So today we are going to do a really practical exercise about the price of freedom.
The actual COST of freedom.
How much money will it take for you to be able to live a life on YOUR TERMS.
When you are setting goals or on your way to achieving them it’s REALLY important to know the details.
Saying, ‘I want a life of freedom’ is better than not knowing what you want.
Writing down, ‘I want a life of freedom’ is better than saying it.
Telling other people, ‘I want a life of freedom’ is better than writing it down.
Combine all of those with knowing all the facts and figures and the HOW (and I’ll presume you already know the WHY), is even better still.
That’s the way you achieve your goals. (If you happen to be reading this without any goals, for God’s sake do yourself, your life and the world in general a favour and go and set some. Unless you are happy to drift through life and are content come what may…. And in that case, get the hell out of here!).
This is an exercise I’ve been doing in my Big Daring Money Challenge and it’s one I regularly do myself. Your goals should be at the top of your mind daily as they form the focus of your activities and you should also review your goals to see what’s changed (you, or your goals maybe), and if you are on track, or not.
We all say, ‘Oh, if only I had a million pounds and then I’d….’.
But actually, do you really NEED a £1,000,000 to begin your life of FREEDOM? A life where you call the shots. A life where you are not answerable to anyone but yourself. A life where you can be who you really are with the freedom to express yourself however you life. A life where YOU set the rhythm of your day, you decide who you have in your life and you do exactly what you love?
I’m pretty sure the answer if NO, you don’t. (Though aim for the stars is you want a million or 10, but by no means do you HAVE TO HAVE a million before you create your life of freedom).
So what IS your cost of FREEDOM?
What will give you a start NOW, or even keep you going, whilst you build your millions?
To know this is to know your figures. Yes, it’s SPREADSHEET TIME!
I personally like to do this two ways.
The minimum I want and that gives me the FREEDOM that I want, and the high-end luxury lifestyle too – and surprisingly even in my wildest imagination, my high-end luxury lifestyle doesn’t require a million pounds (though that isn’t going to stop me from aiming for it of course!).
So get to know your numbers. Intimately. Don’t just gloss over this exercise. I want you to account for every pound/dollar/whatever.
- What are your outgoings exactly? Do this for your freedom now numbers and if you are like me and love luxury, or whatever, do it for your ‘wouldn’t it be amazing IF…’ numbers too. And go into detail! KNOW YOUR NUMBERS. So, for me that’s knowing how much first class travel is, hiring drivers, 5 star accommodation etc. What are YOUR numbers?
- Next, analyse those numbers. What are you paying for that you don’t actually need, want, use or enjoy right now? Get rid of those things. Don’t waste your money on things that are preventing you from diving into a life of freedom that could be contributing to your life of freedom right now!
Bringing in your own income over relying on employers is exciting, daunting, scary, amazing! Alongside deciding where your income comes from, I highly recommend you design your business exactly how you want it to be. Here’s an example of one of my most recent designs and it’s not too far off that at the moment (though when I post this the next thing I am going to do is have a look and do a bit of a re-design, let me know if you want to see what I come up with).
- What are you going to offer?
- How many services will you have for sale at any time?
- How much are you charging for those services?
- How many do you need to sell?
- How will you market your products and services?
- What’s your conversion rate? IE How many people do you need to get your product in front of and how many will buy? (Online industry average is 0-5% ish).
- When are you going to roll your service(s) out? Will it be on-going or will there be peaks and troughs?
- How much are you outgoings per day/week/month/year?
- What do you want to MAKE per day/week/month/year?
NOW, track your income. Every single pound you make, every day, put it in your spreadsheet. Categorise it, colour it up, make pie charts, do what you like but at the end of every day I want you to know how much money you made, and how much money you spent.
This is a habit that will only a take 10 minutes a day and it’s SO EMPOWERING. What you turn your attention to, you get. Think about who you are now and everything that you have, that’s because you have given thought to it and made it happen. The same with creating the finances to live your life of freedom.
And finally, what assets are you holding onto that you could free up to give you FREEDOM NOW?
Don’t be sitting there being a martyr and feeling trapped when you have something that can give you the freedom that you want!