Here’s the case study of one of my students who overcame analysis paralysis to find a profitable idea making $2,000 a month in only 3 weeks.
After working as a financial professional for seven years, Megha had an epiphany – she didn’t want to work 16 hour days forever. So she quit her $80,000 per year job, signed up for a nine-month yoga retreat, and methodically mastered the one-legged king pigeon pose.
Now 29, married and with a baby on the way, Megha wanted the intellectual stimulation of work and the freedom to live life on her terms.
Read carefully and see how she applied the course techniques to land her first $12,000 contract.
She didn’t want to spend a lot of time
Megha had never worked for herself. Even though she knew she wanted to be able to use her financial expertise and had contacts in her network that she might be able to work with, she didn’t have a concrete idea for earning income. In fact, she had even tried working with one of the contacts before, but it fell apart when she decided to focus on her hobbies instead.
Wasted time. Wasted energy.
“I just wanted work that was engaging and some financial independence”, said Megha, “but I didn’t know how to get started”.
Having found I Will Teach You To Be Rich via Tim Ferriss’ blog, Megha was well acquainted with the idea of living life her way. She wanted to be able to work from anywhere, work part time hours and earn a full time income. “[IWT] was just the right thing at the right time.”
But she hesitated.
“This was my first experience with an online program”, remembered Megha, “so I dialed in my husband and brother to check it out, and they thought it was probably a scam, but I decided to go ahead with it.”
“Well, I trusted Tim Ferriss’ recommendation”, said Megha, “so Ramit wasn’t a stranger. But what really pushed me to buy was the ninja email on day seven. It was very persuasive. If it wasn’t for that email I might not have joined. It was the kick in the pants I needed to get started.” (To sign up for my newsletter and read the “ninja email” for yourself, click here)
“This was exactly the kind of thing I wanted to get started with. I didn’t have a full time job, but I did want to get started with 12-15 hours a week.”
How Megha made $2,000 per month
Megha wanted to earn more income and expected a lot, but didn’t know where to start. Many of my readers have this problem.
“Those first few foundational lessons made all the difference,” said Megha, “like writing down your goals and getting clear in your head what your expectations are for yourself. From there I learned writing it down is so powerful.”
Megha decided her first goal was to earn $1000 per month, and from there she would grow to $4000 per month by the end of the year.
The next lesson helped refine her ideas. “The lessons on distinguishing between strength and skill were insightful as we often mistake them and limit our horizon. I would have considered business modeling and investment process to be a strength, but now I recognize it as a skill.”
By getting clear on her skill set, Megha could identify ways of providing value that clients would pay for. “It allowed me to think more broadly about potential work streams for generating income.”
Megha then asked others to identify her strengths. “I spread out the survey across peers, friends, clients and even my husband!”, said Megha, “it provided really useful feedback from people who were committed to my improvement, I had never done an exercise like that and it gave me a boost.”
That confidence boost carried Megha through to the lesson on email scripts. With clear understanding of her skills and strengths, she sent her contact a solution focused email, followed up, and soon after had her first $1000 per month retainer.
A few weeks after stating Megha had reached her goal of $1000 per month. Along with a second perpetual contract, she’s hit $24,000 per year. Well on the way to realizing her dream lifestyle.
The best part?
She’s using her skills creatively and giving back to her community. One contract is designing a curriculum for an affordable MBA alternative in India, and the other is working in microfinance for Africa.
From $2,000/month…to bigger goals
With an income stream of $2000 per month locked up, Megha has set concrete goals to structure her lifestyle around freelance work:
- bump up from $2K to $4K per month
- keep work under 15 hours per week
“Once I have a steady model”, she says, “I want to take it to the next level of doing something on my own.”
But the most drastic change wasn’t in lifestyle, it was in outlook.
“I always thought that this idea in my head of being able to do a few hours a week, and still be able to earn enough income was sort of pie in the sky. But having come so close to it, it still feels a bit surreal. I just want it to continue for a few months so I feel really confident about having nailed it, before I start thinking about the bigger picture. I think right now what keeps me excited is how I can use these couple of thousand dollars.”
Her first indulgence? A new MacBook Air to use for her freelance business.
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