Treat yo' self
You're the one responsible for your thermostat
What would you think if I told you that my best financial advice is to spend £3 more on coffee?
Bear with me…!
One of the strangest phenomena that I’ve experienced in this strange thing we call life is the financial thermostat. I’ve nicked this term from the author of “The Millionaire Mindset”, T Harv Eker. It’s an old book but it still holds true.
The concept is dead simple.
Basically, we all have an inner thermostat that we revert to. Just like the thermostat at home (if you’re based in the UK, imagine you are somewhere with air conditioning). Whether the weather is freezing cold or boiling hot, the temperature always returns to a nice comfortable 21 degrees celsius, unless you set it higher.
Eker contends that this applies to our finances too. That we all have a pre defined ‘temperature’, and until we consciously decide to change it, we always revert to our default.
This might sound like nonsense, but we’ve all heard about the skint lottery winners. And many of us have come across the amazingly prudent low earners who end up with a very nice bank balance, just because that’s how they are.
The concept of the thermostat isn’t particularly fascinating to me. I think that there are so many things in life where we have a baseline level. The thing that interests me with all of these kinds of things is how we change them.
And this is where coffee at Novikov reminded me of something I’d forgotten.
Now, this was something that I’d taught myself to do intuitively a decade or so ago.
Those who met with me during the late early 2010’s will likely have experienced the change of my thermostat. Coffees at Bulgari Hotel in Knightsbridge, whilst I take notes with an 18kt Mont Blanc.
Forget the pen - that part seems ridiculous now that I count the last time I used ink in years not hours. But the coffee - this was a direct implementation of Eker’s lessons, and it worked.
He argued that the only way to become comfortable with having more money and living a nicer life was to experience it and embrace it. By making a conscious choice to spend more money that you have to.
So I did that.
Now, the accountants in the room will probably flip.
After all, there was a Starbucks around the corner.
But seriously… why would I endure the Starbucks opposite Harrods, complete with ridiculous queues for both the coffee and the toilets, when I can sit in luxury for a couple of quid more? Why would I endure the awful coffee, when I can enjoy decent coffee for a couple of quid more? And before I start talking about the free of charge sweets, let’s actually think about the important thing.
The people I met also got to enjoy it.
For two of us, the price difference would likely be all of five or six quid.
If it was a work meeting, it’s on me to make that pay back by the bucketload.
And personally - well, it’s a whole lot more memorable to spend down time with those you choose to when you choose somewhere nicer than the easy option!
Even though these were probably 10-15 years ago, I remember work meetings and chatting with Paul about his bespoke shirts, Vicky about her upbringing, Mick about his Porsche, having cocktails with Mikey… but as for Starbucks meetings? They blended into one.
There were (at least) two people at each of those meetings. It won’t be just me who remembers those…!
So, I guess my own experience validates to me why choosing a nice venue for a meeting is obvious. Let’s say £3 more, for two people, on four occasions. I’m sure I made £24 from these, and that’s presuming I paid for all of them. Maybe some of you needed that validation but for many, it will be obvious. But…
Why should you pay for it when alone?
The thermostat.
When I was in Dubai last week, I had a spare day on Saturday.
I’d had a hectic week that ended up unexpectedly eventful, and unexpectedly successful. I needed downtime, I had stuff to catch up on, and frankly I was frazzled.
My thermostat was also turned down to one degree above freezing! After an expensive divorce, the battles every business owner faced with COVID, and frankly a finger that needs pulling out with respect to my speaking and other activities, I’ll be honest. I’d become acclimatised to saving a few quid wherever I could. Evidenced by the *awful* Chinese takeaway the night before, to save a few Dirhams…
Anyway, after a walk to Dubai Mall to clear my head, I looked up and saw Novikov, and in that moment I recalled the thermostat. The thermostat that had been turned down due to previous events, and not returned to where it should - no… where it *needs* to - be.
Here’s what happened:
I enjoyed the first cup of coffee all week. I sipped it slowly. And filled in this time with making a start on clearing those emails that had backed up
I spent some time enjoying the environment, allowing my head to calm down a little
Similarly, I sat still for about an hour, rather than queueing, drinking a coffee from a cardboard cup, whilst making myself busy but unproductive
I saw the obscene wealth of some of the other guests - this led me to a place of wonder, inspiration, creativity, and a number of questions in my mind. If they can do it, why can’t I?
Most importantly, I remembered what I need to do. Personally and professionally.
Now there will be some who will still question whether the extra two or three pounds is worth it. If that list wasn’t compelling enough, I just want to hit you with the most unexpected part of it all.
I decided to have lunch there afterwards. And another drink. The grand total was about thirty quid.
The coffee was cheaper than the hotel coffee, which I gulped down in the hope I couldn’t taste it.
The chicken salad was cheaper than the dreadful Chinese takeaway, the box of which was smaller than the plastic fork it came with.
The time out was a much needed pattern interrupt in my way of thinking.
And the time out was likely far more productive than any of the hours I spent queuing for “cheaper” coffee.
So, what can I suggest for you?
If you don’t want to read Eker’s book (which, by the way, I do highly recommend), then please just do this one thing. Next time you are in a city, buy coffee from the very best hotel, rather than a chain.
Take a moment for yourself. Or, enjoy the meeting in a great environment. Savour the taste, savour the experience, and let your mind decide how best to take value from it.
Do that a couple of times, and you’ll start tweaking that thermostat if like me, you grew up without a wealthy mindset.
Enjoy x
Personal note. I’ve been exceptionally busy the last few weeks, and have only just learned how to forward schedule posts! So, based on my self awareness, I’ll be moving these to a once weekly cadence. I’ll be testing and measuring a few things so you might not see some consistency in the timings just yet. But at least I’ve now got some time, on a Sunday evening, thousands of feet above mainland Europe, to do this!
Let’s call this one a Monday Musing…
Carl Reader is a WH Smith Bestselling Author and international keynote speaker with a real passion for helping people do better. There are two ways to learn more about Carl! You can either follow him on Social Media if you’re just curious (@carlreader on most platforms), or if you’d like to learn a little more about what he does on stage, through content and in the media from a commercial perspective, you can visit his website.
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