How To Think With Dan Henry Why Wendy Rhoades Gets Paid Millions for Performance Coaching
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People often scoff at the cost of high-level investment coaching, and then pass on the opportunity to uplevel themselves or their business.
But I’m here to tell you, I paid $25,000 for a one-hour Zoom consultation with a high-level investment professional... and it was completely worth it!
I didn't get a transcript.
I didn't get a cheat sheet.
I didn't get a login.
I didn't get anything but ONE hour of their undivided attention and time.
Yep, you read that right the first time... crazy, right?
Nope! Here's why… just two weeks later I made $50k based on what I learned in that one-hour Zoom meeting!
Sometimes less is more; don’t buy based on what you get. You should buy based on what that product or service will do for you! It’s all about the results!
In this episode, I am going to cover:
- Why paying more is actually better for YOU
- Why it’s not always about what’s included, but what the end result is
- And… how knowing your worth is key to pricing your product or service
If you got value from what you heard here, please be sure to subscribe and rate this podcast! Bonus points for you if you write a review! ;)
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— TRANSCRIPT —
How does Wendy Rhodes get paid millions of dollars per year to be a performance coach? That's what we talk about in today's episode.
A performance coach getting paid millions of dollars per year at a job, not even in her own business. How does that happen? Well if you haven't guessed yet, I am talking about Wendy Rhodes, who is the performance coach at Axe Capital, which is a multibillion-dollar, hedge fund headed up by Bobby Axelrod. Yes, I am talking about characters on the show, "Billions". So I am talking about fictional characters. However, there are performance coaches that do get paid millions of dollars per year by firms. The reason I'm bringing up Wendy Rhodes, who yes, is a fictional character is that I just started watching "Billions" I'm on season two, and there was a scene in the show that I think every entrepreneur needs to watch this scene because it really does illustrate why people get paid what they get paid and, also why people are underpaid or don't know how to charge.
Let me just set the stage for you without giving away too many spoilers, I'll be as spoiler-free as I can. So Wendy Rhoades is a performance coach at Axe Capital. Now Axe Capital has dozens and dozens of stock traders that everyday trade stocks and I'm not talking about a little bit of stock, I'm talking about hundreds, they make trades with hundreds of millions of dollars because they manage billions in their hedge fund. Right? So when you click buy or sell on a stock and you've got like 10 grand into it, it's kinda like, Oh, okay. When you have a hundred million on that trade, you're like, Whoa, okay, this is heavy, this is tough. So you have a lot of people that have anxiety or that let themselves get in their own head and they have meetings with Wendy in her office. She's a performance coach just for the people that work at that office. So they make appointments and they get in there and they talk to her and she keeps them thinking clearly, she keeps them motivated, she keeps them not fearful, and she helps them do their job better. So much so that the owner of the company, Bobby believes that she is supercritical to the success of the company. He himself made some critical errors and, he's supposed to be the best investment guru ever. He made some critical mistakes that she fixed because he let himself get angry or emotional about something and so he traded in anger and she fixed all that. She fixes their head
So some stuff happens and basically he messes up and he offends her and accuses her of something that wasn't true. So she says, "Well, I want $5 million for the trouble". He picks up the phone and he goes, "Wire $5 million to Wendy Rhoades personal account." Boom, transfers the money. And then she goes, "Okay, good. I quit." So she quits right? Some time passes and then he basically begs her to come back. When he begged her to come back she asked for a raise that's like triple what she normally gets paid. She asked for 2% of the company. We're talking about millions upon millions, and millions of dollars for a performance coach. I'm not talking about 2 million in a year. I'm talking about like 10 million a year type of thing and plus like 2% of a multibillion-dollar hedge fund. That's a lot of money.
Why is Bobby so willing to pay her this money? "Cause he knows that without her, his guys will not perform, his traders will not perform to their fullest level. That gap could be the loss of hundreds of millions of dollars per year in trades. So he pays her 10 million a year to make sure that his guys and ladies that work at his firm trade to their best ability, he stands to gain way more than 10 million a year. He stands to gain hundreds of millions because if he doesn't have her, and he actually did, he hired another performance coach and this guy sucked and so his trader started losing money, like way more than 10 million. You know, we're talking about they're probably using 10 million a day, not 10 million a year. So it makes sense for him to pay her whatever she wants, because the end result, her result is worth far more.
That's the thing, a lot of people will say that "Ah, I know my worth, I know my worth." But they're just saying that they're not actually basing that off of an actual number. I know my worth. Let's say I charge a client 10 grand. Most clients that I charge 10 grand, they make that back in two weeks or a couple of months at most, because I charged to teach them how to sell high ticket. Right? High ticket is at least five or 10 grand per service. So let's say you got a coaching program and you're charging I'll tell you, I'll give you a story.
I mention her all the time because she's just one of my favorite clients, Shayna. She had a weight loss coaching program. She was charging, Oh, it was something like two grand or $1500 or something for like one on one sessions. Well, I taught her how to charge $5,000 for group sessions. So she got back her time and she made a lot more money and she got a lot better results for our clients because she was able to put more into the program. Plus we taught her some coaching stuff as well. So when she got into the program, she made 35 grand her first two weeks, which is not hard because if you're selling at five grand, a pop, that's seven sales. I mean think about that. If I teach you how to sell for five grand, and you make seven sales, that's 35 grand. So if I charge you 10 or 20 or even 30, you know, I'm not really charging you 10 grand, I'm charging you two sales.
I mean imagine that, what stock can you buy, since we're on the subject of the stocks, what stock can you buy that you put 10 grand in and two weeks later you get 35 grand back out, or even in six months you get your 10 grand back, right? There's no investment. So I know that I can sleep at night and I can charge, 10, 30, or even 50 grand, depending on the situation, depending on the client, because I know that they're going to turn right around and they're going to book calls and they're gonna close sales at five 10, or, I mean, I've got students that charge 20 and 30 grand. So I know that I can immediately teach them a skill that will not only get their money back right away, but that will teach them to grow a business of a lifetime. I mean, think about this. If I can teach you how to close $5,000 sales all day long and, I can teach you to make one sale a week, which you have to be pretty terrible to make only one sale a week. I would get on your butt if you only made one sale a week, I'd be like, dude, come on. You know what, what's going on? We get it. But, bare minimum, let's say one sale a week. So at one sale a week at five grand, a pop that's four sales a month times five that's $20,000 a month. Times 12 is $240,000 a year. So if I charge you 10, 20 or 30 or even 50 grand, I know if you are just the worst client ever, if you are just so terrible and you are just my worst client, you're still going to make about 240 grand a year if you close just one a week. So I know my worth because I know the numbers and I know this because dozens and dozens and dozens and dozens, actually over a hundred clients have paid me in that range of money and turned right around and did exactly what I just said over and over. I've got screenshots, I've got student interviews, I've got case study after case study, after case study, after case study, after case study, after case study of people that turned right around after joining as a client with us and just started closing sales, like there ain't no tomorrow and made their money back like that.
So I know my worth, just like Wendy knows her worth. Just like I teach them my clients to discover their worth and charge accordingly. A lot of times people don't realize how much they're worth. They think they're worth a lot less just like Shayna did, but I showed her based on what she had going on in her program. She's actually worth a lot more. That's why we were able to get her prices up. So the thing about it is, is you should not charge based on what's in your program. You should not charge based on the amount of time you give your client or the number of lessons or the number of events or any of that. You should charge based on the end result. I don't care if it takes a day or a year or 10 lessons, one lesson or six calls or five calls or two calls. It doesn't matter. The end result is how you charge.
Give you one more example. I recently paid $25,000 for a one hour call with a high-level investment professional 25 grand. The only reason I got a recording of that call was that I asked to record it. I didn't get a transcript. I didn't get a cheat sheet. I didn't get a login. I didn't get anything. I got a one-hour zoom call for $25,000. Two weeks later, I had made 50 grand from that information. I continue to make right now doing passively without even really going nuts on it 'cause I got a business run, make eight to 12 grand a week off of my stock investments, doing some options trading. Literally two minutes once per week, every either Monday or Tuesday morning, two minutes once per week, make eight to 12 grand like clockwork. Now am I happy? You could say, "Well, Dan, why did you pay 25 grand for one hour?" Well, because I don't care. I don't care that it's one hour, I care about the end result. He showed me his account.
He goes, "Look, here's what I'm doing. Here's my growth. Boom, boom, boom, boom, boom."
I go, "Well, there it is in black and white. You're doing it. Can you teach me how to do that? How much? $25,000. How long, how quickly can you teach me?"
He says "It's $25,000 for a one-hour consultation. I can show you everything you need to know in one hour."
I said, "Okay."
I wired the money, got on the call, and here's the funny thing... when I got on the call, but before the end of the call, he made a live trade with me and I made nine grand. So I made nearly half my money back by the end of the call. So you might think, or somebody might think, "Oh, why did you pay 25 grand for a one hour call. You could have probably got it cheaper. I know somebody that will do it cheaper." Yeah. That's why you ain't a successful period, because you buy based on what's in the program, you buy based on the number of modules, you buy based on the minutes or the hours, you buy based on how many cheat sheets, you buy based on, does it have an app that I can log into, what times the coaching call. That's how people with a poor mindset buy. People with a rich mindset say, "Well, what will it help me do?" I don't care how you get me there, in fact, to be quite honest with you, I like the fact that it only took an hour to learn it. I would rather pay 25 grand for a one-hour consultation that gets me eight, 12 grand a week passively then pay 25 grand for a six-week course. Now you got to wait six weeks. Now you've to go through all this fricking content that will never go through. So to me, high-level entrepreneurs, or just not even entrepreneurs, high-level people, they don't pay based on the deliverables they pay based on what the deliverables will do for them. What the deliverables are, how long they are, how they're organized, just completely and utterly 120000% irrelevant. What's relevant is what it can help you do. That's why you will have people who get paid millions of dollars to do things. Even if it's anything from a one hour call to a two-day event. I've paid $30,000 to attend a two-day event, but what I learned there helped me make a million bucks in a day down the line.
So here's my advice, know your worth by knowing what the end result is worth to your clients and charge accordingly. When you go to buy things, stop buying based on what's included, what's in the modules, etc. Buy based on the result. If you start buying based on the result, you will buy the right things and you will become a lot more successful, a lot faster. Trust me.
Anyway, that's the point. Listen, if you want to learn how to grow a successful business specifically, I help two types of people. Either you sell your advice in the form of an online course, coaching, consulting, mastermind. O And you want to learn how to sell your knowledge or you want to sell any online course, coaching, mastermind, service, professional service. It could be an accountant, you could have a software, you could have some sort of agency, SEO, or web design.
If you want to learn how to sell that stuff for a high ticket price so you get better customers and you're not running around, pulling your hair out, book a call with my team. I'll leave a link in the description, book a call, and we'll see if we can help you. We'll take a look at your business, we'll see what you got going on and if we can help you. If we can, we'll show you what that looks like and I promise you, regardless of the price, we would not charge you that price if we didn't know, you could make it back right away. That's why we have to talk to you because I'm not going to sell you anything if I think it's going to take you six months to get your money back. We won't even offer it to you. We'll be like, "Hey, you know, it's not a good fit."
If it is a good fit, we'll make an offer and let you decide if you want to become a part of it. It's super-low pressure. I'm actually going to do another podcast on why I use ultra low-pressure sales and why it works better than high ticket sales high-pressure sales. That's an episode for another day that's coming. Don't worry.
In the meantime book that call if you want help from my team on growing your business either way you'll get value out of the call and don't forget to subscribe to the podcast and stay tuned for the next episode. See you then.