Category: Financial Goals

Introduction

Hey there, content creators! We all dream of financial freedom, right? The ability to do what we love, create amazing content, and not have to worry about how we’re going to pay the bills. But how do we get there? It all starts with setting financial goals. This is the first part of a four-part series where we’ll take a deep dive into the journey from setting financial goals to achieving financial freedom.

Step 1: Define Your Goals

The first step on any journey is knowing where you want to go. In the world of content creation, this could mean different things to different people. Maybe you want to hit a certain number of subscribers, earn a specific amount from your channel each month, or diversify your income streams. But it’s not enough to just have goals, they need to be SMART – Specific, Measurable, Achievable, Relevant, and Time-bound.

Let’s take the example of a YouTuber, let’s call him Jake. Jake is a full-time content creator who loves gaming. His goal? To earn $200,000 a year from his channel so he can quit his part-time job and focus solely on creating content.

But let’s make this a SMART goal.

• Specific: Jake wants to earn $200,000 a year from his YouTube channel.
• Measurable: He can track his progress by monitoring his monthly income and calculating his annual earnings.
• Achievable: Jake has already been earning from his channel and believes that with more time to dedicate to content creation, he can double his current income.
• Relevant: This goal is directly related to Jake’s career as a content creator and his dream of doing it full-time.
• Time-bound: Jake wants to achieve this goal within the next year.

Now, Jake’s goal is not just about making more money, it’s a SMART goal that gives him a clear target to aim for and a timeline to work within. It’s a goal that’s tailored to his career, his aspirations, and his lifestyle. That’s the power of SMART goals. They provide a clear, actionable, and realistic path to achieving what you want.

Step 2: Understand Your Current Financial Situation

Once you’ve defined your goals, the next step is understanding where you are right now. This means taking a hard look at your current financial situation. How much are you earning from your content? Where is the money coming from? Ads? Sponsorships? Merch sales? What are your expenses?

Going back to Jake, he starts by analyzing his current income. He’s making $100,000 a year from his channel, half of what his goal is. He breaks down his income and realizes that 70% is coming from ad revenue, 20% from sponsorships, and 10% from merch sales. He also looks at his expenses, which include equipment costs, editing software, and the part of his rent for his home studio.

Understanding his current financial situation gives Jake a clear picture of where he is and what he needs to do to reach his goal. It’s not just about earning more, it’s about optimizing his income streams and managing his expenses.

Conclusion

Setting financial goals and understanding your current financial situation are the first steps on the journey to financial freedom. They provide a roadmap for where you want to go and a clear picture of where you are starting from.

Just like creating content, achieving financial freedom is a process. It takes time, effort, and a lot of learning along the way. But with clear goals and a good understanding of your finances, you’re already on the right path.

In the next part of this series, we’ll dive into the next steps: creating a plan and implementing it. Make sure you subscribe so you don’t miss it!

Want to start your journey to financial freedom but not sure where to start? Let’s chat! Click the button below to schedule a 15-minute intro call. I can help you define your financial goals, understand your current financial situation, and start planning for your future. Let’s turn your dreams of financial freedom into reality!