How DO I make a living?

Listen to this blog posting by clicking on the
PLAY button below...or just read it. It's 3min 30 seconds



The video newsletter I sent last week generated upwards of 300 email feedbacks.

The vast majority of it was overwhelmingly positive plus I got some great ideas
for improving it.

If somehow you missed the hubbub, you can watch it at
http://www.LeoQuinn.com/Apr5Newsletter.html

My favorite response was from Sarah in France...

Dear Leo,

It's much better seeing you in person. The internet is such a kooky place that actually seeing a real person doing what he's supposed to is quite innovative!

When I saw you on your exercise bike I thought you must have been a hyperactive child until you identified the reason for using it on the film.

I still can't work out how you actually make a living though.

Happy Easter
Sarah
***

Her last line was my favorite...
I still can't work out how you actually make a living though.

How does a guy who is goofy enough to make videos of himself while riding an exercise bicycle actually make a very good living helping people get out of debt?

I think it goes back all the way to 1997. It was January, probably the eighth or ninth day of the year. I had just finished a class in a place called Pine Bush New York. If there were 20 people in the class I'd be surprised, but I don't really recall.

As I was going through the evaluations at the end of the class, I found one that I remember to this day: "thank you for not being a stodgy old statistician"or maybe it was "thank you for not being an old stodgy statistician"...... I know the words stodgy and statistician were in it!

In either case, that really made an impression on me. It was only the second class I had EVER taught. I was nervous, and not very sure of myself as you tend to be when you are doing something new. Plus I was only 29 and most of the people in the class were much older. I guess I was entertaining.

I'm not sure I was doing it yet then, but I used to bring credit cards to class that were packed in ice. I also brought a large pair of hedge clippers in case anyone wanted to cut up their credit cards, so I wasn't your typical "finance professor."

Over the years I've noticed people coming into my class usually are not in a very good mood. I'm sure many think that I'm going to be a stodgy old statistician and tell them they have to cut out all the non-fat iced decaf lattes or however you say it.

Somewhere along the way I heard a line from Johnny Carson..."people will pay more to be entertained than educated."

So I strive to make people feel better when they leave my class or interact with me online.

Finance guys with suits and ties are a dime a dozen. Finance guys like me are NOT.

So, how do I make a living at this?

By taking the topic seriously but not myself too seriously.

By realizing people can get the same information I give in many other places
so I'd better be INTERESTING as well as informative.

By not caring what other people think of me. It's really none of my business.
I'm sure I lost a few people on the bike...that's OK...I don't want them
hanging around.

I want people to look at my email sitting in their email box and think...oh
good...I wonder what he's up to today.

I make a living by testing and failing a LOT. But when I fail it's small and
fast, usually, and doesn't cost me a lot of money.

I make a living at this by being a voracious reader AND implementer of
information that will help my business.

I guess it all comes down to being DIFFERENT.

I often quote (I think) Sam Walton in my workshops "if you want to be successful in life find out what everybody else is doing and do the opposite".

That is great advice to live by and it works for me!

Crisis? What Crisis?

Listen to this blog posting by clicking on the
PLAY button below...or just read it. It's 2 min 5 seconds.





As I write this there is a crisis in America in the
sub-prime lending industry.

A sub-prime loan happens when homebuyers with low credit
ratings are offered mortgages with high interest rates.

Advocates of sub-prime financing tout it as a way
for low-income residents to own their first home.
This crisis clearly shows sub-prime loans are
having the opposite effect.

Well knock me over with a feather.

You mean to tell me that low-income people with bad
credit and poor money habits are having a hard time
keeping up with the payments on a high interest mortgage
and the myriad expenses of home ownership?

That's crazy! I don't believe it. ;>)

As the kids today say, "well, duh".

Truth be told, I haven't really thought much about the so-called
crisis.

I consider one of my jobs, educating people about the pitfalls
of homeownership and debt.

If you need a subprime mortgage to get into a house, you have
no business trying to buy that house. Your American dream can
quickly turn into an American nightmare.

If you have a low income and bad credit you should have
ONE goal in life...ok...TWO goals...well, now that I think
about it, THREE goals...earn more money, learn good money
management skills and improve your credit.

Get yourself to the library and get some books on making
extra money. Invest what little money you have in
making some extra money and learning how to manage
that effectively.

The old "I'm building equity argument" is a crock.
Low-income earners buying their first home with
sub-prime loans are not buying houses that go up
in value.

They have no money for upkeep or to make
improvements so the value of the house goes
DOWN.

So, if you've been thinking about getting a sub-prime
loan, FORGET. Spend your time and money
educating yourself so you can make more money and
manage it well.

Also, check out how the American dream has worked out
for others like you in a previous post on this blog...

http://ownyourpaycheck.blogspot.com/2006/06/should-we-buy-house.html

Be sure to read the comments at the end!

Thanks for reading.

Leo