Stressful. I became a self made millionaire at 20 and am 28 today. My total net worth is around 10m right at this very moment, only a few million is liquid (cash, stocks, bonds, hard money loans, real estate, etc. basically excluding my company valuation).
Being a self made millionaire is great but stress, emotional highs, and emotional lows are just a normal part of every day. Its worth it for me because I love what I do but certainly is not for everyone. It feels good to crush goals but the amount of work it took behind them is often times unimaginable. Some days you lose 100k in the blink of an eye, some days you get sued, some years you see your net worth get crushed, some years you’re pulling in multi million dollar incomes, etc. Highs and lows in everyone’s career is normal but the numbers being thrown around are much larger and there is more at stake.
Let me give you an idea. On August 4th, 2016, I was sitting in a meeting with my board about significantly cutting expenses as our old business model was falling apart and we were losing 40k a month of our own capital at that point. We were bootstrapped with no investors or debt and built an 8 figure yearly business and 2016 was our first 7 figure year since 2011. As CEO and primary shareholder, I slashed my salary to $0, fired 1 underperforming employee, gave 3 key employees raises, and went to work trying to get us out of our predicament. Life was hard last August… I was struggling in so many ways I can not explain how defeated I felt. My soul felt crushed under the weight of my failure. Today, August 4th, 2017, we have doubled our employee count and still hiring, we are generating massive growth and gross profits in our new found business model, and we’re expecting to hit 15–20m in revenue in 2018 at high gross margins. 80% of our competitors are out of business as they didn’t innovate. We innovated and we’re #1 in our created industry. I am feeling more optimistic than ever but wiser with a lot of scars.
How does it feel? Scary but amazing. But, I like living life on the edge I guess. I don’t know how to sit still. I have this insatiable desire to keep going and I love that. I’ve recognized material possessions are pretty useless at a pretty young age (been there, done that), and I’ve also recognized I’m in a position where I can build a large net worth at a young age and spend a lot of my time in philanthropy. I would love to dedicate my life to helping underprivileged communities flourish by helping locals build businesses, building clinics and orphanages, and directing a large part of our interest from our net worth towards accomplishing this dream. I hope in 10 years or maybe 8 years ideally, I will be doing just that.
When I think about that, I realize that I’m living my dream. I wouldn’t take it back even though I know I’ll feel just as bad as I did on August 4th, 2016 again someday. August 4th wasn’t the first time, it was just the first time in 5 years that I felt that way. I’ll be ready next time around, even if thats only 5% more ready.
The rest is background noise. Yes, I travel a lot and have a lot of freedom thanks to the money but 90% of my mind space is consumed by my next goal.