What are you really working for?
We all know that to succeed in any business you have to set your goals , and most people today should know how to set goals effectively (although many don’t and won’t listen).
Most people only live their life to tell half a story. They either work their business to create a comfortable income and find out they are not living the dream, or, build their personal wealth account to maintain their lifestyle and leave the rat race to find they are bored, isolated and broke before they reach retirement age.
You need to have two, simultaneous strategies operating in your life:
A) A money system: this is large enough to support your lifestyle. This provides your “Rat Race Escape Quantum”.
B) A Business System: A method that provides and income to to fund your money system even after you stop your current (or any conventional) employment.
Your Business system can consist of any regularly producing on a monthly basis through income/salary/dividends/angel investing or other passive income.
If you are not on target for either of these systems, we need to talk.
There are 4 simple steps to create your Business System to feed and fund you.
1) Define your lifestyle.
e.g., 2 cars, 5 bedroom detached home with hot tub, holiday villa in Greece or Canaries, 3 months travel per year, private school for children/grandchildren.
2) Assess the cost per month;
- 2 Cars £2,000
- Home £3,000
- Holiday Villa £2,000
- Travel £1,000
- Private Ed’n £2,000
Add to this monthly living costs for clothes, food, gadgets, utilities, entertainment etc say £4,000
GRAND TOTAL £14,000
3) Divide this by 60% to cover taxes and other obligations = £23,333 pm
4) Set the targets
Net living cost £23,333 X 12/5% = £5,599,920
£14,000 x 5 = £70,000 per month
Therefore if you are earning £70K per month in your business (or part of it) after operational expenses, divide it by40% for Taxes, 40% to fund Money System and 20% for maintaining your lifestyle.
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