Americans say they would need to earn a median of $150,000 a year to consider themselves rich.
It may be that at a time when median income has not risen on a real basis for a decade, the threshold of what’s considered “wealth” is not in the millions of dollars.
Americans’ perceptions of the annual income they need to be rich are a bit higher than in 2003, when Gallup last asked the question. Since real wages have not moved at all since 2003, and the recession may have eroded income or robbed people of jobs, the fact that there is no change makes sense. If they do, then they might as well forget about the idea of owning a $500,000 house with two cars in the garage.
There are countless reasons why you should start teaching guitar but here are the three biggest, and most life changing reasons why you should start teaching guitar now!
This entry was posted in Finance Your Future Strategy News on March 30, 2014 by yfs_admin. You may want to travel the world when you retire or you may want to move to the countryside. Either way, you will need to save some extra along the way for your desired lifestyle, so planning for retirement is inevitable. It may not be as easy as you think to obtain $1 million with compulsory superannuation alone.
The amount of money you need for retirement or financial freedom will most likely be much higher than you expect.
Due to inflation, $1 million dollars may not be worth as much at the time you finally do retire. Although Business Insider states it’s easier for Australians to obtain $1 million by retirement, it also noted that the amount of money will not be worth what it is today due to inflation. Enter YOUR details below for a personalised and complimentary Strategic Client Review designed to help you reach financial freedom. Get the free worksheets to help you add up your expenses, and determine your yearly income target and how to get there! Your expenses now might be pretty low, but what if you want to make some changes that will raise your personal expenses?
Your business is probably online, so you likely don’t have as much overhead as you would have 20 years ago. Something I’ve noticed over the past few years is that as your business grows, your expenses go up.

Add up your personal and business expenses, then multiply by 12 to determine your yearly income target. You can obviously break that down in whatever way makes the most sense for you, and for the life you want.
What can you tweak as far as pricing, or adding services to help you arrive at the numbers you need?
6 Comments - Filed Under: Business Tagged With: business growth, pricing - DisclaimerLike this post? I work with designers to make beautiful websites, streamline their processes, and deal with tricky clients. When I'm not helping you create a business you love, I'm probably drinking coffee, hiking, or binging on Netflix.
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Learn how to create your own intro packet to cut down the time you spend screening clients and answering questions. Separately, 50% say they would need $1 million or more in savings and investments to consider themselves rich.
And, in a time when many Americans do not have retirement funds, a nest egg that might only yield $40,000 to $50,000 a year on a $1 million principal in enough for the aged to live on.
Then, $120,000 a year was the median amount Americans said they would need to make in order to think of themselves as rich.
Apparently, that type of thinking is well beyond the grasp of most Americans, and the economy may keep it that way for years.
When you teach guitar you get to spend all day playing guitars, talking about guitars and best of all teaching guitar.
In a normal job you get stuck with your colleagues for eight hours day without any say in it. But, when you are a self-employed guitar teacher you have the potential to earn much more and a lot more quickly than you would in a normal job.
I could work as hard as possible and be the best employee ever or I could go in, keep my head down and just do enough to get through the day and in both instances I would get paid the same. You need to think about what YOU legitimately need to make, not some random number someone else told you should be your goal.
This includes bills and expenses you must pay to survive, as well as things that are nice to have.

Maybe you’re planning on having kids, moving to a bigger house, or traveling the world. Business expenses include things like web hosting, legal fees, taxes, and all those fonts you keep buying for no reason other than they’re amazing.
This option gives you recurring revenue, and you only have to make the sale to each person once. Seeing how happy and excited my students were when they mastered a new skill or technique can give you a great sense of fulfilment. But I’m hoping you’re a bit more adventurous than that and are excited about being your own man (or woman). In my job before I take on a new customer I make sure they’re someone I want work with and I will enjoy spending time with them. Studies have shown that self-employed people have much higher levels of job satisfaction than people who are employed. In a normal job you have a fixed income and in a few years you might get a promotion and a raise.
Luckily for you, I have no filter and don’t understand social norms, so I talk about money all the time, in really honest ways. You would still need to knock out 20 websites in a year, which is pretty ambitious, but not impossible. You have to see where the money needs to come in, so you know what and how much you need to be selling. But, when you’re self-employed and your business is successful there’s no limit to how much you can earn. Especially if you’re on the cusp of hiring someone or investing in a fancy training program, locking down a budget for that will ensure you have a clear picture of how much you need to be making. I’ve been trying to figure out how much I would need to make that will allow us to maintain and better our living, while still allowing me time for my children.
When you teach guitar you’ve just got to choose how much you want to get paid and then go out earn it!
If you have the chance to spend that time doing something you love and get paid for it, you have a duty to yourself to devote all your energy into making your passion your job.

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