mindful millionaire

How you think about money will make you rich or poor. Leisa Peterson shows us how to think differently about money AND how to start, run, and grow businesses to fund our lifestyle.

Today, I am excited to have Leisa Peterson on the podcast. She has a few great businesses and she is an expert in growing businesses. Like Leisa, you can be successfully unemployed.

How Leisa Makes Money Without Having a Job

Leisa and her husband work together in several businesses, and Leisa has a coaching and education business. As she was doing her taxes this year, she realized they have seven different income streams. They’ve been dabbling in entrepreneurship for a long time.

Her husband has always been an entrepreneur and she had a job up until six years ago, when she decided to make the transition to entrepreneurship.

It was a big leap, because when she was growing up, her parents were entrepreneurs and they struggled. It took her a long time to take that leap.

Leisa Worked to Learn and Build Knowledge

Leisa has worked in financial services for about 30 years. After she earned an MBA in the early ‘90s, she knew she wanted to work with money, because she wanted to have money.

She moved through a lot of different jobs, including insurance, marketing, mortgage banking, and financial advising.

For every job Leisa took, it was in the back of her mind that she wanted to master finance. She and her husband started buying and flipping houses in the ‘90s, and in her mortgage banking job, she learned a lot about the industry that helped them with real estate.

It was always about how can they take care of themselves and then how can she make money in a job to help her learn those things.


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The Process of Transitioning From Her Job Was Not Easy

Even though they had the financial resources, she jumped into entrepreneurship without understanding the marketplace and what she was going to do.

Leisa has always been creative, and she didn’t want to model her business off an existing business, so it took her a few years to find her stride.

In the course of that time, her not making a lot of money in the job she was trying to create for herself led her to think of other ways to make money.

Leisa’s brain started working differently and she thought instead of buying properties and flipping them, why not build properties and rent them.

This idea came up when Airbnb started becoming popular, and the income was consistent. Leisa has Airbnb properties in Flagstaff and Sedona.

 

The First Step to Grow a Business

In the case of real estate, the big transition for them was downsizing from their 4,000 square foot, custom-built home to a 1,200 square foot house.

They invested it in their business and the first thing they did was buy a commercial building in Sedona.

They didn’t know anything about commercial real estate, but she learned everything she could and took that on for about 18 months before they did anything else.

They wanted to take their assets and have them work for them in other ways than the stock market. They wanted something they controlled and they looked at the long-term income.

Watch the Entire Episode:

How Leisa Coaches Business Owners

Typically people come to Leisa for coaching, because something is not working the way they want. Leisa looks at how fear is preventing people from reaching their goals.

She wants to see the pillars of the business, like profits, operation, margins, etc., to see if there are weak links. This is where instruction will be focused. She wants to find what needs to be optimized.

Many people don’t realize the benefit of getting really specific with their businesses.

If you haven’t paid attention to the details, tax time is the perfect time to go line by line through your spending and figure out where you are getting a great return and where you are not.

Leisa stresses the importance of setting specific goals and keeping track of those goals on a weekly or monthly basis.

You can accomplish great things by having a hyper focus. What you pay attention to is what gets done and it can be done on paper or spreadsheets.

Leisa doesn’t outsource bookkeeping, because it is her way to track where the money is going and where it is coming from.

 

How to Grow a Business Even Bigger

One of the areas we don’t pay enough attention to is the area we are really strong and others are weak. Leisa focuses on strengths, because it is often in the unrecognized strengths where the greatest income can be gained.

When you know your strengths, pay attention to the value of any given task you are doing.

If you can pay someone $25 an hour so you can make $500 an hour, you have no business doing the $25 an hour task.

Focus on the things that make more money. When you know your strengths, it is easier to know the value of your time.

How to Figure Out Your Strengths

The easiest way to figure out a strength is to determine if someone else would pay you for it. You need to make a decision about things that are more like hobbies versus something you need to do for your business.

Are these things you would do in your free time? If nobody would pay you for it, it is probably a waste of your time.

Depending on the type of business, Leisa encourages people to send notes to their clients or friends. For example, send an email to 10 people you respect and tell them you are doing some self discovery.

Ask them to tell you about the things that stand out about you compared to other people. What topic would you be the go-to person, what would clients hand to you versus someone else. Ask them to take five or ten minutes to respond.

If something comes up several times, go back and ask them about it. Other people are sometimes better judges of our superpowers than we are.

 

How to Make Sure You are Growing at a Healthy Pace

Most people don’t become entrepreneurs because they want to work all the time.

Most people do it because they want flexibility. Take the time early on to figure out what the thing you are working on is going to feel like and look like when it is finished.

Make sure you are doing future thinking, so you end up with the business you want.

If the end result is what you are going to be doing every day, is that going to bring you joy? If you are not sure, think twice if you want to move forward with it.

 

How to Make Sure You Make Enough Money to Support Yourself

Make sure you are pacing yourself and not taking on too much.

Leisa and her husband bought the commercial building first, then they built a house and rented it as an Airbnb, then they turned their primary residence into an Airbnb, and every step along the way they assessed what they were doing and determined if they enjoyed it and if it was profitable.


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They learned and took the feedback to determine if they wanted to keep doing it and if it made sense.

Sometimes you get into projects and realize they aren’t as profitable as you thought they were.

You may not know until a year into the project. Learn and make a change. Always be looking at those decisions and don’t get stagnant thinking this is your only option. You can always use tax policies to move investment properties into a new property that fits better.

Question your assumptions and determine if it is accomplishing your objectives. If it is, how can you do it again and what can you do to minimize risk.

 

How to Minimize Risk

Leisa is always looking at what can go wrong, instead of only looking at what can go right. For example, a potential new state policy could prevent Leisa from having more rental properties in Sedona.

Leisa is now looking at different areas for her next rental that has a low price point but a good return on investment.

Risk can be geographic or economic.

Leisa has lived through may recessions and she doesn’t look at the recent economy as the norm. There are going to be changes, and risk planning is thinking about what your business looks like in a bad economy.

Leisa’s coaching business looks great in a bad economy, because the work she does is oriented around fear and teaching people to overcome it. When things are great, people aren’t thinking about fear.

When things aren’t great, people think a lot about fear  and it takes over their decision making. With Leisa’s seven income streams, some streams will do well in a bad economy and others will not.

 

Think About Building a Community

One thing to think about is how to add a membership component to your business.

A course is static, and what people need is a place to check in. Even more than information, people like to feel like they are part of a tribe and working together to accomplish goals.

We used to have much tighter community circles and we are missing this in the world.

People get excited when they can build relationships with other like-minded people who are trying to accomplish the same thing.

 

Leisa’s Thoughts on the Current Market in 2020

It has been 12 years since the start of the last recession. Leisa has been a naysayer, because she knows a market downturn is going to happen, but she doesn’t know when. In every situation, very few people know the thing that is going to change the economy.

With something like a virus shaking things up, we need to take it seriously and do contingency planning.

In June 2006, Leisa was a mortgage banker, and she knew the downturn was happening.

Her husband was working on a new house, they were living in a new house, and they were about to flip one, and she told her husband they need to sell everything or they would lose everything. Her husband said she was crazy.

They sold everything but the big, 4,000 square-foot house that was under construction and that property lost about $600,000 in value through the economy change. Many years later, they sold the house for what it cost them to build, but they didn’t lose everything.

Had they not pivoted, they would have lost everything. Don’t live defensively all the time, but make sure to have a balance.

Make sure you have a good cash cushion that you can get to quickly. This could include a line of credit. When you are in real estate, you don’t know what is going to happen, and you never want to be stuck. Cash is king in times of distress.

 

Leisa’s New Book: The Mindful Millionairemindful millionaire

Leisa recently finished a book, The Mindful Millionaire, that is written for someone who is ready to understand themselves better and how their understanding of themselves shows up in their relationship with money.

There is something for everyone in the book. The more Leisa understands herself, the more she is able to make better decisions that pertain to money and relationships. These two things are very intertwined.

Leisa wrote the book in a way that you can read the first part and it will open your eyes to patterns of scarcity and patterns of prosperity.

You can see where you are doing a good job and where you are struggling. The second part is a workbook where you ask yourself questions about what happened in the past.

There will be times in our lives where we will want to go deeper and crack through the crust of the assumptions we are living under.

This book helps you question those assumptions and decide if there are some tweaks you want to make that will bring you more joy, prosperity, and freedom.

 

Leisa Would Want “She Survived” Written on Her Tombstone

If Leisa lives another 50 years, she wants her tombstone to say: “She survived and ultimately thrived”.

The past five years have been the thriving part. The big difference between working for others is that she wasn’t working for others, but she was living for others.

Now it is about thriving for herself, and the more she is able to do that the more she helps others, including her family, thrive.

 

How Leisa Is Giving Back To Make Things Better For Others

The work Leisa does through her coaching business that she wrote into her book, The Mindful Millionaire, is her way of serving others.

Her hope is the book is something people keep close by and return to again and again for 30 years.

 

Leisa Advises Anyone Starting a Business to Understand Their Fearsmindful Pintrest

The more you understand your fears, the more you are able to move beyond them and not have them affect your life.

The fears may be completely unrelated to money, but what Leisa has found is that all roads can still lead back to money.

For example, a fear of not being loved can translate to your relationship with money.

Our fears can perpetuate, because we hold onto things that keep them in place. Once we figure out the fear, we need to figure out why it won’t go away.

 

The Tools Leisa Uses in Her Business

For years, Leisa used Time Trade in her business with those who would book sessions with her.

She had someone set up Calendly and integrate it with Zoom and it made a big difference in her life.

Our time is the most valuable resource.

Anything we can automate or any app we can use to save ourselves time is worth the initial struggle to change our minds to do the new thing.

 

The Advice Leisa Would Give to Her Younger Self

The biggest thing would be to tell herself to save money. Many of us spend money habitually, or because we are trying to heal some of the pain inside ourselves.

The earlier in life she could have made the decision to invest rather than spend, the earlier she could have reached the stage she is telling is so awesome.

It is a mindset shift and when we get the same rush putting money in a savings account that we do when buying something we have been dying to buy, we have got it made.

 

The Non-Fiction Book Leisa Recommends

A Path with Heart, by Jack Kornfield

 

Find Leisa on Online

Website: wealthclinic.com

Book (available June 2020): The Mindful Millionaire

 


How to Quit Your Job with Passive Income
Get the Best Selling Book FREE!HTQYJ