GOLD WATCH CHALLENGE
If you follow my monthly progress reports, you might have noticed that at the start of the year I set a goal to buy a gold watch.
I could do this at any time, and it’s something I would definitely like to do – however I prefer to use purchases like that as a reward to myself for achieving something.
I’ve decided to make a challenge out of this goal, and will only buy the gold watch once I hit a certain income figure.
This challenge was inspired by my friend Johnny FD who set a similar challenge for himself a while back. In one of his podcasts he spontaneously set himself a ‘gold watch challenge’ where he would only buy himself a watch once he had a million Thai Baht in the bank (around $30,000 USD). You can read about his challenge here: http://www.johnnyfd.com/2014/02/goldwatch.html
He challenged listeners to set their own gold watch challenges and so finally I’ve decided to do just that!
Right now I’m focused on reinvesting my profits into building new income streams and investing, over simply keeping money in the bank. So I won’t be aiming for a million Thai Baht.
Instead I will buy the watch once I have my first $8000 month. $8000 per month equates to approximately $100,000 a year. The mystical 6-figure mark that everyone seems to aspire to at some point.
$100,000 per year equates to around $274 on average per day. I’ve had days where I’ve far exceeded that figure, but have failed to do so consistently.
I got extremely close to the $8000 mark last year before Amazon made some changes to how they calculated their royalties.
For me, I think it might have been a bit of a mental roadblock that was stopping me from hitting the 6-figure mark. I somehow didn’t feel ‘deserving’ of that kind of income, when I saw people around me slaving away at jobs for 50 hours a week to not even get close to that income. My income is quite passive once set up so I felt somehow guilty subconsciously about earning that amount.
But now, I feel 100% deserving.
$100,000 a year has been a goal of mine for as long as I can remember. For some reason that figure has always been a measuring stick for me to tell when you’ve ‘made it’. I know that’s not correct and true for everyone because there are plenty of people earning 6-figures who are in debt and are miserable. But for me, it’s a magical number so that’s the target.
‘The club I will soon be joining’
I know that I’ve worked too hard for too long not to be earning 6-figures.
So to add fuel to the fire, I will be buying a gold watch once I have my first $8000 month which I am committed to hitting this year. Making it public as well is just going to be extra motivation for me to chase this goal as hard as I can.
That is my gold watch challenge.
How Far Off Am I?
Just to give you an idea of where I am right now, for the first week of August I made almost exactly $1400. I’m on track for about $6,200 for August if that trend continues.
I had a great start to the month with sales of my Kindle course Freedom Self Publishing bringing in just over $500. I haven’t run any ads to the course, and don’t expect sales like that to be consistent until I do.
The rest of the income came from my 2 kindle accounts which have performed quite average to start the month.
Nonetheless, I should easily clear $5000 this month – hopefully closer to $6000.
So How Will I Hit My Goal?
I started a new Kindle account (read about it HERE) a couple of months ago which is on track to make about $1600 off of just 4 books this month.
I have just added a 5th book and will be publishing 2 more to this account this week.
I aim to hit 20+ books for this account by the end of the year, which should consistently make me $4000+ a month.
My original Kindle account has a lot of dud books, but I can rely on it to make me a consistent minimum of $2500 in profit a month with absolutely zero work. It’s not a lot, but almost an extra $100 per day does definitely help.
My Kindle course, Freedom Self Publishing has started to pick up in sales.
I have recently re-structured the course and changed the pricing and sales page. Thanks to an increased YouTube following (check out my YT channel out HERE) and being featured on a few podcasts recently I’ve been able to get a few sales come through without any advertising.
One major aim this month is to nail my advertising for the course and hopefully drive a ton more traffic. I believe that this course can make me a consistent $3000+ per month by the end of the year.
The best bit is that the course helps people and I’m starting to have some students experience some great results which is so rewarding. That makes it a lot easier for me to get excited about and to really work at selling it!
I have also experienced an increase in the amount of coaching clients I have. While coaching doesn’t bring me a fortune and I do limit the amount of clients I take on, this income stream should make me an extra few hundred per month which definitely adds up.
I do have some additional business plans for the remainder of the year, but I should definitely hit the elusive $8000 mark from the above methods. In fact if all goes to plan I should hopefully clear $10,000 in a month by the end of the year – but we’ll take it one step at a time…
Now It’s Your Turn
To continue the trend, I’d like to challenge anyone reading to set their own gold watch challenge.
It may be for once you become a Thai Millionaire, when you hit the 6-figure mark, or whatever you like! It might be for once you hit a million dollars in a year or for when you make your first $1000 online.
Whatever it is, it’s up to you. But remember that setting goals and rewarding yourself when you do is vital to continued achievement.
So now, it’s time for me to get to work!
P.S. Does anyone have suggestions for which watch to get when I crush this target?