I became a millionaire in my 20s and it sucked
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Summary
I became a millionaire at age 27 and actually SUCKED. Here are the 6 reasons why making millions can actually suck. 1. Money doesn t make you happy, but this will. 2. Money exposes your real and fake friends. 3. Having a relationship with a God actually makes life really hard. 4. The 5 F s are fun. 5. I believe that every human is born to have faith. We're here to believe in something way bigger than ourselves. And if you do everything for yourself and it's all driven by ego, ego stands for edging God out.
Transcript
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I became a millionaire at age 27 and actually sucked.
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I'm gonna share with you all the mistakes I made
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through building and selling three multi-million dollar
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So these are the six reasons why making millions
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The first reason is money doesn't make you happy,
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So when I became a cash millionaire at 27 years old,
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my health was at risk and i got to a point where my relationship disintegrated in front of my eyes
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i felt like a freaking loser my whole world imploded in on itself it got so bad a doctor
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told me i had to walk around with an anxiety rock that i would squeeze anytime i felt the pressure
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of the situation on my chest it was like an elephant was literally standing on my chest
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and i couldn't fix it people think it's about making money but having all the money in the
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world will not make you happy i know it's easier said than done some of you guys like well test me
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out. Wire me the money. People say, if I won the lottery, I would go on a beach and drink Mai Tais.
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Trust me, I've done that. And it gets old really quick. It's been long proven that retirement
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actually increases the risk of mortality. Interesting, right? Humans are built to create,
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not stagnate. Our default being is expansion. A child is born and grows. Seeds are planted
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and grows. People go, I just want to be happy. You know what happiness is? Happiness is progress.
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That's why today I live by the five F's framework
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Yes, having wealth allows you to have optionality.
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But the rest of them are actually more important.
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Having people around you that love you for who you are,
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that you can spend time and go on these experiences with.
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What's the point of going on a beach all by yourself,
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And I've learned this, unfortunately, the hard way.
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I might've had the day before a thousand dreams and goals,
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And I believe that every human is born to have faith.
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which we'll talk more about later in this video,
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but my whole life is designed around making money
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People were looking up to me, asking me for my advice,
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which is money exposes your real and fake friends.
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I had friends from high school reaching out for help.
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that I just happened to sit next to in math class.
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And then the people that I thought were my real friends,
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Because I did the thing that they all wanted to do
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Number one is they only talk to you when they need something.
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and I realized for myself, I had to create some space.
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Like you just gotta ask yourself, is this a good friend?
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Do they have these habits, these traits, this character?
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but the way they spoke over me never felt good.
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It was almost like they were trying to peg me down
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The truth is once I just decided to stop talking to them,
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stop seeking their advice, stop spending time with them,
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of somebody that was almost like jealous of me.
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Number three, they don't celebrate your success.
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I gotta tell you, I've had friends over the years
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and they ask me what's new and I just tell them,
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they get really awkward. They get really weird. Some of them make this face. I can't even explain
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it. It's kind of like a confused face. And I'm not trying to confuse them. It's almost like they
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don't understand, like, how are you having this success? And then I have other friends, like my
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best friend, Marty. The day I interviewed Dana White, I have it all on video because we recorded
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it for the vlog. He was the first person I called as soon as I got off stage. And that guy has been
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my biggest cheerleader since day one. He's eager to hear what I'm up to so he can celebrate it
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with me. He tells me, I can't believe where you come from, what you're doing now, Dan. Did you
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ever believe this? This is so great. What are you going to do next? That's somebody you want in your
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life. If they can't celebrate your success, they got to go. Number four is they talk shit about you
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behind your back. Now this one is a big no-no. And I'll be honest with you. The first time this
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happened to me, it hurt my heart. I remember a friend of mine called me up and he says, hey man,
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I don't even know how to tell you this, but your friend was at a dinner and he was telling other
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people about you. And he was saying things that honestly, I don't understand why he would say
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those things about you and i didn't know how to approach it like my heart sunk into my stomach
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and i knew i had to say something and i reached out to him we had a conversation the crazy part
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he admit to doing it but he actually admitted it to a completely different dinner so he thought i
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was talking about this other dinner and i was talking about this one so it told me that it
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wasn't the first time here's the thing i'm all about redemption and giving people a second chance
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but if it happens twice you can't be around me do those people talk crap about other people to you
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If your friend is talking crap about your other friend
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when they're not around, they're probably doing it to you.
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Number five is they had falling outs in the past.
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he said, if somebody is always getting into legal issues,
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Your past history is a great predictor of the future.
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is that some people come into your life for a season,
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And if it's a reason, teach it to me and I'll move on.
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If it's a lifetime, that's beautiful, let's invest in it.
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which is it's easy to make money, hard to keep it.
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thinking that hey i know what i'm doing i made money in the past and very quickly i lost over
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eight hundred and fifty thousand dollars and that's when i reached out to one of my mentors
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who explained to me the simple concept when you make money the goal is to take 50 of what you make
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and put it in low risk very safe money vehicles like the smp index funds low risk real estate
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bonds things where you know for the most part you're not going to lose all your money the other
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50% is what you use to invest in your next thing. But you got to do it in a way that's fun, which
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I'll talk to you about in the next step. When you build a new thing, it may fail because it's not
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guaranteed and you don't want to lose it all. Making money is actually very easy. It's keeping
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it that's hard because some people are risk takers and they just keep throwing it into the next thing,
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the next thing, and they keep resetting. Warren Buffett said it best, said rule number one,
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don't lose the money. If you just keep resetting yourself, there's no compounding growth that's
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going to happen entrepreneurs do this all the time because they don't go all in then are they
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really taking risks they read these stories like elon musk putting 250 million into tesla and solar
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city and spacex they think well i need to be an elon musk if i'm not investing all of it then do
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i really believe in the idea i'm not saying you don't believe in it it's just don't be stupid
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just understand there's risk you could lose it all would you be okay losing it all probably not
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so don't do that 50 goes safe 50 goes into the next thing which brings us to number four which
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is it's not how much money you make it's how you make your money at 31 years old i sold my second
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company flow town but i had to keep working there for 12 months to get my final check what's called
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your earn out but honestly i hated showing up to work every day it sucked the energy out of me it
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was like this soul-sucking work nobody wanted to create anything everything worked really slow and
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even though i pretty much blocked out my calendar to vest in peace and just go to coffee shops to
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visit friends. It was tough being there. And then I had this new idea for a new company that I really
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wanted to pursue. And I felt like a fraud. And after some soul searching and some tough love
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from my wife, I decided to walk away. I'll tell you what happened in a sec, but here's the big
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idea. It's not how much money I make. It's how I make my money. So here's my core framework on how
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to build a life you don't grow to hate and makes you more money. Number one is you got to audit
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your activities. Look at everything you've been doing for the last two weeks and ask yourself,
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Does this give me energy or does it suck my energy?
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It's why I wrote a whole book called Buy Back Your Time
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put yourself first and have those conversations
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stop doing the other stuff and double down on that that's how you end up building a life that
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you don't grow to hate a second ago when i talked about walking away from my earn out in the company
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that acquired us to pursue my new idea it wasn't guaranteed that any of it was going to work out
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but i just made a commitment to myself that i'd rather bet on me than stay for a guarantee 12
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months later it paid off not only did i raise 1.6 million for my new startup at a six million
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valuation, but the company who bought my company got acquired for $600 million, which meant that
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everybody who had stock accelerated and I got my earn out. In essence, I got both. Here's the big
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belief that I now have since that happened is the world rewards courageous decisions. So focus on
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building a life you love. Which brings us to number five, which is don't be a prisoner to your wealth.
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It wasn't till age 36 that I finally allowed myself to buy a supercar.
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Even though I was a millionaire at a very young age,
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it took a while for me to accept or give myself permission
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I had been a millionaire for over nine years at that time,
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When it comes to money, money can actually make you a prisoner.
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If every decision you make, the primary reason is for money,
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It should be a consideration, but not the primary reason.
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So here's how not to be a prisoner of your money.
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when I tell them they should get a coach or buy a book,
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is that my transformation happens at the transaction.
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a parent coach, a fitness coach, a business coach,
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The value of a boat, the value of vacation property,
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I remember one time I was talking to my buddy Deacon
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about telling his friend to put a pool at his house
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He's like, they may not give you an ROI on the house,
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Every person in a cemetery has the same thing, a tombstone.
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Why would you keep saving all the way till the end
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and then not use any of it to create experiences?
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There's an incredible book called Die With Zero
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by bill perkins he maps it out he gives you the math how to accumulate wealth and then as you've
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built it up then start deploying it so you understand when you have the go-go years the
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slow go years and the no-go years some people are waiting for someday maybe to do something nice for
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somebody else when the best time to do it is right now don't let money make you a prisoner
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start using it as a resource which brings us to number six which is avoid wealth preservation mode
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when i was 32 years old i had one of my mentors invite me to this fancy dancy dinner on a private
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golf course with literally a runway that went through it and jets were landing with people
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that were invited to this dinner it was a hundred millionaires and billionaires from all over north
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america and i remember i was sitting there listening to these conversations and honestly
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i didn't enjoy them all they were talking about is how to skimp and save on taxes or get a good
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deal on something or something the government was doing or the news and honestly boring life
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insurance policy type stuff it wasn't entrepreneurial or exciting and i remember telling this to my
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mentor because he asked me how it was and he replied he goes ah he goes you just discovered
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the difference between wealth preservation mode and wealth creation mode and those people have
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transitioned into wealth preservation mode they're not trying to make more money with what they have
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they're trying to keep what they have so they don't lose it see i believe being a millionaire
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or somebody that's expansive has to do with your mentality,
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You wanna continue being in wealth creation mode
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in wealth preservation mode and be all in on wealth creation.
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Number one is work like you have nothing to lose.
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Don't set up shop as you climb this mountain of success
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Number two, don't build a life you grow to hate,
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and he was looking to sell his company and asked him why.
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And he said, well, I've just got like a lot going on
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and I'm a little stressed out and my health isn't good.
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And my wife's kind of giving me a hard time
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And I go, well, you could sell now, but it's a little early.
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you'd be able to get maybe five times more for it.
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All he had to do is pay himself a little bit more
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so he can get way more money in the near future.
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Number three, focus on abundance, not scarcity.
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Fulfillment comes from investing, opportunities, expansion.
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where we have stuff that we're worried we're gonna lose
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or we stay in the place of expansion and growth
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and we keep reinvesting in ourselves and our future.