As a serial entrepreneur, and an impatient person, I’ve had my share of frustration. I lay it all out in this episode, the good, the bad and the real…
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 #32 – Frustrated? Me, too. Here’s How I Deal
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.
Hey, everybody excited to talk to you today about frustration. I don’t know how excited I am. I’m actually always excited when I get on a podcast with you guys. Because I do have something to share on this subject because I’m probably one of the more frustrated human beings that I know. If you guys know me, you probably are like, yep. So I really have been experiencing some frustration with business, with investing lately and I wanted to share with you guys how I’m handling it, maybe share some tips and things that I’ve gone through and hopefully this makes a difference for you. If you’ve never experienced any frustrations then you are superhuman in business and investing and I want to listen to your podcast. So you better start one right away.
So what is frustration? What causes it? I guess really? We all know what the emotion is, but what is the cause? The cause of frustration is simply unrealized expectations. That’s it. You had an expectation that whatever you were doing, that you would get a certain outcome and then you didn’t get it. Your expectations were not met. That’s frustration. That’s what causes all of it. So I have high expectations. I think being frustrated is a good thing. I don’t know any other emotion for myself personally that’s caused more change than frustration. I look at this as yes it’s a negative emotion. I don’t enjoy it when I’m in it, but it’s the most powerful emotion for me to cause me to redirect the way I’m thinking, the way I’m being and the way that I’m acting. So I’m going to give you guys some examples of some frustrations that I’ve experienced in business and investing.
People think that maybe for some reason that business is just so fancy and cool and so awesome. And it’s actually a major source of frustration. So a couple of examples Business-wise, this is one I’m going through right now and my business partner, real estate partner Jeff is way more frustrated on this one than me. But I am definitely getting there as well. We purchased 2 renovation projects 9 months ago. Yes. 9 months ago. I think you guys know where this is headed. So these were really big projects we wanted to start consolidating our projects down into, we were doing a lot of smaller single family homes. So we wanted to take on bigger projects that we could make a bigger equity hit on, or bigger profit if we decided to sell them. And so we decided to take these 2 there on a street that’s gentrifying rapidly. It’s a good solid area but it has a lot of room for growth, potential and value. They’re on the same street so we gave our most trusted contractor, we’ve done over a hundred projects with him, not at this scope of size, but we’ve done a hundred projects with this contractor. So we definitely trust him. However, we’re 9 months in and it’s still not done. Now. We’ve had COVID related material delays. His crew has all gotten COVID at this point. So they, a lot of them have been knocked out of the game for 2, 3 weeks. Sometimes some of them are more than that, but at the end of the day, we have to take full responsibility because we trusted too big of projects with 1 crew.
My partner is so upset with the contractor and I’m like this is us. Are we taking 100% responsibility for this? So this is the most important part. You’ve got to take 100% full responsibility for everything that happens to you, the good and the bad, no matter what that’s the only way to keep your power. If you’re playing the blame game, if you’re off saying, oh, this person’s fault that never serves you at any point, you’ve got to always come back and look at what decisions that you made to do business with somebody to let this relationship into your life. What lesson do you need to learn? There’s always something that you can grow stronger in and looking back, you’re gonna be like, man, I could have done this differently. Here’s what I learned. I’m going to grow stronger because of it. So here we are 9 months in, we’ve got a buyer lined up for both properties and it’s a really nice exit price. We’ve got $500,000 in cash tied up into these 2 projects alone, sitting on that cash there for 9 months where it’s driving us crazy. These should have been done probably in month 6 at the latest.
So here’s the good news though. We’re getting there every time though he tells me a timeline. I’m like, okay, add another 2 weeks on top of whatever he told me. So he just told me today 2 weeks. It’s going to be at least 4 weeks, 5 weeks before these are done, but at least there’s light at the end of the tunnel. And guess what, what we’re going to do okay on these, we’re going to do just fine. We’re going to make a profit. They’re going to get done. Eventually we’re going to close. It’s not the end of the world. We just have to figure out a way to keep chugging along and make other things happen.
Another example. I got into crypto mining was thinking that I was going to get to with to Ethereum pumping per month right now, it’s just a little bit over one that I’m getting, because the network got super busy and with the increase of the busy-ness of the network more and more people mining that’s less and less Ethereum coming out for me. I don’t know how the whole thing works. To be honest, I don’t know. Like it’s above my pay grade and the technicality of it, but I know my expectation was based on the amount that I put in and how much that I expected out. It was supposed to be 2 Ethereum per month. That’s not what we’re getting. We’re getting half. Guess what? It’s still great. I’m getting 1 Ethereum per month coming in. So I gotta just keep that in mind okay. Expectations weren’t met, aren’t being met, but guess what things are still happening?
My first very first business that I got going some things changed, some regulations came down the pipe and it definitely took away what I would feel some of my freedom of speech would be and that’s been very frustrating for me, but guess what? Here’s what I did because I didn’t have that outlet anymore to really say what I wanted to say. That’s why this platform is in existence. So that hadn’t happened to me I wouldn’t be doing this platform where I really get to let it rip. I get to talk about all the things that I really want to talk about: building wealth, entrepreneurial-ism all kinds of investing. I get to pour in and build a new network. that frustration caused me to pivot and you know what? I’m grateful for that. So a lot of times frustration causes you to make changes or to pivot into a new direction that you would have never moved in that direction had you not had that frustration that was really pushing you to do something different.
Talk about the glamor and the glitz of entrepreneurial-ism. I have a company called high return real estate that I’ve been involved in. I started that over 5 years ago and I have made money in real estate. I do want to make sure that you’re clear on that like not everything has done this, this is the marketing company that we’ve been working on and building, and I’m pouring a heart and soul into for the last 5 years and guess what? I haven’t taken a paycheck out of that company in 5 years. All I’ve done is put money into it to help to make it grow. Think about that’s frustrating it is right after 5 years, not being able to take any profit. So that’s how business works though. You get a lot of time. So when you get into a business where you’re able to make a profit right out of the gate and there’s businesses out there that are certainly, that’s very available and I know a lot of my listeners are involved in businesses where they’re able to make sales and make profits like right out of the gate. You guys got to understand how amazing and how wonderful that is. Cause there’s a lot of businesses that don’t make profit for several years and that’s normal. But still trust me after 5 years. No paycheck. You think I’m not frustrated with that? Yeah.
Now on top of that, we just pivoted and formed a new partnership with a new company. And they’re not moving very fast and closing deals. So I’m super frustrated. I’ve been yelling at my partner, I’ve been venting on him and man, what are we doing? We’re 7, 8 months into this. We haven’t really seen any profit, like what’s going on and so people are dropping the ball. Like guys, think about that.
That’s frustrating. And then look at this platform, I started learning and came up with the concept back in December. Here we are, mid August. So we’re, I’m almost 8 months into this platform and 231 followers on Instagram, maybe 3000 followers on LinkedIn. My podcast is starting to gain some traction but my downloads are certainly nothing to write home about by any stretch, especially, I go online I’m following this one gal Tori. She has just started her podcast and she went to the top of the charts out of the gate. Now what you got to remember, and I did some research. I’m like, how do you do that? You can’t be that much better than me. It could be better. How much better? She had 1.5 million Tik-tok followers. So as soon as you started her podcast, she promoted it to her TikTok followers and Bam! They all migrated over to her podcast and bam she’s top of the charts immediately. You have to make sure you’re when you’re looking and comparing yourself to other people that can cause a lot of frustration too, comparisons to other people. They’re at this level, you’re at this level that causes frustration. Why am I not there? What am I doing wrong? So I’ve got to keep all of that clear to myself and make sure that I’m on my own journey. I don’t need to go there. I don’t need to compare myself to anybody else. bottom line question that you need to ask. Am I happy? Am I 100% happy with what I’m doing now? Of course, 100% happiness I don’t think is attainable in business because there’s going to be so many challenging things that are going to be thrown at you that it’s going to throw you off and you’re not always there every day. You’re going to feel your peak energy, staying in it every day. You’re just going to be in total joy with what you’re doing. It’s that fictional type of outcome, but are you overall when you wake up in the morning, are you looking forward to your day? Are you happy with what you’re doing? Are you fulfilled with what you’re doing? And guess what? Here’s the question that I can answer. Am I happy and fulfilled with doing this platform and pouring in to all of you? Yes! I am 100%. I love doing this. I love answering your questions. I love the engagement. I love the feedback. When you guys told me that this is making a difference for you. That’s what I need. I don’t need 100,000 downloads. I don’t need 500,000 downloads. I just need to be happy. With what I’m doing 100% as much and striving for that as much as I possibly humanly can.
Here’s the thing. If you’re frustrated, you’re probably a high achiever. That’s what I think you’re probably very outcome and results focused like I am. So when you have a results focused, outcome oriented kind of state of being, that’s great. That creates action. You are proactive, you’re aggressive, you’re hungry. You’re getting after it. You want to make things happen. And so when things don’t happen at the pace and the speed of which you want them to, that’s when you guys get frustrated and just like me.
So how can you deal with this, number 1? I’m going to give you guys 4 things here to focus on, to deal with your frustration. Number 1. Focus on the process. So what does that look like? For me, focusing on the process is putting out valuable educational entertaining content as much as I humanly possibly can. So I’m just focused on what I can do? What is the next action item that I can take to keep driving things forward the process? Can I control the results? Kind of, to a certain extent of course, but not really either. I can’t control how many people download my podcast. I can’t control how many people follow me on Instagram. I can’t control how many people are in the short run. How many people are going to follow me on LinkedIn over the long run though, 5 years from now, I can control that because if I just stay focused on the process, then 5 years from now, Just continually pumping out incredible valuable content. I’m going to win and I’m going to have a huge following. So that’s what I got to stay focused on because in the short run, that’s where I’m really going to get disappointed.
So think about that for a second in your own businesses, how can you stay focused on just the input, the processes that you need to do on the daily in order to keep driving things forward because it’s going to cycle, you’re going to have ups. You’re going to think, oh man businesses crank this investment I got ahold of this is cranking, when crypto is cranking back in, up in March, Bitcoin hit $64,000, Ethereum was at $4,300. I was up pretty big and so my expectations were, wow. This is going to keep going. This is awesome, right? Until it didn’t. . And then it dropped 50%. China cracks down on crypto bans at the on-ramp and off-ramp for all crypto related transactions, Elon Musk tweets out. Hey, Tesla’s no longer accepting Bitcoin. Bam. Those 2 factors just plummeted the markets. So my expectations, I had to be okay with the volatility and that’s what you’ve got to embrace is that you’re going to have volatility with whatever business or investing that you choose to do.
All right. Number 2, focus on what I can control. And there’s a lot of things in business and investing that I can’t control. I can’t control when the markets fluctuate. I can’t control the cyclical nature of business. There’s lots of things that are outside of my control. What can I control? There’s only one thing I can control. My actions. I can control my mindset. I can control my attitude. What do I need to do next? How do I provide more value to my clients? How do I provide more value to helping other people solve their problems? That’s the number one rule of business: solving other people’s problems. So if you focus on that, every day that’s your job in business is to solve other people’s problems. Guess what? When you focus on that guess whose problems you’re eventually going to solve your own, you have to put other people first in order to solve your own problems. You have a money problem. Guess what? The only way to solve that is you have to solve somebody else’s problem that they have first and then you get rewarded financially for doing that.
Number 3, have faith in yourself and your abilities. That doesn’t only include faith for yourself, faith in God. I rely so much every day on my faith in my creator to help me navigate through and make the decisions and to lead me in the direction that’s going to be best serving for my future self, for my family, for my community and for others. It takes a lot to have faith when especially when things aren’t looking so good, it takes a lot to have faith when you’re experiencing some major frustration. It takes a lot of faith when you don’t get a paycheck out of a company for 5 years, it takes a lot of faith when your crypto drops $300,000 within a week, it takes a lot of faith to when you buy into stocks and they go down immediately to hold and say, Hey, you know what? I made a bet. I made a good bet 5 years from now, 10 years from now these companies are going to be cranking out earnings they’re going to be super valuable these are going to go up, back up. It takes a lot of faith to buy real estate and if something goes wrong tenants don’t pay because COVID related sanctions. It takes a lot of faith when the roof goes out and you have to spend a few grand to fix the roof on your property, and then that eats away your cash flow for the entire year. That’s part of the game. You have to be able to embrace those types of down moments so that you can get yourself into the good.
Step 4. This is super important, step away and spend time doing what you love with people that you love. What does that look like? Well for me, that’s going golfing with my wife, right? That’s going golfing with my buddies. That’s going to poker night and having some laughs with the guys and throwing some money around. That’s going outside and playing catch with my son, which I’m about to do here as soon as I hang up, those are moments that we’ll never get back. I can’t be so involved in business and investing and so invested into this platform that I don’t spend time with my own kids. So I’m going outside. We throw the football with me, dad. Yeah, of course. Just let me record this podcast like I committed to and then boom! we’ll go outside and throw the football bud. So spending time with my family, like taking them on trips, going out on the boat, taking a month out on the Jet Ski, I got to do. I got to do more of that. Those that’s stepping away. Just taking a step back from business is critical to your longevity and sustainability, don’t over hustle over grind yourself. You will eventually crash if you do that and you don’t take time away for yourself, for yourself and with your family and with your loved ones and doing things that you really enjoy. So I hope this helps you guys today to know that you’re not alone. You’re probably with the king of frustration right here. So we’ve all got to work ourselves through that. It is a powerful emotion for your own good to embrace it and pivot and utilize it for the great things that it can help you guys do achieve. All right. Hope this helps you have a great day.
Thanks for being on. Here we go.
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