Is Your Car More Valuable Than You Are?
As I was sitting at the auto service center yesterday I was reflecting on how much money we put into maintaining our vehicles vs. how much we put into maintaining ourselves.
A typical American driver might spend the following on vehicle maintenance in a year:
- $160 on oil changes ($40 each, 4 times a year)
- $350 on a tune up
- $240 on car washes ($20 each, once a month)
That is a total of $750 a year on a $30,000 asset. We won’t even mention that the value of that asset declines every year. That means you spend 2.5% of the vehicle’s value each year to make sure it performs as expected.
So how much do you spend on your money making machine?
By the way, that’s you.
If you average $75,000 a year in income (assuming you make less when you’re younger but more when you’re older) and you work for 40 years, you are worth $3,000,000.
So how much do you spend to maintain yourself?
What do you invest in health and wellness, such as belonging to a gym or purchasing high quality food at the supermarket? What about massage or skin rejuvenation?
How much do you spend on your education; that is, learning to be better at what produces your income?
I’m always amazed when prospective clients tell me they can’t afford to take a $1000 course with us, knowing that it will produce at least 10x the return if they apply what they learn.
I’m not saying you have to get your education from us, but for goodness sakes, get it somewhere.
So, my question to you is: are you treating your car better than your business?