This week's Indie Business Radio, show features Marc Warnke, author of ONO, Options Not Obligations: Enrich Your Personal Life by Rethinking Your Financial Life
Marc is a husband and father of two who, along with his wife, became a millionaire while working as spokespersons for kitchen gadgets. While I did not have time to nail down the details of that career (and you'll hear on the show how curious I am about that!!), I know that creating options for yourself is a whole lot easier when you're a millionaire, so I picked Marc's brain for his best tips for small and independent business owners to create options, not obligations, before we become millionaires.
Marc provided fantastic tips to help us change our lives by changing the way we view and respect money. Marc and I had a wide ranging discussion, and we focused not so much on handling money as we did on embracing a mindset that facilitates the accumulation of wealth. (You may enjoy my posts on Money here at my blog.) Here are some of the insights Marc shared with me on the show.
- On Wealth. Marc defined “wealth” as having surplus money, having stability and having options and not obligations. He expressed his conclusion (based on research) that most people only need to do three things in order to drastically change their financial lives. (1) Buy used cars instead of new ones; (2) Stop eating out so much; and (3) Stop living in a home you cannot afford. Marc acknowledges that these are difficult changes to implement for lots of people. But he also reminds us that if we focus on the benefits of making such changes, the fact that it's “difficult” shouldn't matter. The only ways to gain wealth are to increase income or control consumption. Stop whining about it and start doing it. (That last part was me, not Marc.)
- Periods of Imbalance Are Necessary. Marc was honest in sharing that, even in his mostly balanced lifestyle, there are still periods of imbalance. Depending on where you are in your entrepreneurial journey, you will encounter periods of time where there simply is no balance. Sometimes, we have to postpone very important things (your son's soccer game, your daughter's ballet recital) in order to enjoy the reward to come.These real life issues cannot be put in a box. We must all face them on a case-by-case basis. The thing to keep in mind, says Marc, is to strive for the balance, even though the process of getting there necessarily involves some lack of it.
- Your Business Model. Every business is different. Every person is different and every lifestyle is different. But Marc says that every business must be planned to supply you with a desirable personal life. In most instances, Marc says, that means creating more than one source of income for yourself. This is of course easier said than done, but I know from personal experience that it's possible — because I've done it! Marc suggests creating a business that starts with Part A, but making sure Part A leads naturally to Part B. In this way, the first phase of your business provides the platform for a logical progression to the second phase.
Listen to the Show
Get more of Marc's tips wherever it's convenient for you. You can download the entire show on iTunes (search on Indie Business). You can also stream it or download it at my radio show website, where you can also pick up a copy of Marc's book. If you like where you are right now, simply click on the link at the bottom of this post to listen right now! It's a great way to digest useful information while you work.
Companion Newsletter
Click here to enjoy the companion newsletter for this show. The newsletter features the story of how IBN member Rosanne Tartaro owns and manages SunRose Aromatics in Bronx, New York, where she imports pure essential oils and aromatics from around the world, and also uses them to create unique personal care products. Rosanne is also the author of, “Chakra Balancing.”
Coming Up Next Week!
Coming up on November 2 at 1:00pm EST on Indie Business Radio: Shiv Singh, author of Social Media Marketing For Dummies
See you then!
