When you think of the coolest, wildest, and once most inspirational people on earth, possibly chasing the top ranks, who comes or maybe came to mind, if still around after 2022’s market chaos and collapse?
Perhaps, Sam Bankman Fried, Elizabeth Homes, Elon Musk, or Mark Zuckerberg?
The cool twenty-somethings who may have dropped out, started tinkering with some gadgets with their best friends in their basement, and fast forward 10 years later, are on the front cover of Forbes with delusion and obsession to fame, status, power, and fortune placed on a pedestal for their genius branding, zeros next to their name, network, luck, and exceptional timing come to mind?
What a year 2022 has been for once revolutionary investments, sectors and young geniuses we once considered next gen entrepreneurs.
The sad truth about life is that too much of anything is dangerous, most evidently money. And the scariest part of this truth bomb is that no one really understands this reality or most likely won’t believe it and call it a hoax until they experience it themselves.
Who would think that having it all isn’t healthy? We all want a slim body, greater legacy, most likes and followers, and be invited everywhere until we start relying on external validation and tangibles.
It’s scary to picture how easily someone can lose it all overnight even with billions tied to their name. From FTX’s epic collapse to tech’s delusional defensive superior vision, everything in life ebbs and flows and eventually comes to an end, especially uninvestable asset classes, dangerous social media platforms, and gadgets with too many promises.
There’s no better way to test out this rollercoaster ride and not repeat these mistakes now once billionaires and revolutionary platforms used to ride than through age.
Aging is Really the Greatest
Even as a 21 yr old, I still have quite a lot of nuggets of wisdom and lessons to share that entrepreneurs, younger and older than me, who’ve gotten themselves in sticky situations could benefit from.
One of the most important qualities and traits I’ve prioritized is moderation and specifically in controlling my emotions. You cannot control what others say but you can control how you react.
Being emotionless in investing and controlling my emotions outside of my portfolio is my true superpower. I’ve noticed this is harder than ever before with get-rich-quick schemes, short-attention spans, instant gratification, and TikTok blindsiding billions!
I oftentimes hear, age is just a number and at 21, this is a mantra I even remind myself of. Never too early!
We all have our own timeline and oftentimes, rushing to get on the cover or meet a person at the MET ball may not be worth it if you’re not ready mentally.
What’s even more important to remember is that experience, wisdom, and potential come with age. I couldn’t do half the things I do now without the mental fortitude I’ve developed over the years.
As they say with investing, earlier the better right?
That’s certainly true especially since time in the markets beats timing the markets however when it comes to building something that is meant for the future, not tomorrow, and provides true value, not piles of debt or addiction, it’s important to have substantial experience under your belt in the real world dealing with difficult challenges and different people.
If there’s one thing that connects all services it’s that they are all a people’s business. Even if you run an EV vehicle company all operated by robots and virtual assistants, it’s still made for the consumer in mind, a driver who expects their life to be better in some way after using your product.
Knowing people, how to deal, negotiate with them, and make them feel good is a business in itself and is rarely taught in the classroom. Remember, the customer is always right! Are you willing to accept that even if it doesn’t seem so?
The best experience is through hands-on learning, communication, practicing patience, working on your personality, and networking. It’s not learned through a textbook.
Having superb communication skills and high EQ will make your life 100x easier and open countless doors. Everything else can be learned in a textbook and older folks have mastered this naturally through age since these lessons and experiences cannot be rushed!
Investment Grade Progress
Comparing profitability to health or happiness is like comparing performance to the weather outside.
Sure, these factors connect in some shape or form but in the grand scheme of things, happiness and success cannot be purchased, they must be worked on like a muscle. It’s all internal and starts from within. Once your base needs are met after a certain income of around ~$75k annually, happiness levels start to plateau and people realize it requires more effort to stay at this level than to rely on external factors, materialistic goods or a high-flying stock price to keep it steady.
When observing the most profitable companies, it’s no coincidence the founders are older, happier, and actually enjoy the hard work. Compare that to young companies that may be flourishing. Are their founders truly as satisfied or chasing some external token?
Would you be proud if your company is harvesting your data to create personalized addictive ads, selling surgery drinks or promoting short-term gambling? I don’t think so.
Older more established public/private brands and companies that are coveted as defensible blue chips across various sectors from consumer staples to technology come with a unique spirit.
The way they’ve been built and how their founders treated the process made all the difference in their revolutionary success. A few of these later-stage empires include Walmart started by Sam Walton at 44, Trader Joes’ founder Joe Coulombe at 37, and even Martha Stewart at 32 years old as a pioneer in the kitchen!
Later never means never! In fact, take it from me and remind yourself that later is greater!
Make sure to enjoy the process otherwise, burnout, regrets, and delusion will quickly settle in.
Time Is The Greatest Lesson + Healer
I find younger generations are anxiously chasing the next big thing, golden ticket, and tend to forget patience is truly a virtue.
Sure, you have less at stake when you’re younger and can afford to make more mistakes but trying to jam-pack your experience, work on 5+ ventures at once, and pretend you know everything will inflate your ego in an unhealthy way and end up digging a hole for yourself.
Now, you’ll never be fully prepared to start anything. That’s not possible and if you wait too long, you won’t get anything done however everything takes time since nothing worthwhile happens overnight. True experience comes through trial and error, embarrassment, and failure since they teach us the most.
Chasing something on your own timeline when it may not look as cool, young or popular should be normalized. Just look at President Biden who celebrated his 80th birthday on Sunday! He didn’t give up after running several times for the presidency in the past and finally accomplished it with more wisdom and experience at this stage in his life.
If interested in reading about the power of older leaders, check out Jeffrey Sonnenfeld’s POLITICO piece on defining time and the creativity, spirit, and unbeatable perspective that comes with age!
It may even help you rethink early retirement since life satisfaction rates start to plummet when there’s no purpose to wake up in the morning. Always have a drive, at every age and stage! It’s never too late after all!