Wil Reynolds - The man who turned down $50 million
Wil Reynolds (seerinteractive.com) turned down $50 million dollars to buy his company. Why he did it is one of the most valuable lessons of personal finance you will ever hear.\xa0
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He had his number to walk away. He had the opportunity at life-changing money. He wrote\xa0 \u201cMy house is enough, my cars are enough, my kids\u2019 private school is enough, my vacation fund is enough. I\u2019ve seen enough of the world. My rainy day fund is enough, my take my parents on vacation fund is enough, my buy a small house for my in-laws to move near their grandkids fund is enough. There is no more \u201cLife-changing money\u201d for me. I\u2019ve lived a life well within my means, so what do I do when I\u2019m content?\xa0
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What would you do? Well, start by listening to this episode to get your ideas.\xa0
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[0:00] Intro\xa0
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[2:44] MONEY MISTAKE OR MAKEUP\xa0
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[5:41] How did your childhood upbringing affect who you are today?\xa0
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\u201cI live in fear of getting used to more and more shit that separates me from most people\u2019s reality, you should too, that is how you start going from \u201cif I could only have a million, to nah I need a billion)\u201d
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[7:42] On the struggle of teaching kids financial hardship
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[9:39] On the value of mixed residential neighbourhoods
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[11:25] How do you avoid the trap of nothing is ever enough?\xa0
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[13:26] On the value of cars
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[14:42] How do you find your number? How do you know how much you need to walk away from it all and retire comfortably?\xa0
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[17:50] On the importance of getting to you your \u201cwhy\u201d of money. Why do you need money? What purpose does it serve you?\xa0
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[18:55] What would you tell your younger self about money?\xa0
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[21:46] On not levelling up your lifestyle (especially when you\u2019re a millionaire)
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[23:46] On the urge to splurge after a long time of COVID restrictions
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[26:31] How much do outsiders influence our money decisions?
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[29:48] What was it like turning down $50 million dollars?
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[34:50] How do your employees feel now?
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[41:37] Why do you give so much without expecting anything in return? How is it so innate for you to give so much money?\xa0
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[47:39] An example of how kindness solves anger
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[49:04] Why perspective is fundamental
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[50:59] RAPID FIRE QUESTIONS
- What\u2019s in your wallet?\xa0
- \xa0A book everyone should read?\xa0
- What was your first job and what did you learn from it?
- What is a commonly held belief about your industry or space that you passionately disagree with?\xa0
- If you had one tweet that everyone in the world would read, what would it say?\xa0\xa0
- What\u2019s your number (to walk away from it all and live financially independent, never worry about money again?)\xa0
- If you had no obligations and no shortage of money, what would you spend your time doing?\xa0
- What do you want to be known for when you die?\xa0
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[1:06:18 - 1:07:12] Outro