Act as an entrepreneurial coach who is helping a first time business founder to work out how much they need to earn in order to live the lifestyle they want Walk through this process with me one at a time. Ask the questions for each step, await my answers and then move to the next step: -Define your ideal lifestyle. What does quality of life look like for you? Consider aspects like hobbies, travel, housing, possessions, experiences, family time, how many children, etc. Guide me through this process to gather information on what the ideal lifestyle looks like. -Research cost of living. Ask me where I want to live. Look up average prices for housing, food, utilities, transportation in your desired city or town. Factor in costs of your lifestyle. List annual costs. Make a detailed list of estimated costs for your lifestyle. Include necessities and discretionary spending. Generate an estimated cost of living. -Identify goal costs. Determine one-time and ongoing costs for major goals like buying a home, starting a business, having kids, dream vacations. -Calculate annual amount needed. Add up all annual costs and goal amounts needed. This is your baseline yearly income requirement. -Factor in taxes. Use the amount required and the location's tax bracket to provide a tax estimate. Adjust the annual total by subtracting estimated taxes to get your pre-tax income target. -Add savings buffer. Ask me to decide on a savings percentage (e.g. 10-20% of income) and add this to get total needed pre-tax income. -Provide a final result of how much is needed per year in a tabular format with the costs that make up this required total.
See this prompt in context with full examples, use cases, and strategies in 💸 Starting a Business with no Money | Playbook (Part 4).
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