Money, money, money! Yeah, I know, we’re all rolling our eyes thinking, "Ugh, not another boring finance chat!" But hold onto your wallets, because this isn’t your grandpa’s finance talk.

Our buddy Ray Edwards, a top-notch copywriter, shares a jaw-dropping story about how he made a cool million but ended up in bankruptcy—wait, what? How does that happen?

I spill the beans on my own bankruptcy saga, sharing how emotional decisions can lead us down a slippery slope. And hey, we’re not just here to mope; we’ve got Steve Stewart from the Podcast Editors Academy joining us to sprinkle in some wisdom about putting profit first. Buckle up, because we’re throwing in some sarcastic humor while we unravel the absurdity of our financial choices!

Takeaways:

• Ignoring your finances is like playing with fire while blindfolded—eventually, you'll get burned.
• Being bankrupt after making millions is the ultimate plot twist—stay alert or face the absurdity!
• Don't let emotions rule your financial decisions; logic over feelings keeps the money in your pocket.
• Track every penny if you want to keep your business afloat; otherwise, expect to sink!

Companies mentioned in this episode:

• Ray Edwards
• Steve Stewart
• Podcast Editors Academy (get the free download)
• Profit First book
• Novo (get $40 off once qualified)
• Relay
• Wave Apps
• Acorns
• Sofi
• Gordon Firemark
• Ralph Estepp
• Cronometer Fitness Tracker
• School of Podcasting

Mentioned in this episode:

Question of the Month: Got a Question For the Question of the Month?

We've done this before. What would you ask if you were me? What question would you ask a group of podcasters? Be sure to say a little bit about your show and your website so we can give you a shoutout. I need you to answer by May 23rd, 20225.

Question of the Month

Check Out Dave's Newsletter With Behind the Scenes Content

In each issue of Podcasting Observations, I share my thoughts on what is happening in the podcasting space, my latest content, and things that have caught my eye. I also may ask for your opinion. Join the free community

Podcasting Observations

Worry Free Podcasting

Are you ready to take your podcasting dreams to the next level? Look no further than the School of Podcasting. With over 19 years of experience, I’ve helped countless individuals plan, launch, grow, and monetize their podcasts the right way. My comprehensive courses cover everything from content...

Normally, I try to stay positive and encouraging. Maybe I still am, as I encourage you not to fall for these Podcast Tools (often based on AI) that promise great success and wealth without doing any work. Here are some of the things this company (who will remain nameless) promised:

• A chart-topping podcast in minutes
• You don't even need a microphone (think about that)
• Just let AI clone your voice, make an AI video version of you, and make six figures.
• Podcasting is expensive (it's not -you can get started for $80)
• Instant money from advertising (when big sponsors need 10-20,000 downloads per episode)
• It quotes successful podcasts that aren't using their system (and sell their own products, not advertising).

Takeaways:

• You don't monetize a podcast - you monetize an audience.
• If it were this easy, everyone would do it - and all podcasts would be the same.
• Many podcasting scams prey on the uneducated, making it sound easy to succeed.
• Building a podcast audience takes time, typically around three years, so be patient.
• Don't fall for the hype that you can create a podcast in minutes without effort.
• You can't skip the hard work of podcasting and expect to succeed; it requires consistency in schedule and consistency in quality content.

Mentioned In This Episode

Conan O'Brien Needs Some Cash

Podnews Weekly Review

Podnews Daily

Will “Verified” Downloads Ruin Podcast Advertising

School of Podcasting

Video of Fake Countdown Timer

Mentioned in this episode:

Join the School of Podcasting and Get Access to Step by Step Courses

When you join the School of Podcasting you get UNLIMITED one-on-one coaching, an awesome community and courses like: Planning Your Podcast Podcasting Gear Growing Your Podcast Podcast Monetization and many more - all for one low price.

School of Podcasting

Check Out Dave's Newsletter With Behind the Scenes Content

In each issue of Podcasting Observations, I share my thoughts on what is happening in the podcasting space, my latest content, and things that have caught my eye. I also may ask for your opinion. Join the free community

Podcasting Observations

Question of the Month: Got a Question For the Question of the Month?

We've done this before. What would you ask if you were me? What question would you ask a group of podcasters? Be sure to say a little bit about your show and your website so we can give you a shoutout. I need you to answer by May 23rd, 20225.

Question of the Month

Ever find yourself staring at a blank screen, just waiting for the podcast gods to drop some divine inspiration in your lap? Yeah, me too. But don’t worry, we’re exploring the world of podcast ideas today!

I asked you, the wonderful listeners, how you come up with your brilliant episode topics, and trust me, some of the answers are pure gold. From scavenging through old notes to eavesdropping on pharmacy conferences, we’ve got tips and tricks to keep those creative juices flowing. So, whether you’re a newbie or a seasoned podcaster struggling for content, jump in and let’s figure this out together—because who doesn’t love a good brainstorming session, right?

Participants

Kim Newlove

https://www.thepharmacistsvoice.com/

https://www.perrysburgpodcast.com/

Dan LeFebvre

https://www.basedonatruestorypodcast.com

Justin Blackett

https://www.shipshapepodcast.co.uk/

Takeaways:

• When you're stuck for podcast ideas, sometimes it's easier to think about what not to discuss.
• Finding inspiration for episodes can come from anywhere, even from the most mundane situations.
• Engaging with your audience directly can help generate content ideas that resonate with them.
• Using tools like feed readers can streamline how you gather information and find inspiration for your show.
• Podcasts often draw content from current events, books, or personal experiences that resonate with the audience.
• The key to successful podcasting is staying curious and always looking for new perspectives and stories.

Links referenced in this episode:

• schoolofpodcasting.com
• thepharmacistsvoice.com
• perrysburgpodcast.com
• shipshapepodcast.co.uk
• basedonatruestorypodcast.com
• inoreader.com
• feedly.com
• Notejoy (affiliate link)