It's so much easier to reach a destination when you know where you're going. Even if you don't know how to get there yet, as long as you know where you're headed, you can always ask directions, read a map, ask Google, Siri, or Katara. With that being said, do you think it would be wise to know where you want to go in your finances as well as every other aspect of your life? Whhaaat? Mind blown, right?
It's amazing how the simplest concepts get overlooked when we think about our finances. So today I'm going to show you how to calculate your “Magic Number” and focus your monthly intensions.So it is safe to assume that many people want to be millionaires. Several people are focusing their energy on making $1 million in some designated time period. It has been established that I believe in the Law of Attraction. In short, if you focus your thoughts, feelings, and actions on a particular goal, you will manifest your desired result.
Well, the key here, and the part most people tend to leave out, is actions. You have to line up your actions with your intended result as well as your thoughts and feelings. Otherwise, you're just hoping and wishing.
To align your thoughts, feelings and actions with your goals, first establish where you are. Just like when using your navigation in your car, if the satellite can't find your current position, although you've set your destination, it can establish a route to that destination. It's the same thing with your financial goals. If you're not aware of your true current status, you can't determine a clear route to your desired financial status.
Magic Number Formula
To determine where you are currently, calculate your approximate income over the past 3 months. Now multiply that by 4. You now have your current annual potential.
Subtract your current annual potential from your desired annual income. This is how far you have to go to reach your goal, your distance. Take 10% of that difference and add it back to your current annual potential. Now you have your Magic Number.
Your Magic Number gives you a realistic milestone to reach each year. Over time, you will reach your financial goals. Now that your goal has mini goals to achieve along the way, it's more attainable in your mind's eye. Now you just have to devise a plan to reach your Magic Number. Follow through with your plan. Then repeat the process.
*I did not create this Magic Number formula. It is not my original idea. From what I have researched, it was first developed by $1M a day earner, John Reese. It has since been tested and shared in the book “Internet Business Manifesto” by Rich Shefren.
Peace and Love
Click here to take a look at one avenue I use to increase my monthly income.