This is the second post in a series on how to earn $249,900 per year using a simple formula. Please read the first post here.
a simple formula: 833p x 25d x 12m = $249,900
Turning around the money flow
It’s a simple formula, but one that requires a bit of explanation upon first glance. In the first post in this series, I explained how the formula is already working in your life, but in the wrong direction. (Please read the first post to get up to speed.)
The examples of credit card payments and insurance for our vehicles, both necessary to the extent that they provide peace of mind and protection against adverse events, demonstrate how money flows away from us more often than it flows toward us. This is a natural result of surviving in the modern age.
In this post we’re going to cover the first and most important question that comes up around this simple formula, specifically:
What do you know that others would pay you to share?
At first reflection, the answer from your inner critic is probably: “Bwaahaaahaaaha! You? You’re kidding me, right? You don’t know anything worth that much money.”
But given the opportunity to slap that part of your brain into submission, you’re free to ponder this question with more seriousness. Is there something you know that others would pay you to share?
My answer is ‘definitely so.’ You and I have most likely never met, however I’m willing to bet that you have several types of skills that others would pay to learn. You’ve allowed that first response to rule your thinking and probably put aside the thought altogether.
I’ve thought about this formula and its challenges for a few years now. I’m convinced that most every intelligent adult possesses some sort of skills, knowledge, or history of accomplishment that others (the right audience) would pay to learn.
Remember, what I said in the first post: Given the right audience, the right message, and the right medium, it’s possible to earn $249,900 per year. I know this is true. Therefore, you have three variables to nail down before you can execute this simple formula.
The variables are key
The variables will be different for every person who follows this simple formula. The variables must be nailed down firmly for the formula to work as it should. It’s kind of like preparing the perfect soft-boiled egg. Talk about variables…
To prepare a soft-boiled egg that has a firm white portion, a soft, warm yolky center, and peels effortlessly without pitting the egg requires just as much nailing down of the variables as our simple formula.
Boil the egg too long, and it’s hard-boiled. Cool the egg too slowly and the peel won’t release from the egg white. Obviously, these are first-world problems, but they illustrate the role of variables in our simple formula.
Variables determine results
But just like preparing a soft-boiled egg, the variables determine the results. So in this simple formula, the variables of right audience, right message, and right medium will determine your results. Let’s take a closer look at these variables.
Right Audience: Your audience, though largely determined by your message, are those who opt into your offer to teach them a set of skills or a specific knowledge for a monthly fee. They are interested in learning something specific from you.
Right Message: Your message is the special skill or specific knowledge that you will be sharing with your audience. In order to manifest the results you want, the skill or specific knowledge has to posses a highly-desired specific outcome.
Right Medium: The medium is how you choose to disseminate your specific knowledge. It could be in-person seminars, an audio podcast, a series of emails, a video series, or a combination of any of these. The medium will usually be influenced by both your audience and your message.
However, the most important variable is you – let’s work on that
In the first post, I told you that we’d look at this first variable in detail, so let’s do that now.
What do you know that others would pay you the share?
To get past your internal critic, let’s conduct an exercise.
Get out your notebook or journal or even a piece of printer paper and divide it with a vertical line a little ways from the left border.
At the top of the left column place a heading: Knowledge / Skills
Then brainstorm/brain-dump whatever comes into your head about stuff you know. Don’t edit your thinking. Just spill your brains on to this list. Here’s an example from my own notebook:
Now make a second column and assign the heading: Better Than Most.
Review the first column of Knowledge / Skills and place a check mark next to the topics that you feel you feel possess a deeper knowledge of – the areas where your depth of knowledge is better than the average person.
Here’s what my list looks like:
Finally, create a third column and assign the header: Highly Desired Result / Outcome for Students.
Jot down a thought or two that describes the most-desired outcome for a person with whom you would share your specific knowledge and/or skill in a controlled, formatted medium.
My guess is that some of these checked topics represent past experience, current passions, but all topics you care about.
As in my case, there might be areas where you feel you’re better than most, but the topic doesn’t present a most-desired outcome right away. That’s OK, you can always come back to it later to see if one comes up for you. In my example, my knowledge of human anatomy and basic medical science didn’t present a clear highly-desired outcome at the time.
Don’t worry about the medium or the how just yet, just write down your thoughts.
Here’s my completed list: click to enlarge image
What we’ve learned thus far
Here’s what we’ve covered in the first post and in this one:
- There is a simple formula that, given the right variables, would generate a handsome revenue stream by allowing you to share your unique knowledge and/or skills
- The variables –right audience, right message & right medium– are the most important considerations in moving forward with the simple formula
- The most important variable is you and I’ve given you an exercise to explore those areas of specific knowledge and skills that you could potentially share with others
In the next article in this series, we’ll look more at how the simple formula can be altered to produce whatever results you desire. Click here to read that article!
I’d love to hear them. Please leave your comment below. I respond to each one.