The cost of fear: how I lost $408,981
10,000+ hours, 5+ years, 100+ articles, 5 domain sites, and 10 business cards later I am still here. Unknown. Eager. Encouraged. Enthusiastic. Scared. Afraid. Anxious.
Hi. Let’s talk about the cost of fear of failure. Most of us have it, some of us overcome it, and some live with it. Today, we are breaking down the cost I endured for not starting earlier because I was afraid to try. I was afraid to fail.
Why? and Why now?
Easily, I was self-conscious and feared judgement. It’s an ego trip.
Over the years, and hours of my own therapy I realized my fears are real and true. There will be people that place their judgements on me. There will be people that support me and people that ridicule me. But, that is NOT my problem. I cannot control what others do or say. I can only follow my truth.
My truth is I want to help as many people as I can build a better life for themselves. I will do this by providing coaching services in Career, Leadership, and Life. My practice and approach isn’t for everyone, and that’s okay. If you’re interested in learning more, please visit my website: www.balancedatlast.com
This article was originally published in 2019, but 2020 was a year where grew tremendously. So, it was time to revisit this article and tell you that you gotta start. Start as early as possible, don’t mind what others will say, because they’ll talk regardless. Take one step at a time, and keep moving. Success wasn’t built overnight. It took many sleepless nights building the foundation.
EGO Breakdown — It’s taken me 5+ years to get to a point where I’m able to face reality and say, my work will largely go unnoticed — and my EGO will survive. The fear of starting something, anything, roots in perception, belonging, and fragility of the EGO. Those that push through, those that are fearless, those that stand back up, they know the truth… The cost of NOT starting is far superior to the cost of trying.
I am doing this now (2019) because the fear has already cost me more than I care to imagine (but, breakdown’s below). I am sharing my experiences because maybe it’ll help one person to start living their why, today.
Like a bandage, let’s rip this wide open!
We’ll use the numbers I proposed at the start of this article, remember… “10,000+ hours, 5+ years, 100+ articles, 5 domain sites, and 10 business cards”.
Meet Bob. (Bob is a fictional character who will be living this reality.)
Say, “Hi, Bob.” — Good.
Bob is an average 25+ years old American with some education. According to Bureau of Labor Statistics; the median weekly earnings is $932 ($23.3/hour; $46,600 for 50 weeks of work/year) for some education.
Math:
A. 10,000 Hours x $23.3/hour = $233,000
B. 5 years x Adjusting for inflation (~3.26%) = $250,190.36
C. 100 articles x Completing one 1000-word article = 3.33 hours x 100 x ($23.3/hr) = $7,759
D. 5 x Cost of Domain = $11 x 5 + (Hosting, web design, maintenance, etc.) = $55++
E. 10 x Cost of Business cards = $10 x 10 = $100
The total cost of the 5-year delay for Bob was $265,862.90 (Note: this does not calculate the startup challenges, nor the price increases resulting from building a business, reputation, brand, etc.) Now, meet Sim (me).
.25 Million dollars gone because Bob was too scared to start. The false starts delayed his success for 5 years and a loss of 1/4 million dollars. I don’t know about you, but I could really use $250,000 dollars right now!
Math again:
In my case, a 25+ year old individual with a graduate degree, Bureau of Labor Statistics suggests the median weekly earnings is $1434 ($35.85/hour; $71,700 for 50 weeks of work/year).
A. 10,000 Hours x $35.85/hour = $358,500
B. 5 years x Adjusting for inflation (~3.26%) = $384,949.55
C. 100 articles x Completing one 1000-word article = 3.33 hours x 100 x ($35.85/hr)= $11,938.05
D. 5 x Cost of Domain = $11 x 5 + (Hosting, web design, maintenance, etc.) = $55++
The total cost of the 5-year delay is: $408,980.65 (Note: this does not calculate the startup challenges, nor the price increases resulting from building a business, reputation, brand, etc.) Tell me, is your fear costing you 1/2 Million Dollars?
E. 10 x Cost of Business cards = $10 x 10 = $100
Well, there ya go! I could’ve finished paying off my student loans, put a significant down payment on my house property, but I let my fear cost me nearly 1/2 million dollars.
I hope not. And if it has, don’t fret. Start today. Those articles, hours of research, knowledge of the domain and business cards will only help you make up for the lost time.
So, here we are… Starting a website, and online presence after many years of second guessing myself. Now, it’s time to stand up and say I am here.
Updated: January 9th, 2021.
If you’re curious about what I do, please visit my website: Balanced At Last
Summary: Don’t wait to start your passion project. No matter when you start, people will talk and your ego will be hurt, but you’ll grow stronger. You’ll build strength and you’ll move forward. The sooner you can face failure the sooner you’ll learn lessons to overcome them. The quicker you recover, the faster you can resume building. Build your legacy. Your success is on your hands, coaches, like myself, are here to help you unlock your perspective and achieve your true potential.
Originally published at https://www.linkedin.com.
My Bio:
I’m a foodie, amateur investor, and a nerd, but I love what I do for a living: Coaching. I’ve been coaching for over 10 years to help individuals improve their work-life balance. I’ve had the priviledge of working with CEOs to recent college graduates and helping them manage their life, relationships, and business. My background is in psychology and counseling, but I find coaching is more my style. I’m also a certified career coach, meditation and mindfulness teacher, and a hypnotherapist. I’ve had the honor of presenting in multiple international conferences about neuropsychology and mindfulness in therapy.
If you’re interested in learning more about my coaching services, please check out my website: BalancedAtLast.com
