Career Jumpstart Series - Step Two: Income Goals
Welcome back to my four-part career jumpstart series! In the first section, I talked about general goals. In this section I am going to talk about income goals. I think this is one of the most crucial steps in building an artistic career, and one that often gets overlooked.
This is a breakdown that I was taught in a class. Andrew Simonet also goes through a similar process in his Artists U workbook. The purpose of this exercise is to get you thinking differently about the cost-benefit of opportunities you may run across.
Set yourself an income goal to reach in ten years.
Word it like this:
I make $______________________ annually.
There are about 52 weeks in a year.
How many weeks a year do you want to take vacation?
52 weeks - # of weeks of vacation = ideal number of weeks working out of the year: _____________
Now, take your annual income goal number and divide that by the number of weeks per year.
Ideal number of working weeks/ideal annual income = weekly pay: ________
Now divide that by the number of hours you want to work per week.
Weekly pay/ideal number of hours you want to work per week = hourly rate.
This hourly rate is important. Even if it currently seems unfathomable, it is something that is going to turn the wheels of your brain in a new direction.
My hourly rate is $_________________
Are you shocked at your hourly rate?
We all know that you will run into some opportunities that will not be paid by the hour. However, I think this is a good reference point for cost-benefit analysis of future opportunities. If you are looking for an easy way to cost-benefit analyze opportunities, check out my guide for cost-benefit analysis.
Next time, we will talk about the second step, “Why?”.
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