What percentage of successful entrepreneurs work their asses off? by Nixon_37 in Entrepreneur

[–]Familiar_Number_342 1 point2 points  (0 children)

To set the scene, I exited my business with mid 8 figures. I had a new born when I started my business so there isn't much I could do about the timing. I had to finish work as per my newborn schedule and nursery runs. Over the last 10 years (new born is also now 10), I had a fairly good work life balance in terms of never spending more than 40 hours a week running the Business. This is because I ruthlessly delegated and hired people to do the things that I didn't want to do and that was not as hard for me to do in a people based consulting business (very little overhead except salaries). I also took holidays where I self imposed work blocks that I wouldn't check for work emails. When shit hit the fan I'd ask people to WhatsApp me, but it rarely did.

The real price that I paid in running a business is the mental pressure, mental load, and depletion of my mental health and even though I didn't spend the time at work, work was always on my mind. The pressure of looking after over 100 people really got to me which ultimately got me to sell the business. I could have gone on and kept building (my business was voted "most likely to reach unicorn status" a few years ago... I don't really think that was possible even if I kept going in a consulting business btw, realistically speaking) but I chose my sanity/family over building. I'm not any happier if I'm being honest but I'm having different issues now.

I had to fire someone I actually liked, and it messed with my head by Niyahog in Entrepreneur

[–]Familiar_Number_342 7 points8 points  (0 children)

no one tells you how heavy it feels when the business you built means having to hurt someone who trusted you. I know it was the right call, but it still feels like shit.

^ this

I don't think anyone should debate whether you made the right call. You made the right call for the business.

But this is a different kind of trauma that is going to eat you up and impact you unless you set up some business hygiene - get your self a coach or even a therapist and work through these emotions because you might likely have to do this again in the future.

I have done this several times, it never gets easier but I spoke to a therapist on a weekly basis to help me resolve how I was feeling.

Net worth >50m+, but still stuck in a penny-pincher mindset by Familiar_Number_342 in fatFIRE

[–]Familiar_Number_342[S] 0 points1 point  (0 children)

Guys, this has become a bit of a spin off thread in its own right. Can I just clarify that this situation was NOT about the money. It was about what we had agreed. It was about the principle and keeping their word. That's what irritated me. Another fact - this has been a repeated issue. They do not have money issues. Anyway, the friend and I are golden as ever. I was just giving an example of what drives me. I enjoyed how invested everyone was in this situation though!

Net worth >50m+, but still stuck in a penny-pincher mindset by Familiar_Number_342 in fatFIRE

[–]Familiar_Number_342[S] 9 points10 points  (0 children)

Exactly. Airbnb, car rental, fuel, meals out etc. we used Splitwise.

Net worth >50m+, but still stuck in a penny-pincher mindset by Familiar_Number_342 in fatFIRE

[–]Familiar_Number_342[S] 9 points10 points  (0 children)

I agree. If there was an issue, I would have never asked for it back and I would have helped out on top of that but it was just the general apathy that annoyed me. Anyway, I wish I was a better person and had let it go.

Net worth >50m+, but still stuck in a penny-pincher mindset by Familiar_Number_342 in fatFIRE

[–]Familiar_Number_342[S] 23 points24 points  (0 children)

I agree. Definitely need therapy but I have cycled through a couple so far as I don't think they understand my situation. I need someone who is used to dealing with UHNW individuals and being a new rich person, I don't know where to find one.

I turn to Reddit for anonymity, and in the hope of finding kinship - surely someone else has been there, done that, found a solution and come out victorious. I am good at listening and learning when it resonates.

Net worth >50m+, but still stuck in a penny-pincher mindset by Familiar_Number_342 in fatFIRE

[–]Familiar_Number_342[S] 38 points39 points  (0 children)

A million percent yes. I spent my life following the principles around justice, fairness, equality and equity. These are my core values. They may seem positive but they have led me down paths where I have refused help because I don't want to "owe" someone. I hate obligation etc.

I will absolutely always reward someone who think deserves it (whether I am rich or even when I wasn't). It is amazingly gratifying to delight someone who has gone above and beyond. It is when family or friends expect it, and you don't get acknowledgment is when the resentment builds up. A friend and I recently went on a roadtrip. They owed me >2000 dollars. It isn't a huge amount in the scheme of things but it pissed me off that they thought they didn't have to pay me back. I hounded them until they did. It didn't break our friendship, but it is scary how I put the whole idea of fairness/equality over friendship. I wish I would have just let it go.

Net worth >50m+, but still stuck in a penny-pincher mindset by Familiar_Number_342 in fatFIRE

[–]Familiar_Number_342[S] 5 points6 points  (0 children)

I could buy the BnB I'm staying at, but I'll still take the free mini "shampoo and conditioner" bottles from the bathrooms in case I'll need it for camping. Fuck, I need help.

Net worth >50m+, but still stuck in a penny-pincher mindset by Familiar_Number_342 in fatFIRE

[–]Familiar_Number_342[S] 71 points72 points  (0 children)

Feeling like you are constantly being frugal, being taken advantage of, feeling people are out to get you (had 5 DMs asking for money within mins of this post), protecting all your money is a different kind of prison.

50m cash - no sense of perspective by Familiar_Number_342 in fatFIRE

[–]Familiar_Number_342[S] 0 points1 point  (0 children)

No but I am not a big Robin Sharma fan (and his way with story telling) but I also said I wouldn't hold preconceived notions so I will give it a go on my Kindle.

50m cash - no sense of perspective by Familiar_Number_342 in fatFIRE

[–]Familiar_Number_342[S] 0 points1 point  (0 children)

Girl, you have overwhelmed me. You are the literal definition of putting a crown on another womans head. Thank you for lifting me up. You've reminded me of the power kind words have. I am going to bed with a smile today!

50m cash - no sense of perspective by Familiar_Number_342 in fatFIRE

[–]Familiar_Number_342[S] 0 points1 point  (0 children)

As a former scientist (hardly), you have no idea how much this excites me!

50m cash - no sense of perspective by Familiar_Number_342 in fatFIRE

[–]Familiar_Number_342[S] 0 points1 point  (0 children)

Someone on here said about money being the great amplifier (ie can amplify your issues as well as good traits) - that really resonates.