The $950,000 Debt

Summary

• I learned that you have to invest in yourself to improve and gain new skills.
• A guy on stage once showed me the true cost of not investing in your own growth.
• He asked a lady in the audience making $50,000 a year why she wouldn't invest in herself.
• She said she didn't have the money.
• He explained that not investing in herself was costing her $950,000 a year because she didn't know how to make a million dollars.
• This showed me that ignorance is expensive and learning is necessary to close the gap to your potential.

Video

How To Take Action

Implementation Strategies

1. Invest in Yourself

I'd suggest allocating a small portion of your budget or time every month specifically for personal growth. This could be as simple as buying a book, taking a free online course, or listening to educational podcasts. Even setting aside 30 minutes a day for learning can build significant skills over time.

2. Evaluate the Cost of Not Learning

Take a moment to reflect on areas where your lack of knowledge might be holding you back. Write down potential earnings or opportunities you could gain if you learned a new skill or improved an existing one. Make a list of what you need to learn and start tackling it systematically.

3. Set Clear Goals

Define what you want to achieve. Whether it’s doubling your income, starting a new business, or personal growth, having a clear target helps to focus your efforts. Break down these goals into smaller, actionable steps.

4. Leverage Free Resources

There are tons of free resources available. Utilize platforms like YouTube, Coursera, or Khan Academy for free educational content. Join local library programs or community workshops which often provide valuable learning opportunities at no cost.

5. Network and Learn from Others

Surround yourself with people who have the skills or knowledge you aim to acquire. Attend local meetups, join online communities, or simply reach out to mentors who can offer advice and guidance. Networking can open doors and provide insights you might not find through solo learning.

6. Implement Quick Wins

Identify skills or knowledge areas that can make an immediate impact on your situation. For instance, if learning a software tool could streamline your business process, focus on that first. Quick wins build momentum and encourage continual investment in your growth.

By steadily investing time in yourself and recognizing the cost of not doing so, you can close that gap between where you are now and where you want to be.

Full Transcript

I remember the first time I heard this it changed my life so a guy was on stage and he gave this whole presentation about learning skills and about how you have to invest in yourself to to get better right and he called somebody in the audience and he said and as he's saying this he's doing what I'm doing he says ma'am how much money do you make right now per year she stood up and she said $50,000 a year he asked the lady he says okay so what would make you not want to invest in this and she says well I don't have the money and he said you probably don't have the money cuz you've been paying a really expensive bill every single year and she's like what do you mean he's like well right now you've been paying $950,000 a year not knowing how to make a million dollars he said this is the cost of your ignorance this is the debt that you carry for the rest of your life until you learn how to make a million dollars