https://www.youtube.com/watch?v=R9gHvJxHRhA

1 00:00:00.000 --\> 00:01:00.000 last week layla and i signed our wills
donating our entire estate to charity more or less that obviously
happens after we die so it's not now but it was a really interesting
experience for me to go through because it put a lot of things into
perspective within life and so um i wanted to share some of the thoughts
around that because i made an instagram post about it and it's gotten
the most like likes and comments and interaction out of any post i've
made to date and so i figured uh it was a point of interest the
reasoning behind kind of that decision is um is is multi-fold and so
i'll share that with you so the first is we are of the belief that i
mean one we don't have kids and so we would have we have no like direct
descendants we'd pass it to second even if we did have kids or have kids
in the future i don't think that giving people a lot of money when they
do not earn it is good for them all the people that i know who were
given money um it ended up ruining their lives and so i would not wish
that on any of the descendants that i have next piece is kind of the
concept of

2 00:01:00.000 --\> 00:02:00.000 legacy which is like why don't you want
to do something like the rockefellers and have some big trust and it
feeds every all of your generations from here on out i think there's
these ideas that we all strive for of imper impermanence excuse me
permanence because we want to live on after we die but i think it's just
a human condition thing and it's just not reality you know if you think
about like the sumerians civilizations from 5 000 years ago there's no
one that we even know about we just know that they existed and that's
about it and we don't know about the rich people and the poor people we
don't know who started schools and who didn't we just know that they
existed and i think that that may be the americans in you know 5 000
years from now and so there's the biological component of all right so
when we die uh our kids are going to marry people and they're gonna have
kids and those kids are gonna marry people and then you do that a
hundred times and it's taking a 50 and then raising it to the hundredth
power you know sorry a half and then just doing it over and over and
over and over again right and so basically the amount of our genetic
pool um if you want to look at it from a biological perspective of what
10 or 100

3 00:02:00.000 --\> 00:03:00.000 generations from now is is basically
nothing right we're not really there and then the other piece of it is
like will they know who we were or any of the character traits that we
had will be passed on unlikely and so um for us uh it felt kind of like
the right thing because we also feel like we've been given a lot and not
just from being born in america and all that kind of stuff but um from a
from a broader context i've shifted my perspective on i think business
success over time and so like let me give you a visual example if you
were to look at shaquille o'neal versus let's say a tiny asian lady
right you could see a huge amount of genetic diversity just in that
visualization and i think the same visualization appears mentally it's
just not visual and so think about that for perspective so like it's
like why is he so good at basketball well it's like if you look at him
you'd be like well geez he's so naturally inclined for that i'm not to
say that every person who has his genetic makeup would be you know as
good as he was but they would have an inclination to be pretty good
right and

4 00:03:00.000 --\> 00:04:00.000 so i think that the same exists within
your mental capacity and your character traits but predispositions for
business like i wonder what if we were to look through that same visual
lens what jeff bezos would look like mentally or what bill gates would
look like mentally or what warren buffett would look like mentally and
all of a sudden we might be like well it makes sense because he's seven
eight you know what i mean of course he's good at investing or of course
he's good at business or whatever and so i think that my perspective on
this has shifted because if you had asked me when i was younger what
made me you know successful or whatever i'm using quotes here i'm not
saying we're the most successful people in the world or anything or far
from it but i think that i would have said hard work sacrifice and all
of that stuff but i think as i've gotten more perspective i think that
we're just naturally good at it you know and i think that obviously work
and sacrifice and those things hone the skill just like shaquille o'neal
still has to go to practice but i think some people get disproportionate
returns on their time and effort and so to give back after we are dead
is not really asking that much beyond that um it also gave me another
huge conclusion about my own life which is if i'm going to be donating
all of this stuff when i die anyways

5 00:04:00.000 --\> 00:05:00.000 then it makes more sense for me to
start giving away while i am alive and i think that you know the first
level of giving is obviously you can give money and layla and i have
probably donated about a million dollars to the last few years to
various charities that we believe in but i think what has what is more
valuable is the skills um and the experiences and the the traits and the
lessons that we have gathered along our journey that i think is more
valuable and so the reasoning behind acquisition.com which for those who
don't know us is our portfolio holding company right now it holds uh up
seven companies are in entirety and then also percentages of and um that
does about 85 million a year which just so you're curious which is why i
have nothing to sell you the point behind you know this channel is to to
hopefully transfer those lessons while we are alive to other people um
because if we're going to give it all when we would die why not start
now at least that's the that's the thought process behind him and so
that's why um for those of you ask questions like that's why we are

6 00:05:00.000 --\> 00:06:00.000 writing the books that's why i'm making
the courses that's why i'm doing all that stuff and we're giving them
away for free what's interesting is that i think that there's a shift
that occurs and i'm just i guess noting this because my first businesses
were created out of scarcity and so what i mean by that is they were
created out of an insecurity they were created out of a deficiency they
were created out of a deficit a need for something right one of my
favorite quotes from naval ravicon is desire is a contract we make with
ourselves to be unhappy until we get what we want and i and i candidly
us building those businesses was not like a happy experience for me it
was very like grindy dark rage filled like just outwork out sacrifice
type thing and what's interesting is when i look at the people who make
a lot more money than me now they don't kind of act that way and i think
it's because the motivation has to shift because if you are this at
least for me it's like if i'm only trying to satisfy my own personal
needs at 10 million or 20 million or 30 million whatever it is whatever
your number is you know when you cross it maybe it's a million

7 00:06:00.000 --\> 00:07:00.000 whatever it is when you when you cross
that number in the bank all of a sudden you'll feel the the energy or
the drive towards that satisfying that goal will diminish because you
somewhat do right and so i think at that point there are two directions
that you can kind of go in one direction is to make money the ultimate
scorecard um which i'll give you an analogy of why i think that's silly
in a second and the other is that you can change the driver all right
and so for the first one the reason that i've never really been a big
you know i've never espoused that or never been a big believer in that
one is that i see the entrepreneurial journey as a casino and so bear
with me for a second so imagine every one of us is given a token right
as we you know come of age whatever that age is maybe it's 12 maybe it's
14 whatever it ages that you decide that you want to get in the game
right and so we get a token and we go into the casino and we get a seat
at the table and we continue to play we continue to play and we have the
other players right and what's interesting is that everyone's playing
for the chips that are on the table the difference is that you might
amass this big amount of chips

8 00:07:00.000 --\> 00:08:00.000 right but the thing is is that we don't
get to cash out we literally just have to leave the table and then
someone else takes our seat and all of our chips get pushed back into
the middle of the table for other people to play with again and the
other people you could say is your family the other people you could say
is your competitors the other people you can see is just the marketplace
your community as a whole but either way we don't get to leave the
casino alive and we don't get to leave with our chips and so having that
perspective for me just really reinforces that it's just a game because
we don't get to keep any of it and so once you're satisfied like once
you can eat steak dinners every single night and it doesn't change
anything and once you can buy private jets and once you can do all that
stuff like nothing changes like more money changes literally nothing
because money can only solve money problems and that was one of the
lessons that i've learned as we've you know gained more of it is that
money only solves many problems and once you've run out of money
problems for money to solve there's really not a lot of utility for it
that's why for me the the money scoreboard concept has never really
resonated

9 00:08:00.000 --\> 00:09:00.000 me dying a billionaire so what you know
what i mean like i'm just going to take this big lump of money and then
this is going to get handed to somebody else and so that is also why i i
don't think um we want to give it to somebody else because you know an
individual person uh because i i think it would ruin them and one of my
favorite cards in magic the gathering which is a game i played all the
time when i was a kid it was burning wish and the the flavor text on
that card was uh she wished for a weapon but not for the skill to wield
it and that's very much how layla and i both see money is that it's just
this raw power and the more that you get uh the more skill you must have
in order to wield it effectively and so i think that that is why we
don't we wouldn't want to quote ruin our descendants um in that way or
ruin anyone in that way because i think it's too much for one person to
have and so that is why we're pushing it towards causes rather than
individuals because i also think that when you give it to individuals
you rob them of the

10 00:09:00.000 --\> 00:10:00.000 opportunity to earn for themselves and
you rob them of the opportunity to to to achieve in that way because i
can tell you i remember when i was a kid and i thought about this really
deeply when i was uh in college i thought to myself if i won the
powerball right because i bought a ticket because it got like all you
know all the guys that i knew all got one ticket because it was like a
billion dollars or something at one point for the powerball and it's
more just for the conversation that that that comes as a result of that
that we bought it it's not because i thought there was like a chance or
anything but what was interesting is that i realized that during the
drawing i actually had this feeling of dread because i really didn't
want to win because i realized that if i won then it would kind of make
everything that i was wanting to do meaningless which was really weird
for me to think about i was like if i just got a billion dollars then it
would mean that i never even got to play the game or get the credit for
earning whatever i would end up having because i wanted to have and this
is probably my ego or my insecurities i wanted to have people give me
status for having earned

11 00:10:00.000 --\> 00:11:00.000 this right but i think again as i've
gotten older my my thinking around that has changed because like there
are so many things that i've been fortunate with you know what i was
born with genetically you know what i mean i think that i have decent
reasoning powers and i don't know how much of that is is learnable you
know what i mean um i think you know i was born in the united states i
was born a white male um i was born to um you know a doctor uh as a as a
parent and so like there's lots of things that i have that already gave
me a leg up and so anyways just to to bring this home for you the reason
that we have acquisition.com and the reason that we are pushing far more
towards giving away everything that we have is while we are alive and
the most viable assets we have which is the value that we can provide in
terms of the lessons and skills is because i just have no more marginal
utility for money now that being said it would be it would behoove me to
kind of follow in uncle warren's footsteps which is i

12 00:11:00.000 --\> 00:12:00.000 think that i will be a better
allocator and multiplier of capital so that when i when we die we will
be able to pass on and make a larger impact um on you know whoever you
know whatever causes we donate our stuff to then if i were to donate it
now and we do donate stuff now because you know i think about this where
it's like i've given away two million dollars in the last two years and
i think about two million dollars in 40 years and how if i you know
allocated it well it would probably be like 100 million dollars right
and i'm giving away all that money now but i think there's always the
trade-off between consumption and investment that you know kind of all
entrepreneurs make and the consumption investment trade-off happens kind
of for everything it's like investing in your relationship versus
consuming a relationship investing in the business versus consuming the
benefits of the money um and that kind of happens with everything right
and so that is kind of the the thought process and the thinking behind
the books and the courses and all that stuff behind acquisition.com for
those of you asked um the big impetus behind this was uh you know
donating what will you know just our current estate is probably valued
between 60 and 80 million

13 00:12:00.000 --\> 00:13:00.000 depending on who's valuing the equity
slices we have in the businesses we own i know that if i were to do
nothing and just wait you know 40 or 50 years hopefully i lived that
long it would be a very big number right even at 10 it'll be over a
billion dollars at that point and that's if we earn no more money
between now and then and so i think that it changes the game and i'll
leave you this with this one quote from naval rava cop that i think is
really valuable you said retirement is when you stop sacrificing today
for a hypothetical tomorrow and i think that what that will gave me was
the permission to stop doing that because if i know that i'm not going
to be i'm not going to be taking anything that i'm making now with me
anyways and i'm going to be giving it a while all the way to begin with
it pretty much eliminates the desire to trade time for money in any
meaningful way besides things that that i you know enjoy and think that
i can provide value with and so for the many of you that reach out um i
want to also say a couple things real quick one um we don't sell time so
i get probably like 100 dams a

14 00:13:00.000 --\> 00:14:00.000 day asking if we do one-on-one
consulting we do not we take on companies that are i say three to ten
million but closer to like the five to ten million plus mark just fyi
unless you have something that's really interesting um and so we you
know we invest and we take positions in those companies and help them
grow for contacts at the time of this video the smallest business that
we have in the portfolio is eight million a year um so just like i said
for context it says three to ten but we're really skewing towards the
larger side of that and that is why um i don't consult for dollars
that's also why we're not selling courses we're not selling masterminds
we're not selling coaching and if you see comments in the thread that
are replies from fake alex ramoses right now we have we're getting like
targeted um and it's probably because i think there's a lot of goodwill
on the channel because we don't sell anything i will never ask you for a
whatsapp all right so like please like do not respond to any of the
comments that have a picture of me and like some weird decimals
afterwards to make it look like it's

15 00:14:00.000 --\> 00:15:00.000 me i will never ask you for whatsapp i
will never text you for money all right so please please please please
do not respond to those people do not feed uh feed that um but anyways
love you all um hope you're amazing uh this felt like the right time to
make this video in the parking lot before i go to the gym and keep being
awesome and uh if you enjoyed this video click subscribe for a lot more
tactical stuff that we do about growing businesses um and growing wealth
the point of this channel is there's a lot of people who are broken i
don't want you to be one of them so without further ado oxmoozy nothing
to sell you hit subscribe see you next vic
