401-Annual Income Goals are for Dreamers; Hourly Income Goals are for You (If You're Serious About Your Wealth)
Radical Personal Finance
Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
4.2 • 1.9K Ratings
🗓️ 2 December 2016
⏱️ 25 minutes
🧾️ Download transcript
Summary
So, you set a goal for your income next year. Great! Good job!
That's a nice place to start.
But it does nothing for you if you don't translate it into an hourly income goal.
Listen to the show to find out why and how.
Joshua
- Join the RPF Facebook group! (It's free now!) https://www.facebook.com/groups/RadicalPersonalFinance/
- If you'd like to calculate your hourly wage, try this quick little calculator I made: https://docs.google.com/spreadsheets/d/1de4hvloZAoAXJCOsE9DZuRAAeNdO2skAIIxhR6lxGYU/edit?usp=sharing
- Please support me on Patreon! www.radicalpersonalfinance.com/patron
Transcript
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| 0:00.0 | Welcome to Radical Personal Finance, the show dedicated to providing you with the knowledge, skills, insight, and encouragement you need to live a rich and meaningful life now while building a plan for financial freedom in 10 years or less. |
| 0:15.0 | Yesterday we talked about goal setting for 2017. |
| 0:18.0 | Today we continue on that theme with the discussion of your wage. |
| 0:23.0 | Here's the deal. with a discussion of your wage. |
| 0:25.0 | Here's the deal. If you followed my advice or if you're following my advice, |
| 0:29.0 | very likely you are going to write down some income goals. |
| 0:35.0 | You're going to write down an amount of money that you want to make in the next year. |
| 0:42.0 | Great, it's a good place to start. Many people don't start there. |
| 0:46.4 | You'd be shocked at how few people have a goal for an amount of money that they want to make. |
| 0:50.9 | Now hopefully that income goal is tied to |
| 0:54.2 | something else because income goals that are just round numbers are probably not |
| 0:59.4 | going to have the teeth required to get you through the hard times. I know for me in years past when I would |
| 1:07.3 | set an income goal that wasn't connected to something that mattered beyond money. I've never hit one of them. But if an |
| 1:17.2 | income goal was connected to something that mattered to me, I've done pretty well. So you set an income goal. Well that's great. So what's your next step? Do you sit |
| 1:30.0 | around and hang out in your easy chair, close your eyes and imagine that amount of money in your bank |
| 1:36.4 | account? |
| 1:37.4 | Well, I guess you can do that. Some people do that. but the next step that I'm going to suggest |
| 1:45.3 | you take is I believe far more effective than you're sitting around and |
| 1:51.4 | imagining that amount of money in your bank account. |
| 1:54.4 | And that's to make a plan. |
| 1:57.0 | You've got to make an actual plan for how you are going to earn the income. |
| 2:01.0 | And today's show, I'm going to share with you how to make that |
... |
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