Why Solopreneurs Should Always Base Their Income Goals on their Values
I’m not a big fan of making money for no reason. When we have an abstract number in our head about how much we want to make, this can be distracting and counterproductive at best, and leave us feeling empty at worst.
Financial goals shouldn’t be based on round, nice-sounding numbers that carry an air of success. They should be based on what we actually want to get out of life! Below, I discuss my top three tips for making sure your income goals are truly relevant to your quality of life.
Your Values = Your Satisfaction
The way I see it, your values are pretty simple. The more you incorporate the things you value into your life, the more satisfied you are. Having enough, feeling sufficient and satisfied – isn’t that what most of us really want out of life? Your business, your finances, and your goals should enable you to have enough of the things you value in your life to feel satisfied.
Make it a priority to sit down and think about what it is that you really value. Reflect on your life if you need inspiration: think of favorite memories, the best purchases you’ve made, and the people and activities you love spending time on. What makes those things special for you? For more thoughts on identifying your values, I suggest reading “What’s Your Money Why?”
Stay the Course
Once you are clear on your values, stay focused on what you really want. This is much easier said than done! We live in a world where we are met with many different distractions that make us feel insufficient. This can be especially difficult for business owners, because we can get caught up comparing our incomes and lifestyles to others, instead of staying focused on what we want for ourselves.
Assign a Number
Rather than falling for some number that “sounds like success,” it’s important to assign a number to your goals and dreams.
For example, let’s say you take time to really analyze your values and your dreams. You decide that what you want is more fun in your life, specifically through taking an aerial silks class (or whatever intentional choice you might make to increase your value of fun). You would then assign a number to that dream by calculating how much a class and any necessary supplies would cost, plus any other associated expenses you might want to be aware of. That gives you a dollar value that can help inform your financial goals.
When your income supports you in filling your life with the things you value, that’s true success.
Angela Keller, At Peace with Money
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Angela Keller is a Profitability Coach and Proactive Bookkeeper at At Peace with Money. She believes that all small business owners deserve a life of abundance. She helps her clients clarify their life values and goals so they can set up money systems that support their sense of peace and fulfillment.