How much do you need to earn to be successful
Are you sick of being told you should be earning a six-figure income to be successful?
Does your heart sink when you see people on social media telling everyone they are earning six figures whilst you are earning just four-figure sums each month if you are lucky?
Do you wonder what on earth they are doing that you are not?
Do you sometimes think that you can never reach those giddy heights of success so you might as well give up now?
Well, stop!!
I am saddened and fed up with women I speak to who think they are failing because they aren’t reaching these dizzying heights and being told by others that this is the figure they need to achieve to be successful.
Some of these six-figure earners might be truly successful, but I can guarantee you quite a few are pulling the wool over your eyes. Whilst they may not be lying to you, they are being somewhat economical and misleading with the truth.
Whilst these people constantly talk about their 5 figure income months, what they don’t tell you about is their gross profit. Basically, what they have to spend in order to achieve these 5 figure months. (if you want to know how to work this out have a read of Turnover is vanity, profit is sanity). They also fail to tell you their personal situation and how happy they are.
I spoke to a coach a few months ago who claimed in all her marketing to be a six-figure earner. And she was. But she was also spending over £20,000 each month on Facebook ads! So whilst she was earning six figures she was also spending six figures to obtain this.
I have met a business owner whose sales were just shy of £180,000 yet the costs to her of getting these sales were a staggering £171,000!!!!! Yes, I kid you not. So she only had a gross profit of £8,000.
The same day I met another businesswoman who felt she was failing. She was getting sales of £19,000 each year but once her expenses were taken out she was left with £12,500. Her business was more financially successful than the first six-figure income business.
The magic income figure for happiness
Did you know that past research from Gallup found that the optimum income for Americans was $75,000? The research showed that up to the magic figure of $75,000 a year, people’s day-to-day happiness rose. After that, people just bought more material possessions with no real gain in happiness.
In 2015 in the UK, research by Anchor Cheddar revealed a salary of £37,000 is the ‘tipping point’ at which any more money isn’t worth the sacrifice, additional responsibilities and stress, therefore making earning extra money worthless.
What do you want in your life?
You need to stop and consider what you want in life, not what someone else tells you you should have. Who has the right to tell you that you should be aiming for a six-figure income? It all depends upon your personal circumstances and what you want in life and what you need to live the life you want.
I have been truly successful in life. I have earnt the levels of money that have set me up for life. I have paid outright for my beautiful home. I have absolutely zero debts. I live the lifestyle I want without having to worry about where the next penny is coming from. I deem that to be having achieved success. I really don’t need someone telling me that I need to be earning six figures to be successful.
I don’t feel the need to chase the big numbers anymore because I have everything I want. I am happy and content with my life. I don’t feel the need to be the next Karen Brady or Oprah Winfrey.
I also know of a few ‘highly successful’ six-figure earners who are living in rented two-bedroom apartments (nothing wrong with that by the way) with mountains of debt to pay off. Good on them for going out there and earning the money to sort their lives out but stop misleading others by giving the impression they are living in castles and working from the beach all day.
Recently, I saw a self-proclaimed seven-figure earner telling everyone how much money she was making on Facebook. As my wonderful friend and colleague (who is one of the most successful businesswomen I know) pointed out if that were truly the case would this person not want to just turn over, tan her back, pop another bottle of Cristal, dip her toes in the cool ocean off the back of her mega yacht and stop worrying about spreading the word. Good point huh?
Now, don’t get me wrong. There are some super successful and super happy genuine six-figure earners out there. And for them I am happy. It is the tribe who are trying to fool others with smoke screens and telling others what to do that I have a problem with.
So stop being told what to do by others, take some of these six-figure claims with a pinch of salt and decide what you want your income level to be and what your definition of success is.
