This is a boring topic to most people, but it is very important.
We need to know what we are trying to achieve and we should reward ourselves when we get there.
It sounds cheesy but I like to take the S.M.A.R.T. approach when setting goals, this helps to ensure we are setting something very specific.
S.M.A.R.T. stands for:
An example of a goal that would not fall within this criteria – “I want to make enough money to survive” – it’s not specific as there is no amount attached, it’s not measurable as we don’t know what enough is, it is likely attainable and realistic, but it is not time-based.
A good example of a goal would be – “Within a year from now, I want to be making $200,000 a year.” – It’s specific as we are stating the amount ($200,000 a year), it’s measurable as it states the amount and gives a timeline. In this industry it’s definitely attainable. If it’s realistic – that depends on how much you are willing to work for this. It is also time-based as you have a year to complete this.
So if we stick to this example, $200,000 a year. How much does that break down to?
There are 12 months in a year, so this would be approx $16,667 per month.
There are approx 4 weeks in each month, so this would be approx $4167 per week.
There are 7 days in a week, so this would be $595 per day.
There are 24 hours in a day, so this would be $24 per hour.
I know there are some exceptions, such as not every month has 30 days, but this is just an example of how to think.
By breaking this down, this also gives us short term goals. We want to earn approx $24 per hour, every hour of the day. The beauty of the internet is we can be operational 24 hours a day and 7 days a week.
Once you start hitting $595 days, perhaps it’s time for a small reward? It’s up to you but I typically like to give myself small rewards for hitting milestones. Depending on the milestone, it might be something small like a night out, a weekend away, etc. If it’s large, it might be a new PC/Laptop, new TV, trip, etc. Don’t make it too extravagant or you may end up spending more than you make.