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Podcast Episode 104: The Siren's Song of More

| August 13, 2018
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Episode Summary

In this episode, Paul speaks about the kinds of external pressures that push in on entrepreneurs that make them think they’re being as successful as they can be with their money, even though they may not be doing the right things that lead to long-term financial well being in their personal balance sheet. He explores what things business owners have been taught and are attracted by. He also encourages you to listen in this episode for things that may resonate with you, such as things that have not made you as effective in building your personal balance sheet, the story of Odysseus and the siren’s song, and the sage advice Jeff Miller’s grandfather gave to him.

What Was Covered

  • 03:40 - The story of Odysseus
  • 05:35 - The similarity between the sirens’ song and business failure
  • 07:59 - What’s the last thing that can go wrong for business owners
  • 09:22 - What Paul wants you to think about in this episode
  • 09:51 - How much money are you actually making from the business
  • 12:09 - Why the extra amount of money on your balance sheet can distract you
  • 12:49 - Why you should intentionally create scarcity in your business
  • 15:13 - What entrepreneurs should think about
  • 17:56 - The advice Jeff Miller’s grandfather gave to him

Tweetables

"Much like the sirens’ song, many business owners end up with the same levels of financial failure and retirement as your average everyday employees and executives because the business just gets wound down at some point."

"If you have the vision that you’re going to sell your business, that means someone needs to acquire it because they going to acquire an asset that produces income."

"If you’re growing a good, solid, and profitable business, then that’s going to be more attractive to somebody than someone who has been digging a hole for themselves for the last 5, 6, or 7 years."

"Anybody can make a lot of money; very few people can get that money on their balance sheet."

"Your financial independence is always going to be found on your personal balance sheet, not the business balance sheet."

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