no you're going to have million doll problems instead of $100,000 problems or instead of $30,000 problems and million doll problems are exponentially more challenging are you ready for that there are five secrets of being a million-dollar coach that are simple but not easy simple number one secret number one being a million-dollar coach is a place to come from not a place to get to you're got to start showing up as a million dooll coach right now if you want a million dollars be a million dollar coach years ago I was talking to a friend of mine who um he mentors Millionaires and billionaires who want to be philanthropists it sounds easy if you got millions of or even billions of dollars just give it away to Charities but actually there are all sorts of Charities and all sorts of ways that money can be lost so he helps them be really strategic in their donations and he said rich I know lots of people who coach I paid a million dollars for their coaching and you're not showing up with was a million-dollar coach and it hurt when he said that and I realized okay I got to get clear on how do I show up differently how would I need to show up if I was going to be a million dooll coach million dollar coach is a place to come from not a place to get to secret number two challenges on this journey are a feature not a bug challenges are a feature not a bug if you're thinking that having a million dollars a year will make life easy no you're going to have million dollar problems instead of $100,000 problems or instead of $30,000 problems and million dollar problems are exponentially more challenging are you ready for that I remember the first time I got a $30,000 tax sorry a $300,000 tax bill because I outgrown my accountant and and it took me it took me about five years to pay that off I also learned to set really high a very high bar for the kind of accountants I want on my team so are you ready for the kind of challenges that come along if you're making a million dollars a year the challenges don't leave the challenges will keep coming at a higher level are you ready for it challenges are a feature not a bug secret number three revenue is Vanity profit is sanity cash flow is king that's not my phrase um but it's an important one to be aware of I see you nodding Eric revenue is Vanity profit is sanity cash flow is King I created a business three years ago which was going to be about taking all the work that i' done partner with an expert in marketing who would take all my resources and turn them into programs and products what they call it Evergreen and it would scale to a multi-million dollar business felt so exciting he would do all the business and marketing side and I'd stay in my zone and genius all I had to do was creativity or just I had all I had to do is create we made a million dollars in a year sounds amazing right I took home $10,000 from that business I had to close it down not only did I only take home 10,000 but all the marketing he did actually meant that the the my colleague did meant that we actually cannibalized my business and lots of clients came over here to join these programs and then didn't bring the money over to me so I actually lost money on top of uh only taking home 10,000 that's not a business Revenue means nothing all that crap in your Facebook feed about people telling you how they make uh seven figures that can help you do that ask them how much profit did you make how much did you take home how many days off did you take last year those are the things that actually count revenue is just a vanity metric what counts is profit and underneath that what counts is how much cash do you have at readily accessible because business goes up and down like this the economy goes up and down like this be aware of that as you're thinking about how much more money can I make it's not about what comes in it's about what you take home and the time that you have have secret number four extend your time frame what if you had 25 years to make your first million or your second million or whoever you are right now it might be 10 million it doesn't matter but what if you gave yourself 25 years or 10 years if you extend your time frame then life becomes so much easier and I learned this to from Dan Sullivan who says when you put when you give yourself a 25y year goal and you check in once a quarter where you are moving towards that goal every quarter is just 1% towards that goal and it takes off all the pressure if you've had a great quarter that's great you're a little bit closer to your goal you had a bad quarter it's okay it's only 1% towards your goal 25 years checking in once a quarter take off the pressure it's the pressure that to make money that has us make bad decisions and bad choices when you extend your time frame everything shifts secret number five money versus fulfillment it's a little like the article I read to you just now money versus fulfillment better to make $200,000 and be happy and fulfilled with plenty of free time than a million dollars when you're exhausted and burnt out and you've missed your kids growing up five secrets about being a million dollar coach making a million dollars what did you get from that what's one take away from that one thought one idea one Insight from any of those Secrets hey thanks for listening before you go I've got over a decade's worth of tools and ideas to help you drastically increase your income and your impact as a coach over at Rich lin.com and hit the Subscribe button because when you do you'll automatically get notified every time I release a new podcast episode see you next time