Well today we will explore just that – how do you determine how much money you need to make. Everyone's “Personal” finances are different. This means the amount you might need to make is different than the amount your friend or family member needs to make.
1. Your age 2. Family (Kids, marriage, spouse, elderly parents, etc) 3. Your physical location 4. The type of housing you desire 5. Fixed vs Variable expenses
Housing, Transportation and Debt. Those three are the biggest contributing factors that will determine if you get to YOUR magic number. Living off returns is hard to do when you have debt.
If you happen to have a shortfall as it pertains to how much you make vs how much you need, than it might be worth exploring ways to make more money outside of your full-time career.
Perhaps the most seldom used way to make more money is to simply ask for a raise at work. The fear of rejection stops most in their tracks from even considering this as a viable way to make money.
– Know what you're worth – Study the market (Don't come in too high) – If they say “No” see where you can improve – See if extra projects are possible.