How do we know if something is a cost or an investment?
Everything we do in life and every decision we make has a cost – and unfortunately it is often just a cost.
When we spend time with certain people, it can be considered either an investment if there is an opportunity, or a cost if it isn’t fruitful.
Investing in other people is huge … making memories with loved ones is definitely an investment and not a cost.
But if you are spending time with the wrong people out of guilt, then that would be a cost.
What about things you spend money on?
For instance a “date night” with your spouse or significant other can be considered an investment, unless it goes poorly.
We can’t always determine what will be a cost or an investment up front, but at least we can think about it.
But what about investing in yourself?
Many people have invested a lot of money into themselves post high school … an investment in terms of both time and capital.
Was it an investment for you, or a cost?
Unfortunately, a lot of higher education today is more of a cost than an investment.
These days, higher education does not always provide the best opportunity, and will not necessarily make for a worthwhile investment.
So how do we turn a cost into an opportunity?
No matter what you invest in, you have to do your due diligence – whether it’s in investments, careers, or even date nights.
If you are starting a business for example, then you will need to deploy some capital.
Or in investing, you will need to know how to invest properly, and you will have to first determine what type of investor you are.
Are you are the type of investor who truly wants to set the course for predictability and sustainability?
Or are you the type of investor that “swings for the fences” and hopes for the best?
Babe Ruth was the greatest home run hitter in baseball, but he struck out two times for every time he hit a home run.
That’s what swinging for the fences is… it means you’re okay with winning a third of the time and losing two thirds of the time.
But if you’re hoping to hit it big with a high roller – chances are, you won’t.
That’s why I invest for steady, sustainable cash-flow.
You’ve got to be intentional about where you put that capital.
And that intentionality is often what determines whether something will be a cost or an opportunity.
To your freedom!
P.S. Want to learn how to set yourself up for a lifetime of sustainable investing? Join me for a 2 day workshop in February: www.freedomfounders.com/workshop
P.P.S. Whenever you’re ready, here are some other ways I can help fast track you to your Freedom goal (you’re closer than you think) :
1. Grab the first 3 chapters of my latest book:
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If you’d like to join dozens of dentists, docs, and practice professionals on the fast track to Freedom (5-7 years max), visit www.freedomfounders.com/step-1 to apply for a seat.
4. Want to Move to the Front of the Line? Fast Access Insider Group:
If you’d like to work directly with me and a small group of my closest investment colleagues, with direct access to the dealmakers and asset classes that I invest in, just send a message to my Executive Assistant (Lindsey@FreedomFounders.com), and put “Fast Access” in the subject line. Or, call 888-548-5855 and leave a brief voicemail for Lindsey. Let her know you’re interested in the Fast Access Insider Group – we’ll set up a time to talk, find out about your goals, and see if there is a fit.