Your Lifestyle Is Your Competitors Advantage
Summary
- Everyone's lifestyle is their competitor's opportunity. This means that living far below your means can give you a competitive edge.
- Sometimes, you need to save money and live frugally to be able to make big career jumps. This requires sacrifices and living under your means for a period.
- I've made three or four big jumps in my career, and each time, I had to take steps back before moving forward.
- When I sold Gym Launch, my cash flow stopped because I sold the company. This meant going back to zero income and having to rebuild everything from scratch.
- It's important to understand that setbacks are a normal part of the process and not often talked about. Don't be afraid to start over when necessary.
Video
How To Take Action
A good way of implementing these lessons is to start by living below your means. Keep expenses low and save as much money as possible. This creates a safety net for tough times and helps you make big career moves when necessary. For example, cut down on unnecessary spending like frequent dining out or expensive subscriptions. Instead, invest that money in your personal growth, such as learning new skills or networking.
Next, embrace frugality as a tool for growth. If you're looking to make a big jump—like starting a new business or investing in a new venture—prepare to make sacrifices. This might mean downsizing your lifestyle temporarily. Remember, this is a strategic move to build a strong foundation for future gains.
Understand that setbacks are normal. When I sold Gym Launch, I had to start over from zero income. Don’t be discouraged if you face similar situations. Instead, view setbacks as opportunities to rebuild and grow stronger. Keep a positive mindset and focus on long-term goals.
Finally, plan for the unexpected. Life and business are unpredictable, so always have a plan B. This could be a side hustle, additional savings, or even a network of supportive contacts who can offer advice or opportunities when needed.
By implementing these simple yet powerful strategies, you'll be better prepared for the ups and downs of business and personal growth. Stay committed, make smart sacrifices, and keep pushing forward.
Full Transcript
everyone's lifestyle is their competitor's opportunity it's like sometimes you have to live far under your means or have your savings whatever so that you can make the jump but that's what's required like I've made three or four big jumps in my career and you have to take steps back like when I sold gym launch I had basically cash flow stop because I sold the company so you go to zero again right and so that's part of it that people don't talk about then you have to rebuild
