Your only competition

Photo by Cezar Sampaio on Unsplash

Last time, we talked about Jason Fried’s mantra about getting tomorrow right. Today, here’s one more quote from Fried’s recent interview that really hit home for me.

“Your only true competition are your costs.”

While Fried shared this in the context of running your own business, I think it can be applied universally. Think about it…

When you ponder how much money you really need to be okay no matter what, the most important variable to know first is your own personal burn rate. Or, in other words, your costs.

That’s because when you know your costs, it becomes easier to arrive at how much you need to cover them moving forward.

I also love the psychological release that this quote provides.

It’s so easy to get sucked into comparing ourselves not only to our friends and neighbors, but also whatever social media highlight reel we catch ourselves consuming today.

However, when you take a step back and remind yourself that your costs are your only competition, you’ve quickly reframed around what really matters.

How much do I need to cover my costs and live well?

You’ll be surprised to discover it’s usually a lot less than your friends, neighbors, and social media would otherwise have you believe.

Next time you catch yourself feeling like you don’t have or never will have “enough,” try bringing your focus back to your own costs.

It’s a great way to regain a sense of control over living your best life.