For years, it’s been the holy grail of income. Six figures. Multiple six figures. Lots of screaming and shouting online about how easy that is to achieve.
Only 18% of Americans earn six figures or more, so it’s a relatively rare accomplishment.
It’s absolutely achievable as a creative freelancer. I’ve helped many of my clients achieve six figures.
I’ve helped others realize that wasn’t what they were after at all.
And, I think it’s important to consider that…
Achieving your goals has a very particular cost.
One that stops many freelancers dead in their tracks.
There’s an idea in economics I like called Opportunity Costs.
It’s what you give up to do something else.
The opportunity cost of going to the cinema is whatever else you could have done instead with your time and money.
This is a very useful tool when you’re making decisions.
An extra $5k for the full super-duper spec package for your new car?
Or a week in Norway, chasing the Northern Lights at night while riding a team of huskies across moonlit snow?
But Opportunity Cost has a dark side. FOMO (Fear Of Missing Out).
I see it with so many freelancers who push back against niching or picking a service type or taking a position.
I totally understand the need to discover, to learn what’s right for you, but at some point you need to make a decision.
And it is perfectly valid to be a generalist.
If that’s what you want, own it. There are many successful and happy generalists. I was one for a long time.
I loved learning and exploring and checking out ALL the possibilities. It was interesting, but it cost me. I was willing to pay the price – until I wasn’t. So, I can’t fault you.
But being a generalist because you can’t decide? That’s something you need to resolve.
Because there’s an amazing business waiting to be built once you do.
This was originally sent as an issue of my weekly newsletter, Breakthrough Beat.
Sign up and get articles like this in your inbox every week.
