Ep. 54: Don’t Quit!

How are you doing on your big dream for 2019? Go to www.richandthin.com/54, scroll to the bottom of the transcript and leave a comment to share your big dream and give us an update on how it’s going. Also in this episode, I describe a moment when I was thinking of quitting on my dream, why I didn’t, and how my dreams are progressing this year.

TRANSCRIPT:

Welcome to Rich & Thin Radio, the only podcast that helps you earn more and weigh less. I’m Kelly Hollingsworth and I’m glad you’re here, because it’s the beginning of February, my friends. I’m wondering how the project of achieving your big dream is going for you. If you care to share, please go to the page for this episode, richandthin.com/54—can you believe we’re at 54 episodes already? Crazy. It has been almost a year since I was high as a kite on opioids and I started this podcast. I have to tell you, sometimes I listen back to the earlier episode and I think, geez, lady, you sound like a junkie.

But in any case, it has been almost a year, and it would be great to hear from you about what your big dream is and how it’s progressing for you, so if you want to share it, go to richandthin.com/54 and scroll down to the bottom of the transcript of this episode and leave a comment. I’d love to see what’s up with you and I’m sure the other listeners would, too.

Today’s episode is going to be a short one. If you can’t tell from my voice, I’ve had a heinous illness for the last week or so, but I wanted to take a few minutes today to check in with you about how your dream is going, and to tell you how my dreams for this year are progressing so far. This isn’t going to be all about me, I think there’s going to be some value in here for you, too, but tonight I’m high as a kite on Nyquil so this is the best I can do for this week.  In fact, I’m so messed up on cold meds right now that I locked the back door from the inside and my husband got out of the hot tub—it’s about 5 degrees at our house right now—and there he stood, in the freezing cold outside, locked out, dripping wet and unable to get back into the house. That was very fun for him tonight.

But in any case, back to the update on our dream work in 2019: If you’ve been listening to the podcast, you know that I have two big dreams for this year. One is to achieve my dream weight of 105 pounds without dieting, and in fact by eating everything I want and absolutely nothing I don’t. The other dream is to double my income and cut my working time in half.

So these are some pretty big dreams, and I have to tell you that there are times when these dreams feel impossible. I was having a Jerry Maguire moment on this past Friday when this illness was at its peak—I felt like I swallowed a dragon and my throat was on fire and my brain and my eyeballs felt like they were under a broiler—and I was feeling very much like our friend Jerry Maguire at the beginning of that movie— when he was sweating it out in a hotel room from food poisoning and writing the document that would basically derail his career—and I was having a similar kind of feverish crisis. I was thinking, why am I doing all this? Why don’t I just take it easy, maybe practice law for about 17 minutes a day, maybe do some real estate investing, and go to lunch with my friends?

Such a cush life that would be, and it is 100% available to me. So the question is, why am I not doing that? Why am I trying to build something so much bigger than that?

And the answer is that I want to see how far thought work can really take me, and I also want to build a community of like-minded people who want to answer that same question in their own lives. So here we are, my friends. A small but growing community of people who want to create wealth by managing our minds and seeing how far we can go.

So, we just ended month one of 2019. How far have I gone in managing my mind and moving forward on my dreams for this year?

First I want to tell you about what I’ve done with my business. As most of you know, I’ve been working with hedge fund managers for the last 25 years. Some of those years have been quite intense, and other years, I didn’t work very much at all. For example, in the last three years, I really didn’t work. I took what I’m calling a partial sabbatical while I was recovering from injuries, and this year I can finally sit at a desk again, so I decided it’s time to take this business and make the most of it.

So what did I do? I started a podcast called The Profitable CTA. It’s for the type of hedge fund manager that I most enjoy working with, the ones who trade futures rather than stocks. In other words, the commodity trading advisors, not the investment advisers. If you don’t know what a futures contract is, check out the movie Trading Places. Eddie Murphy and Dan Ackroyd in that movie are trading futures contracts on frozen concentrated orange juice. A futures contract is basically a way to bet whether the price of something, such as orange juice or gold or the stock market or crude oil, is going to go up or down. When I managed my hedge fund, we took bets on whether the stock market was going to go up or down using futures contracts on the S&P 500.  All of that is interesting, but it’s neither here nor there.

The point of today’s episode is that I started a podcast called The Profitable CTA, it has about 18 episodes now, and the response has been off the hook. You’ve probably heard Pat Flynn and others say that the riches are in the niches, and they are absolutely correct about that. There are about 1600 U.S.-registered commodity trading advisors in the world, and I started a podcast with business advice for them. In December, I emailed a postcard to the 1600 businesses, wishing them happy holidays and announcing the podcast, and my phone has been ringing off the hook.

What am I intending to do with these clients? Well, the big place that commodity trading advisors, and all hedge fund managers, really, are suffering is that they do not know how to use story in their marketing message. What do they do instead? They speak in jargon. They over-complicate things. They speak over their investors’ heads. And they are not unique in this regard. For example, lawyers do this, too. If you look at their websites or read their blogs, they are notorious in speaking in really complex language that goes over their customers’ heads and that they don’t draw their customers into a story. Law firms spend a fortune on websites and blogs and they typically enjoy very little engagement and very little traffic from that effort.

So this podcast that I started feels like a big victory, because I am a lawyer in that space, and people are definitely reaching out for help. And this is the very first time I’ve done anything like this. For my entire career, all of my business has come to me through word-of-mouth.

So the podcast is bringing clients to me, and I’m helping them with their marketing messages, and this involves law as well as coaching, so it is right in my wheelhouse, and the other amazing thing is that as they come to me I’m seeing opportunities to invest. I’ve been meaning to tell you guys about a little windfall that I received last summer. When my father died, we went through his records and it was clear from what we saw that he was in debt and there was no estate whatsoever. But unbeknownst to all of us, there was a little insurance policy that he had when he worked back at Boise Cascade, and out of the blue, the insurance company sent me and my two sisters each a check for about $18,000. That isn’t a giant sum of money, but one thing that’s great about investing with a commodity trading advisor is, if you pick the right one, you could make a very nice return on a very little bit of money. So I took that $18,000, I may have added another $7,000 to it, and I dropped it into an account, and I hired two relatively new commodity trading advisors to trade for me. They are my clients and I know what they do and I like it, and since then, one of them has made about $6800 for me, and the other about $5300. So that’s a profit of about $12,000, or almost 48%, since last summer. A very nice return on just a little bit of money.

We talked in one of our earlier episodes about growing a money tree– whenever you lay your hands on some cash, you have two choices. You can spend it, or you can plant it and see if it will grow more money. And one thing I love about my business working with the commodity trading advisor clients is that I make money providing professional services to them, helping them with their marketing messages, for example, but I also get to know them and I get the opportunity to invest with them. They tend to perform best in the early years of their career, and an amazing thing that’s happening with the podcast, aside from getting marketing business from them and legal work, is that they’re calling me up and I’m meeting people I never would have met otherwise.

So that’s a sideline benefit that is amazing from starting that podcast, and there’s a third. Another benefit is, my sister called me up after Christmas and mentioned she’d been binging on The Profitable CTA podcast episodes. And I was like, “What? You’re a math teacher.”

But she said that she was fascinated by the subject matter, and now she is helping me with social media and a whole bunch of other things that I don’t have time to do. And this is the crazy coolest thing about that. They always say you should hire someone who is smarter than you, and if there is anyone on the planet who is smarter than me, it is my sister. Both of my sisters, actually. I was the academic black sheep in our family. And I doubt she would have had any interest in helping me with that business if she hadn’t first listened to that podcast.

So what can you glean from this? When I really want to stress to you is that the right message helps you in multiple ways, and that it just doesn’t take that long to grow a business with the right message, my friends. I doubled my client roster in January. We all tend to think that hitting big numbers takes a long time, and that is the biggest lie there is in entrepreneurship. What takes a long time is figuring out your message.  Once the story in your message clicks into place, the business explodes, and if you don’t hit on the right message, the opposite happens. The business dies a slow death and eventually you quit. Just last week I was talking to a commodity trading advisor with a lovely seven-your track record, no reason this guy shouldn’t have all kinds of clients, and he said, “I’ve basically given up. I have exhausted my audience with a bad message, they’re not even listening to me anymore, and I’m not even looking for new customers now.”

I made him an offer to help him with his message, I hope he hires me, but in any case, as this relates to you: Don’t let this happen to you. The most important thing you can do is figure out a resonant marketing message so you can spread the word about your business in an effective way. I can help you with this. That is my focus for this year and I would love to help you. kelly@richandthin.com. I’m serious about this. If you don’t have the business you want right now reach out to me and let’s chat.

Now let’s talk about my other dream of achieving my dream weight of 105 pounds. I mentioned a couple weeks ago that I am experiencing some big internal shifts and they are beginning to show up on the scale. I’m down 4 pounds as of this morning. This is not due to the fact that I’ve been sick, because during this sickness I have been sucking down oranges and cough drops and cough syrup and all kinds of sugary foods that put weight on me. You know how when you’re sick the only thing that sounds good is a 7-Up? I’ve had more than one of those.

The big shift is my mindset. There was so much I was thinking about before that had me overeating and keeping weight on me, and I’m unraveling all of those thoughts, with the help of my coach, and the outside is starting to reflect the shifts that are happening on the inside. I’ll keep you posted on how this develops, and I hope you will keep me and the other listeners posted on how you’re doing with your big dreams this year. Go to the page for this episode, richandthin.com/54, scroll down to the bottom of the transcript and you can leave a comment. I’d love to hear from you and I know everyone else would, too.

So that’s what I have for you this week, my friends. It’s only going to be a single episode this week because I am still feeling terrible but I’m looking forward to connecting with you next week and I want to thank you very much for joining me today.

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