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$1000 now or $1000 next year?

by AndrewStark
8 replies
I can tell you a method today that will make you $1000 but try it tomorrow without me present and it won't work (mentor) or I could take my time and explain the concepts so that you can make $1000 next year without me (coach)

Do you think both pieces of information should cost the same, and would you rather be mentored or coached?
#year
  • Profile picture of the author zharfan
    based from my economic friends, i think i choose $1000 now than $1000 next year
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  • Profile picture of the author rzamananik
    I would prefer now rather than a year after. A year compared to $1000 seems too long. And based on this info, you can set pricing strategy.
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    • Profile picture of the author Sandra Martinez
      I think that personal time has more value, because it is limited.

      But anyway.. I would run away from anyone who make any claim about what I can make without knowing me.

      What makes a person make money on their own terms is the thrive and the "attunement", not the knowledge. The knowledge find its way when everything else is ready. But no matter how much info you give someone, if it is not his/her time... not gonna happen.

      Sandra
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  • Profile picture of the author andynathan
    What is the profit? 1,000 now and I make $1 profit or $1,000 in one year with no expenses. Add to that is it repeatable?


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  • Profile picture of the author AceOfShirts
    Kind of sounds like an IM twist on the "Give a man a fish,...."
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  • Profile picture of the author Daniel Clark
    I do economics A level here in the UK and what you're effectively talking about is cost benefit analysis where you weigh up the private and social benefits against the private and social costs and if benefits exceed costs you're onto a winner
    What you're asking however is simple, people would rather have the money now as due to inflation and so forth the £1000 would be of more benefit now than a year down the line, however during cost benefit analysis this is known as the discounted process where all future benefits are ignored for this very reason.

    So yea....hehe
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  • Profile picture of the author NiallR
    Coming from a training background mentoring and coaching are the same thing effectively no? There would always be an element of coaching in any mentoring program and vice-versa.

    People will pay with the expectation of achieving immediate results either way - well within quite a short timeframe.
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  • Profile picture of the author AndrewStark
    Thanks for all the interesting answers.

    It does seem that people want instant results and spoon fed rather than longer term learning. If I do set up a training course it seems best to do a copy and paste mentoring style with the option of extra tutorials for those who seem more interested in coaching.

    As per Sandra I think it does depend on who you get in a class before you realise what the best way to teach them is, everyone will learn differently, so doing the same for everyone probably explains why so many people fail in the IM niche.

    They give up rather than find someone who they can learn from. What a shame.
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