Are you putting off your entrepreneurship journey until you feel comfortable that you can afford it? That lifestyle change is most likely already within your reach.
I was having a conversation with someone recently on Twitter about this exactly. Her dream is to travel the world and make money as a travel writer.
When I asked her if she had explored what it would take to make it a reality, her response was “she’d have to save up enough so she could afford it”. She had always assumed it would be a huge amount, so she never took action on it.
Here’s the thing… if you don’t take the time to do the research, you’ll never know what needs to happen to make it a possibility!
Here’s what you’ll need to get clarity on in order to feel empowered to make the changes necessary to change your lifestyle. You may even surprise yourself and be able to have it even sooner than anticipated!
Evaluate Your Current Income & Expenses
How much is it costing you to maintain your current lifestyle?
When I say cost, it’s not just monetary. You also have to factor in time, and energy, and support.
As an example, back when I was working in corporate America I was making six figures. However, I was spending 20 hours a week commuting. This was costing me not only my own time but also having to pay a babysitter for my son as I sat in a car that many hours a week.
Nevermind the added costs of a professional wardrobe, a house cleaner (since I was never home to actually clean my own home), and various other costs involved just to make my household function as a single, working, professional mother!
When I sat down and did the math, by leaving that career and starting my own where I could work from anywhere, I’d be eliminating all those extra expenses required to accommodate my current profession. So I’d actually need less income to do what I really wanted to do.
So the very first step is to sit down and write down every expense you currently have. Then start crossing off any that would no longer exist if you took action on your dream lifestyle. That will give you a true, minimum income you’ll need to fund your lifestyle change.
Project Your Dream Minimum Necessary Income & Expenses
You don’t necessarily need more money to live your dream lifestyle.
Many people have the misconception that in order to do so, they need to make even more money than they’re already making in order to make it happen.
One of my clients went through this process and learned that the dream city she wanted to live in cost half of what her current residence did! So her new business didn’t have to generate anywhere near the income necessary to support her as she had thought.
It’s time to daydream in a big way. Write out your perfect living situation. Then research all the expenses that would be involved in making it happen. Your cost of residence, your utilities, food, transportation, child care, everything you’d need.
This way you’ll at least have a baseline to compare to your current lifestyle. You’ll also then know for a fact the true income you’ll need to be generating to actually support it.
Compare the Two & Make Decisions Accordingly
How do you tell if your dream lifestyle can be a reality? You do the research.
Take the time to compare your current lifestyle expenses and income, to your dream lifestyle’s expenses and income.
After going through this process myself, I determined the lifestyle I actually wanted to live would cost me a whopping 50% less than the one I was currently living. The best part was I didn’t even have to move to make it a reality!
If you need to save up a bit of a cushion to make the switch, at least you can do so confidently as well as set up a timeline in order to make it happen.
None of this would be possible at all if you don’t at minimum do the research to see if a lifestyle change is even a possibility. So what are you waiting for? Take charge of your own future and wellbeing today.
So there you have it! By evaluating your current income and expenses, and projecting your desired minim income and expenses, and comparing the two, you’ll feel empowered to make the moves necessary to make your dream lifestyle a reality.
Would you like to explore if entrepreneurship is the right solution to achieve the freedom and balance you truly want? I invite you to schedule a free strategy session with me to find out.
On the call, we’ll get you clarity on where you are today regarding your business idea and lifestyle, areas for improvement, and market opportunities. We’ll then set you up with realistic goals, as well as uncover the #1 obstacle holding you back. From there we can create a strategy to help make your dream of entrepreneurship a reality.
Grab some time on my calendar today by clicking here. Looking forward to hearing from you!