The Money Millhouse

Description

Steve Laube joins The Money Millhouse for another episode centered around writing a book, this time they focus on the money side of writing a book. Steve debunks the myth that authors make a lot of money. Before he arrives in the Millhouse, Bethany and Ellie go over The Keys to a Great Proposal from SteveLaube.com, including what points should make up your book proposal when thinking of writing a book.

When Steve joins the conversation, he shares how many books he reads both for work and for fun. He debunks the myth that authors make a lot of money, and says writing a book is a tool for expanding your ideas, not a means of making money. Ellie asks what the average advance (money one is paid before the book is published) for people published with a royalty based publisher, where Steve says there is a wide range when it comes to this and it depends on the publisher. He also gives practical examples of how someone can use a book to make money that may not be directly from book sales (i.e. speaking, back of room book sales at events, periodicals and magazines, etc.). Ellie also shares another income stream called Brand Ambassador work, which also lead to media. All of these streams are because of the initial book. They then talk about tax deductions and expenses that authors can count towards their taxes and what writers can forget they can write off (with the reminder to continually check with your tax expert to make sure you are making the best moves when it comes to your taxes and being above the law).

Ellie remembers a saying Steve said early in her career is the idea of goodwill coin, and how people can be branded as “hard to work with.” They also discuss practical ways we can earn goodwill coin by being respectful of people’s time and expertise. They also clarify what Ellie meant when

Bethany and Ellie end the show talking about “goodwill coin” again. They also talk about ways they each help each other in the space and maintaining goodwill coin when sending emails, especially when it comes to burning bridges or using up all their goodwill coin. They also finish the last few pieces of The Keys to a Great Proposal.

Resources:

stevelaube.com

preditorsandeditors.com

Bethany and Ellie discuss how some people’s goal for 2019 is to write a book. Since Ellie has written 15 books, she has a little bit of expertise in this area. Bethany asks if people should write a book because they want to make a lot of money, and Ellie explains why that is a misconception. Bethany explains how she has known their guest since she was 8 years old. Ellie then talks about the “why” someone should write a book, and Bethany explains how she failed her childhood dream of being published at the age of 13. She also talks about the title of a book she wanted to write a few years ago that isn’t the best idea for a book title.

Steve Laube, literary agent and the president of The Steve Laube Agency, comes into the Millhouse talking abut the unsolicited book proposal Ellie had sent over to his publishing house 20 years ago, and then how they became friends. Ellie asks Steve a very difficult (trick) question, and Bethany asks Steve how long he has been in the business. He explains his journey to becoming a literary agent and founding his own agency. Steve talks about where people start when they want to start writing a book. He also explains what an agent does to help direct their career, and gives valuable resources to give practical help to the writer. Steve talks about a proposal, and the difference between a proposal for a fiction vs. non-fiction book. They also talk about the difference between self-publishing and royalty based (aka traditional) publisher. Steve gives a warning about self-publishing services, and gives a resource that will help you find the right people to help you in the self-publishing world.

Bethany and Ellie end the show inviting The Money Millhouse next week for part 2 of writing a book because there is such a wealth of information when it comes to this topic. Ellie discusses what should come first: the publisher or an agent and how all the magic happens at writers conferences. Bethany talks about how conferences fueling the fire of passion and motivation. She also tells the story of their producer/editor, Darbi, and how the investment of a conference lead to a job, and even changed her life.

Resources:

stevelaube.com

preditorsandeditors.com

Bethany and Ellie return from a break for their very first show of 2019. They are very excited and optimistic for the New Year, and they share 6 Ways to Beware and Prepare in the New Year with The Money Millhouse!

Rachel Cruze joins the show discussing New Year’s Resolutions and some great ways to be practical about goals and goal setting. They discuss ways people can go about developing better habits, and teaching those habits to their kids as well. Rachel shares how “more is caught than bought” when it comes to teaching kids money. She also says it is important to have tangible, “quick wins” when it comes to anyone’s money journey. Ellie talks a little bit about how she wouldn’t let her kids borrow on their allowance because it would create bad work habits, and Rachel shares her views on allowances. She also talks about how to teach kids to have ‘skin in the game’ by having their kids earn their own money. Bethany tells a story about when she was a little girl and earned half of an American Girl doll and what it meant to her. 

Join Ellie and Bethany in this special rerun of Taxes Can Be Fun with Ron Anderson! Stick around for the end of the show where Bethany and Ellie share some of their favorite behind-the-scenes moments!

Bethany and Ellie open the show talking about creative ways to earn more than you spend. Ron Anderson comes into the Money Millhouse and discusses taxes and how they could be fun. He gives some of his favorite year-round tax tips and some good general advice for a taxpayer dealing with their taxes. He suggests someone buys a home as a foundation to build their financial freedom. He also says to not spend money unless it is going to be productive when it comes to small businesses, and what to keep in mind if a small business is ever to get audited. He gives tips for keeping receipts and playing “show and tell” with them.

They transition into Ron’s other profession: being a professional magician. He shares some of the stories of some of the famous people he has met along the way, including David Copperfield and Steve Martin. He talks about The Magic Castle, of which he is a member. He explains how to make a hobby into a business—understanding marketing, sales techniques, etc. He gives advice to anyone looking to start a business like this—including buying business cards and keeping records in order. He shares why he always asks for letters of recommendation, and being open to constructive feedback in order to get better. He shares how he manages his creativity and his process of comedy and magic, and why he writes every creative idea down on paper.

Resources:

—Sell stuff on Craigslist or Facebook Marketplace

—Sell Pictures

—Rent a room out in your house

—Sell your skills

—Teach classes online (Skillshare, Udemy, Teachable)

—Become a field agent (Field Agent app)

—Become a secret shopper

—Take surveys online and get paid for them (Swagbucks)

—Babysit for busy professionals (care.com)

—Join direct selling company like Arbonne or Avon

—Write music reviews (slicethepie.com)

—Be a Lyft or Uber driver

—Deliver food (Grubhubor Postmates)

—Clean out your closet and sell online (Poshmark)

—Become a dog walker (Rover,  Wag)

Join Ellie and Bethany on a special Holiday remix! Stay tuned till the end of the show for a brief behind the scenes look with The Money Millhouse Team!

Bethany and Ellie open the show Discussing their experience at FinCon18 and how they got of their comfort zones. Ellie shares about how writing a book was one of the things she did that was out of her comfort zone, as well as taking improv classes to improve the podcast. Bethany shares about how moving to England was out of her comfort zone, as well as online dating (where she eventually met her husband). Bethany also went out of her comfort zone when she emceed FinCon18 in front of 2,000 people, and she shares the things she discovered while doing so. They also discuss the Imposter Syndrome everyone can feel when going out of their comfort zone.

Bethany and Ellie then travel to Orlando to interview Chris Browning from the Popcorn Finance podcast LIVE from the podcast booth at FinCon18. He describes the feeling when he won the Plutus Award for Best New Personal Finance Podcast (beating out The Money Millhouse). Chris shares what gave him the idea for Popcorn Finance and why he chose a short-format show. He also talks about his day job of being an analyst and what he hopes to one day do with his side-hustle of his podcast. He explains why he is suited to be an entrepreneur as well as his favorite financial advice for fellow entrepreneurs. He also gives specific advice to Ellie’s millennial kids and shares a financial fail he was able to bounce back from.

Bethany and Ellie finish up the show back in The Money Millhouse discussing the Seven Benefits of Laughter found on Gaiam. They explain how a healthy mindset and body can help save money over time, as found on the episode of The Money Millhouse with Dana Demetre.

Seven Health Benefits of Laughter

Bethany and Ellie open the show reflecting on the holiday season, as well as finding the year end zen in the midst of the holiday season. They give several year-end tax tips, as well. To find the link they mentioned, visit 

Liz Eischen joins the Millhouse giving her best year end zen tips, including understanding the "why" behind the stress and cutting out the extras this holiday season. Ellie mentions that it might be a vicious circle when it comes to stress in finances, and Liz explores this cycle. They also discuss an article Bethany saw about taking out a personal loan to afford Christmas, and Liz gives some practical ways we can look to afford Christmas where we don't feel like we are limiting Holiday Cheer. They also discuss traveling on a budget and how Liz was able to afford to travel to 26 countries. Liz also explores stress areas related to getting her Master's Degree and how to deal with that stress. She also talks about how she became a professional "dabbler", and how that has helped her learn as well as earn some extra income. 

Resources:

Emperor Investments is a female led, online investing platform.  With the help of technology, this platform custom builds you equity portfolios that are designed to help achieve your goals. To learn more and get your first six months of automated investing for free, visit themoneymillhouse.com/emperor.

Kitchen Table Finances

Getting Started with Your Budget

Find your Year End Zen 

Bethany and Ellie start the show talking about Goal Setting and how we should start thinking about 2019’s goals right now. Ellie says that 92% of people never achieve their goals, and Bethany says she is apart of the other 8% that has. They discuss how those who accomplish their goals set specific goals that are challenging (but are not too hard), and are passionate about their goals to committed to the end. They also discuss that people who accomplish their goals use feedback to stay on track, and that receiving feedback doesn’t mean that you are a terrible person. Instead, feedback helps us get better. 

Chris Hogan joins the show discussing the importance of investing, and thinking about the future. He is hearing from a lot of people who wish they could go back and do things for themselves in the past. He wants to help people understand that small steps now can give themselves an advantage for down the road. He also gives great tips for having a plan when it comes to money by “giving every dollar a name.” Chris talks about how money will listen, and how we can have the right kind of knowledge to control it. They revisit the “why” of saving and how to respond when life and emergencies happen. If we aren’t prepared for emergencies, it can steal your joy, which is why Chris stresses the importance of an Emergency Fund. He walks through what would have happened if Bethany didn’t take from her emergency fund a couple months ago, and how it could have lead to more stress.

Chris gives practical advice of how we can take our financial pulse. He advises having a plan during the holiday season so we don’t have a holiday hangover. Set a holiday budget and assign a dollar amount to each person. When the money is gone, you are done—go home. Chris also gives a sneak peak into his new book, Everyday Millionaire. Chris also gives great advice to couples and discussing money with a spouse, including dreaming together. 

Bethany and Ellie started the morning off talking about their guest, Brenna Casserly, who is the CEO of Emperor Investments. They also discuss the tasting magic of coffee and how little things can go a long way in this giving season. They talk the holidays and their traditions. Bethany remembers working at Blockbuster during the holidays, and Ellie remembers the gingerbread houses her kids would make when they were young. 

Brenna Casserly, the co-founder and CEO of Emperor Investments, joins the MIllhouse discussing Investing. Bethany asks Brenna what it is like being a female CEO, and Ellie asks why she started Emperor Investments. They discuss why Millennials have a hard time investing and ways they are making it easier to invest at Emperor. Brenna defines what a ETF is and why it is great for certain people. Brenna shares how she learned about Investing, and why it is important to invest. She talks about why women don’t normally invest, and why it is important for them to review their investments. She gives great examples of how compound interest can work for you, and why it is not a good option to keep it cash. She also gives advice on how long you should invest and the importance of goal-based investing.

Darbi, the editor and producer of The Money Millhouse, comes to the kitchen table in the last segment to answer the big question: "Do you feel like you are able to go out and invest today?" She shares how she feels paralyzed when it comes to investing because it is a lot of information to digest all at once. They discuss the reasons it is important to start early, but also why it is not a requirement to know all the things when it comes to investing. Darbi shares her thoughts on being a women and the statistics Brenna discussed when it comes to women and investing. 

Resources:


themoneymillhouse.com/emperor

Bethany and Ellie have a cup of coffee at Ellie Kay's table discussing the season and how it is Bethany loves being cold this time of year. Bethany and Ellie remember a time when Ellie purchased a red coat in Canada, and how she didn't tell the truth in a certain instance. Ellie and Bethany discuss fears and how it can stop us from doing what we want to do. They talk about things that had scared them recently that they had to do, including Ellie connecting in Istanbul and almost missing her flight. 

Roger Whitney, The Retirement Answer Man, joins the Millhouse discussing retirement. Ellie challenges Roger to give the answer to retirement in 30 words or less. Roger explains it is important to not check out of life when it comes to Retirement. He encourages Bethany and Ellie to look at it in a new way that may not be traditional. Roger explains why he is excited for the Millennial Generation, and how they are able to change their perspective when it comes to retirement. He gives a practical way that financial advice industry has not caught up to the way we live our lives right now. He gives the two most important investments we could make in our future that could open up a lot of flexibility. They also talk about student loan debt and different ways to invest in our skills. Bethany asks if traditional saving for retirement is still important, and Roger gives reasons why we shouldn’t ignore that. 

Enter to win one of TEN books from Roger! Just visit rogerwhitney.com/millhouse!

Bethany and Ellie start the show sharing with sharing what they are thankful for and the excitement of Thanksgiving next week. 

Darryl Lyons comes into the Millhouse to discuss being generous as an entrepreneur. He talks about his journey to working for himself, as well as some of the mistakes he made along the way. He talks about how is family had to go down to one car when he first started out, and Ellie shares a similar story when they also had to go down to one car. Darryl shares the one common mistake most entrepreneurs make, including having a foggy brain when it comes to starting out. He gives practical suggestions when it comes to having partners in business and the importance of having an advisory counsel in business. He also shares ways he and his family are able to give back and be generous. 

Bethany and Ellie end the show playing a new game: Cheap Vs. Frugal, and knowing the difference between the two!