So for me, I feel the primary piece of recommendation for somebody going, like, “Okay, I’m a author. Can I actually grow to be really rich as a author?” For me, step one is that mindset, that abundance mindset the place it’s like, there’s 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 over time, I’m curious? Like, you understand, 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 feel 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, you understand, like, if, ah, if you happen to’re taking a look at investing in, I don’t know, a bit of apparatus. Let’s simply say that with what you are promoting. Um.

 

04:53.46

Clay:

However let’s simply say, like, images, for instance, proper? It’s… you may spend money on a brand new digicam. In a digicam. However like, ah, a damaging mindset goes to be, “Nicely, man, that’s going to value me, like, $3,000. You already know, I don’t suppose I can try this,” the place an abundance mindset says…

 

05:13.19

Clay:

I feel this $3,000 goes to make me 110 occasions that, you understand what I imply? Like, that’s… that’s the distinction. Um, and likewise simply… it’s simply you’ve obtained to consider cash, too. Um, the place…

 

05:18.57

Preston

Yeah, yeah, yeah, yeah.

 

05:32.30

Clay:

Cash is a car that can gas what you really need. So, I noticed a video the opposite day, I don’t keep in mind who it was, however they mentioned, “Take 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 automobile, I’m… I’m going to do it, proper? I in all probability will do it. But when I find the money for to purchase Ferrari the company…

 

06:09.44

Preston

Yeah, yeah, I noticed this.

 

06:10.25

Clay:

Ferrari… I’m… I’m in all probability 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 perhaps… perhaps I’m gonna present it off or no matter. However like, if I may 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 dwelling, you understand, fairly modestly for being one of many wealthiest individuals.

 

06:45.58

Clay:

Ah, you understand.

 

06:52.27

Clay:

Yeah.

 

07:02.95

Preston

And smartest, actually 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 totally different mindset about cash.

 

07:15.96

Preston

Um, I feel, yeah, what do they really need, proper? Yeah, as a result of I feel what’s not being mentioned right here, proper, is, is, um, Sumon is asking…

 

07:17.13

Clay:

You already know, it’s extra about, it’s extra about, like, what’s it that they’re going to do this makes them completely satisfied.

 

07:32.46

Preston

Can I be a millionaire? Nicely, what are you actually asking? Like, if we have been to go deeper, proper? Why do you need to be a millionaire? Nicely, I need to not have to fret about my payments. Okay, effectively, that actually you may obtain, proper? Why else? I need extra flexibility to journey with my household. Okay, effectively, that actually you can too do.

 

07:43.88

Clay:

Yep.

 

07:48.71

Clay:

Oh.

 

07:50.97

Preston

On an online 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 suppose, yeah, it…

 

08:06.36

Clay:

It’s all achievable. You already know, it’s like, okay, don’t go purchase that $100,000 automobile, you understand what I imply, or don’t go purchase that million-dollar home, you understand? 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 indicate that we’re doing effectively.

 

08:39.39

Clay:

Yeah, so I like that you simply introduced this up as a result of like what’s the true cause 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 every little thing you need to do and never essentially be, ah, what we might name a millionaire. Um, but additionally like if you happen to… Oh, go forward? Nicely, I used to be simply gonna say, like, if… if you happen to care concerning the title.

 

08:57.86

Clay:

Yeah, ought to we speak? Oh, no, I used to be… I used to be gonna change it up, however like end your thought. And.

 

09:09.46

Preston

Proper? If you happen to care, for some cause, about with the ability to say you’re a millionaire, the extra you examine that and find out about that, the extra you understand 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 one million {dollars} a yr? Is it that I simply have one million {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 one million {dollars}? I imply, it’s similar to so… so I feel, I feel, you understand, to associate with what we’ve already mentioned, it’s important to outline, like, why that issues to you. The quantity actually doesn’t matter, and $1,000,000 immediately is just not 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 might be a millionaire immediately, 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 already know, that’s so true as a result of like if you happen to have a look at all of the advertisements and stuff, all people ten years in the past. Everyone was like, “Ah, let me present you methods to make 100 Okay a yr.” Proper now, you see the advertisements are like, “Let me present you methods to make 100 Okay 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 already know, it’s completely modified.

 

10:23.50

Clay:

If…

 

10:24.95

Preston

And, yeah, that was the objective for all of us. We have been all form of hanging out, studying from one another, and the objective 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 fairly. Ah.

 

10:42.51

Clay:

If…

 

10:44.30

Preston

With what it prices to run the enterprise after which pay myself, you understand, a $100,000 enterprise wouldn’t assist me and my group and my household. So…

 

10:50.91

Clay:

If I used to be paying myself 100 Okay, 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 already know, it’s loopy. However ought to we discuss, like, okay?

 

10:55.71

Preston

Yeah. Yeah, yep, yep.

 

11:09.70

Clay:

Let’s say he’s obtained his happiness stuff all locked in, proper? And let’s simply say one million {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 suppose… I imply, I’ll simply form of return to my unique.

 

11:10.76

Preston

Okay. Positive. I don’t know. Go for it. Yeah.

 

11:26.99

Clay:

The unique thought was, as an online designer. Okay, there are different individuals right here. However I suppose that is true for any enterprise. Actually, you at all times need to construct what you are promoting up as if you will sell it. You already know what I imply? As a result of if you happen to make it tremendous engaging.

 

11:41.83

Preston

Oh.

 

11:46.90

Clay:

To a possible purchaser. I imply, that’s actually the quickest technique to obtain that objective. Is to sell a enterprise, and the way in which to do 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 circulation. Money circulation is king.

 

12:11.47

Preston

Ah, as a result of they’ll simply step in, and so they’ve obtained money circulation instantly. You already know? Yeah, yeah. And so, we’ve obtained one million episodes on recurring income. We even have a 5-day recurring income problem you may take. We now have numerous content material on recurring income, for certain. As a result of, yeah, that’s not solely will it set you up for fulfillment at an exit if you wish to sell your organization in some unspecified time in the future, but it surely’s additionally the quickest technique to predict your money circulation, which then frees you as much as construct methods and develop what you are promoting. Like, we are able to’t say sufficient good about recurring income in the case of constructing wealth and constructing what you are promoting.

 

12:56.93

Clay:

So, yep, that’s about, I feel that’s about all we are able to sum up in 13 minutes.

 

13:01.13

Preston

That’s what we obtained. Okay, 13 minutes. Thanks a lot, Sumon, for submitting such a easy query, however I feel it has such deep undertones, you understand. So, hopefully, we’ve been capable of reply a bit little bit of that for you. Actually, the reply is sure, in fact, you may. You possibly can grow to be a millionaire as an online designer. You possibly can grow to be a millionaire with any form of freelancer. It’s going to take loads of what we discuss on the present, constructing methods, searching for recurring income, and doubtlessly an exit, promoting what you are promoting in some unspecified time in the future, which I might additionally advocate, proper? Or let it generate income for you for an extended time. So, anyway, sure, you may. We want you the very best of luck as you do. So, hopefully, we might help you alongside the way in which 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