Michael Sonnenfeldt: The Most Successful Real Estate Deal of All Time and Building a Community of Billionaires
My First Million
Hubspot
4.8 ā¢ 2.7K Ratings
šļø 31 May 2022
ā±ļø 64 minutes
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| 0:00.0 | There was that one article that came out that's total nonsense. It came out years ago |
| 0:04.4 | It said like you don't get significantly happier after a certain amount and the amount they said was crazy |
| 0:09.8 | It was $70,000 a year, but of course this was like 15 years ago and I thought that was crazy |
| 0:16.6 | I don't think that's true. |
| 0:29.9 | How long ago did you start the company? |
| 0:32.9 | About 21 or 22 years ago at this point. What was the original idea? |
| 0:39.6 | It's really a simple idea. If you're an incredibly successful entrepreneur, |
| 0:45.6 | you could be building a business for 10 years, 20 years, 30 years, and then you sell the business. |
| 0:52.3 | You think that it's the magic moment when you sell it, but actually what happens is the day after you sell it, |
| 1:01.0 | you have a lot of money, but you might be alone. You might have an assistant, but you don't have a thousand employees. |
| 1:07.8 | You don't have anybody left any of your jokes anymore. You might even have to get your own coffee. |
| 1:12.9 | Everybody around you thinks that you're wealthy and successful, but you've lost the platform |
| 1:20.0 | that allowed you to feel successful and all of a sudden you're back at a new point. |
| 1:26.3 | The number one challenge that you have is to be a wealth preserver so you don't lose what you've made |
| 1:33.1 | except that you don't know anything about preserving wealth. What you are is a great entrepreneur or a great leader |
| 1:40.5 | or a great manager and you're good at inspiring troops, but you don't have any troops anymore. |
| 1:45.9 | So you have this dramatic shift and it turns out that what it takes to be a great entrepreneur |
| 1:54.7 | might qualify you to be a mediocre investor. When you're an entrepreneur, you focus on a single |
| 2:01.5 | opportunity. You're highly emotional about it. You give it everything you can. When you're an investor, |
| 2:09.1 | you have to be more dispassionate. You have to have a diversified portfolio and you have to have |
| 2:15.4 | you have to be unemotional about it. So the sum of it all is that there's a little understood |
| 2:21.1 | transition which a few very lucky, very successful people get to go through and we wanted to study that |
... |
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