What is your target income?

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What is your target income?

Post by Admin on Fri Jul 31, 2015 12:02 am

How much money would you like to earn from your business?

These are my milestones :

£20 p.w. ($31 p.w.)
£65 p.w. ($101 p.w.)
£225 p.w. ($351 p.w.)
£325 p.w. ($507 p.w.)
£500 p.w. ($780 p.w.)
£1000 p.w. ($1560 p.w.)
£2000 p.w. ($3120 p.w.)

If I don't earn a penny more than £2000 per week ($3120) I'll be happy. That's more than enough for me and it will be enough to live well in almost any country. But obviously the more the merrier.

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Re: What is your target income?

Post by fschmidt2 on Fri Jul 31, 2015 1:36 am

My main business makes about $3000 per week right now, split 2 ways, so I get $1500.  But this business is really just a test case of something I want to perfect and only then scale up to maximize revenue.  My goal is around $20,000 per week for me.

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Re: What is your target income?

Post by Ghost on Fri Jul 31, 2015 1:49 pm

I think small about this goal. My goal is $1000 passive per month. It's such a small amount, I know, but even that modest amount will allow me to live comfortably enough in many third world countries. As long as I can get to that amount per month and maintain it, it could be an early retirement, although that's not my goal. I would supplement my passive income with my teaching abroad at that point. And then I could always try to grow my passive income if I wanted more.

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Re: What is your target income?

Post by Admin on Fri Jul 31, 2015 3:14 pm

fschmidt2 wrote:My main business makes about $3000 per week right now, split 2 ways, so I get $1500.  But this business is really just a test case of something I want to perfect and only then scale up to maximize revenue.  My goal is around $20,000 per week for me.

How long did it take you to get that that level of income?

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Re: What is your target income?

Post by Admin on Fri Jul 31, 2015 3:19 pm

Ghost wrote:I think small about this goal. My goal is $1000 passive per month. It's such a small amount, I know, but even that modest amount will allow me to live comfortably enough in many third world countries. As long as I can get to that amount per month and maintain it, it could be an early retirement, although that's not my goal. I would supplement my passive income with my teaching abroad at that point. And then I could always try to grow my passive income if I wanted more.

Have you considered information products? You could charge more than you would for a regular book, and hopefully reach your target.

Eben Pagan - Self Made Wealth : https://www.youtube.com/playlist?list=PLx7YPJpBy6N2uHa0k4LShToOXTH8lbhRz



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Re: What is your target income?

Post by Ghost on Fri Jul 31, 2015 4:21 pm

Admin wrote:
Ghost wrote:I think small about this goal. My goal is $1000 passive per month. It's such a small amount, I know, but even that modest amount will allow me to live comfortably enough in many third world countries. As long as I can get to that amount per month and maintain it, it could be an early retirement, although that's not my goal. I would supplement my passive income with my teaching abroad at that point. And then I could always try to grow my passive income if I wanted more.

Have you considered information products? You could charge more than you would for a regular book, and hopefully reach your target.

Eben Pagan - Self Made Wealth : https://www.youtube.com/playlist?list=PLx7YPJpBy6N2uHa0k4LShToOXTH8lbhRz



I have heard some good success stories from creating information products. I'm watching the videos. Not sure what I could do with that, but I'm open-minded to trying new things.

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Re: What is your target income?

Post by fschmidt2 on Fri Jul 31, 2015 8:04 pm

Admin wrote:How long did it take you to get that that level of income?
The business is old and we have given up on it, but I figured out how to make it work at the beginning of this year, so it has taken around 7 months to get to where we are.

A funny story is that we were actually in the process of selling the business to some guy in England for $200K because we had given up on it.  We had signed a contract to sell it, and then I figure out how the other guy was going to make it work, so I didn't want to sell it.  Thank God I had some luck.  The guy found me on the internet, found CoAlpha and some of my other posts and decided that I am a freak and he didn't want anything to do with the business because it could be associated with me.  So he backed out, and I am very glad.

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