The Personal Finances of a $200M/year Ecom Business Owner (and why hes giving away his money)
b"Last year, Mike Beckham donated 1 million dollars.\\xa0\\nThis year, he's setting his sights even higher.\\nHe wants to give away 50% of his annual income. And that's not all\\u2014his company, Simple Modern, with a valuation of around 350 million dollars, also allocates 10% of its profits each year to charitable causes.\\nMike's journey to philanthropy has been shaped by a deep-rooted commitment to making a difference. Despite starting his career in the nonprofit sector, he discovered his knack for business growth and decided to leverage his skills to amplify his impact. So he left the nonprofit world and built Simple Modern.\\nFor Mike, donating his money is about more than just creating a positive impact in the world (although that is a big part). Mike has found that donating his money helps him refrain from spending that doesn\\u2019t bring happiness to his life, and allows him to have more success in the most important part of his life: his relationships with others.\\xa0\\nIn this episode of Moneywise, Mike will explain all of the benefits of donating. He\\u2019ll make the personal and financial cases, including how it\\u2019s helped his business succeed. He\\u2019ll also give tips on donating effectively, especially if you\\u2019re just starting. And as usual, Mike will explain how he made all his money, how he spends it, and give us all the dollar details.\\n\\nThis is Moneywise, a podcast where host Sam Parr is joined by high-net-worth guests to explore exclusive insights into personal finance and lifestyle tailored for other high-net-worth people, or those on their way. They'll get radically transparent about the numbers, revealing things like their burn rates, portfolios, and spending habits.\\nWho is Sam Parr?\\nSam is a serial entrepreneur and the co-founder of The Hustle, which he sold to HubSpot in 2021. He's also the co-host of one of the world's top podcasts for entrepreneurs, My First Million. Known for his insightful business acumen and candid communication style, Sam Parr continues to be a prominent figure in the world of media and entrepreneurship. Sam's newest and biggest venture yet is Hampton, which he co-founded in 2022.\\nThis podcast was made for the Hampton community, a private, highly-vetted, peer membership community for founders and CEOs of fast-growing, tech-enabled startups.\\nChapters:\\nHis start in the profit world (3:41)\\nWhen and why he switched to business\\xa0(6:46)\\nWhy he\\u2019s not interested in spending on himself (14:13)\\nWhy he gives so much (18:03)\\nHow much he donates (22:18)\\nThe benefits of giving (24:043)\\nAdvice on how to start (35:24)\\n\\nThis podcast was produced in partnership with Lower Street and distributed by Morning Brew.\\nLearn more about your ad choices. Visit megaphone.fm/adchoices"