I want to share some thoughts with you about money and wealth. It’s a topic that might intrigue you, make you uncomfortable, or perhaps leave you indifferent. Regardless, it’s crucial to understand.

Wealth, at its core, is about freedom. It’s not about outdoing others or flaunting possessions. That’s a hollow pursuit, often leading to dissatisfaction. I’ve known many wealthy yet miserable people, and also some with great hearts who’ve done amazing things with their money.

Like your grandmother, Cookie, who is a shining example of how wealth can be used to make a profound difference in the world. While she always donated money and had a heart of gold, once she achieved financial independence, she didn’t rest on her laurels or indulge in excess. Instead, she looked for ways to give back, particularly to those facing the same challenges she had witnessed in her own family’s history. She established a Donor Advised Fund called “Gene’s Nourish to Flourish,” named in honor of her father – your great-grandfather. You see, great-grandpa Gene grew up in tough times, often going to bed hungry to say the least. Cookie never forgot those stories, and she was determined to ensure that to the best of her abilities she would feed these kids. I have lost count of the number of meals but at this writing (January 2025) it is about 500 meals per day, or 10,000 per month. I will do my best to update this for you over time. It’s more than just food; it’s hope, it’s care, it’s a chance for these young minds to focus on learning and growing rather than worrying about their next meal. Said simply, it’s hard to study or pay attention when you are “hangry”. 

Your grandmother’s efforts remind us that true wealth lies not in what we keep for ourselves, but in what we give to others. Her legacy of generosity is a testament to the power of purposeful wealth and the profound impact one person can have when they combine financial resources with a compassionate heart.

The journey to wealth often begins with an unexpected step: prioritizing learning over immediate financial gain. By focusing on acquiring knowledge and skills, you’re investing in yourself. This investment will pay dividends far greater than any quick money grab. It’s easy to get caught up in the allure of quick money, but true, lasting wealth often comes from developing valuable skills and knowledge.

One of the best and most cost-effective ways to learn is through reading autobiographies and biographies or listening to podcasts featuring successful individuals. I’m a huge fan of this. These resources are invaluable because they allow you to tap into the life experiences of people who have already achieved what you aspire to do. For the price of a book – often just $20 or $30, or even for free through libraries or online resources – you can gain access to an entire life’s worth of wisdom, experiences, and lessons.

These stories offer a unique window into the minds of successful individuals. You’ll learn about their motivations, the challenges they faced, the mistakes they made, and how they overcame obstacles. In just a few hours of reading or listening, you can absorb 50-70 years of hard-earned wisdom. It’s like having a personal mentor sharing their life story with you, guiding you through their triumphs and failures.

This approach to learning might mean taking a lower-paying job that offers great learning opportunities, or investing time in education or skill development that doesn’t immediately pay off. The key is to think long-term and to constantly seek out these stories of success and failure. They will inspire you, warn you of potential pitfalls, and provide you with strategies that have been tested in the real world.

For significant wealth, entrepreneurship is often the most direct path. If you create something that a lot of people want and are willing to pay for that is in scarce supply because it has motes around it, you’ll have a business.  This allows you to create value on your own terms and reap the rewards of your innovations and hard work. However, it’s not for everyone. It involves risk, hard work, and often, a lot of uncertainty. It will probably be even harder than you think, but that’s not bad.  Since when is hard bad? 

And sometimes people work really hard on businesses that are too difficult to tackle and that’s not smart.  Why waste a lot of time (your most valuable resource) on something that just ain’t gonna happen. So if it’s unsolvable then leave that for the next sucker.  But if it’s solvable and important but just hard, then go get em!

Cookie often refers to the poem “The Road Not Taken” by Robert Frost when we had big decisions to make. It explores themes of choice, decision-making, and the impact of our choices on our lives, and it goes like this (and our favorite part is the bolded section).  We often made choices with this in mind. 

Two roads diverged in a yellow wood,
And sorry I could not travel both
And be one traveler, long I stood
And looked down one as far as I could
To where it bent in the undergrowth;

Then took the other, as just as fair,
And having perhaps the better claim,
Because it was grassy and wanted wear;
Though as for that the passing there
Had worn them really about the same,

And both that morning equally lay
In leaves no step had trodden black.
Oh, I kept the first for another day!
Yet knowing how way leads on to way,
I doubted if I should ever come back.

I shall be telling this with a sigh
Somewhere ages and ages hence:
Two roads diverged in a wood, and I—
I took the one less traveled by,
And that has made all the difference.

If you choose the path of entrepreneurship, understand that it requires a unique blend of vision, perseverance, and calculated risk-taking. It’s about identifying problems and creating solutions, seeing opportunities where others see obstacles. Start by cultivating an entrepreneurial mindset. Be curious, observant, and always ask, “How can this be improved?” Ideas are everywhere, but execution is what separates successful entrepreneurs from dreamers.

Begin small. You don’t need a groundbreaking idea to start. Many successful businesses began by slightly improving existing products or services. What matters is that you start and learn from the process. Each failure is a lesson, each setback an opportunity to refine your approach.

Embrace the lean startup methodology. Instead of spending years perfecting a product in secret, create a minimum viable product and get it in front of potential customers as quickly as possible. Their feedback is invaluable and will guide your future iterations.

Network relentlessly. Your network is your net worth, as the saying goes. Christian is about the best person I have ever seen at networking.  Kudos to him on this.  He’s amazing! Attend industry events, join entrepreneurial groups, and seek out mentors. You’ll be surprised how many doors open when you actively engage with the entrepreneurial community.

Be prepared for long hours and high uncertainty and the need to be a great leader and make tough choices every day. Entrepreneurship is not a 9-to-5 job. It will demand your time, energy, and often your personal savings. But the potential rewards – both financial and personal – can be enormous.

Learn to delegate and build a strong team. As your business grows, you can’t do everything yourself. Hire people smarter than you in areas where you’re weak. A strong team can turn a good business into a great one.

Always be learning. The business world is constantly evolving. Stay updated on industry trends, new technologies, and changing consumer behaviors. Adaptability is key to long-term success.

Don’t be afraid to think big. Start with solving a local problem, but always have an eye on how you can scale. With the internet, even small businesses can have global reach.

Remember, entrepreneurship is not just about making money. It’s about creating value, solving problems, and potentially changing the world. Levi’s jeans were developed during the gold rush in California around 1870.  Levi Strauss decided that the current jeans that were on the market were not strong enough to withstand the difficult work that the workers during the gold rush needed, so he decided to add rivets to the jean making process, he patented it and the rest is history.  He fulfilled a huge need and frankly it wasn’t that tough to do.  He just needed to recognize the need and take action. 

If entrepreneurship doesn’t appeal to you, don’t worry. You can build wealth through a more traditional path. This approach involves controlling your expenses, investing wisely, and harnessing the power of compound interest. Live below your means and avoid unnecessary debt. Learn about investing and make informed decisions about where to put your money.

Building wealth through regular and prudent investments is a powerful strategy. It’s not about getting rich quickly, but about consistent, informed decisions over time. Diversify your investments to manage risk. Start investing early and consistently. Even small amounts can grow significantly over time thanks to compound interest.

The concept of prudent investing is worth diving into deeper. It’s not about finding the next hot stock or trying to time the market. Instead, it’s about creating a diversified portfolio that aligns with your risk tolerance and financial goals. This might include a mix of stocks, bonds, real estate, and other assets. The goal is to create a portfolio that can weather market ups and downs while growing over time.

Rushing to become rich is often counterproductive. It can lead to poor decisions, unnecessary risks, and missed opportunities for sustainable growth. The tortoise, not the hare, wins this race. Many people, in their haste to accumulate wealth, make poor decisions. They might take on too much risk, fall for get-rich-quick schemes, or neglect other important aspects of their lives. Building wealth is a marathon, not a sprint. Patience and consistency are key.

Even if you choose not to pursue wealth, you have an obligation to achieve financial stability. Life without money is incredibly challenging. It limits your choices, your opportunities, and often, your ability to help others. Aim for at least enough to cover your needs and some wants, with a buffer for emergencies. This financial foundation can provide peace of mind and allow you to focus on other important aspects of life.

Remember, getting rich is not about making money at all costs. It’s about creating value, whether through a business venture or by being an excellent employee, and being rewarded for that value. It’s about making smart financial decisions consistently over time.

Stay ethical and never compromise your integrity for financial gain. Be patient, as building true wealth takes time. Continually educate yourself because the financial world is always changing. As you prosper, find ways to help others and contribute to your community.

Whether you choose the entrepreneurial path or the slow and steady approach, remember that true wealth goes beyond money. It includes rich relationships, good health, and a sense of purpose. As you work towards financial freedom, don’t neglect these other crucial aspects of a wealthy life.

The ultimate goal of wealth should be to enhance your life and the lives of others. It’s a tool, not an end in itself. Use it wisely to create a life rich in experiences, relationships, and purpose. And always keep in mind the example set by your grandmother Cookie – that true wealth lies in what we give, not what we keep.

Now, let’s ponder a crucial question: How do we define “rich”? Is it about accumulating billions and keeping score? Or is it something more nuanced?

For some, being rich means having enough money to never run out. This is a valid goal, but it raises an important question: What happens when you reach that number? Will you stop accumulating wealth? And if you do stop, what will you do with your time and resources?

Your grandmother and I faced this very question. When we reached a point of financial security, we made a conscious decision. Instead of continuing to accumulate wealth for its own sake, we chose to shift our focus. We decided to start giving back, to spend more time with you and your parents, and to enjoy each other’s company.

You see, your grandmother’s battle with cancer gave us a stark reminder of life’s fleeting nature. It made us realize that true richness isn’t just about the numbers in a bank account. It’s about the lives we touch, the memories we create, and the legacy we leave behind.

If you aspire to accumulate billions, ask yourself why. Is it to keep score, or do you have a greater purpose in mind? If your goal is to change the world for the better, then by all means, pursue that path with vigor. But remember, you don’t need billions to make a significant impact. Sometimes, it’s the smaller, more personal acts of kindness and generosity that create the most meaningful change.

Ultimately, being “rich” is about having the freedom to live life on your own terms and the ability to positively impact the lives of others. It’s about finding a balance between financial security and personal fulfillment. Whether that means founding a world-changing company, supporting causes you believe in, or simply having the time and resources to be there for your loved ones, the choice is yours.

As you navigate your own financial journey, I encourage you to regularly reflect on what “rich” means to you. Your definition may change over time, and that’s okay. The key is to align your financial goals with your personal values and to remember that the true measure of wealth extends far beyond monetary value. May your pursuit of wealth be guided by wisdom, marked by integrity, and ultimately lead you to a place where you can not only enjoy personal freedom but also make a positive impact on the world around you.