Valuetainment - December 14, 2020


The Day I Stopped Shining My Shoes & Ironing Clothes


Episode Stats

Length

3 minutes

Words per Minute

232.7336

Word Count

802

Sentence Count

53


Summary


Transcript

00:00:00.000 So last night I had dinner with two couples at Del Frisco's and we're sitting there talking,
00:00:03.800 going back and forth, and they asked me a question. They say, Pat, how does it seem like
00:00:08.080 you're in 50 different places at the same time? I said, I'm not. How are you seeming like you're
00:00:13.240 in all these different places? What are you doing to be able to do all this stuff? I said,
00:00:16.840 great question. I said, what you're really asking is, how do you buy back time, right? How do you
00:00:21.620 buy back time so you can have time to do other things? I said, very simple. This formula I've
00:00:26.740 used my last 15 years, and it went very simple for me. 15 years ago, I loved shining my shoes
00:00:34.740 and my boots. I love shining shoes. I love ironing my clothes. You don't have a clue how much I love
00:00:40.720 ironing my clothes. I love the starch. I love the shirts having all the crease. You'd come to my
00:00:45.380 closet. Everything I iron. I love ironing, right? Guy sits me down. He says, what do you think you're
00:00:50.800 worth? And I said, I'm worth at least 200 bucks an hour. I said, really? Yeah. He says, what does it
00:00:55.200 cost to pay somebody to shine your shoes? I said, I don't know, $6 a shoe. I said, how long does it
00:01:00.280 take to shine one shoe? I said, probably 20 minutes. I said, $6 times three is what? $18 an hour? He says,
00:01:06.400 yeah. I said, if you're worth $100, $200 an hour, why are you doing $18 an hour job? I said, never
00:01:11.580 thought about it that way. He says, how much are you worth again? He says, I said, $100, $200 an hour.
00:01:16.020 He said, if you're worth $100, $200 an hour, why are you dropping off? Why are you going out there and
00:01:19.540 ironing your clothes? How long does it take you to iron your nine shirts? I said, at least an hour and a half.
00:01:24.060 He says, okay, how much does it cost you to drop it off at a cleaner's? It was three bucks at the
00:01:28.240 time. So I said, $3 a shirt. He says, three times nine. You do the math, $27, $27 an hour and a half.
00:01:34.240 That's a $18 an hour number. I said, yeah. He says, you're worth $18. I said, no. Why are you doing
00:01:40.700 that? That stuck with me, right? I said, moving forward, I'm going to get this stuff done. By the way,
00:01:46.040 even getting oil change, the last time I got an oil change, I was 28 years old, okay? The last time I got
00:01:53.180 oil change was 28 years old. This isn't for you to say, well, past disconnected with society. No,
00:01:57.200 no. I love driving a car. I love going to places, but I want that time back. I want to buy my time
00:02:04.760 back. How do you buy your time back? You buy your time back by saving money, and you buy your time
00:02:10.680 back by having a right team around you. If you have the right support team, if you have the right staff,
00:02:15.100 if you have the right executives, if you have the right consultant, if you have the right everything
00:02:19.540 around you, you buy time back. So for you, going into 2021, you got to make, this is the best time
00:02:25.120 right now for you to make a list of it. What are you worth per hour? Don't give yourself the motivational
00:02:29.360 thing, what you're worth per hour. Unrealistically, what are you worth per hour? You may say, I'm worth
00:02:33.240 $50 an hour. Okay, why are you doing $6 an hour work? Why are you doing $10 an hour? Why are you doing
00:02:37.440 $15 an hour work? Why are you doing that? Stop doing it. Do $50 an hour work. Do $100 an hour work.
00:02:42.840 Do where you are most effective in. And if you do that, your value in a marketplace will go higher.
00:02:52.000 So figure out a way to buy time back by having more money in savings and having better people around
00:02:57.760 you that give you more time to read more, to study more, to improve more, and to work in areas where
00:03:04.200 you get paid the most. Having said that, if you haven't watched the video, 20 Mistakes People Make
00:03:10.860 When Doing Business Planning, go watch the video here. I've been pushing everybody to this video
00:03:14.780 because I've got stuff in this video that I've never put in another video before, and there's
00:03:18.220 a PDF at the end as well. So again, if you've not watched it, go watch this video, 20 Mistakes
00:03:22.960 People Make When It Comes Down to Business Planning. Take care, everybody. Bye-bye.