I have recently had a big spike in inquiry about wealth coaching services from escorts and OnlyFans creators. It’s no surprise given that the sex work industry has experienced huge growth through COVID and many professionals are making a lot of money with no clear plan of how to make it work for them.
I scoured the internet to find if there was anyone helping escorts or OnlyFans creators with their finances and my search came up empty.
The issue is that given the taboos of the industry, many financial experts may shy away from talking about this publicly. I, however, pull no punches and see a huge need for helping you leverage the amazing opportunity you have to turn your great income into personal wealth.
As a wealth coach of over 14 years, I wanted to put together a collection of the top 7 strategies you can use to help you get on track for financial freedom as an escort or OnlyFans creator.
The Three Main Problems
After working with many people in the industry, there are some common financial traps that sex workers find themselves in. They boil down to three key areas;
- You don’t have a plan for turning your income into wealth
- You don’t have the cash to live your life and plan for the future
- You don’t have the consistency to know how to manage the rollercoaster ride
Most of which revolve around the fundamental issue of ‘easy come, easy go.’ As quickly as money comes in, it goes out immediately. This results in a vicious cycle of having to keep a consistent income just to make ends meet and maintain your lifestyle.
This problem isn’t exclusive for escorts or OnlyFans creators. After working with thousands of clients who run businesses of all shapes and sizes, I found out that this problem is shared with those who have a huge earning potential. They fall into a phenomenon known as ‘cashflow creep’
If you’re making good money but you find yourself looking at your bank balance with fear and anxiety of not knowing where all of your hard-earned money has gone, you are likely experiencing cash-flow creep first-hand. For most people, solving this problem is on the last in their priority list. They believe that they’re always going to be earning this kind of money so they can get it fixed later on.
The problem here is that most people believe that solving their financial issues must result in sacrificing their lifestyle.
This couldn’t be any further from the truth.
With just some simple planning, a good structure in place and a way to track your progress, you can live for today and plan for tomorrow!
Get a clear plan for what financial freedom means to you
It is important to know that the path of being an escort or OnlyFans creator likely won’t last forever. But this can be a huge opportunity to supercharge your path to achieving your goals. However, this requires you to have a solid plan of turning your business profits into personal wealth.
A clear plan should consider your goals, dreams and aspirations outside of your career. This includes but is not limited to your dream house, dream lifestyle, experiences, hobbies and the opportunities you want to provide for yourself and your family.
We can reverse engineer these goals into an income target we can use to create your business plan.
Goal setting for most is just a dream because the outcomes are vague and the path to achieving them is unclear.
We help our clients break down their goals into specific milestones based on their lifestyle and financial goals, how much money and/or time they require and the precise steps required to achieve them.
This is what we call turning dreams into goals.
Imagine I was able to reverse-engineer all of your goals into an income target, tell you the exact number of clients you needed, the price you would charge, hours you needed to work and inquiries you needed to achieve all of your goals…
How much more motivated would you be to take action?
In our experience, this increases your financial performance by 15-20% alone.
(If you want a copy of our 20-year roadmap exercise, you can get it in our free Facebook group)
Set a clear income/profit target
Business, no matter what industry you are in, is all about profit. Sure, you love being an escort/OnlyFans creator and you are honing your craft, but we all should be in business to make great money.
For this reason, we should set a clear income target for our business based on the net amount of cash we can take home to achieve our goals.
This links directly into the roadmap where we can pre-suppose your ability to achieve all of your goals as long as the income target is achieved.
The method we use is all about putting profit first – the idea that we should always have profits and adjust our spending according to our income.
The common trap is that we have all been taught that revenue – expenses = profit.
The fundamental flaw in this method is that it puts profit last. Now I don’t know about you but for most, this method results in lacklustre results and less than what we would like.
So how do we fix it?
We flip the formula. Revenue – profit = expenses
This ensures we are always conscious of our expenses and presuppose profit will always exist. Using this method has helped our clients increase their cash flow by 25% on average.
Create an investment operating system
There are only two types of business in this world; growth businesses and cash-flow businesses.
A growth business typically has recurring revenue and sticky client relationships. Think of businesses like software companies, real estate rent rolls or a financial planner. Due to the nature of their revenue, these businesses are often sold at a multiple of recurring revenue or profit depending on its size. This makes the business itself a valuable asset.
On the flip side, we have cash-flow businesses which are normally transactional in nature, key person dependent and can have issues around the predictability of future cash flows. This would include trade businesses, consultants and in many cases, escorts and OnlyFans Creators.
There is nothing wrong with these types of businesses, however, you keep in mind that unless you have a huge cash-flow business with lots of staff, existing infrastructure, systems and processes and a long track record of consistent performance, your ability to sell is limited.
If it is any consolation, even growth businesses can struggle to sell for a profit once we take into account the time and effort required to build them in the first place. So regardless of your business type, it is critical that you have a system to turn your business profit into personal wealth and not rely on a future sale to achieve financial freedom.
One of the things that entrepreneurs lack is a system for turning profit into wealth.
They don’t know if they should buy property, shares or both, how much they should allocate to investing, how often they should be investing, how much return should they be chasing, and how much risk is right for them.
These questions often result in long term inaction or having to rely on a financial advisor to manage your money for you.
The issue of both scenarios is that you aren’t in control of your financial future.
Your investment operating system should be simple. But the financial services industry convinced you that investing is really complicated.
This couldn’t be further from the truth.
After helping my clients build over $1.4 billion in combined wealth, there are only 3 predictable ways for you to build wealth;
- Business – create a saleable asset that you sell for a profit
- Property- buy as much good quality blue-chip property as you can afford
- Shares – invest in quality companies and markets with companies that are sustainable and will grow profitably
There are multiple ways you can build more value into your business. Whether that be creating a recurring revenue or subscription model, licensing your content, launching products or increasing your value ladder or even mentoring other people in your space and charging them for leveraging your expertise.
These few suggestions alone have helped our clients add tens of thousands in additional income per month with very little additional effort. The aim of the game is to get out of trading time for money and getting into trading value for money.
When it comes to property, we buy property based on 5 key fundamentals that help our clients select assets that are positioned well for future growth.
- Net migration – property comes down to supply and demand so for property prices to go up, we need more people moving to an area who need somewhere to live
- Diverse employment – we can reduce property risk by ensuring we invest in locations that have a lot of employment opportunities. It is these locations that perform most consistently over time as they aren’t at the mercy of economic volatility and sector downturn
- Infrastructure spending – people move somewhere for the jobs but stay for the lifestyle. We want to buy in areas that have ongoing infrastructure improvements that make the location more attractive to homeowners
- Future supply – We want to ensure that we are buying in the areas that are already built out and have zoning restrictions in place. This limitation of future supply means that demand pushes prices up. If we buy properties in inner-city areas or fringe locations, we run the risk of huge amounts of future supply. This can result in property prices being stagnant or going backwards.
- Local affordability – For a property to go up, the locals need to be able to afford to pay. It is important to consider what percentage of household income is going to the mortgage in the area you are looking to buy as this indicates the capacity for future growth
This might seem overwhelming, however, these fundamentals are relatively easy to research. Personally, I like to use a buyer’s agent. They are experts who can help you do the research, locate and negotiate the best property for you. Typically their fee is saved in their negotiation process which makes it a no brainer.
Lastly, we have to invest in the share market. This can often be the most daunting of all.
I am going to preface this by saying that I don’t pick stocks. Never have, never will.
The truth is that even 80% of professional stock pickers underperform the market. If they can’t get it right, what chance do we have?
How I invest in the stock market is by using index funds and Exchange Traded Funds.
In short, an index fund or ETF is a fund that allows me to invest in every company on a chosen stock market. For example, the ASX300 is the top 300 companies in Australia and the S&P500 is the top 500 companies in the US, I can buy an index fund that will allow me to invest in all of those companies in one investment.
So what is the benefit of this?
It ensures that I get the average of how those companies perform. Some will do great, some will be shit, and some will be average. However, by having exposure to all of them, I can guarantee the average of them all.
The bet is no longer which company I think will do better than the next one. It is all about whether I believe an entire stock market will do better next year or in 5 or 10 years than it has done today.
It seems like a much safer bet to me. Keeping in mind that a balanced index fund has performed around 8% per annum and the S&P500 has done over 10%, I am happy with those returns.
The point here is that we don’t need to do anything sexy or sophisticated (save that for other areas of your life!).
We build value into your business, we buy good quality property as often as we can and we invest a regular amount into index funds every month. This system should take you less than 30 minutes a month to manage.
Create a financial dashboard that allows you to track your progress
As famously said, what gets tracked, gets measured. What gets measured, gets improved. This has never been more true than for your personal finances.
We all have these big hairy audacious goals and set out in pursuit of them. But life gets in the way and we put pursuing our goals aside to focus on our everyday lives.
And it gets harder each time to get ourselves back on track.
What we need is a financial dashboard. It’s going to help us track our progress and see what actions need to be taken or reward ourselves whenever we achieve a goal.
We can do this in a simple google sheet with 10 key metrics;
- Leads – how many inquiries are you getting a month/hits on your profile
- Sales – how many bookings do you receive / new subscribers
- Revenue – how much cash did you collect
- Profit – how much was left after your business expenses
- Active clients – how many active clients do you have
- Surplus – how much did you save personally
- Wealth – how much wealth do you have
- Debt – how much debt do you have
- Hours worked – how many hours did you work
- Marketing spend – how much did you spend on marketing
These 10 dials help you identify where you need to focus your attention, what needs to be fixed, what is doing well and how far you are from your goals.
Take some time to think about which metric needs your attention most right now.
It is this clarity that drives exponential results in your business and personal wealth.
Start small, increase over time
As Bill Gates famously said, most people overestimate what they can do in a year and underestimate what they can do in ten.
I’m sure this resonates with you as it certainly does with me.
The biggest problem here is that most people fail to start investing and make their money work harder for them because they feel they need more money for it to make a difference.
If only I hit that next income target, everything will be different.
The harsh reality is that it is rarely true.
I’ve had clients who ran 9 figure businesses have $0 wealth to their names. We started their investment journey with $200 a month.
You might be thinking, what difference would $200 a month make to a multi-million dollar business owner? You’d be right, it makes very little difference.
What it does is create momentum. It’s an ice breaker for ramping up contributions in the future. $200 a month becomes $500. $500 becomes $1,000. $1,000 becomes $5,000 and as you can see, momentum builds quickly.
The quarterly review
So you’ve implemented the plan and have a system that is working really well for you. Congratulations! But how do we factor in the changes that occur on a regular basis, such as business growth, new expenses and new goals as they shift and change?
With this in mind, we advocate setting a quarterly plan where we review what we did well, what we could improve on and create an opportunity to push the pace on our strategy.
Back to the previous strategy, it is this momentum that we can use to build upon the foundation you set for yourself. We go from what was once uncomfortable to something you now don’t even think about. The aim is to always push yourself out of your comfort zone and increase your contributions to your portfolio at least quarterly.
You’ll thank me later!
Get a mentor
Much like the best athletes in the world have a mentor in their corner, you need one too. Mentorship brings two things; new ideas and accountability.
You’re reading this blog because you wanted help with getting your money game sorted.
Hopefully, I’ve been able to add some new ideas to help you push the needle forwards with your finances and now all you need is to take action.
This is where accountability comes into play.
The work we do with our clients is all about helping get clarity around their goals and aspirations, helping them design a financial road map to bring these goals to life, break the road map down into actionable steps, teach them the right strategies and tactics to put into place and support them until they gain the confidence to do the work for themselves.
A good mentor can help you progress your path much faster, help hold you to a higher standard and help you brainstorm different ways to approach your problems all while avoiding risks in the process.
So with this in mind, you have a choice.
You take these ideas and look to put them into place yourself. Or you get yourself a Yoda, someone who has the knowledge, tools and frameworks to help guide you to the outcomes you want.
If you’re keen to get some help, I’d love to have a chat and brainstorm ways you can make your money work harder for you.