Jake Burhans explains ignorance debt: the money you lose by not knowing how to earn more. If you make $100,000 a year but could make $1 million, you're losing $900,000 annually. He argues investing in mentorships and courses pays off by closing that knowledge gap.
This concept that there's a cost to not knowing how to make $1 million in ignorance debt blows my mind. So say you make $100,000 a year, it's actually costing you $900,000 not to know how to make $1 million. So you try to do essentially whatever you can to pay down that ignorance debt of not knowing how to make $1 million by paying for mentorships, for courses, for this, for that, but anything you can do to speed that up and close the gap of knowledge so you can make that million.
