WLW #58

December 07, 2022

💸 1. People Value Their Money, But They Don’t Value Their Time

Ok. Story time.

A friend of mine got a $60 parking fine.

He shouldn’t have gotten it. (The cop was in the wrong).

Here’s how he spent the next 5 hours:

  • Appealed it online
  • Tweeted about it 10+ times
  • Plans to go to court to contest it

Did I mention that he’s a Doctor that makes over $150/hour?

See the problem?

He spent $750 ($150 x 5) to save $60.

One thing that we constantly neglect is the value of our own time.

I’ve done it too.

Recently I had a situation where someone fraudulently charged me $500.

I spent HOURS obsessing about it and figuring out how to solve the problem.

The sad truth?

If I had just moved on, I would have made the money back, and then more.

It turned it from a $500 loss to a $5,000 loss.

So why do we all do this?

The Sunk Cost Fallacy

The sunk cost fallacy is a cognitive bias where an individual continues to invest time, money, or effort into a project or endeavor simply because they have already invested a significant amount in it, even though it may no longer be in their best interest to do so.

As humans, we tend to hyper focus on avoiding pain, even when it is irrational.

For example…

Would you work harder to:

Earn $1,000 or to stop someone from stealing $1,000 from you?

I think we all know the answer.

So how do we beat the Sunk Cost Fallacy?

You need to figure out what your time is worth.

Here’s a quick formula:

  1. Take the amount of money you make.
  2. Divide it by the number of hours you work.
  3. That is your EHR (Effective Hourly Rate).

Use your EHR as a quick guide for whether something is worth your time.

Make $50/hour and are chasing down a $10 parking ticket?

Probably not a good idea.

🫥 2. 50% Of People Don’t Have An Inner Monologue – Article from CBC News

My wife shared this Tweet me this week:

As two “inner monologue” havers, we spent the next few hours in disbelief.

But it’s true.

It turns out there are actually 5 main ways of thinking.

Inner monologue is just one of them.

  • Inner speaking/inner monologue – Ex. talking to yourself, hearing your voice or someone else or audibly recalling a phone number.
  • Inner seeing/visual imagery – Thoughts with a visual symbol. Ex. picturing a memory or a place you wish you lived.
  • Feelings – A conscious experience of emotional process. Ex. feeling sad after the death of a loved one.
  • Unsymbolized thinking – No word or image associated with thoughts. Ex. pouring your morning coffee without telling yourself to.
  • Sensory awareness – Paying attention to a sensory aspect of the environment for an unimportant reason. Ex. hearing someone talk but seeing the light reflecting off their glasses.

My whole life I thought everyone’s brain worked like mine (with an inner monologue).

I’m shook folks.

🗓️ 3. This $100M CEO’s Calendar Looks Terrible – Leila Hormozi’s Calendar

This week, CEO Lelia Hormozi shared her daily routine on Twitter.

It’s brutal.

Booked back to back from 5am-8:30pm every day.

Here’s what I think:

What’s the point of “success” if you have no life?

My calendar looks different.

  • I take meetings 1 day a week.
  • I’m done work when I say I’m done.
  • I make a great salary.
  • And I have free time.

Isn’t the point of owning a business to create freedom?

🎬 4. The Best Way To Add Captions To Your Reels/TikToks – Jose Rosado’s Descript Caption Guide

Want to start publishing reels but don’t know how to edit captions?

My coaching client Jose Rosado shared his “brain-dead simple” workflow for editing and captioning reels.

The secret? He uses an app called Descript to do it.

Watch the short video walkthrough here.

🥵 5. Birthday Gift I Bought Myself – SunStream Evolve Mini Infrared Sauna

If you’ve been following me for a while, you know I’m a big sauna guy.

My birthday is on 12/12, and to celebrate I decided to put one in my basement!

I bought the SunStream Evolve Mini Infrared Sauna.

Here’s the deal:

The heath data on saunas is pretty impressive.

Frequent sauna users were found to be 37 percent less likely to die from all causes of premature death, regardless of age, activity levels, and lifestyle factors.

If you’re curious about the health benefits of sauna, I encourage you to read more here.

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