EP 039: Are You in the Right Place to Succeed?

Alright, I’m starting to settle into the new house.

I am writing this after a night out having dinner with some incredibly talented business owners.

It was one of those nights I didn’t want to end.
The type of high-level conversation I want to have more of.

We shared big ideas.
Goals for the rest of the year.
What’s working and not working in 2022.
How we are successfully building our wealth in the current environment.

I came home excited and full of energy.
It has made me feel good about moving back to the CBD.

Now, before I get into this, I wanted to ask you a question.
(Yes, you. The one reading this.)

Have you put yourself in the right location?
Or, have you settled for what was convenient or easy?

Have a think about it and let me know.

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Side note… do you prefer to listen or watch?

You can hear Grant and I discuss these topics in more detail on the podcast.
Click here to tune in: https://linktr.ee/businessandinvestingcom

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Opportunity cost…
The unmeasured metric that costs business owners a significant amount of wealth.

When I looked at my new house, the first thing I looked at was the cost.

The cost of living in this new location is significantly more than in my previous location.

I had concerns I would be overspending on my living costs and that money could have been better used on other investments.

Upon reflection… that was the wrong way to think about it.

What I wish I looked at first is the potential gains in ‘opportunity’ that would come from living in the new location VS my previous location.

The value of having access to more people who have aligned goals to mine…

Or who have even achieved the things I want for my life.

Rather than just looking at costs, the equation I should have been doing is:

The potential gain from opportunities in the new location ‘minus’ the cost increase.

Let me use an example to articulate this point.

As I mentioned above.
Last night I went out for dinner with some incredibly talented business owners.

Some of the things discussed have the opportunity to make me many thousands of dollars, this year.

If I hadn’t moved house, that dinner wouldn’t have happened.

And if that didn’t happen, I would then have missed out on the opportunities that came from it.

The upside of that dinner alone was worth more than my living costs for the entire month!

Let’s extrapolate that out.

If I go out for dinner once a week with people who are trying to achieve similar things to me…

What is the amount of opportunity I can create?

And does that value exceed the increased cost of my living expenses?

The answer is: Absolutely!

It’s so obvious when I asked myself the ‘right’ question and did the maths.

It turns out that it actually costs me more money NOT to be in this area than the increased cost of living in it.

And it’s something I want to encourage all business owners to do.

Evaluate the cost of not being in the location you are most likely to succeed in.

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Be on the lookout…

Recently Grant and I bought some property in WA.
It was a very different experience than buying in the other states of Australia.

Let’s just say; I wasn’t prepared to be buying a property from people dealing with a messy divorce.

But, more on that in the next podcast episode.

DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.