Freelancer or creator?
Making less than 5-10k/mo?
Don't know which opportunities to say Yes or No to?
Give me 3 min & you will NEVER be confused again!
[I promise] π
π§΅
Making less than 5-10k/mo?
Don't know which opportunities to say Yes or No to?
Give me 3 min & you will NEVER be confused again!
[I promise] π
π§΅
My framework has 4 steps:
1/ Mindset shift: Money matters πprotects from self sabotage
2/ Find Real Time Rate πgives a baseline to protect your time
3/ Find Aspirational Hourly Rate πgives you a worthy goal
4/ Find Floor Hourly Rate π allows increasing income sustainably
1/ Mindset shift: Money matters πprotects from self sabotage
2/ Find Real Time Rate πgives a baseline to protect your time
3/ Find Aspirational Hourly Rate πgives you a worthy goal
4/ Find Floor Hourly Rate π allows increasing income sustainably
We already went into steps 1 & 2 in an earlier thread below.
Key Ideas:
1/ Money is a tool to be used for good or bad, treat it accordingly & respect its power
2/ Knowing how much $ an hour of your life is worth today gives you decision making powers wrt buying tools & help :
Key Ideas:
1/ Money is a tool to be used for good or bad, treat it accordingly & respect its power
2/ Knowing how much $ an hour of your life is worth today gives you decision making powers wrt buying tools & help :
3/ Decide your Aspirational Hourly Rate [AHR]:
Think: how much you wanna make in the next 12 months? (T)
You are on money Twitter so you are likely underestimating the opportunities & your strengths so -
3x whatever T was.
Say T was 33.3k which means your target is 100k$ -ok?
Think: how much you wanna make in the next 12 months? (T)
You are on money Twitter so you are likely underestimating the opportunities & your strengths so -
3x whatever T was.
Say T was 33.3k which means your target is 100k$ -ok?
Maybe you spend more time researching, thinking etc for your own content or interests, but we are talking about stuff that:
- takes willpower
- brings in $
Eg: replying to tweets, servicing clients, building products...
We have a worthy target rate: feels high but isn't CRAZY.
- takes willpower
- brings in $
Eg: replying to tweets, servicing clients, building products...
We have a worthy target rate: feels high but isn't CRAZY.
4/ Find Floor Hourly Rate [FHR]
Aspirational rate is called so as it's a TARGET
RTR is called so as it's a REALITY
FHR bridges the gap between those 2!
Key Idea:
Have multiple streams of income at various hourly rates,
And keep increasing the "minimum rate" [floor] with time!
Aspirational rate is called so as it's a TARGET
RTR is called so as it's a REALITY
FHR bridges the gap between those 2!
Key Idea:
Have multiple streams of income at various hourly rates,
And keep increasing the "minimum rate" [floor] with time!
FHR is basically the hourly rate from your least financially rewarding stream of income.
If you don't have one:
- find your avg monthly expenses [say 600$]
- 5x it [3000$]
- calculate hourly rate for 100hrs [3000$/ 100 = 30$]
This assumes you give 100hrs/month = 5hrs x 20 days
If you don't have one:
- find your avg monthly expenses [say 600$]
- 5x it [3000$]
- calculate hourly rate for 100hrs [3000$/ 100 = 30$]
This assumes you give 100hrs/month = 5hrs x 20 days
Now this 30$ is looking too high?
Think again. It's money twitter.
Still high?
Decrease living expenses so you are making 5x monthly expenses minimum.
5x matters as:
It gives confidence + peace of mind + keeps parents happy + most good jobs will pay this much + can invest now!
Think again. It's money twitter.
Still high?
Decrease living expenses so you are making 5x monthly expenses minimum.
5x matters as:
It gives confidence + peace of mind + keeps parents happy + most good jobs will pay this much + can invest now!
Side note: you might say I want to be paid by output not hours so why track things this way?
True.
But this method allows you to put specific numbers to stuff & it incorporates for your upskilling.
If you can do something 2x faster in 6 months, you can make 2x the money too.
True.
But this method allows you to put specific numbers to stuff & it incorporates for your upskilling.
If you can do something 2x faster in 6 months, you can make 2x the money too.
I sincerely hope this eases your struggles as a freelancer/ creator - I have been there!
If you want me to write an entire SERIES of threads on such Financial Planning:
1. RT the first tweet to spread the word & ideas inside
2. Follow me @bewritethere to send me support &β£οΈ
π«
If you want me to write an entire SERIES of threads on such Financial Planning:
1. RT the first tweet to spread the word & ideas inside
2. Follow me @bewritethere to send me support &β£οΈ
π«
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