redefining financial freedom with john lee dumas

In this episode of Building Billions, I sit down with a true pioneer of the podcasting world, John Lee Dumas, known as JLD. John is a podcast OG, having started over a decade ago and amassed over 140 million listens to his show, “Entrepreneurs on Fire.” Join us as we dive deep into the world of financial freedom, a topic both John and I are passionate about.

Financial freedom is a central theme in this conversation, as John shares his personal definition, which is all about waking up and doing exactly what you want to do. He emphasizes that financial freedom isn’t about sipping coconuts on a beach but rather pursuing your passions and having control over your time.

Despite having conducted over 4,000 interviews with successful entrepreneurs, John reveals that success often boils down to a few core concepts. He’s distilled these ideas into 17 core principles, the focus of his latest book, “17 Steps to Financial Freedom and Fulfillment.” John’s journey, much like those of his guests, is marked by these principles, demonstrating their universal applicability.

We also dive deep into the fear of imperfection and the trap of perfectionism. John encourages listeners to shed the label of “perfectionist” and avoid using it as an excuse for inaction. He advocates for taking action, even when you’re unsure, and emphasizes that striving for perfection can be a form of cowardice.

Imposter syndrome is another topic that surfaces during this candid discussion. John acknowledges that even he, a podcasting giant, has grappled with doubts and insecurities. However, he highlights that it’s our ability to rise above these fears and doubts that separates those who achieve success from those who don’t.

The episode delves into the importance of sharing knowledge and content. Both John and I agree that withholding valuable insights due to fear or insecurity is not only self-destructive but also deprives others of the opportunity to learn and grow.

The conversation wraps up with a nod to the power of setting audacious goals, embracing discomfort, and committing to growth. John’s journey and wisdom serve as a testament to the transformative power of taking action and sharing knowledge.

Tune in for an inspiring discussion on financial freedom, the pitfalls of perfectionism, and the importance of embracing your expertise and impact. Don’t forget to leave a review! 

 

 

 

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sdh 440: 3 ways to make money with podcasting with amanda bo

One of the most common questions I get asked when it comes to podcasting is ‘how do I work with sponsors?’ and on today’s podcast episode, I’m going to walk you through the three ways on how to make money with your podcast. I’ll also be diving into why sponsorship should be the last way in which you approach making money with your podcast. 

A few of the questions I hear most often are:

How do I make money? 

How do I work with sponsors? 

How many downloads do I need?

What I’m going to share with you today is my personal opinion after running and producing a podcast since 2015. There are three key ways (buckets) to make money from your podcast. They are:

Marketing Your Own Products & Services

Affiliate Marketing

Sponsorships

 

Marketing Your Own Products & Services

Do you sell courses or digital services such as group coaching or copywriting? Market these. Promote them to your listeners and allow them to gain traction with your audience. Spend time building out your own offerings rather than spending hours looking for sponsors. 

If you don’t have a business yet, no worries. If you simply have an idea of the type of business you want to start it doesn’t necessarily commit you to figuring out the product right away. If you’re clear on the direction you want to go with your business you could set up the content of your podcast to provide value and solutions for the pain points of your audience. What you would do is invite your audience to engage with you beyond the podcast. This could be in the form of a free guide/ download, an offer for a free training, the offer to join a free Facebook group, etc., so that you can really begin to nurture and build that stronger relationship with them before you even try to sell them anything. When you are ready to start selling to them, you’ve already built that ‘Know, Like & Trust’ factor with them.

 

Affiliate Marketing

Maybe you don’t have a product or service yet, but you know about a software that would benefit your audience. By sharing a software/ product/ service of someone else’s using a unique URL code, you get a piece of that revenue by sharing. This is affiliate marketing. 

When I first got into online business, I remember learning about affiliate marketing and I thought, ‘oh my god, this is so gross’; and the truth is, you’re going to find whatever you look for in life and I think I was looking for that.

Now, I look at affiliate marketing and think, ‘okay, this totally makes sense’. The thing I love about affiliate marketing is when you share a product or service with your audience, it’s simply the business’s way of compensating you. So rather than the company paying for their own marketing, by you sharing their product or service with your audience, they’re essentially redirecting that money to you.

A great example of this is a few years ago my friend Natalie Bacon had a blogging course. She started her online business blogging about finance and she created a course. I had people in my audience asking me if I could talk about blogging and essentially, I was like, ‘No, I actually can’t because I can talk about podcasting’, just not about blogging. So Natalie and I partnered together to do a webinar training for anyone who wanted to learn how to blog. For me it was truly an aligned fit because she taught people how to start a blog, and she was successful at it, and with the podcast I was able to then share with my audience about the free training. Once the training was over Natalie then promoted her (paid) course to all of the attendees and anyone who enrolled in her course using my link, I then received an affiliate commission.

An example of a software service that I’m an affiliate of is Podia. If you go to the She Did It Her Way website and look under ‘Start A Business’ you’ll see Podia listed. If you click that link, it is an affiliate link. There are two reasons why I promote Podia:

I use it personally

I love it 

These are excellent examples of aligned affiliate marketing and having integrity behind who you partner up with. Affiliate marketing, when you do it right and you do it intentionally, can be lucrative. Lastly, you can certainly be able to create revenue in your business from using affiliate marketing.

 

Sponsorships

Sponsorships are a wonderful way to generate revenue and we have generated 1,000s of dollars in sponsorship revenue with the podcast. I am so grateful to be able to have so many of you to tune in and listen to the show, which then allows for brands to reach out to us to say, ‘hey, your audience and what we offer is in line, can we do a partnership?’.

There are highs and lows with sponsorships. 95% of the time sponsors and brands have reached out to us, so I wasn’t investing my time or energy trying to seek out sponsorships. I think that’s something that’s really key is that in the beginning, your time is so limited. You should always be assessing our time in terms of ‘if I say yes to one thing, then what am I indirectly saying no to?’. 

I recommend that the time that you’re going to spend reaching out to sponsorships and cultivating that relationship and finding those that are going to sponsor your podcast and instead use those hours and really invest in marketing your own products or services. So the way that I like to look at sponsorship is it’s great when it’s there and it comes in a supplemental, but it’s not the backbone of how I make money. 

Do we still work with sponsors when it’s a good fit and it’s aligned? Yes, absolutely. I always want to make sure 1) I am protecting your ears. I’m not just going to serve up a ton of ads on my show. 2) It has to make sense and feel really good. Sponsorship is a great supplement, but I would not consider it the end-all-be-all.
 

Upcoming Training

Inside my upcoming training, How to Launch Your Podcast In 5 Easy Steps, I’m covering my exact plug-and-play content planning framework. I’m going through the specific tech setup that you need and also some of the specifics I teach to my students inside Podcast Your Way. This way you can actually start recording the day after you leave the training, and have specific tangible next steps laid out for you. Grab your seat here.

I am so grateful that you tuned into it another podcast episode and until next time, keep doing it your way,

 

Insights:

  • “Spend time building out your own offerings rather than spending hours looking for sponsors.”
  • “The thing I love about affiliate marketing is when you share a product or service with your audience, it’s simply the business’s way of compensating you.”
  • “Affiliate marketing, when you do it right and you do it intentionally, can be lucrative.”
  • “So the way that I like to look at sponsorship is it’s great when it’s there and it comes in a supplemental, but it’s not the backbone of how I make money.”

Resources:

founder depression, “going independent,” and the future of p

On this episode Abadesi talks to Justin Jackson. Justin is a founder, author, and podcaster. He is co-founder of Transistor, a platform for podcasters, and runs his own podcast called Build your SaaS. He is also the creator of the MegaMaker community for developers.

In this episode they discuss…

Going from side hustle to full-time founder

“The truth is that where I’m at now is that where I’m at now is the result of years and years and years of investigating things, being curious and being naturally passionate about radio and audio in particular.”

Justin followed a circuitous route to becoming a founder. He grew up in rural Alberta, Canada, and didn’t get his first job in tech until he was 28 years old. He recently started working on Transistor full-time, and explains the progression from working a regular job, to working remotely, to starting a side hustle, and finally to becoming a “solopreneur.”

His candid recounting of his experience with depression

“I got hit hard, like I had never been hit before. I have to admit I had a bad perspective on mental illness. I thought that people who were depressed were weak. I remember that time — I felt like I had been punched down into the ground like the Incredible Hulk.”

Justin opens up about what it was like to experience depression for the first time, how it impacted him and how it changed his perspective on work, life, and mental illness generally.

How to take care of your mental health

“If you think of our lives as an application, we’re really good at maintaining the front end code. The front end code is everything that people see — the house, the degree, the job — all the external stuff. It’s the stuff we post on Instagram, it’s the stuff we talk about when we’re with friends, it’s our public face we reveal to others. But we have this back end code that we are gradually writing things to but not refactoring or caring for it the way we should.”

He explains how he got himself out of his depression with the help of a therapist, and talks about some of the important mental shifts he needed in his life. He also talks about the importance of separating your sense of self and your identity from your professional projects.

The future of podcasting and “mindful technology”

“Increasingly, people are looking for mindful technology, technology that’s not designed to keep you on the platform forever, that’s not designed to be addictive or maintain your attention forever. It’s difficult to track, it’s difficult to sell your data, and podcasting right now fits — it’s mindful.”

Justin has been passionate about audio since he was a kid riding in the family pickup truck in Alberta. He talks about the changes he’s seen in the space over the last decade and what the future holds for podcasting. He also explains his theory of mindful technology, why people want their technology to be mindful, and why podcasts fit the category perfectly.

And of course, they talk about some of his favorite products for desktop and mobile.

We’ll be back next week so be sure to subscribe on Apple Podcasts, Google Podcasts, Spotify, Breaker, Overcast, or wherever you listen to your favorite podcasts. Big thanks to Copper for their support. 😸

Companies, Books and Products Mentioned In This Episode

Adobe Fireworks CS5 — Adobe’s bitmap and vector editor (from a long time ago).

Daylio — Mood tracker and micro-diary.

The Mom Test — How to talk to customers

Visual Studio Code — Microsoft’s cross-platform text editor for developers.