Purpose Publishing
  • About
    • Why Choose Us
  • Pricing
    • Black and White Packages
    • Color Book Packages
    • Additional Services
    • Compare Us
  • Products
  • Books
  • Events
  • Contact
  • Blog
  • Author Book Orders
  • Schedule A Meeting
  • AUTHORity Acdemy

THERE IS A HIGH COST TO SHORTSIGHTED FRUGALITY:

8/11/2016

0 Comments

 
Picture
When an Obsession with Paying Less Can Cost You Too Much

A vendor I use upped its prices last month. The Premium package, which is what I use, jumped from $50 a year to $70. That’s a big hike, and people were complaining like crazy. I can’t tell you how many Twitter and Facebook rants I’ve seen about this.

 
I won’t join the chorus. To me it represents a real-life example of shortsighted frugality.
 
Can we be honest for a moment? Yes, by itself the price hike looks significant. But we’re talking $20—for a year’s worth of what every user I know recognizes is a fantastic productivity app.
 
That’s a pizza. It’s a couple of lunches. It’s a few cups of coffee. And people are threatening to abandon a platform they love over it. I’m all for frugality, but frankly this doesn’t make sense.
 
Are you a Scarcity thinker or an Abundance thinker?
 
Researcher Carol Dweck talks about people with fixed mindsets and growth mindsets. I usually frame it in terms of scarcity and abundance.
 
People who approach life with a scarcity mindset are constantly trying to manage limited resources and resent when outsiders ask more of their pie.
 
People who approach life with an abundance mindset are constantly trying to increase their resources and use outsiders to bake bigger pies.
 
This difference has powerful ramifications for personal growth and professional success.
 
What Scarcity Costs You
 
There are a least three ways abundance thinkers position themselves to win when compared to scarcity thinkers.
 
Abundance thinkers keep their eyes on opportunities. Scarcity thinkers ask how much something will cost if they take action. Abundance thinkers count that cost, but they also ask how much it will cost if they don’t.

They frame the issue differently. Instead of factoring the expense, they also factor the opportunity.

 Abundance thinkers place a high value on their time. Scarcity thinkers pinch pennies but are spendthrifts with their hours. Take the vendor price hike example.

How many hours does it take to research, switch, and learn a new platform—all to save $20? My time is worth more than a few cups of coffee. I bet yours is too.

Abundance thinkers trade small dollars for high-value time, and reinvest their hours in pursuits that will earn double, triple, or a hundred times the money.

Abundance thinkers invest in growth. Because they factor opportunity and value their time, abundance thinkers are happy to spend money on products or processes that enable them to increase their personal and professional resources.

They freely share what they know and learn from others. They buy books, take courses, and attend conferences. They outsource tasks they’re not proficient or passionate about. They upgrade their knowledge and their toolkits.

They’re not satisfied with incremental improvements when they can make leapfrog gains toward their goals. And they always have big goals because they aren’t trapped by limiting beliefs about what’s possible.

 Scarcity thinking costs you all of those.

Being frugal is wise. But shortsighted frugality is foolish, keeps you stuck, and costs you far more than you bargained for.
0 Comments



Leave a Reply.

    Categories

    All
    Announcements
    Coaching
    Creating
    Editing
    Promoting
    Tools
    Writing

    Archives

    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    January 2019
    December 2018
    November 2018
    October 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015

    Categories

    All
    Announcements
    Coaching
    Creating
    Editing
    Promoting
    Tools
    Writing

    RSS Feed

Powered by Create your own unique website with customizable templates.