Category / money

by Nathan Coumbe

If you build it, they (probably) won’t come.

The key in any endeavor from which you hope to profit, whether it’s creating a new product, learning a new skill, or starting a new service, is to first identify whether other people want what you are selling.

Contrary to the message in “Field of Dreams” (sorry, Kevin Costner), if you build or create something without first determining whether or not people want it, you probably won’t have anyone knocking down your door to get it.

Learning to be the best Fortran coding expert in the world is useless in today’s workplace because no one uses that coding language anymore. And don’t get upset if you spend 4 years learning puppetry only to find no one wants to pay you for it.

To make a living, you must serve other people. To serve other other people, you must find what people need.

You must determine what problems other people have and how you can solve them. Perhaps the need is to be entertained (in which case learning puppetry might actually be profitable for you, if you can find a way to market it). Perhaps the problem is a lack of clean water to drink.

Regardless of what you do, the key is to first identify what others want, then create something that serves that purpose. The customer must come first if you desire to profit.

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by Nathan Coumbe

Make a huge difference with one small behavior change

In his second great book, The 8th Habit: From Effectiveness to Greatness, relates the story of Muhammad Yunus, an economics professor who founded the Grameen Bank – an institution that makes microloans to the impoverished citizens of Bangledesh. His story deserves to be quoted at length, but I will not do that here. What follows is a summary.

Muhmmad Yunus Saw a Need

Muhammad Yunus earned a Ph.D. and began teaching economics at a university in Bangladesh. While he was inside lecturing on macroeconomic principles, the citizens of Bangladesh were struggling to survive in a life of abject poverty.

One day when Dr. Yunus walked out of class, he passed a woman making beautiful, handmade bamboo chairs. Upon further discussion, he determined the woman was making two pennies per day.

Why? Because she was in a terrible arrangement with her supplier who only allowed her to sell the chairs back to him. Dr. Yunus then discovered that the woman only needed $0.20-0.25 cents to buy the materials herself, then she would no longer be in bonded labor to the supplier.

He discovered that other citizens were struggling in much the same way. His assistant went around asking how much money different people in his neighborhood needed to make a living: he reported back that all together they needed $27.

TWENTY-SEVEN DOLLARS! Dr. Yunus took that money out of his wallet, gave it to his assistant, and told him to tell those who were receiving the money simply to pay him back whenever they could (which they all did, eagerly and quickly).

Dr. Yunus Met a Need

There is much more to the story than that, including a long battle with banks in the area who did not believe anyone would pay back the money that was loaned to them (which they did). Dr. Yunus discovered, simply by opening his eyes and talking to people around him, that while he might not be changing the world with a $27 loan, he was changing someone’s world.

Dr. Yunus went on to create and found his own financial institution, Grameen Bank, which specializes in making small loans to people all over Bangladesh so they can create businesses, making a living, and pull themselves out of poverty. To this day it has loaned billions of dollars in microcredit to hundreds of millions of citizens, and it changed their lives.

Why am I telling you this story?

What You Need to Do

Change how you move through the world. Today, and each day for the rest of your life, when you drive around town, walk outside, or even scroll through social media, pay attention to the people.

What are they doing? What are they posting on social media? Can you identify a need in what they are saying? Are they struggling to accomplish a task or project?

Are they asking a question to which you know the answer or have a solution?

Assume, as Dr. Yunus says, “a worm’s-eye view” of the world. Don’t look for huge problems to solve: look for small, everyday problems. Find someone in need, ask yourself if you have the will and the skill to meet that need, and then do something about it. Show up, solve a problem, and keep doing that over and over again.

Ask yourself if you have the will and skill to meet someone’s need today.

You may not change the world, but you will change that person’s world. Do that enough times, solve enough problems for people, and you might begin to see a greater need that can be met by a business, service, or non-profit.

Find a need, meet the need, and make a difference today.

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*Note: some links on my site are affiliate links which means I make a small commission for purchases made. This does not affect you in any way.

by Nathan Coumbe

How much is enough?

I asked myself this question a few days ago and elaborated on it in my journal. Specifically, I was asking myself, “How much money do I need to make to feel like I am making enough?”

Honestly, making more money right now would not bring me any more happiness. It’s not money that my conscience is crying out to gain: it is meaning, purpose, the ability to use my God-given talents and strengths to serve and help other people.

The income I make now is actually more than enough to satisfy my needs at this moment. So why am I not doing something that fills my cup?

Have you ever asked yourself what enough is? If you made $40,000 a year, could you live on that if it meant you were doing something you cared about so much and so thoroughly enjoyed you couldn’t dream of doing anything else?

My answer is yes. Yours may be different. At a certain point, making more money is just making more money. Studies tend to cap the increase in happiness that comes from money at about $75,000.

So what goal, idea, or passion is the quest for more money preventing you from pursuing?

Are you, perhaps, an artist who wants to paint? A musician who wants to play and teach? Or are you, like me, a teacher who simply wants to teach?

Ask yourself this question: could you, honestly, make a living knowing the starting or average income that job in your head receives? Could you survive, or even thrive, if it meant you were doing what you felt passionately called to do?

The irony is most of the time when you quit pursuing money and start pursuing passion in the service of others, more money than you imagined comes into your life.

How much is enough? Could you make it doing what you love?

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by Nathan Coumbe

Profit vs. service

You have a really good idea, an idea that people will love, that will make a difference, that will make things better. In fact, the little voice in your head continues to tell you, “This might work.” But you continue to hesitate; you still haven’t shipped. Why not?

Money.

It always come back to money…but I don’t mean money in the way you’re thinking.

You might be a freelancer, a musician, a writer, or a budding entrepreneur: you want to improve the world, and you need to eat. Essentially, you are wrestling with two competing ideas: “Will this make me money?” vs. “Will this help people?”

If you live and work by the former question, you will make very little progress. There is no way for you to know if your endeavor will generate revenue, which means you will probably wait until you are sure it will work before you act. But if you can’t be sure (and you can’t), you won’t act.

Around and around it goes.

If you are searching for “yes” to the money question, you will feel fear every time you create a new video or go to click on the checkout button of a webhosting platform. You’ll be terrified every time you pick up the phone to make a sales call or approach a new customer in a store.

If you are worried about the profit, you revert to a scarcity mindset:

“I don’t know that this article will make money, so I probably shouldn’t post it.”

“Someone else is already doing something similar; I won’t be different enough to standout and earn an income.”

“What if I spent a little money to make this happen, but I never earn it back? I’ll have wasted it!”

Is that true? What if you didn’t make any money back, but you helped someone by spending it? You gave a gift; it was charity.

You do need to eat, which might mean you need a job while you seek to serve other people. If you work to answer the question, “Will this help people?” you will find that your ideas come naturally. They will be much easier to send out into the world: you won’t hesitate, because there is much less riding on the outcome.

In fact, the outcome is practically harmless. You either end up right where you started, or you make change happen. If you only help one person, then the answer to the question is a resounding “YES!”

I think the secret is faith and the right mindset. The right mindset is seeking to help people because you want to help them, not because you want to profit from them. Ironically, if you help enough people, you will be much closer to turning a profit than the fool who is focused on it.

Seth Godin says it all the time: “Ideas that spread, win.” They do. Helping others spreads, which means it wins. If you help people, they will know who you are. If they know who you are, they will come to you for more help. They will probably tell their friends about you as well. Soon you have an audience, people who trust you because you sought to help them, not profit from them. When people trust you, you win.

Live a life of abundance and give, give, give. Have faith that if you help enough people, the money will come.

And if it never does?

Well…you still helped a lot of people.

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by Nathan Coumbe

The Weasleys: two sides of the passion coin

One of my all-time favorite literary creations is the Harry Potter series by J.K. Rowling. It is a story that grew up at the same time I did, and it still brings me great joy today. Because I know it so well, and because it doesn’t overstimulate my mind as I am trying to wind down, I tend to read it before bed. While reading Harry Potter and the Goblet of Fire, I was struck by the inadvertent focus on passions in the first few chapters.

Two different ideals on passion are illustrated in the book. Arthur Weasley, the father of all the red-headed Weasleys, is obsessed with all-things Muggles. He “collects plugs,” and his wife thinks him crazy for it. The Weasley twins, Fred and George, are known far and wide for creating mischief and mayhem wherever they go. I want to unpack this a bit more.

Arthur Weasley has followed his passion (non-magic people) and made an entire career out of it. He works for the Misuse of Muggle Artifacts Office in the Ministry of Magic, protecting the Muggles he loves from witches and wizards who would do them harm. His hobbies at home are all based around Muggle items, from cars to plugs and electricity. And yet, even though he has followed his passion, his family is impoverished.

Throughout the series, we are constantly reminded how little the Weasleys have because their father seemingly has no ambition. I don’t believe this is the case; he simply followed his passion down a deep rabbit hole without ever paying attention to how he could monetize his curiosity.

Career coach Dan Miller often talks about the three-legged stool model of work: for it to work well, there must be passion, talent, and a way to make money from it. Arthur has failed to build that third leg of the stool, and his family has suffered from it. This is by no means a warning against following your passions and talents; it is simply a reminder that you must pay attention to how you can make a living from them, or else you simply have a hobby.

Now let’s turn our attention to the Weasley twins. There is no doubt that they are brilliant witches and wizards. They hold their own plenty of times against other witches and wizards in combat. Not only that, but Hermione Granger herself comments at one point on how impressive and advanced their magic must be for their magical gag products to work.

They are obviously immensely creative and talented in their passions, which seem to be mischief-making and comedy. Yes, it gets them in trouble at school, but only because their school, like our own modern educational system, is a place to sit quietly, obey, and pass the end-of-year exams. Their mother, Molly, is constantly chastising them about not getting enough high exam marks, about causing too much trouble, about not being ambitious like their father and choosing comedy and invention over working for the Ministry.

How is that for irony? For one, government work, whether magical or not, has never been the most creative of workspaces, nor, in my experience, do many people in government tend to be overly ambitious and concerned with making a difference in, or leaving a mark on, the world. I find it fascinating how closely this relates to us in the real world. Our schools stifle creativity and individual differences among their students; we encourage them, not to pursue what they excel in, but to pursue what will pay well and be the “secure,” as if such a thing even exists anymore in the information age. We focus on improving everyone’s weaknesses to make everyone more like the average student, rather than focusing on strengths so that we can all stand out and achieve our unique purpose.

If the Weasley twins had followed their dad’s example, or their mother’s advice, they would never have lived up to their true potential. By book six, Harry Potter and the Half-Blood Prince, the twins succeeded in creating Weasley’s Wizard Wheezes, opening up a highly successful magical joke shop, and becoming fabulously wealthy in the process.

Let’s take a lesson from the Weasleys today. Have the focus of Arthur Weasley, but the ambition of Fred and George. I strongly encourage you to follow your curiosity wherever it leads. Ignore the naysayers, but keep in mind the idea of the three-legged stool; all three legs must be present or you only have a hobby, like Arthur Weasley. Find a way to monetize and maximize your obsession, and you will be successful beyond your wildest dreams.

by Nathan Coumbe

Money matters

Money is important, whether we wish it to be or not. The keyword here is money.

Your credit score is not money – you cannot buy an amazing, limited-time offer with your credit score. You cannot use your credit score to buy a life-changing course that will help you make more money than you dreamed possible. You need money to do these things.

You need money to be able to improve yourself, your skills, your position; you need it to create, to thrive, to lower the demand your art places on your head.

Creatives, artists, writers, musicians – we, more than anyone else, need to realize the importance of money in our lives. It allows to create more art; it allows us to pay the bills so that we can create more art; it allows us to eat SO THAT WE CAN CREATE MORE ART.

Get money, not an 850 FICO score. We’ve been brainwashed that a credit score is an indicator of wealth, but it isn’t. All a credit score measures is how much interest you’ve paid to banks, how long you’ve been paying them, and how many different types debt you’ve had.

Do you know what a real measure of wealth is?

MONEY!

Money, investments, property, assets – these have been the measures of wealth for centuries now. It’s only been in the last half decade that companies decided to collect a bunch of random information about you and sell it to banks, so that the banks can make huge sums of money off of your ignorance.

Here’s another idea: how many of you have had your personal information compromised and stolen simply because credit bureaus exist? If you are reading this blog right now, if you are breathing, there is a greater than 50% chance that your personal data has been stolen by someone.

BREAK THE CYCLE. Quit thinking that a credit score means something good for anyone but banks. Money matters; wealth matters.

I’ll say this one more time: go make money so that you can create more art.

by Nathan Coumbe

Stop telling people to avoid the arts

How many of us have told someone that she should choose a real major, one that is applicable in today’s job market, rather than pursue something creative like art, music, or literature?

(RAISES HAND)

Why do we do this? It is well-meaning enough, I suppose: we don’t want them to struggle financially, we don’t want them to fail, we don’t want them to get hurt because it is so hard to live as an artist…

Let’s just stop, shall we?

What if the person to whom you gave this advice is actually quite talented as a writer? What if she has spent so much of her free time drawing, painting, and sculpting that she has become a fantastic artist? Do you really feel comfortable telling her that she should go get her MBA, work in middle management, collect her benefits, get the 401(k) match, and just worry about “all that artsy stuff” in her off hours, because she can’t make real money in the arts? Why is that good advice (especially when that last claim is bogus)?

Handle Money. Fail often.

Why don’t we teach her instead? Let’s make sure that we are teaching our children how to handle their finances, how to live on a budget, spend less than they make, save money, make money, and how to avoid debt at all cost (this is the real reason so many of us starve these days). We should most definitely teach her not to go $100,000 in student loan debt for her MFA in painting, but that does not mean we should tell her not to pursue her passion – those are not the same thing.

At the same time, we should also be teaching her to fail and fail often. Have her start trying to sell her art online. That doesn’t work? Should we tell her that she should quit and go get a real job? No! You don’t tell a child to stop trying to ride a bike because she fell off and scraped her knee; you tell her to get up and encourage her to try again.

Do the same thing with your creative child or friend. Encourage her start teaching other people what it is that she knows. She can make online videos of her work so that others can see it and her ideas will spread. Find whatever avenue works for her.

Encourage

There has never been a better time to be an artist than today – the market is wide open, the possibilities are limitless. You can be an artist in anything at which you are talented; it does not have to be a traditional “art”. Let’s focus on teaching our family and friends the right skills they need to survive and thrive – let’s teach creativity, leadership, personal finance, marketing and storytelling. Then let’s send them forth to pursue that which they most truly enjoy.

If we can teach them to handle money well, and to learn and grow from failure, they will all be fine.

We will all be just fine.

by Nathan Coumbe

Your time or your money?

40 hours is a lot of time, and this doesn’t even include the time spent getting to and from work; on a good day, it takes me 30 minutes one way to get there – on a bad day, more than an hour.

How much of that 40-hour block is spent actually producing work or making a profit for your company? How much of it is spent staring at a clock?

At what point does making more money become less valuable than having more time?

Can you be satisfied, temporarily, by only making enough to get by while you create and ship something that truly matters to the world?