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episode 179: EP. 179 Expensive is a State of Mind
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Our idea of what is expensive or what's affordable has been skewed by insurance companies. Starting a physical therapy practice or business is not expensive. It's not expensive if your goal is to help thousands or millions of people and you know what's possible.
It's been skewed by the fact that insurance companies are only going to pay $30 no matter what we do. What you really need to thing about is investing. If you aren’t getting long-term results or benefits from a job or program, then any price is expensive.
I hear a lot of people say they want to grow their business debt-free. Maybe in the past you've had bad experiences with credit cards probably because you haven't used them to invest in your business or yourself. You've used them to buy things that depreciate over time and you're still left paying for them.
Maybe you've had this experience in the past where you've bought something that didn't add value to your life it added status to your life, or it added nothing to your life. You need to spend money on things that are going to give a big return later so you can create systems to generate revenue.
Maybe you've been listening to Dave Ramsey telling you eat ramen noodles and pay off your student loans as fast as possible. That might be good advice for someone who just wants a job but if your goal is to run a business and help thousands of people, don’t listen to Dave Ramsey. If you're getting out of school and you have a big dream then your student loans are good debt. The knowledge you learned is not going to depreciate. The information you learned to earn the doctor in front of your name it not going away. It's not going to depreciate. The only depreciation of your education is if you stop working as a physical therapist and stop helping people.
My point here is the best investment you can make is in you. Expensive is a state of mind. Something isn’t expensive if you know you're going to take what someone shows you and tells you and take action on it. Put it into play and and never give up until you get it right. Expensive is when someone gives you an idea and you don't take action on it or it doesn't work the first time and you quit.
The difference between investments and expenses are investments are things that you spend money knowing that you're going to get a positive return.With my program Income Impact Academy, we teach you how to sell your product before you create it. I don't want you building out an amazing course and spending a bunch of money on camera equipment and editing before you've even sold it. We should sell it and use the proceeds to make it even better. Sell it before you create it.
Would it be different if you knew you could make six-figures with your idea? Would it be different if you knew I could snap my fingers and all of a sudden you had a six-figure business? Could that change your perspective?
Don't let that negative self come and tell you it's not going to work until you actually even try. Maybe if you're doubting yourself it’s because you're not clear on your goals and your vision. Imposter syndrome could be setting in. You could be thinking, “Who am I to be able to help tons of people?” Well, who are you to not help tons of people?
There are some things that are just expensive and there are some things that are great investments, but most people who are just getting started in business have them mixed up.
Credit cards and debt are things you leverage to get what you want.Student loans are not a burden. If your plan is to just be an employee, they can be a burden because you're not going to earn much as just an employee.
You need to invest in your business knowledge if you want to be proficient in business like you are as a physical therapist. I can tell you that if you invest in the business knowledge and expert experience, you’re paying for speed. You’re paying for someone else who's figured it out to show you exactly what to do so you can pay off the student loans faster.
I hope you've gotten something out of this. It took me a long time to develop this mindset! I've had to invest in coaches and mastermind groups and put myself around people who are where I want to be.
Find the person that has what you want and pay them to show you how. Because you're only going to get there faster instead of trying to figure it out on your own. The wheel has already been invented. Go make a better wheel, don't try to start from scratch. You are your best investment. Expensive is a state of mind. If you change your state of mind you can help millions of people.
Topics we cover:
-Why expensive is a state of mind
-Expensive is relative
-The difference between an expensive and an investment
-You are your best investment
-Finding the right mentors
-How to handle student debt
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