I Wasted $100K on Coaching
The Amplified Impact Podcast
January 16th, 2023
In this episode of Amplified Impact, Anthony talks about his experience with coaches, paid mentorship programs, and how much value one can get out of them.
He shares that he recently paid $15,000 for a new coach for the next three months, and how he does mental math to figure out if it’s worth it.
Anthony also talks about how he has spent over $100k on coaching over the last three years, and how it has significantly increased his income and net worth.
He also shares three takeaways on how to get the most out of a coaching relationship: work with a specialist, not a generalist; have a clear list of deliverables; and be sure to find someone who you jive with and can communicate effectively with.
The episode concludes with Anthony suggesting that when time is your most valuable resource, coaching is worth utilizing.
TWEETABLE QUOTE:
“Coaches allow you to see from a different perspective, from a higher vantage point, and you can compress decades of learning into days, into hours. When time is your most valuable resource, there’s no reason to not utilize a great coach.” – Anthony Vicino
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Episode Transcript:
Anthony: [00:00:00] Welcome back to another episode of Amplified Impact. Today we’re going to talk about coaches, paying for coaching, paid mentorship programs, and the value that you can get out of them, or how you can waste a ton of money on them. So for me, this, this is the top of mind right now because earlier this month I started working with a new coach.
Anthony: and paid about $15,000 to work with him for the next three months, which is a significant sum of money. But I was sitting down and I was like doing the math on it. Because whenever I spend money on anything, especially on like a coach or education, I, I always do a lot of mental jujitsu, trying to figure out like, is this really going to be worth it?
Anthony: Because coaches can be one of those things that like, you can waste a ton of money. They person could be great, they could have tons of experience and like theoretically could help you, but for whatever reason, if you just don’t jive, if you like, they just don’t have the ability to communicate effectively to [00:01:00] you, or maybe the content is actually garbage.
Anthony: You can, you can waste a ton of money. I’ve seen people do this so, with this guy, I was going through that Jiujitsu and I was like, got on the topic in my mind. I started doing a mental math. I was like, how much have I spent on coaching over the last three years? You’re trying to put this into context.
Anthony: Cause I was like, okay, $15,000 is a ton, but in the grand scheme of how much I’ve spent, is it really that much? And the number I came up with was like, well north of a 100K over the last three years is how much I’ve spent on coaching in different coaching programs and courses and things like that.
Anthony: A lot of money sign, but it’s also like a hundred-Xed my income in my net worth by. So it’s, it is like a no-brainer. However, of all those programs, which ones were the most valuable and what made them so valuable? Like what, what was the through line of the coaches that I’ve worked with, that I’ve had the biggest impact on my personal life and my business life.
Anthony: And as I was thinking about it, I was like, okay, so here’s three things that I’ve noticed personally that have allowed me to get the most out of the coaching relationship, and I want to share it [00:02:00] with you guys because you’re probably at a point if you’re not already, if you don’t already have a coach, then you should be thinking about it because you might not be able to be able to afford it in the future.
Anthony: But there comes an inflection point when you can no longer afford to not have it either, because coaches allow you to see from a different perspective, from a higher vantage point, and you can compress, you know, decades of learning into days, into hours. And, and when time is your most valuable resource, there’s no reason to not utilize a great coach.
Anthony: So number one, I got three takeaways here that I want to break down. I want to share with you guys, and then this first one is probably the most important one, is that when you’re going to work with a coach, work with a specialist, not a generalist. So go find somebody to teach you a very specific thing. The more specific you can be, the better.
Anthony: The reason for that is like in the beginning I would work with business coaches and like life coaches and high performance coaches, people who have like these vague titles and they’re like, what’s that really mean? Like, what am I really coming to get from you? And the problem is like, if you don’t know exactly what you’re [00:03:00] coming to them to get like a very clear list of deliverables, then the chances are of you, like the, the odds of you getting that thing from them: very, very low.
Anthony: There’s more likely that you’re going to walk away from the relationship. And they’re like, yeah, that was good. I don’t really know what I got out of it. I don’t know if it was really worth it. Whereas when you go to work with a specialist to learn a very specific skill or them to help you with a very particular part of your life or your business, then you can demonstrably people look at the end and say, did this.
Anthony: Make it better. Am I more skilled? Am I more capable as a result of having worked with this coach? And so this is why I’m a big fan now of, instead of working with just a general business coach, maybe somebody who’s built a big business, I’m like, oh, they can just help me. I go specifically like, oh, I want to learn accounting.
Anthony: I’m going to go find an accounting coach. Oh, I want to go learn how to do paid advertising on Facebook. I’m going to go find that coach. I’m going to go find the coach that I’m working with right now at the beginning of the month, a YouTube specialist. Very, very dialed in and I know exactly what the deliverables I expect to have at the end of it.
Anthony: And it’s not so much about what they’re going to deliver to me, but what I’m going to [00:04:00] extract from them and the skills that I’m going to have as a result as I leave that relationship, or, you know, if it continues on, from there. So that’s number one. Work with specialists, not generalists. number two is you have to show up prepared. For me,
Anthony: I, I coach and I have, I have plenty of students who come to the calls and it’s clear that they haven’t prepared, they don’t have, they haven’t thought about our last talk about what they were supposed to be doing or haven’t talked about or haven’t put any critical thought into what they’re hoping to get out of that meeting.
Anthony: And as a result, they leave it to me as the coach to drive the conversation that a lot of my driving the conversation is just trying to explore and get clarity and. If you come into the meeting and you know exactly where you are confused and where you’re getting tripped up and where you need help, then we can expedite the, the process that much quicker.
Anthony: And it’s, it’s crazy to me how many people come in and like my, I charge like $5,000 for four hours of coaching. So it’s like this is a pretty significant sum of money for most people and still people are coming to these [00:05:00] coaching calls completely unprepared, completely haven’t put any thought into it. And I, and I’m guilty of this too, I have had coaching relationships where I’m like, oh, you just tell me what to do, where to go and when to be there
Anthony: And I’ll show up and then I show up and I’m like, okay, I didn’t get anything out of this. And it’s because I didn’t put the time and the energy in beforehand. And if you put it, if you don’t put it into work beforehand, you’re probably not going to get anything on the outside. So show up, prepared with questions, bullet points with you’ve already thought through.
Anthony: Like, what, what am I hoping to get out of this at the end of this coaching call? What’s my marching orders? What, what, what do I need to know? and this, this goes back to a question that I like to ask is, what’s my outcome? Before you go into any activity, just asking like, what’s the outcome? I’m like, what’s the ideal result that I would like to have as a, at the end of this thing?
Anthony: And going into the coaching call and knowing very clearly, what is it that you want? Like I want clarity on this thing and this aspect of my business, or I want to have bounced off and gotten three ideas for ways to move forward on this thing. Be very clear on what’s your desired outcome. Now, number three, [00:06:00] this one seems silly and it might seem trite, and it will seem super basic and obvious, and duh.
Anthony: However, it’s the most important because if you don’t do this one, like everything else is for naught. Third one is you have to do the work. Now obviously you’re a high achiever, you’re listening to this podcast, you’re, you’re like trying to get to the place where you’re living a life of amplified impact and you’re, you’re killing it on all fronts.
Anthony: You’re a worker. You know that hard work is like the variable of success, that you have ultimate control over. And so I’m sure you’re going to do the work however, you have to do the work in a particular way, and it took me a little while to figure this part out for myself. Which is, you have to replicate before you innovate.
Anthony: So before you go out there, like you’re listening to your coach and they’re giving you some advice and like, good. Do it when you, when you’re setting up your ads, do this, this, and this, and this and this, and this way. It’s very, very tempting to get to a base level of competence as you’re going through that and you get to like 52%.
Anthony: of the program or the [00:07:00] framework or like the thing that they told you to do and how to do it, and then you start improvising and you’re like, oh, I think I can do this better. Like, I see a weakness in this. Let me just tweak it now. The problem is you’re not a master, you’re still a student, and your goal at this point is to be able to replicate or duplicate the teacher’s system.
Anthony: And then once you’re able to do that consistently, you’ve shown mastery over their process. Now you can improvise and innovate. I see people trying to innovate on things way, way too soon, and it’s like, no, no, no, no. Don’t try and reinvent the wheel. This wheel works. Just do. Just use the wheel as it is currently and you’re going to get the results.
Anthony: And then from there you can try and improve it. But don’t try and like improve the wheel before you, at least you like have replicated the prototype. And I’m very, very guilty of. . I’ve seen it really frequently with my own coaching students where they’ll come back and like, oh, I started like I, I did this and this and this, but this part didn’t work for me, so I was going to just start doing this.
Anthony: I’m like, no, no, no, no. Like you don’t understand like, I tried what you just, what you pivoted to and it doesn’t work for X, Y, and Z. And that’s the, this is one of the things that we told new hires when they come in is like, [00:08:00] I, for the first couple months, your job is just to, do the job exactly as it’s being taught.
Anthony: do not try to improve any of the position, like any of the sys tems or any of the frameworks or any anything. Just do it exactly how it’s taught to you, because in the beginning, you’re going to have these great ideas and I want you to write them down and document them so that we can retain them and use them in the future if they are in fact very good.
Anthony: But in the beginning, you just don’t have the full context yet, and you’re probably going to be tweaking something, thinking you’re making an improvement, when in reality we’re just taking a step back because we’ve already actually done that iteration and it didn’t work for reasons that you just, you can’t know.
Anthony: and in a manufacturing environment, like at Escape, we had this all the time where it’s like, just don’t try and make this better until you learn how to. The way we want you to. And from there, then we can start iterating. So that’s the, that’s the third takeaway is working with the coaches. Do the work, but do the work in the way that they teach you.
Anthony: So learn how to replicate or duplicate before you start innovating. And if you do those three things, if you work with specialists, not a generalist, if you show up prepared and you actually do the work as it’s shown to [00:09:00] you, you’re going to get so much out of your coaching, relationships. I can almost, I can almost guarantee it.
Anthony: And obviously I’m a big fan of, Paid a ton of money for coaching in all in all sorts of different areas of my life. And I do think that’s one thing that everybody could afford everything. Nobody can afford to not have a coach in certain areas of their life. It’s probably going to, the opportunity cost of not having the coach is, is far, far greater than the cost of acquiring them.
Anthony: So hopefully this brought you some value. If you liked it, if you enjoyed it, if you got anything. Just go leave a review, share it with somebody else. And, for those that don’t know, I’m Anthony Vicino, co-founding partner of Invictus Capital, serial entrepreneur, bustling author, done a bunch of stuff, , just sharing my, my lessons along the way, to help you hopefully live a life of amplified impact.
Anthony: If you like it, then subscribe, and we’ll see you guys in the next episode.
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