This article will help you put things into perspective as you try to move towards your goal of financial freedom. Most people would love to have financial freedom, but they don’t know what they would do once they have it. Financial freedom does not mean taking a cruise for the rest of your life (for most people at least). Read on to find out what you would do with your typical day of financial freedom.
If you had a constant flow of money coming in without having to go to work every day, what would you do? If you could do anything you wanted to, what would your typical day be like? these are important questions, because the answers will gage what you define as financial freedom. If you have really simple wants, and a low-consumption lifestyle then your financial freedom goal may be much closer than someone who wants to live on a yacht in 34 countries per year.
Neither answer is wrong, but you need to know where you want to go in advance, or you will never know if you are in the right direction. You may need to sell a lot more than your current level, or you may be able to retire early next month. It’s all a game of numbers wrapped around happiness.
Think about a typical day. Where would you like to live and wake up on most mornings? What would you like to eat? Would you cook your own food or would you rather eat out for most meals? Does your choice of vehicle matter to you? Would you like to exercise regularly, hike, or run? Is there a pet of some kind involved.
Write down everything that you would like to have in your typical day. You can even map out a typical week. Do you clean your own house, garden your own house, or even have your own house? Assign a monthly dollar value to each of these functions, add them all up along with monthly bills and that will roughly be your financial freedom number. Your business will need to bring in that much money so you won’t have to work any more.
Once you have your number you can use it to help you gage your sales and whether or not they are on target. Create 5-year projections for your business and your life goals to see if you are on track to meet them.