Remember when the only career advice you ever heard was, “Go to college and get a good job.” It was certainly the only career advice I ever heard. And even though I followed it (a few years after my contemporaries did), I was never satisfied with the outcome or the advice.
You might be shocked to learn that I wasn’t happy being a physician. I soon realized that it was the idea of medicine that I gravitated toward, not the actual career. The training was the best part, to be honest. I loved the academic rigor, the long hours, and the endless stream of patients. But being in practice was more like running a business than practicing the healing arts. It also didn’t touch on elements of what I would later learn to be my most meaningful work.
I’ve known a few architects over the years and for a lot of them, their experience was similar. Like me they spent about nine years studying for their final certification and licensure. When they finally attained the title and their license, they weren’t designing fabulous building or homes, but neck deep in project administration, running a business with employee concerns, and involved in details that they never dreamed they’d be doing when they started on their path.
Here’s the only career advice I’ve ever given my four adult children:
Find something you care about and care deeply. If you follow the path that starts with something you love, you’ll never go wrong.
Let’s keep this in mind as we talk more about ‘a simple formula’
In the last post, I gave you an exercise for exploring what kind of specific knowledge or skills you already have that others might pay you to share. Recall that the simple formulas states that: given the right audience, the right message, and the right medium, it’s possible to earn $249,900 per year.
But what if $249,900 sounds like pie-in-the-sky, or too-good-to-be-true thinking for you? That’s what I’ll talk about in this post.
How to design your own income level
I think the best part of the simple formula are the variables. Just to review, here’s the formula in several iterations with some variables changed:
833p x 25d x 12m = $249,900 (original formula)
500p x 25d x 12m = $150,000
333p x 25d x 12m + $99,900
As you can see, by changing the number of individuals you share your specific knowledge with, you change your income. You could also change the $25 monthly fee to $35 and see even more dramatic results.
833p x 35d x 12m = $349,860
500p x 35d x 12m = $210,000
333p x 35d x 12m = $139,860
The formula is sound because it’s simple mathematics. No matter how you manipulate the variables, you’re going to see intriguing results. This is how you design your income.
The power to make as much or as little income as you desire has always been under your control.
Fear & lousy advice: what prohibits most from determining their own income
Fear is the driver of caution. Fear prevents you from thinking outside the box and considering that you could earn more than you do. Fear is what drives every election cycle in the US and most other democracies, certainly most dictatorial governments. Fear is the perfect storm for human manipulation.
So ask yourself…why are you so afraid to try something like this? You can get started doing it for free, if you’re savvy enough to have already put together the pieces. Why does even considering implementing the simple formula take you outside your comfort zone?
Lousy advice is one reason. The same lousy advice that I described at the top of the post. “Go to college, get a good job” is the where manipulation of every mind begins. And trust me, it’s lousy advice. It discourages independent thinking, entrepreneurial exploration, and creates an entire population of automatons.
Fear is another reason why you shy away from taking control over your life. When the more traditional camp preaches the message of conformity and the other encourages you to burn your bridges and go for it, of course you will experience fear.
Good news: there is a middle ground and a way to design your own income without fear
Not only is it possible to design your own income using the simple formula, you can do it alongside your current employment and/or your academic status.
If you’ve got a full-time job that you’re not crazy about because it doesn’t touch on your most meaningful work, why not use the simple formula to create an income stream around what you’re passionate without quitting?
If you’re a struggling student who needs more cash to live on that your high-interest student loans are allowing, why not set up a system around the simple formula whereby you can generate a handsome revenue stream to fund your education?
In the final article, I’ll show you how a stay-at-home mom turned her existing knowledge into a side hustle that brings in thousands each month for her family. Click here to read that article now!
I’d love to hear them. Please leave your comment below. I respond to each one.