$100M Net Worth, $5M Income: How I used money to handle a cancer diagnosis

Moneywise

Hampton

Business, Entrepreneurship, Investing

4.8 • 674 Ratings

🗓️ 15 October 2024

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

What’s the true value of money when faced with a life-or-death situation? Mitch found out the hard way when his wife was diagnosed with cancer. As a highly successful entrepreneur with a net worth of nearly $100 million, Mitch had built a life of financial security. But when faced with his wife’s illness and his own health scare, he discovered that no amount of money could buy control over life’s toughest moments. Mitch's story is one of resilience, from his early entrepreneurial days, selling candy out of his locker, to growing a business worth millions. He reflects on the emotional and personal costs of his financial success and how his near-death experience completely shifted his perspective on wealth, work, and family. This is Moneywise, a podcast where hosts Sam Parr and Harry Morton are joined by high-net-worth guests to explore exclusive insights into personal finance and lifestyle tailored for other high-net-worth people, or those on their way. They'll get radically transparent about the numbers, revealing things like their burn rates, portfolios, and spending habits. Who is Sam Parr? Sam is a serial entrepreneur and the co-founder of The Hustle, which he sold to HubSpot in 2021. He's also the co-host of one of the world's top podcasts for entrepreneurs, My First Million. Known for his insightful business acumen and candid communication style, Sam Parr continues to be a prominent figure in the world of media and entrepreneurship. Sam's newest and biggest venture yet is Hampton, which he co-founded in 2022. Who is Harry Morton? Harry Morton is the CEO of Lower Street, a company specializing in premium podcast production that he founded to transform brand narratives through audio storytelling. His expertise has made Lower Street a leader in the podcast industry, working with diverse clients from startups to Fortune 500 companies to enhance their market presence and audience engagement. This episode also features an interview conducted by Aaron Hayslip. This podcast was made for the Hampton community, a private, highly-vetted, peer membership community for founders and CEOs of fast-growing, tech-enabled startups. Chapters: Mitch's Early Entrepreneurial Spirit (03:25) First Taste of Wealth and Career Choices (05:24) Health Scare and Perspective Shift (13:30) Reflecting on 2019: A Pivotal Year (21:36) Turning Down a Billion-Dollar Offer (22:03) Starting from Scratch: The Independent Journey (24:08) Facing a New Challenge: Breast Cancer Diagnosis (28:48) The Emotional Toll and Family Struggles (30:27) The Role of Wealth in Healthcare Access (33:41) Reevaluating Wealth and Power (37:35) Investing in Experiences (39:37) The Limits of Wealth and Final Reflections (40:40) This podcast was produced in partnership with Lower Street and distributed by Morning Brew.

Transcript

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0:00.0	I would give up this moment and this luxury and this ability power, whatever you want to call it, to have her healed.
0:07.0	Money brings us a lot. It gives us control over time, how and where we live, and how we enjoy ourselves.
0:14.0	But no matter how much you have, there's always going to be something out of your control.
0:17.0	And that's something that today's guest had to reckon with when his wife was diagnosed with breast cancer.
0:23.0	And here's the other thing I need you to do.
0:24.7	With where this is, you will not be able to raise these girls
0:28.5	if you don't have a week here when you're gone
0:31.1	to fully live into her being gone.
0:34.6	I know she's not, but you have to mentally do it. or these three girls, I don't know what's going to happen.
0:41.1	And on top of that, Mitch had his own health scare.
0:44.5	In this episode, Mitch is going to talk about what it felt like to feel completely powerless in a situation,
0:50.6	even though he's made an incredibly comfortable life with himself because of his wealth.
0:55.0	And we're going to hear about how his experiences completely change his approach to spending
0:59.4	money and how his money did in fact help his wife's cancer battle.
1:04.0	Today's episode, we got to give a shout-off to Aaron Heslip. Aaron went and got this interview
1:08.2	and I'll be narrating it. And if you are unaware,
1:11.4	this is money wise. Just spend 10 minutes on Instagram and you're going to find a ton of content
1:16.1	on how to get rich. But there's not a lot of stuff out there on how to handle life after you've
1:20.3	already made a bunch of money. But I think those are important conversations. And I'm able to
1:24.3	see a lot of these types of conversations in Hampton. That's a community that I own.
1:28.5	It's for CEOs and business owners. You can check it out at joinhampton.com. And the majority of people
1:33.6	in Hampton are high net worth people. And so I'm able to see all of these private conversations about
	...

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