- Happy Independence Day! Be thankful for what you've been given by those who have gone before! #
- Waiting for fireworks with the brats. Excitement is high. #
- @PhilVillarreal Amazing. I'm really Cringer. That makes me feel creepy. in reply to PhilVillarreal #
- Built a public life-maintenance calendar in GCal. https://liverealnow.net/y7ph #
- @ericabiz makes webinars fun! Even if her house didn't collapse in the middle of it. #
- BOFH + idiot = bad combination #
Saturday Roundup – Side Hustles Rock
- Image via Wikipedia
We’re busy cleaning for our party next weekend, followed by spending an evening lying in a coffin in my yard, scaring the crap out of kids and giving them candy.
The best posts of the week:
Right now, I am actively pursuing 4 separate side hustles, 3 of which are generating actual cash. It’s about $500 a month at the moment, but each of them are growing. My goal is to hit $1500 a month by spring and have full replacement income within 2 years. Everybody should have some kind of side income, just as a safety net.
One of my side hustles involves training in a niche with 200 companies competing for about 10,000 one-day students each year. I could try to compete on price, but that’s an arms race to bargain-basement pricing. Instead, we compete on value, and as such, we’re on track to bring in several multiples of our share of students this year, with growth projected to go well beyond that next year.
Knowing how much more I enjoy my side projects over my straight job, I want to encourage my kids to develop their own lines of income that will allow them to live the lives they want to live, without being a leech on society.
If they can start to get some of their own income, they can learn the value of the things they own, instead of assuming that everything is free. I will not spoil my kids.
Finally, a list of the carnivals I’ve participated in:
Actions Have Consequences has been included in the Festival of Frugality.
If I missed anyone, please let me know. Thanks for including me!
Book Review: Small Message, Big Impact
I was recently given an advanced reader copy of Small Message, Big Impact by Terri L. Sjodin. It’s a book on crafting an effective and persuasive elevator speech.
An elevator speech is, according the the author, “a brief presentation introducing a product, service, philosophy or an idea. The name suggests the notion that the message should be delivered in the time span of an elevator ride, up to about 3 minutes. Its general purpose is to intrigue and inspire a listener to want to hear more of the presenter’s complete proposition in the near future.” It’s a 3-minute speech you give to intrigue someone enough that they will let you give a real presentation.
A lot of people–probably most–use their 3 minutes of unexpected access as an “information dump”. They pour as much data as possible into their audience. According to Sjodin(and I agree!), and elevator speech needs to be primarily persuasive, not informative. You need to include enough information to back up your persuasive arguments, but too much information is at least as bad, if not worse, than too little.
An elevator speech is either a sales pitch or a waste of time. You are selling the right to give more detailed information at a later time. The elevator pitch is not about making the sale. It’s about advancing the ball toward the eventual sale.
Who needs an elevator pitch? You do. Everybody sells. Even if you don’t have a product, a service, or a business, you have yourself. Can you pitch your boss on why you deserve a raise or a promotion?
The author walks you through creating an elevator speech that takes advantage of Monroe’s Motivated Sequence to advance your goal, whatever that is. She’ll teach you how to grab your audience’s attention and make them recognize a need for change. You’ll offer a solution, help them see the super-ninja-awesome future you’re offering, and give them a clear call to action. All in 3 to 5 minutes. Small Message, Big Impact will also teach you to provide a clear progression through those steps, making it easy for your target to say yes.
You’ll learn the basic outline of an elevator speech, including how to grab your target’s interest, build a persuasive case, and establish credibility when you’ve been surprised with a few moments of access. The three pieces of any successful presentation, from an elevator speech to a full-day presentation are
- Case. If you can’t make your case, nothing else matters.
- Creativity. You won’t win by being the same as everyone else. The same product, the same service, the same buzzwords won’t differentiate yourself from the competition.
- Delivery. Stumbling, stammering, and talking to the wall will make the the best product and the most creative presentation sound like crap, every time. You need to build your presentation and practice it, so you come across and smooth an knowledgeable.
One of the best ways to sound credible, which will assist your delivery like nothing else, is to use an authentic voice. Be sincere and sound it. Believe in the material and yourself. Know the material–inside and out–and practice it until you can deliver it smoothly, even if that means enlisting a friend for speech practice.
Of the books I’ve reviewed, I think this is my favorite. If you need to design an elevator speech or improve the one you’ve been using, you should read this book. Even if you don’t care about an elevator speech, the book provides a decent education on persuasive selling that easily carries over to the written word.
How would you(or do you) use an elevator speech?
Getting Back on Track
Have you ever set a goal…and failed?
At some point, it happens to all of us. After all, our reach should exceed our grasp, right? That doesn’t make it easy to admit failure, or to correct it. Did you let a New Year’s resolution lapse, or slip off of a diet? Have you started shopping indiscriminately again, or stopped going to the gym?
It’s okay if you did, but it’s time to fix it.
How can you get back on track after failing a goal?
1. Pick a day to start over.
Just like when you first started towards your goal, you have to decide when you’re going to get back on board. If you can’t decide, just pick the beginning of the next month. A new beginning is a great time to tackle your new beginning.
2. Recommit.
You failed once. Accept it and move on. Past behaviors don’t have to be an indicator of future performance. Just do better this time.
3. Announce it.
Somebody has noticed that you aren’t on the wagon. Your coworkers are seeing you eating candy, or your spouse has noticed you buying things you don’t need. Talk to these people. Tell them you’re going to redo the things you’ve undone. You’ll change the world, but you have to start with yourself.
4. Don’t be ashamed of your lapse.
Unless I have seriously misjudged my audience, you are human. Humans sometimes make poor decisions. Being ashamed won’t help you, but take the opportunity to learn from the past. Do you know what caused you to fail? Are there triggers to your behavior that you can avoid this time around? When I quit smoking, I tried to avoid rush hour, because I smoked heavily while I drove and I wanted to avoid being in car for as long as possible, minimizing one of my triggers. What cause your lapse, and can you avoid it?
5. Don’t do it again.
This one should be the most obvious, but the fact that it’s a problem means it’s not. Do whatever it takes to not make the same mistakes and uphold your goals. Don’t smoke. Don’t eat garbage. Exercise more. Whatever you’ve decided to do or not do, do it….or not.
Have you missed a goal? How have you picked it back up?
Annual Fees: Scam or Service?
Annual fees. For a lot of people, this is the worst possible thing about a credit card. That’s understandable, since paying interest is voluntary. If you don’t want to pay it, you just need to pay off your balance within the grace period. Annual fees, on the other hand, get paid, whether you want to or not, if the are a part of your credit card.
When I was 18, I applied for a credit card that raised an undying hatred of Providian in my heart. I was dumb and didn’t read the agreement before applying. When I got the card, I read the paperwork and nearly made a mess of myself. It had a $200 activation fee, a $100 annual fee, a $500 limit, a 24% interest rate, no grace period, and a anthropomorphic contempt for all things financially responsible.
Yes, you read that right. The day you activate the card, you are 3/5 maxed and accruing interest at rates that would make a loan shark blush like my grandma is a strip club. Instead of activating, I cancelled the card and ran away crying. It was a mistake but didn’t cost me anything.
In exchange for all of that, I got…nothing. The card offered no services of any kind in exchange for the annual fee.
On the other hand, I have a card with an annual fee right now. It’s $59 per year, but it offers value in exchange.
This card’s basic offering is a 2% travel rewards plan. With most of our spending on this card, we’ve managed to accumulate $400 of rewards, so far, counting the 25,000 bonus miles for signing up.
In addition, it offers 24 hour travel and roadside assistance. The roadside assistance itself will pay for the fee, because I think I’ll be canceling my AAA account after 16 years. The card’s plan isn’t as nice, but I haven’t been using the AAA emergency services for the past few years, anyway.
It extends the warranty on anything I buy. It includes car rental insurance and concierge service. Concierge service is sweet. Need reservations for dinner? Call the card. Need a tub of nacho cheese? Call the card. Need a pizza? Well, call Zappos.com.
All in all, the card is paying for itself a couple of different ways, so in this case, the annual fee is definitely worth it. I guess there’s a serious difference between Capital One Venture and Providan Screwyou.
How do you feel about annual fees? Love ’em, hate ’em, have a card with one?
FINCON Friday
When this goes live, I’ll be on the road to the Financial Bloggers Conference outside of Chicago. That translates to a day off here.
Monday, I’ll be back with a whole bucket full of bloggy goodness.
