- Hey, everyone, I hope you're having a wonderful day.
Right now, it's snowing here in New Jersey but
that is only gonna last a little bit longer
because I'm en route to Florida
for Tony Robbins' Business Mastery because we won
the Shopify Build-a-Business, or excuse me,
Build a Bigger Business competition. We get to go
to Tony Robbins event. Jess, our C.M.O. of BestSelf Co.
is already there. The other Shopify winners are already
there and I'm really excited to see them.
And it's gonna be a lot of fun.
But, in doing so, I've seen a lot of things recently,
and I wanted to talk about costs based on...
Anything that you purchase or anything that
you're about to do in life. So if you're watching this in
Turn On The Hustle or on Facebook page or on my
timeline, or your timeline I guess, it is, great.
If you're watching this in BestSelf Alliance or
BestSelf Facebook page, this can all relate to you
because it is...relates to everybody.
And everything that they do in a job, in a career,
in some investment, or in just your lifestyle.
So, what I wanna talk about and, I heard Tim Ferriss
say this multiple times, I saw a video that he created
yesterday and it inspired me to create this video.
What's up, Nick?
So, BestSelf Co. is doing great, we're growing,
we're expanding, it allows Catherine and I to do things
and experience things that a lot of people don't
have the opportunity to or that inspire them to
have that type of lifestyle. That's why we started
BestSelf Co. To make an impact and to live a life
that was more than just the status quo.
And in doing so, our lifestyles change a little bit
and I needed to purchase a new car.
My Nissan Exterra that I've been driving for
seven years had 151,000 miles on it.
It needed a little bit of work and I needed to look
for another vehicle for the family, and as my wife
calls it, a new family car. And we have a child on the way,
so I was looking at 'okay, what can I get?
What can I do to...y'know...
have a reliable car, and also something I
would enjoy getting in every day?' And in doing so,
I started looking at these crazy vehicles,
hundreds of thousands of dollars and...
Range Rovers
and brand new Range Rovers and brand new Audi Q7's
that were fully decked out and it had every option
on it that you could imagine, and sitting down
with my wife, and we were looking, we were like,
'okay, could we do this?' Yes.
If we really budget and put things in place and
make sure that we...that we are...
Diligent with our finances on a monthly basis,
we could totally do this, this is feasible.
But there's one cost that a lot of people--
finance departments, your boss, your manager,
even your spouse-- forget to mention to you,
and that's Opportunity Cost. And Tim Ferriss
talks about this quite a lot. If he's going to devote
time, attention, resources, finances into an investment,
into a business, into a purchase, whether it's a home,
a vehicle, a teammate, whatever it may be,
there's Opportunity Cost at play.
And what that does, is that hinders you from growth
in the future. You might be able to maintain that standard
for right now, when you make that purchase, or make that
acquisition, or decide to go into that business, but
what you're sacrificing is the limited cap
of what that-
So, because I'm driving, the reception's a little
spotty, but that's alright. I hope you hung out
with me for a second, thanks for the thumbs up.
But there's Opportunity Cost at play that hinder
what you can do in the future. So if you're gonna tie up
a whole bunch of capital right now, a business opportunity
comes along, or an investment, or a new business venture,
well, you can't capitalize on it, you can't seize
that opportunity, because you've tied up all your capital,
you've tied up all your finances, you've tied up
all your energy, your resources in this one department
and it didn't allow you to move as quickly.
And this happened, I've seen this happen so many times
to different people. So when I was working in the
corporate world, I was in Sales and the owner of the
company literally had one person on his staff that,
all they would do, is help you acquire crap.
Right? All they would do is help you get financing
for a home, they would help you get financing for
vehicles, they help...they would tell you all the time,
"Oh, how's your girlfriend doing? You should ask her
to marry you." Or "How's your husband doing? Are you
guys gonna get married yet? What's he waiting for?
Blah, blah, blah." Because they wanted to tie you up
and make you stay stuck in the company, because if you
had all this debt out there, if you're getting married,
or if you're having a baby, you would not be as flexible
to go out and look at other opportunities, look at other
ventures that were out there, look at other jobs or careers.
You would feel, 'okay, I need to maintain or sustain
this baseline that I've created for myself.'
and then you'd essentially be stuck with that
company or organization, and they do it all the time.
So when you're look at, to either purchase a house
or rent an apartment or go into business with somebody
or start a new venture or just making a financial
investment; what is the total cost going to be?
Financially, okay it's gonna cost me x amount of dollars
over how long?
Time, how much time and energy am I going to
have to put into this? Is it going to be
half of my day? Wow, that's a lot of my day
that I'm going to devote. Well, for how long?
Is there a cap? Okay. Is there...
a resource that I'm about to purchase?
So if I train somebody and get them up to speed,
so maybe it's hiring somebody...
Well..
Bringing someone on into your team, that is a...
Opportunity cost as well.
That forces you to stay with whatever decision
you make moving forward and doesn't allow you
to be as flexible. So when you're making a purchase
or when you're about to devote some time into something...
Figure out what the true cost is about.
Figure out what the true opportunity cost
is going to be in the long term.
If you're gonna go out with friends,
and you're gonna go and, y'know, spend $500
on drinks, on a Friday night. Well, what's the
opportunity cost on that? How long is it gonna
take you to repay that $500 credit card bill?
There's always opportunity cost baked into
everything that you're doing, everything that you're
investing in and every resource that you have.
So, be extremely diligent with what the total cost is
in anything that you do from here on out.
And I hope you guys can make some better decisions
moving forward in your businesses or in your hobbies
or in just your personal lives as it relates to
all of the energy that you're putting into things
so you know...
So you could actually live a life that is flexible,
that fulfills you and that pushes you to whatever
you aspire to be. So, I hope this was beneficial,
if you like this, please share with somebody or
tag somebody in this video and let them see this
and gimme some love below, thanks for watching guys.
I hope you are staying warm this winter afternoon.
Bye.
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