The Cost Of Doing Nothing

In this episode, we look at the cost of missing the boat and letting the ship sale. In life there many times we say no due to the initial "cost", but what we are actually missing?

KEY TAKEAWAYS

• Every decision in life cannot just be based on cost
• Opportunity cost is a bigger loss longterm
• Make an investment if it can move you forward

BEST MOMENTS
"When we're overthinking stuff, we think of all kinds of crap. And this is what happens. And that's the cost of inaction, is the cost of missing out"

"Now this person might sit there thinking about it, they can I don't know what to do. I'm going to think about it, or I'm going to do this. And when they do that they're going to be busy basically looking for cheaper alternatives."

"So with our mindset, our sales mindset and money mindset, we're really going to think that is not money coming back."

VALUABLE RESOURCES
www.reeanimate.com

ABOUT THE HOST
Ree aka @b16ree is a normal hard-working guy from East London who started off pushing trolleys in Tesco and lived his childhood dream of owning a Lamborghini, not 1, but 5! He has worked in investment banking for many years and created profitable side hustles during this work, multiple properties and now trains others in business and e-commerce, his also worked with the likes of Rihanna and been featured in the fast and furious movie.

CONTACT METHOD
Instagram: https://www.instagram.com/b16ree
Facebook: https://www.facebook.com/ree.hurakan.5/
Twitter: https://twitter.com/b16ree
Clubhouse: @b16ree
TikTok: https://www.tiktok.com/@b16ree

Transcript

Ree  0:00  
Hey, guys, and welcome to the entrepreneur heroes Podcast. Today, I actually want to talk about cost. And I don't mean about the cost of doing things. Because every time you buy something, you invest in something, we think about cost, right? For example, I'm looking at my office right now I've got the cost of a screen. Now this screen is big. And it's equivalent of having three smaller screens together. Now, for me, the cost of not getting that means productivity, it means I'm not able to do the work that I need to get done, I'm not able to see all of the different applications that I need to allow me to be productive, and get everything done to the quality and standard that I actually have. And when I look at things, when I speak to different people, whether it's on calls, or just people around and we talked about investment, or people wanting to do things for themself, there's always that element of cost. And it makes me really think that if everything you're thinking about every decision that you do is based on cost, then what about all the time that you set? You sat? You've pondered? You thought about it? And guess what, when you think about stuff, and no one's there to answer your questions. Guess what? You have even more questions, and then you make assumptions. You know, we've all heard had an argument with somebody. And when we're overthinking stuff, we think of all kinds of crap. And this is what happens. And that's the cost of inaction, is the cost of missing out. So it's an opportunity cost. Now, let's look at that as a work example. Some people want to work with me because they want to start a business. Some people want to scale it to consistent figures. Now, the investment to work can be ranges, right. So let's say for example, I'm going to say you want to work me for three months, the investment is keyword being investment, because there's always a return on that is $5,000. Now, I've got Joe Bloggs that wants to work with me, they're thinking about it. And right now they're making, say $1,000 in their business per month, to over the course of the next three month program. For example. They're just making one that's 3k. Now, you could work with me. So look, to invest with me, to work with me, to get the results to get you where you need to be a lot quicker, is going to be 5000 for three months. Now this person might sit there thinking about it, they can I don't know what to do. I'm going to think about it, or I'm going to do this. And when they do that they're going to be busy basically looking for cheaper alternatives. They're going to look at ways of how they can do it themselves. Or they're going to try and look at other people that are doing well and try to copy them. And what happens is not only have you wasted your time, you've got opportunity cost Detlef because after three months, people in my program are making results and making the return on investment. And they're able to actually scale up their businesses. Whereas the person that Joe Bloggs, that is telling me that they need to think they do X Y Zed it's actually cost them 12,000. For example, let's just say we made turned their offer from 1000, they were able to make 5000 per month. Okay, now they've sat they're not doing that. So they could have tripled their investment working with me. But in SAT, they've sat they're not doing anything. So that cost of them sitting there has been massive, it's not just been the investment, it's been their time. So what I want to get through to people is that when you look at stuff, don't just look at it as a one off cost. Because cost is the wrong framing of word. Because normally costs have something we spend. When we spend we don't really get returned Louis, it's an expense. So with our mindset, our sales mindset and money mindset, we're really going to think that is not money coming back. However, when you have an investment, and you know this investment can help you move forward, then the only cost I see is that it's an opportunity cost the cost of you doing nothing. The cost of you staying where you are the cost of you not moving forward, the cost of you keep using that word cost. So, for anyone listening out there, and it sounds like their mindset, please reframe your mind. And don't just think about opportunity. eases cost think of them as opportunities you can gain opportunity you can get experience know how and a faster method of what you need to do