Lesson 5 – Your Freedom Figure
In this lesson I want to talk about what I believe to be another of the keys to success online.
It’s what I call your “Freedom Figure”. Actually, I think it was another online marketer, Tony Shepherd, that I first heard describe it but it is such a powerful concept that I want to pass it on to you.
During my years online there’s one thing that I’ve seen over and over again when I read the stories of those that have gone from struggling to success. So much so that I now believe it is the key to moving to the next level of online success.
What I’ve noticed is that those people became really success only after they were able to become full-time online marketers.
Some of them started off full-time because they were suddenly forced to do so as a result of losing their job and others started part-time working around their job.
In all cases though I’ve seen that their success really took off when they were able to devote all of their time to building their business.
What we can learn from that is the sooner we can become full-time online marketers the better.
For the majority of us what that means is we need to find a way of replacing our existing income source.
To do that you first need to identify what your current cost of living is and that’s where your “Freedom Figure” comes in.
Your “Freedom Figure” is the amount of money youe need to generate from your online business to replace the money you currently have coming in that you need to pay your bills.
Now, that figure may not be the amount you earn from your job if you have some money to spare from what you earn. It is the figure that you need to pay all of the bills and a bit extra to invest in your online business expenses like hosting, marketing etc.
Once you can generate that amount of money on a consistent basis you are free to resign your job and concentrate on your business full-time.
Your task today is to take a pen and pad of paper and write down all of your monthly household expenses. For those bills that you only get once a year or less often than monthly you simply break them down to a monthly amount and add them to your list.
Then you need to look at what you have to spend to pay your online expenses. This is a good time to identify those amounts that you need to pay as opposed to the amounts that you pay for more latest sure-fire ways of making quick money that are just delaying the day when you gain your “freedom”.
Take the opportunity now to stop all of those unnecessary expenses that are just holding you back and wasting money.
Once you have all of that written down and totaled up you’ll probably be surprised that it is smaller than you imagined it would be. In most cases it is.
So many ‘Gurus’ online talk about earning a 6 figure income as if that’s all that matters. It’s like you’re not successful unless you’re a 6 figure earner but that’s just not the case.
Virtually nobody NEEDS a 6 figure income to be able to live day to day right now.
All you actually need is enough to pay the bills with a bit to spare to be free to build a life-changing income. Once you’ve achieved your “Freedom Figure” then you can work towards building that 6 figure income.
But for right now you don’t need 6 figures a year so don’t beat yourself up because you’re not at that stage yet.
Work out what your “Freedom Figure” is, write it down and display it where you’ll see it everyday and focus on just achieving that.
Put it up next to your computer so you see it as you’re working on your business. Put it up somewhere in your bathroom, your kitchen – wherever you have to so that is front of mind all the time.
Think back to our lesson on mindset and make achieving your “Freedom Figure” one of your major goals.
Before you know where you are you’ll have passed your “Freedom Figure” and be on your way to becoming a full-time marketer.
I hope you get as much of a boost out of this lesson as I have writing it. I always get a buzz when I write about achieving goals and becoming successful.
That’s all for this lesson. In the next lesson I’m going to talk about the different models for making money online.