While I like my money in lump sums its nice to have multiple small checks come every month. It’s amazing how fast small amounts can get together and be large amounts. Large enough to live on. I feel like a credit card company. When you are self-employed those streams will keep you going.
I don’t really have any tips on how one acquires these streams. Most of mine come from clients that waited until trial to tell me they couldn’t pay me in full. Judges never let me off before trial so I end up stuck. I know I need to get bigger retainers, but I hate holding folks money and having to account for it. Every month we have many different streams. His streams are a bit more consistent and timely than my own. I wonder if people feel like a man needs his money more than a woman. Maybe I need to be more agressive and utilize team B.A.N.K. (break a ***** knees).
Just this week I sent an email reminding someone that I hadn’t recieved one of my checks and they reminded me that I have another larger one coming as well. It’s amazing but when you put yourself out and let people know your value they will come back and send others and your streams will multiply.
One way we are working on developing consistent streams is by giving discounted hourly rates for clients that keep us on retainer. So far all our clients have declined. I suspect they will attempt to put us on retainer when they need us, but they are smoking if they think that will happen.
Years ago a group of ministers tried to have me set up a pre-paid legal system. I had volunteered to help them with a problem the individual churches were having with the city and they were pleased. There were about 30 of them and they wanted to pay me about $70 each per month. I was in my early twenties and it sounded good, especially since I was living home rent free. From the minimal contact I’d had with them I knew they’d be calling me two to three times a day. They were already calling me once a day. I declined. One of my friends was selling prepaid legal and I put them in contact with her.
Every dollar ain’t worth the price it costs to make it. Some streams have terrible undercurrents that will pull you under.
HAVE A JOYFUL FRIDAY AND A LOVELY WEEKEND!
I always wondered about that pre-paid legal stuff from a lawyer’s perspective. A girlfriend of mine (not an attorney) paid a fee to become some kind of “consultant” for a pre-paid legal company — her job is to get folks to sign up for pre-paid legal. She gets commission for signing people up but it seems like a scam to me.
Comment by K — October 12, 2007 @ 9:16 am
My friend who sells it used to be a partner in her law firm, she sold it to me. I used to call all the time when I needed quick research done. I think it works pretty well, if you have a quick question or need a letter written. I know another person who was satisfied with it when he needed court representation.
Comment by c2a — October 12, 2007 @ 10:58 am
“Every dollar ain’t worth the price it costs to make it.”
So true! Pre-paid legal is the pits. I hate sales pitches.
Comment by Sugar — October 16, 2007 @ 2:06 pm
I’m looking into getting some other streams of income now.
Comment by Brownngirl — October 18, 2007 @ 6:36 pm