The Mindset Mentor - How Much is Your Knowledge Worth?

Episode Date: June 3, 2021

You know the information you have in your brain, how much do you think all of that is worth? If you were to charge someone to learn that information from you, how much would you charge them? I promise you this, it is worth more than you know! This is what we will be talking about today! Join my Free 4 Day Attract & Convert Workshop for Coaches here: https://www.thecoachworkshop.com/ Want to learn more about Mindset Mentor+? For nearly nine years, the Mindset Mentor Podcast has guided you through life's ups and downs. Now, you can dive even deeper with Mindset Mentor Plus. Turn every podcast lesson into real-world results with detailed worksheets, journaling prompts, and a supportive community of like-minded people. Enjoy monthly live Q&A sessions with me, and all this for less than a dollar a day. If you’re committed to real, lasting change, this is for you.Join here 👉 www.mindsetmentor.com My first book that I’ve ever written is now available. It’s called LEVEL UP and It’s a step-by-step guide to go from where you are now, to where you want to be as fast as possible.📚If you want to order yours today, you can just head over to robdial.com/bookHere are some useful links for you… If you want access to a multitude of life advice, self development tips, and exclusive content daily that will help you improve your life, then you can follow me around the web at these links here:Instagram TikTokFacebookYoutube

Welcome to today's episode of the Mindset Mentor podcast. I'm your host, Rob Dial. If you have not yet done so, hit that subscribe button so that you never miss another podcast episode. And today is Thursday, which means that it is the business edition of the Mindset Mentor, which means that I am with my best friend and business partner, Dean DeVries. Dean, what's up, buddy? It is a great day here in Austin, Texas, and great to be here in the studio. Happy Thursday. Happy Thursday. Today, we're going to be talking about how much your knowledge is worth. We're going to talk about how much the knowledge that you have in your head is worth. And before we

dive into it, I want to give you a real quick example of something that I think is super important to think about. I remember when I bought my first house and I still worked for somebody at the time. And I thought to myself, I was driving home one day and I just bought the house and I was still pretty terrified of what if something happened? What if I got fired? How would I pay my bills? And then I remember seeing a homeless guy who was on the side of the road and he had a sign. I don't know what the sign said, the side of the road, and he had a sign. I don't know what the sign said, but I thought to myself, what's crazy about this is even if everything was taken away from me, my house, my car, my clothes, my money, if I lost everything,

the beautiful thing about life is that the only thing that can never be taken away from me is the knowledge that's inside of my own head. And that one thought alone made me go, yeah, I'm good. I'm fine. Because I can always get back to at least where I am because the knowledge that I have has gotten me to where I am. Yeah.

Well, and you also see it with people that, you see like multi-millionaires that will have a bad year and literally lose everything, but then a year after that or two years after that, they're back up to where they were or most of the time even further along because the experience of losing it all is also, that's an experience, that's a lesson. And so, yeah, I think every experience is a piece of knowledge that's super valuable that nobody can ever take away

from you. For sure. And one of the things that I want to get across is the people who are listening to us, a lot of you have knowledge that's applied knowledge in a very specific thing. And we're going to talk about a lot of different things, but there's many more examples that we don't even say in this episode, but you don't realize how much the knowledge in your head is actually worth. And so I'll give you a really quick example. Imagine that you woke up tomorrow and all of

your knowledge disappeared. How much would you pay to get that back? What would the consequence of that? And so I don't even want to say, let's not even take away, let's not even take all of your knowledge. Let's just take away your knowledge in a specific thing. Let's say you're a marketing expert and you wake up tomorrow and all of your marketing knowledge is gone. All of your, how to write copy, how to get good at Instagram or Facebook and social media, how to get people engaged, how to get the algorithms working in your favor, how to get people to buy. Let's say you wake up and all of that knowledge is gone. How much would you pay if somebody came up to you and said, hey, I can give you all of your knowledge back right now? How much do you think that you'd pay for that? Yeah, that would be a lot.

Do you think they'd take a loan out even if they didn't have the money? Well, yeah. And also, I think what's really interesting about this is that, going back to your example of buying the house for the first time, you had, I think what's really interesting about this is that going back to your example of, you know, buying the house for the first time you had a real estate agent, imagine if your real estate agent just totally forgot how to protect you in your contract, like in the middle of it. And now, you know, they just wake up one morning and it's like, all of my expertise is gone. So like everybody has a level of expertise, even if it's not something that you do for work, right. It could be like, it could even be your passion, right? It could be music,

could be golf, could be, you know, a hobby. But like, imagine if that expertise that you have just disappears tomorrow. Yeah. What would that consequence look like? Yeah. Let's say that you just, you know, you played high school all the way up and through up until, you know, high school, like way up until high school, played basketball up until high school, up until college. And you're not even a professional basketball player, but you just love playing basketball. And you play basketball on the weekends.

You go to the gym, you play with your friends. Let's say you wake up tomorrow and all of that basketball knowledge, how to dribble, how to shoot, everything's gone. What would you pay to get that back? And that knowledge, you're not even making any money off that knowledge, but what would you pay to get that back? Yeah. Almost anything, because even if you're not making money off of that knowledge, it's like, that's a quality of life thing. You know, like imagine going into the gym. It's like, wait, I usually keep myself in shape by playing basketball, but I just totally forgot how to play the game. My entire life has shifted. So yeah, I think the

point here is that the knowledge that we all have, the expertise that we have, regardless of what it's in, it could be marketing, could be basketball, could be golf, could be being a doctor, could be an engineer, right? Could be a real estate agent. Either way, there's that expertise that would have a major consequence. it's almost even it's it's hard to even put a price tag on that yeah like even for people out there that you might be an account executive at some you know abc company but you're really into fitness and you've been you know you've been on youtube and you've read different books for how to get your body in shape the right things to eat, all of that stuff.

What if you could have spent the past seven, eight, nine years, 10 years just acquiring all of this knowledge around fitness, around nutrition, around health? You wake up tomorrow, it's all gone. What is that worth? How much would you pay to get that back knowing that makes you feel better about yourself? You're in in better position. You feel better. You're going to live longer. How much is it worth for you to get that knowledge back today if you woke up and it was gone this morning? And also, what could you possibly be missing out on in the future if you don't get that back? For sure. If you had to go and relearn it and take 5, 6, 7, 8, 9, 10 years to relearn it? What would you miss out on the next five, six, seven, eight, nine, 10 years for the exponential growth

that you could have had with the knowledge that you currently have versus if it's all gone? Yeah, is this clicking yet? Yeah, is it clicking everybody? There's so much knowledge in your head. I mean, so we put down some examples of things that we were thinking about. We're like, we could literally go on forever

of just this applied knowledge that some people have because they're specialized. So you have like, obviously doctors and engineers and stuff that people go, lawyers, people go to school for this stuff. There's a lot of stuff that people don't go to school for as well. Like real estate agent, you can go to school for real estate investing. You don't have to go to school for that. You could learn that literally all on your own, a bunch of mistakes, trial, error, you can learn it. What about the marriage that you have? If you've been married for, you know, my girlfriend's parents were out there,

they're celebrating 41 years of marriage tomorrow, right? What if they woke up tomorrow and all of the relationship of period, but also with each other, all of their knowledge disappeared? How much would they pay to have that knowledge back? Yeah. To make their marriage work,

to make it work really well, to go another 41 years. Yeah. Whenever I walked in and realized that it was their anniversary, I'm like, hey, yeah. So what's the secret? Imagine if you were just like, oh, yeah, I just forgot. It just escaped me. I don't know. Yeah. So it's like, you have marriage. If you're a mechanic, how much would it be worth if that knowledge disappeared? If you're a plumber, if you play basketball, if you're a musician, if you play guitar, if you play trumpet, if you sing, if you happen to make jewelry on the weekends and then go sell it on Etsy, if you are a painter, if you're a photographer, if you're a chef, if you have sales skills,

if you have public speaking skills, if you have people skills of how to work with people, if you're a farmer, a dog trainer, you do gardening on the weekends, if you're a yoga teacher, you just love doing yoga. If you're a language coach, computer programmer, welding coach, like we go on and on and on and on and on. So many people, your knowledge is so elite a lot of times that it becomes second nature. And you realize a lot of times if you're not paying attention, you don't realize it. But when you do look at it, you go, oh my God, if I go back to being a beginner at this thing, I know 5, 10, 15, 20 years of experience that I have on this. This knowledge, I would never want it to go away. And

I would pay to keep it if I had to. Yeah. Well, what I really appreciate about that frame is that it forces us not to take our knowledge for granted. So many times we just like, we are used to having the knowledge, so we don't appreciate it just like anything else, right? We don't, we're not actively like, man, I'm really glad I know this. It's like, yeah, of course I know this. I've been working at this for 10, 15 years, but for somebody that doesn't know that, how valuable is it? And to come from that, to really like connect to the true value of it, you almost have to take it away, right? So connecting to that question is so powerful because imagine if that left you, if you just unlearned that overnight, what would the cost be? Not just what

you'd be missing out on, but what would you pay to get it back? And there's, I think the point that is coming through here is there's people that are the beginner that started where you started, but are nowhere near where you are right now. And that knowledge, that gap that you could potentially assist somebody with, that gap is super valuable. For sure. Yeah. And if you were to wake up and it's all gone, how much would you pay to get it back? How much is it worth to you? Because that's probably what somebody would pay you to teach them. So I'll give you a good example. What I automatically think, I remember your first year being a realtor, right? And I remember you were just a hustler. You were just making hundreds of cold calls a day, like hustling, hustling, hustling,

right? And you made six figures in your first year, right? But imagine if this was what, five years ago, six years ago, somewhere around that time. Imagine if you right now, who's made half a million dollars a year as a real estate agent before could go back and speak to dean five or six years ago how much would dean five or six years ago pay dean right now to teach him this half a million dollar year experience yeah to bridge that gap how much would you pay as much money as i had like i would literally take a loan wouldn't you oh yeah because it's half a million dollars a year experience. Yeah. How much is that worth? At least half a million dollars, isn't it? If you were to come to yourself and say, listen, it's $200,000. But you're telling me that after paying 200 grand, I'm going to start making 500K a year. Okay. Yes.

That makes sense. Doesn't it? Well, people do this all the time without actually realizing it because look what a doctor does. Exactly. Look what an attorney or an engineer or somebody that has a master's program. Even without a master's program, there's people that get a bachelor's degree that aren't guaranteed any sort of meaningful income job that they're spending six figures easy on that. job that they're spending six figures easy on that. Guys, this is an important PSA brought to you by Manscaped. Your public service announcement is the news that you've been waiting for. And Manscaped's engineering team has confirmed that they have successfully created the Lawn Mower 4.0 trimmer, which is now available for purchase in

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ZocDoc app to sign up for free and book a top rated doctor. Many are available as soon as today. That's Z-O-C-D-O-C.com slash D-I-A-L. So let's take it this way. Let's say that you're a marketing person. You're a head of marketing at a small company and you make a hundred grand a year, 90 grand a year. Let's say 90 grand a year, right? And you were to rewind to when you first got into marketing eight years ago. You're just graduating college. You come out and you're just like an intern of marketing. If you were to walk up to yourself today, as the person you are now today, to walk up to yourself nine years ago with $90,000 a year of marketing experience, how much do you think that that version of you would have paid?

I mean, if you were to say, hey, listen, me nine years ago, it's $20,000. I will coach you and you can download all of the information from my head. Is that worth it? Where do I put the USB? Right. How do I put it in the back of my head? Like Neo, right? Just plug it into the back and download it. But think about that. And that's why people have, they don't, what we always say is that your superpower is like, it's like it's under your nose. You don't see it because it's so common where it's like, you have this applied knowledge, this public speaking experience, you speak a few languages, you have this marketing experience, this real estate experience, this yoga experience, you've been

gardening since you were 12, whatever it is, and people will pay for that knowledge. And a perfect example is one of my really good friends. He's an incredible cook. He does sales. That's his day job is sales. And he's an incredible cook. And for years, I've been like, dude, people will pay you to learn how to cook. He's like, they won't pay me to learn how to cook. There's no way. I was like, I promise you, they will pay you to learn how to cook. We literally did a launch and people paid him to coach with them for eight weeks to learn how to cook. Because there were guys out there and I was like, you know what you could do? You could teach guys how to just make really incredible, simple meals for dates. Guess what happened? Guys paid him for it, right? For five years, he was like,

people won't pay me for it. And then after he did it, he's like, why in the hell haven't I been doing this? Because you're just like, oh, but I just cook. It's not really that big of a deal. But do your friends come over and what do your friends say? Damn, you're really like, oh, but I just cook. Right. It's not really that big of a deal. But do your friends come over? And what do your friends say? Damn, you're really good at this. I wish I could know how to do this thing. That's something that people would pay to learn from you. Yeah.

Well, that's why coaching and consulting, it's a $15 billion industry every single year. Yeah. And growing every single year. It's supposed to be $20 billion in three years. So it's supposed to grow by 33% in the next three years from 15 to $20 billion. With a B. With a B. Because people have access to the internet now and they want to pay to learn because they go... It's like the example that I always give, where it's like,

if people will pay to have somebody teach them something. So if I walk into a grocery store and I want to get peanut butter, right? I always give this example of what a mentor does for you. They shorten your time. I can go through and walk up every single aisle, look left, look right, look left, look right, and try to find the peanut butter. And I might find it. I might miss it because I'm looking at something else. Or maybe I get a text message or maybe I have my AirPods in and I'm changing the song and I walk past it. I'm like, oh shit, I must've missed it. When I get to the last hour and I go back through, or I can walk up to somebody and say, hey, John, you look like you work at the grocery store. Can you show me where the peanut butter is? It's not that John is this just way better of an individual. It's just that they have

applied knowledge. He knows where the peanut butter is. I'm going to walk up to the person who knows the peanut butter is every single day to save myself some time, right? So that is what a mentor or a coach or a consultant does. They have knowledge where the peanut butter is, how to make $100,000 a year as a marketing expert, how to make $500,000 a year as a realtor. People will pay to shorten that learning curve. Yeah. And not only shorten the learning curve, but also take out the struggle, the experience of struggle and the experience of the challenge. And not saying that there's not going to be challenges along the way,

but a lot of those challenges are, you know, if knowing what to do is just as important as knowing what not to do. And by having that foresight, like the, the version of me that exists right now, talking to this, you know, version of me that existed six years ago, just getting started with real estate. There's a lot of shit that I would just tell that version of me not to do. Right. For sure. And because it caused a lot of suffering. I was just like, man. It was just a waste of time. It was a waste of time. I missed out on opportunities because of that. But it was also,

I had to deal with the frustration of doing the wrong thing. Yeah. Yep. Think about how much time you would have saved with all of the knowledge that you have. Everybody out there, think of just the ways that you fucked up in what you currently do and how if you would have just been able to take all of those out and know that that wasn't the right way and know the right way, how much time that would have saved you? How much quicker you would have gotten to the money than you currently are? And people, when they think about coaches, they think of like, you know, so let me give you an example of different types of coaches that we've taught over the years. So there's like life coaches, there's mindset coaches, business coaches, fitness coaches, nutritional coaches,

real estate coaches, health coaches, marketing coaches, mindfulness coaches. Those are typical. People think of those. But then there's also meditation coaches, there's sales coaches, there's relationship, there's sports, basketball, swim, divorce coaches, death coaches, birth coaches, right? Wedding coaches, language coach, public speaking coaches, painting coaches, fashion coaches, cooking coaches. There's so many different types of people that we've taught over years that have been able to make money with knowledge that's just something that they've been doing for a while and people want to shorten their learning curve and shorten their time and their struggles. Yeah. Yeah. And I think going back to the original question of how much would you pay to get that knowledge back if it just disappeared overnight?

And when you look at it from that perspective, it really shows you how coaching is a $15 billion industry. For sure. People pay to have that knowledge, but not only to have the knowledge, but to reduce the struggle and find the path that's quickest to where it is that they want to go, which is learning that new skill, building that business, learning the guitar, learning how know, get better, better times, whatever the case may be, right? There's, there's, there's so much value and everybody values that differently depending on, you know, where they're at in their journey and what they want to get accomplished. But you can't ignore that that has so much value. Yeah. You know, you can always lose money and get it back, but you can't get time back. So people will pay to have that time shortened, you know, and people are so underestimated and they don't think their knowledge is worth much.

But when you think about how much you would pay for it, you realize that other people would pay for it as well. So like we always tell people like the prices that they are charging is always less than they should be. Like they should, we always, one of the things we always tell people is whatever, whenever we first start talking to coaches, they come in, we're like, you're not charged enough immediately. Because we just gave you an example of, yeah, you've been in real estate for 10 years. Imagine if someone's

brand new in real estate, they just got their license. They'd pay you $5,000 to work with you for three months to just shorten their learning curve so they don't have to mess up all the stuff. That's $5,000 on the side, on top of your real estate, whatever it is that you're doing as well. Yeah. Yeah. And so, you know, the thing that comes alive for me is, you know, and you kind of opened it up with the story of, you know, hey, if I just lost everything, I'd still be good because my knowledge, nobody could take that away from you. And so by investing, like you and I, we've, we've done a bunch of different types of investments, a lot of money on ourselves.

Yeah. But, and not, and we've also have, have done investments outside of ourselves. We've done stock market, real estate, you know, businesses, but the, the, the investment that always has the biggest ROI is the investment in ourselves, investment in our mind, investment in our knowledge. And I remember actually something I heard in Cutco. If you remember Ron Kolb from back in the day, he said something that was really, really cool. And he said, if you fill your, if you invest your pennies into your mind, your mind will fill your pocket with pennies or dollars, or I forget exactly how it went. But the idea was like, Hey, whatever you have, even if it's not a ton of money, it's certainly not where you want, you know, where you want it to be, but whatever little money you have, invest that into yourself because that will be the

gateway to getting to where it is that you want to be financially. And that's just always stuck with me. Yeah. And it's, it's everybody out there has invested in themselves in some sort of ways from someone who's an expert. A book is a book is that perfect example of you buy a book to get knowledge that someone has a lot of knowledge in something and you'll pay to learn whatever their knowledge is, you know, and really what you're doing is you're keeping people from running off the tracks. And really what you're doing is you're keeping people from running off the tracks. You're saving them the time, you're saving the mistakes, you're saving the struggle, right? And the accountability as well.

For sure. Absolutely. Yeah. And that's one of the things that's really, I think, underestimated. And so what I really want to leave you guys with, what I want to challenge you with is to sit down and take a second and to really think about what it is that you have applied knowledge in, right? We pay for coaches all the time. I've paid for fitness coaches. I've paid for basketball coaches. I've paid for singing coaches. I've paid for guitar coaches. I've paid for business coaches. I've paid for every type of coach you could possibly think. And I can't tell you that I would ever, that any of them were a waste of money. They always shorten my learning curve. And whenever I'm trying to get good at something, I'm like, who can I just hire to teach this to me?

Like, why do I got to stop wasting my time? I'm not going to figure, I'm going to try to figure it out anymore. I've figured out, try to figure stuff out long enough in my life. And I, to figure something I get really good at, it usually takes like five or six years. I want to get it done in five or six months. I will pay somebody money to take four and a half years of my life and give it back to me. Yeah. That's like the idea of working smarter, not harder, right? You can work hard and try to figure it out. Just trial and error along the way, five, six years, or you can work smarter, invest in yourself, invest in your future and shorten that learning curve, but also shorten the time that it takes to get to where it is that you want to go. For sure. So if this sparked interest in some of you guys that are out there, first thing I would say is get a pen and paper and figure out what it is that you have applied knowledge in.

The second thing I'll say is that I'm actually teaching, Dean and I are actually teaching a free workshop. It's a four-day workshop called the Attract and Convert Workshop, which is actually going to be completely free over the course of four days. We're going to be live every single day, June 14th, 15th, 16th, and 17th, teaching people how to figure out, number one, if they want to be a coach or consultant, who their perfect client is. So that's the first day is who's your perfect client, how to identify them, how to find them. Day number two is once you know who your perfect client is, how do you create the perfect offer, an offer that they want, that they would serve them at the highest level so that they could be impacted massively. Day three is social media day. Obviously, social media is huge for a lot of people. A lot of people have no idea how to grow their social media. So we teach that

for coaches and consultants on day three. I built my following to over 3 million followers. The podcast at 50 million downloads. I have 1.5 billion views on Facebook for the videos that I put out. So I know a lot about social media and how to get eyes to whatever your business is. And the fourth day is enrollment day, sales day. How to be low key and laid back and not have to be high pressure and pushy. So finding your perfect client, building the perfect offer, getting them to follow you on social media, and then how to get them to pay you to be a coach. So if you guys are out there and you're like, damn, I've never thought about... Maybe you are a coach, maybe you have a coaching business. This is perfect for you.

You should definitely join us. It's absolutely free. But for those of you guys that are like, that sounds interesting. I do have really great knowledge in real estate investing. Maybe I could teach this to people. Join us. It's absolutely free. Once again, we're going to be live every single day, June 14th, 15th, 16th, 17th at 4 p.m. Eastern. And to get your free seat, all you have to do is go to thecoachworkshop.com. Once again, thecoachworkshop.com. Dean and I are going to be teaching. Our goal is to impact people at the highest level because the one thing that we've learned over the past 14, 15 months is how necessary coaches are right now.

Never in my entire life that I can remember have coaches been so necessary than they are right now to Like never in my entire life that I can remember have coaches been so necessary than they are right now to help people in this world. And I think that's why the business, you know, business of coaching and consulting is literally going to grow from 15 billion to $20 billion in literally the next three years. Agreed. So anything else, Dan? No, I'm really looking forward to, uh, to our workshop. And I know that we put a lot of time and intention into it. So yeah, if this resonates with you, come join us. Like I said, totally free. And, uh, we will over deliver as we always intend on doing for sure. So once again, the coach workshop.com either way, guys, don't underestimate how much your

knowledge is worth and don't underestimate how much you should actually invest into yourself. Whatever it is that you want to invest yourself with, the ROI will never pay off more. There's never a greater ROI than investing into yourself. And the people who want to coach with you, I promise you, they already know that. So I'm going to leave you the same way I leave you every single episode, make it your mission, make someone else's day better. I appreciate you and I hope that you have an amazing day. This podcast is supported by Morgan Stanley. At Morgan Stanley, we see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them real. Because grit and vision working in lockstep

puts you on the path to your full potential. Old school grit, new world ideas. Morgan Stanley. To learn more, visit morganstanley.com slash YS. Investing involves risk. Morgan Stanley Smith Barney LLC.