To achieve financial freedom you need your passive income to EXCEED your monthly outgoings. Now while I have a client that pays me $7,500 per month, that equates to around £4,000 per month after tax, PLUS it takes me 2-3 weeks to complete this client (which leaves me 1-2 weeks to create long term "passive" income streams like courses and content - stuff that doesn't pay you instantly).
Not only that but having one single high paying client also comes with it's downsides. Over time they expect more of you and there's nothing concrete to say they will even stay - so how do we combat this?
My rent alone is £1,100 - with all the bills that comes to around £1,600 per month, which is absolutely achievable but it still adds financial pressure because if that client goes, and I have 1-2 weeks to find another one, what can I do? It also means that I have less energy and time to invest in those long term assets like youtube and course creation / optimisation.
So I've decided to make a move - and it feels like going backwards to go forwards.
I'm cutting down ALL my expenses and finding a shared accomodation which will knock £600 a month straight off my monthly expenses. By doing this I have less reliance on clients and more time and energy to build those passive income streams which will get me to where I really want to be.
From there - any excess income will go straight off my car which is an additional £475 a month currently. When the car is paid off I will only need £1,000 per month to be "financially free", and I feel like this is when I will TRULY be able to dig in to longer, higher quality creative projects and that's when I think things will TRULY blow up.
I'm extremely inspired by this book I'm reading called "10X is Easier than 2X".
The general gist of this book is being able to LET GO of the 80% of the work you are doing that is keeping you where you are (client work), and focussing that energy on things that will get you to where you want to be. That is - escaping from Ryancollinsvideo (or at least being the bottleneck), creating DOPE trainings for video editors that get them to my level (or better) and then focussing on getting clients in for those students, providing them with work, clients with great videos and relieving myself of the Freelance pressure that I've been under for nearly 6 years.
I'm uploading a new module to my Video Ad Masterclass on Udemy as we speak - this module is "the video editing formula" and I break down the exact repeatable steps I take to create Cinematic trailer style videos for my clients, in the hopes that I can find some talent to help me achieve my goals while providing students with paid work.
This is exactly what I went through as a young freelancer and I feel like it's time to pass the torch.
The module isn't finished yet - but I have a Udemy coupon for the course which already has 4.5 hours of content in it for just $13.99, so if you're interested in learning from me and hopping on this journey, let me help you 10X your Freelance Video Editing career while I 10X mine. You can get the course by hitting this link here
ryancollinsvideo
To achieve financial freedom you need your passive income to EXCEED your monthly outgoings. Now while I have a client that pays me $7,500 per month, that equates to around £4,000 per month after tax, PLUS it takes me 2-3 weeks to complete this client (which leaves me 1-2 weeks to create long term "passive" income streams like courses and content - stuff that doesn't pay you instantly).
Not only that but having one single high paying client also comes with it's downsides. Over time they expect more of you and there's nothing concrete to say they will even stay - so how do we combat this?
My rent alone is £1,100 - with all the bills that comes to around £1,600 per month, which is absolutely achievable but it still adds financial pressure because if that client goes, and I have 1-2 weeks to find another one, what can I do? It also means that I have less energy and time to invest in those long term assets like youtube and course creation / optimisation.
So I've decided to make a move - and it feels like going backwards to go forwards.
I'm cutting down ALL my expenses and finding a shared accomodation which will knock £600 a month straight off my monthly expenses. By doing this I have less reliance on clients and more time and energy to build those passive income streams which will get me to where I really want to be.
From there - any excess income will go straight off my car which is an additional £475 a month currently. When the car is paid off I will only need £1,000 per month to be "financially free", and I feel like this is when I will TRULY be able to dig in to longer, higher quality creative projects and that's when I think things will TRULY blow up.
I'm extremely inspired by this book I'm reading called "10X is Easier than 2X".
The general gist of this book is being able to LET GO of the 80% of the work you are doing that is keeping you where you are (client work), and focussing that energy on things that will get you to where you want to be. That is - escaping from Ryancollinsvideo (or at least being the bottleneck), creating DOPE trainings for video editors that get them to my level (or better) and then focussing on getting clients in for those students, providing them with work, clients with great videos and relieving myself of the Freelance pressure that I've been under for nearly 6 years.
I'm uploading a new module to my Video Ad Masterclass on Udemy as we speak - this module is "the video editing formula" and I break down the exact repeatable steps I take to create Cinematic trailer style videos for my clients, in the hopes that I can find some talent to help me achieve my goals while providing students with paid work.
This is exactly what I went through as a young freelancer and I feel like it's time to pass the torch.
The module isn't finished yet - but I have a Udemy coupon for the course which already has 4.5 hours of content in it for just $13.99, so if you're interested in learning from me and hopping on this journey, let me help you 10X your Freelance Video Editing career while I 10X mine. You can get the course by hitting this link here
www.udemy.com/course/social-media-video-masterclas…
I also reccomend reading 10X is easier than 2X!
Sometimes you have to go backwards to go forwards.
Thanks for reading!
Ryan
8 months ago | [YT] | 15