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EP621: TL Nuggets #185 - Why Business Assets (AKA, YOU!) Need Investment
64 Plays4 days ago
Have you ever felt hesitant to invest in yourself, wondering if it’s just "too much money"? What if that hesitation is holding you back from major growth?
One common obstacle many coaches face is the 'too much money' objection from potential clients. By reframing the distinction between spending and investing, coaches, business owners, and professionals can recognize that strategic investments in personal growth are not merely expenses—they’re essential for levelling up in both income and impact.
Whether you’re a coach, entrepreneur, or aspiring thought leader, go beyond your comfort zone, break free from a scarcity mindset, and embrace the transformative power of investing in yourself.
Visit eCircleAcademy.com and book a success call with Nicky to take your practice to the next level.
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Transcript
The Importance of Self-Investment
00:00:03
Speaker
Investment in you is critical. You thinking about spending that money as though that money is gonna be put out there and it's never coming back. That's exactly wrong. Businesses invest in their most important assets. And that means that you need to accept that investment in you is necessary on an annual basis. What are some ways you should look at investing in yourself? Well, you should invest in some good books. You need coaches, you need peer groups, you need courses and workshops to teach you what to do. That may seem like a lot of money, and it is. But if you doubled your income, and you went from 75,000 to 150,000, that 45.9 got you a return on investment of over 100%. You must invest in yourself. You're the most important
Introduction to Nicky Balou's Podcast
00:00:47
Speaker
asset in your business. It is the only way you're gonna go, and the only way your business is gonna go. Jim Rohn said, don't wish life were easier, wish you were better. And don't wish you were better. Nicky Baloo says, make yourself better by investing in yourself.
00:01:02
Speaker
Welcome to the Thought Leader Revolution with Nikki Ballou. Join the revolution. There's never been a better time in history to speak your truth, find your freedom, and make
Spending vs. Investing: A Mindset Shift
00:01:12
Speaker
your fortune. Each week, we interview the world's top thought leaders and learn the secrets of how they built a six to seven-figure practice. This episode has been brought to you by eCircleAcademy.com, the proven system to add six to seven figures a year to your thought leader practice.
00:01:33
Speaker
Welcome to the exciting episode of the podcast, the Thought Leader Revolution. I'm your host, Nicky Baloo. And boy, do we have an amazing episode lined up for you today. Today's episode is another Thought Leader Nugget featuring the one and only Moi. And today we're going to talk about the difference between spending and
You as Your Most Important Asset
00:01:50
Speaker
investing. And I've been talking to a lot of coaches and these folks sometimes are finding it difficult to get past the money objection that some of their potential clients give them. and I think this is a good one for us to talk about today because most of the folks who say that are looking at it as, oh my God, this is a lot of money. And it's coming from a fear basis. And they're thinking about spending that money as though that money is going to be put out there and it's never coming back. And that's not true. That's exactly wrong. Because the truth of the matter is that when you are in business for yourself, You need to treat yourself and your activities as a business. And businesses invest in their most important assets. That's what they do. Apple invests in its most important assets. General Motors invests in its most important assets. Tesla invests in its most important assets. Period. Full stop. End of story. Now, if you're in the coaching business,
00:02:51
Speaker
If you are in the relationship coaching business, if you're in the fitness coaching business, if you're in the business coaching business, you are the most important asset in your business by
Real Examples and ROI of Personal Investment
00:03:02
Speaker
far. And that means that you need to accept that investment in you is necessary on an annual basis. Now, what does that look like, investment in you? Well, let's take a look at it. So let's say you're making $75,000 a year and you'd like to double that.
00:03:18
Speaker
in 2025. Good goal. So what are some ways you should look at investing in yourself? Well, first and foremost, you should invest in some good books that will teach you the sorts of skills you need in order to double your business. So you might need to learn more about selling. You might need to learn more about marketing, branding. Let's say that over the course of the year, you're going to order and read 30 books.
00:03:39
Speaker
The average cost of a book is $30. 30 books, that's $900. So in the ledger port, I'm going to invest $900 in books that are going to help me grow. That's an investment in myself. So good, $900. The next thing you're going to need to invest in is a couple of conferences a year. So this could be a coaching conference, it could be a sales conference, ticket for the conference plus flight, hotel, food, plan on five grand per conference. So that's $10,000. So put that in the ledger, $10,000. You also are going to need to invest in your own coach. You may need an overall business coach. You may need a sales coach. You're going to need at least one coach. And the minimum you're going to spend on a coach is $10,000 over the course of the year. If the coach is any good, you're probably going to spend a lot more than that, somewhere we between $25,000 and $30,000. Well, let's just say, for sake of argument, that you're going to spend $15,000 on a
The Cost of Not Investing in Yourself
00:04:27
Speaker
coach. So $15,000 plus $10,000 plus $900,000. So you're at $25,900 so far.
00:04:33
Speaker
you're probably going to want to be part of some sort of a peer group. Peer groups are excellent for a variety of reasons, one of which is you get to learn from your peers and it just cuts down the time that you're going to need to spend on learning and growing and improving. And peer groups go anywhere from $10,000 to $300,000 a year.
00:04:51
Speaker
Let's say you're going to spend $15,000 on a peer. And then you're going to maybe do a couple of workshops this year as well. Courses and workshops are between two and $30,000. But let's say you spent $2,500 a workshop. You had two workshops. That's $5,000.
00:05:08
Speaker
So add all that up. $900 plus $10,000 plus $15,000 plus $15,000 plus $5,000. So $45,900 is the investment you'll have made. And out of $75,000, that may seem like a lot of money, and it is based on that income. But if you doubled your income and you went from $75,000 to $150,000, that $45,900 got you a return on investment of over 100%. You made your money back and then some. OK.
00:05:36
Speaker
Now, you might think, whoa, whoa, whoa, what if I spent less? You could, but then you might not double your income. What if you made more than 75,000? What if you more than doubled your income? What if you quadrupled your income? So that $45,900 made you $225,000 an extra
Personal Testimonies and Client Education
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Speaker
income. you pretty much close to six folded your investment. You're over five folded your investment. And if last year you spent zero, maybe you don't want to go all the way up to 45, nine. Maybe you want to at least invest in the books and the coach. Maybe that's 10, nine. And let's say you were making 75,000 and that 10, nine got you an extra 30,000. Is it worth it? Damn straight it was. You over tripled your investment. But let's even, let's take another step further.
00:06:15
Speaker
What's the opportunity cost of you not investing in yourself? So inside the work we do with our clients, our goal is to get them to a half a million dollars ah or more a year within three years. So a half a million to two and a half million a year. Let's say just half a million is where you got. You're at 75K and within three years working with us, we got you to half a million dollars, but you decided not to invest that money.
00:06:37
Speaker
And for the next 10 years, your income went up maybe five, 10 grand a year. So your opportunity cost is, for the next 10 years, you actually lost out on about $400,000 a year. That's $4 million dollars that it cost you. That's the opportunity cost. $4 million fucking dollars. Hello. Hello. You need to get smart. Spending versus investing. You must invest in yourself. You're the most important asset in your business. It is the only way you're going to grow and the only way your business is going to grow.
00:07:06
Speaker
Period, full stop, end of story. And if your clients are giving you these types of um objections, it's very important that you sit down and you, from a space of deep love and caring, say, look, the opportunity cost for you, let's walk through what that is. The actual kind of return on investment that you get from investing, let's walk through what that is. And let's walk through what investing in yourself looks like, what the minimum is, what the maximum ought to be. And I'm telling you right now, the bare minimum you should invest in yourself is $900 a year for 30 bucks. Bare minimum, but you really need more than just books. You need coaches, you need peer groups, you need courses and workshops to teach you what to do. All of these are important. And the more time you spend on this,
00:07:51
Speaker
the more you're gonna get better and and your business is gonna grow. You have to get better. Jim Rohn said, don't wish life were easier, wish you were better. And don't wish you were better. Nicky Baloo says, make yourself better by investing in yourself. You've got to read the books.
00:08:08
Speaker
You've got to hire the coaches. Join the mastermind, attend the workshops, and attend the conferences. You do that, and your business is going to soar. You don't do that, and you're going to plod along, and you're never going to get any better. Investment is critical to your success, I'm telling you.
Episode Conclusion and Call to Action
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As a man who's invested over $300,000 in himself and coaching over the years, this is absolutely critical for you to understand.
00:08:31
Speaker
and not just understand, but accept, embrace and help your clients understand, help them accept and embrace it too. Investment in you is critical. Don't be cheap. You don't want to be cheap when it comes to investing in you. You want to find the best and you want to pay them whatever they ask and use that to get better and earn what you're worth. I know this has been a good episode. Make sure you share it with someone who needs to hear this message, especially one of your clients and prospects.
00:08:58
Speaker
because this is gonna turn their thinking around, and this is gonna help them do what they should do, which is to work with a coach like you, and join masterminds like yours, and read books like the books that you've written, and do the workshops, similar to the workshops that you put on for people. And that wraps up another exciting episode of the podcast, The Thought Leader Revolution. To find out more about today's amazing episode, go to the show notes at thethoughtleaderrevolution.com, or wherever you happen to listen to this episode, be it iTunes, Spotify, Google Play, YouTube, Rumble, or whatever. until Next time, this is Nicki Ballout, the legend himself, saying goodbye.
00:09:36
Speaker
This episode has been brought to you by eCircleAcademy.com, the proven system to add six to seven figures a year to your thought leader practice.