Jeff Bezos credits this for making him rich – and it has nothing to do with money
A simple framework that changed his life (and helped me take this step)
Time to read: 10 minutes (it’s my first post so it’s a little longer)
Jeff Bezos once said, “I got rich when I understood this.”
Given the name, you might imagine it was a lesson he learned about money – maybe a smart investment strategy – that propelled him to become the billionaire he is today. The truth is that it had nothing to do with money. It was a mindset shift he made years ago that he now credits for his success.
So, what is “this”?
Keep reading, and I will tell you. Trust me; you won’t regret it.
Speaking of Regrets…
Let’s start with a question, “What is something you regret not doing?”
Take a minute to think of one thing. If more than one comes to mind, that’s certainly fine. There are no rules here. But humor me and take a minute to think of one as I believe you’ll get more out of reading this if you do.
What is your regret?
Not saving or investing earlier for retirement? Not taking that risk and making the job or career change? Not staying in touch with old friends (a personal one for me)? Not taking those vacation days and traveling because of work? You can always do it later, right?
Or maybe it isn’t one specific thing. Maybe it’s more broad, like wishing you didn’t worry so much or let the anxiety and stress around money keep you from being truly present and enjoying life?
In the spirit of full transparency, here is mine.
The other week, I came across a document I put together in December of 2020 that talked about an important goal I wanted to achieve in the coming year. That goal? To start sharing my knowledge – everything I had learned in my career as a financial advisor (almost 20 years at the time of writing this) – with the world.
Why?
Because here is what I believe:
#1 - That our financial health is just as essential as other aspects of health (physical, social, emotional, etc.) to living well.
#2 - That financial planning, done right, has the power to change our lives and far too many people lack access to this life changing thing that we just happen to call financial advice.
#3 - That all people deserve access to the education, resources, and expert advice they need to take control of their money and lead more fulfilling lives.
And here is what I know (also three things - by the way, you will find that I use three things a lot in an attempt to make things simple):
#1 - Money is a top cause of anxiety and stress for many people because we are never taught this stuff in school and so many of us have to figure it out on our own. I think we all know what happens when you WebMD how you are feeling. The same thing happens when we google (or I guess now ChatGPT) financial advice.
#2 - We have to turn to a financial services industry that can be expensive, exclusive, and filled with conflicts of interest and bad advice. Not to mention, how do you cut through the noise and find a firm or person you can trust?
#3 - People feel increasingly uncertain about the future – the economy, the market, inflation, interest rates, AI and the future of work – and are trying to figure out which financial decisions are the right ones for them, their families, their careers, and their lives.
We all want to know the same things. What should we be doing today, not just for “retirement” which can be decades off? How do we build meaningful careers, be good partners, raise families, be active in their communities, achieve success, and manage our finances?
My “why” for this newsletter and the broader Financial Wellness Project is that I want to be someone that people can turn to and that they can trust. I want to share my knowledge as a financial planner and a behavioral finance expert and I want to share real stories about life and the role that money plays in it.
More importantly, I want to share it with the hope that you can at least learn one thing (hopefully many more) and apply it in a way that improves some aspect of your life.
Alright, enough about me for now. If you want to hear more about my story, and what I stand for, head over to the “My Story” page.
OK, back to regrets
Oh, yes, my beautifully written document. I had a project plan, a content calendar, and even the resources I would need to make it happen! But, here we are, three years later and nothing.
So what went wrong?
I have a million excuses. I overanalyzed every step. I got busy at work. I needed better equipment. I didn't have enough time. I was worried that what I shared wouldn’t be good enough. I was afraid of failing.
As a result, I never started. And I regret it.
I still beat myself up for not starting back then. And the funnier part? I still doubt myself and my ability to get started even today. The simple act of sharing this post will be hard for me.
Does any of this sound familiar to you? When you think of your regret, what kept you from taking action?
Now, back to Jeff Bezos…
Here’s what he attributes to his success. He calls it the Regret Minimization Framework. Here’s a graduation speech he gave that mentions it.
In short, he asked himself one question, “In [X] years, what will I regret not having done?”
The result of asking this question? The company we now know as Amazon. And it all started with selling books out of his garage. If you read about the founding story of Amazon, you’ll learn that pretty much everyone around him told him not to leave his job and start his company. His boss at the time agreed that he had a really good idea … for someone that didn’t have a good job (i.e. he’d be making a mistake leaving his good paying job).
Oddly, this is exactly what people told me back in 2016 when I was planning to leave my job as partner in a wealth management firm and start the company I have since co-founded and now help run. I can still hear their voices saying, “Brent, why would you give up such a good job?!” “[Your idea] will never work!”
I’m glad I did not listen to them.
Now that’s a decision I do not regret. It’s also a lesson I learned about life. If you ask someone for their opinion, most people will give you an answer through the lens of their life and world view and not yours.
We all have regrets
I have plenty, and I am trying to learn from all of them. However, people that lead truly fulfilling lives do their best to minimize the regrets they will have in the future. And, no, you don’t have to start the next Amazon to live an extraordinary life.
Jeff Bezos didn’t actually become rich when he started Amazon, but his Regret Minimization Framework was the mindset shift he needed to make to put him on a path to being capable of building meaningful and lasting wealth, and, yes, it also came with some risk.
And here’s a little secret for you: creating financial success isn't just about the mechanics of money; it’s in the level of thinking required to create it.
The truth is that our greatest regrets stem from decisions that aren’t aligned with our values, our sense of self or identities, and the lives that we want to live. Trying and failing will lead to a far more fulfilling life than never having tried at all. Later in life, when you ask people what they regret it’s almost always the things they didn’t do.
And who knows, maybe, just maybe, doing what you truly want or truly love will lead to a level of success that you never thought possible – or that your internal critic said you could never achieve.
The things we want – from watching a few more sunsets, to being great parents, to starting that business you’ve always dreamed of – require us to be more intentional about the actions we take. People that have achieved any level of success know that you need to start with creating a clear vision for the things, experiences, relationships, successes … [add your goal or crazy dream here] … you want out of life and then take action to make it all possible.
And it can be uncomfortable, hard, and even scary, but it’s often worth it.
Taking my own advice
Today I am doing what I should have done three years ago and launching The Financial Wellness Project with the amazing people at my company, Facet. I (we) have a simple mission – to redefine the role of money in our lives, to reimagine what’s possible when we use money more intentionally, and to make financial wellness a reality for all.
The regret I want to avoid is seeing more families, like mine, that never have access to the kind of financial advice that can truly change their lives. Financial advice shouldn’t be reserved for the wealthy. It should be accessible to all.
So this is the action I am taking to avoid that regret.
Regrets aside, why should you care?
So, you might be asking, “Brent, why should I spend my valuable time with you?”
It’s a great question. I have to earn the right to be a voice you can trust.
Here’s what I bring to the table:
Real stories about life, money, people and their successes (and failures) and the financial habits, strategies, and tips that you can apply in your life…and a behind the scenes look at how I make financial decisions in mine.
Real expertise from my 20 years as a financial advisor, behavioral finance expert, life coach, business owner, and entrepreneur and everything I have learned along the way.
Access to my network of some of the smartest and most amazing people I know in financial services, business, and entrepreneurship.
*I am a Certified Financial Planner® Professional, a Chartered Financial Consultant®, an Accredited Behavioral Finance Professional™, a Certified Life Coach®, a Certified Blockchain and Digital Asset Advisor™, and a Crossfit Level 1 Trainer (I am a big believer that health is a form of wealth).
My hope is that what I share will help you improve how you think, make smarter (and better) financial decisions, and change how money works for you.
My ask of you
Before I wrap up, I have an ask of you.
Will you join me?
Yes, that is a little selfish because I am asking you to subscribe to my newsletter, but I want you to take this action for yourself. My ask is that you commit to spending 14 minutes, or less, with me every week to improve some aspect of your financial life.
Why 14 minutes? Because it’s 1% of your day. So every week you can get 1% better with your money. Imagine how that 1% will compound over time.
And, if you’ve already subscribed, thanks for joining our community!
“Don't think about making art, just get it done. Let everyone else decide if it's good or bad, whether they love it or hate it. While they are deciding, make even more art.”
- Andy Warhol
Today, I start making my art. My hope is that you find at least one insight or moment of inspiration that helps you achieve something you never thought possible.
Cheers to health, wealth, and the good (financial) life,
Brent
And, because I don’t like to take myself or money too seriously, let’s have a little fun. Here is my question of the week: “I wish my wallet came with…?”
Share your answer with me at brent@facet.com.
My answer? Free refills!