My First Million

Michael Sonnenfeldt: The Most Successful Real Estate Deal of All Time and Building a Community of Billionaires

10 snips
May 31, 2022
Guest
Michael Sonnenfeldt
Michael Sonnenfeldt, founder and chairman of Tiger 21, shares his insights on wealth management and the psychology behind high-net-worth individuals. He discusses the critical role of supportive communities for successful entrepreneurs transitioning from business operations. The conversation dives into the nuances of real estate investments, contrasts entrepreneurship with investment strategies, and reflects on the emotional complexities of selling a business. Sonnenfeldt also touches on philanthropy and the importance of intentional spending to enhance personal fulfillment.
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ANECDOTE

Harborside Financial Center

  • Michael Sonnenfeldt's first business involved renovating a rundown warehouse in Jersey City.
  • The warehouse, previously the world's largest building, was transformed into a computer center hub for Wall Street firms.
INSIGHT

Wealth is Relative

  • Wealth perception is relative, not absolute.
  • Someone worth $30M after losing $20M feels worse than someone who gained $10M to reach $30M.
ADVICE

Think Before Selling

  • Consider the non-financial implications before selling a business, like loss of platform and momentum.
  • Account for "sticker shock": passive income from investments is often much lower than business income.
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