Experiments With Hope - Episode 55: Income Goals

NOTE: This episode was recorded on September 2nd, 2019 and moved from YouTube on January 23rd, 2021.

An important part of becoming a successful entrepreneur is knowing how to set income goals. In my experience, most people get this really wrong. For example, let's assume I ask you how much money you want to make in a year, and you say $1 Million. Totally possible, but what do you plan to do with the money?

Better yet, if you were to write down EVERYTHING you want to own and to do, and if you were to put a dollar amount on all those things, how much money would you need to live the life you really want to live? In my experience, this question is much more important than the question of how much money you want to make. Let's be honest, most of us want money just to have it. We want it so we can buy all the things necessary for living the life we really want to live.

The problem is, most self-help books, blogs, and seminars are too focused on income goals, and not focused nearly enough on lifestyle goals. So, we should not be surprised that so many entrepreneurs struggle to achieve their income goals. They don't have the proper emotional "buy-in," because numbers don't get people excited about their future. People get excited about their future when they start thinking about all the wonderful things they want to have and to do.

So, before you set your income goals, try setting lifestyle goals instead. Write down all the things you want to own, and all the things you want to do. Include the things you want to do on a monthly basis along with your one time activities. Then, turn all these goals and activities into a specific (or estimated) dollar amount. This will tell you how much total money you need AND how much you'll need to make every month in order to live the life you really want.

In my experience, two things will happen as soon as you do this. First, you'll be pleasantly surprised at how much LESS money you actually need in order to live the life you really want. Second, you'll realize that your prior income goal was more about your ego than it was about your happiness. Finally, and most importantly, you'll have a goal that will paint a picture inside your mind, and make you more emotionally committed to achieving it.

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