Welcome Fast Laners to The #FFLTV Show, your weekly source for how to build a successful online business and invest the profits. This week we're talking about when you're done as an entrepreneur, we talk about income from the stock market, we talk about when to double down on your business versus when to quit, and we'll look at a vegan beauty line.
So there's a little bit of a common trait that I've seen among a lot of entrepreneurs where we are really good at delaying gratification. But we have this elusive idea of someday we're going to be done, everything's going to be rosy and, in a lot of cases that is from selling a business or it's when you've got a million dollars in the bank or when you've invested it wisely enough to when you can live off the profits.
I've noticed this trend among entrepreneurs, and I can only speak to it because I've been guilty of this myself. Look, one of the greatest predictors of success is the ability to delay gratification. And the only way we're able to justify this is if we have some shiny day in the future where we think we're going to get a payoff.
I mean, I go to the gym because one day I'm going to look like a Greek god. I mean, I already got it going on, but one day it's going to be even better. Or one day I'm going to have so much money in the bank that I'll be able to enjoy my life way better. Just keep working hard; one day it's going to be worth it. We need some essence of that. That drives us. That desire for tomorrow to be better than today is why we run for office, it's why we build businesses, it's why we invest, it's why we cultivate relationships.
There's an element of growth there that is necessary, but there's also this element that is really, really unhealthy. I think the missing thing that a lot of us in our community miss is active appreciation.
We're sprinting towards the end of the year. We tend to take one day a year called Thanksgiving and actively talk about what we're thankful for in between belches and pie. And in reality, I think that an idea of being thankful, that I just call active appreciation, that's when you're "done." That's when you get to enjoy it.
This idea that we put things off until one day when you're "done" assumes that's the point at which you get to enjoy what's in your life. Whereas, we can practice that all the time.
Other questions answered in this episode of Freedom Fast Lane TV:
► How do you know when to pivot out of a slow business vs doubling down on your effort?
► What criteria do you follow for choosing income producing stocks?