Asking 70 Year Old Billionaires If They Have Any Regrets

when the money hits the table that's when you find a real character of people do you regret selling it you have to get done I was in there for the money business people they say they love their business what was the exit was it worth it all the work and the worrying almost 120 billion dollar company okay but it's not a trillion yet have you ever wondered whether all the hard work and sacrifice to build a billion dollar business is even worth it well in this video I'm going to talk to the founders of Kinko's Uggs boots and Qualcomm to ask them how they built their billion dollar Empires and whether or not they have any regrets how is it to become a billionaire I feel great tell you a funny story of my wife over here bought a ex-wife about a TV cabinet for 35 000 and it always picked me off that camera was so goddamn expensive I was very upset with the cabinet sold the business I'm happy with the cabinet how do you use curiosity to come up with business ideas and how did that help you come up with Kinkos well I was at SC and they were in line at SC making Xerox copies and I figured why I want the same people be in line in Santa Barbara Barbara I didn't have to take a lot of LSD and ruminate over the damn idea what are you best known for I think I'm best known for being the founder of ARG I was surfing up at Malibu one day and it was you know October November the water was getting really cold and and I was pulling on my sheepskin boots after surfing and I just got goosebumps on it I'm like God there's no Ugg boots in America and I was with my buddy and I said to him hey man we've got to go into business we're going to be instant millionaires we had no idea that it would take 20 years how did you feel the day it closed the day the deal closed it was great really interesting day because you know when the money hits the table that's when you find out real character of people and a lot of greed came in the first couple of days leading up to that everyone's you know best friends until the money hits the table and then it's like oh oh it's all me really interesting what did you invent as a part of oh what I'm known for is the veteri algorithm is is the basis for 5G technology for cell phones now it was a basis for 2G and 3G it also had some impact on 4G how did you come up with that idea for Qualcomm link a bit they're our first company came out of our University Research when we started Qualcomm because we had limited Capital we went after government contracts how many people work at Qualcomm I think at Peak 30 or 40 000 and then the valuation I just looked up almost 120 billion dollar company okay but it's not a trillion yet how is it when you received the money that day like what happens oh it's just euphoric like so you actually felt relief yeah yes oh you don't understand the luxury of waking up every morning and not worrying and thinking about what you want to think about I like that part the best how did you celebrate probably had a few cocktails maybe spoke to join or two I just remember always being stressed out and there's a lot more to worry and you have your business I was ready for it to be sold a lot long prior tonight when I sold it if you had to describe how people should live their lives in decades how would you think about that my mother said honey in your 20s try everything in your 30s figure out what you do best and your 40s make money from what you do best and try not to do too much in your 50s in your 20s you really do care about people think about you you get to be 40. you don't really care people think about you then you get to be 60 you realize no one thought of you in the first place so when you received the money from Uggs like how did you enjoy the money my wife and I had been just eating it out for 20 years yes the first few was really really tough and then suddenly we got millions in the bank but our lifestyle did not change did we didn't go to more expensive restaurants we didn't do a big vacation we just carried on with life what was your expert I was in there for the money and it was always for sale just I sold it in 1997 but every day that business was out there was for sale business people they say they love their business you can enjoy your business once you love it you're losing your objectivity and you can't let that business own you you own it what are some of the silly ways you've spent your money frivolous things I bought yeah or on the other side I bought this goddamn airplane to be a big shot no that that cost me a lot of money or how much was the payment you bought 22 million dollars how did you enjoy your money I had a Ferrari for a while because my kids talked me into it but I didn't like it it was the Modena 360 I think I got rid of it after 10 years had the best Mercedes that I could find at the time is CLS 550 was just like a look like a dart you know it's such a beautiful car I've been through that done that I I don't need that for my ego anymore you know as long as the rent I know I've got no problems with the rent being paid for a year or two that's really all the money you need the the trick is to be happy when you do that sort of stuff you know because I know a lot of millionaires are the most miserable people I know they're taking a step back for someone how do you think someone today can become a millionaire use your eyes and your intuition but unfortunately we're too damn rational a lot of times it's intuitive and we don't trust our Instinct why does a customer want to buy something they see all these big shots they think that uh they built the business their customers built what are you observing in terms of business ideas in today's economy oh there's so many kids are too high for Loot and they want to do all decipholute and things it's just down and dirty stuff like every time you park your car why is it somebody washing it for you why don't you go to the place and say I'll put a car wash for you charge for forty dollars you're going to lunch two hours later you get a car wash I mean why what's happened what's happening all that little hustle what's interesting about the stories in this video is that no matter how big the business becomes it's always about starting right now and having a promising business idea but what if you want to start a business and you don't got a great idea we are working with trends.co who y'all love so much last time they have come back to hook us up with the sponsorship now they have a whole team of analysts who are constantly nerding out researching the most profitable Industries and business opportunities and send those to your inbox every single week on top of that they also bring on successful CEOs and entrepreneurs for live business trainings and Q and A's to teach you skills to build a company and trans hooked us up with a special offer you all went crazy for it last time they're doing it again trends.co NOAA K you can try out their community and get access to their business ideas for seven days for one buck that that is trends.co NOAA K to start your seven day trial for Uno dollar enjoy do you have regrets of like that you work too much it is a song I don't regret anything it sounds like Frank Sinatra as I did it my way and I have no regrets what regrets do you have from that time well I was under so much pressure financially I didn't say enough thank yous I worked with really wonderful people and I didn't say thank you enough to him but you're in the middle of it all it's just hard to be grateful you're just so have so much pressure I was just internally focused on paying my bills and all that and I I was Joe veal and very convivial to the managers the executives they could feel my Fury a little bit was it worth it all the work and the worrying now in my 40s I didn't sleep right my neck always hurt and I had bad gas now I don't have any gas I sleep like a baby and my neck doesn't hurt do you regret selling it or how do you feel about it no um it was growing so fast I just didn't have the knowledge of Finance to be able to forecast the production requirements when it got to about 15 million I just thought you know I got to find somebody who can really take this and run with it because if I hadn't tried to hold on to it and you know I would have failed miserably that year because of My Success do you wish you would have like worked less or done anything different with the experience I couldn't have worked less because it had to get done I wouldn't say I overworked I but I was always busy my mind never switched off from oh overall it was really enjoyable you know running my own business and having really good staff and and everyone it was it was like a team of uh people on this really cool project how would you like to be remembered as I had an interesting wife and I want to be remembered for being the head of my family and having a warm family how would you like to be remembered the most common compliment I get is the highest company that I get when I come off stage is people just go oh my God you're so real you know and that I think is how I want to be remembered I think I'm doing a good job what makes a great life you know what success is success is when your children want to be with you when they're adults how many people could have all that and the kids don't come home for the holidays come on I've been called adoption my whole life most cool thing I've ever been called in my entire life Dad if you like this video you are going to love this video right up here where I knock on Millionaire's doors and ask them how to get rich and make sure to subscribe to the channel if you haven't already Uncle Noah loves you and I'll see you out there

Channel: Noah Kagan

Views: 2,654,911

Keywords: how to build wealth, how to be a millionaire, life lessons, billionaire lifestyle, billionaire motivation, billionaire mindset, regrets of the dying, regrets in life, retired, retired millionaires

Id: DlN1nBB1Zt8

Length: 8min 51sec (531 seconds)

Published: Mon Nov 14 2022

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[u/andros_sd]

kagan is just so. fucking. tiresome.