Back in August of 2010 I retired after 34 years in public education. Retirement sounded exciting… but along with it came a significant reduction in pay.
So I remained part time in my position of Technology Coordinator for the school district in order to supplement my retirement income… I like to tell people that I am “almost” retired.
But, because of this, I have still not reached my goal of “really” being retired… of gaining my “time” and “financial” freedom.
I am very involved in the ministry of my church, and sometimes, opportunities come up that I would love to volunteer for… especially in disaster relief efforts.
As it stands now, however, I am often unable to volunteer because of the time and financial constraints… it costs a lot of money to fly to some of these places that need help.
So, the question to answer here is how much income I would need each month to step away from my present job. Even though it is just part time, it is still essential to meet my monthly cost of living.
What’s My Freedom Number?
Your “Financial Freedom Number”is, in short, the amount of money you’ll need to live comfortably without relying on regular employment income. Once you reach your Financial Freedom Number, you can more or less consider yourself financially independent .
I am luckier than most because my wife and I both receive retirement checks each month. My calculations determine that I need an additional $2,000 each month as my “financial freedom number”.
How do I reach that income each month?
My commission on the “front end” product of my primary program comes to about $20 per sale. That would mean that I would need to make 100 sales each month to reach my “freedom number”… that’s about 25 sales per week.
But wait… there are also “back end” sales, one of which is a monthly membership site which pays me $42 per sale.
Now the “freedom number” drops to just under 50 sales per month
And the neat thing is the monthly membership site is recurring… this means that once a sale is made, and the customer continues to keep their membership, the cash keeps coming in.
Eventually I will build up a residual income, based on about 50 sales per month, that just keeps coming in, even though I might be in Swaziland, Africa working in an orphanage.
That’s what I’m looking for… that’s my “freedom number”…
What’s yours?
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