The True Value of Wealth: Lessons from Self-Made Millionaires and Billionaires
Beyond Bank Accounts: The Stories Behind Massive Fortunes
A warm welcome to all new readers! I’m glad you are on board.
I’m Michael and on a mission to make beating the stock market as easy for you as choosing your favorite ice cream. I write an algorithm that does exactly that.
Read the full story here.
Money is a tool, but its true value lies not in what it buys, but in what it does within us. It’s about the lessons we learn, the resilience that’s needed, and the freedom it can provide. Follow me on a journey into the minds, hearts, and souls of those who have made fortunes, and in addition, discovered something else.
During a cloud-related YouTube browsing session, I stumbled upon an eye-gluing title “Asking 80-Year-Old Millionaires if it was Worth It” by Noah Kagan, a self-made business owner and YouTuber known for his insightful content on business and now, wealth. This discovery led me down a three-hour rabbit hole of Noah’s videos, each digging into different aspects of wealth and success.
Perspectives on money’s significance vary widely. For some, it’s seen as a necessary evil, while others view it as a force for good. Interestingly, a common belief is that money amplifies one’s true nature.
Particularly striking was “Asking a 76-Year-Old Shipping Billionaire if it Was Worth It.” This and other videos revealed a wide range of wealth journeys, marked not just by business success but also by personal challenges like bankruptcies and personal losses, highlighting the grit these individuals needed.
The question, “Is it worth it?” still echoed in my mind.
The shipping magnate, a self-made billionaire, shared his journey of trading ships totaling over 1 billion dollars. Another entrepreneur spoke about selling his company, Kinko’s, for an incredible 1.5 billion. These stories weren’t just about raw numbers; they were about passion, risk, and resilience. The shipping tycoon likened his fleet to “real estate on water,” a venture that, if managed well, could generate wealth as powerful as a ripped-off water hydrant.
A unifying theme across these stories was the meticulous attention to detail. One entrepreneur boasted of purchasing inventory at $0.17 and selling it for a dollar, reaping a healthy 588% margin. But life is not just about making money. The shipping billionaire, for instance, had lost his son at a young age, a devastating event that taught him the importance of giving back through teaching, angel investing, mentoring, community support, and donations.
Contrary to the common belief that wealth breeds materialism, these individuals’ experiences suggest otherwise. While they had pleasant houses, they often found greater value in the simpler, more meaningful aspects of life. Their stories emphasize that wealth can improve life by reducing burdens and increasing enjoyment, while also respecting personal values and choices.
No regrets, just learning experiences
Interestingly, none had significant grief. “No regrets, just learning experiences,” one said. In a world where the likes of Buffett and Bezos dominate headlines, these individuals are the hidden heroes. They are the ‘little giants’ who blend into the crowd, yet their stories are epic as well.
Their journeys underscore a vital truth: there are many ways to wealth. Each found success by solving a unique problem at the right time, armed with the right knowledge. And while luck played its role, they all agreed that being prepared significantly increased the chances of ‘getting lucky.’
Reflecting on these narratives, these stories highlighted the broader impact of wealth - on families, communities, and industries. The shipping billionaire, for instance, had not only created a personal fortune but had also revolutionized an entire industry, contributing to global trade and connectivity.
And the Kinko’s guy is supporting local schools. He said that a school in his neighborhood gets about $37,000 per student, while another one in a not-so-fortunate neighborhood gets only $10,000 per student. He is helping this school, but he also pointed out that this shouldn’t be the case at all. I also think personal finance should be a classroom subject in every school. Far too many people are still completely in the dark when they have to deal with their finances.
As I went back to my cloud topics, I realized that the real question isn’t just about the value of wealth, but rather about how we choose to use it and the legacy we create with it.
In a world increasingly captivated by the allure of instant riches, these stories serve as powerful reminders. Wealth, in its most meaningful form, is a tool for crafting a fulfilling life. It’s not merely about the material gains but about the enrichment of our own lives and those around us. Whether through material achievements or the sharing of knowledge and resources, the true essence of wealth lies in its ability to create lasting value and positive change.
Perhaps that’s the real wealth we should all aspire to.
Btw. You find the links to the video down below.
Progress
My database is finally high in the cloud and the data download trial was successful.
Learned a ton about cloud computing and its limits. It’s full of surprises :-)
Got a first glance at the website’s user interface. It’s clean and simple to use.
Plan
Implement my scheduled download functions in the cloud to keep the database up to date.
Get the final design for the user interface
What’s on my head
This week showed me in a nice way. If we expand our comfort zone, we make room for more. The more we learn, the more we realize, how little we know.
It’s all relative.
Smash that heart below if you will use your fortune to make the world a better place!
Have a great day StockStar!
Michael
Nuggets I’ve enjoyed:
If you think somebody should read this, share it, and make them happy.
Disclaimer:
The information in this article is my personal opinion. I’m not a certified investment professional. It is not consulting, nor does it constitute investment recommendations.
I do my research carefully and follow my personal investment strategy.
The stock market is a complex building with its own rules. There are no rules set in stone, like the rules of physics.
Therefore, use the contents of this newsletter at your own risk and do your own research as well. Investing in the stock market can lead to a total loss of the capital invested.
What wealth does is strip away the external barriers to what you want to do with your life. I very might well be the worlds worst guitar player, but financial independence would let me play 12 hours a day until my fingers bled if I wanted to. You lose the excuses, but that means if you aren’t satisfied with your life you likely have nothing to blame but yourself.
You said very correct: "These stories weren’t just about raw numbers; they were about passion, risk, and resilience." The last 3 words - passion, risk and resilience - we can find these words everywhere in our life, btw if we are ready for it. Very-very good, thank you.