I haven’t slept well lately. The last couple of weeks have been stressful. My mind is focused heavily on the negative economic news, the change in consumer spending, the slowdown in real estate deal flow and how I may never make another dime. This is the reality of not having the 9-5 paycheck and it can be scary. Let’s dive in.
SETTING THE RECORD STRAIGHT
I’m a marketing guy, so your clicks mean a lot to me haha. The title may have grabbed you, but I don’t need to get a job. Let me set the record straight. Last week I wrote about audience being a hard asset entrepreneurs need to invest in and it’s very true.
But it doesn’t stop the monkey mind from creating stories and focusing on fear. That’s real. And it happens from time to time.
DIGGING FOR EVIDENCE
Consumers are scared. News of inflation, a coming or current recession and now the SVB and Signature Bank collapses create fear and make people hold on to their money more. Adding to the confusion is a really good jobs report which, by now, should have been not so good based on the Feds attempt to crash the economy with interest rate hikes, and today the CPI report showing that inflation has slowed. I know for me - when I’m unsure about where things are going, I hold my cash.
When you’re in the business of personal branding and associated products, it means you have to approach things a bit differently. Figure out the right price point for the current market, ensure your value offer is really good or improve it, etc.
I hadn’t been journaling recently but decided to two nights ago to see if my fears and sleepless nights were justified. Here’s what I discovered:
- 40% of Emerge participants converted to an annual membership (target was 40%) - 1 ticket remains for the Emerge event in Austin April 20-23 - essentially selling out the event and creating a waitlist shortly - 36% of our list opened last weeks newsletter - 3 Emerge members closed on businesses this week - 4 Emerge members closed on new real estate deals this week - 2 Quit their unfulfilling day jobs this week (source: our weekly #f*ckyeahfriday posts) - I just took an $80,000 draw on the business because we were too heavy in cash
EVIDENCE VS. EMOTION
When I’m looking ahead at what could be and thinking about all the bad stuff that could happen, I’m fully in emotion. The unknown is scary and creates scenarios that can manifest in dark, unproductive thoughts.
But when I look back and harvest my past, recent or distant, there’s evidence to indicate my response to challenges.
Evidence shows me I’m thriving. Ever happen to you? Everything around you is actually going well, but you are consumed by fear anyway. It will happen as an employee and it will as an entrepreneur. Only difference for me, is as an employee those worrisome days were flanked with a bunch of unfulfilling hours on task. Now I can have a week like I had but really enjoy my days interviewing Sam Acho, J Scott and David Greene for the podcast, spending time with Emerge members on our Proximity Power Series teaching how to make money on YouTube, or how to leverage supplementation to improve your health.
After journaling, I slept. I got out of Emotion and into Evidence.
#1: New Orleans is Still There
When Katrina hit New Orleans, I remember the news being devastating. The images showed a city that was essentially gone. So it surprised me when a friend asked if I wanted to go see JaMarcus Russell and LSU battle Brady Quinn and Notre Dame in the Sugar Bowl at the Superdome! We landed and to my surprise, the city was still there. The 9th Ward was CRUSHED. My heart still breaks for those impacted by the storm, but the media sensationalism created a narrative that the city was gone - because it sells. My mother recently gasped when I said we were going to Chicago for the weekend - as if 100% of humans step off the L and get shot - guaranteed. Again, media sensationalism. SVB and the economic news paint a picture that has us running around in our still standing homes with our still deposited income and our still healthy families standing in front of us under the still blue (or grey) sky freaking out about what’s happening. Turn off the news - or filter it and be present with the reality of your circumstance.
#2: Unemployment and Foreclosures
Doubling down on the point above, in 2008 I remember the news indicating foreclosure rates hit 2.5% (up from .6%) and unemployment went from 5% to 10%. Here’s what I hear - if I walked into a room of 100 people today and you told me 99 of the people here are NOT in foreclosure, and then a month later I walked into the same room and you said ‘97-98 of the people here are not in foreclosure’ I would not be panicked. Not even a bit. Same if you said 95 have jobs and then a week later you said 90-91 have jobs. Again, not dismissing the pain people felt then and I know certain markets were much worse in both metrics, but you can choose to see the small percentage impacted or you can flip it around and look at the overwhelming number of people that weren’t. I choose the latter - call me overly optimistic if you wish.
#3: Make a Decision
People ask me ‘would you ever get a job again’ (playing off the newsletter title) and my answer is ‘yes’. But let’s define that. Someone says ‘I have this really cool start-up that I’m funding and I’d love for you to be CEO and take equity - if it aligned, sure! I’m not against jobs, I’m against people being unfulfilled with what they do daily. In that regard, I’m unemployable. It’s not an option. Some say to me ‘you’re crushing it’ and I guess that could be true. But honestly, I made a decision. Just like I made a decision to fly first class - somehow I always find a way to without any additional financial stress or concern. The same way I made a decision to be a present father and husband - I just am. The news serves a purpose for all of us to remain informed, but the advice I needed and you may as well is to make a decision that you will be just that - informed - and not influenced. Keep your mind right!
Tribe of Millionaires Podcast Episode
✯ I asked J Scott on Sunday to jump on a podcast with me the very next day and he agreed. I wanted his take on the SVB crash and boy did he give one!! Complete with prognostications about what’s to come. This was INFORMATIVE not sensationalism. In fact, I think you’ll leave this podcast with an optimistic take on the future! Plus - did the Fed want to put a bank out of business? J answers - hmmm.
✯ If you’re talented, maybe you want to have a job, but just want it to be more aligned with you - then listen to this segment from my interview with Cameron Herold. It’s a great take!
Lessons From Living Abroad ✯ I had my entire pod down here for a visit a couple weeks ago. I took them to my kids’ school - imagine a dirt road that you can’t see as a right turn off a busy 60 mph highway. That’s where they go! I asked ‘who’d be comfortable bringing their kids here?’ and they all immediately said ‘no way’. The more this becomes normal the more my context expands - and I love having an expanded context - for both me and my family.
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