… Or not Lose a Buck?
There’s an interesting psychological phenomenon that many people go through. I’m not sure if it has a name or not, but it revolves around making money, or not losing money.
Every day we have choices. Some of those choices revolve around making money or not losing money. Down below we’ll get into a simple example, and ponder what’s going on in the human mind where we come up with these weird quirks about how to get on top financially.
Check out the video, it has all the details about how to earn a buck versus not lose a buck. Or keep reading where I’ll line up similar details but a little different.
Earn Money vs. Not Lose Money
This scenario relies on our ability to make more money than we are not losing. You’ll see what I mean in a moment.
If I can earn a dollar, but at the same time lose/spend a dollar, I’m at a wash.
But if I can earn 10 dollars, and spend only 1 dollar, then I’m ahead. Here’s what that looks like in real life.
My water heater broke down and stopped pumping out warm water for my showers and other daily needs. I looked up the error code, and discovered that I could replace the part and it would probably cost me 2 hours of my time and $50 for the part. Wondering what the cost for the repairman would be, I got a quote and it would be $200 for the fix.
Suddenly I’m hit with this dilemma. Do I want to earn a buck, or not lose a buck?
- Option 1: Spend $50 and do the project myself losing out on 2 hours of my time.
- Option 2: Spend $200 and still have 2 hours of my time.
Assuming the skill is there, most people would rather not lose the money, even if the opportunity to make more than that amount of money was there.
Let’s go back and revisit this, assuming I have access to work that pays me $150/hr.
- Option 1: Spend $50 and $300 worth of my time.
- Option 2: Spend $200, but earn $300.
Now that we have it broken down in this manner, it is far better to pay someone else to do the repair, because in option 1 we are behind $350 whereas in option 2 we are ahead by $100.
Most people don’t think like this, in part because they don’t have access to the ability to make money whenever and wherever they want.
How to Earn those Bucks
Earning bucks is all about knowing where to earn those bucks. And for most people, it’s not going to be earning those bucks by getting a second job.
Earning extra money, money that makes a difference, comes outside of the 9 to 5. It’s capitalizing on the skills that you already have.
So, are you ready to go from No idea how to make money outside of your day job, to Growing that idea? If so, then you can look at situations like the one above and decide that you’re going to be $100 richer instead of $350 poorer.
Sign up for No to Grow
It’s as easy as signing up for the No to Grow program. You’ll learn exactly how to tap into the money making ideas you already have, and transform them into the money that you want and need to live life on your own terms. You’ll learn how to earn a buck… and more.