How much do you need to earn to be successful

How much do you need to earn to be successful

Are you sick of being told you should be earning a six figure income to be successful?

Does your heart sink when you people on social media telling everyone they are earning six figures whilst you are earning just four figure sums each month if you are lucky?

Do you wonder what on earth they are doing that you are not?

Do you sometimes think that you can never reach those giddy heights of success so you might as well give up now?

Well stop!!

I am saddened and fed up of women I speak to who think they are failing because they aren’t reaching these dizzying heights and being told by others that this is the figure they need to achieve to be successful.

Some of these six figure earners might be truly successful, but I can guarantee you quite a few are pulling the wool over your eyes.  Whilst they may not be lying to you, they are being somewhat economical and misleading with the truth.

Whilst these people constantly talk about their 5 figure income months, what they don’t tell you about is their gross profit.  Basically, what they have to spend in order to achieve these 5 figure months. (if you want to know how to work this out have a read of Turnover is vanity, profit is sanity).  They also fail to tell you their personal situation and how happy they are.

I spoke to a coach a few months ago who claimed in all her marketing to be a six figure earner.  And she was.  But she was also spending over £20,000 each month on Facebook ads!  So whilst she was earning six figures she was also spending six figures to obtain this.

I have met a business owner whose sales were just shy of £180,000 yet the costs to her of getting these sales were a staggering £171,000!!!!!  Yes, I kid you not.  So she only had a gross profit of £8,000.

The same day I met another businesswoman who felt she was failing.  She was getting sales of £19,000 each year but once her expenses were taken out she was left with £12,500.  Her business was more financially successful than the first six figure income business.

 

The magic income figure for happiness

Did you know that past research from Gallup found that the optimum income for Americans was $75,000?  The research showed that up to the magic figure of $75,000 a year, people’s day to day happiness rose.  After that, people just bought more material possessions with no real gain in happiness.

In 2015 in the UK, research by Anchor Cheddar revealed a salary of £37,000 is the ‘tipping point’ at which any more money isn’t worth the sacrifice, additional responsibilities and stress, therefore making earning extra money worthless.

 

What do you want in your life?

You need to stop and consider what you want in life, not what someone else tells you should have.  Who has the right to tell you that you should be aiming for a six figure income.  It all depends upon your personal circumstances and what you want in life and what you need to live the life you want.

I have been truly successful in life.  I have earnt the levels of money that have set me up for life.  I have paid outright for my beautiful home.  I have absolutely zero debts.  I live the lifestyle I want without having to worry where the next penny is coming from.  I deem that to be having achieved success.  I really don’t need someone telling me that I need to be earning six figures to be successful.

I don’t feel the need to chase the big numbers anymore because I have everything I want.  I am happy and content with my life.  I don’t feel the need to be the next Karen Brady or Oprah Winfrey.

I also know of a few ‘highly successful’ six figure earners who are living in rented two bedroom apartments (nothing wrong with that by the way) with mountains of debt to pay off.  Good on them for going out there and earning the money to sort their lives out but stop misleading others by giving the impression they are living in castles and working from the beach all day.

Recently, I saw a self-proclaimed seven figure earner telling everyone how much money she was making on Facebook.  As my wonderful friend and colleague (who is one of the most successful business women I know) pointed out, if that were truly the case would this person not want to just turn over, tan her back, pop another bottle of Cristal, dip her toes in the cool ocean off the back of her mega yacht and stop worrying about spreading the word.  Good point huh?

 

Now, don’t get me wrong.  There are some super successful and super happy genuine six figure earners out there.  And for them I am happy.  It is the tribe who are trying to fool others with smoke screens and telling others what to do that I have a problem with.

So stop being told what to do by others, take some of these six figure claims with a pinch of salt and you decide what you want your income level to be and what your definition of success is.

The journey to success

The journey to success

The question for today is what have you always wanted to do but keep putting off?  What journey to success would you like to take but haven’t started yet?

The 30 day challenge

How about you just go start on that journey today.  A while ago I joined a 30 day challenge with John Williams of Screw Work, Let’s play fame to help me take my life forward.  Although the course had it flaws, it ultimately turned out to just what I needed as it focused on doing something fun for 20 minutes per day that lets your mind turn to what you really enjoy.  This then opens up all sorts of thoughts about where you want to be in your life.  (This really is an incredibly simplistic view of the challenge I took but you get the idea).

When I was doing my 30 day challenge and completing doing something fund that I loved for 20 minutes each day, I discovered that everything always turned out to be based around coaching women and helping them fulfil their dreams – hence the The Small Business Kit being created.

What do you love doing?

I had always loved coaching and mentoring and had always wanted to work with women who needed help and support in starting up their own business.  I wanted to run my own business providing this support in a way that was open and flexible to the needs of whomever I was working with but the timing had never been right.  But then when would it have been?  If I had waited for the perfect time, I would never have taken those first few steps into the unknown and never started up my own business.  If I hadn’t done something about it back then, in 12 months’ time I would have still been sat there wishing I had done it years ago.  I really needed to stop procrastinating.

I have recently revisited this challenge and today I have pledged (yes that was another part of the challenge – you had to promise to do something and publicly prove to the other ‘challengees’ that you had done it) that I am going to complete a life coaching course that I had investigated a long time ago.

I have decided I am going to stop procrastinating again.  I am actually going to do it rather than just dream about it.  So often my business advice leads me to meet other women who have something going on in their personal life that is blocking them from fulfilling their business dreams.  I have always thought about incorporating life coaching into my business coaching so I really could achieve my dream of helping other women in all aspects of their life.

Keep a journal

So what have you always wanted to do?  Start to keep a journal for 30 days and write down the things that you enjoy.  Spend 20 minutes a day just focusing on doing something that you love.  What pattern starts to emerge?  What is it that you ultimately want to do with your life so that you achieve that unfulfilled ambition?

You may find that that you enjoy writing and decide you want to start to write a book.  You may enjoy making something and decide to turn your hobby into a business selling your handicrafts or art.  Perhaps you enjoy baking and find you want to start up a cake stand at your local market or to create and write a recipe book.  Do you enjoy talking to people helping them with their problems and find you want to train as a counsellor?

Think what it is and then set yourself a deadline for putting a plan into action to achieve your ambition.  Remember, every journey starts with the first step.  But what an exciting journey it could turn out to be.

And let me know what you come up with.  I may just check at your deadline date that you have done it……

I look forward to hearing from you.

Angie x