Money is a tool for personal freedom and fulfillment, Wealth includes relationships, experiences, learning, and purpose.
Deep dives
Exploring New Ventures and Money Mindset
The guest discusses exploring new ventures and their evolving money mindset, reflecting on their entrepreneurial journey with startups like Skillshare, Otis, BHANDS, and Hoppe Tato. The guest emphasizes understanding the shifting importance of money and personal wealth, exploring the diminishing returns of accumulating excessive wealth beyond a certain point.
Valuing Financial Independence and Freedom
The discussion revolves around the significance of financial independence and freedom in achieving happiness, highlighting the impact of income on well-being and the ability to choose how to spend one's time. The guest advocates for setting financial goals and emphasizes the role of money as a tool for achieving personal freedom and fulfillment.
The Concept of Wealth Beyond Money
The guest delves into the distinction between money and wealth, defining wealth as encompassing intangible values like relationships, experiences, learning, and purpose. They emphasize that wealth goes beyond monetary assets and can be achieved through personal fulfillment, regardless of financial status.
Balancing Risk-Taking and Stability
The conversation touches on balancing risk-taking in entrepreneurship with the need for stability and planning, drawing lessons from the challenges and rewards of startup ventures. The guest underscores the importance of focus, constraints, and strategic decision-making in managing diverse business interests within a personal holding company model.
Today, Greg is joined by Michael Karnjanaprakorn, the founder of Skillshare and Otis. He's now taking time off to think and write about life, money and personal holding companies. In this episode, Greg and Mike talk about the thing Mike is *most* uncomfortable talking about: money.
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SHOW NOTES: 0:00 - Intro 1:12 - How much money does it take to be wealthy? 17:43 - The business of being a content creator 19:51 - How to choose a niche 31:00 - An argument for Personal Holding Companies 45:38 - Michael Karnjanaprakorn peers into the crystal ball
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