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ljean

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This story is on the wall at a lot of Jimmy John's restaurants.

HOW MUCH IS ENOUGH

An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large fin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.

The Mexican replied, “only a little while.”

The American then asked why he didn’t stay out longer and catch more fish?

The Mexican said he had enough to support his family’s immediate needs.

The American then asked, “but what do you do with the rest of your time?”

The Mexican fisherman said, “I sleep late, fish a little, play with my children, take siesta with my wife, Maria, stroll into the village each evening where I sip wine and play guitar with my amigos, I have a full and busy life.”

The American scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat, and with the proceeds from the bigger boat you could buy several boats. Eventually, you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually NYC where you will run your expanding enterprise.”

The Mexican fisherman asked, “But, how long will this take?”

To which the American replied, “15-20 years.”

“But what then?”

The American laughed and said that’s the best part. “When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions.”

“Millions?” asked the fisherman, “Then what?”

The American said, “Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siesta with your wife, stroll to the village in the evening, sip wine and play your guitar with your amigos!”

(Author Unknown)
 
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thechosen1

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This story is on the wall at a lot of Jimmy John's restaurants.

HOW MUCH IS ENOUGH

An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large fin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.

The Mexican replied, “only a little while.”

The American then asked why he didn’t stay out longer and catch more fish?

The Mexican said he had enough to support his family’s immediate needs.

The American then asked, “but what do you do with the rest of your time?”

The Mexican fisherman said, “I sleep late, fish a little, play with my children, take siesta with my wife, Maria, stroll into the village each evening where I sip wine and play guitar with my amigos, I have a full and busy life.”

The American scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat, and with the proceeds from the bigger boat you could buy several boats. Eventually, you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually NYC where you will run your expanding enterprise.”

The Mexican fisherman asked, “But, how long will this take?”

To which the American replied, “15-20 years.”

“But what then?”

The American laughed and said that’s the best part. “When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions.”

“Millions?” asked the fisherman, “Then what?”

The American said, “Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siesta with your wife, stroll to the village in the evening, sip wine and play your guitar with your amigos!”

(Author Unknown)
MJ mentions this in Unscripted
 

Mammoth

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My girlfriend's father has built a business with hundreds of employees. All of those people feed their families, pay for their houses, and are able to live their lives comfortably because of his hard work building a company, and taking on the challenge of providing for more than just himself. He would do anything to make sure that they they are OK, even before himself.

Some day when he decides to retire, he'll pass on the business to his kids. What greater gift could you give? He's definitely not a materialistic person, so it has to be about more than that.

This is something I aspire to obtain. It'll take a vision that's more than just about setting myself free.....all these other 'things' I want from life will come as a byproduct of helping as many people as I can get what they want.
 

Zaratustra

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Just found the web time machine:

Basically let's you see any website with every change within 25 years.

This is the fastlaneforum circa 2011

2021-11-29 18_08_59-Window.png
 
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SteveO

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A few years ago I ran headfirst into a health issue. It was related to a neck trauma that choked off nerve operation and bloodflow. It took nine different doctors and 4 years to figure it out.

It changed my whole outlook on life. I was not able to work. My mental and physical capacities were diminished. Motivation was gone.

I switched to finding total enjoyment in life. I am setting up my environment for me.

Bought a house on acreage on the side of a mountain. Modifying the house and land to suit my specific desires. Fixed up a jeep for off roading. Bought a large motorhome.

The physical issue appears to be fixed now. Yes, I will continue to do projects that make money but that is secondary to the fun aspects of life.

Funny how life has a way of changing your outlook. Hard work and rough play probably contributed to my problems. My problems contributed to the revised view on life.
 
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SteveO

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"Sad is the day for any man when he becomes absolutely satisfied with the life that he is living, the thoughts that he is thinking and the deeds he is doing, when there ceases to be forever beating at the doors of his soul a desire to do something larger, which he feels and knows he was meant and intended to do"
My attention has switched from business to art. My palatte is my house and land. They will be my personal masterpiece...

The desire to do something larger comes in many shapes.
 

MoneyDoc

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A few years ago I ran headfirst into a health issue. It was related to a neck trauma that choked off nerve operation and bloodflow. It took nine different doctors and 4 years to figure it out.

It changed my whole outlook on life. I was not able to work. My mental and physical capacities were diminished. Motivation was gone.

I switched to finding total enjoyment in life. I am setting up my environment for me.

Bought a house on acreage on the side of a mountain. Modifying the house and land to suit my specific desires. Fixed up a jeep for off roading. Bought a large motorhome.

The physical issue appears to be fixed now. Yes, I will continue to do projects that make money but that is secondary to the fun aspects of life.

Funny how life has a way of changing your outlook. Hard work and rough play probably contributed to my problems. My problems contributed to the revised view on life.
This was beautiful to read Steve and so glad you've been recovering well!
 
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socaldude

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Nothing wrong with focusing on your self-actualization and freedom. You probably can’t build anything “big” without that anyways. You don’t have to be on the cover of Forbes.

And to build anything huge you are limited by how finite-scarce resources are allocated. While in theory “anything is possible”. It really isn’t in business or economics.
 
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MTF

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My attention has switched from business to art. My palatte is my house and land. They will be my personal masterpiece...

The desire to do something larger comes in many shapes.

Beautiful posts, Steve. Really appreciate you sharing your views and experiences.

Also, that last sentence is exactly what I wanted to convey. That there's nothing wrong with shifting your attention from one kind of "thinking big" (business, finances, responsibilities) to another (enjoying yourself, giving more in your relationships, taking care of your health, working on a fun hobby project).
 

TinyOldLady

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How does one regain confidence in their skills? Any books, articles, suggestions, personal experiences?

Whatever I start these days or any new ideas I have, I quickly shoot them down. And in general, I feel like I have zero knowledge and value to share with others.

I can't get out of this cycle and can't imagine that in the past I used to just do lots of stuff without ever questioning myself. I look back and think I was one arrogant m*****ucker.
The book titled „finish“ by Jon Acuff is a fun read. He talks about perfectionism (I‘d rather call it fear) and what kind of different surprising forms it can transform to. It helped me a lot to identify my own excuses (still work in progress).

Also the Seinfeld interview on the Tim Ferriss show was very motivating because of the things he said about writing.

Don‘t feel bad for posting here about self doubt. It is important to see all sides of being your own boss.
 
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Kak

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"Sad is the day for any man when he becomes absolutely satisfied with the life that he is living, the thoughts that he is thinking and the deeds he is doing, when there ceases to be forever beating at the doors of his soul a desire to do something larger, which he feels and knows he was meant and intended to do"
0EB83456-6E07-4835-B8E5-C27045555EAA.jpeg

Your quote just described Ben Franklin’s definition of death.
 

thechosen1

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View attachment 40938

Your quote just described Ben Franklin’s definition of death.
As a 25-year-old, I am constantly anxious that I am not "living it up" enough, to be honest. FOMO is strong. It permeates our entire generation, too, because everyone is hyper aware of this whole "shortness of life" thing.
 

MTF

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The book titled „finish“ by Jon Acuff is a fun read. He talks about perfectionism (I‘d rather call it fear) and what kind of different surprising forms it can transform to. It helped me a lot to identify my own excuses (still work in progress).

Also the Seinfeld interview on the Tim Ferriss show was very motivating because of the things he said about writing.

Don‘t feel bad for posting here about self doubt. It is important to see all sides of being your own boss.

Thanks, that sounds interesting. I'll check out this book.
 
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biophase

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Some day when he decides to retire, he'll pass on the business to his kids. What greater gift could you give?
His kids may not want it. Would he be ok if his kids just sold it and cashed out right away?
 

biophase

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What if you started investing in other entrepreneurs, or become a private lender?

You would be providing value in the form of financing businesses, you could grow your own net worth (and get fancier ski homes!) while making an impact through organizations that are on that next level.

This could also be done as partnering.

That’s one way I could see you nailing all of these issues at once.

Another idea is to do that charitable work. You could try to “make a movement,” too. That interests me in the future.

Lastly, if you want to take your business really far ($50M+), you could lever up and just get all your ducks in a row with regards to liability protection and insurance.

It is extraordinarily rare to go from 5-50 million without debt or investors. Also kind of a waste since you can get those so readily.
Investing would just be a headache in my mind. And why invest if I don’t care about the return?

My current business does do charitable work, so that box is currently checked. Although I always feel that it could or I should do more.

I have thought about launching a group mentoring/coaching program here that is 100% free, but the catch is that every few months someone gets voted out of the program by the other mentees based on performance!
 

Kak

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His kids may not want it. Would he be ok if his kids just sold it and cashed out right away?

Leaving someone a business doesn’t have to be leaving them some high stress CEO job.

Having raised kids that can make sense out of whether they should keep a 700k per month income or take a 5m dollar pay out plays a big part here.

They could not give a shit about business, but they are at least, in my house, going to understand the basics of finance math.

Either way, he still enriched the lives of many, including his kids, which is what he wanted to do anyway.
 
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Primeperiwinkle

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Investing would just be a headache in my mind. And why invest if I don’t care about the return?

My current business does do charitable work, so that box is currently checked. Although I always feel that it could or I should do more.

I have thought about launching a group mentoring/coaching program here that is 100% free, but the catch is that every few months someone gets voted out of the program by the other mentees based on performance!
I want to be in this group. I have little to nothing to add besides humor, exuberance, and random jokes but I’ve watched 12 seasons of Survivor and I’m itching to use my mad skillzzzzz!!
 

biophase

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Leaving someone a business doesn’t have to be leaving them some high stress CEO job.

Having raised kids that can make sense out of whether they should keep a 700k per month income or take a 5m dollar pay out plays a big part here.

They could not give a shit about business, but they are at least, in my house, going to understand the basics of finance math.

Either way, he still enriched the lives of many, including his kids, which is what he wanted to do anyway.
Yes, but I just wonder if he would feel the same if he knew the kids would decide to sell for $5M. Many business owners would want their legacy business continued on vs. just cashed out for the money.

But thinking about it some more, when the dad retires he probably won’t give 100% of the business to his kids. He’d put them in some high management position and maybe give them a minor ownership share. I think that’s what leaving it to the kids means at retirement. Leaving it to the kids at death is totally different.
 

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His kids may not want it. Would he be ok if his kids just sold it and cashed out right away?
They do want to take it over, he's just not ready yet to give it up. Still loves what he does. I haven't asked him specifically about that scenario, but I feel he's the kind of man that as long as his kids are happy and taken care of, then he's content.

I keep bugging my girl to go work with him and learn the industry. I'd be chomping at the bit for that opportunity!
 

Kak

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Yes, but I just wonder if he would feel the same if he knew the kids would decide to sell for $5M. Many business owners would want their legacy business continued on vs. just cashed out for the money.
Yeah, probably so, but in my example, I’d be more disappointed that I raised kids that didnt recognize a good asset to own than the fact that they sold it.

If I’m done with something, I’m done with it, but my kids are a lifelong project. I’d feel as though I failed them if they were dumb enough to cash out a 8.4m per year business for 5m.

Part of building something for your kids, and parenting in general, is preparing them for it. Handing them the keys to a business they know absolutely nothing about is a recipe for that type of scenario. It shouldn’t be a surprise to them that they got the company and while it’s ultimately their decision what happens to it after I’m dead, my hope is that they make wise choices because I helped them understand it was a lifetime of work and sacrifice that made it and will take another lifetime to rebuild it if they squander it.

Smart kids are more of a legacy than the business itself, but that doesn’t mean I don’t want them to have both.
 
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biophase

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Yeah, probably so, but in my example, I’d be more disappointed that I raised kids that didnt recognize a good asset to own than the fact that they sold it.

If I’m done with something, I’m done with it, but my kids are a lifelong project. I’d feel as though I failed them if they were dumb enough to cash out a 8.4m per year business for 5m.
But what if they don’t care about the business. It could be making a ton of money but the kids want to do something else. It’s kind of like wanting your kid to be doctor because you were a doctor.

So many things have to align for that to work. Did you want to do what either of your parents did for a living?

In my experience, and maybe because I’m older than you, but I don’t know anyone that wanted their parents’ business when they retired. Now I know people that worked in their parent’s business because they grew up within it, but it was more like a cushy job to them. And they had been immersed in it so long that they didn’t think they could do anything else.
 

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But what if they don’t care about the business. It could be making a ton of money but the kids want to do something else. It’s kind of like wanting your kid to be doctor because you were a doctor.

So many things have to align for that to work. Did you want to do what either of your parents did for a living?

In my experience, and maybe because I’m older than you, but I don’t know anyone that wanted their parents’ business when they retired. Now I know people that worked in their parent’s business because they grew up within it, but it was more like a cushy job to them. And they had been immersed in it so long that they didn’t think they could do anything else.
We are talking about two different things.

Your assumption seems like this business somehow becomes the work of the kid. A 40-60 year old “kid” that already, in theory, has something else going on. Agreed, totally stupid.

My assumption is that there isn’t such an expectation… Expecting them to drop what they do now and work for “the company,” in my opinion, it’s more like asking them for a favor than it is a gift.

Owning it doesn’t mean new job, it just means more money and maybe some people to get to know, if they haven’t met them already. It’s not quite like just giving them my Apple stock, but damn close.

Now if they want to run the damn thing they need to:

1. Make that clear long before I die.
And
2. Be competent enough for the position.

My kid or not, I can hire my CEO and watch my mailbox and then give them the mailbox.
 
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MTF

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I hate when someone sends me an email and immediately calls me to talk about it, before I've even opened it.

Or when they run to you and say "did you get my email?" and it pops up right as they say that...
 

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The sentence from Will Smiths' book where he says that he didn't look forward to enjoy a day off with his friends really hit me. And I think this is a very important point in the discussion of chasing big goals versus enjoying life.

The problem, at least for me, is with the goals that I have I work so hard that my mind is raging constantly. There isn't a second that goes by when I'm not thinking about my businesses. I do meditate and I'm aware of the importance of being present (with my family) and just enjoy being. But it's so FREAKING hard for me to do when I have all these daily goals I want to meet.

I really enjoy working on my businesses because my ideas are working out and customers are buying my products. It gives me satisfaction. However, not being able to enjoy life as I should is not a part that I enjoy. And I certainly don't want to live like this the rest of my life.

So what to do? Stop chasing my goals which I enjoy doing? Or start being present which I enjoy doing? Because both at the same time doesn't seem to work for me.

Perhaps it really depends on your personality on how well you manage to shut down your mind...
 

SteveO

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The sentence from Will Smiths' book where he says that he didn't look forward to enjoy a day off with his friends really hit me. And I think this is a very important point in the discussion of chasing big goals versus enjoying life.

The problem, at least for me, is with the goals that I have I work so hard that my mind is raging constantly. There isn't a second that goes by when I'm not thinking about my businesses. I do meditate and I'm aware of the importance of being present (with my family) and just enjoy being. But it's so FREAKING hard for me to do when I have all these daily goals I want to meet.

I really enjoy working on my businesses because my ideas are working out and customers are buying my products. It gives me satisfaction. However, not being able to enjoy life as I should is not a part that I enjoy. And I certainly don't want to live like this the rest of my life.

So what to do? Stop chasing my goals which I enjoy doing? Or start being present which I enjoy doing? Because both at the same time doesn't seem to work for me.

Perhaps it really depends on your personality on how well you manage to shut down your mind...
Work on the business while you have the burning desire. I tended to work hard for a few years then glide for a few until the desire came back.
 
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