Get Your Money $hit Together Day 9 Activity
Fund Your Dream Life
There are many ways to fund a dream that you may have. We are going to outline the basics and then you will do some brainstorming to uncover some of the many ways you could approach this. Keep in mind, as always, the best approach is to focus. Too many moving parts and you may drop them all. For now, write everything. Then, you will choose just one at a time to work on. I include five of the major ways to attract funding here, but feel free to expand on this worksheet and write in your own ideas. Most of all, have fun and use your imagination.
Method 1: Your own labor. One option you can choose, which many do, is to work in an area you have an expertise and attract funding through your overflow. This means living on less than you earn and putting a portion of what you earn toward your dream. This can be a slower approach, but over time its consistency will fund the dream in your heart.
in my book “The Money Makeover” I have several potential ideas for how to take your personal skills and turn them into cash. If you are looking to guarantee you can fund your dream, the best approach is to take control yourself. I recommend at least 20% of your income is saved for your passion project if it is a big one. Also, don’t forget this is AFTER you have taken care of yourself and your own financial needs. The more thrifty you can be with your spending, the faster you can reach your dream.
To be clear, this method can also be used to simply save the amount of cash you have calculated it will take to buy your freedom. Search the book and social groups for “Financially Independent, Retired Early” (FIRE) for how to calculate your early retirement.
Method 2: Partners. Sometimes what you want to do is also attractive to others who may have resources, capital, or skillsets that help your dream become reality even faster, and offers the fun of support. If two are saving from their earnings, the money adds up faster. Now you also have access to the thinking capacity of another, forming what Napoleon Hill calls a “Mastermind.” Magic happens in this collective energy.
Be aware that partnerships can also come with some drawbacks. You will need to be sure you have the same vision and goals for the project before you begin, and address ahead of time how you will handle any conflicts of opinion.
Method 3: Leveraged purpose. Sometimes when you have a dream, someone else also holds that dream who may be too busy or not interested in giving their personal time. Consider the investment of passive financing partners who may wish to see the project forward but not participate. There are many people who have success in an area because they have focused, but now they want to make a difference in others ways. Align yourself with those who have a goal to support a project like you are creating and allow them to “Bankroll” your passion project.
Be prepared to share a portion of the rewards with these investors, of course. Before you agree, be sure everyone is clear on the expectations, possibilities, and any guaranteed promises of returns.
Method 4: Funding sources (i.e. grants, etc.) When I tell you that there are more grants and funding sources for doing good work than are applied for each year, I am underplaying this truth. Every year money is left on the table by organizations who have it yet no one who qualified applied. Be clear what your mission is, and if it really has some value to add to the world, likely there are funds out there to support it.
Seeking funding through grants and other sources can be costly, especially of your time. Research shows that it takes about 80-200 hours to write a grant proposal. When entering this world, set aside the time and focus you need so you can manage the project inside your other responsibilities as well. Patience is key when taking this approach.
Method 5: Social projects and support. One method that has become a new wave of getting started on your dream is the startup funding sites like kickstarter and gofundme. If you take a look, what it truly takes to attract social funds is something that gets attention and seems fun to be part of. Environmental causes, hunger, poverty, or anything that solves a big world problem is likely to attract social attention. But don’t think you have to save the world to get your project funded. Something tangible to receive plus being part of something cool is enough for the average person to put a few dollars toward something. Give it a shot. What do you have to lose?
Whichever method you choose, one thing you will need to prepare to show is how your project will become sustainable with time. This means, if you cannot show the numbers for how this will work, even YOU are not best served by pursuing the opportunity. Be sure to reconcile how and when the project will return its value, or how you will sustain resources if not. Sometimes a larger, more humanitarian project can attract donors. Still, you will need a plan for attracting such donors as part of your money attractor. Remember, money goes where it can be USEFUL and MOVE.
Now, consider each of the potential methods and write everything you can think of that could attract funds for your project, idea, or product. Write it all. Sometimes the marriage of two totally “out there” ideas become the gold you’ve been seeking.
Ways I could attract resources to my dream project using my own skillsets.
What types of partners would also want what I want to create? ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
What would someone care about who may be interested in supporting my dream project?
What types of funding sources would support the project I am proposing? Where can I find them? List a few sources you research to see what the market has at a glance for your idea.
What would a startup funding project need to look like for me to attract money for my dream project? What do my social peers also care about that would encourage them to donate and share?
Other: As I consider funding sourced, what other ways did I think of that I could fund my dream project?
SET YOUR ENVIRONMENT FOR SUCCESS
Prepare your space so you will not be interrupted. Use your favorite scents, sounds, and temperature so you will feel supported by your environment. Set a timer and write for an amount of time that feels good to you. I usually choose 27 minutes because I love that number. Don’t feel compelled to answer everything in that time. Just write. You can set the timer as many times as you need to finish. At any time you feel tired or like you do not want to keep writing, take a break for now. Decide when you will return to writing, and keep that small promise to yourself when that time comes. That’s it. You are ready to complete this activity. Enjoy!!
Sometimes when you begin to imagine your dream life, you may find some blocks coming up that limit you from believing what you want is possible. For now, allow yourself to dream. Don’t worry about “how.” Funding your dream starts with opening to all possibility before we judge any options. Pretend that anything you can imagine is possible, and go all in imaging all the ways you could fund your dream. If you find you need support in this, reach out and our team will help direct you to the best support for your needs we know.
When working through this lesson, you may wish to have a bit more on the subject.
I recommend chapter 12 of my book “The Money Shot” called “Diversify your income” for a longer read on this topic.
If you are looking for the specific strategies for increasing income, check out “The Money Makeover” a simple read with lots of value.
You may also check out Robert Allen’s book “Multiple Streams of Income” for even more.
For more support using the worksheets provided, you can check out the tutorial in our library. https://askprofessorg.com/library/
Tips for ways to complete this exercise
- Solo—doing this alone and with plenty of space is preferred, at least in the first round. Spending time with yourself can offer you some deep insight into what you want when there is no one else to please with your choices. I recommend doing this solo as a first pass, and then getting into some activities you enjoy with people you love and see what else comes up for you that you didn’t think of before. Maybe you discover you love roller blading and want to live where there is a place to go near you home. That would be a great wealth component to add.
- Partnered—once you have given this some thought by yourself, you may wish to engage someone to share your vision with. For some, the vision is too delicate to share, and that is okay. Share it with your mirror. There is value in sharing what you want out loud and receiving support from those who listen. Be sure to set the stage for success, however. Choose someone who will support your vision and dreams, and not someone who will judge you or try to insert their idea of your dream. This is a listening exercise…and just maybe you can dive in together and do a bit of crazy dreaming together if you want to expand your ideas a bit.
- Group—again, after some personal reflection, it can be powerful to bring your vision before a small group and receive love and support for what it is you are creating. Doing this exercise with a group holds the power to create collective energy for your dream life. Keep in mind, as with partners, it is critical that all members of the group are there to support only. This is your vision. Allowing a group to expand your ideas is awesome. Letting a group tell you what is best for you is not. Hold to your own feelings and decision about your dream as you step deeper into your wealthy life. You’ve got this!!!
Remember to come share you insights, wins, questions, and breakthrough on Instagram and tag us @thegypsyprofessor using #moneychallenge so we can find you.