You need only go back a century. Unless you were born into wealth or had wealthy connections. The chance of making the equivalent of $10,000 a month in those times, was seen as an unachievable goal by the masses. This was also due limited opportunity and technology in those times.
Without question inequality still exists today. But the technology and opportunities have never been better. Even if you have little to no money to invest.
However, achieving $10,000 a month is still seen as a desirable, but difficult to achieve sum.
Why is this?
There can be numerous reasons why. These can include the following:
- Mentally unachievable. This $10K/month may be something you struggle to see yourself having. This may because you and no-one you know has achieved this sum.
- Being in debt. This can be a financial demanding, as well as mentally demanding. Trapping you into your current circumstances.
- You may have tried many different methods, countless times without success. So have resigned yourself to your current situation.
If you fall under the above reasons, or something else entirely. Here is a 5 step formula below to achieve this 10k/month figure and beyond.
Looking to Create Wealth Step One: Having a Clear Intention…
You need to have a clear vision of how much you want to create. For the purposes of demonstrating this formula, the figure of $10,000 monthly will be used. It’s important to stress, the use of daily visualization and affirmations can be extremely beneficial. This can be achieved by imagining yourself at a future date. But phrasing these affirmations as present, visualizing as this is already happening to you. Make sure you pay attention to the feelings, you have seeing income flowing into your bank account on a consistent basis.
Looking to Create Wealth Step Two: Decide your Outcome…
If you have no target for how much your income goal is, there is little chance of attaining it. You can’t just move blindly in your personal and business goals and hope for the best outcome. You need to have to have a plan, a clearcut strategy guiding you closer to your goals. Remember, it’s not necessarily just focusing on the outcome that makes a difference, it’s also the steps of the journey to get there.
Looking to Create Wealth Step Three: Knowing Your Numbers
The figure we are focusing on for illustration purposes is $10,000/month. However, you can perform the following calculations, to any financial target you have set yourself. Take the monthly figure you desire and divide by 30 or 31, to get your daily figure for creating wealth. For this example, $10,000 divided by 31 = an income goal of $322.58 daily. If you prefer you can round this figure up to $325 daily.
Looking to Create Wealth Step Four: How to Achieve Your Daily Target
In the last step using the figure of $10,000 month. We came up with the daily target of $322.58, which can easily be rounded up to $325.
There are two way main ways to achieve this through active and passive investments.
Active Investments involves an ongoing buying and selling action by the investor or business owner. Active investing is the strategy investors use in an attempt to beat a market or appropriate benchmark. it could be by picking stocks, times, managers, or styles. Emphasis is laid on ‘margin’ as well ‘time’ on turn over, in order to deem an object investment worthy. Active Investments can also involve investing time into a job or a business
Passive investments are the exact opposite. This is an investment strategy involving limited ongoing buying and selling actions by the investor. Passive investors base purchase decision on investments with the view to long-term appreciation and limited maintenance. Passive investments don’t need a direct input of work and time to make it work. This type of income is called residual income. This can for example be in the form of dividends from shares or monthly fee for a service like a newsletter or a streaming service.
Looking to Create Wealth Step Five: What You Should Be Aiming For
Through a combination of active and passive investment strategies, you should be aiming to get to at least your target monthly income. Instead aiming for a longer target, for example 1-2 years. Break this down into quarterly targets. This 90 day target gives the opportunity of seeing “quick wins” and being able to easily adjust things that aren’t working. You can also have smaller stepping stone targets too. This means for example, you set yourself a 90 day challenge to be earning at least $3000/monthly. The month 1 target could $750, month 2 $1800 and month 3 $3000. This means after 90 days you can restart the challenge to hit $10,000 monthly by the end of the next quarterly target.
Setting your targets this way is highly effective if you are looking to establish a new habit or skill. As your target is only over a 12 week timeframe, your progress can more easily monitored and adjusted.
Conclusion: Take Action…
This article has focused on the importance of having a plan, and tips on how you should follow through. This will fail to work if you fail to take action. Even if you only have a rough outline of a plan. It is better to take action with it rather than waiting until you think its perfect. Remember, you can always adjust your through trial and error along the way.
Thank you for reading this article today. Now commit to yourself you will commit to at least taking the first step of action today.