Myo Life

Transcript

Carmen Woodland: 0:00
Hey, I'm Carmen and welcome to Myo Life. That's short for my outrageous life, which is exactly the kind of life I get to live since I found the courage to ditch dental hygiene and build a life I'm bonkers about as a Myo functional therapist and entrepreneur. Here you will find all the things myo, business and how to build a life that you, too, are bonkers about. I'm very happy you're here. Shall we dive in?
Carmen Woodland: 0:31
All right, welcome back, myo friend. I hope this finds you doing fantastic.
Carmen Woodland: 0:39
In this episode, we are going to be talking about finding your freedom number. Now, if you have been with me for any amount of time, I have done other lectures on this. I have actually given the lesson right from the Ditch Hygiene Academy™ on finding your enough, your enough, your freedom number, whatever. That's what we're going to be looking at. So I have got some notes and I'm just going to dive in. So the reason this is so important. So let's say that you are a bored, burned out dental hygienist who is considering getting into the field of myofunctional therapy. If you're working a full-time job, it's going to be harder for you to have runway space to build this dream if you're working all the time, if your finances require you to work 40 hours a week or worse. Okay, I have met some people that are literally doing hygiene six days a week. I'm not saying it's impossible, but I'm just saying it's going to be harder. So the reason it's important to figure out what this number is is because, as you're going to find when we figure out your freedom number, this is going to equal extra time on the calendar Blank time, not extra time. There is no time fairy coming to give you an extra day or an extra eight hours, but what we're going to figure out is what you can get by with so that you can have more time. Okay, so that's why knowing that number is going to be helpful, all right.
Carmen Woodland: 2:23
So the first step says that you're going to calculate your baseline needs to make ends meet. So first is your non-negotiable fixed expenses. These are this is no debt, these are just essentials like shelter, utilities, food. Okay, this is just the basics to keep you alive. So get out a scratch piece of paper, hit pause, do the work. Okay, write this down. So this is going to be just those things. Now, if you are married and you only have X amount of, say, it's just the percentage of the expenses that you cover, then that's the number that you're going to be working with. Okay, if your mortgage is $3,000 and you're just expected to contribute a third, then just work with that number, okay. So, non-negotiable fixed expenses no debt. No debt here, because that is going to come next. So once you have that number, then you're going to move on to payments towards debt. So this, unfortunately, for a lot of people might be a big number. Okay.
Carmen Woodland: 3:47
So once you write down your, your debt payments, um, then I want you to think about, um, your negotiable expenses. So let me back up. So, debt, that's like that's going to be your car payment, your student loans, that kind of stuff. Okay, your cell phone, your cable, all of the dumb subscriptions that most of us get, these are negotiable expenses, so these are only fixed in your brain. You do not have to have them. Yes, life would be weird if you didn't have a cell phone. But you also don't have to have a cell phone with unlimited data. I have this argument all the time, even with my own family members. Well, it's only, unlimited data only cost me 45 a month. I'm like, yeah, but I get five gigs for 15 a month. That's $30. Do you know, with the power of compound interest, what that $30 turns into? Um, don't even get me started. You're getting me, you'll get me on a uh on my soapbox. So non-negotiable expenses, then payments towards debt those are your student loans, that's your car payment, that kind of stuff I mean. Actually, in my opinion, you guys, if you, if I really wanted to give you some tough love, I would say that car payment is a negotiable expense because you don't have to have it. You could get something else. That is difficult, but maybe it could be less. So that is our next step Once you have all of those numbers written down, what your non-negotiable fixed expenses are, your payments towards debt, your negotiable expenses.
Carmen Woodland: 5:33
So your cell phone, your cable subscriptions, anything else I want you to look at that number to see if you can refinance your finances. So that's where you think about can I get by with less of a car? Can I get by with less data on my phone? Can I get by with no cable, with no subscriptions? How bad you want this is going to be how hard you work at this essentially be how hard you work at this essentially. So once you have done that, you're going to come up with an annual number or a number, make it an annual number. Okay, do the math, you can do hard things. Um, so once you get that annual number, so let's just say I should have had, um, some scratch paper here. But I'm going to get some scratch paper.
Carmen Woodland: 6:26
So, let's say, your number came out to be $3,000 per month. Okay, so that is going to be times 12 months. So that's going to be $36,000 a year. That's what you need, okay, um, also, we're not talking taxes here. So that would be. You know, you have to adjust for that a little bit.
Carmen Woodland: 6:53
Um, how many hours per week is this? So if, if you were working a hygiene job at $50 an hour, how many hours a week are you going to need? We're going to do the math here. So, $36,000 a year. If I divided that by 50 weeks, we're going to just say 50 weeks, because we're going to assume that your office closes, you take vacation, that kind of stuff, for at least two weeks a year. So there's 52 weeks in the year, so we're going to go with 50. So that means that if you need to earn $36,000 a year, so $3,000 a month Um, and you divide that by 50 weeks, you need to earn 720 doll hairs per week.
Carmen Woodland: 7:54
So if we divide that by $50 per hour, you need to work 14.4 hours per week. 14.4 hours per week. So this is where it gets exciting, because this is where you get some of that time. So, remember, I said there's no time fairy coming, but this is where you can start getting some runway, some white space on your calendar to be able to start your business. So if you're working 40 hours a week and you really only need to work 14.4 hours a week, that's where you are able to cut back. Now your brain is going to have all sorts of drama over this because you're.
Carmen Woodland: 8:42
It's going to be hard, especially. I mean, I don't know about you, but for me, as a dental hygienist, I lived pretty nicely. I had disposable income, I had nice things, I had money to travel and that kind of stuff, and so when I was calculating my enough, when I was figuring out my freedom number, it was hard to go like, oh okay, how can I, how, how can I do this? How can I be successful? How can I cut back? It's not forever, you guys. If you're, if this number is like your biggest hairiest dream, you don't have big, hairy enough dreams, okay. So it's just the for now. While you start your business, it's going to be so much easier for you to go through the Ditch Hygiene Academy because you are going to go through the Ditch Hygiene Academy, right. It's going to be so much easier for you to go through there if you have time. That's the biggest thing. So we know that the brain is going to throw an absolute temper tantrum and that's okay. This is not where you're going to be forever.
Carmen Woodland: 9:45
Now I do want to tell you about my associate Jess. When I was working with her, she had immediately left dental hygiene. She was in a position to just be like I'm done with you. And then, the more and more I coached her every month, I kept finding that she was back in dental hygiene and I'm like what is going on? And a lot of that was because she was scared. So when I said, hey, is this just because you can't pay the bills or is it because you're scared? And she said it's just hard to go from what I used to make to now you know, making a fraction of that. So just know that your mindset is going to um, throw all sorts of fits and that's okay, I will help you get through that, um, so I'm going to leave you with this. Um, seems like a perfect time because there's a leaf vacuum truck coming by.
Carmen Woodland: 10:45
I'm going to leave you with this so that you can just think about where, where you can cut back. Um, how you can make some space on your calendar. Um, the next step is to get your butt inside the Ditch Hygiene Academy when it opens next, because that's I'm going to teach you how to fill that space. Okay, you don't want to just be having you know. You don't want to go from 40 hours a week to 14.4 and not have a clearly defined, very organized, repeatable process. That is just like follow the yellow brick road. So you work on finding your freedom number. So you work on finding your freedom number. You work on freeing up time on the calendar, and then I will work on making sure that you have the most bomb diggity program to teach you so that you don't have to stay at your baseline number forever. So that's a wrap, my friend. I will be back soon with another episode talking about all things Mayo business and building a life that you are absolutely bonkers about. That's it. I'll see you next time.