Everyone has a number that would bring freedom to their life and in the case of a digital product business…
That would mean a lot more time freedom, location freedom and financial freedom allowing you to live the life you actually want.
That number may vary dramatically from person to person, but the concept is the same.
Here’s how to calculate it:
The first thing to do is to tally up all the essentials: Food, shelter, transportation, and any bills, expenses, and fun you have to live the life you currently live.
Find the typical monthly cost and multiply by 12 to get your typical year.
And since digital products don’t take income taxes out for you, the safest bet is to double that number unless you know your exact tax rate.
That’s your freedom number.
For example, I live a pretty simple life and know I can take care of my family with $65k per year before tax, so that safe bet is to shoot for $130k.
However, I know my tax rate and $100k flat would cover everything and a bit extra.
Read Also: My $100k Digital Product Business Plan (Copy Me)
Here’s where things get a bit interesting…
I’d bet if you ask 100 people, at least 80 people would like to “upgrade” their life with a nicer house, nicer car(s), and more luxury items whether they truly want it or not.
The formula is the same, but the inputs are a bit different.
Replace the old expenses with the new ones, find that annual cost, and double it.
That’s your enhanced freedom number.
Choose your path, write down that number, and if you’re willing…
Envision yourself earning that annual number every day.
It might feel weird, and you might even feel guilty for it.
But I promise that feeling will go away when you give yourself permission to think that way and continue to accept that new income potential into your life.
That’s the first step.
The next step is figuring out the mechanics of making it happen with digital products so you can have clear goals to work towards, which we’ll get into tomorrow.
In the meantime, you can start building your foundation when you read the 3 Step Launch Plan I created to get you up and running.
Here’s the link:
https://gabejohansson.com/launch-plan
Any questions? Let me know.
Talk soon,
-Gabe