Nicolas Cole on how your relationship with money changes once you make more of it. When he was broke, $5,000 a month felt expensive. Now it's nothing. He says entrepreneurs should sell premium, not cheap.
When I was broke, I would look at a $5,000 a month service as, oh, that's so expensive. But then as soon as you have a business and a business that's doing $1 million, $2 million, $3 million, $4 million, you start looking at the $5K a month as a negligible expense. And you don't realize that when you're starting out, when you're living in the rundown apartment, you're like, $5K a month is a lot. Who would spend that? Same thing with now restaurants. It's like I noticed that my default, if I'm in a new city and I'm looking for a restaurant, what's the first thing that I do? I pull up Google and I sort by most expensive. There's like a bias of, well, if it's more expensive, it's probably probably better. So if you're pitching your services and you're pitching them at a discount, the person that you're trying to sell to is like, I don't want the Honda Accord, I want the Ferrari. It's all these very interesting ways of thinking about money that takes a while to see it from the other side.
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