The cold hard truth is that very few people actually enjoy their day job enough to carry on doing it if they had won enough money giving them financial freedom and the opportunity to quit.
They'd be out of that door like a shot if they could.
As soon as people have enough money to leave a job… they will.
The reason people carry on working in jobs they hate is because they need to and not because they choose to.
It is a necessity.
They need money.
They have bills to pay, they need to put food on the table and they have a life to live.
Without money, life is hard.
It is for this reason that a lot of people play the lottery, enter competitions with large cash prizes and spend a small fortune on scratch cards offering tens of thousands as prizes.
I don't know what the statistics are in your part of the world, but winning the National Lottery Jackpot here in the UK is somewhere around 1 in 45 million.
The Euro Lottery is 1 in 139 million and the US Mega Millions has a 1 in 176 million chance of winning the jackpot.
So basically… you have very little chance of winning it big.
Yes, it's possible you may win a nice large-ish sum of money, but it's a hell of a gamble to risk your financial future playing the lottery.
Become Your Own Jackpot
In the UK today, the average wage is £29,600 ($37,092 at time of writing).
To live comfortably in London, you need at least £40,000 ($50,124).
Life is going to be crap if you are earning £29,600 or less and playing the lottery each week hoping to win a life changing amount of money.
With soaring living costs and little increase in wages, most people are going to be trapped in the jobs they hate for a very long time.
To escape, you need to become your own jackpot and take control of your financial future.
To do that, you are going to need to create your own six figure income.
Find Your Freedom Figure
First you need to figure out what your annual living costs are and then add a further 25% on top.
This figure will include all living costs such as rent, mortgage, council taxes, electricity, gas, internet, mobile phone, groceries, fuel for your car, required insurances, clothing, toiletries, etc.
It needs to include everything that you have to buy or pay out for to live as you do now.
So as an example let's say that for each month you need $1,250 which amounts to $15,000.
Add 25% to that to cover for any unexpected eventualities or price rises.
Your annual cost is now $18,750
The reason for knowing that figure is that you need to know how much you need to earn just to cover that.
$100,000 is a six figure, and if you want that $100,000 to go into your pocket, you need to be earning at least $118,750.
Then There's Tax
You also need to know how much you are taxed because that is money which is taken out of your new six figure income.
Here in the UK, if you earn £100,000 you will pay £33,307 in tax. That leaves you with just £66,693 of your six figure income.
That is a tax rate of 33.3%
So you need to add 33.3% on top of the amount you need to earn to account for tax… which as we know that extra money will also be taxed at 33.3%
I am using dollars in this example but I will use the 33.3% tax rate as part of the example.
Adding 33.3% to $118,750 gives you a total of $158,293.75.
33.3% of $158,293.75 is $52,711.81… which leaves us with $105,581.94.
Meaning we are still $13,168.06 to cover your living costs!
This is why I hate the tax office!
Every time you think you are getting sorted they come and take more off you leaving you no closer to your intended target.
To compensate, you need to earn more money, which the bastards then tax!
If you need an extra $15,000… it isn't as simple as earning an extra $15,000 unfortunately…
They tax that too which means you have to earn more to compensate…which then also gets taxed meaning that you need to earn more, and so on!
Anyway… we are getting slightly off topic here.
But we know that we need to earn over $158,293.75 if you want to bank a full six figures each year.
Whatever figure you finally finish with… this is your freedom figure.
Some of you may be happy to earn $100,000 and have your tax and living costs come out of that, and if you are then that is great. It makes it far simpler to calculate.
The Six Figure Income
Once you know how much you need to earn for the year… you now need to figure out what you can offer to people, how much to charge doing it, and how many clients you need each month.
You also need to know how many weeks holiday you want during the year. If you want 8 weeks holiday, then you are now reducing your working year from 12 months to 10.
So let's say that your annual freedom figure is $165,000.
That includes all of your living costs, your tax bill and leaves you with a straight $100,000 in your pocket for your efforts for the year.
You now need to divide that by the amount of months you are willing to work.
Let's say that you want two full months off leaving you with only 10 months for working.
$165,000 divided by 10 gives you a monthly figure of $16,500.
Now we are getting somewhere.
This last part of the equation is the hardest part.
You now need to figure out what you can offer and to whom and how much you want to charge for it.
You also want to know how many clients you can — or want — to manage each month.
You could charge $1,000 for a service, but trying to manage the work for 16 clients each month is going to be a real headache.
It will leave you stressed out to the max.
Especially if the clients you are working for chose you because they can only afford $1,000 and they have huge expectations for their money.
Those clients will be a constant pain in your rear. Working for 16 of those types of clients each month will not be a pleasurable experience.
Ideally, you want to find clients who have established businesses which are successful and where money is not a problem to them.
You want clients who can afford to spend more than $1,000 for a service and not bat an eyelid.
There are two types of clients…
Choose Wisely
Type 1: Has little money to invest because their business is new and has little to no money coming in, has no customers and is desperate to grow his business. Every penny is important to this client because they need it.
They are paying you to grow a business which is not currently performing. If you increase their income or traffic by 10%, it will mean little to them as 10% of nothing is nothing.
Type 2: Has a successful business which is generating thousands in sales each month. Has an established customer base and has a large email list. They are making over six figures a year in profits. They are paying you to increase their profits and traffic by 10%.
10% of $100,000 is $10,000.
Which client do you think will happily pay you $2,500+ for a service which will add a noticeable increase to their business?
Finding clients who can afford to pay you more makes earning money a lot easier and a lot less stressful.
Let's say that you have decided that you can manage 4 clients a month without too much stress. You will charge each client $4,125.
By having fewer clients you can give them and their work the attention it deserves.
Trying to manage the work for 16 people who are all paying you $1,000 each is going to have you running ragged.
You have to remember, established companies who are already making a ton of money and want to see a 10% increase will happily pay far more for the same amount of work than those who are relatively new and skint.
It's not about the work you do as such; it's who you do it for.
If you can help a company which makes $100,000 profit a year earn an extra $5,000 per month adding $60,000 to their yearly profits, do you think they would object to paying you $10,000 to do it?
They pay you $10,000 and end up with an extra $50,000 profit.
Basically they are buying $50,000 for $10,000. Which business would say no to that? Businesses are about profits. They'd be foolish to say no.
Having just 4 clients who are all paying you $4,125 for the same amount of work allows you to do a far better job and deliver better results.
Results your paying clients would be over the moon about.
You'll be happy and your clients will be happy. It is a complete win-win situation.
So… to earn six figures a year, you need to offer a premium priced service to established businesses who not only need your services, they can afford to pay you what you charge and the results that you deliver can be seen.
The hardest part for you now, is to go and figure what that service is and whether you need to learn a whole new set of skills.
Don't Be A Jack Of All Trades… Master One Specific Trade
To make this work, you only need to master one thing.
For example, a hotel and hospitality consultant goes into hotels with fresh eyes and sees where changes are needed and where improvements can be made.
They won't go in to a haulage firm and start talking about buying new trucks and restructuring the drivers.
A copywriter who specialises in writing long form sales copy will write sales copy for established companies who require them.
They won't create Instagram reels for local start ups.
They chose to work with companies who they know have huge email/mailing lists and will make thousands of dollars as soon as the sales page is ready.
They simply offer a premium service to the companies who will benefit the most and can afford to pay the premium prices.
Final Word…
It's quite simplistic in approach… maybe not so easy in execution but it is doable because many people are doing it.
1. Figure out how much you need to earn.
2. Figure out what premium service you can offer.
3. Figure out how many clients you want per month and how much you need to charge each client.
4. Find people and businesses that need your service, which will easily enjoy the results you promise and who can afford to pay what you ask.
That's it… over to you now.
What service can you offer to established companies who will willingly pay you what you ask for?
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