I make six figures a year with my art store.. it's not what you think

Summary

The speaker shares insights on achieving seven-figure earnings with a 30-40% profit margin, challenging the stereotype of wealthy individuals. She emphasizes that financial success is attainable for anyone, regardless of their background or appearance. Through strategic decisions, working smarter instead of harder, and focusing on solving problems for others, the speaker reached her financial goals. She highlights the importance of managing money wisely, building multiple income streams, and designing a business that fits one's lifestyle. The speaker encourages others to focus on value creation and personal growth to achieve financial success.

Takeaways

• 😀 Wealthy people aren't always flashy or extravagant. Many are introverted, wear simple clothes, and live modestly.
• 😀 Achieving financial success often comes from smart financial decisions and entrepreneurship, not inheritance.
• 😀 The reality of having a seven-figure income isn't as glamorous as portrayed by the media. After expenses and taxes, the take-home is much lower.
• 😀 True financial comfort is about enjoying life’s small luxuries like comfortable living and convenient services, not massive displays of wealth.
• 😀 The misconception that wealth comes from hustling non-stop is false. Being strategic and working smarter, not harder, is the key to success.
• 😀 Focusing on what works and scaling up those efforts leads to better results rather than continuously doing everything and spreading yourself thin.
• 😀 Marketing and social media presence don’t need to be the focus. Diversifying platforms, like YouTube and paid ads, can create more sustainable income streams.
• 😀 Developing a healthy relationship with money is essential. Avoiding or fearing finances can hinder growth and success.
• 😀 The key to business growth is serving others and solving problems, not trying to fit a specific mold of what a successful person looks like.
• 😀 Financial success is available to anyone, regardless of background or personality. It’s about value and strategy, not appearance or fitting stereotypes.
• 😀 Starting a business requires certain basic resources and privilege, but with the right circumstances and mindset, anyone can pursue entrepreneurship.

Q & A

What is the main misconception about wealthy people that the speaker addresses?

The speaker addresses the misconception that wealthy people are flashy and live luxurious lifestyles, as often portrayed on social media and TV. In reality, many wealthy individuals lead relatively modest lives, focusing on smart financial management rather than extravagant spending.

How did the speaker's relationship with money change over time?

Initially, the speaker was afraid to look at their financial numbers, feeling guilty about charging higher prices for products. Over time, they became more comfortable with analyzing their finances, identifying profitable areas, and making data-driven decisions to improve their business.

What does the speaker say is the key to their business success?

The speaker emphasizes that their success came from shifting their focus from working harder to working smarter. They focused on identifying what worked and doing more of that, rather than chasing vanity metrics or trying to do everything at once.

What role did the speaker's introversion play in how they built their business?

As an introverted person, the speaker chose business models that didn't require constant social media presence or daily engagement with followers. They designed their businesses to provide freedom and leverage, ensuring that the effort invested resulted in long-term revenue.

How does the speaker view the connection between money and personal self-worth?

The speaker believes that money should not be tied to personal self-worth. They initially struggled with charging more for their products due to this belief, but later realized that pricing is about the value provided, not their own worth.

What is the 80/20 principle, and how did it help the speaker's business?

The 80/20 principle refers to focusing on the 20% of efforts that yield 80% of the results. The speaker applied this by focusing on high-impact actions that drove more success, rather than trying to do everything at once, such as reducing their focus on posting frequently and instead optimizing video content for YouTube.

What is the importance of mindset in achieving financial success, according to the speaker?

Mindset is crucial because the speaker believes that a positive relationship with money and a mindset focused on serving others is key to financial success. They note that avoiding or being afraid of money can prevent individuals from taking necessary actions to grow their wealth.

What does the speaker mean by 'working smarter, not harder' in their business strategy?

The speaker highlights that working smarter means focusing on what truly drives results and efficiency, rather than working endlessly. By refining strategies, like content creation and marketing, to focus on high-impact areas, they saw more significant returns without burning out.

How did the speaker approach personal and business growth to achieve seven-figure income?

The speaker achieved growth by solving problems for their target audience, focusing on value creation, and learning how business operations worked. They also scaled by leveraging multiple income streams and smart financial decisions, rather than relying on sheer luck or chance.

What does the speaker suggest about the portrayal of wealth in the media?

The speaker suggests that media often portrays rich people as villains or as living excessively lavish lives. However, they argue that these portrayals are exceptions, and many wealthy individuals are frugal, donate generously, and use their resources for good causes.