EXPERTISE TO INCOME: Lesson 3 - Taking Back the Power to Determine Your Income
Welcome to Expertise Into Income™ from BarryBazMorris.com.
This is a free 6-lesson mini-course that provides you with an overview of the concepts behind starting a one-person digital business offering a specific type of product—your authoritative 6-lesson mini-course, based on what you already know well and delivered via email.
LESSON 3 - Taking Back the Power to Determine Your Income
Let me first say that I’m confident that you’re completely sane.
You have all your marbles, and they all function without any issues. Wonderful. That’s settled.
I say this because you’d have to be the opposite of sane to accept what a corporation says your income should be. Right?
Any rational person would rather set her own income instead of having a corporate salary structure determine it.
Yet, we have accepted our employer’s salary ranges for years and decades. We might gripe about it to whoever will listen, but we accept it just the same.
The Simple Formula that Changes Everything
Let me be clear: This is a bold undertaking, but no real magic or hocus-pocus is happening. It’s simple mathematics.
Even those who detest mathematics can follow this formula.
Here is the formula: 300p x 25d x 12m = $90,000
Clear as mud, right? OK, let’s go a bit deeper.
Let’s say you possess a specific knowledge of medicine or some other health-related science. Let’s assume that you packaged one facet of your medical knowledge into bite-sized lessons for argument's sake.
Then imagine that 300 people begged and pleaded with you to share this knowledge, and you said, “OK, I will …but you’ll need to pay $25/month for my services.”
Based on our formula, you will have earned $90,000 for sharing this knowledge over twelve months.
To recap:
300 people pay you $25 per month to receive your packaged lessons that share your knowledge, and over a year, they will have collectively paid you $90,000.
When it’s put like that, it seems less magical, right?
That’s because there isn’t any magic at all. It’s simple mathematics that anyone can figure out. It’s a surprisingly uncomplicated formula.
If you do the math, you’ll see that each person would pay you $300 over 12 months. You and I would agree that maybe that’s too much cash to fork over at once.
And it is, but let’s put that into a context that might change your perception.
How to control your own income.
I think the best parts of the simple formula are the variables. To review, here’s the formula in several iterations with some variables changed:
333p x 25d x 12m + $99,900
500p x 25d x 12m = $150,000
833p x 25d x 12m = $249,900
As you can see, changing the number of individuals with whom you share your specific knowledge changes your income.
You could also change the $25 monthly fee to $35 and see even more dramatic results.
333p x 35d x 12m = $139,860
500p x 35d x 12m = $210,000
833p x 35d x 12m = $349,860 😳
The formula remains sound because it’s simple mathematics. No matter how you manipulate the variables, you will see intriguing results. This is how you design your income. You have always had the power to make as much or as little income as you desire.
You didn’t know it, and now you do.
What prohibits most people from determining their own income?
Fear.
It’s the driver of caution. Fear prevents you from thinking outside the box and considering that you could earn more than you do.
Case Study
EV, A JOURNALISM MAJOR WHO TAUGHT WRITING
In 2011, I enrolled in a 12-week limited-term subscription course called GET PAID TO WRITE, which Ev Bogue authored and marketed. Ev was a minimalist and full-time traveler who funded his travel by writing email courses and ebooks.
GET PAID TO WRITE was an online course about establishing yourself as a writer. It was right up my alley, and I signed up the first day the enrollment period opened.
He charged $247 for the first hundred subscribers, and as the start date approached, he increased the price to $347. I knew it was a bargain because I knew from Ev’s previous products that it would be packed with value.
I signed up using a Mailchimp form that Ev provided and paid the tuition using my debit card on his site. Each Tuesday for twelve weeks, I received an email in a nicely formatted template branded with the banner pictured above.
Each lesson addressed an element of monetizing one’s writing for the web. This was before Medium, Substack, and other newer writing sites. To this day, it remains one of my favorite courses because it made it easier for me to take my writing to the next level.
Are you starting to see the possibility of using our simple formula?
It’s the secret your employer doesn’t want you to discover. Oops. 🤭
In Lesson 4, you’ll learn The Powerful Reasons to Consider Creating a 6-Lesson Mini-Course.