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Building A Money Machine – Ep.92
What does it mean to develop a money machine?
In this week’s episode, we delve into the elusive idea of financial freedom and how we feel like we have this business that drives us to obtain financial freedom. But is that really financial freedom?
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Podcast Key Points:
0:00 – Episode Overview
1:13 – Mindset Needed To Have A Money Machine
3:17 – Misconception Around Financial Freedom
8:05 – Sponsorship – Cashflow Unlocked
9:14 – Money Management For Your Money Machine
Frustrated that you aren’t making the progress that you should within your finances? Create an unshakable money mindset with the Money Mindset Mastery Checklist
What is Financial Freedom?
The elusive idea of financial freedom and we feel like we have this business we have this thing that drives us and like that’s how we obtain financial freedom. But is that really financial freedom? And what does it mean to develop a money machine? And how can you build one because like if I had a machine that printing money like Sam Yeah, right. That is what we’re going to talk about this week on the podcast. So here we go.
Welcome to the Your Money Your Life podcast. I’m your host, Aimee Cerka. After over 10 years in the personal finance industry, and multiple personal financial and medical crisis, I was fed up with the lies that are being shouted from the rooftops by the Guru’s and the media. If you’re ready to eliminate fear, stress, struggle, frustration and guilt, from your finances, all the areas they affect, you’re in the right place. Welcome, I’m so glad you’re here!
Building a Money Machine
Welcome back to another episode of the Your Money, Your Life podcast, I’m your host, Aimee Cerka, we are talking about a money machine, and we’re gonna get to unpack financial freedom, what it actually means all the things. So this is going to be fun.
If you missed last week’s episode, I’m gonna briefly cover what we talked about. We talked about preparing for retirement as an entrepreneur. And the reason that I’m bringing that up is like, this is almost like a mini-series it’s going to build for you, okay?
Developing an Abundance Mindset
So, the first thing you need to do to be able to build a money machine is we have to work on our mindset and developing an abundance mindset. And when you’re building the abundance mindset, we have to shake that idea of retirement.
Now, like we talked about last week, the idea of retirement is not only a time-tested. Think, and even if it was like the environment, we have now is much different than when they created it 50 years ago, okay.
So it’s not that we’re building a money machine for retirement, and even like, I loved the book, I read the book, The Millionaire Next Door, if you haven’t read that one, it’s a good read. But what they’re talking about is like the everyday choices.
Most people who become millionaires are doing more the average thing. They don’t have like the luxury stuff, because they took like cut coupons and pinched and cut down to be able to save and become millionaires. And that is great.
That reality isn’t as prevalent now as it was, when the book was published, I am sure you can still obtain it that way. But there are differences because of inflation and the rate of them printing money. So that’s why the idea of building a money machine is so powerful, like they have a machine that’s printing money.
So why don’t you have a machine that’s building and printing, only building accumulating your own money, right? So, to be able to do that, we have to start with this whole financial freedom thing, right? Okay.
Financial Freedom and Your Business
Your business is not the source of your financial freedom. Sorry, hate to burst your bubble, you’re not creating financial freedom with your business because it still needs you. Okay, it can feel like your financial freedom. But that’s not really how that works. Unless there’s like small circumstances where that’s different.
But my background, being in the network marketing, that’s what they talk about a lot. You know, it’s like this financial freedom and you’re obtaining financial freedom and all these things like you’re not though, because it still takes your time.
And I’ve seen it time and time again, if you walked away from your business from six months, like it falls apart because it still needs you. Now it can fuel your financial freedom. That’s awesome.
Exploring Other Options for Financial Freedom
Financial freedom happens when you fuel machine. I would not put all my eggs in one basket.
Now, we talked a lot about this last week from our perspective of 401k. That’s still absolutely true. I would not put all my eggs in the 401k basket. I wouldn’t put all of my like, eggs in having my personal brand like yes, I have my personal brand. That’s why like, it’s my podcast, my brand, my coaching all those things, but we have assets set up in different areas too.
And there’s a reason for that. If something happened tomorrow, which newsflash it’s happened to us several times where I needed to step back, I needed to step away where I’m not doing live coaching any of those things.
Yes, we have some evergreen tactics systems. There we go. Evergreen systems set up like that. We can sell things on it. No pilot, you can actually get absolutely get the step-by-step strategy. But I’ve, I’m not here working consistently on exposing us to new people on nurturing and being here being on the podcast even like these things if they’re not set up, that’s not gonna sustain.
So yes, it’s there. And that’s also like, because those processes are evergreen and they’re in place. And yes, at one point, I can have a team that’s truly growing the traffic and outsourcing much most of those things. And we can get creative and like repurposing stuff that lasts for a while, like that’s there.
So, your business can fund your financial freedom, if we have it set up as a scalable business model.
Now being a mother to four now and having less time, I almost had a necessity to set my business up from the get go as a scalable model, which means the courses which means group coaching. I don’t take like most financial coaches start out with like, okay, I can take 10 private clients. I didn’t have the time to sit on Zoom calls like that, because my kids honestly weren’t going to stay out of the room for 10. Like that amount of time, every single week, it wasn’t sustainable.
So, we had to build a scalable business model. So that part was almost like baked in. But if you have a scalable business model as well, then you’ve got that in place, like those core foundation is there to help you be able to scale so that you can fund other financial freedom. But financial freedom really comes when your passive assets, your income assets, not just like your house assets, like regular reoccurring income exceeds your expenses.
Understanding Financial Security and Financial Freedom
So, we talked about financial security and financial security is like your being able to handle the crisis. So how long can you make it?
But financial freedom happens when your income can stay the same if something happened to your income, like your main source of income tomorrow. So, if you had to walk away, if you had to shut down your business, if you lost your job, your spouse lost their job tomorrow, like what would you do with the income stay the same, that would be financial freedom. And it’s a little farther away than most people think it is. And there’s nothing wrong with that. This is about bringing awareness.
The first step is the financial security, which is why we have the financial security calculator. Okay, if you haven’t gotten that, I’ll make sure there’s a link to it in the show notes. It’s https://aimeecerka.com/calculator, or just join us in the academy. And that’s all included for you. But that’s for another day. So, our business can vendor financial freedom, we’re going to work on that scalable model.
Building a Money Machine: Cash Flow Unlocked
What if you finally could make consistent income and achieve that six figure business without another software without putting in more hours or without posting more on social media? This episode of the podcast is brought to you by Cash Flow Unlocked. Inside Cash Flow Unlocked, I’ll give you three essential keys to increasing your cash flow so that you make more money, understanding numbers, game financial control and confidence.
Even if you just don’t have the time for one more thing. This isn’t one of those classes where you get part of the information in zero help. I call it a workshop for a reason. Yes, we’re going to go over those three essential keys. But then we’re going to walk through the first steps you need to take together so you aren’t left in information overwhelm. See all the details when it’s happening, all the things and register, simply visit https://aimeecerka.com/workshop. And in case you’re driving that link is hanging out in the show notes for you.
Other Options for Financial Freedom
The last part, we kind of talked about what financial freedom is and how we can fuel the machine with your business. There are other options as well. Real estate is another really popular one. You could technically do this.
It’s not really the same like with a 401k or any of those things that is much more along the same lines of the financial security. But anything that’s going to give you the reoccurring revenue, that’s not going to take your action.
Okay. So, like I have a program that I submitted to a never membership that I get paid royalties on. So royalties would be another option like I don’t have to do anything else that courses are already done. I’m just paid the royalties for people who consume my content there.
The last thing though, is like on the money side, what money strategies, money management strategies? Do we need to create that money machine to create that wealth but abundance, right?
So, we worked on the abundance mindset. And then having the financial freedom is almost like the money machine. There’s the abundance of cash flow, reoccurring cash flow there.
Managing Income and Expenses
But what do we need to know this is the defensive side, if you’re familiar with our Unstoppable Finances Framework, okay? You have to know your income and your expenses. This is both personal and business.
This is not just setting a tracker. I love QuickBooks, I love YNAB. Those are the two I use; you can use Mint. If you’re importing your expenses. Fantastic. That’s like your first step, though, like you’re not there, we have to know what these are, we have to be able to look at them, we have to have the report.
So, we can’t just have the tracker, we can’t just use QuickBooks, we have to make sure that things are there in place, we’re checking the data or you’re paying somebody to check the data. That is something that we offer as well include a link to check that out.
So, we could talk about the done for you options are done with you. That’s an option too. But not just having that tracker in place.
Knowing Your Numbers: A CEO’s Approach to Financial Freedom
Okay. Having reports and like looking, and it doesn’t even have to be a report because that if you’re not a numbers person that gives you like a, like, we have to know what these things because we can’t make financial decisions. Looking at the numbers, once a year, which is typically what happens come tax season.
And I would even argue that you’re not really looking at the numbers, you’re just like, handing it off like you, you don’t even really want to see it, you’re handing it off to the CPA or putting it into TurboTax yourself whatever it might be that if you don’t know where things are at, we can’t accurately make the decisions. And I know from experience, we’re avoiding where things are at because of either a guilt or a fear or stress any of those things, there’s we don’t want to look at them. But we need to. And to be able to build that money machine, you have to be able to look at the numbers like a CEO.
That is one of the things that we talk about inside Cash Flow Unlocked. So, if you have not joined me for Cash Flow Unlocked, like make sure to go check that out. That’s going to be a great resource for you.
Taking Steps Towards Financial Freedom
Alright, so today we talked about building a money machine. First, we talked about developing the money mindset, an abundant money mindset, or ditching the idea of traditional retirement, and that our business is the source of our financial freedom.Then we talked a little bit about financial freedom itself, like what that actually means and how it occurs, how your business fuels the machine.
And then we talked about money management strategies, like how, what we have to have in place, tactically there on the defensive side. On the defensive side, knowing what our numbers actually mean and what numbers we kind of need to get a minimum of what we need to have in place to truly be able to build that money machine and create that abundant life that you’re looking for.
Taking Action and Seeking Support
So, there was a lot there. And I know sometimes these topics can be a little overwhelming. So, if you are struggling, just make sure send me a message on Instagram via questions. I’m here I want to make sure that you feel supported. If you’re ready to dive in, make sure to check out the show notes. I’ve got additional resources for you. Next steps, all those things. And that’s it for now. We’ll see you next time!
Finding Personalized Support
Thank you so much for listening to the Your Money Your Life podcast, wondering what’s next. When you’re ready. There are different levels of support that you can use on the path to creating unstoppable finances and your unstoppable life. After all, your finances are unique and your support should be to ultimately will create a customized plan to ditch financial struggle for good that works for you. Your goals, your priorities, your life. Go to https://workwithaimee.com to get started with one of our most popular programs, or you can book a q&a call with me, and we’ll figure out what your next step should be.
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