Paying Twice On Time

[vc_row][vc_column][vc_column_text]In my experience talking with individual clients and companies, there’s a common thread I’ve seen when they’re stuck in a problem: they value money more than they value time. Too many clients would prefer to spend time on a problem in order to save money, instead of the other way around. They’ll say, “Whoa, that’s a lot of money to fix that problem. I could solve it on my own eventually, so I’ll do that instead.”

Let’s talk about why this is the exact wrong thing to do.

It’s Logic

Before we get into the time & money discussion, let’s try a little logic puzzle. This is a syllogism which should sound plausible to you:

All X’s are Z’s.
All Y’s are Z’s.
Therefore, some X’s are Y’s.

This logic puzzle seems like it makes sense; both X’s and Y’s are Z’s, so of course some Y’s and X’s are the same! But try this one out:

All dogs are animals.
All cats are animals.
Therefore, some dogs are cats.

Now it doesn’t make sense, does it?

(Unless you’re this dog. Probably is a cat, too.)

What’s the Problem?

When we are dealing with topics we know a lot about, we can immediately understand if something makes sense or not. When the logic problem I used above talks about dogs & cats, you were able to see, right away, that it makes no sense.

When we switch to an abstracted unit of measurement, like X’s and Y’s, then it’s more difficult to make an accurate judgement.

This is what happens when we talk about time and money.

Time = Money

In the logic problem, Dogs = X. Cats = Y. And this is the stuff we learn in first year algebra, but it’s frustrating because it’s taking something we understand, and then turns it into an abstraction.

When we think about Time = Money, it’s the same problem; we lose track of its real value.

Most people trade their time for dollars in the form of a paycheck or salary. Then, we spend those dollars on goods, services, or experiences.

When it comes to your business, you’ve worked hard for the cash you earn. You’ve poured your whole life into developing the skills you need to do the best you can for your clients.

That’s why taking any longer than you have to to solve a problem isn’t in your best interests, nor the interests of your clients.

When you decide to spend time on a problem instead of money, you’re essentially paying twice to fix it. You’ve already spent time to earn the money, but then are choosing to spend more time on something other than what makes you money.

This is time you could be spending helping your clients. This is time you could be spending with your family. This is time your could be spending at a conference learning more about what you’re already great at.

You can always get more money, but you can never get your time back. This is the heart of the problem for folks who would rather save a couple dollars by doing it themselves. As long as the money you make is tied to the time you spend getting it, spending time on a problem instead of dollars is costing you the most precious thing you have: your time.

Even when you’re broke, you’ll still have to decide how to spend the 86,400 seconds you have every day. Spend them wisely.

Takeaway

The next time you think, “I’ll save some money and do it myself” ask yourself if this is the best way to spend your time; not money. Don’t be “penny smart, and a dollar foolish” as the saying goes.

If you’re still trading time for dollars, this is doubly true for you, too!

(Eventually you can uncouple your income from the time you’re spending, and that’s a conversation for another day. . .)

Get In Touch

Have questions, comments, or concerns? I’d love to hear from you! Visit the contact page to give me a shout.[/vc_column_text][us_btn text=”Start the conversation” link=”url:https%3A%2F%2Fwww.likeamindreader.com%2Fcontact%2F|||” align=”center”][/vc_column][/vc_row]

3 Things to Invest In

If I were interested in making a quick buck, I might be telling you 3 “hot stocks you absolutely must invest in.” I could tell you to buy a product that gives me a commission.

Instead, I’m going to tell you the three things I’ve invested my time, money, & effort into that’s responsible for all of my success.

They might not be what you think of first.

Knowledge

“First you do the best you can. Then when you know better, do better.” -David Hira

Knowledge really is power. Everything I’ve done boils down to having the right information on how to do it.

Or spend years with trial & error to figure it out for myself. Either way, your choices are only as good as the information you use to make them.

In a time where information is freely available online, it’s difficult to sift the golden nuggets from all the useless crap. When you find something valuable, however, there’s nobody who can take it from you.

Whatever treasures you hoard in your mind are yours, and yours forever.

Knowledge is the best return on the investment you can possibly hope for.

Assets

There are things / ideas / strategies / tools that will help you get where you want to go.

Then there’s everything else.

The secret to lasting success is owning what you build. I don’t care how many followers you have on Twitter. I don’t care how many likes you have on Facebook. Any platform you build on can change their rules tomorrow and everything you’ve worked so hard to build can disappear instantly.

Unless you own your platform.

Coaches

The quote about knowing better so you can do better was told to me by one of my favorite coaches & personal mentors. He’s an incredible person with an even more incredible story. His insights, suggestions, and advice come from a lifetime of experience, and every single nugget he shares is pure gold.

When I listen to what he tells me, it saves me years of learning it myself. That’s the power of coaches.

Great advice is worth exactly what you pay for it, too. Coaching ain’t cheap. It’s not easy to put their knowledge into action, either.

But it’s so worth it.

Coaching helps catapult you forward. It instantly establishes momentum. Momentum creates wealth.

Takeaways

  • Put in effort to gain things that can’t be taken away
  • Quality relationships with quality people are priceless & worth everything you can spend to maintain them
  • Knowledge is power (when put into action)

Cross My Palm With Silver

“Free advice is worth exactly what you paid for it.” ~Gypsy Saying

Have you ever encountered an “askhole?” It’s someone who constantly asks you for advice, but then does the complete opposite of what you told them to do.

There are few things that are more frustrating, right?

Why is that?

Wisdom of the gypsies

Imagine I’m a tarot card reader, and you come to me for a reading.

It’s insightful, explains exactly what part of your life needs the most work, and then spell out exactly what you can do to get on the right track. It’s nothing short of the best advice you’ve ever gotten.

But you pay nothing for it.

You know what would happen? Probably nothing. You’d say thank you, walk out, and think “That was interesting,” then never worry about it again.

Imagine you paid me $20,000 for that exact same reading.

Now, how motivated do you think you’ll be afterwards?

$20,000 worth!

Before I started coaching, I used to share my thoughts freely with anyone who would listen. Over time, I’ve not only realized that free advice is essentially worthless, but a client’s motivation to put it into practice is directly linked to how much they had to pay for that information.

They paid nothing for the info? There’s zero incentive to apply it.

I’d give people great information & advice, but then they’d ignore it. They’d run into the problem I’d warned them about, and then have to work twice as hard to recover from it instead of avoiding it in the first place.

At the end, we’d both wasted our time. Mine for sharing with someone who didn’t value my input, and theirs for spending time listening to it, experiencing the problem, & then recovering from it just to be right back at square one (but a little wiser hopefully).

Nowadays, people pay me for my knowledge & experience. Since clients are willing to pay for their guidance, they tend to consider my thoughts much more carefully before making future decisions. My personal goal is to help my clients get 10x more value out of our time together than they pay me.

This makes coaching much more rewarding in every sense of the word. Feels good to help people avoid costly mistakes. It’s nice to get paid for what you’re good at. And it’s nice to have significantly fewer askholes in my life.

To some people I charge way more than they can afford. To some people it’s a drop in the bucket. Regardless of how much I stand behind, that’s always going to be the case, so there’s zero reason to race to the bottom of the barrel.

I’ve found that the people who are highly motivated and invest in results are the best clients to work with.

Gypsies figured this out generations ago.

The amount you’re willing to pay for the solution to a problem tells the person with the answer how much they should care about your problem. You don’t care enough to pay? Then why should the coach care more than you do?

Silver, Time, & Attention

Now, I’m not saying you should have a money-based relationship with everyone in your life.

Money isn’t the only currency that matters.

You can pay in time. You can pay in effort. You can pay attention and really listen to what you hear.

If I consult with someone who may not have the finances to spend on my insights, I have 3 guidelines I look to.

  1. My time (& yours) is valuable. Spend it wisely.
  2. You may never be able to pay me back directly, and that’s OK. If you’re ever in the position to pay it forward, do that.
  3. You don’t have to blindly follow my advice, but sure as hell think twice before ignoring it.

You can see how there’s still a price to be paid, even though it’s not in terms of money. It’s still win-win!

The nature of a successful coaching/mentoring dynamic (valued in either money, time, or effort) is achieving specific goals in a sensible time frame with metrics along the way to gauge results. With this dynamic, the client stays accountable, and the coach stays dedicated to the project.

The coach is getting value in seeing their client succeed, and the client gets value in achieving their goals.

Value for value is the only way the world works.

(Otherwise it’s stealing.)