I wrote an article about “The John Lee Dumas Effect” and it stirred quite a bit of online conversation. Ray Ortega, host of the Podcasters' Studio thought it would be a great discussion for his show.
John Lee Dumas, host of the Entrepreneur On Fire Podcast, is seen as an overnight success. If you have heard his story then you know he is making a lot of money, but some people only hear about his success.
What they often overlook is the 3 months of work learning how to podcast, being declined for interviews, and making NO money.
It is important to realize that John did not quit his job and become an overnight success. It took him 9 months before reaching 4,000 downloads and start making some real money. Keep this in mind when thinking about starting a podcast. Planning ahead and knowing what NOT to do will pay big dividends in the long run.
Side note: John Lee Dumas was able to quit his day job and work full time on his podcast BECAUSE HE WAS DEBT FREE and had savings to support him through this transition. If you want to learn how debt steals your future paycheck and how to get out of debt would you please consider listening to my podcast: The MoneyPlan SOS podcast – teaching everyday Americans how to Pay Attention, Not Interest.