M–Money Speedometer Calculation from Kendall Summerhawk

Just like a car has an automatic cruise control, we too, have our own internal setting that determines how much money we are comfortable making. If we start moving too fast (when we earn more), we often become uncomfortable and will automatically do something to slow down. If we move too slowly (by earning less), something usually kicks us into a higher gear so we start to earn more. We always have a money speedometer. The trick is to reset your speedometer so you’re comfortable earning a high amount.

The first step is to understand where your money speedometer has been set. Here’s how to do that:

What’s your money speedometer set to?

For the past 12 months, calculate the average amount of either your five highest client payments or your five most profitable months. Note: If most of your income comes from one source, then choose your five highest client payments. If you have multiple streams of income then choose your five most profitable months. Either method works equally well.

Calculate your current money speedometer setting:

My highest average for the past 12 months is ______________________________

Now, by how much do you want to increase that amount? Set your pricing goal just outside your comfort level. Why?

If you stay within your comfort level, you won’t be charging enough.
If you go too far outside your comfort level, it’s not going to be believable to you.

Your new pricing goal should feel realistic, believable and a little thrilling.

Decide on your new pricing goal and post it where you can see it everyday.

What’s your new pricing goal?

My new pricing goal is $__________ by _______________(date)

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