Inspiration, tips, and advice for the home-based entrepreneur and those aspiring to be one – all served up with humor and cartoons.

If You Want To Be Rich, You Have To Know What The Heck It Means

Posted on 02/23/07 in Financial, Planning |

If You Want To Be RichBy losing your goal, you have lost your way.” ~ Kahlil Gibran

Do you want to be rich? Awesome… then what’s “rich?” Maybe you just want to be comfortable. Well, do you know what “comfortable” means?

One thing I’ve noticed from working with new and aspiring home-based entrepreneurs is there is often a lack of a financial plan.

Now, I’m not talking anything formal. Projections, balance sheets, all that stuff is great – if you need it. But what I mean is a roadmap of financial goals, that you have every intention of reaching.

Intent, Money, and the Marriage of the Two

“Lots of money” is not a goal. “Well off” is not either. Unless you have specific ideas of what you want regarding your financial situation, it’s going to be difficult to get there.

From my experience, most of us want financial independence, just like most of us want to be happy. The key is identifying clearly what that means to you – then making that intention the focus of your thoughts and effort.

Your mind trusts what you say, and your subconscious does a good job of following your instructions. The problem comes when those instructions aren’t spelled out well enough.

For example, which is easier to understand:

  • I want to be rich, or
  • I want to make $100,000 from my home-based business by August 1st of this year?

The first is amorphous, the second well-defined. It may not be “rich” to you – but it is a clear first step and a distinct goal. To focus your intent, you need a goal.

Goal + Intent + Focus = Success. It’s a simple formula, really.

So define “rich” in your own terms, and then map it out. You don’t want to be lost and wandering aimlessly.

Find your goal, and find your way.

15 Responses: Comments Are Now Closed.

Comments

  1. 02/23/07 | 7:12 pm

    Hi Tony,

    Thank you for stopping by my Mybloglog and for the compliments on my site. I really appreciate the feedback.

    I understand what you are saying. In fact, my father and I talked about, at times, how much easier it was to achieve goals that are clear cut. My problem has always been determining what is reasonable.

    I am in web design and I have a goal of $500 per month by years end but I’m not sure if I’m reaching too high or selling myself short. So my question, I guess, is how does one go about gaining perspective on one’s income potential?

    :)

  2. 02/23/07 | 7:41 pm

    Tony you always seem to share the perfect insight at exactly the right time.

    I just finished creating my own version of a business plan. After reading this entry, I realized I had completely skipped the financial aspect.

    @Daria, your income potential is limitless. It all depends on how hard (not how much) you’re willing to work.

    I don’t like the idea of other people deciding how much I *should* be making. If $500 is all you need then do like Tony said, find your goal.

  3. 02/23/07 | 8:21 pm

    Tony, ever read the Rick Dad series of books? Very useful information about making money, keeping money, and being rich.

    Daria, you have one of the nicest lookin’ blogs I’ve seen to date. Put a couple more zero’s at the end of your goal. Aim for $500, you’ll get $500; aim for $50,000, you know the rest.

    Shane

  4. 02/23/07 | 8:37 pm

    Daria – It really comes down to what you think you’re worth or how much you need. Often, they’re not the same thing. If it is your intention to make $500 a month, and you focus on that, watch for opportunities, and provide value, you’ll hit it. But the same can be said for $5,000 or $50,000. I agree with Alex and Shane – I think you might be shooting a little low – especially looking at your sites.

    When I got started in Web development abut 11 years ago, I asked for more than people that had 2 or 3 years experience were asking. I didn’t know any better (thank goodness). Since I was convinced that my work was worth it, and I had a clear intent to make what I was asking, I got it.

    I’ve seen it work time and time again, for me, clients, and entrepreneur friends and contacts.

    Alex – I love when synchronicity happens ;) You’re right about the limitless potential. It’s amazing what can be accomplished when you set clear goals and focus your intention.

    Shane – Yes, I’ve read them – I’m a book junkie. I often joke that a great passive income opportunity for me would be to stop spending so much on books. But I guess we all have our vices – could be worse :)

  5. 02/23/07 | 9:32 pm

    Just like Alex, I experienced synchronicity with this post! I’m glad that we’re on the same frequency ;)

    By the way, great blog…Thanks for spreading good energy!

  6. 02/24/07 | 12:02 am

    ahhh, Tony. Synchronicity is alive and well in this neck of the woods.

    I have been in a bit of reinvention/planning/working out my direction type mode for the past couple of months… and I found that it isnt only the income that needs to be well defined. It’s your whole how you want your life to be like.

    Your writing, as always, hits the spot!

  7. 02/24/07 | 7:52 am

    My goal with my blogging and writing is to average $1000 per month by the end of next year. That may not sound much but it would make a huge difference to my lifestyle.

    I kept detailed records of income and the graph is right on track – in fact, I’m ahead of schedule which is encouraging and keeps me going in the low times.

  8. 02/24/07 | 11:18 am

    Maria – Thanks. Glad I’m helping :)

    Karen – That’s true. The more holistic your plans are the better. It’s funny how often the financial piece is missing – at least in a well-defined format.

    Trevor – That’s awesome. Sounds like you’re well on you’re way. Getting it down, focusing in, and tracking where you’re going has an amazing impact.

  9. 02/24/07 | 3:24 pm

    Hi everyone,

    Thank you so much for your comments. This is why I like being around other entrepreneurs. There’s always this cloud of positive energy and limitless potential that surrounds them that infects you too if you stand in it long enough.

    Shane, thank you for the compliment on my blog. I really appreciate that and the vote of confidence ;)

    Tony and Alex, you both are absolutely right. It does come down to how much I think my work is worth and being confident that clients will agree.

    Trevor, congratulations on your progress. I’m sure you’ll achieve your goal in no time.

  10. 02/25/07 | 2:52 am

    Well, yes. but it’s the mapping it out part that gets a bit tricky.

  11. 02/26/07 | 10:28 am

    We usually think about money all the time. But we sometimes forget to set our goals.
    Thanks for sharing this insight. The post will surely help those who are confused.

  12. 02/27/07 | 10:43 am

    Maryam – You’re right – it can be. I’ve known folks who did it on a napkin in a coffee shop and others that took months and lots of spreadsheets to do it. You have to find what works best for you.

    Pamela – Very true. As much as we think about money, it’s usually in a fuzzy, unclear way. Focusing that thinking will help make it more real.

  13. 03/1/07 | 1:09 am

    Well put my friend. Have to have a goal and stick to it. I cant tell you how many emails I get from people asking me how to make millions without really having any desire or motivation other than just wanting the money. It aint that easy.

  14. 03/1/07 | 10:56 am

    Derrik – Thanks. You’re absolutely right. Nobody wants pieces of green paper with dead presidents’ portraits on them. They want what those pieces of paper will provide. Getting to that is the key.

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