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Brazen Careerist: “Bad career advice: Do what you love”

Published on May 9, 2008 in business, future, goals, personal and uniqe ability.

I don’t know how I stumbled on to this post, but it was really thought provoking for me. At first I wanted to get defensive, think about why she was wrong and point out that she had contradicted this post many times in the past both in one of her books and in other blog posts (as pointed out by several readers in the comments). Apparently she even ended one of her books with the statement: “People will choose to work because they love what they do. ” - Penelope Trunk, in ‘The end of work as we know it.’

But in the end I really enjoyed this post because it end challenged my beliefs, and expanded my perspective. Anyway instead of rewriting a blog post, I’m just going to copy from an email conversation I had with my friend on this post (note: these are from several emails, and I realize a lot of rambling):

It seems like there are a lot of people in the comments that felt really good after reading this post. It, at least momentarily, squashed all their doubts about their lives. They weren’t missing out on something great after all. Maybe they feel relieved because they can point to this and say: “Whew, see…it’s not my fault.” I feel like the strong reaction shows an underlying doubt. There is a part of them that still believes in this fairytale.

Why do such a high % of people in their 20’s believe in this notion, while a very low % in their 40s+ say that it is garbage and that “reality has set in.”

Maybe the reason why most people think this advice is BS is because they stopped thinking about what they loved the second “reality set in..” ie, bills. Dreams can’t pay bills, and paying bills requires you make money, and generally the most accepted way to make money is to get a job. Job takes up time and dreams are pushed aside, before long you don’t really know what you love but you know how to make money, and that can feel good too. Perhaps the key to finding what you love is to KEEP looking. Not waiting, but looking.

I think there are other issues at play here… Most don’t know what they really would love to do. Think about all the people who think they want to be entrepreneurs, movie stars, singers, actors…do you think that the would all LOVE to do these things? Or are most just looking at what others have and thinking that is something they would like to have. I would imagine that a lot of the commenters on that site fit in this category. Look at early stages of American idol…most of those people really believe they would like to be singers, but I’m willing to bet that only a very small percentage of them actually would love to sing. 99% of them are there because they want to get famous and rich.

maybe another issue is that people are too specific when looking to do what they love. They define things too tightly. For example, what my friend Jerry has discovered he loves to do connect with people at a very deep level (as he calls it: “connections of the heart.”) He’s had 3-4 careers in his life that he has loved, but they all have this underlying theme. But what if he had confused an activity that involves connections of the heart with “his calling?” What if he thought that what he loved to do was be an actor (without realizing that what he loved about acting was it allowed him to have connections of the heart with the characters and audience)…so he went out and tried to be an actor, and it didn’t work. Does this mean he can’t do what he loves? No, it means he was too narrow in his focus. Keep trying things that interest and excite you, or in Jerry’s case that appealed to his interest in connecting with people… you will probably end up in another position where you can be excited, and in fact end up doing what you love….

I agree with the notion that believing in and seeking “the perfect job,” is quite a heavy burden. It’s not going to get you anywhere. So sitting around and hoping to see the perfect job hit the classifieds for you will not ever amount to anything. I also do believe that no matter how much you love what you do, it will always have moments that feel like work. It’s never all happiness…life is always great for anyone, nor should it be. As my mom said: “You need contrast.” So I think people are mislead there as well.

I actually believe people are completely confused as to what doing what you love means. It doesn’t mean there is a job out there just waiting for you to snatch it. It doesn’t mean that everything you enjoy doing should and can be a job or career path for you. I It means you continually move towards, experiment with, try things that interest or excite you, and you follow those feelings to new things. You do things that make you nervous (in a safe, structured way…no drugs, etc). You do things without worrying about what they may or may lead to in the future, you just do them because they excite you.

I think this pursuit of purpose is very similar to choosing a spouse. You certainly can’t ever know beforehand who is “the one.” You have to get in there and spend time with them. You have to experiment. Some people are “lucky” and know what they want, and get it. Others try and try and try, always bailing because it’s never just right. And others still never really believe they can find “the one,” so the settle for the one who will settle for them. But the truth is there is no perfect spouse, no perfect relationship. It takes a good fit and hard work to make a great relationship. But if you love someone, deep down, you want to work on it, you want to make it the best it can be.

perhaps again the issue isn’t about the end result, about finding and doing that thing you love…it’s about the seeking. If you are willing to seek and continue to seek throughout your life, then I’m willing to bet you’ll have a lot more exciting days than boring ones. Doing a lot of experimenting, a lot of “seeking,” inevitably means you’ll try a lot of things that don’t work.

just like an athlete…they are never in good shape, it’s not a place you ever get…it’s always just in front of you. So they try new training techniques, new machines, new supplements, new routines, new diets..constantly tweaking…and finding those that don’t work, those that fail, that is what ultimately makes them better.

Perhaps the “secret” to life then is: fail big and often. Failing is aliveness. Failure is a teacher. Failure paves the way for growth, and growth is living. So maybe the goal isn’t to try and find what you love, maybe it’s to try lots of things you might.

“How to Do what you Love”

Published on May 5, 2008 in business, future, goals, personal and uniqe ability.

Continuing with my blog theme for the last weeks (or years) I wanted to post some quotes after reading Paul Graham’s long (but very good) essay on the subject of doing what you love. I found this quote particularly interesting based on what I wrote about last week in terms of not knowing what doing what you love really means:

Once, when I was about 9 or 10, my father told me I could be whatever I wanted when I grew up, so long as I enjoyed it. I remember that precisely because it seemed so anomalous. It was like being told to use dry water. Whatever I thought he meant, I didn’t think he meant work could literally be fun—fun like playing. It took me years to grasp that.

I think I still struggle with this, even though I believe it in. I’ve only had flashes in my short work life where the work I was doing was actually fun, where I couldn’t believe that anyone, anywhere, could categorize it as “work.” I guess this is something that takes time to absorb and live… old habits and beliefs die hard.

By the time they reach an age to think about what they’d like to do, most kids have been thoroughly misled about the idea of loving one’s work. School has trained them to regard work as an unpleasant duty. Having a job is said to be even more onerous than schoolwork. And yet all the adults claim to like what they do. You can’t blame kids for thinking “I am not like these people; I am not suited to this world.”

Actually they’ve been told three lies: the stuff they’ve been taught to regard as work in school is not real work; grownup work is not (necessarily) worse than schoolwork; and many of the adults around them are lying when they say they like what they do.

I wonder if this is true? Do most people genuinely not like what they do? I realize that no matter what you do, there are always going to be parts you don’t like or get stressed over, or people you can’t stand, but I’m hopeful that we all have the possibility of spending most of our time doing something we generally enjoy. So what separates the few who do love what they do? How did they get there? I really like this:

It was not till I was in college that the idea of work finally broke free from the idea of making a living. Then the important question became not how to make money, but what to work on. Ideally these coincided, but some spectacular boundary cases (like Einstein in the patent office) proved they weren’t identical.

The definition of work was now to make some original contribution to the world, and in the process not to starve. But after the habit of so many years my idea of work still included a large component of pain. Work still seemed to require discipline, because only hard problems yielded grand results, and hard problems couldn’t literally be fun. Surely one had to force oneself to work on them.

If you think something’s supposed to hurt, you’re less likely to notice if you’re doing it wrong. That about sums up my experience of graduate school.

……..

Most people are doomed in childhood by accepting the axiom that work = pain. Those who escape this are nearly all lured onto the rocks by prestige or money. How many even discover something they love to work on? A few hundred thousand, perhaps, out of billions.

I still struggle with this. I feel like anything great worth doing will come with quite a bit of pain. I feel like on some level that doing what you love is like getting your body in shape after a long break from exercise. It’s going to take discipline, it’s going to hurt, and you’re going to hate it some, if not a lot of the time, at least to start. But after you break through the habits and your muscles begin to build, things get easier. I can see this approach will not get me anywhere, or at least the places I’m trying to go. Perhaps part of my problem has been I’ve been pushing so hard on doors that are meant to be easily pulled open…pushing harder does not get me any closer to opening it. That reminds me of this:

It’s really hard to let go of what I’ve been taught, and what I’ve told myself. Part of finding what you love to do, is not pushing through the pain but instead noticing it and reacting to it. More good quotes:

How much are you supposed to like what you do? Unless you know that, you don’t know when to stop searching. And if, like most people, you underestimate it, you’ll tend to stop searching too early. You’ll end up doing something chosen for you by your parents, or the desire to make money, or prestige—or sheer inertia.

I struggle with this as well. As I’ve said, I don’t think I’ve ever done anything that just felt so great, that felt like it was my “calling.” I’m not really looking for that because I don’t think I ever will. But I will give myself a pat on the back for continuing my search, seeking out new opportunities when the current one doesn’t at least feel right. Or as Paul later describes… I’ve never found something that I enjoyed enough that the concept of “spare time” seems mistaken. It seems that I continually put myself in work situations where I can’t wait to do something other than what I’m doing. Not exactly practicing what I preach. What you should do:

To be happy I think you have to be doing something you not only enjoy, but admire. You have to be able to say, at the end, wow, that’s pretty cool. This doesn’t mean you have to make something. If you learn how to hang glide, or to speak a foreign language fluently, that will be enough to make you say, for a while at least, wow, that’s pretty cool. What there has to be is a test.

What you should not do:

What you should not do, I think, is worry about the opinion of anyone beyond your friends. You shouldn’t worry about prestige. Prestige is the opinion of the rest of the world. When you can ask the opinions of people whose judgement you respect, what does it add to consider the opinions of people you don’t even know?

It’s really amazing how greatly this impacts people’s lives, including my own. How crazy is it that we could put ourselves in a position to do something we don’t like or hate, potentially for the rest of our lives, in hopes we look good to others? At the end of your life are you going to look back and say “Whew, I’m glad that I lived the way all those people thought I should?” I doubt it.

The other big force leading people astray is money. Money by itself is not that dangerous. When something pays well but is regarded with contempt, like telemarketing, or prostitution, or personal injury litigation, ambitious people aren’t tempted by it. That kind of work ends up being done by people who are “just trying to make a living.” (Tip: avoid any field whose practitioners say this.) The danger is when money is combined with prestige, as in, say, corporate law, or medicine. A comparatively safe and prosperous career with some automatic baseline prestige is dangerously tempting to someone young, who hasn’t thought much about what they really like.

The test of whether people love what they do is whether they’d do it even if they weren’t paid for it—even if they had to work at another job to make a living. How many corporate lawyers would do their current work if they had to do it for free, in their spare time, and take day jobs as waiters to support themselves?

This is something I think we’ve all heard at some point in our lives: “What would you do if you had 10 million dollars?” I think most people would say they would quit their jobs, retire to some beach house, and live happily ever after. We know this isn’t true. Spend some time and read about past lottery winners. They learn the hard way (yes, it’s hard) that money is not the answer. They often find themselves lost and completely unhappy. I think most people believe deep down there is some dollar amount that would make them happy for the rest of their lives. If they could just hit that, either through lottery winnings or their 401k or being an entrepreneur who sells their company, they think they will live happily ever after. These expectations are so high, that when some of the few actually hit this number they are usually overwhelmed and saddened. It’s hard not to think: “I made it, but is that all there is?”

This is why it makes so much sense to fill up your days doing something you enjoy, something you care about. Because if you can end the day generally feeling good about what you do, about your life, your loved ones, your path…then you can end the week feeling the same way, and then the month, and then the year, and then year after year..all feeling pretty good. You don’t need to hit the lottery or sell your company, because at the end of the day you feel good.

Finally, words of encouragement:

It’s hard to find work you love; it must be, if so few do. So don’t underestimate this task. And don’t feel bad if you haven’t succeeded yet. In fact, if you admit to yourself that you’re discontented, you’re a step ahead of most people, who are still in denial. If you’re surrounded by colleagues who claim to enjoy work that you find contemptible, odds are they’re lying to themselves. Not necessarily, but probably.

I guess I’m a step ahead, but that doesn’t mean I feel any closer getting somewhere. Whew, patience. Go read the article, it’s worth your time.

Venture Voice show 48 - Frank Addante on Time

Published on April 30, 2008 in business, future and goals.

Great quote from the most recent Venture Voice by serial entrepreneur Frank Addante:

The biggest asset that I have is my time. I have to think about how to best invest my time. As a VC you can always raise more money. you can always get more money, hire more people…But you can never get back your time. I look at time as an investor having a finite asset….I’m not going to take my time and waste it.

I have to admit that time really does not enter the equation for me when making a decision all that often. I more or less think of it and treat it like an infinite, not finite resource. The truth is it is our most precious and most limited resource. I need to value my time more.

Venture Voice - podcast on entrepreneurship, venture capital, business

The Winning Investment Habits of Warren Buffett and George Soros

Published on March 12, 2008 in business, goals and personal.

I finally got around to finishing the The Winning Investment Habits of Warren Buffett and George Soros as recommended by Ryan Allis way back when. It’s an interesting and fairly simple read (despite being huge) with a lot of fantastic insights for anyone looking to spend a little more time managing their investments (it’s a really hard time to do that, I know). There are a lot of practical tips in the book, and Ryan did an excellent job covering them in his post above, but I found some core life lessons in their winning habits as well. I’ve re-posted them below (these are my personal notes, so I apologize if they don’t make sense).

the reminder that my path is MY path: both Soros and Buffett went their own way. They never worried that they were entering the exit doors. They never did or do what they are “supposed to do.” They created a set of beliefs, and they stick to them, which has served them extremely well. There is no “right” path for me that someone else took. My path is mine. My belief and life criteria will define that path for me, and those are also MINE. They are borrowed and pulled from others, but I ultimately get to decide what ends up in there.
conventional wisdom gets you conventional results: I realized while reading their habits neither one of them follows any of the investment habits you often hear about on CNBC or read in Money magazine as the “right ones.” You would never hear Suzie Orman preaching these guy’s habits. For example neither one of them believes in diversification. Diversification is of course a way to manage risk, but they both feel they can adequately remove risk from a situation by spending time thinking and researching. They say if you spend enough time BEFORE buying you can remove the risk greatly, and if you remove the risk why wouldn’t you put all of your resources behind it? Soros put his entire fund’s assets ($7B + $3B on margin) into his trade against the Bank of England. He KNEW his downside was 5% or less but his upside was huge (he was right…$2B in net on that trade).
skip to work: Buffett has been quoted many times as saying that he literally skips to work. He says even that he has instructed Berkshire to hold seances for him after he dies, so that he can continue to actively invest. He simply loves it. It is clear $$$ has nothing to do with his drive. The same is true for Soros. Although they both hit their strides when they realized which sides of their businesses they wanted to be involved in day in and day out, and which parts to delegate. It seems pursuing something that makes you feel this good is ultimately the safest investment.
Happiness in the details: It’s clear these two both enjoy the process instead of the results. For Buffett it is pouring over annual reports and balance sheets. He LOVES that. He literally does it all the time. In fact he has often said he feels like he should pay to have his job (he does in many ways…a $100k salary for the last 30 years is absolute steal for shareholders). Soros is the same. He sees himself as a philosopher and investing is just a playground where he can test and prove or disprove his ideas. The $$$ is merely the vote tally on whether or not his hypothesis were correct.
thinking and just sitting are crucial: Soros says his favorite time is down time, his “thinking time.” He says times when you do nothing are just as, if not more, important than when you do something. Spending the time to think and process your thoughts is key to success he says. They say that some of the biggest mistakes people can make is thinking that they HAVE to do something everyday. There’s a great quote in the book that says something along the lines of “Why do people on wall street feel like they have to come and do SOMETHING everyday?…I find that there is very little I HAVE to do on a day to day basis. I’d much rather spend my time reading and researching on the beach, and only come in when I have to buy or sell something.” Buffett has a little less of a work / life balance than Soros it seems according to the book.
focus. Both of these guys have focused in on a few core competencies and an investment approach in which they specialize in. They rarely stray from these. This allows them to really hone their skills. I realized that I constantly jump from one space / field to the next based on stories I hear / read. The focus needs to be on a field with a criteria that fits uniquely me. This weekend while in cincy I helped Ethan (my little brother) practice basketball. His friend is very good at layups and I was showing ethan some techniques. He got frustrated when I told him that kid probably practices everyday and that is why he is so good. I was naturally a good basketball player but I also LOVED to play, so I played every single day for hours after school. These two things made me very good. I of course wanted to be good, but I didn’t practice because of that. I practiced because I liked to play. The same is true for why I read business books and magazines. I love the stories. I love the trends. I love hearing about the people. How can I find my basketball feeling again?

These guys stay within themselves. The book talks about the “loser” investor as one who is constantly adjusting their techniques based on the last story they heard. I’ve realized that when you don’t take the time to think about and find what you enjoy and are good at analyzing in the investment world, you tend to jump from one person’s ideas to another. The same is true in life I believe. I think it is why so many of those get rich infomercials work so well. It’s hitting people who have no idea what their core strengths and passions are, and aren’t seeing any good results in their current approach (most likely based on something someone else told them) so they are so willing to buy another idea, especially when it is presented so well. These guys (Buffett an Soros) have found the shoes they are comfortable in and they STICK to them, knowing that is where they are happiest, most comfortable and ultimately most successful. I will say though that the personal criteria for living for everyone always borrows from others ideas, the key is to borrow from those that you can truly make your own and not from those you hope you can absorb.

Project to lifestyle

Published on October 29, 2007 in business, future, goals, nyc and personal.

Learning to swim

(”Learning to Swim,” on flickr by sposta via CC - You can’t learn to swim until you jump in)

I feel like everyone I speak to these days has at least a “project or two,” they are working on. By project I mean they have something they are at least thinking about that hopefully could someday become a real working business that they would own and operate. At the moment, I certainly consider myself part of this group, and sometimes it’s really sort of depressing. I know so many of these “projects,” will never even see the light of day, and of those that do even fewer will ever get far enough to be considered a business. This seemingly harsh reality begs the internal question “Why am I any different?”

I think that more and more people from my generation are at least thinking about heading down the entrepreneurial path. The so called millenials have grown up with access to unlimited information across an unlimited spectrum of niches. We’ve been empowered to go out and learn about anything and everything we’re interested in with ease. We’ve also had front row seats to rise of the “young entrepreneur.” We’ve heard so much about people out of high school and college creating companies that are phenomenal successes. We idolize these people yet we also can’t help but ask “why not me?” This question is precisely why we are so fascinated with them. I’ve asked myself that question for at least 10 years now, going way back to my high school days where I became obsessed with the business world via the stock market (dotcom days, ah what a time to start investing!). Why couldn’t I potentially take my part in the American dream? It’s cheaper than ever to start a business. All the information, contacts, and products you may need are seconds away in a Google search. From the outside perspective the only thing that stands between you and your dream life/job is a smart programming partner and a few months (NOTE: most of the people I talk to are trying to create some sort of web focused business, so they need someone with programming skills). And that is why I think there are so many of us out there with projects.

But if projects are so easy to start, why aren’t more projects becoming working, real life businesses? Because I think very few project starters have the capability to start a business. Most of us want to learn to swim by merely dipping our toes in the water. We think we can expose ourself to gain without risking any of the potential failure, but the truth is the lessons from failure are what create opportunity for success. If you don’t attempt to swim by getting in the pool, you’ll never feel the struggle that is growth, the struggle that is learning. And very few people are prepared for a struggle.

I find comfort in that. Don’t get me wrong, I love the explosion in entrepreneurial mindset in this city and this country. I love that at least in our heads more and more us believe we are capable of doing something big on our own. We all benefit from this because the tinkering of potential entrepreneurs and current entrepreneurs is what pushes growth and innovation throughout. This constant push to create is what created the great environment we are in today. But now I’m seeing what separates someone building a project and someone building a company, and I have to really respect and admire the courage in the creators. Great things happen to those of us who are willing to put ourselves out there. I mean to really put yourself out there for something you believe in. “Putting yourself out there,” obviously has different meanings for different people, and you know ultimately what that means for you, but this is the only place where your “project” becomes a potential business.

For me I believe this means to stop hiding in confusion (I’m not quite sure what to work on),pick a path, and declare it to the world. For me putting myself out there isn’t about money because I’ve never been afraid to put money on the line (thanks to my days dotcom investing and bootstrapping a business in college by the nifty credit card balance transfer trick). My “putting myself out there,” is more about exposing myself completely to the criticism of others. I get out there by speaking up with my ideas, sharing them with as many people as I can, reaching to any and all who may be able to help, and learning from the feedback. Only by challenging myself to expose ideas to others, with a firm voice behind it, can I learn to swim (that’s part of the reason I’ve been blogging more lately..it’s amazing how much more you can write when you write what you’re truly thinking / feeling) and move my project on to a company.

How do you put yourself out there?

Who’s your harshest critic?

Published on October 24, 2007 in future, goals and personal.

CC via Jan Tik on Flickr

I’ve been paying a lot closer attention recently to how I feel at certain moments, and what triggers those feelings. This past weekend, Julie’s awesome sister and brother-in-law came to visit Julie and I here in New York. They are both really great people and I enjoy spending time with them, so I knew I would have fun. But lurking in my excitement was my good old friend, insecurity.

I chose a different path, I chose not to take a job or do anything I am “supposed” to be doing, yet I struggle to proudly claim this, especially around good friends, family, or Julie’s family. I feel that question with such weight: “What do you do?” I hate that question, and whenever I anticipate being asked that or challenged in it, I feel the back of my hairs stand up like a dog gearing up for a fight. I feel unsure about my path at the moment sometimes because I haven’t reached my destination. I feel like people from the outside looking in will see someone not doing anything, and I decided awhile ago that someone not doing anything is not someone I want to be. Yet, that’s how I label myself when people ask me that question. But their’s power in here for me in recognizing these feelings of insecurity. It begs for a change of perspective.

Easing into my time with them, my guard went down and the list of prepared defenses faded to the back of my mind. I can see now the truth: they respect me and believe in me more than I have myself sometimes. They don’t question what I’m doing with skepticism, they question it with interest and admiration. I was prepared for a fight, they were just prepared to hang out and learn more about me. It turns out the harshest judge of my progress, the harshest critic of my life I’ve ever met, is me.

The good news is that I’m also the easiest judge to sway. The answers all lie in a tweak of perspective. I can see really that I’m making fantastic progress, that when I go beyond looking for changes each day, I’ve come a really long way in a short time. I’ve come so far without patting myself on the back for progress, and I forgot that personal victories should always be rewarded. It took some friends to hand some pats on the back to remind me I should pat myself on the back every once in awhile. I’m moving forward each day…that’s what I “do.”

Today’s a game

Published on October 18, 2007 in business, goals, mom, personal and uniqe ability.

(via mecredis on flickr under cc)

As I was sitting eating lunch and thinking about my last post I had somewhat of a revelation. I really don’t like work.

Looking back on my first business, Enviar, I didn’t start that as a business. I really started that with the approach of “this puzzle looks fun.” It was more like I see this piece and I see this piece, and I see that no one else is putting them together but if I do I win (and get paid). So I tried it, and it worked, so I tried it again and worked…and off it went. I gained momentum, I gained contacts in the industry, and I made some money, all while solving these puzzles. But something happened along the way…Some sort of pressure started coming in. I guess it was the “shoulds.”

Somewhere along the way I started saying “well you should do this,” and you “should be doing that.” And suddenly it didn’t feel like a puzzle anymore, it started to feel like work. I guess I define work as stuff you HAVE to do that isn’t fun, and that is how this started to feel. But coupled with the shoulds (I should keep working on this), I stuck with it. I told myself I have to work to make this work, and I should not stop. This is when I started hitting coffee shops for “work.” After all, you can’t do work at home and you’re supposed to be doing work at least from 8am to 5pm. Somewhere along the way this rule became ingrained in me. I’m supposed to be working from 8am to 5pm, no exceptions. So ever since then I’ve made it a habit to do work at that time, and usually most of it at a coffee shop (because again, work needs a “formal” place).

But the interesting thing for me looking back is I can now see where things went awry. I started treating everything like work (which I hate) instead of like a game/puzzle (which I love), and you can get a lot further in life when each day is another exciting puzzle instead of just another day at work.

How can you make today a game?

Book Review: Let my People Go Surfing

Published on July 16, 2007 in books, business and goals.

I just finished the part personal bio / part company bio /part corporate philosophy by Patagonia founder and major environmental activist, Yvon Chouinard: Let my People Go Surfing: Education of a Reluctant Businessman.

(via Laram777)

Y.C., as he is sometimes known, is really an amazing guy who really is proof of the power behind finding and pursuing your passion. Yvon started Chouinard Equipment because he loved climbing but found the limited equipment for sale to be poorly built and expensive. So he went to work creating items he would prefer to use on his climbing trips, and in the process created high quality equipment other climbers happily paid to use. As demand grew for his products, he began hiring other climbers to build and test Chouinard Equipment items. His two top priorities for his business were making the very best equipment in the world, and having enough money to pay for his own personal climbing treks. In fact, this is what he encouraged all his employees to do. Work enough to keep the company going successfully, and make enough money to go off and do their own adventures. Despite growing Chouinard Equipment and eventually starting Patagonia from Chouinard into a $300M a year company, this philosophy of “Let my people go Surfing,” still stands today. Work should be part of life, a means to living and adventure, instead of an inhibitor. So if you are on time with your work and the waves are good at the moment, surf’s up!I love this.

There’s many great lessons in this book on business, entrepreneurship, and life. His passion for great products, great customer service, and environmental responsibility are very clear in his story. I’m amazed at his company’s commitment to be part of the world ecosystem instead of sitting atop it. He takes the notion of “sustainability” to a whole different level. He’s not set on keeping his company around for 100’s of years just by consistently generating profits, but he also intends on creating a Net positive effect on the environment to ensure there will be places natural enough and customers healthy enough to use Patagonia’s products. As part of this mission he consistently pushes environmentally positive innovation throughout the company, reducing waste to 0 in their manufacturing process. Patagonia also pays a self imposed “environmental harm” tax of 1% of Revenue, every year, good or bad. It’s not something he does to be good. It’s something he does because he believes it is necessary.

There are many great lessons in this book about building a happy and extremely productive workplace that provides a higher quality of life for customers and employees alike, but perhaps my favorite lesson was his approach to life in general. Like Richard Branson, it’s clear YC is out for the adventure of life. He often speaks of the “zen of climbing” which is all about enjoying the moment. Take note of how your body feels with the current hold, how this point in the mountain or wall feels, smells, and looks. Soak it all up, and enjoy it. There’s more climbing moments than moments of completion. If you keep looking up to the top for where you’re supposed to go, you may make a mistake and lose it all, or even worse you may miss the very best part: the journey. The point of climbing isn’t just to get to the top, after all the top is where you’ll spend the least amount of your time. The point of the climb is to test your strength, have fun, feel the aliveness of each grip and step along the way.

The “zen of climbing” should apply to everyday living. Sometimes we get too bogged down on the peak we’re climbing and how far to go that we fail to realize the value of the moment we’re in. If you focus on the moment, the fun and challenge of the journey, you make life pretty damn good. You will, after all, spend most of your time in the journey.

Losing my Virginity…

Published on June 22, 2007 in books, business, future and goals.

by Richard Branson.

I took some time a few weeks ago to re-read one of my favorite entrepreneurial books, Richard Branson’s Losing my Virginity. I love this book and consider it a must read for not only potential entrepreneurs but anyone who aspires to get all they can out of life. I could go on and on about this detailed, educational, and downright fun book, but instead I want to talk about a key lesson I pulled out of it: Life’s a game…if you play it.

The remarkable playfulness of Richard Branson is easy to pick up in this book immediately. He doesn’t ever get wrapped up in what he should or shouldn’t do, what he can or can’t do, what he knows or doesn’t know. He looks at opportunities, asks himself “Is that something I’ll have fun doing ?” If yes, then he acts on it. Now. I’m sure you’re thinking, “well he’s a billionaire, he doesn’t have anything to lose. He could lose lots and lots of money and still have more.” True, but the reason he is a billionaire is due to his playful nature. It’s not about the money. The money is an important part of the equation but for him it is icing on the cake. He goes after businesses that would be fun and potentially disruptive. With this approach he’s developed many successful and large businesses from Virgin Atlantic (airlines) to Virgin Mobile, Virgin Rails, Virgin Lottery etc…

What’s money for anyway? To make things happen. After years of building up the very successful Virgin Records he could’ve retired to a life of relaxation on his tropical getaway at Necker Island. But instead when an American lawyer called him up and said, “You should start an airline,” he said…that sounds like fun, I’ll do it (in the process leveraging and risking his Virgin Records success). By the way, he had no airline experience other than being a passenger like most of us. After a few years of struggles he pushed through, and Virgin Atlantic continues on as a successful airline. For him the process was what he sought, the experience, the thrill, the excitement, and the opportunity. Sure, he wanted it to be successful, but by focusing on the fun and possibility he ensured it would.

It’s easy to think ok, if I can just get this website working, then people will come and use it, and I’ll sell it for millions. This could happen, and does for some. But what about going out and just doing something that would be a lot of fun and not worrying about the end result just yet? Yes, this sounds risky, but isn’t the prospect of not living even more risky? I heard a great quote about Tiger Woods recently…supposedly he said “I strive for performance, not results.” This is a little more serious sounding than going out and doing what would be fun, but it’s basically the same message. Life’s about the journey, not the destination. Branson is an example of where a fun journey can take you.

Financial Infrastructure

Published on April 4, 2007 in business, goals, personal and stocks.

Ok as promised here is a glimpse at my personal financial infrastructure inspired by Ben Casnocha’s post awhile back. I am still working on it, and it’s difficult to truly stick to due to my current work situation which involves spurts of income instead of a consistent monthly flow, but it is at least a framework for how I manage my money.

Short Term Cash needs-

1. Combo of a HSBC and Chase Checking account- I just opened an HSBC checking account for reasons listed below, but for the time being I’m keeping my Chase Checking account open because it has atm’s just about anywhere I go, but most of my checking account activities will be conducted through HSBC going forward. I keep less than $1000 in my checking account at anytime (except when paying rent).

Medium Cash Needs -

I love my HSBC savings account (which is paying 6% on new money until April 30th(?), especially linked with my HSBC checking account. This is a no brainer, and if you don’t have one you need to get one. I really have been happy with their services, but just do a google search for “online savings,” to see the hundreds of others that offer a similar service.

How to use it: Your online savings account should really be the place where you keep the majority of your short term money, or money you’ll need access to say in the next year. Because you’ll earn interest on any money in the account, you’ll want to make sure your paychecks or direct deposits get in there asap. My goal is to keep my checking account as empty as possible because I don’t earn anything in there. I actually just added an HSBC checking account so I can withdraw money at HSBC ATMs (which are everywhere here in NYC) directly from my savings. I also can make instant transfers between my HSBC savings and checking ensuring that the only time money comes out of savings is when I need to pay bills or write checks. More time in savings = more FREE money made on interest. Even if you don’t have an HSBC checking account, you can still can transfer money between your own checking account and a savings account in under 4 days for free (usually, but make sure your bank doesn’t charge).

My goal is to keep 4-6 months worth of expenses in my HSBC savings account where I have easy access to it in case of an emergency. Once I have more than 4-6 month’s of savings (more like 4 months lately) then I move money into my personal investment account (below).

Long Term (1-10 years)
Any money that I don’t need access to for at least one year but under 10 I’ll keep in my scottrade account. In this account, my investments will be limited to stocks based on the Hidden Gems picks and a few of my own personal picks. I limit my holdings so that no stock at one time makes up more than 10% of the portfolio. I do keep about $1k in cash on hand at any one time to do short term options trades.

Long term retirement
I have some inheritance money from my mother in a managed investment account and I don’t plan on touching it for any reason except for a real estate investment and/or seed capital. I also will be open to investment opportunities in the next 5 years. The goal for that money is to let it grow and leave that money with my kids for them to have for college and adulthood. I’ll also continue to contribute to my own IRA.

Healthcare:
I consistently contribute the max allowed for HSA’s while young and healthy with minimal health care costs. This way I can build up a nice tax free savings to spend on health care in the future when they will be more expensive. This has been extremely dififcult to setup thus far in NYC, but I am very close to getting this all setup. I’m in the process of setting up an HSA with my broker so that I can minimize fees and maximize the returns on my healthcare savings.

Credit Cards:

I’m a big fan of credit cards. I know they are extremely dangerous if you are not watching them carefully, but you can really take advantage of them. I have 2 personal credit cards and 1 business. I only use 1 of my personal credit cards consistently, a Chase Rewards card that I have 0% interest on until April of 08. I earn rewards for the this card AND I earn interest on money I spend.

Here’s how:

I only spend within my monthly budget ( I try), so I always have the money on hand to pay off my credit card in full but because I have 0% interest on it for so long I don’t. Instead I put the difference between what I paid and what I owe into my HSBC savings account where I earn between 5-6% interest. As long as I keep a close watch on what I owe, and make sure I continually maintain that amount in my HSBC savings account I’ll have no problem paying off the card in a year, all while making money on THEIR money. Again, credit cards can be dangerous if you slip up on payments , but if you are careful you can use them to your advantage. The float can work for you even on a monthly basis. Just make sure you never carry a balance that is charged interest.

Spending..
I budget my spending for 4-6 months at a time using quicken for PC and adjust my holdings accordingly. I spend as much as my monthly spending on credit card as possible (as mentioned), but also always withdraw cash from ATM in $100 increments within my budget. Once a month I’ll spend a Sunday evaluating my spending, my contributions to hsa, medium term cash, long term investments, and staying within my budgets.

So there it is for now. It’s not perfect by any means, but it works for me right now. The real key is to at least spend some time thinking about your money and different ways you could manage it, otherwise you’ll just spend it until it’s gone. I’d recommend a personal money management software such as Quicken or Microsoft Money (even though they both are crappy in my opinion) which can automatically download your financial statements and categorize your spending.

Take a closer look at your own finances, you’d be amazed at where your money is going.