Wed, 15 May 2019
Today, Ryan talks about a product that integrated itself into his life journey and why he chose to invest in it. His Tesla.
Tune in for his advice on when to be frugal and when to spend as well as why (and how) you shouldn’t pay cash for bigger ticket items.
[:22] Living frugally — which Ryan did while building a 6 figure business from his dorm room and paying himself 500 $ a month — means driving a Chevy Cobalt with manual crank windows who’s engine finally blows out. He was the first person in his family to buy the new car he wanted. Bruce, the Kia Sportage. He still owns Bruce.
[1:38] Once he started making legitimate money but more importantly when he found out he was going to be a father, he decided to give Bruce to his partner, and started looking for his new car.
[2:05] How do you feel driving a Tesla? New. Ryan bought the Tesla a little bit for the insane button, but this car reflected his growth, and gave him the confidence to be what he felt he had evolved into. It was an investment in training his brain to think bigger.
[3:47] This investment helped Ryan because he could afford it. It’s important to push yourself to more, but always within your means. Living above your means will foster a mindset of scarcity and fear.
[4:23] Ryan’s Tesla life lesson is also a lesson in business: your customers are on their own journey: if you communicate how your product or service helps them on that journey, they will be willing to pay a premium for it.
[4:50] How does Ryan find balance between frugality and expense? The answer is two-fold:
1. Will it stress you out?
2. Can you pay cash for it?
If you can pay cash, it’s okay to buy it (but don’t actually buy it cash! Ryan explains why, and what to do instead.
Mentioned in this episode