5$ v 50 cents

[RichieG]

What gives you more motivation? ( I have used coffee but it can be used for anything homemade v service driven )

Some billionaires will give different answers. Some kings of debt living will also give different answers. What do fastlaners think?

Question: Going to Starbucks whenever you want and spending $5 on a cup of coffee or making your own cup of coffee for 50 cents?

 

[MJ DeMarco]

I don't understand the question. People with real businesses and real visions aren't fretting about how they get their coffee.

Its like asking, "Hey, what gives you more motivation, waking up in the morning on your back? Or your side?"

 

[Lionhearted]

What gives you more motivation? ( I have used coffee but it can be used for anything homemade v service driven )

Some billionaires will give different answers. Some kings of debt living will also give different answers. What do fastlaners think?

Question: Going to Starbucks whenever you want and spending $5 on a cup of coffee or making your own cup of coffee for 50 cents?

If you are worried about spending $5 or 50 cents on a coffee, you have your head in the wrong place. If I was a billionaire why would I worry about the cost of a coffee? The TIME it takes me to make or get a coffee is what I would value. Your TIME is the real currency. If I was a billionaire I would have one my servants either go get me one or make me one. BTW I make my own coffee because #1 I like it. #2 It's quick and easy and my TIME is the most important consideration. When I can afford servants they will do it for me. All the best.

 

[AllenCrawley]

Huh?




Ask better questions.






It's better for humanity.

 

[Harbourmaster]

What gives you more motivation? ( I have used coffee but it can be used for anything homemade v service driven )

Some billionaires will give different answers. Some kings of debt living will also give different answers. What do fastlaners think?

Question: Going to Starbucks whenever you want and spending $5 on a cup of coffee or making your own cup of coffee for 50 cents?

Hey @RichieG I can see you’ve only been a member of the forum for a couple weeks. Welcome. Highly, highly, HIGHLY (did I say highly?) recommend you pick up both the books by MJ and start reading ASAP. It will give you a solid baseline of the types of things we all talk about around here. Also, they will help you on your mission to financial freedom.

 

[ZCP]

Money is a by product. Changing lives and providing value to the world is my motivation.

In answer to your first question, not enough info to determine what gives me more motivation.
If your actual question is 'would i buy from the store (it costs more) vs make myself (costs less)?' ...... I'm with @Lionhearted , time is the motivating factor if for me.
If for my businesses, then same value at lower cost is motivating.

Great lesson in what @AllenCrawley is saying .... ask better questions!

 

[minivanman]

Although I have no idea why, but I think this person is asking this..... would you rather spend $5 on an item at a shop or .50c at home and save the $4.50. Doesn't have to be coffee. Or maybe even, would you rather spend $5 on a piece of chocolate at the chocolate store or buy a piece of .50c candy from a convenience store. Not sure what the question is getting at though.... just to be clear, I'll take the $5 piece of candy. Well thanks.... now I'm going to have to go to the chocolate store this weekend damn it!!

 

[RichieG]

The point I was trying to make was some very very rich people still to this very day watch the pennies. They seem to base this on value. If coffee costs 75 cents to make in Starbucks i'm not paying $5 dollars for it as it doesn't offer value.

Whilst some other people rich and poor buy what they need but don't focus on price - they just buy it.

If value isn't put on things would you pay $20 dollars for a coffee or $50 because a) I can afford it and b) i want it

Where is the limit? Surely motivation will dwindle and contentment will set in with a I will buy anything at any price.

Go back 15/20 years when coffee was served in a white plastic cup for 50 cents. Would you pay $5 dollars for that? Or does the nicely presented coffee make all the difference?

Aren't we being sucked in by clever marketing?

 

[RichieG]

I don't understand the question. People with real businesses and real visions aren't fretting about how they get their coffee.

Its like asking, "Hey, what gives you more motivation, waking up in the morning on your back? Or your side?"

But at what point do you have a real business? When you don't notice the $5 for a coffee?

The price is irrelevant it was the value concept I was trying to get a take on.

Some very rich people get motivated and makes their day when they make a saving and save money and these are people with huge businesses who still make their own flask as they can't justify paying x for coffee.

Whilst some people love the image of buying $5 coffee and holding it in front of them like they are the most important person in the world

Each way motivates people.

Just wondered what the response on here was

 

[Merging Left]

Your question isn't really clear. Motivation for what? Are you asking what motivates someone to pay for a good versus saving the money and doing it themselves?

I'd guess that for those with money, time is going to be the larger motivator. Is it worth your time to brew your own coffee (assuming it's identical to what you can buy)?

For those without, they simply may not have the luxury of being able to buy a $5 cup of coffee each morning, and so their financial position is the primary motivator.

That doesn't stop poor people from buying cigarettes, though. In that instance, addiction is the motivator. Same for alcohol and caffeine, among other things.

 

[Merging Left]

But at what point do you have a real business? When you don't notice the $5 for a coffee?

Having a "real business" is not defined by whether you can afford coffee, or a Ferrari, or a second home. That's how you might define wealth.

Have a "real business" is going to be defined as having set up a system that allows you to generate income without a direct involvement of your time.

 

[RichieG]

but there are billionaires out there who make their own coffee flask, drive older cars, cut coupons etc to save more money

not saying its right - just seeing what people thought and used coffee as an example

 

[AllenCrawley]

I make my own coffee. Not because I’m saving pennies but because I make it better than any coffee you can buy elsewhere.

 

[minivanman]

I don't get sucked in by any marketing. I never pay attention to anything any company does for advertising. I'm a guy that can't be talked in to buying anything if I really didn't want it to start with.

As for being cheap.... I do think about this myself. I can only speak for me.... I don't know why, for example, I will buy a little bit cheaper pair of jeans ($30 instead of $37) yet the next day spend $1700 on racing. Or, I will NOT buy a $1.50 candy bar in a convenience store yet I'll pay $5 or $10 for a small piece of candy at a candy store and I'll buy 5 of them and like a little hungry kid I will eat them before we get to the car. I have no clue why I do it. I know a very famous, now retired, Nascar driver that will do the same thing. The weird thing is that when I see him do it, I think to myself how odd he is but if I do it... it's ok. lol

 

[rollerskates]

It's not really a matter of just buying what you want when you want, ask all the bankrupt athletes, rappers, and lottery winners how that works out for people who buy on a whim. A big part of having money and keeping it is knowing the value of it. To me, a $5 coffee is a better value than a $1 TV dinner. And no matter how much or how little money I had, I would never buy a $1 TV dinner.

 

[ShamanKing]

What gives you more motivation? ( I have used coffee but it can be used for anything homemade v service driven )

Some billionaires will give different answers. Some kings of debt living will also give different answers. What do fastlaners think?

Question: Going to Starbucks whenever you want and spending $5 on a cup of coffee or making your own cup of coffee for 50 cents?

"Sure you can skip spending $5.00 a day at Starbucks for the next 5 years, which is $10,000. But if you think $10,000 is going to make you rich, you are not just being cheap, you are also stupid" - GC

 

[ryanbleau]

It's the same logic the leads people to reuse paper towels, collect condiments from fast food joints and flip their underwear inside out and rotate so they get 4 days out of one pair. Live life, eat the good food and drink the better liquor. And for god sakes change your underwear every day.

 

[Fox]

Some very rich people get motivated and makes their day when they make a saving and save money and these are people with huge businesses who still make their own flask as they can't justify paying x for coffee.

It seems like you are looking at these things to get a winning edge to help improve your chances of success. But you are 100% focusing on the wrong stuff.

Plenty of broke people make their own coffee.
Plenty of rich people do too.
Plenty of broke people buy expensive coffee.
Plenty of rich people do too.

Do you know what poor people don't have - a business that is bringing in a ton of cash on a steady basis that is built on solid Fastlane principles. That is where you should be directing this same focus.

Some rich people count pennies and others spend it as fast as they make it - but there are no lessons on how to MAKE money watching how people SPEND money. Unless it's your target audience.

 

[MTEE1985]

I debated responding to this but come on a quick journey with me.

We begin here: 85.6M MEGAYACHT CAKEWALK - SOLD! - News

Keep in mind this is 85m, so about a 250 foot mega yacht. One day this yacht is off the coast of Florida and one of the crew members asks a young lady how her morning is going, she says “it’s good, I just really miss my morning Starbucks” the crew then proceeds to take a helicopter to land, get Starbucks for everybody and come back.

This is a true story, told to me by the original owner of the yacht. He did not nor have I ever met a person with a 8, 9 or 10 figure net worth who clips coupons or gives a damn about the price of coffee.

That Starbucks run cost in the thousands of dollars. I cannot stress enough that the point of this is not frivolous spending, it’s that when you reach a certain point you get coffee whenever and however you please.

When you read Unscripted you will hear MJ touch upon this in the form of shopping at Whole Foods without caring if an item is on sale. He buys what he wants, when he wants it. Period.

 

[Process]

I'd be more motivated to sell coffee for $5 that takes less than $.50 to make at a crowded location. Culling the fluff and scaling that model would be even more motivating.

 

[Lionhearted]

but there are billionaires out there who make their own coffee flask, drive older cars, cut coupons etc to save more money

not saying its right - just seeing what people thought and used coffee as an example

The only billionaire who I know who drove an old truck was Sam Walton and he only did it for show because he understood sales. He never wanted to look like he had billions because people would see that and jack up the prices of the products he wanted. He also would not allow his buyers to take a single thing from a sales rep as he understood the law of reciprocity. He hid his fleet of private jets from sight. But he had them.
Mark Cuban is another billionaire that touts this kind of "look after the pennies the dollars will take care of themselves" crap but if you look at his lifestyle you see that is "do as I say not as I do". A guy who buys a gold-colored $90,000 bottle of Ace of Spades Champagne and spends $100,000.00 at a bar in four hours is not shopping at Walmart and making his own coffee. Study both of MJ's books and get your head straight. You can't save your way into prosperity. Thanks and start studying this stuff until it becomes ingrained in your brain.