Looking To Get Rich Quick With Podcasting? Think Again

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I was out at Reddit today, and I saw a post that said,

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I work 2 jobs and wanna start podcasting. I'll

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share my thoughts.

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Jackson. So the post says, hi, all. I am in

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crushing debt right now due to special circumstances.

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I'm working 12 hours a day, 7 days a week just to scrape

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by. I have a great podcast idea and wanna

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start recording. I have a computer and a decent mic.

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What software would you recommend and why? I don't have a lot of

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time for editing, and obviously my funds are nearly non

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existent. Thank you for your time. And so I want to

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preface this answer with there's a difference between

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being poor and being broke. I

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know the taste of government cheese. When I was growing

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up, for a period of time, my family was on welfare.

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And in my twenties, I had to file for bankruptcy. And I

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remember standing I had a job, but I

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was standing in front of the vending machine going, do I want a Mountain

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Dew, or do I use this money to get

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some gas so my car will make it home? It

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sucks to be broke, and there is a difference. And

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so I say this with

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love, respect, and compassion.

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If you have crushing debt, you need to make money

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right now, and a podcast is not to

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weigh

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and a podcast is absolutely not the way

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to make money quickly. What you

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need is not a podcast. What you need is a job.

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Deliver some pizzas, whatever it is. I sound like Dave Ramsey. Deliver some

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pizzas, you know, do whatever you gotta do, sell some

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stuff. But the the problem with this

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and I wrote a book on podcast monetization called

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Profit From Your Podcast. It's available as a

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book. You can get it on Amazon, or you can get the audiobook

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at profit from your podcast. I'll have a link out in the show notes for

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this. But and nobody likes this answer.

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It takes about 3 years,

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maybe 2, but more than likely 3

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to build enough audience, not even to where you can quit

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your job, but to where you can make enough money that you're like, okay.

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This is more than a happy meal. And the reason for that is you're just

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starting out. And if you're brand new to

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creating content, the 1st year, you're kinda finding

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your voice. And then you're also

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and, again, I'm not saying you're awful, but you're getting

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good. The first time you try to play basketball or tie your shoes

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or drive a car or anything, you aren't very good at it. And it takes

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you a while to to get your confidence up, to really figure

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out what your audience needs. These are the kind of things I help people kinda

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do on a on an expedited situation.

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But even working with a coach, it's gonna take years

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to get enough audience. And then there are things like newsletters. I mean, it

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goes on and on and on. And that's why I say

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it if you want to make money quickly,

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podcasting is not the way, especially if you have no

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audience. Because the 1st year, you're just getting

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going. The 2nd year, now you're actually pretty good. And if

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you're staying consultant, both in schedule, but more

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importantly, in making amazing consultant.

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And that amazing content takes time. But if you

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do that for and during that second year, now your your

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listeners are starting to say, wow. You need to check out this show. It's really

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good. And so it starts to grow organically

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so that by the 3rd year, you've got enough people that if

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you want to sell your own product or service, that's the number one way

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to make money. If you have affiliates, if you have a

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newsletter, if you have some sort of crowdfunding, if you have

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donations, there are all sorts of different ways to make money. But the

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problem is you can't do it quickly when you start

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up. When I first started the school of podcasting, I had gone back to

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school, and I was getting a teaching degree. I had been

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teaching in the corporate world for years, but I actually didn't have

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a degree in education. My original degree was in

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electronic engineering. And even though my resume showed all

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this this training and education I had done, I needed the piece of

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paper. And so when I got my first degree, I was in my

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twenties, and I worked as a waiter. When I got my second degree

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in education, I was in my forties, and I thought, well, I'll start

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a podcast because it's gonna be hot. This is back in 2,005

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And especially in 2005, nobody knew what a

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podcast was. And so consultant, I wasn't

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making much money as a podcast coach. So I was playing in

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a band. I was giving guitar lessons. I was designing websites.

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I was doing all sorts of stuff to make ends meet.

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And the thing that people don't realize, they think that the podcast

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is the hard part, The recording and the technology and

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learning the software to answer his one question, if you're on a budget,

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Audacity will work. It's free. But once you

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get the podcast out, you think, okay. Now I'm done. The

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hard part's over. No. The hard part is the marketing and getting

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people to actually listen. When I wrote my book, I thought the hard

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part was, you know, I got a publisher that was great. They said we

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need however many thousands of words. And I started typing

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away and typing away and typing away. And finally, the

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book was done. And I was like, whew. Well, then it went through 5 edits.

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Yeah. 5. And when it was finally done and out, I was

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like, okay. There it is on Amazon. Look at me. I'm a published author. But

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that was really where the work begins.

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So, again, I'm sorry to hear that you're going

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through crushing debt. I've been there, my friend, and I've

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dug myself out. And, I just I

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feel for you. And and that's why I'm saying this. It's not

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don't start a podcast. It's don't start a podcast now. There

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are things that you can do that will earn money now,

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like, you know, whatever, delivering pizzas, you know, whatever you

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wanna do. There are other ways to do that. I know here in my town

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of Akron, Ohio, everybody is hiring in fast food,

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and fast food is, you know, not the dream job. But like I said,

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I worked in a waiter. I was a carhop. I was running out to cars

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and stuff, and it helped pay the bills. And when you look back

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later, you go, ah, I remember the time. And I learned a lot of good

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lessons as a waiter. You can always learn from anything. So

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if you're trying to make money quickly with a podcast, it's

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not that you shouldn't start a podcast. It's

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that maybe you shouldn't start one now. You know, get your finances in

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order. Because the other thing I wanna throw in here before we wrap it up,

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when you have the pressure of not only starting the podcast,

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but, oh my gosh, nobody's buying anything. It's

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just soul crushing. It's just soul crushing. And

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so I would get your finances in order,

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then come back to the podcast. And the podcast can be great

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for therapy, for getting away from all your

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troubles and things like that. I just wouldn't expect any money from

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it in the early stages. But if you've if you're really

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short on time, spend that time with your family, your loved

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ones, take care of your health. You know, take care is

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of your mental health as well. That's really important. And

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I just would advise if you're really, really strapped for time and

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strapped for cash, now is not the time to start a

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podcast. Now if you need help with your podcast,

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I would love to help, and maybe we can find a way to speed

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things up and get you up and going. But as you

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just heard, I actually care for you more as a

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person than as a customer. Because in the end,

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it's like they say on an airplane. Right? You put your oxygen

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mask on first, and then you take care of your kids. And if we don't

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take care of you, well, then there's no podcast. So

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keep that in mind. I do have a book on podcast

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monetization. You can find that at profit from your podcast.com.

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So dear listener, if you're not strapped for cash and

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time, I would love to help you. Go out to school of

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podcasting.com/consultant consultant apply a coupon

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code on either a monthly or yearly subscription that does come with

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a not a 7, not a 14, a 30 day money back

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guarantee, and that gets you access to all of our courses that get you

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from point a all the way to world domination. And then

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you also have our awesome community and, of course,

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endless as in unlimited one on one

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consulting with myself and you. Schoolofpodcasting.com/

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consultant. I'm Dave Jackson, and I wanna be your

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podcast consultant.