Serve No Master : Escape the 9-5, Fire Your Boss, Achieve Financial Freedom

SNM178: Fast and Slow Money, Learn How to Take Control of Your Financial Destiny

June 02, 2020 Jonathan Green : Bestselling Author, Tropical Island Entrepreneur, 7-Figure Blogger
Serve No Master : Escape the 9-5, Fire Your Boss, Achieve Financial Freedom
SNM178: Fast and Slow Money, Learn How to Take Control of Your Financial Destiny
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Serve No Master : Escape the 9-5, Fire Your Boss, Achieve Financial Freedom
SNM178: Fast and Slow Money, Learn How to Take Control of Your Financial Destiny
Jun 02, 2020
Jonathan Green : Bestselling Author, Tropical Island Entrepreneur, 7-Figure Blogger

Going into a new online business can be intimidating if you don't know how to take control of your financial destiny and if you are not willing to put in the effort. Let's see what you can do and how you take charge of your finances to maximize your revenue. 

The first phase starts with making money so you can decrease your initial debt and maybe even break even. When choosing how you want to start an important question to think about is if it's better to get paid upfront or take a percent? Both can be risky. If you chose the first one you will not get paid for the residuals, and by waiting to be paid your percent you might end up with nothing because the project never saw the light of day. 

To find out more about how to have a clear head and always chose logical thinking over the emotional, listen to today's episode of Serve No Master podcast.

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Leave some feedback. We would love to hear from you!
 
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The post SNM178: Fast and Slow Money, Learn How to Take Control of Your Financial Destiny appeared first on Serve No Master: Be Your Own Boss - Live Free 

Show Notes Transcript

Going into a new online business can be intimidating if you don't know how to take control of your financial destiny and if you are not willing to put in the effort. Let's see what you can do and how you take charge of your finances to maximize your revenue. 

The first phase starts with making money so you can decrease your initial debt and maybe even break even. When choosing how you want to start an important question to think about is if it's better to get paid upfront or take a percent? Both can be risky. If you chose the first one you will not get paid for the residuals, and by waiting to be paid your percent you might end up with nothing because the project never saw the light of day. 

To find out more about how to have a clear head and always chose logical thinking over the emotional, listen to today's episode of Serve No Master podcast.

▶️▶️▶️▶️

Resources mentioned:

Leave some feedback. We would love to hear from you!
 
Connect with Jonathan Green and Serve No Master:

 

The post SNM178: Fast and Slow Money, Learn How to Take Control of Your Financial Destiny appeared first on Serve No Master: Be Your Own Boss - Live Free 

Fast and slow money. Learn how to take absolute control of your financial destiny. On today's episode. Today's episode is brought to you by blue host. Choosing the right hosting for your online business is critical. Bluehost has reliable servers and beginner friendly onboarding waiting for you @servenomaster.com.[00:00:16] Slash. Blue are you tired of dealing with your boss? Do you feel underpaid and underappreciated? If you want to make it online, fire your boss and start living your retirement dreams now. Then you've come to the right place. Welcome to serve no master podcast where you learn how to open new revenue streams and make money while you sleep.[00:00:37] Presented live from a tropical Island in the South Pacific by bestselling author, Jonathan Green. Now here's your host. As you begin to to build your online business, you're going to go through. Several phases. The very first phase is the, I'm just trying to make a few bucks online so I have some breathing room phase.[00:00:57] And that's where we all start. We're all trying to just add a little money to our income streams. For most Americans were upside down. The majority of Americans have a negative network. That means that we have more debt than we do assets, and it's harder and harder to leave generational wealth or gifts to our children because we're trade as a society to pivot[00:01:15] And of course, this started a long time ago in America, shift from savings account to credit cards. From layaway to have it now and pay later. Unfortunately, it's a powerful mindset. So the first phase we are in is trying to make more money than we spend every month for most Americans to differences a hundred dollars or less.[00:01:32] It's certainly a thousand dollars or less. So if you can start making a hundred dollars profit online every month, where most of us, that means we can stop increasing our debt and we can at least hit breakeven. And from there we can move closer and closer to decreasing our debt. And so this brings us to a question of, should I take a hundred dollars today? [00:01:48] Or make $50 per month forever, or even $5 per month forever. A hundred dollars a day, that's pretty good. And $5 per month. Well, that's only $60 a year. You won't hit profits for a year and a half. I've worked on a lot of projects in my career and I can tell you that sometimes have guests, right, and sometimes I've guessed wrong.[00:02:06] Some of the projects I've worked on, I took payments upfront. I worked on a project once. Took a $2,000 payment up front. The client ended up generating a million dollars. I wish I could have gotten a percentage. Other projects I've worked on, I've gotten a percentage that over time has become more than a hundred thousand dollars in residuals, but I've also worked on projects where the client paid me nothing was pure percentage and then they never launched the product.

[00:02:28] In fact, that's more and more common. It's not just me. Many people who do copywriting and product creation have clients that do that. They have these big dreams, but they don't have what it takes to cross the finish line. That's how I launched my potty training book. They never launched it, and I said, fine, I'm gonna rewrite it and put it on Amazon.[00:02:45] And he came a bestseller and really helped me launch my writing career. And what we want to develop is the ability to maintain balance. When I look at projects, it's more about controlling the downside than it is about maximizing the upside. And I want to explain that to you for a moment. I was working on a project last year about.[00:03:01] Real estate deals, and this was something that a real estate billionaire said. He said a lot of people could get wiped out by a single bad real estate deal. This is absolutely true. I have a friend who was in short sales, and the way short sales works is. If you hold the property for more than 30 days, you can end up in trouble.[00:03:16] Most people in short sale, especially people to do them, the one by one, if they hold onto an individual property for too long, all these rules kick into place, or taxes start to activate or mortgage activates and they can't afford it. So they have to. Buy and sell the house within 30 days. That's why usually short sellers have the buyer in place before they even find the seller. [00:03:36] It's a crazy market. I remember one time when my friend was quite stuck in this exact situation, so the last thing you want to do is put yourself as part of a project or a deal that if it doesn't work out, you go out of business, and this is where emotion can take over. We're so excited by a big project.[00:03:51] We become so invested. That we start to make emotional decisions rather than logical decisions. So, today's episode, I'm really going to work you through my decision-making calculus, how I make my decisions, my process in the hopes that it can help you with your decision-making process as you grow. Now, there's a phrase, a term that I use in many of my books.[00:04:08] I call it runway. Runway is something we can measure in either money or time. It's how much resources you have available. To grow your business. Every part of my business, there are two ways I get things done. Number one is time. That means I do it myself. I was experiencing this last night. We're testing something new and there were a bunch of glitches last night.[00:04:28] Two different software platforms had problems, the hosting platform, and then the shopping cart. Both had glitches. They both pointed the finger at each other or whether we found, eventually we found out through my tech team that they're both having separate problems. We corrected those, and then all of that stuff happened last night in the middle of the night.[00:04:43] Guess who was up? The boss. Me and that's okay. That's okay. What it means to be at top. The buck stops here. As the saying goes, when I'm figuring out the best way to do a project, I look at how much of my time will it take versus how much of someone else time will have taken. It's easy to say, Oh, you know what?[00:05:01] This employee is $5 per hour. If it takes them 10 hours, that's $50 I could do it myself in four hours. And what we think about is saving $50 not ham, spending four hours. So, we have to decide what an hour of your time is worth. And you might not be there yet, but eventually it gets to the point where you go, okay, I can get paid $20 per hour.[00:05:19] So if I could work $20 per hour and I could pay someone else to do that job for $5 per hour, I can afford to have four people working for me the same amount of time I could invest on it. And I know this is a little getting mathy, and I hate to talk about Matt because it's boring, but unfortunate. It's a critical part of success as a business person.[00:05:35] So when I was first starting out, I had no money. I had a lot of free time. I eventually lost my apartment and began living in my mom's basement where I live for about a year. And then I lived on my friend's couch for a year and a half. So, I had very small bills, which was good cause I had very small income.[00:05:49] And during that time my focus was. Uh, building my business and I put in massive hours. I put in 14-hour days, 16-hour days as much as they had to just grinding and figuring it out and sitting on that laptop and just putting in the hours. And that can work for a while when you're young and you don't have responsibilities.[00:06:05] If I was starting right now, I absolutely could not start that way. I would not have that much available time because I've large amounts of my time and large resource obligations because of my family. I have a wife and children. So being single and living if I was basement, so I didn't have a rent issue, I didn't have to pay for food.[00:06:22] So during that time, I could spend most of my money reinvest in my business. So, when you look at your runway, it can be measured. How much money do I have that I can pay other people to work for me? And how much of my own time can I invest? And if you're in a situation like I am right now where you're married, you have kids or you don't have that much time available, maybe you can only work one or two hours a day.[00:06:39] And if you're financially tight, you might have a budget. To invest in your business, a 50 or a hundred dollars a week. And so, we want to be very agile, but we also want to be strategic about the money you bring in so you can grow as fast as possible. And so, we really want to build out your runway. And what runway means is fast money.[00:06:56] I call it fast money. It's money where you get paid fast. Ideally, it's where you get paid upfront or on delivery. An example of a fast money project is where I do a ghost-writing job. I get paid 50 to 75%. Upfront, 25% on delivery of the rough draft, another 25% or 15% on delivery of the final draft.[00:07:12] That's fast money, but then I make no money from royalties or from book sales or product sales. That all goes away. So, you get a larger amount upfront and you trade away a larger amount from the long-term. Examples of fast type projects or web design. Doing client work or SEO work, search engine optimization, working as a coach or a consultant, ghostwriting or providing services.[00:07:34] There are so many online services that are constantly exploding. Anything that you would want to do for yourself to grow your passive income stream, you can do for someone else. Anything that you would want to do for your own business, for your own passive income streams, someone else will pay you a flat fee or money up front door service fee to do it for them.[00:07:52] I pay someone a month, a fee every single month to run my Facebook ads. We use an outside firm right now. I am looking at it. Hiring someone in house to take over that portfolio because it's growing and I want to have someone who's only focused on my accounts, and so we can grow in that way, but it's all part of the process.[00:08:08] So when you're looking at building your business, if you don't have a lot of runway, the first thing you need to do is focus on building that runway. You need to focus on fast money projects, which is phase one of your development. I cover this in great deal in breakthrough. It's absolutely a book I recommend you read.[00:08:22] Because I get deep into the math and how you can really build out your runway, but you want to find the asset you have with the greatest amount of leverage. What that means is what asset do you possess, whether it's a skill, a connection, or a resource that you can exchange for the largest amount of revenue.[00:08:41] For the least amount of your time investment. A lot of people hear this or their first thought is, okay, I have a car. I can start driving for a ride share company. The problem with that is you're not leveraging an asset. You're leveraging your time and an asset. The example I like to give all the time is if you have a garage, you can soundproof it and you can rent it out to bands and they can practice it.[00:09:01] No one could hear it and they can have a space. And you don't have to be there if you do it right and you put like a code on your door, people can come in and do practice during the day when you're not even home. So, it's a space you're not even using. You're thinking about renting out your house where you live, you have to leave.[00:09:15] So it doesn't work as well because you have to give up your living space. So we want is to find something you can leverage that's scalable and this can be a skill. The first thing I ever did, first leverage I ever used when I was building my business, my fast money business was I did search engine optimization and video ads and video campaigns on YouTube for small local businesses and Nashville.[00:09:35] And it went really well for about a year and a half before I moved onto the next thing. But it's how I built all my runway. I learned how to do all these online skills working for clients, and then I would use the money they paid me to pay for training. Resources or hire other people to do tasks for them and for me, and they don't have more time to find more clients.[00:09:52] It's very important to have a deep understanding of your numbers. It's very hard for me, while I struggled with this, so I have a expensive bookkeeper who we spend time every single month going over the books together, analyzing, looking where money's coming in and where money's going so we can be more efficient and I can better allocate resources.[00:10:10] So as you grow, the runway concept doesn't change. Instead it becomes, okay, I can put money in project one, two, or three, which one should I invest in? Even though I want to do all three? The next part of the process is what I call risk management. I mentioned earlier that I try to minimize the potential downsides and projects I'm working on.[00:10:28] One of the ways to manage your risk is to mix fastest low money. What you want is a certain amount of money coming in every week. I had a big conversation with Paris about this this morning over the last couple of days because. We're at a time where it seems like the economy is on a downturn. She got very worried about our revenue streams and I said, okay, let me give you the exact numbers because I know she doesn't know them.[00:10:47] She's runs a lot of the business, but she doesn't see everyone's salary and all those things all the time. I said, okay, here's what we have to do. Make every week to pay everyone's salary. So, we have a number and this is what we have to generate every single week. Before I have to start going into the company's savings account to the company's buffer account [00:11:04] And I try to make, I pay everyone every weekend, every weekend. I pay either Saturday morning or Sunday morning cause some people set up their time sheets late. So, we as a business, we have a run rate and I know it and I try to make it every week. In fact, I try to make it just in the PayPal account every week.[00:11:17] So that money that goes to the other accounts never gets touched. And so those accounts keep growing. It's a little game I play with myself, which means I'm always trying to increase our buffer so that we have more and more space. In case we do have a slow week or even a slow month, and that means I will take fast money projects if those it are certain goals.[00:11:34] So if I have a project that actually last week, a fast money project, I was working on a delivered a rough draft. They set the payment and I use that to pay the entire team and there's actually even a little bit of money left over for me. Nice. Good week. So even as I'm growing, and even when you become a larger business, you may take out of fast money projects.[00:11:51] Sometimes they take on projects that are just to cover the team salary. I'll take an editing project on to cover my editor salary for the week. Usually I take on a project of price that covers her salary without using up all of her hours, and that means those extra hours she has left in the week are basically free hours for me because I found that clients, so I use this decision calculus even as I'm growing.[00:12:13] So there had become a point where you don't need to do fast money projects because you have recurring revenues coming in and you may move away from that completely. I like to keep them in place. For me, I usually have only one or two fast money projects in place because. It's a risk to Frayer. I like to have that skill out so people don't have actively doing something and just in case something major happens in a major part of the business, slows down.[00:12:35] We still have this other revenue stream that's generating enough to cover everyone's salary every week. That's how I defray risk. The second way I defray risk. Besides missing fastest, slow, many projects is by creating mixed projects. I'm working on a project right now for a client where instead of paying me a flat fee or a percentage of the backend, we have a very particular relationship where I get paid a fee up front that's good enough to cover my hard costs by editors and my designers.[00:13:01] All of those things, and then there's a percentage on the backend. That I can generate into that can become a lot of money as long as I keep sending people to their book. So that's a mixed project. The project is fast and slow money, you can call it media money generates enough money up front that I'm not upside down or I'm not negative.[00:13:18] See, when I write a book for someone else has to go through my editor and someone's got to pay for those hours. So, if I work on a book for free and I spent all my time writing the book, and that's when my money on my editor editing the book, and then they never launched the book, well that's just a loss.[00:13:33] I don't want that. I would rather have a smaller percentage on the backend as opposed about a project last year where someone says, Hey, here's my idea. I'll cover all the hard costs upfront. You write the book, you edit the book, you do the launch, you do everything. If there's any Facebook ads, visa design fees, all paid those, and to Jonathan.[00:13:49] When it's all done, I'll get all the royalties out and once I'm paid back on my investment, then we'll pay you a percentage and somewhere between eight and 12 months at that take that project cause it's all risk. Any time someone else can kill a project through inactivity and competence, that's a lot of risk [00:14:06] Even people I've worked with who are very, very well-known and considered to be low risk people, I've had projects die with them. I worked on a project with someone that. If it peaked, would have generated maybe a couple hundred thousand dollars a year. Unfortunately, the project they were working on beside my project quickly hit a hundred million dollars a year. [00:14:22] So for them, it no longer became worth their time. They pivoted. Now, they gave me back. All my assets were very, very gracious. Not a very nice about it, but I lost their attention. And of course, I would because I became less than 1% of their potential revenue. When you're thinking about slow projects, it's also what you're building for yourself. [00:14:41] So slow project is usually a project. Purely for you. So, an example of a slow project is building a blog or building a shop by store, launching a Kickstarter campaign or writing a book series. Right now, I'm investing huge amount of money in the master site. We've done a massive site redesign, which we've been working on for about eight months [00:15:02] We've already redesigned the membership area twice in the past six months,and right now the membership area, boy. It's exactly what I wanted. It's super-fast. It's super clean. Every single product on the membership area, it says enrolled or not enrolled. You know which courses are yours. You can go to your membership area and see how much of each course you've gone through.[00:15:20] It's really like my dream. It's so professional compared to the membership area, which you may have seen if you've ever served a master member instead of in school that I built. I designed most of those page templates. I put each background, all that home-based. That was me. That wasn't a designer because I only had time, not money at that point.[00:15:37] I'm investing in these slow projects because long-term it's worth it. The membership area is a big positive return on investment cause I'm getting less support problems. The way the old website would crash, it would glitch, people would lose access and we have way, way lower number of support requests now than we did last year.[00:15:53] Support requests are down almost 90%. And it's beautiful. In fact, I used to handle every support request myself. Now I have someone else on the team do it, and we have a developer. They try and fix every problem because they fix it faster than I can. So not only do you get someone who's, that's their focus, they're better at it than me.[00:16:10] I don't hire people worse than me. Everyone on my team is better at neither what they do. If you're building a Shopify store, it can take time to choose the products, design the artwork, get everything set up on the backend, start getting traffic. All those things take time. And so, you need runway to work on your slow projects to build your slow projects.[00:16:28] And that never stops. We always have our money coming in. Now that we invest in stuff that will generate money long-term, I'm investing a lot of money because I want to grow. I want to grow from my current number of followers to 10 times that number within the next 12 months. I have a big vision for getting really, really big and it requires a big team.[00:16:44] If I wanted to stay flat line with my income level and with my audience size, I could just stop having a team. I could release everyone who works for me, getting you having a blog, that's okay, but not great. That's not what I want. The building of a blog, the building of a Shopify store, the launching of a Kickstarter campaign or writing your books, you use these take a lot of time. [00:17:02] Writing books. I know it takes a lot of time. I'm a fast writer and I know that I'm an aberration and it can take you months. If you're a good writer, maybe it takes you three or four months to write each book. That means you can put out four books a year, so you need money coming in to buy you that time. [00:17:17] Now I like to measure projects in hours, not days. Because that helps me really figure things out. Like I was talking to an editor the other day and she was like, Oh, those take four days. I was like, no, no, tell me hours because I pay you per hour and I'll pay you per day. I want to really figure it out so that I can really assess how to divert different revenue streams for different projects. [00:17:35] It's really important that you see fast money as a phase. If you get into a business that's 100% fast money, you're always looking for clients. An example of this as web design. If you do web design for clients, get paid a great deal of money. Even if you're with a larger firm that charges tens of thousands, hundreds, thousands of dollars to build a website.[00:17:55] As soon as that project's done, you have to find the next client, which means you're in a perpetual cycle of hunting for new business. And there are plenty of companies that do really, really well with this. The difference is a search engine optimization copy of the reason. This is how I started. Sells a service that's recurring, and even if I'm only getting paid 500 or $2,000 a month per client, if I get a hundred clients.[00:18:18] And they're all being serviced. Well by my team, that's $200,000 a month or two point $4 million per year gross income. Even if I spend one point $4 million on staff and services and sales teams, I'm bringing home a cool million a year. So, building out things that have recurring income or tailed income is where we want to get to the real dream. [00:18:39] I saw a quote yesterday, I think that's your who said this, but. It's if you don't make money while you sleep, you'll never be rich. I think, uh, Warren buffet said it. I'm not sure we'll put it in the show notes to the correct quote. As always, I'm not in front of the computer because of my eyes. I'm always outside in the garden recording because I have no choice.[00:18:55] Hopefully today, the garden's not too loud throughout sunset right now. The chicken hasn't got off next door too much, but it's absolutely true. The best. Money I've ever made is not when a client hands me a check, even though that's amazing. The best money is when I wake up and there's more money in my bank account or more money in my PayPal account, or I have an email that says, you made these sales.[00:19:13] There's only one app that's allowed to send messages to my watch. I don't have a full fancy iPhone watch because those are too much of a distraction. My watch is mostly a fitness tracker to measure my steps. I realize I'm not wearing it right now even though I'm pacing and walking while I record this episode, so I'm not getting the points unfortunately.[00:19:29] But only one app is allowed to send notifications to my fitness. Watch my Samsung watch that sync to my Samsung phone. Because iPhone stopped having Jack. I could put my microphone into and that's my shopping cart. I'm only allowed to get notified when a sale comes in. No other notifications are allowed to go to my watch because I only want that good news, that passive income news and everything I'm building towards is generating passive income because then that's an asset you can pass on.[00:19:54] So even if something happens to me, my kids can keep selling my books and keep selling my products on my courses, they still work. The business can still continue to run as long as we put good structures in place between SLPs and checklists and project management tools and kind of putting good systems in place, which takes time to build, but it's possible.[00:20:11] We are working on that right now and you can use your fast projects to fund growth first low money projects as well. It can be, Hey, I'm going to take money and pay someone to work on this project. An example of this is that I used to take getting books for clients. I'll get paid $2,000 a book. This was years ago, and then I'd pay someone else.[00:20:30] $200 a book to write me 10 short books, and then I would launch those onto Amazon and generate passive income. If you want to do create immediacy, I can take fast money project money. You can take money that comes in and use it to run ads to your slow money projects. So you can say, okay, I've got my books here, so I've got 10 books out there.[00:20:49] I'll take all this money that's coming in and I'll put it into ads. For book one and you'll increase how much money you're making every month, and then as more money comes in and you have enough buffer. Now the issue with ads, let's say you're doing Amazon ads, that's why I've started this. Why I teach about the most is that your money is locked up for three months.[00:21:06] So if you're running $5,000 a month in ads, which is what I used to do when I was at my peak of running ads. I had to have $15,000 on the table. It feels like you're at a casino. $50,000 is on the table at any given time because you have to wait so long for your return. So, there's a 90 day turn between what I spend money when I get it back.[00:21:24] That's a long time. Even if I have enough money to run ads today and they're profitable because I don't make the money today. I need money to cover the next nine days of ads and at a hundred dollars a day, it's a lot of money. It's $9,000 I was spending a little more than that, so I needed $15,000 I didn't have that much free cash, $15,000 free cash that you could just put frees to where you can access it is a lot.[00:21:46] And so I would take fast money projects and put those into ads until. I had 90 days' worth of buffer in my ads campaigns, and then I didn't need to express money anymore because the slow money would perpetuate. It became a perpetual motion machine. Money that would come in from my sales three months ago would fund my ads this month with a little profit leftover.[00:22:06] And then next month I would use the profits for three months before that to fund that month. This is how we use fast and slow money together. As much as I don't want to be a hundred percent fast money, I said I want to be a hundred percent slow money. I like to balance the different type of projects they have so that I can balance my risk, balance, my income streams, and I always have something going on.[00:22:26] So an example of this is, last week was a bad week for my business. So you guys right now, last week we were working on a really big project. The client we were working with, it was a promotion. They did a lot of things incorrectly. They made some mistakes, which I was very surprised because they're a much larger firm than me.[00:22:42] We're partnering on this issue and they made a lot of stakes, and at the end of the week it looked like we made zero sales and I was really down. I was like, Oh no, what's going wrong? I've never had something to go this bad. I knew they made mistakes. I didn't know was this bad. Turns out when we went back through everything, they made a tracking mistake and I'd actually made a decent amount of money.[00:22:59] So it was very stressful. I didn't find that out until this morning. Okay. It's Tuesday. I had to pair one on Friday because I had a fast money project. The money came in Friday for that project. I did a deliverable, so they to pay the team. So even though we actually made enough money to pay our board, because it was a mistake in the slow money, there was a, and you know me, I don't want to go into the buffer unless I absolutely have to.[00:23:20] I try to avoid it so. I'm always trying to increase the buffer. I want my buffer bigger, bigger, bigger, bigger, every month. So I have more breathing room, so my team has more security so I can hire more people. I'd actually like to increase my staff levels, but I've already grown so fast in the past year.[00:23:32] I'm going to wait maybe another month or two before I do some more hiring. But it's all about that balance so that if one thing goes wrong or if you have a really bad refund day or project doesn't work, we have diversity now. At first, this isn't how you approach your business at first. You're just.[00:23:46] Trying to make enough money to stay afloat. So now what I'm talking about a little bit is that next phase where you're trying to catch up to the size of my business where you're trying to build something that's sustainable. They're trying to build something that goes from hobby to business that they can support your family.[00:23:58] That way your spouse, your loved ones will encourage you when you say, I want to quit my day job and really go full bore on this. And it's all process and mechanics and a learning earth, but I want to teach you the big picture is that when you're looking at the money part of the process, it's about balance.[00:24:14] It's where you always feel in control. There are always going to be surprises in your business and in life, and you can't predict what they're going to be at any given time. I'm willing to take on a finite amount of risk, which means a measurable or limited amount of risk. Sometimes you get approached with projects that sound amazing, but they're massive time investments and they're all.[00:24:32] Slow money. There might be a huge backend, but if anything goes wrong, I don't get nothing. I don't do those very often anymore. If a client has something that seems really appealing, I'll still do a mixed project just to protect myself or to fray that risk because I can only take so much risk and right now I have so much risk in my business spending a ton of money every week on my team, and that's risk in the sense that I got to pay that bill every week, right?[00:24:55] That's a guaranteed bill, but I don't have a guaranteed income. Nothing in life is guaranteed, so that's enough risk for me. In the same way, the reason that I met about 10 employees right now, which is a lot for me, last year at this time, I had to, it's a big growth. The reason I don't just hire another person right now, even though I'd like to, is because too much risk.[00:25:13] I know what. Number I have to make every week and right now I can handle that. I'm not worried about that. But if that number were to double, I would be stressed out every week. I'm not ready for that next level of risk. So it is a balancing act as a learning act that I want you to see that fast and slow money and managing and balancing risk is part of growing a business, whether you're at the very beginning or whether you're further up the mountain than I am now.[00:25:32] Maybe when you get all the way to the top of the mountain and you're talking about millions of dollars moving around every single week. You have a different approach to risk, but this is how I approach risk and this is why, even though I've been doing this for a decade, I still make sure that I balance my fast and slow money.[00:25:48] Thank you for listening to this week's episode of serve know master. Make sure you subscribe so you never miss another episode. We'll be back next Tuesday with more tips and tactics on how to escape that rat race. Head over to serve no master.com forward slash podcast now for your chance to win a free copy of Jonathan's bestseller serve no master[00:26:10] All you have to do is leave a five-star review of this podcast. See you Tuesday. 00:26:19] Thank you for listening to the serve. No master podcasts. Email your questions to podcast@servenomasterr.com and your question with my answer might appear in the next episode.