Money goals: The not so simple version.
So I realize https://my.wealthyaffiliate.com/getting-started/wh... is supposed to be a simple exercise about setting tangible goals and posting them to the community to keep you focused and somewhat accountable. And so we're asked three seemingly simple questions:
QUESTION #1: How much money would you be happy earning?
QUESTION #2: How much would you be ecstatic earning?
QUESTION #3: And how much TIME are you willing to invest to achieve these goals?
So I thought about it for a second, because I've actually been thinking about this a lot lately and came up with my simple answers.
How much money would you be happy earning?
$100,000 a year
How much would you be ecstatic earning?
$1,000,000 a year
And how much time are you willing to invest to achieve these goals?
50 hours a week
But then I started looking at the comments, and I realized something. You really can't separate questions 1 and 2 from question 3. When I'd been thinking about these questions recently, I was thinking about them in terms of annual income, so that's how I answered them. But I looked at the comments and some people put them in terms of yearly income, some people put them in terms of weekly income, and some people didn't specify a time period at all. Does that mean they'd literally be happy if they just made their first $1,000? Maybe it does. That's a perfectly viable position to be in.
So, this made me think about it a little more and I factored my answer to question 3 into my answer to questions 1 and 2.
$100,000/year / 50 hours a week x 50 weeks a year (got to have vacation time) = $40/hr
Well I already make over $40/hr doing what I do and I'm not happy about it. I mean I'm satisfied. I don't make $100,000 per year because I don't work 50 hrs a week on paying jobs, but I could if I wanted to. I don't mind what I do, but I am literally here because I'd prefer not to do things the way I do them now.
So it comes back to question 3. I'm willing to invest 50 hours a week into getting things running, but I don't want to live that way. I don't mind working, but I'd prefer to invest time in something I'm passionate about and to be perfectly honest trying to make money all the time isn't it.
So how much time would I be ecstatic about investing into making money. Well the 4 Hour Work Week comes to mind. That's a pretty ecstatic goal.
So now we have $1,000,000/year / 4 hours a week x 50 weeks a year (because you still have to have vacation time) = $5,000/hr
That's something I could get truly ecstatic about!!!
So that's my slightly more complicated take on my money goals. It's not just about the money, it's the time you spend making it, and whether you enjoy what your doing. So since you happened to stumble on this feel free to comment with your 'slightly more complicated' money goals. With that I'm off to post my goals... or not because apparently I can only make one blog post in a 24 hour period. OK coming soon to a theater near you...
Edit: Changed $2,500 per hour to $5,000 per hour. Did the math wrong. Stupid calculator.