Why I Keep Investing In Masterminds [Huge Mistake]

Written By Dino Gomez

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Transcription

Why in the world do I keep investing in masterminds and a massive mistake that I made? We’re getting into it in this episode.

Let’s go now.

Hey, you guys, Dino Gomez here and you are listening to the Secrets of Coaching podcast, where we break down the nuances of growing seven-figure online coaching business. And we are about to get started in 3 2 1. Why in the world do I keep investing in masterminds, like expensive masterminds, and what is it? And then this huge mistake I made that I’m happy to share with you guys because I’ve been online for ten years now, guys.

I’ve made plenty of mistakes. And I want to help you guys learn from my mistakes because learning techniques and strategies that are working is as valuable as learning what not to do. All right. And so I’m going to share with you guys a huge mistake. All right. And so I’m going to start with a little bit of a story. So I was online for three years. I started my online journey at age 23. I quit my nine to five job and instantly was a thousand times happier and landed some clients and was able to pay my bills.

It was off and running at age 23.

And I was Youtubing and Google searching how to do different things. I was doing search engine optimization, which means I would rank your website at the top of Google. That was my skill set and my expertise. I was known for that for a long time. Here’s the massive mistake I made. OK, I waited three years before I ever invested in any business coaching. All right. Any coaching whatsoever. I just like nope, I can get free information on YouTube.

and I’ll just keep going with this free information. Right. And don’t want to invest in coaching. There’s no need to. You know, I had my self-limiting beliefs about coaching and then I was young. Right. And so and young and naive and probably a little full of ego like now I got this on my own type of thing.

So then at one point, I’m online, I’m on Facebook and I see this younger guy kid or somebody around my age talking about how I just landed a bunch of clients. And I was intrigued. I was like, wow, that’s impressive. That’s awesome. I always root for other people’s successes. I think it’s awesome when I see somebody else winning online, I’m like, that is awesome. I have the opportunity to do that as well. I don’t go, damn it, why am I not doing that?

I go, yes, that is possible. That is a killer. It is going to be my time at some point, you know, congrats to them. Can’t wait for my time to come. That’s the way I look at things. Now, this kid was having a bunch of success.

I thought that was cool. All right.

And so he wasn’t online. He is a regular dude and he’s just like, you know, posting the group am super excited.

I landed, you know, a bunch of clients likes, can somebody help me fulfill these projects? Like, because I landed five clients in a week and this is too much for me, but I’m really excited about the five clients. And I was like, that’s impressive. You can have five clients in a week, you know, five SEO clients in a week. How to do that? Right.

So I reached out to him and guess what, guys? He was not a coach and I reached out to him. I was like, hey, dude, congrats on that. And five clients in one week. That is insane. Mind if I ask you a weird question? He’s like, yeah, sure. I was like, I’m not going to just ask you right now to show me how you did that for free, because I was like, that doesn’t seem fair to you and but I would love to pay you.

Can I hire you for someone v one coaching? Because I would love to learn how you did that. And he’s like, well, dude, I’m not a coach, OK? I don’t have a course. And like so I just want you to know that. And I was like, hey, no problem. But you did something that I don’t know how to do, so I’m happy to pay for your time. And he’s like, OK.

And he’s like, you know, I’m like, how much? He’s like a couple of hundred dollars.

I was perfect. What’s your PayPal, PayPal him on the spot and said, OK, when can we set up our call? We set up our call. We speak for like an hour or two. He introduces me to kind of a loophole because SEO is like a kind of technical. But it was something I hadn’t heard before and I was like, that is awesome.

And so I maybe spent two or three hundred dollars for a couple of hours of his time. And what he showed me helped me move forward to land. I think it was like five or six clients the next month over the next 30 days. And so that’s when light bulbs went off because I paid him three hundred dollars and each client that I signed was at least fifteen hundred dollars a month reoccurring.

So from the three dollars I spent to him like within three months I had 30k come back to me and that’s just within three months. Now that I know those techniques that carry on month after month. I have those skill sets now for the rest of my business career. All right. And so the huge mistake that I made was not investing right away. The longer you wait to invest in coaching, especially as an online coach, is the biggest mistake you could make inside of your business.

All right.

Here is why people look at investing and coaching in kind of a finite term. They go, OK, I just signed up for a six-month coaching program.

Let me see what type of return I get in those six months. All right. Well, here’s the thing, guys. Knowledge is the only thing that can’t be taken away from you in life, all right? Almost any multimillionaire or billionaire can lose their money, all of it, and build it back within a matter of years. If they’re a billionaire, it might take them ten years. If they’re multi millionaire, they normally can build it back within a single year.

Why? Because knowledge is something you always carry with you. All right. It’s not a physical item. It’s not a brand new TV. It doesn’t lose value. It doesn’t. Not a car that depreciates when you drive it off the lot.

All right, it stays with you forever and it has the ability to make you infinitely massive monetary returns, lifestyle, relationship and happiness returns. Right. Ultimately, what we’re all after in life is happiness. All right. So I’ll talk about this in another episode. Everybody talks about there’s three main niches, right? We’ve all heard that there’s health, wealth and relationships as the three evergreen niches. I think there’s a fourth niche in there that’s in the middle of health, wealth and relationships.

And that is happiness, because the number one driver of what anybody does is happiness. Want to lose weight? Why? My doctor told me I need to be healthy. OK, but why are you listening to your doctor? Why? I want to live longer. Why do you want to live longer? Well, I want to be happy. I want to see my grandchildren grow up. Doesn’t matter what it is. You want to be in a relationship right now, you’re single.

Why? I want to be happier. I want to travel. I want to make more money. Why? I want to travel the world and be an awesome dad to my kids.

Whatever it is, it’s always comes back to happiness. So that’s a different tangent, but. Right. The mistake I made was waiting too long to invest in coaching and and because after that moment and I didn’t hire a guru. I hired a regular guy. So this is a shout out to all the new coaches. You do not need to be a guru, right? People will hire you if you have a result that they want. That is it. All right.

He wasn’t a guru saying I made ten million dollars last month. He’s like I landed five clients. And I was like, hey, that is enough for me, OK? So and it was great because I got one big one attention with him and he was way undercharging because he wasn’t actually labeled as a coach. OK. Now. At that moment, I learned, OK, that”s when light bulbs went off and I was like, this is insane.

Like now I have a strategy to land five clients a month for the rest of my career. All right. So the return on investment wasn’t like I made 30 grand over three months after he taught me these strategies. It was that translated to hundreds of thousands of dollars of what he taught me how to do. That is the value of investing in knowledge. Now you have it with you forever. So after that, the very next year, then I enjoyed my first ever mastermind and it might have been to two years later, but I continually hired coaches after that.

And then I finally joined a mastermind that was ten thousand dollars and it was scary to do. I remember it was like mid-December and I was in my office and I was looking at my accounting numbers and my accountant is like, dude, you need to spend some money before the end of the year, otherwise it’s going to the IRS. And so if you have additional expenses, it’ll lower the amount of taxes you have or whatever. So he’s like, if you need a new computer or something, invest now so your expenses go up.

And I was like, OK. So it was perfect timing invested in this mastermind. And within three months of joining that mastermind, then I landed a fifteen thousand dollars a month client. So I paid ten grand for the mastermind landed within three months, a fifteen thousand dollars a month mastermind. All right. That comes out to real quickly over one hundred fifty thousand dollars a year from that one client. All right. So instant return on investment.

Plus, again, now I have the knowledge and expertise of how to sell and land 15k clients. OK, so again, and at that time I was twenty seven. So now I have that skill set. Right for the rest of my career. Now, if you’re listening to this and you’re 45 years old or 50 years old, right. You still have over a decade left in doing some type of business and people are actually retiring much later now.

So, you know, you could be working easily till you’re 70 or 75, especially if you really love what you do. All right. And so you have decades left of your business, right? Why not still invest to learn the skill sets that you’re going to have for 10, 15, 20 plus years? All right. If you’re younger than 45, you should be investing like crazy in knowledge, because given that you remain healthy and remain in business, you have like four decades left.

All right. Now, that’s key number one, right. Is that when you invest in knowledge in a coach, you develop new skill sets that you have immediately, but then they serve you for not only the rest of this year where you can achieve the end result that is promised and that you want. But you now have that for the rest of your life. Now it gets even better if you’re an online coach.

You get the we’ll call it the double bonus, double bounce effect. I don’t know how will come up with some goofy name for it. All right. It is twofold as an online coach, because as an online coach, when you hire a coach and when you hire a mentor, you’re getting the skill sets and the knowledge to grow your business or not just now and not just for the rest of this year, but for the rest of your coaching career.

All right. So that’s going to pay massive returns to you.

But here is where it doubles up, is that when you invest in mentorship as an online coach, you become a better online coach yourself. All right. And that translates and trickles down to your clients, because when you’re a better coach. Right, what can you do? Well, you will get your clients with better results. What happens when your clients get better results? You get more referrals. There’s more word of mouth. When you have more referrals, when you have more testimonials, when you have more word of mouth, you’re going to have more demand.

Then you can raise your prices.

All right. And so it will allow you to become a better coach, which will also grow your business.

So it’s literally a two for one deal when you’re a coach and you invest in mentorship. It’s a two for one deal. Your business grows directly from the strategies they teach you to grow your business. And then on top of that, you’re a better coach to your clients so that they get better results, you get better testimonials, you get more referrals, and then your business explodes. So it’s kind of a two-fold thing.

So that is why, guys, I continuously invest in mastermind’s, not to mention the first mastermind that I paid for. Not only did I learn that awesome big client and meet these amazing people, I made so many awesome connections. And that’s another reason why I love Joining Mastermind’s, is the people you meet. It’s an unfair advantage. I have so many friends now from that first mastermind that I met and that’s now five years ago.

We still talk online. We run partnerships together. Sometimes we coach inside each other’s programs. We trade tips and strategies together. We go on vacations together and again share with each other what’s working inside of our businesses and stuff like that. We’re on each other’s podcasts. Like, there’s just so many cool things when you surround yourself with people that are on that same level, that have that same wavelength, that has that same drive and mission and goals and everything else to grow their business, it’s just the coolest thing to be surrounded by like-minded people that are on the same playing field, that are on the same.

Level, as you know, also, it’s really awesome when they’re in front of you, so to speak, in terms of their success or what you’re trying to do, because there’s you always want to be the stupidest in the room, so to speak. Right. So many benefits from joining a mastermind. And so I got lucky, too, with that first mastermind, because that’s ultimately where I ended up meeting. My now-wife was at that mastermind and I had been single for five years.

I had my head down for five years once I started my business and was just working nonstop. And that’s what I was doing. I wasn’t dating too much. I would date a little bit, but really not much. It wasn’t like the top of mind. It was all business and but naturally, it made sense that I would meet my now wife at that type of mastermind because she had the same mindset. She was in the same things.

Right. That’s again, what happens inside mastermind’s is you meet people with like-minded interests and there’s so much connection with these people, whether they’re friends or it becomes your wife or your husband or whatever it might be. But that for those reasons, guys, that’s why I continuously invest in mastermind’s is because of the compounding effect, like I get to I’m thirty-three years old. So everything I invest in and learn now I get to have four decades of the rest of my career.

And again, it still makes sense to invest. If you’re forty-five or fifty-five and you plan to work for another decade or two, that’s a long time and, and a lot of things can happen in just one decade. So if you have more than one decade, then it really makes sense to absolutely invest. So I just wanted to share with you guys that mistake. My mistake. Waiting too long to invest. Right. Not trusting the fact that you know, business coaches is something that makes sense.

And then that’s everything. And that’s exactly why I continue to invest. Now, it makes me a better coach to our clients. I make amazing connections across my business directly, and then it grows my client’s businesses indirectly because I’m a better coach for them. And that, in turn, circles background. There’s just I could go on and on, but it’s just an amazing concept and it’s really cool because there’s just nowhere else you can get returns like that.

Like with the returns I’ve gotten in the invest in the masterminds of programs I’ve invested in are even private coaches I’ve hired. You don’t get returns like that in the stock market and it’s all based on you. It’s not based on what’s happening in the economy or anything else like it is up to you. I love having the ball in my court and I just think that’s the coolest thing ever. So that is what I have for this episode. Guys, I hope that’s and helpful to you, especially if you’re on the fence.

You’re like, I don’t know whether to invest in it, mastermind, even if it’s not ours. Guys, if it’s another one where the program looks like it’s a better fit for you and you resonate more with their audience or their marketing or whatever it is like, do it. Do it. Like, I’m happy to say other people’s programs and stuff, especially if they have a track record or otherwise. They show they’re very passionate as a new coach to making sure that they get your results.

Do it, guys, because it will serve you for not just now, but for, you know, the rest of you hanging around the planet as a human, we’ll call you as a human.

So that is it for this episode Guys, I hope that was helpful. And as always, keep doing.

You have an absolute blast with your online business and we will see you in the next episode.

where we’re going to be talking about signature systems, high ticket coaching vs low ticket coaching, and about a bunch of other things to landmark clients for your coaching business. All right. We’ll see you later.

Hey Dino Gomez here, and if you enjoyed this episode, be sure to head on over to the secretsofcoaching.com for more resources, downloads, videos, and cheat sheets to help you grow your online coaching business. All right. And if you picked up a cool tip or strategy from this particular episode, we would love a five-star review where every single month we choose one lucky winner to win access to one of our coaching programs.

All right. So that is it for this episode, guys. We will see you in the next one.

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