🤔 Thread: More of the wrong thing is less
(or, how I stepped off the hamster wheel)
I’m going to share a personal story with hope that it inspires at least one person to re-examine their definition of success 👇
Through hard work and an unfair share of luck, I’ve done some cool “bucket list” things in my career:
✅Raised VC from the worlds’ top firms
✅Helped build 100’s of millions in revenue from nothing
✅Rang the bell at the NYSE
✅Met & did deals with billionaires & business icons
These are things I dreamed about when I was young and I treasure some of the memories. But when they finally happened I felt surprisingly unfulfilled. I was scoring lots of points but didn’t feel like I was winning.
Then a few years ago during a board meeting I had a moment of clarity. I looked around the table at 10 people, all absurdly successful by financial measures. There wasn’t a single person I wanted to emulate. Most were unhealthy and several had told me that they were unhappy.
Within months I walked away from from a 7-figure salary, moved my family to Boulder, & haven’t looked back. Don’t get me wrong, I’m a capitalist & like money as much as anyone. But for me it's not the thing, and *more of the wrong thing is less*.
Too many of us build our career without being deliberate about what we’re building *toward*. There’s a famous Yogi Berra quote, “When you come to a fork in the road, take it.” I used to recite this quote a lot - when opportunity knocks, I answer! But...
...over the years I've realized that opportunity can become a trap. Here’s why: Smart, driven people (I’m talking to you Enneagram 3’s and 8’s) will find a way to succeed in just about any situation. This can be both a blessing and a curse. The blessing is obvious, but...
...the curse comes when you point your talent & energy in the wrong direction and it quickly compounds into a monster that you never intended to create. This “achievement trap” doesn’t get talked about but it’s real.
In my case after 20 years of pursuing a misguided definition of success, I hit a wall. I couldn’t spend another day chasing more of the wrong thing. I thrive on ideas, creation, & human connection - money and status aren’t my “why”.
The good news is we can hit always hit CTRL-ALT-DEL. If you build the life you once wanted, then realize you were wrong, you can reboot, scary as it may seem. This means you will have less, but less of the *wrong thing*, which makes space for the right things.
Paradoxically having less tends to result in a feeling of abundance, whereas having more - especially of the wrong things - results in a feeling of scarcity (a.k.a. “The Rat Race”).
We know many of these things to be true at an intellectual level, but rarely do we take action. With less, we make room for life’s most important things, which aren’t really things at all. And in yet another paradox, this tends to result in more success in all its forms.
Ultimate wealth is control over your time. If you don’t believe that, then ask yourself this: Would you trade places with Warren Buffet if it meant being his age (90)?
For me wealth means allocating my time like this:
⏲️Time commuting to work: Zero
⏲️Time in meetings/offices: As little as possible
⏲️Time creating (alone & w/others): LOTS
⏲️Time helping others: LOTS
⏲️Time with family: Always present & available
⏲️Time rock climbing: LOTS
When I started my career this would have been considered impossible, even laughable. After all, it’s a violation of the American Workaholic Ethos, where long hours in the office is a badge of honor regardless of results.
Fast forward 20 years and one pandemic and the world is beginning to embrace a new way of working. But - and this is the entire point of this thread - it only happens if you’re deliberate. You have to stop chasing more of the wrong thing, even if it looks like success.
I recognize that even having these choices is a huge privilege that most don’t have. That said, most people have more control over their lives than they’re willing to admit. We like to point to external constraints when the truth is that most of our limitations come from within.
If you’ve read this far then you’re by definition the type of person can define and achieve your own version of wealth. May 2021 be the year that journey begins...
(Thanks to @sweatystartup for keeping it real and inspiring me to post this.)
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🤔 “There is no secret to success - there are only strategies.” @drgurner
In my recent thread on home ownership I mentioned the importance of living in a “City on the Rise”. I believe it’s a critical first step toward prosperity for people of all ages.
Here's why 👇
I’ll start with a simple analogy. If you’ve ever been a runner or cyclist then you know that headwinds are the bane of your existence. Even a light headwind makes everything feel so much harder. It’s physically exhausting and mentally demoralizing.
But with a tailwind at your back, everything changes. Progress feels effortless. Your spirits are lifted. You feel like an Olympian!
Locating in a City on the Rise (COTR) is like choosing to live with a tailwind behind you. Everything is easier & there’s a compounding effect.
I often refer to myself half-jokingly as a Master of the Obvious. I say *half* jokingly because I do believe there’s value in curation, the ability to separate the wheat from the chaff.
Time will tell if I have that skill in angel investing, but I occasionally stumble into a startup whose idea is obviously the way of the future (whether the company can execute is another matter). Nines is such a company 👇
Nines does cloud-based radiology. It may not sound sexy but it’s a complete no-brainer business. The number of medical scans being captured is growing much faster than the number of working radiologists, so technology is the *only* way to close the gap.
Home ownership may be the single most misunderstood topic in personal finance.
👉Fact: Owning your home is the single best investment you can make. Nothing else comes close. Let’s follow J’s advice and look at the numbers.👇
I’ve seen many articles and posts suggesting that renting is better than owning, that an index fund or 401k is a better investment, or even that mortgages are a “toxic product”. All dead wrong.
By the numbers, home ownership is the single largest source of wealth in America...
Americans have nearly $20 trillion in home equity and for millions of Americans the home is the sole source of wealth, because – often without knowing it - they made a smart levered investment and sat on it for a long time instead of paying someone else's mortgage (a.k.a. rent).
👉Thread: Why I’m obsessed with disrupting banking.
Starting from the top...
1/ Banking is a government sanctioned oligopoly. Just 4 banks represent *half* of the US banking market, holding about $8 trillion in assets. A huge regulatory moat limits competition.
2/ As a result banking is obscenely profitable. Most banks - and especially the big 4 - have bloated cost structures yet consistently deliver 20-25% net margins.
3/ High margins & regulatory moats breed complacency. Your grandfather’s banking experience in 1960 wasn’t fundamentally different from yours today, except you’ve got an app. The underlying products and fee structures are mostly the same.