Identify Your Sources of Income

This next step, we’re going to identify the projects that will provide the desired income. Now, where you’re going to start seeing here with these colors, this is something that Microsoft Excel can do. And so I have it set up to do this just might help you visually might not just gives you sense of these expenses. In this case, since this is an expense, the mortgage being 2000, the largest number shows up in red. And the smallest number shows up in green just gives you kind of a sense color wise as far as what expenses are similar amounts. So the savings and investments and health insurance are both 500 they have a similar color, just again, something that might help you maybe doesn’t. Under identify here, we’re gonna identify the projects for this desired income. Now, again, you might be somebody that works for somebody else. Or you might be somebody who’s already an entrepreneur or business owner that works for yourself. I decided to use an example of somebody who’s kind of in between This person is working for somebody right now making a certain amount of income. And they’re also looking to start their own business outside of that. So for their first project, it’s their primary job, and that’s their salary, their income. And this person makes $4,000 from a client. And so if you think about it this way, if you are a multinational, super huge corporation, you might say, well, that’s one client, and that’s another client or if you just think bigger, have you ever heard that? So this $4,000 is from one client, whoever it is that hired you for that job. And let’s just say to keep things simple, you work 40 hours a week, and will multiply 40 hours times four weeks, that’s 160 hours per month, and your net take home the amount you get in cash, not the gross amount, not the one that you report on your taxes, but the one you actually take home This person says I actually take home $4,000 so if I got two paychecks a month, they each were 2000 bucks, and I got 4000 Dollar Swiss employer. And so for this client, and in 160 hours, I make $4,000. That averages out to $25 per hour. Now the red doesn’t mean that’s bad, it just means it’s lower than this next example. This person says, I’ve also started an online business after work. And in that, I make $100 per client, and I get 10 clients per month. Now you might not have a steady amount of clients, you might see what I’m selling something so I get $100 per client. And sometimes I get in some months I don’t and so I average out differently. Or you might say, Wait, I’ve got coaching clients, and some months I’ve more in some months have less, again, just an example. But you put in your numbers that’s as close as possible to reality. This person says I’ve got $100 per client, I’ve 10 clients per month, and it takes me 20 hours to serve those clients. So I’m making $1,000 and another 20 hours. That’s $50. Then at the bottom here just totals it and says okay, I’m with 11 clients in 180 hours, I’m making $5,000. And so just identifying what’s going to help me get there is going to be part of making sure you get there no overtime, you might say, of course, wait, I want to get more and more of this type of work because I’d rather be making $50 per hour than $25 per hour. So this is a person in transition. Again, enter whatever is true for you. You might be a coach, you might be somebody who has online products, you might be somebody who sells something, you might be somebody who builds out your time, hourly, whatever that looks like. Each of those though, I’m gonna consider a project. So if you’re a bookkeeper, who also does taxes, who also coaches, other bookkeepers, you might say, Well, I do bookkeeping, and that costs a certain amount, and I do taxes and I get paid more when I do taxes. And then when I train other bookkeepers, I get paid to different amounts of each of those might be a project.