How Much Is It Costing You To Stay Poor?
Summary
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Years ago, I learned a powerful lesson about the cost of ignorance. Ignorance is the biggest expense we have; it's what we don't know that truly costs us money.
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I was at an event where a man showed how not knowing how to earn a million dollars a year effectively costs someone making $50,000 a year a whopping $950,000 annually.
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We often think our largest expenses are rent, food, clothes, and cars, but in reality, it's the lost potential earnings due to not having the right knowledge or skills.
- It's important to recognize the gap between what we earn and what we could earn, and focus on closing that gap with education and skill acquisition.
Video
How To Take Action
I would suggest implementing a strategy to minimize the cost of ignorance by continuously learning and expanding your skill set. This doesn't have to be costly or time-consuming. Start by reading books, attending free online webinars, or following experts in your field on social media. Just a little bit of knowledge each day can add up over time.
A good way of doing this is by identifying your earning gap. Compare what you're making now to what you want to make. This helps you understand how much your ignorance might be costing you. Once you know that, focus on learning the skills or knowledge you’re missing to close that gap.
Dedicate a set amount of time daily to improving your skills. Even 30 minutes a day spent on a skill you lack can make a significant difference. Consistency is key.
Surround yourself with people who have the knowledge you need. Join groups or communities where you can learn from others’ experiences and insights.
Also, reflect on any feedback you receive. Consider it a roadmap to the skills you need to acquire.
Lastly, quickly apply what you learn. Practical application solidifies new knowledge and helps you see immediate results. This way, you're turning learning into earning, literally transforming your potential into real-world profits over time.
Full Transcript
years ago I was sitting in the audience and I saw a man write million dollars on a whiteboard and he called someone from the audience he said how much do you make per year and they said $50,000 a year and then he put a minus sign he said did you know that it's costing you $950,000 per year to not know how to make a million dollar a year every single month you've got your rent you've got your food you've got your clothes you got your car you got whatever else you spend and you think that's my fixed cost the biggest cost that you have is ignorance