#478: Do What Sets Your Soul ABLAZE with Kacia Ghetmiri, Podcaster, Speaker, & Entrepreneur
In this episode of Creating Confidence with Heather Monahan, guest Kacia Ghetmiri emphasizes the importance of income diversification and building multiple revenue streams for financial stability. Kacia shares her entrepreneurial journey, from successfully transitioning out of her corporate job to building a real estate portfolio and creating the top-rated "Empower Her" podcast.
The discussion highlights the value of having a supportive community and partner when pursuing entrepreneurial endeavors. Kacia also candidly discusses the challenges of balancing parenthood with her ventures, addressing the need to redefine success and reframe productivity metrics during this major life change.
This is a preview of the Shortform summary of the Nov 12, 2024 episode of the Creating Confidence with Heather Monahan
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1-Page Summary
The Importance of Income Diversification
Kacia Ghetmiri emphasizes that no single income source is truly secure in today's volatile economy. She advocates for diversifying and creating multiple revenue streams to provide more financial flexibility and stability, especially during economic downturns or life changes.
Kacia and Sina's Real Estate Portfolio
Kacia and her husband Sina have built a $7 million real estate portfolio, developing businesses for long-term and short-term rentals like luxury Airbnbs. During the COVID-19 pandemic, their Denver Airbnb generated more income than Sina's dental practice, highlighting the value of diversification.
Kacia's Entrepreneurial Journey
After financial success in network marketing, Kacia started the "Empower Her" podcast in 2018 to explore her post-marketing options transparently. Its vulnerability resonated, making it a top-rated personal growth podcast with over 11 million downloads.
Transitioning from Corporate to Entrepreneurship
Kacia shares her difficult transition from a high-paying Google job to entrepreneurship. Despite tears over misalignment, she trusted her intuition and launched a network marketing side-hustle - her first entrepreneurial step.
The Role of Community and Support
When Sina left dentistry, they faced family resistance but intentionally surrounded themselves with an entrepreneurial community for support. Kacia affirmed Sina's potential. Heather Monahan underscores having encouraging partners who help visualize possibilities.
Balancing Parenthood and Entrepreneurship
As a new mom, Kacia had to re-evaluate business strategies. She protected time/energy, redefining success and productivity metrics. Her real estate investments allowed financial flexibility to step back temporarily without hardship.
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Counterarguments
- Income diversification, while beneficial, may not be feasible for everyone due to varying levels of access to capital, knowledge, and time.
- Diversifying income sources can also lead to overextension and a lack of focus, which can be detrimental to some individuals or businesses.
- Real estate investment carries its own set of risks, such as market fluctuations, property management challenges, and potential liquidity issues.
- The success of Kacia and Sina's Airbnb during the pandemic may not be replicable for everyone, as it could be attributed to unique market conditions or specific strategic decisions.
- Podcasting, as a form of income or influence, is saturated and may not offer the same opportunities for growth or revenue to new entrants as it did for Kacia.
- Transitioning from a stable corporate job to entrepreneurship involves significant risk and may not result in success for everyone.
- The support of an entrepreneurial community is valuable, but not everyone has access to such a network, which can be a barrier to success.
- The narrative of leaving a stable career to pursue entrepreneurship may not acknowledge the privilege or resources required to make such a move safely.
- Redefining success and productivity metrics is subjective and may not align with everyone's values or circumstances.
- The ability to step back from work due to financial flexibility is a privilege that many new parents do not have.
Actionables
- You can start a hobby that could potentially generate income, like crafting or photography, and sell your creations or services online. By doing this, you're not only enjoying your leisure time but also creating a potential income stream that could grow over time. For example, if you enjoy making handmade jewelry, you could open an online shop on platforms like Etsy or create a dedicated Instagram account to showcase and sell your work.
- Consider enrolling in a peer-to-peer lending platform to invest small amounts of money across various loans. This allows you to earn interest as a lender and diversify your income with minimal effort. You don't need to be a financial expert; platforms typically offer tools and guidance to help you make informed decisions. Just ensure you understand the risks involved and start with amounts you're comfortable with.
- Explore local real estate investment groups or online forums to learn about property investing from experienced investors. This can be a stepping stone to understanding the real estate market and potentially partnering on small deals. You don't need to start with a large portfolio; even learning about real estate investment trusts (REITs) or crowdfunding opportunities can be a way to dip your toes into the property market without significant capital.
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The importance of diversifying income streams and not relying on a single source of revenue
The economy's current volatility has spurred discussions led by Kacia Ghetmiri and others on the importance of not relying solely on a single source of income.
Diversification as Financial Security
Kacia Ghetmiri underscores the notion that no single income stream is truly "safe" in today's economy. She points out that a traditional W2 job is no more secure than running a business or engaging in network marketing. Companies may restructure or lay off employees at any time, leaving individuals in a precarious financial position. Ghetmiri encourages diversifying and creating multiple streams of income to provide more financial security and flexibility, particularly as the economy and job market are prone to unexpected changes. Such diversification could mean the difference between stability and financial ruin, especially during economic downturns or personal life changes.
Kacia speaks to the value of understanding the instability inherent in various sectors due to technological advancements like AI, which reinforces the argument that relying on a single income stream may be risky. She also stresses the importance of having options through multiple income streams, which empowers people to leave unsatisfactory jobs or environments without fear of financial ruin.
Heather Monahan acknowledges the risks of depending on one job or revenue stream, echoing Kacia's sentiment that individuals at significant risk should consider diversifying their income.
Kacia and Sina's Strategic Real Estate Investments
Kacia Ghetmiri and her husband, Sina, exemplify the benefits of income diversification by building a $7 million real estate investment portfolio. The couple ventured into real estate, developing a successful business that now encompasses long-term and midterm rentals, as well as luxury Airbnbs managed by Sina as the CEO of their firm.
Kacia shares an instance that further highlights the necessity of income diversification. During the height of the COVID-19 pandemic, California's shutdown of dental practices, unless for emergency procedures, drastically reduced Sina’s income as a dentist. The couple's first Airbnb in Denver generated more incom ...
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The importance of diversifying income streams and not relying on a single source of revenue
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Clarifications
- Network marketing, also known as multi-level marketing (MLM), is a business model where individuals earn income through selling products or services directly to consumers and recruiting others to join the business as distributors. Participants typically earn commissions not only for their sales but also for the sales made by the distributors they recruit. This model often involves building a network of distributors under one's leadership, with the potential to earn passive income based on the sales volume of the entire network. Network marketing companies operate in various industries, offering individuals the opportunity to start their own business with low initial investment costs.
- A W-2 job is a term used in the United States to describe traditional employment where an individual is an employee receiving a regular paycheck with taxes withheld by the employer. This type of job provides stability and benefits like health insurance and retirement plans. Employees with W-2 jobs are not responsible for directly paying their employment taxes, as these are deducted by the employer.
- Kacia and Sina Ghetmiri diversified their income through real estate investments, including long-term and midterm rentals, as well as luxury Airbnbs. Their themed properties cater to specific market needs, such as bachelorette party retreats in Denver. These investments generated consistent cash flow, providing financial stability beyond their original careers. The couple strategically acquired seven investment properties within two and a half years, showcasing the success of their diversification strategy.
- Themed properties in real estate are properties designed or tailored to cater to specific market niches or preferences, such as bachelorette party retreats, eco-friendly accommodations, or luxury spa-like experiences. These properties are often uniquely decorated, furnished, or equipped to create a specific ambiance or experience for guests. By targeting specific demographics or interests, property owners can differentiate their offering ...
Counterarguments
- Diversification requires a set of skills and knowledge that not everyone may possess, and without proper expertise, it can lead to financial losses rather than security.
- Over-diversification can dilute focus and resources, potentially leading to underperformance in all areas rather than success in one.
- Income diversification may not be feasible for everyone due to various constraints such as time, capital, and personal circumstances.
- Real estate investment, as highlighted by Kacia and Sina Ghetmiri, carries its own set of risks, such as market fluctuations, property management challenges, and regulatory changes.
- The success story of Kacia and Sina may not be replicable for everyone, as it may involve elements of timing, luck, or unique opportunities that are not available to the general public.
- Relying on a single income stream can sometimes allow for deeper expertise and career advancement within a specific field, which can also lead to financial security.
- The initial capital required for real estate investment is high, which can be a barrier to entry for many individuals looking to diversify their income streams.
- The narrative may underestimate the value of job satisfaction and personal fulfillment that ...
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Kacia's Entrepreneurial Journey and Pivots
Kacia's entrepreneurial saga is one marked by significant strides, introspection, and versatile business ventures, encompassing her involvement in network marketing, podcasting, and exploring various avenues as she navigates new motherhood.
Kacia's Path from Network Marketing to Podcasting
Starting as a side hustle, Kacia's venture into network marketing quickly escalated into a career where she carved out a niche by targeting corporate employees seeking additional income. Her team eventually swelled to 4,000 people, offering her chances to speak on prominent platforms and earning her accumulative millions.
However, this path was not fully aligned with her long-term ambitions. Uneasy with her network marketing trajectory despite financial success and external validation, she opted for change shortly after relocating to San Diego.
Entrepreneurial Self-Discovery through Podcasting
In 2018, amidst this transition, Kacia established the "Empower Her" podcast. The concept: to navigate life's uncertainties alongside her listeners, not as an expert, but as a companion figuring it out in real-time. Her transparency in discussing her options post-network marketing—from becoming a stay-at-home mom to plunging into real estate—struck a chord with her audience, elevating "Empower Her" to a top-rated personal growth podcast with over 11 million organic downloads.
The Relatable Success of "Empower Her"
Heather Monahan attributes the success of "Empower Her" to Kacia’s authentic presentation and her willingness to share c ...
Here’s what you’ll find in our full summary
Kacia's Entrepreneurial Journey and Pivots
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Actionables
- You can explore side hustles that align with your current job by researching industries related to your field and identifying gaps you could fill with a small business or freelance work. For example, if you work in IT, consider offering cybersecurity workshops for non-tech businesses.
- Start a personal growth project by documenting your journey through a blog or social media to connect with others who share similar challenges and aspirations. This could be anything from fitness goals to learning a new skill, where you share progress, setbacks, and insights.
- Diversify your skills by taki ...
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The transition from a corporate career to entrepreneurship, and the challenges and opportunities involved
Kacia Ghetmiri's journey from a stable, high-paying job at Google to entrepreneurship exemplifies the daunting but potentially fulfilling path that many take when they choose to align their careers with their passions.
Kacia's Turning Point
Discovering a Misalignment of Values and Purpose
At only 23, Kacia Ghetmiri was on a trajectory of external success with a six-figure salary at Google, yet she felt drastically out of step with her true desires. Despite the corporate perks and the appearance of having it all, she grappled with a deep-rooted instinct that something was amiss. This emotional discord culminated in a profoundly personal moment where she found herself in tears on her bathroom floor, driven by a gut feeling that she was treading the wrong path.
Making the Leap into Network Marketing
Motivated by this realization, Kacia took her first steps towards entrepreneurship. While still retaining her position at Google, she bravely ventured into network marketing as a side business. This risky move marked the beginning of her transition away from the corporate ladder and into the realm of self-made opportunities.
The Challenges and Opportunities of Transitioning
Trusting One's Intuition Over Conventional Wisdom
The shift from the security of corporate employment to the unpredictable nature of entrepreneurship is fraught with challenges. It’s a leap that tests one’s conviction and tenacity. Kacia underscores the importance of trusting your intuition and courageously pursuing what feels right, even if it means forgoing the predictable paycheck and benefits of her former job. Her experience emphasises that following one's passion can lead to a more authentic and fulfilling career.
Mental Barriers in Recognizing Opportunities
Heather Monahan relates to Ghetmiri's experience by ref ...
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The transition from a corporate career to entrepreneurship, and the challenges and opportunities involved
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Counterarguments
- While intuition is important, it should be balanced with practical considerations such as financial planning and market research before making a leap into entrepreneurship.
- Network marketing, as a business model, often faces criticism for its sustainability and ethical practices, which might not align with everyone's values or lead to long-term success.
- The narrative that everyone should follow their passion can be misleading, as not all passions can be turned into viable business ventures.
- The idea that corporate jobs are inherently misaligned with personal values is an overgeneralization; many find fulfillment and purpose within corporate structures.
- The transition to entrepreneurship is not always feasible for everyone due to various constraints such as financial responsibilities, personal circumstances, or risk tolerance.
- The challenges of entrepreneurship can sometimes outweigh the opportunities, leading to stress, financial instability, and failure, which should be acknowledged as real possibilities.
- The concept of "wrestling with psychological barriers" may oversimplify the complex mental health challenges that can arise w ...
Actionables
- You can explore your core values by writing a personal manifesto to clarify what truly matters to you. Start by listing the principles you live by and the goals you aspire to achieve. This exercise will help you identify any misalignment with your current career and can serve as a compass for future decisions, much like a company's mission statement guides its business practices.
- Create a "side hustle canvas" to map out a potential part-time business that aligns with your interests. Similar to a business model canvas, this tool will help you visualize different aspects of your side project, including the value proposition, customer segments, and revenue streams. This structured approach can make the idea of starting a side business less daunting and more actionable.
- Develop a "mental flexibility routine" by setting aside time each week to challenge your existing belief ...
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The role of community, support, and accountability in navigating major life and career changes
Kacia, Sina, and Heather Monahan highlight the indispensable role that community, support, and accountability play when making significant life and career shifts.
When Kacia's husband Sina decided to leave his career as a dentist, they faced resistance and lack of support from some family members.
Kacia discusses her husband Sina's challenging journey from dentistry to their entrepreneurial pursuits. She reflects on the importance of Sina's ability to articulate what he didn't want and the courage it took, especially given the pride others had in his professional accomplishments. When Sina knew his career as a dentist wasn't right for him, Kacia's business success provided the necessary financial stability that allowed for this major transition. Kacia shares that she envisioned her impact on future versions of Sina and the freedom that her enterprising success could offer their family. However, Sina's choice was met with resistance from his family, which Kacia tackled by emphasizing the significance of following one's own path rather than the perceptions of naysayers.
Kacia and Sina made a conscious effort to surround themselves with a community of like-minded individuals who could provide encouragement and practical advice as they navigated the transition.
During this period of transition, Kacia and Sina diligently sought to drown out the negative feedback by intentionally connecting with individuals who were either accomplishing what Sina aimed to achieve or were in the field he was interested in. Sina attended real estate meetups to learn risk management and to create a supportive network for idea sharing. After moving to Denver, they also tapped into the local real estate community, which helped them in building close friendships and furthering their entrepreneurial goals.
Kacia also highlights the value of having an "overly enthusiastic" partner or support system who can help you see your own potential and capabilities, even when you may doubt yourself.
Kacia played a pivotal role in bolstering Sina, continually affirming his potential for success in his chosen pursuits. Additionally, Heather Monahan underscores the underestimated importance of community, particularly during the isolation experienced in the ...
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The role of community, support, and accountability in navigating major life and career changes
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Counterarguments
- While community and support are important, individual resilience and self-motivation are also critical factors in successfully navigating life and career changes.
- Some individuals may thrive without a large support system, relying on their own inner resources and determination.
- The emphasis on community might overlook the value of introspection and personal growth that can come from facing challenges independently.
- Financial stability is not always a prerequisite for a successful career change; some individuals may find motivation in financial challenges to innovate and push through adversity.
- Resistance from family members, while challenging, can sometimes provide a different perspective that may lead to more thoughtful decision-making.
- The narrative may underrepresent the complexity of career transitions, which can also involve significant stress, uncertainty, and the potential for failure, regardless of community support.
- The importance of community during the COVID-19 pandemic might overshadow the fact that some individuals found solitude and remote interactions to be eq ...
Actionables
- Create a "transition buddy" system by pairing up with someone who is also looking to make a significant change in their life or career. You can set up regular check-ins, share resources, and offer moral support to each other, ensuring that both of you have a dedicated person to turn to when facing challenges or needing encouragement.
- Develop a "skill-swap" network within your community where individuals can exchange expertise and services that support each other's goals. For example, if you're looking to move into a new field, you might offer your current professional skills in exchange for mentorship or training in your desired industry.
- Start a "confidence jou ...
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Balancing entrepreneurship and parenthood, and the adjustments required
The journey of entrepreneurship can often be a demanding and challenging one, but these challenges can be more acute when combined with the responsibilities of parenthood. This was the case for Kacia, who, after becoming a mother, found that she needed to adjust her approach to her businesses to align with her new priorities.
Becoming a new mother significantly changed Kacia's daily life and routines, requiring her to re-evaluate her business strategies and priorities.
Kacia discusses the seismic shift in her life after having her son, Brody. The new mother found that her pre-parenthood work methods were no longer feasible, as the realities of sleepless nights interfered with her ability to maintain productivity and energy levels. Kacia recognized the need to be more deliberate with her time and energy, carefully selecting where to direct her focus in order to meet the demands of both her business and her new role as a mother.
Kacia realized she could no longer approach her entrepreneurial ventures the same way she had before having a child, and had to be more intentional about protecting her time and energy.
The acknowledgement of her changed reality led Kacia to reassess her business endeavors. She had to establish new routines and expectations for herself that took into account the various 'seasons' of life, including her essential role as a parent. Finding balance meant redefining her own measures of success and productivity.
Kacia's prior diversification of income streams, including the real estate investments, gave her more flexibility and options as she navigated the transition to parenthood.
It was not only Kacia's ability to adapt her schedule and expectations that eased the transition; her foresight in diversifying her income streams also played a crucial role in her ability to juggle both spheres of her life.
By having multiple revenue sources, Kacia was a ...
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Balancing entrepreneurship and parenthood, and the adjustments required
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Counterarguments
- While diversification of income streams can provide flexibility, it also requires a significant amount of initial effort and resources, which may not be feasible for all entrepreneurs.
- The ability to step back from demanding entrepreneurial activities is a privilege that not all parent entrepreneurs can afford, especially those without established income streams or financial safety nets.
- The narrative may oversimplify the complexities of balancing entrepreneurship and parenthood, as each individual's circumstances vary greatly, and what works for one person may not work for another.
- The focus on Kacia's successful adjustment may inadvertently minimize the very real struggles and potential failures that many parent entrepreneurs face, potentially setting unrealistic expectations for others.
- The idea of redefining measures of success and productivity could be challenging to i ...
Actionables
- You can reassess your daily routine by tracking your time for a week to identify where you can create efficiencies or delegate tasks. Use a simple spreadsheet or a time-tracking app to log every activity you do throughout the day. At the end of the week, review your log to see where you're spending the most time and determine if those activities align with your new priorities. If not, consider ways to streamline those tasks, such as automating repetitive work, hiring a virtual assistant for administrative tasks, or setting specific times for checking emails.
- Start a "flexibility fund" by setting aside a small percentage of your monthly income into a separate savings account. This fund is designed to give you the financial freedom to take a step back from work when life's priorities change, similar to how diversified income streams provide flexibility. Begin by calculating a manageable percentage of your income that won't affect your daily expenses. Automate a monthly transfer of this amount into your flexibility fund. Over time, this fund can grow and serve as a buffer that allows you to make choices without immediate financial pressure.
- Explore passive income opportunities by researching and investing in l ...
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1-Page Summary- The importance of diversifying income streams and not relying on a single source of revenue
- Kacia's Entrepreneurial Journey and Pivots
- The transition from a corporate career to entrepreneurship, and the challenges and opportunities involved
- The role of community, support, and accountability in navigating major life and career changes
- Balancing entrepreneurship and parenthood, and the adjustments required
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