TRANSCRIPT
Multi- Revenue Stream | Is Your Day Job Your Main Job?
Iva 0:54
I am here as always with the best of company and my business bestie Desiree Gonzalez
Desiree 1:03
Hi.
Iva 1:06
And today we are quite excited to dive into this topic because it is part of what we love to talk about. And also it's part of who we are- which is two mompreneurs who are multi-passionate, we are always you know, looking for ways that we can up level ourselves in every area of our life while also having fun. And we are very, very happy to be discussing this topic because it delves into things that we are also doing so we can bring ourselves into the mix as real-life examples. But we want to explore a little bit this whole concept of, you know, day jobs and side-hustles and is your day job, your main job and what does that mean and what does that look like? And we can't wait to just really unpack all of this. So I'm going to give a little bit of context about the direction that we want to go. Right. And this all got started because I was sharing with you Des, I remember a couple of months ago that there was an article in Forbes from October 2023 declaring Taylor Swift as a pop star that is joining the billionaire's club. And one of the things that they were remarking about her in the article is that she is the only musician to have made the ranks solely based on her songs and her performances meaning her concerts. So the article is quoted as saying the following-she is a celebrity that doesn't have a profitable side hustle, boosting her net worth. And those are the words of Forbes not me. And I found it so interesting that they are putting together you know, celebrities and side hustles and achieving billionaire status and what does that all mean? Because I feel that for us in the level that we're at right as mompreneurs when we start off, we sometimes feel that there's only one path and one direction that we should take to make our income dreams come true. So we need to decide, we need to go like either this or that or that path, which we have already talked about in a previous episode which is part of a series about being multi-passionate.. But it is interesting to see. And this is the reason why we started this episode is that celebrities are not really just enclosing themselves in only one package. Like they are able to expand themselves in other arenas and why shouldn't we?
Desiree 4:11
Yes, I was really really surprised when you share this article with me as well. And you know, it made me think like what do you mean she's the only musician that is solely defined as a billionaire only with what she actually does, isn't everyone? And I actually wasn't aware that, you know, other really, really famous people are actually only considered millionaires or billionaires by the other things that they do. It's like sometimes I think we are the ones because we're starting off and we want to accumulate as much income as we can and that is why we're going into multiple streams just to make it faster to make it efficient because we are multi-passionate, but I thought you know a musician and artists that is their passion. And it really really got me surprised but also hopeful. And like confirmation for us. You know, it's like, you don't need to define yourself by just one thing. It doesn't need to be the thing that you know, like that sustains your lifestyle. So it's really a hopeful, hopeful article,
Iva 5:34
Well, it's really an article that highlights the fact that the maybe the rules of the game have changed. And the rules of the game have changed in our perception of how we come about to really make a profitable career and profitable decisions, income decisions and business decisions. And this is you know, part of what the article was sharing and they were going into different examples. And the reason why I want to bring the examples is because Taylor Swift it seems like she's a bit of an anomaly in this stage, because she is really becoming a billionaire due to her day job, which is what we know her for, because she's a singer, and she's also a composer and she has her music catalog. And she has her concerts and that has really you know, been like such a such an incredible boost for her with her fans. But there are other musicians and other celebrities that even though they are very well known the world over for their artistic abilities and performances, they have relied on other business ventures to really boost their net worth. And I find that that is really what is now considered the formula. So you have you know Jayz who, who has a couple of liquor brands that he has invested in, as well as companies like Uber or Rihanna who got a partnership with LVMH or Reese Witherspoon who also had very smart business decisions made along the way when she founded Hello Sunshine, which is a female production company. And then you have people like Ryan Reynolds as well who’s actor, but he's now a billionaire because T-Mobile came into contracts with him to buy his wireless carrier, and he also has a soccer team that he owns and so forth. So what we're talking about here is that and as you said so beautifully, this is that we have to really assess this whole thing about: Yes, we have a passion. Yes, we have a purpose where we want to really come into the space of helping other people or providing the world with services and products that we believe in and that we believe can make a good positive impact on the world. Right. So we definitely want that but sometimes as you said, the passion project is not the one that is going to be the most profitable or it's not the one that is going to pay the bills and that is where all this concept of multiple streams of income, passive income and residual income come into play.
Desiree 10:29
Exactly, I but I have also seen many, many people give up their passions, right? They've pursued it for a long time. It's something that truly lit them up. They've invested a lot of time and energy into it, only to then say I'm changing, I'm changing careers or I going to stop this, and I am now going back into the corporate world or I am you know going to pursue something else like switch companies. or something because they are promising me a better like a better income a more solid status or whatever. However, it's very dangerous because it's really what are you sacrificing for that change? You know, are you going to be less passionate about it? Are you going to give up something essentially that is very personal to you in return for money or for security? I know disclaimer here. There's definitely different factors depending on what your situation in life is right? But then people are stuck with doing something they don't probably necessarily like as much or they don't believe in as much just for the trade-off of having more income. And that really raises the question for me: is money everything? Is it everything we should strive for? Or shall we just find different ways to achieve these goals, these financial goals right? And exactly that is where the multi-passionate side of things really comes out. Because we now get to question maybe if my passion business isn't bringing me enough money in, right, I should not necessarily give up because it's what defines me. It's what people know you for as you've built. You've really invested a lot of time for maybe it's good to bring in something new that with which income maybe it's a higher ticket income or whatever it can fuel your passion business, right to use that only as the fuel, but not give up what you're really passionate about.
Iva 12:50
It is this whole thing I feel that for many of us and I include myself in the mix, is motherhood seems to be a trigger into the entrepreneurial arena. So it's like motherhood wakes you up to the realization that the time that you're spending doing the job, so to speak or doing the career so to speak, is not really speaking to your soul. And moreover, is also taking away time from enjoying your baby, your young family if you have young kids, those milestones with them and so forth. So as you say, yes, there comes a point where you say is the career, the job, the stability, really worthwhile? Or is there a way to pivot and to do this differently and to change the rules of the game? And to your point there is right so when you have an expanded awareness that you can do it many different ways, right? There's no one answer, and we're not going to provide the one single answer here on this episode either. But what we want to bring to the table is this sense of okay, what can it look like for somebody like us, where we are coming from a place where we have multiple passions? Yes. Not all of them are profitable at exactly the same time or starting off from the from the sense of okay, I want to start my entrepreneurial journey. And right off the gate all the ideas that I have or this passion that I have for this one particular thing is the one that is going to propel me, sort of like Taylor Swift- like I wrote the song and it became a hit and then everybody loves me and now I do concerts, type of scenario. So there are ways where you can make some matches and you say this really lights me up? And when it lights me up, I get inspired to somehow put a synergy together with this other project that is probably going faster, or it's a little bit more profitable together, they make up who I am because holistically I resonate with all of them, or the above.
Desiree 15:42
I think there's really two ways you can go about it right? I mean, you can go the route that I guess we are going to where we have defined a personal like an umbrella personal brand. And we find things that fit within that umbrella that complement each other like what we've spoken to about the previous episodes right, but because they go hand in hand, and one may fuel the income a little bit more because definitely it's something that's a bit more high-ticket right? However, they belong together, or you can certainly also go the route and say Okay, that's it, my personal black brand remains. This is what I'm passionate about. Maybe my like my holistic well-being and natural products and whatever. But in the background, I'm going to do some investments. I'm going to like- I had no idea about the celebrities that actually invest in liquor companies or you know, have these really long term contracts with other brands. And yes, you see them, you know, associated with the brands, but you don't come to think that that is actually bringing them in more income than their day job that they're known for. Like you don't really think of that. So that's a great eye opener, so you could do it that route, you know, invest in projects or do things that you don't really talk about, they're not really part of your brand, but they're feeding what you do, or go our route where we say no, we only like to really do things that are very complementary. to each other. It doesn't have to lead us to picking and choosing anything. We can do it all, we can have it all, if we can make it fit, you know, with certain tools in place and teams and collaborations, automations and all of these beautiful things that are in our grasp to achieve that to make our day job. Not really our main job.
Iva 17:51
Yeah. And so what this looks like as you say is you can choose your own adventure. Right, like you choose your own flavor of how you want to make some match and how you want that to look like Ultimately, though, following the celebrity examples, as you know, this new sort of way of playing, if you want to call it that way is that having more than one source of income is not something that reflects necessarily negative on what you're doing, or what you initially set out to do. Because what you weren't sharing at the beginning, which is very true. There's this perception of saying, Okay, this passion project didn't turn out or it's not really generating what I expected it to do. So now I'm pivoting and now I need to go back to corporate or I need to change this or do this completely different. And there is a sense of loss and there is a sense of failure in that type of space. And I would rather switch it around and say okay, look, what are multiple ways of income that can be generated in my life that don't tie me down to just one thing or this one identity? And I know that you said you know that we have the option of stepping into an umbrella that we're like, Okay, I am like my personal brand is the umbrella and everything that comes underneath is what fuels all these multiple sources of revenue. And in that sense, as you say, you can keep it very cohesive and you can say, you know, because these are all things that light me up and they really align with who I am. I'm going to pursue it that way or some people who can say no, I want to be more eclectic, right? Like I want to do stocks and I want to do you know, my services, or my coaching or whatever that is, dancing, belly dancing, but I'm also going to paint and I know that my paintings might not get me far in the short term, but this is something that I also want to pursue and so forth. But the I guess what we are all aligning on is that having multiple sources of income is not a sign of defeat is rather a very smart choice and a very smart move. And that's why celebrities are also doing it because they see the benefit in that. So what does that look like? It looks like you can have passive income within those multiple sources of income that you're choosing for yourself, or you can have residual income. And so just for the sake of defining a little bit which one is which you know, passive income is in a nutshell money that is earned with minimal effort or direct involvement okay. So it might require an initial investment of time, money, or both, but once it is established, it starts to generate revenue. So for example, passive income can be you know, you have an ebook, right? You put a bit of effort into it, you create it but then when it starts selling, it sells any hour of the day, any day of the week without you doing much about it. And then there's the residual income which is income that continues to be generated after the initial effort has been expended. So, it is often associated with ongoing work or services. So, in that sense, it can be active or passive. So, as we said, an author can earn royalties from a book, but a consultant can also receive ongoing fees for previous work that they have been doing. So, that is that is a little bit what what really builds into this effect of saying this umbrella that I have, how big can I have it to be I mean, doesn't need to be only one thing. But one thing that I want to bring up and I want to put you on the spot, but it's the spotligh is because in your journey of entrepreneurship, you have made sure that your projects that are bringing in passive income or residual income in your case have something that is automation in place, right, that is super, very important. Because the whole idea of this concept of money is going to come in through different sources is that most of those sources, you don't have to actively be on them. Every single minute of the day. Because then otherwise, you're just having multiple jobs. It's like having three shifts-like I have to work this shift, I have to work this other shift and I have to work this other shift. And that's not what we're talking about. So maybe you can you know, within this space, really illustrate what has worked for you in the sense.
Desiree 23:10
Yeah, first of all, the thing I decided to get into with my network marketing business is really the point that I would have done it anyways. I would have used the products anyways. They are part of my life. They are part of my lifestyle. And people continuously asked me about them and I answer them so I share with them. And that's literally what I would do even if there was no business involved. That's number one because it doesn't really I don't really need to carve out time for that. Because as my children grow, I come up with solutions for them or for myself, whatever phase I am. So that's where the education is coming from for my own purpose and I simply share that with others. That's it full stop, right. So, of course when you then kind of try to scale that business a little bit, you have to bring in a few tools, you have to make it a bit bigger because then you also want your income to become bigger, right? So yes, that's where the automation and the systems come in. Because again, I'm a mom, I have two little ones, they have a bunch of activities and I it doesn't leave me so much time and I want to be a present mom. So I try to automate my processes as much as I can to create that time freedom for myself. And the beauty of it though, is that it's built up in a way where even if there are now in the holidays, right I did not do much I did what was necessary, which was essentially just few hours in the entire three weeks that were off, but my income stayed the same, or has even like I actually haven't checked the numbers but it stayed the same. My paycheck does not stop even when I stopped to work because the systems are in place. And it is a network marketing business. So it's not only up to me, it is up to other people. as well. You know you've got your business leaders, but you've also just got your members who continuously do, or maybe the way you inspire them continue to make orders and continue to just bring into my paycheck doesn't change even if I take time off. And that is I think the most very beautiful part of like a choice you can make when you are a mompreneur the way I am taking it up to the next level because now my little ones starting to go to daycare, maybe gaining a little bit time back as well. Being in my human design, being the entrepreneur that I am. I am like taking out something new but I now have the space to do that because my business is automated. Right, right. There's a lot of personal touch points still in it. Don't get me wrong, but now I have the time within my umbrella to take up something new with the way I've designed it,
Iva 26:12
And I love that.. You said something very key in when you mentioned Okay, now that there's also like your season in life is starting to transition because your children are now both going to school. So as you say I
Desiree 26:28
got it it's hard to believe
Iva 26:32
Yeah, so basically your free up time allows you to consider Okay, in what other areas do I want to continue expanding? So that I can continue benefiting from having more streams of income, but in a way that the ones that I began previously are already sort of on autopilot with the caveat that you said there's still a lot of touch points but they're not a full-time thing. That they will crumble if you stop looking at them for one second type of thing. So correct. So that is so that is wonderful. And this is a very powerful message that is important to highlight because sometimes we get into the space as well where we think oh now we need to do three different things all at the same time. And what Desiree what you have done is that you have scaled, you have branched out, but you haven't done it from Day Zero. And so the same thing has happened to me as well. You know, in my business, in my practice with my clients, I use a certain type of skills and expertise to facilitate for them rapid transformations and in doing so I'm always studying more, I'm always expanding my wealth of knowledge about certain specific topics that I help women with. And that gives me a baseline to say okay, how can I continue to leverage on my own skills, so my own expertise that I am gaining along the way while working with my beautiful clients and that you know, then expands me into, you know, talking into, you know, being a guest in other people's podcasts or having speaking engagements. Or for example, you know, writing magazine articles and leveraging across different arenas, the things that as you say, they already lighting me up, like I'm already going to be studying about them, reading about them, finding out more about all these topics that I'm passionate about, and how can I put that knowledge into things that are more you know, that generate more?
Desiree 28:58
How can you monetize and monetize that things that you would do anyways? Exactly. I think that's the beautiful key for, for us for The Boss Moms. The ones living abroad without like the usual support network, right? Like, how can we maximize our time? Do all the things, have fun along the way, but monetize them?
Iva 29:21
Exactly and this topic is just an expansion on previous conversations that we had. So we're going to definitely share in the shownotes other episodes that we have really dedicated to, for example, secrets of automation or going more into passive streams of income like what does that look like? What are some examples that we go into? Or how to double your revenue while working half the hours for example, which is what we will eventually want to do and achieve and how can we even have more impact and bigger incomes and this expansive life that helps us and support us in everything that we do so we're going to be sharing all of that. And today we just wanted to you know, bring in this topic as it's the beginning of the year. Just to get our beautiful mamas inspired and motivated to understand that. As you say, pivoting or pursuing one path doesn't mean that you have to cancel the other. We can pursue different sources of income at the same time if we are very intentional and strategic about it. And as Desiree is a great example of automation is key and there is a way to do it. And once you hone in on that, the sky's the limit. Because then you just can continue to duplicate that even more. So I feel I feel very excited that, you know, yeah, we read about the celebrities and you know, the billionaire's club and all of that and we're like, oh my God, how does that even happen? But when we scale it to our level, we can see that there is also a way for us to achieve this status of freedom of time freedom, and not having constraints as they say, when we go on vacation, the paychecks don't stop. The business doesn't stop running. Like it's such a beautiful sight to behold when you come back from taking holidays and seeing that things are still running smoothly, and that you're even more excited and inspired for what's next and about those new projects that we all have in mind.
Desiree 31:51
Totally, totally. I'm super excited about diving even deeper into some of these aspects and we will and our little mini-series here. And yeah, so stay tuned for the next one. I feel really good about you know, opening this these conversations for other moms who may need that support, right, who may or who are maybe looking for a solution. So they can be as present as they choose to be, as independent as they choose to be and generate as much revenue as they want. So the sky's the limit.
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Episodes Mentioned
Mom Bosses Abroad: Juggling Act | The Advantage of Being Multi-Passionate on Apple Podcasts
Mom Bosses Abroad: Make It Fun | A Systematic Approach to Money Management on Apple Podcasts
Mom Bosses Abroad: Getting More Done | Automation v. Delegation on Apple Podcasts
Mom Bosses Abroad: Go Big AND Go Home| Creating Impact, Income & an Expansive Life on Apple Podcasts
