Are you ready for the March 2019 Income report here with me Jerry Banfield featuring the Income and expenses, cash available and credit for both my business and my personal life?
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You might wonder, why do I do these?
I think it’s important we feel very comfortable talking about the things we want.
If we want money, if we need money, we need to talk about it openly, and honestly, in my opinion. I get to lead by example.
I’ve been doing these for years. I appreciate all your love and support and all the likes and comments on these Income report videos.
I have the unique opportunity to present you my Income report unlike many you’ll see where everything’s just blowing up. I’m going through a time of borrowing which we will get into right now.
Let’s take a look at my actual income in the bank.
Actually this is my actual money in the bank.
My personal checking account has $10,000 in it approximately. We’ll just round to the nearest $1,000. Business checking account has $26,000 in it, because I just borrowed $24,000 from PayPal, and my personal checking has $10,000, because I just got my tax return which is very nice. Almost $10,000 from the IRS.
Thank you to those new tax laws that benefited my family massively. That was really convenient. My main personal credit card is right here. I don’t have any balances on any of the others so far. My main personal credit card, $3,638. That has been paid in full every month.
There’s no interest on that one because I pay it off every month so far for a while.
Here are my three business credit cards. I just got two new ones. Thanks a lot for those. My main one with a $50,000 credit limit, $34,500 on that one.
The brand new one has already got $4,000 on that thing in the first month. I’ve been warming that right up.
Then the other new one, I ran that almost to the limit already. That’s got $10,000 on it.
Total balance $37,000 and some change. Amount owed $52,000.
Now, up until three months ago I had no debt. I was all cash and I’d operated in cash for years after paying off over a $100,000 that I’d previously racked up as a function of switching and pivoting my business doing almost the exact same thing I’m doing again right now.
I’ll show you where all these expenses come from.
This has been a big leap of faith for me and it’s triggered lots of fear like, “What are you doing? Why are you spending all this money?”
I’ll show you what I’m spending the money on.
Now, what is not included in here’s the $27,000 I owe PayPal over the next year.
So really the amount owed, and this does not count student loans either, the amount owed truly is almost $80,000 when just a few months ago it was nothing more than whatever was on that month.
Let’s go take a look here. You might wonder, “What are you spending all this money on right now?”
The main thing I’m spending this money on is to get video courses made and to build up Uthena as a platform.
On uthena.com, this is a next generation online education and freelancing business platform combined in one.
Imagine combining a platform like Udemy with Fiverr or Upwork with Patreon. This one platform does all three of these together plus it has email marketing for free. This is worth borrowing money to get this built up. This is huge.
It’s huge for me. This is the exact platform I’ve needed for years online and we’re already seeing others like Joseph who’s putting his courses on here making sales with it right away.
I’ve just opened up applications on Uthena. If you want to put your courses on and open up an extra income stream or put your services or your memberships on Uthena, you can do that now.
It is now free to be a Uthena partner and I imagine as we build up more partners and affiliates there’s a lot of potential for all of us on Uthena.
As you might wonder, “Okay, well where do you need to spend all the money for this?”
The money to spend on this is in contract labor.
So if you look, this is my entire year of January 1st 2019 to April 6th 2019. The main expense here, $43,804 on contract labor.
I’m paying people who have skills I want to sell courses on to make video courses and then tutorials that I put out on Uthena, I put out on YouTube, and I put these out on other online course platforms as well.
Thus, I’ve laid out probably about $30,000 plus just to have video courses made.
This means I’ve paid freelancers either hourly or by the hour of video produced to make videos for me.
I’ve already got over 50 hours of video courses made and that’s what’s allowing me to have something like this.
The best seller on Uthena right now is this Ethical Hacking Forever course bundle.
The Ethical Hacking Forever course bundle consists of three courses that have been paid for under the contract labor this year. So that’s what I’m spending all this money on.
And if you look at the total difference in my business I’ve essentially broken even as I’ve dropped my focus on other income earning methods and focused on building Uthena up.
The minus $30,000 is essentially straight to paying for video courses which have hardly made any of the money back yet.
You usually need to lay out a lot up front and then the income comes in over years for those video courses.
I’ve researched these based on what’s worked for me and for my channel. This is worth borrowing money for, because worst case scenario I’ve paid other people to do valuable work and share.
And worst case scenario I can just throw all the videos up for free and I’ve provided a very valuable education on in-demand skills for free and then I declare bankruptcy.
That’s the absolute worst case scenario in this which to me doesn’t sound that bad. With bankruptcy, you just basically pay your creditors a little bit over five years or so and go through the court things, operate on cash for five more years and you can’t borrow any money.
That’s the worst case scenario which I don’t picture a realistic likelihood of that happening.
I think it’s important especially with money, look at the worst case scenario. You’re a beggar on the street and you have a lot of free time every single day, and what an adventure. How exciting. You don’t know what you’re going to eat, or where you’re going to sleep at night. How fun.
You can sit on a bench all day and no one complains at you for not doing anything.
Maybe people will anyway.
We went a little bit off a tangent there. Realistically, I’ve talked to my most conservative friends on this and they say, there’s no way you should lose money on this.
These courses ought to on bare minimum pay for themselves and realistically make 10 times which you’ve put into it especially when combined with the rest of it.
So that’s what I’ve been spending a lot of money, and I think it’s important if you want to reach the next level in your business you need to be prepared to spend money lots of times, and this hesitancy is what I noticed.
At the same time you don’t want to just borrow money without a very clear plan. I have a plan that can fail in 80% of the ways I’ve set it up and this will still work out really good.
Nevertheless my mind has lots of concrete things to say.
“Oh my god you’re insane.”
Let’s take a look at some of the Uthena data.
This is the Uthena data for March 2009.
I’m very grateful Uthena has only been up for two full months now, February and March.
I launched it-
By ‘launched it’ I mean I bought a domain at the very end of January, morphed my Jerry Benfield University into uthena.com, and this is the first month we’ve been fully operational and had some good courses worth selling.
I’m grateful $1,290 in revenue, thousands of new accounts already and thousands of new enrolments.
If you’re one of those new enrolments, thank you very much, and if you’re one of the customers thank you very much.
We’ve got a lot of valuable professional content development, career development video courses planned for you on Uthena.
I’m grateful we’re already having thousands of page views every day on Uthena. I’m already testing Facebook Ads. Facebook Ads are tracking the sales really good right now when the ads actually make a sale.
There’s a lot of opportunities to use Facebook Ads and Google Ads to promote Uthena.
It doesn’t seem worthwhile to put too much into the ads until I’ve built up the foundation more. We’re just testing the ads to get a formula that when the foundation, when there’s more courses, more services then we can hit the ads really hard.
Still for something brand new, to be getting almost 2,000 page views a day is really good.
You can see there was a little dip in the traffic.
I turned off the Facebook Ads to put up a different ad format after changing the pricing.
I’ve changed the pricing like three times on Uthena.
I’ve changed up the requirements several times on Uthena.
What you need to know is if you want to teach on Uthena and you’ve already got video courses up it is free now.
You can just upload your courses pretty easily, put them on Uthena and I will get to work selling them for you.
You get 80% of the sales unless an affiliate sells it in which case you get 20% less. So you get 60% even if an affiliate sells it which is higher than any other platform if an affiliate sells it.
We also are just starting, if you refer an instructor or a freelancer that is successfully proved to be a partner on Uthena, you get 5% of their sales for life.
I’ve just worked on this in the last few days and we’ve just opened Uthena Partner program up.
I think this has a lot of upper potential for everyone to grow and build a business.
The point of Uthena is a collaborative business system. The systems out there like Udemy, like Skillshare, like Fiverr, like Upwork, they’re all competition based business systems. You’re all trying to look better and compete with everyone else.
On Udemy, you’re struggling, you’re trying to get your course to the top. You essentially don’t like anyone teaching the same subject as you there. If anything, they’re holding your income back.
Same thing on Fiverr and Upwork. You’re trying to have the best looking profile, you’re competing against other people for the same jobs.
On Uthena, this is a collaborative business system. Since there’s a 20% lifetime affiliate commission which I’m testing myself, it’s already working really good, my affiliate code is consistently working to sell courses and to drive signups. This gives me the ability to promote Uthena heavily for my own affiliate commissions selling other people’s courses.
It works really good and I can just reinforce that.
This is a collaborative business system, because when someone comes in here and buys any hacking course on Uthena, every instructor with a Hacking course has an incentive to sell the Ethical Hacking Forever course bundle with your affiliate code.
Each of us can promote our own courses on Uthena, then as we bring students with the 20% lifetime affiliate commission, we have a strong incentive to go sell everything else that’s relevant to the student.
Same thing with services on Uthena. We’ve got it now when you sell one person on graphic design services for example, and bring them to Uthena then you’ve got an incentive to sell them on any other services on Uthena you think they might like.
I foresee this having a huge snowball effect, because if huge websites like Udemy, like Fiverr, like Upwork even allowed a tiny bit more collaboration among competitors, there’d be massive potential. Instead of everyone working by themselves trying to hustle, this platform is collaborative and this collaboration is absolutely explosive.
We’re already two months in, the data looks great. I’m really excited about this and that’s worth borrowing money for.
I intend to borrow money until either people won’t give me anymore or until it all pays for itself.
I imagine it will all pay for itself within a few months and I imagine all the debt will be paid off by the end of 2019 or beginning of 2020.
Thank you very much for watching this.
I’ve given you the most key data from my business here, because I love you, you’re awesome.
I love money, I’ve got money just all over my studio to show me that money is abundant.
One more loose end someone mentioned before, before we wrap this up.
If you want access to all these video courses, you can become a Jerry Banfield partner and you can get access to all these courses that I’m spending money to make. You can go sell them yourself.
This is my top, what you might call, asset for my business. This Dropbox folder with a 140 video courses in it.
You can have access to it and private label rights to sell when you become a Jerry Banfield partner which is available at jerrybanfield.com/partners.
One more loose end to tie up.
Some people have asked, “Well, how can you be asking people to give you money for student loans while you go around having money like around your house and leaving nice tips everywhere you go?”
I am doing this GoFundMe project both for practical purposes, because Laura and I as a family we have over a $190,000 of student loans. I’m very grateful we’ve got the first $1,000.
There’s a link in the description of the video.
The best way to donate or contribute is to give to this GoFundMe project, because I don’t have to pay tax on this, because it is a gift to me straight towards my student loans.
I’m doing this project for several reasons. Obviously to pay off our own student loan debt. Also as a public relations project. If I can’t do this then what hope is there for anyone else?
The point of the whole project is hope.
I have certainty that over the course of my life these student loans will be paid off. Sure, I’ve got lots of income earning potential, so does my wife. We can pay our loans off by ourselves.
That’s really boring when everyone just does that, when we all just try and hustle and grind to put our heads down and we don’t work together and we don’t see that there’s more possibilities in life.
We don’t see that helping each other we can do so much more than we can do by putting our head down and hustling. That’s what this GoFundMe project is about.
When people see that you and others collectively gave a $190,000 to pay off my student loans, some people will be outraged and disgusted and say, “This is horrible. This guy just puts a project up and people just give him money to pay off his loans? He doesn’t have to work hard?”
And that will drive discussion and that will help other people to have some hope and start open up sharing about their own student loan debt.
I am shocked how many people in my life have student loan debt and have never said one word to me about it sometimes for years.
What most or all of us do is we don’t help each other.
I’ve asked a bunch of people to contribute to this project that have student loans and the idea is, “Jerry I can’t contribute to your project, because I already have my own student loans.”
My intention is to give back at least 10 times whatever is given to this project, because I see myself and my family as wealthy beyond reason.
I have all the things you could want in the world even though you could argue, “Well, Jerry this isn’t wealth.”
I’ve got $37,000 in cash right now. Regardless of how much I owe, I’ve got lots of cash right now.
That’s cash in the bank I can do whatever I want with regardless of whatever the consequences might be. That is wealth to me. I’ve got that flexibility today and that’s because I’ve borrowed all of it otherwise I wouldn’t.
But I’m helping other people make money with borrowing these. I foresee a lot of income coming my way and one of my things I’m thinking ahead on, I’m thinking years ahead on this is, “How do I set up a system where I give back all this money I make?”
Because I’m not interested in having 10 million dollars in the bank and going around thinking I’m better than other people, because I have a whole bunch of money. I’m interested in having a prudent reserve, maybe a million dollars in the bank. After that I don’t want any more than that. I intend to give away everything after that.
And I’m thinking, “How can I set up systems so that I have a deep karma to give back in a specific way that way it’s easy?”
One thing I have a huge passion for is helping other people with all these student loan debts. My intention is to open myself and be available for people like you to give me a $190,000 to pay off all my student loans, and then over the course of my life I and my family we will pay millions of dollars of other people’s student loans off in $5,000 and $10,000 at a time gifts.
See, this how it works. When you drop $100 on my GoFundMe maybe, it’s not guaranteed. Nothing in life’s guaranteed except the beginning and the end. Maybe in a few years I’ll drop 10 or a 100 times as much as you gave on my project back on your project.
You might think, “Well, Jerry that’s just wishful thinking, isn’t it?”
Why would one want to live without wishful thinking? Why would one want to live without some idealism and some hope and some enjoyment?
If you’re too practical and too realistic life is just not enjoyable. And life is here to be enjoyed not endured. You don’t get a medal for enduring a brutal life.
When your life is over and you go to the afterlife, no one gives you a round of applause for merely enduring a brutal life. It’s to get through whatever life you have with some joy and peace and serenity and do good that makes a real difference forever.
Thus, I’m opening myself up to a karma of giving a whole lot of people a whole lot of money towards their student loans with this.
Thus, I start out on the asking end and then I have a very deep appreciation for being on the giving end of this. Because if I just pay off all my student loans, I don’t owe anyone anything.
And this is what we’re all doing.
We’re all just paying stuff off then we don’t owe anybody anything. Then some of us get huge piles of money and we don’t feel any obligation to give back to others.
I feel an obligation to give back to others, because I’m willing to ask for help with what I need help with.
I saw some comments on the last Income report on this so I thought, for you that I’ve watched the whole thing here, I’d go into this.
I very much appreciate your donations on this. This is an awesome opportunity to just talk about student loan debt and to help each other.
Laura mentioned yesterday about selling Uthena. This platform is something that could sell for a 100 million dollars, a billion dollars someday what we’re starting right here.
And thus, I’m grateful for the chance to have the courage to go at it, to borrow money to make this happen now and to do what is needed now and to be ready to give back.
Thank you for making it all the way through the 20 minutes long of my March 2019 Income report with expenses, cash debt and to show you what I’m spending this on and what it all goes towards.
Why am I doing this?
I love helping give the very best professional education. My vision is to help educate as many people as possible for the lowest cost to those people as possible.
My purpose for doing this with you is to inspire you to go after your ideas, to make a difference in this world, and if there’s something you want and you’re struggling with talk about it, talk about it openly with no shame, and no guilt. You’re an equal.
I love you.
I imagine I’ll see you again soon on another incredible video of mine.