31 Dec Is this your LEAP year?
In this episode of the DREAM. THINK. DO. podcast deep dive to help you to decide whether to turn your side-hustle into your full-time gig to know Is this your LEAP year?
Yes… 2016 is an official leap year. So that means February has an extra day in it. But that’s NOT what I’m talking about when I ask YOU whether this is YOUR “Leap Year.”
What I’m talking about is whether this is the year that you turn your “side-hustle” into a full-time job.
I was asked a question by a long-time DREAM.THINK.DO. listener who’s trying to decide whether to “LEAP” and make her catering hobby… her full-time jobby? (Sorry. I couldn’t resist the rhyme.)
How about you?
Do you have a passion that you’d like to make your career?
Do you have a side hustle you’d love to make your full-time deal?
Do you wonder if you could make it work?
Do you wonder when you should take the “leap?”
In this episode, you will…
- Get the hardcore strategies you need to make the decision
- Learn about a concept I call the “Leap Number Equation” and how it can help you decide whether or not you are focused on the right things to make your decision
- Discover the different elements of deciding to leap and figure out your risk-reward tolerance
- Find out why systems are even more important than your savings when making your side hustle a full-time gig
Whether this IS your year… or not, this episode will help you to focus on the right things and make that decision with freakish levels of confidence and boldness!
For the FREE Leap Number Equation worksheet, text dreamthinkdo to 33444 and get the information you need to make your decision to leap into 2016.
[Tweet ““I believe in taking small, but significant steps of faith.””]
Mitch MatthewsPosted at 16:10h, 13 January
We recently received the following question in an email: “In your leap year podcast I thought you had some great ideas. With that said, I still don’t get the index? what does the M stand for in the X/M/3? FYI it would have been great in the podcast or in the bonus to give some specific examples.”
Here’s my response:
Thanks for the feedback!
The “M” stands for month.
So it’s X/M/3.
So let’s say your make $50,000 a year in your job.
Let’s say that as you work your side hustle, it’s unlikely that you’d be able to completely replace your total income with your side hustle.
BUT with the LEAP NUMBER EQUATION, you want to hit a specific percentage of your monthly income each month for 3 months in a row.
X = % of your monthly income
M = Month
3 = 3 months in a row
[For all of those “Mathaletes” who listen, to DREAM.THINK.DO., I recognize fully that this isn’t REALLY how you build math equations but I still think it helps to illustrate the point. 🙂 ]
If you’re able to do hit your “X” for 3 months in a row… it could signal to you that you have the systems in place that if you were able to devote 100% of your work time to that side hustle, then there’s a very good chance you’d be able to make up the difference.
So for example… for someone making $50,000 a year… they make roughly $4,166 / month.
Their X might be 25 % of that monthly nut.
So, their X would be roughly: $1,000.
A s result, their leap number equation would be: hitting $1,000 / month x 3 months in a row.
That would signal they have the systems in place to show consistent income.
Now, everyone is going to be different.
Some might want to hit 20% of their monthly income, while others might want to hit 50% of their monthly income.
That’s why “X” is variable… depending on the person.
Some might also want to change the equation and make the “3” a “6” too So they’d want to hit their “X” six months in a row.
Everyone’s risk tolerance is different.
But the key is to use the equation to set a goal for yourself AND to get your systems in order so you can hit it on a consistent basis.
Hope that helps!