What happens when you value financial success over the reasons you earn? Listen in and learn from my mistakes.
About Indestructible Wealth: I’m Jack Gibson. I’m your wealth strategist and I’m here to help you make some money. The Indestructible Wealth Podcast is for young entrepreneurs who want to make, keep and grow wealth to enjoy now, and for years to come.
Episode #22 – Mistakes to Avoid When You Start Earning Big
Welcome to the Indestructible Wealth Podcast. This is the place where we help young entrepreneurs to make, keep, and grow wealth that you can enjoy now, and for years to come. I’m your host Jack Gibson, a serial entrepreneur, founder of multiple seven and eight figure businesses, and wealth building strategist. Each week I’m going to share my tips, resources and secrets, to help you create a plan and build the life you’ve dreamed of.
Today, we’re going to take a deep dive into some of the mistakes that I made as I started to make a lot of money. This past weekend with family really got me present to what true wealth really is. We had Kara’s parents and her brothers and their kids. There’s 4 nieces. They’re all incredible, love them, throw them around in the pool, have a blast and they are all at our house for the weekend or most of it playing in the pool. Then of course we had to go down to the beach which is pretty much buzzkill to everything because when you go to the beach it’s just kind of, I don’t know, it’s just boring. You just sit there. We sit there and then you get sand in your car. I had to clean out my car today and I’m cursing the beach. So I’d rather just go to the pool. It’s so much easier. Playing with the kids, throw them around, grilling out having laughs, kicking back relaxed and then last night, Sunday night, I went to golf with my wife and we played 18 holes. I love playing golf with her. We just have such a great time. We laugh. We sometimes cry with some of our shots. hit my best score since the day before we got married and I of course I got to tell her that man, that was a long time ago since I put around like this together which that’s for me, that’s wealth guys. I think that society tells us that making lots of money and accumulating lots of money will almost certainly make us happy. And I’m here to tell you, that’s not the case really at all. Now I know that it probably sounds strange coming from a guy who’s doing a show on indestructible wealth and financial wealth and figuring out the money game and I want to make sure that you guys understand that although money and wealth are great and trust me I love making a lot of money. I love keeping it and I love growing it. But at the end of the day, there’s always got to be a balance with your life. And for me that balance got out of whack.
And I’m going to explain what were some things that happened. And so potentially you guys can avoid this as you start growing your businesses, growing your income, growing your portfolios, because if your heart’s not in the right place then making more will not serve you it will potentially lead to your own self destruction and don’t get me wrong. Don’t twist this and make an excuse to not earn all you can and grow all that you can, or that money is the root of all evil. money is incredibly important in today’s life. As we’ve talked about, but it’s a tool and that’s all it is. So here’s what I discovered through some pretty serious introspection after having a pretty high earning year that I still wasn’t all that happy. And I think a lot of people in business and entrepreneurs find this out too. And so I want to help you guys maybe not find this out the hard way, or maybe you guys just are like me and have to figure it out for yourselves. You’re going to listen to what I have to say and then you’re really going to just put it aside and then you’re going to do what you’re going to do. And some lessons I guess we’ve got to learn ourselves. We can only learn through experience. So you know what? I’m cool with that too. But some way that I can enlighten you guys a bit, give you guys a bit of experience of wisdom here that I’m going to try. I’m going to give it my best.
So first off I was so focused on success and business, making money that I was not at all connected to my wife. And I was working all the time and chasing the next deal and chasing the next sale and I couldn’t take an hour out at any point in the day, morning, afternoon, evening, you really to sit down and connect and talk and maybe watch a show or go golfing together or whatever the case I didn’t take the time to do that. It was like literally two ships passing in the night. So that doesn’t ever work because the source of all of your happiness, 85% of all your happiness in life comes from your relationships with other human beings and of course we know that the number one relationship is next to our Creator, with our spouse. So when that relationship was my fault for sure, wasn’t all that connected then I just wasn’t all that happy and fulfilled. So that was something that you guys really got to make sure that you’re present too. Because we get real busy, I know entrepreneurs get super busy and dialed in to building and grinding and growing and just be on guard for this creeping into your lives and I see it. I’ve had young entrepreneurs come to me and tell me about this and then I tell them well here’s what I would do. I’d really focus on this. I go to counseling. There’s nothing wrong with going to counseling. If you’re in that spot and they just go back, they change for a week and then they’re back to where they were before. And that road eventually leads to a crash. You definitely want to catch yourself before you get to that point.
The second thing is I let my competitive side get out of control as I thought I needed to prove myself. my primary strength is competitiveness. I’m sure for a lot of you, your fierce competitors, even if you would like to admit it or not, to be really successful in business you have to have some level of competitiveness within you. For me it was just, that was it that’s my number one strength, but it’s also my number one weakness because it can get totally unchecked. It can get totally out of hand if I don’t harness it correctly. So money was my new way after being out of the sports game, I don’t really compete in sports. I don’t compete in golf when I go out and play golf, I just have to compete with myself and get better. I didn’t ever find it was good for me to keep competing with other people in that game. I just started focusing too much on the competition instead of just enjoying it. But that was my way of keeping score. And this is a game you’ll frankly never win because there’s always going to be millions more out there who are going to do better than you at the end of the day a lot of them find out if they do with it, that they won that game at the expense of being happy and the expense of being fulfilled.You got to be careful and be on guard for competitiveness, comparing yourself to others.
Number 3 this happens a lot with entrepreneurs in the grind and really trying to grow is that they neglect their personal outlet. Your hobbies, things where when you play, you’re like a kid again, and you lose all sense of time awareness. That’s how you know that you’re in your outlet when you don’t even think about time at all, you’re just totally immersed in it you’re not looking at the clock, watch, whatever you are just in the zone and you’re loving it, you’re enjoying yourself. I love playing poker and I love shooting the shit with the guys making fun of each other, maybe having a couple cocktails. Just totally immersed in the competition, immersed in just the comradery. I love it. I love getting outside and golfing and trying to improve and to get better and just being out in nature. I just don’t get outside enough and getting outside, getting the fresh air, getting some exercise, playing a game that I love and I completely drop those things in order to make money and to make deals and that guys that will catch up to you, you can do it for a period of time and I’m not telling you not to do go hyper-focused and all in on growth and business because there is seasons and there are times where you need to just be totally dialed in and not get distracted with other things but you go too long, especially I know as a man, men need outlets and not to say that women do too you don’t either. I just don’t understand women. Don’t get you, you can go shopping and that’s an outlet for you. I don’t get you, I don’t get how you’re wired. So it’s harder for me to, say what’s an outlet for you or how important it is but I know for men, if we don’t get an outlet, Ooh man, it’s just chipping away at our very soul it’s chipping away at us and we get more and more down in life. You got to get these outlets and guys you got to go do the thing that you love to do. I know one of my guys on my team, he loves to play music and I told him I’m like, dude, it’s until you get that outlet, at least figure out how to get it a part of your life back in, you’re just, you’re going to be depressed. You’re not going to be feeling your happiest you got to get that in, figure out how to get that outlet and that hobby back into your life.
Another thing that I’ve found out is that I didn’t have fulfillment, I had success. Success comes from what you get. I had the money coming in lots of it. We had a nice car, the Tesla, the big dream house. I could buy pretty much whatever I wanted whenever I wanted. My 40th birthday party, which costs like $15,000, $20,000. It was an amazing a 2-night party that will go down in history as the best 40th party. That’s my competitive side coming out you guys. But what I found is that I didn’t have fulfillment because a lot of the people that I was pouring into they kind of a graduated. And this is part of the stages of like growth and entrepreneurialism, you’ll have somebody that you’re mentoring and you’re pouring into, and then they grow up and they graduate well in this case, the people that I was mentoring they grew up, they graduated high school, they graduated college, and then they got their master’s degree and then probably would have also got their doctorate. And now at that point, what is it that I really have to teach them or to pour into them? They know more about this business and a lot of it that I do. So I wasn’t. I didn’t have that fulfillment any longer. And I didn’t replace that fulfillment with new people to mentor. I need to be able to pour into people you guys, and that’s fulfillment. That’s what makes me happy and that’s why finally got out of my comfort zone and launched this platform is because I was, I knew something was missing. I didn’t know exactly what it was so it took a few months of asking questions and going to coaches and introspection and going off golfing for several hours by myself so I could just be alone in that piece with my own thoughts and try to figure out what is it that was missing? What is it that I needed to bring into my life to get that next level of fulfillment?
And so by having this platform even though it’s small right now, I’m happy. I’m enjoying it. I love producing this content for you. I don’t know. It could be just one person listening, probably really listening right now. I know it’s more than that because I see the downloads but I try not to focus on the downloads. I’m just trying to focus on producing incredible valuable content that can make a difference helping younger entrepreneurs and professionals to not only master the money game and grow wealth but to create whole life success.
Another thing that I did, I took on a client who my instincts told me I should not but I didn’t listen. I really had to work through this one because it ended up costing me a lot and it’s still costly. And I really struggled because I was beating myself up for a long time. Like, why did you do it? Your instincts told you not to do it. You knew you shouldn’t have taken them on as a client and you did anyways. And so on a call with my business coaches they said, look they said, you did the very best that you could with the knowledge and skills that you had at that time. You did the best that you could. So you need to practice forgiving yourself. You need to go back in time and essentially have a conversation with yourself and just say, hey man, you did the best you could. You had great intentions and it didn’t work out. You are going to learn a great lesson or you already have learned a great lesson and you need to forgive yourself and let it be and be at peace with it. And so when I did that, man, was that energetically freeing. So if you guys have something in your life that you’re maybe a financial mistake, God I got plenty of those. I had to go back in time and forgive myself for the financial mistakes that I’ve made, because I think I should be allowed further along than I am. Even though we have a multimillion dollar portfolio, I still have regrets. I still have some bitterness about things that have happened. Mistakes I’ve personally made and partnerships that I formed that didn’t serve me at all were actually very detrimental. I had to go back in time and I had to say, dude you did the fucking best you could just chill out and everything’s going to be okay.
So I want to tell you guys that go back, have that conversation it may seem kind of a stupid, but it’s going to free up so much space and energy that you can then move forward and make better decisions because you have more knowledge now. you have more experience, you have more wisdom. You’re going to be able to not make that mistake again and you’re going to be able to pour into somebody else and hopefully help them avoid that mistake as well. So look you guys, you can figure this all out on your own and make these kinds of mistakes. But if you really want true authenticity and building your multi-million-dollar net worth, do it in a way that creates balance in your life. Then follow me on my other platforms as well. I have an Instagram handle of indestructible wealth. I’m even on Tik-Tok which is pretty much the same stuff as Instagram reels or what’s on my Instagram account I just repurpose it on Tik TOK. Hilarious about ticktok, my teenage nieces were making fun of me like they showed them one of my reels like who’s going to watch that. It was great. I’m at 4 followers on Tik-Tok right now. And so my count went up from 2 to 4. So I was like in your face, Ava, she’s my oldest of my nieces. We have a $20 per platform bet that in 10 weeks from now I’m going to beat her and total followers on both platforms Instagram and Tik-Tok.
Stay tuned. Let’s see how this works out but I need you guys to go follow me there so I beat her because I mean that 20 bucks it was going to be so good. I told her. With that $20 I am going to buy the most incredible pizza of my entire life and I’m going to eat it, take a picture or video and send it to you with your money. I cannot wait. Anyways. All right so guys, I hope this helps again remember wealth is the original term or meeting of wealth was wellbeing. If you’re going to do this the right way you’re going to build the money game, master the money game, build wealth the right way. Then we need to be having balance most of all we need to have wellbeing.
That’s a wrap for this episode on the Indestructible wealth podcast. Before we part ways, I want to help you to take advantage of 2 incredible tax saving strategies that could help you save a lot of money. All you have to do is leave me a 5 star review – if I’ve earned it – and comment in iTunes, Stitcher, Spotify, or wherever you tune in. After you’ve done that simple step, just email me a screenshot to [email protected] and I’ll send you everything you need to save money on your taxes for years to come. If you’d like to dive deeper into your own wealth building strategy, check us out at myindestructiblewealth.com and follow along on social media. Also, please share this podcast with anyone who’s looking for guidance on their own wealth building journey. Until next time, remember our mission here is to help you make, keep, and grow wealth you can enjoy now, and for years to come.