Lesson 5: Setting Income goals for multiple streams of income
You made it!
Today is the last day of the challenge.
How are you feeling so far?
I feel honoured that you decided to do the challenge with me and allowed me to hold the space for your healing and growth.
In the last 4 days you've:
1. Become aware of the emotions you feel towards money and your bank account
2. Started seeing how those emotions impact the way your behave with money
3. Started understanding that even your emotions are impacted by other root causes
4. Learned what you stand for and started aligning your spending to your core values
5. Created a budget that aligns with your values so you can start living a more authentic life
6. Learned a simple technique to help you change your spending habits and curb compulsive spending
Congratulations on taking the first step to creating the life you truly want.
Now lets take these lessons even further and talk about increasing income and creating multiple streams of income
Yes! Saving and investing is important.
It’s the way to creating passive income and with that, financial freedom.
But you know what?
Income growth is also a huge part of financial freedom.
It's the other side of the coin.
These things work in tandem.
For us to see a long lasting shift in our finances, we need to be willing to understand our current expenses and the cost of our future vision.
We started off by reading our bank statements and really understanding where our money is going, so we could change our spending habits, but the next step is to plan for the future with clarity.
1) The first step is to figure out how much your lifestyle is going to cost you in the next 5 years.
And then how much you need to earn annually.
We also factor in the things you want to achieve or experience in the year.
Want a new house?
Want to travel to a new country?
How much do these things cost?
2) Break that cost down by 12 so you understand how much you need to make every month.
3) The third step is to create a strategy on how to make that income goal a reality.
Start to get practical and think of various streams of income you can focus on to make this money annually.
4) Now that you have the income streams - how will you get there?
Because as the saying goes - a dream without a plan is just a wish.
If you want to make R500k (US$50,000) per annum
You will figure out how much that is on a monthly basis: R42,000 (US$4,200)
Assume your average product costs R1,000 (US$100)
So that means you need to sell at least 42 products a month.
5) Align your actions to your income goals.
Most people take action for the sake of taking action, alugbed action is taking an action because it will lead to a desired result.
Your job is to figure out what actions you need to take and creative ways to use your resources to reach your income goals with ease.
Attached is a weekly goal setting worksheet that I give to all #MoneyMagic students to help them gest started on their income goals.
The purpose of this worksheet is to help you getv
Download the worksheet below and follow the instructions so you can focusing on expansion by working on increasing multiple streams of income.
If you found the 5 day course valuable, then I would live to invite you to my FREE masterclass on the 7 emotions that stop us from saving, investing and increasing income.