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New Big Money Goal

Written by George Manty  · August 9, 2006

I have decided that my definition for Big Money is going to change. I still think $1000/day is big money, but when I am honest with myself what I would really like to make is a million dollars (or more) per year. So I am going to change my definition of big money to being 1 million dollars a year.

That is a lot of money, but imagine how many people you could help with that kind of money, not to mention how many ipods you could buy…

So with my new goal, I decided to take the formula that Rich Schefren gave in his Internet Manifesto book and apply it. If you didn’t read the book, here’s a brief synopsis of the forumula Rich talks about, which is actually a formula he got from John Reese (which is where I first learned the formula as well).

What I did was take my long term income goal, subtracted what I am currently making from it, and then I took 10% of the difference and added that back to what I was currently making. That becomes my short term goal.

Here’s how the numbers looked:

1 million dollars a year – 12,000 dollars a year = 988,000 /yr.

988,000 /yr x .10 = 98,800 /yr

98,800 + 12,000 = 110,000 /yr (my short term goal)

110,000 per year is much easier to reach than my long range goal of a million dollars per year. I broke that number down further to the amount of money per hour that I wanted to make. Since 1 year is 52 weeks and since I want to work 20-30 hours a week. Here is what my short term hourly rate looks like:

110,000 / 52 = 2115 /week

2115 /20 hrs = $105 / hr

2115 /30 hrs = $70/hr

Therefore, my short term goal is to make somewhere between $70/hr and $105 /hr. I decided that $100/hr would be a good goal, it’s a nice even number that falls into the range that I set up for my short term goal.

So my first step is to make on average $100/hr. We made close to that amount with the Winter Olympics Blog, so I am confident Jill and I can reach that goal.

Right now, my wife and I are working on setting up goals for our business and creating a vision for our business. I will talk about that process some in the near future.

What are the short term and long term financial goals you have for your business?

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