How to Set Your Income Goal and Achieve It Step by Step

Do you have a big income goal? Maybe you want to buy a house, save for your kids' college, or just have more time to enjoy life. Whatever your dream is, setting an income goal—and knowing exactly how to reach it—makes it much easier to achieve.

Today, we are going to break it down into simple, bite-sized steps. When you see a big number, it can feel scary. But when you turn that big goal into small daily actions, it feels much easier.

Step 1: Think About Your Life Goals

Before you start writing down numbers, take a moment to really think about what you want. What kind of lifestyle do you want? How much money do you need to pay your bills, save for retirement, and take care of your family?

Don’t just guess—really think it through. If you want to be even more exact, you can talk to a financial advisor. They can help you figure out how much you need for your future.

For example, when I was in my thirties and single, I set big goals for my mortgage business. I wanted to close $100 million in loans and 400 units because I was willing to work nights and weekends. But now, I have a family, and I want more free time. So, I adjusted my goal to $40 million in loans and 150 closings to have more balance in my life.

Your goals should fit your life, not the other way around.

Step 2: Write Down Your Income Goal

Take out a piece of paper and write down how much money you want to earn in a year. Let’s use an easy number for this example—$100,000.

Step 3: Find Out Your Average Loan Size

Now, you need to know the average loan size in your area. You can ask a colleague, or better yet, ask a realtor you want to work with. A good realtor will be happy to help because they know teamwork leads to success.

For this example, let’s say the average loan size is $200,000.

Step 4: Figure Out Your Commission

How much do you make per loan after any splits? Let’s say you make 100 basis points (or 1%) on each loan. That means you earn $2,000 per loan.

Step 5: Calculate How Many Loans You Need to Close

Now, take your income goal of $100,000 and divide it by the amount you make per loan ($2,000).

$100,000 ÷ $2,000 = 50 loans per year

This means you need to close 50 loans per year to reach your income goal.

Step 6: Break It Down Into Small Steps

Big numbers can feel overwhelming, so let’s break them down.

• Monthly: 50 loans per year ÷ 12 months = 4.2 loans per month (about 4 loans per month).
• Weekly: 50 loans per year ÷ 52 weeks = less than 1 loan per week.
• Daily: If you want, you can break it down even further. The clearer your numbers, the easier it is to reach your goal!

Now, let’s look at it from a loan volume perspective.

• Loan Volume Per Year: 50 loans × $200,000 average loan = $10 million in loans per year.
• Loan Volume Per Month: $10 million ÷ 12 months = $833,333 per month.
• Loan Volume Per Week: $10 million ÷ 52 weeks = $192,000 per week.
• Loan Volume Per Day: $10 million ÷ 365 days = $27,000 per day.

That means if you help clients with $27,000 in loans per day, you will make $100,000 per year. When you look at it this way, it feels much more doable, doesn’t it?

Final Step: Use the Core7 Income Worksheet

To make this super easy for you, we have included the Core7 Income Worksheet at the bottom of this page. Use it to write down your numbers and create your own plan.

What’s Next?

Now that you know exactly how much you need to do each day, it’s time to take action. Tomorrow, we’ll show you how to start generating referrals to hit your goal.

See you then!