In this candid episode of the Six Figure Author Experiment, Russell and Lee discuss navigating significant financial and business changes, the reality behind income and profit, and the crucial systems authors need to succeed long-term. Russell shares the ups and downs of his recent financial rollercoaster, the closure of Writer MBA, and how unexpected challenges ultimately led to growth and newfound financial stability. Lee highlights the importance of building sustainable systems, prioritizing newsletters and community engagement, and emphasizes the value of resilience, emotional regulation, and strategic pivoting.
Topics Covered:
Managing drastic financial shifts and loss of major income streams
Realities of revenue versus profit for authors
The hidden cost of business growth and reinvestment
Why some authors appear successful but struggle financially
The importance of reducing friction in business growth
Long-term strategies versus short-term gains in publishing
The power and profitability of newsletters and automation
Creating sustainable income through diverse revenue streams
The emotional toll of closing down projects and businesses
Pivoting effectively after setbacks
Building financial and emotional resilience
Introducing Russell’s new membership, "Capitalist," focusing on happiness and balanced success
Lee's Book Marketing Bootcamp details and approach
How to create systems that continuously support author income
Understanding the true value of passive income and long-term asset creation
Learning to embrace endings and creating space for new opportunities
Strategic budgeting, saving, and financial preparedness for uncertainty
Emotional intelligence in handling business disappointments and stress
How mindset and expectations shape enjoyment and success
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