He and his wife live in Manhattan Beach, one of the most affluent neighborhoods in Southern California .
He actually bought Landon Donovan’s house, and still gets his mail.
Here are some things he talked about:
I brought up how some people make so much money, yet never create generational wealth due to spending habits.
He told me his own personal experience of this amongst his wealthy friends and neighbors.
The less wealthier ones make about 2 million a year (still way more than is ample to create generational wealth).
Because of all this spending, despite their high income, the value of their liquid assets are not very high.
This handicaps them in terms of ability to allow their money to work hard for them.
If he and his wife were to stop working right now, how long could they sustain their current lifestyle (providing for three kids in an expensive city) before their money runs dry?
He was very honest with me (which twitter isn’t many times).
He told me, “Money is tied with status because of what it can buy. It’s super hard not to overspend.”
This is a scary thought especially if you have a job working for someone else.
If you lose this job, what will happen to you?
Where will you go?
The trick is to minimize that and think long-term.
Obviously living like a miser is not living.
One must learn to optimize their wants vs. needs.
This will look different for everyone.
It doesn’t matter how much money you make if you just spend it all.
Think longer term.
This is why generational wealth is incredibly rare.
It’s hard to foster this discipline across generations.
But it can also be used to make the world more beautiful and build more life.
Money is a means not an end.
Understand that there is so much circulating around the world and you just need to find a way to grab it.
If you put hard work into making money, do yourself a favor and don’t let it slip out of your hands so easily.
Make it work hard for you.
Above all, be thankful for what you have.
Gratitude will protect you from being consumed by greed.
