Tiger 21: Learn The Secrets Of How Successful Entrepreneurs Preserve Their Wealth

Money Tree Investing

Money Tree Investing Podcast

Stockmarket, Valuestocks, Investing, Finance, Passiveincome, Wealth, Business, Personalfinance

4.6 • 658 Ratings

🗓️ 23 April 2021

⏱️ 74 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

A great interview with Michael Sonnenfeldt, founder and chairman of Tiger 21, a peer network of successful high net worth individuals.

We discuss what it is like for successful entrepreneurs to have an successful exit, then deal with new wealth, how to raise kids around wealth, what surprises they encounter, how to deal with loss, why entrepreneurs have the opposite mindset of successful investors, and more.

For more information, visit the show notes at https://moneytreepodcast.com/tiger-21-michael-sonnenfeldt-successful-entrepreneurs

^{Today's Panelists:}

^{Kirk Chisholm | Innovative Wealth}
^{Barbara Friedberg | Barbara Friedberg Personal Finance}
^{Megan Gorman | The Wealth Intersection}

Transcript

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0:00.0	Welcome to the Money Tree Investing Podcast. Stock market, wealth, personal finance, value stocks, invest in your life.
0:11.1	Hello, Smart Money Tree podcast listeners. Welcome to this week's show. My name's Kerkisholm and I will be your host.
0:17.7	So today, we're interviewing Michael Sondfeld. How you doing today, Michael?
0:22.2	Great. Thank you. Good. Well, it's a real treat to have Michael on the show this week.
0:27.0	Michael is, I guess, famous in some circles, but some people may not be familiar with him.
0:32.5	And I think this is a real treat to get his perspective on wealth and the markets. So Michael's background, he's a board
0:40.2	member of Earth Justice. He's a founder and chairman of Tiger 21. He's also the author of Think
0:47.2	Bigger 39 winning strategies from successful entrepreneurs. So Michael has a lot of background with
0:53.8	entrepreneurs, successful people. So Michael, a lot of background with entrepreneurs, successful people.
0:56.6	So Michael, you know, you started Tiger 21. What was really kind of the reason for doing that?
1:02.7	21 years ago, I had sold my second major business. I was lucky enough that I had had a exit when I was 30 and then a second
1:13.5	exit when I was 43. And the difference between the two is when I had sold my first business,
1:20.7	I was 30 and I was very, I had no idea of what wealth preservation meant. All I knew was that I had been a really lucky and successful
1:30.5	entrepreneur, and I figured it would just keep happening. So when I sold the first business,
1:36.6	I figured I just needed to keep putting more chips on the table, and they'd keep winning
1:42.2	because that was the natural order of things.
1:45.6	That's what happens when you're 30 and successful.
1:48.0	And it didn't work out that way.
1:49.9	The reality of the marketplace hit me and I had a few failed investments.
1:56.0	It wasn't that I gave back all of the winnings or earnings of my first project. But I realized that the trajectory
2:03.7	of where I thought I was going was completely different and that I needed to rethink a life
2:10.4	plan, if you will. And I had had my first success in real estate and thought my next success would be
	...

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