If you’re not loving life, what’s the point? Vicki Wusche helps direct us
Vicki Wusche shares how nonemotional, mathematical thinking has enabled her to reach financial freedom and help others do the same.
We talk about:
- The kind of business to create following COVID-19
- Advice on what to do before leaving full-time employment
- Questions to ask yourself when creating your own business
In this episode we discuss:
00:57 Introduction to Vicki Wusche
- Vicki’s background [01:09]
- What Vicki is focusing on right now [01:42]
04:05 The catalyst that led Vicki to go from employee to entrepreneur
- Seeing through the illusion of security at your full-time job [5:47]
- Why employees can be let go without warning [7:23]
09:07 Vicki’s career as a property investor
- Why Vicki, a teacher by background, was drawn to property investing [12:27]
- The advantages of property versus other types of investments [15:44]
16:23 When Vicki decided to leave employment and work her business full-time
- Vicki’s personal development journey [19:06]
24:36 The biggest failures that Vicki experienced on her journey as an investor
28:27 The power of focusing on what brings you joy whenever you make a business decision
Quick Juice Questions
39:21 What is your best tip for those thinking about leaving full-time employment?
I wouldn’t leave full-time employment until I have replaced my income by 150%. If you have a choice, look at creating a business or investments on the side that will replace your income and enable you to step from one to the other. Don’t step out into a financial void. Or, get yourself some savings behind you—as much as 12 months behind you if you can—that would give you enough money to invest in your new business and pay your wages for a six-month period until the business picks up and pays your commitment. I’d also say, above all, know how much money you need on a monthly basis to pay your bills. Do a spreadsheet. Work out, in a true business sense: What are your fixed costs? What are your variable costs? What are the costs for your “nonessential luxuries”? Once you know those three amounts that you have in your life now, you will discover the figure that you need to earn on a monthly basis, and start saving towards that.
41:04 What are the first steps that aspiring entrepreneurs should take?
If we’re talking about leaving some form of work and starting some form of business; or maybe you’ve had to close your current business, maybe because of these lockdown situations, and you want to start again—my advice would be different to you this year than it would have been last year. I would definitely be looking at what online opportunities you’ve got; or if you are passionate about an offline business, look at what other online products you can have in the background. If you want to get into health and fitness, a lot of that is working one-on-one with people. Go and learn how to do your exercises online. Maybe create a business that has “Gold”, “Silver”, and “Bronze” services, where there is more personalized interaction with you directly the more expensive the package. This will allow you to continue to service your existing clientele even during COVID-19. Phase 2 requires you to ask, “Who will pay me enough money that it’s worth me doing this?” You know how much you need to keep your business afloat. Work out how much to charge per person and how many customers or clients you need to have to justify your new business model.
43:19 What has inspired you the most in your journey and where are you most inspired?
My family. I want to be a role model to my children and, now, my grandchildren, showing that if I can do it, then they can, too.
44:53 Which book has inspired you and changed your thinking the most?
The Celestine Prophecy by James Redfield.
46:00 If there’s one last bit of Executive Juice you can share for people who want to get to the top of their property game, what would it be?
Do the maths. Be very unemotional and mathematical about your next step. Start with your family spreadsheet and, once you master your personal money, you will have the skills to start managing the money in a business. Lord Alan Sugar said, “Your business isn’t a business unless it makes a profit.” Whatever you do, whatever your passion or skills, it all has to start with maths and money.
- Three Free Online Audits at VickiWusche.com
- Vicki Wusche on Facebook
- Vicki Wusche on Twitter
- Vicki Wusche on LinkedIn
- Sometimes, an opportunity appears as a message in plain sight. When we’re not ready to receive them, they have to keep coming at us before we finally realize they’re there.
- How are you expressing your value to meet the needs of your customer in a way that they’re prepared to pay for it at a price that makes it worth all your effort? Time is a more valuable resource than money.
- When emotion goes up, intelligence goes down.