I think a lot about the following exchange which comes from Soros on Soros: Byron Wien: You once said to me that I was smart enough to get rich, but I did not seem to want to make a lot of money. What did you mean? George Soros: Business isn't that complicated. A lot of people of average intelligence make a good living. Really smart people can accumulate a fortune if they are truly committed. Your problem is that you like to do interesting work.
George, i love reading your material. This one is so true. I’m a 30 year automotive collision tech and i trade/invest my savings to build up for my retirement.
There are few techs in my industry right now so i can almost ask for whatever pay i want. Great time to be a laborer. If someone wanting to enter this industry knows the right people, there’s no initial schooling required. The companies pay for certifications and continuing education and some even help with your tool investment.
Another great article, George. I trade for the freedom of schedule and intellectual challenge. I have no interest in selling my asset management business to anyone, ever again. I did so once and that was the biggest single mistake of my life.
Also have a background in Ohio and this article is very on-point. For example, I know a doctor in Ohio that has a house worth 1M — his neighbor owns a 2.5M house (paid cash) — he sells restaurant supplies.
Many Americans are okay with dropping 50k in the stock market to make 3% a year, but do not realize starting a business with 50k, can produce maybe 100k or more.
Obviously takes time, risk and effort, but the non-sexy is where the money is. Emphasis on the non-sexy though, for example, coffee shops and restaurants have a high failure rate and very rarely produce profits after expenses.
I recently watched Wanderlust (2012 movie with Paul Rudd). Rudd and Jennifer Aniston are living in a box in NYC and lose jobs and have to go stay with his brother in ATL before joining a commune . The brother is a total jerk in the movie (bad guy, cheats on wife, etc.) but he runs a port-a-john biz and has big house cars etc. I think the writers attempted to make him even worse of a character by giving him a literally "shitty" biz. But he was living well - financially at least. Obviously it is a movie but it resonated with what I've been seeing as it relates to ugly business owners living well. I think it also speaks to society's collective Hollywood view of ugly businesses. As I get older, I find higher paying jobs almost always have a cost (stress, rejection, etc.). Maybe the willingness to defy societal expectations in running an ugly biz allows for the $$ rewards? The employee looks down on some guy for running an ugly biz but the ugly biz guy has money, flexibility, longevity, etc. while the employee slaves away hoping for a half-day off.
I live in NYC now and can relate, many software engineers are leaving the city after getting laid-off as their rent is around 3k-5k a month. When you work a higher-paying job, everyone also expects you to spend more on rent, food, etc, and so you do to maintain your image, buying nicer cars, nicer houses, nicer vacations.
Small business owners have the luxury of driving a Camry or a Benz, and most likely will drive a Camry because they don’t care what others think about them (defying societal expectations).
George, i love reading your material. This one is so true. I’m a 30 year automotive collision tech and i trade/invest my savings to build up for my retirement.
There are few techs in my industry right now so i can almost ask for whatever pay i want. Great time to be a laborer. If someone wanting to enter this industry knows the right people, there’s no initial schooling required. The companies pay for certifications and continuing education and some even help with your tool investment.
Another great article, George. I trade for the freedom of schedule and intellectual challenge. I have no interest in selling my asset management business to anyone, ever again. I did so once and that was the biggest single mistake of my life.
Also have a background in Ohio and this article is very on-point. For example, I know a doctor in Ohio that has a house worth 1M — his neighbor owns a 2.5M house (paid cash) — he sells restaurant supplies.
Many Americans are okay with dropping 50k in the stock market to make 3% a year, but do not realize starting a business with 50k, can produce maybe 100k or more.
Obviously takes time, risk and effort, but the non-sexy is where the money is. Emphasis on the non-sexy though, for example, coffee shops and restaurants have a high failure rate and very rarely produce profits after expenses.
I recently watched Wanderlust (2012 movie with Paul Rudd). Rudd and Jennifer Aniston are living in a box in NYC and lose jobs and have to go stay with his brother in ATL before joining a commune . The brother is a total jerk in the movie (bad guy, cheats on wife, etc.) but he runs a port-a-john biz and has big house cars etc. I think the writers attempted to make him even worse of a character by giving him a literally "shitty" biz. But he was living well - financially at least. Obviously it is a movie but it resonated with what I've been seeing as it relates to ugly business owners living well. I think it also speaks to society's collective Hollywood view of ugly businesses. As I get older, I find higher paying jobs almost always have a cost (stress, rejection, etc.). Maybe the willingness to defy societal expectations in running an ugly biz allows for the $$ rewards? The employee looks down on some guy for running an ugly biz but the ugly biz guy has money, flexibility, longevity, etc. while the employee slaves away hoping for a half-day off.
I live in NYC now and can relate, many software engineers are leaving the city after getting laid-off as their rent is around 3k-5k a month. When you work a higher-paying job, everyone also expects you to spend more on rent, food, etc, and so you do to maintain your image, buying nicer cars, nicer houses, nicer vacations.
Small business owners have the luxury of driving a Camry or a Benz, and most likely will drive a Camry because they don’t care what others think about them (defying societal expectations).
Good job. Nailed it.
I really enjoyed this one. Gave me a lot to think about.