Why do I look older than I did last week?<\/em> I wondered to myself.<\/p>\n I\u2019m just finishing a wonderful 12-day vacation with my family on Sanibel Island, in Florida. The sun has darkened my face this week, which has made my \u201csilver\u201d hair look even whiter. A reminder that I\u2019m no longer in my 20s.<\/p>\n Or 30s. Or 40s. I passed the mid-century mark several years back. And as of next year, I\u2019ll have been an entrepreneur half of my life.<\/p>\n \u2026No longer working for the man<\/p>\n \u2026No longer getting a W-2<\/p>\n \u2026No longer punching a clock<\/p>\n \u2026No longer being denied a mid-afternoon snooze or the chance to go to go fishing with my son on a weekday<\/p>\n \u2026And so many more benefits!<\/p>\n But my life as an entrepreneur has not been all rosy. (Surprised? Seriously?).<\/p>\n \u2026The end of great health insurance (I spent $41,000 for the birth of my fourth child)<\/p>\n \u2026Using my home equity line to make interest payments on \u2026 my home equity line<\/p>\n \u2026A few hasty resume rewrites (I\u2019ve nearly thrown in the towel more than once)<\/p>\n \u2026My young daughter asking me when we\u2019d be “rich again” so we could go on vacation<\/p>\n \u2026Wondering what it would be like to get my 30-year pin at Ford Motor Company this August 1st, and retiring with a fat 401K to start a second career<\/p>\n Lest you think I\u2019m second-guessing my decision to be an entrepreneur today \u2013 I\u2019m not. I wouldn\u2019t have it any other way.<\/p>\n But as I discussed in a recent post<\/a> on my lessons from the school of hard knocks, and as I look at how gray my hair really is, I can tell you that this path has not been easy. Fun, exciting, profitable\u2026 but more often than not, challenging.<\/p>\n So one of my great joys is the opportunity to pass along some of my life lessons to my children, younger friends, and BiggerPockets readers. Here are a few more.<\/p>\n Related:<\/strong> Learn from Warren Buffett Failures & Create a Moat Around Your Business<\/a><\/em><\/p>\n It is truly more blessed to give than receive. And it\u2019s more fun to see the delight on the recipient\u2019s face than to buy that next big toy.<\/p>\n My wife and I have long had a practice of giving ahead of our increase. This risky strategy has paid off more than once. Put simply, we don\u2019t wait until we have more success to give generously. We try to give outrageously before we can afford it.<\/p>\n I\u2019ve told the story<\/a> of how we went from almost $2 million in the bank to $2.5 million in debt in the decade leading up to the real estate crash. With our backs against the wall, my wife and I decided to start giving as if we were making about half a million per year.<\/p>\n After a lot of prayer, a lot of hard work, and a handful of miracles along the way, we were completely debt-free within 13 months.<\/p>\n Now, I don\u2019t believe that giving generously is a magic bullet for every situation. I think heart motivation plays a role. And like I said, a few miracles along the way.<\/p>\n There has been so much written on the topic of thankfulness that I don\u2019t need to belabor it. Books, research, movies, and ancient scrolls tell us what we often forget: We were wired to be thankful<\/em>.<\/p>\n This hit home for me some time ago when I realized that there is a difference between truth and facts<\/em><\/strong>. (Huh?)\u00a0There really is a difference between truth and facts.<\/p>\n But here is the truth<\/em><\/strong>: where I was in these stuck places, and where you are today, is not the end of the story.<\/p>\n And often the link between where you are now and where you want to go is the practice of thankfulness<\/em>.<\/p>\n I also call thankfulness \u201ccelebrating in advance.\u201d If life and business aren\u2019t working like I want, I can choose to \u201ccelebrate in advance\u201d that there is something better ahead. And I can be thankful (to myself, God, my spouse, my employer, etc.) that there is a future that is better than my current experience.<\/p>\n And thankfulness leads to peace and joy. And peace and joy directly (and indirectly) lead to lower stress, better health, better decisions, better relationships, and a better outcome.<\/p>\n Trials will either make you bitter or make you better. Often, thankfulness is the difference-maker to get you from point A to point B.<\/p>\n This is a song title by one of my favorite bands, Downhere<\/a>. (Their lead singer sounds just like Freddie Mercury from Queen. You should check them out.)<\/p>\n We all know better. We\u2019ve all seen the movies and read the divorce statistics. We\u2019re aware of the enormous crash-and-burn rates among kids of the super-wealthy and successful.<\/p>\n But it is so easy to fall into this trap. To say, \u201cI just have to focus all of my energy and attention this month, or year, on my business. Then I will focus on my wife, kids, and causes I\u2019m passionate about.\u201d<\/p>\n It\u2019s typically a lie.<\/p>\n I \u201cretired\u201d in 1997, at age 34, when I sold my entrepreneurial company to a public firm for a few million dollars. I had been running hard and had allowed my relationships with my wife and kids to suffer. But now it was time to plug into them and be the great dad and husband I wanted to be.<\/p>\n I didn\u2019t do that at all. I had gotten my self worth from my job, and drive was second nature to me. The next few years were miserable. They produced some of my worst memories as a dad and husband. And I made the worst investment decisions of my life, blowing much of the capital I had.<\/p>\n We have a very limited time on this earth, and that becomes more apparent as you get older. And we have a very short time to enjoy our spouses, children, and other significant relationships. Our kids (or parents, friends, etc.) will never be this age (or at this stage) again, and the time to love and enjoy them is now<\/em>.<\/p>\n And if you\u2019re married, the time to have a great marriage is today<\/em>. I have not one, but two successful friends who suddenly got dementia in their 50s, and they will never get to enjoy retirement with their wives.<\/p>\n One of them, a millionaire dozens of times over, was just buried this spring. He did not have the marriage he could have (though his wife is amazing), and his relationships with all of his children seemed strained.<\/p>\n I\u2019m telling you what I\u2019m telling myself: Don\u2019t miss now!\u00a0\u00a0 <\/em><\/p>\n Warren Buffett, in a letter to investors, said, \u201cA truly great business must have an enduring \u2018moat\u2019 that protects excellent returns on invested capital.\u201d <\/em><\/p>\nI\u2019m gonna celebrate! Half or more of my life\u2026<\/h2>\n
Since I quit corporate America in 1993, it has meant\u2026<\/h2>\n
Lesson #1: Make Giving A Priority Now And Watch For A Windfall Later<\/h2>\n
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<\/p>\nLesson #2: Discern The Difference Between Facts And Truth \u2014 Then Practice Thanksgiving All Year Long<\/h2>\n
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Lesson #3: Don\u2019t Miss Now<\/h2>\n
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<\/p>\nLesson #4: Create Moats Around Your Life<\/h2>\n
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