This transcript was generated from the episode audio and may contain minor errors.
Before I begin today's episode, I'd like to invite you to join my expensive Mastermind. That's right, I'm starting a Mastermind group. Just send me your credit card, maybe some Bitcoin, and I will hook you up. Okay, just kidding. I do not actually have such a thing, but our caller today has a friend with one of these Mastermind groups.
We won't say which one it is. And they are considering joining. Now, this kind of membership is not cheap. I think it's something like $2,000, or maybe actually $3,000 in this case. So they're wondering, is it worth it?
Should you pay to join this group to get business advice, maybe make some contacts, networks, resources, et cetera? Or I guess the alternative is to not pay for it. Okay, so this is an interesting, touchy subject sometimes. I'll do my best in answering, "Should I pay $3,000 for my friend's Mastermind?" That's the question. Detailed version from our caller and my answer coming right up.
Hey, Chris, this is Nina. I've been following your show for about a year now. My friend is in a Mastermind group with other aspiring women entrepreneurs. Every month they have a Zoom call and give input into each other's business. It sounds cool, but it's also really expensive.
To join costs more than three grand and there are ongoing dues as well. Part of me has FOMO over this. I want to join the group, but I also think it's a lot of money that I don't have right now. Do you think this expense is justifiable? And are there any other Mastermind groups that don't cost this much?
Thanks, and I look forward to hearing from you. Hey, Nina, thanks for the question. I totally understand the desire to be part of a desirable group. I understand the FOMO. If your friend is part of this thing, you're like, "Oh, what am I missing?
I want to be part of the group. I want to be part of the secret committee that meets by Zoom," or whatever it is they do. I think the main thing you need to answer, though, is do you want that more than you want $3,000? Let's look at the pros and cons. Ultimately, all value is perceived.
Some people might be in these groups and loving it and happy to pay that. I guess you might join it if you really think you're going to get some valuable advice that you couldn't get otherwise, if you really think there's going to be some networks or partnerships that come out of it, again, that you couldn't make happen otherwise, or maybe some other intangible benefit. Why might you not join it? I guess the main reason there is because it costs $3,000 to hang out with people. Might there be some other way to do this?
There are lots of Mastermind groups that are just friends and colleagues who come together and create their own little group and have these Zoom calls without one of the members of the group being paid for it. You could always create your own and don't charge for it. If I sound a little cynical here, I think it's because I know a lot of people who have regretted joining these groups and then paying lots of money for them, but they don't always say so publicly because it's kind of awkward to do so. Usually it is a friend or a friend of a friend or somebody you know that kind of brings you into the group. You've already spent that money.
You still want to have good relationship with the people, but you don't want to keep paying that money. So as I said, it just becomes kind of awkward. In summary, I would say weigh those pros and cons. Don't let me hold you back if it sounds like a really great thing to you. But based on what we've heard here, my sense is that you don't need it.
That's my answer anyway. Listeners, if you've got some experience in this area, let us know. sidehustleschool.com/questions and let us know if you've had a good experience or good or a bad experience. I will continue to feature updates from our listeners as they launch and grow their projects throughout the year. Thank you so much for being out there.
I'll be back tomorrow with a new episode. My name is Chris Guillebeau. This is Side Hustle School. in the Onward Project.
