Steven Truong [dot] Com

Money On The Move… 2008 Rocks!

So far 2008 has been an awesome year. Everything is going the way it should be and some unplanned things are turning up. The only drawback I’ve had this entire year was getting pulled over by a cop for running a red light at a left turn signal (which I did NOT do). I am going to fight the ticket and while I don’t have proof of what went on that night, I do have video footage proving that the left turn signal always turn green the same time the light going straight turns green and the cop’s argument was that the left turn was red while the light heading forward turned green. Obviously his downfall there, not to mention two other cars in front of me made the same turn and he only pulled me over while openly admitting that. My neighbor happens to be a cop too and he told me it’s total bullshit so I am confident I got a case.

That said, my recent trip to Vegas was unbelievably great. I got a lot of cash flow coming in and everything else seems to be in place. My original goal awhile back was to start small. Ideally when getting into business, you should have a short term goal, long term goal, and an unrealistic goal. To break this down, my unrealistic goal was to make more money than Bill Gates in my lifetime. While that seems out of reach for many people, and people will want to be “realistic”, it’s the mentality of reaching far beyond the saying that ‘the sky is the limit’ and go for anything and everything. Limit yourself and you limit your potential. Don’t limit yourself and your possibilities are endless.

For my long term goal, I want to be making more money than I can spend and this doesn’t necessarily mean billions of dollars. On average, if my expenses cost me $20,000.00 a month, then my goal is simply to make more than that. As long as I reach that goal, my long term goal has been succeeded and I will continue to extend to a new long term goal. As for short term goal (and perhaps the most interesting part and the one I like most), I challenge myself constantly and because the target short term goal should be met with no problem, I can continually bump it up or change it.

Initially when I first started my entrepreneur endeavors years ago dating back to the nineties, I didn’t really have these goals in mind. It wasn’t until sometime last year that I decided to set these types of goals. My original goals were very different and in the end, although they weren’t bad, I prefer to set goals the way I do now. But who knows, things may change in the future. For most people, they measure income in terms of annual earnings. Basically you work as a doctor or lawyer or as a janitor at mcdonalds, whatevers… you make X amount of dollars per year. Thats how most people calculate their earnings. Entrepreneurs and business owners are different. They calculate on shorter terms, most of which are base on monthly earnings. They make X amount per month. I like to do mine on a DAILY basis. I make X amount PER DAY.

My initial short term goal was to generate $1 per day (PROFIT and NET; I don’t count gross earnings because that doesn’t mean anything). As long as I hit this target goal (on average), I can move my short term goal up or to something else. This was easily met day 1. My next short term goal was $10 per day (essentially I just added a zero at the end of my previous short term goal). This was also easily met in day 1 =]

As you can probably imagine, continuing down this trend, my next short term goal was to hit $100 per day (again in profit and net income only). This took a bit more of a challenge than just making $1 or $10 as you can imagine it is a big higher up. For most jobs, this might not be a hard goal to reach or get close too, but for a beginning entrepreneur, depending on what business you run, it may or may not be difficult. This took me 3 days meaning I hit this goal by day 3 or third day. For those who are wondering when the third day was, this was a long time ago. I am merely recapping this to explain a point. At that point, you can easily figure that my MINIMUM monthly income should have been at least $3,000 on average. This is a income figure many people can live comfortably off of and several others can’t (highly depends on your lifestyle). As you can tell, the next goal was $1,000 per day (an income figure many people can’t even begin to fathom).

If you take the income of a high paying surgeon such as a neurosurgeon (brain surgeon) or cardiac surgeon (heart surgeon), which is considered one of the highest paying fields, that is about $300,000 per year. Now if you take out taxes to calculate net earnings (estimated at 30% tax), that leaves our surgeon with $210,000 after taxes. Divide this by 365 days in a year, that only equals to $575-ish, roughly about half of the $1,000 per day income figure we talked about earlier. As you can imagine, that is an insane income figure. To say the least, next step up is $10,000 per day.

I was actually talking to someone recently about doing $5,000 a day but that was never really part of pushing the goal line. $10,000 is more the correct number. Right now, the $10,000 per day is a great challenge but not impossible. I know people who do six figures a day (and there are probably others that do much more). So as hard as that is to imagine for some people, it is possible. The only thing holding you back from achieving what others already have is yourself. Break the limiting factor and learn what you must do to reach those goals. Never let impossibility stand in your way of making things happen, this is why I strongly believe ANYTHING IS POSSIBLE.