At least 3 times a month this great blogger named Crystal discusses her goal to become free of a traditional job and it got me to thinking about what she actually has to do to achieve her goal. It doesn’t work for everyone but breaking down larger goals into smaller, obtainable short-term goals provides me with an incentive to get to that smaller goal. What is the old saying, one day at a time.
How Much Do I have to Make a Day?
If we were to assume a 5 day work week and 52 weeks a year to make:
- $30,000/yr you need to earn a net of $115.38/day
- $50,000/yr you need to earn a net of $192.30/day
- $75,000/yr you need to earn a net of $288.46/day
- $100,000/yr you need to earn a net of $384.62/day
- $250,000/yr you need to earn a net of $961.54/day
These types of calculations help me determine where I want to be with side ventures. I often think to myself, I can average $50 – $100 per day five days a week.
How Much do I have to Save?
If we were to assume you wanted to save a sum certain per year (not including interest accrued per month):
- $5,000/yr = $416/month OR $104.16/week OR $14.88/day
- $10,000/yr = $833.33/month OR $208.33/week OR $29.76/day
- $25,000/yr = $2,083.33/month OR $520.83/week OR $74.40/day
This calculation excites me less than earning income but it is necessary to think about. Can you put aside $15 bucks a day into something? If not how about $5 or $6? If so, then why are you just spinning your wheels and not saving money?
Do smaller calculations help you visualize?