On Monday I had a pretty shocking realization.
I was on a phone call with a good friend and we were discussing our financial and lifestyle goals.
I quickly re-realized that since dissolving my last business venture about 8 months ago, I’ve essentially been ‘floating’. I’m *still* picking up the pieces and rebuilding. It’s been a slow process and I haven’t been 100% clear on what exactly I’m doing.
I’ve taken on a few projects here and there, I’m publishing and consulting, I’m studying & reading copious amounts of marketing and business training materials… but there hasn’t been a solid, well-defined goal and path.
I was surprised at the lackadaisical approach I’d taken towards my income goals.
But I believe that identifying the problem (and not ‘blanking out’ its existence) is half the battle. I’ve just been ‘making money’ over these months, without a set goal in mind. And since I know I can fairly accurately predict the future, it’s going to be more of the same unless I change something.
We eventually got to a point in the conversation where we decided to describe our realistic PERFECT day. A day that we could repeat ad nauseum for say 300 days a year, without tiring of it.
I began to name off the activities I’d like to do on such a day.
Mainly writing & producing new products, exercising, self-growth in some capacity through reading, learning, traveling, meeting ‘thinkers’, etc, and hanging with friends. Pretty simple and straight forward stuff for the most part.
(You’ve probably heard people talk about this exercise before and I suggest you do it. It was one of the more ‘freeing’ things I’ve done in a long time. )
Then I started attaching monetary values to each activity. I included all possible expenses, averaged out the infrequent activities (eating out, plane tickets), and included taxes…
…and what number did I come up with?
$123.70 per day.
I need $123.70 per day to fund my basic ‘ideal’ lifestyle – and set me up for bigger successes.
I re-checked the numbers thinking something was wrong…
They weren’t. That’s the number I need: $3711.00 per month and $45,150.50 per year to be totally, 100% happy and content, and to have a future where the potential of making much, much, more is still real and possible.
And the cool part is that without even consciously paying attention or having set goals, some months I’m already well over this number.
I was shocked at how long it’s taken me to come to this realization. And, I was shocked at just how little I need to be ‘cool’.
And now that I know the goal, I know what to do.
(I fully understand that this goal will likely change over-time but that’s OK. I’ll adjust when necessary.)
So what I’m going to do now is build a (low-stress) business that produces $123.70 of semi-passive income per day so that I can focus on my larger goals with more clarity.
And in the next post I’ll let you in on my plans.