3 Things My Business Mentor Taught Me

3-4 years ago, I had the chance to sit down with a business mentor.

A stakeholder of the first golf club I worked at.

(It's a bit washy where he got his money. Real estate?)

I was still in high school. And the advice he gave me is not what you expect...

Wasn't so much business tactics or strategies, it related with vices and not spending money.

#1: Don't Drink

Crutch

"Firstly, don't learn to drink," as he sips on a glass of scotch.

Ironic, isn't it?

He followed with,

"I know I'm drinking. But I need to whine down from a busy day."

To not follow in his foot steps, he told me to not use a substance as a crutch for work.

Particularly alcohol.

I'm lucky that I don't have a taste or desire for alcohol.

Especially knowing my father's disposition for alcohol and its effects on family dynamics.

Health

There are no health benefits.

Alcohol is a poison the body actively filters out.

When you're younger, you can recover.

As you get older, the impacts tend to be exponential.

You might say in moderation.

When you live in a culture and environments when copious amounts of alcohol are the main social activity, it's hard for individuals to stop.

Productivity

Alex Hormozi describes alcohol as a saboteur of productivity.

I've never gone out drinking in my life. But this is what he has to say...

When you drink, you've used up two days. The day you drink, and the next day to recover.

If you're someone who wants to move the needle and get stuff done, isn't it a hinderance to sabotage your present and future cognitive ability?

Appearance

I think you see this more common after high school. People drink more thus becoming fatter and pudgier.

A good reason to control alcohol intake is something called the Halo Effect.

The more attractive you are the more positively perceived you are by other people.

Why are strong physiques so desired?

They're not easy to attain. It makes an easy assumption that you have high level of discipline, grit and determination to achieve such results.

"If they are physically disciplined, how would it reflect their personality and the interaction I'm about to have with them?

(Quite advantageous in high income roles such as marketing and sales because of it's customer-facing nature.)

#2: Don't Gamble

Investing Vs Gambling?

The skeptics will say,

Aren't they the same?

You must ask,

Who is the House?

In life, you can control the odds to an extent. Whether that is your knowledge, judgement and skills.

When you walk into a casino, you are only given odds skewed towards the house.

It's better to have control over the controllable.

Rather playing with odds already dealt by a system designed to take your money over a long enough time horizon.

(Poker and to an extent blackjack are two games that I can understand if you want to turn professional and make a living. Slots, pokies, roulettes; games that are systematised to take your money I cannot relate)

Don't Involve Others In Your Gambles

Especially when you have a family, Denzil.

People who depend on you, they shouldn't be given the consequences of your bets.

Especially trading in their security such as the roof over their head for your risk taking.

Growth Vs Security Orientated

Gary Vee mentions that 20-30 year olds can make the crazier bets on themselves because they actually have nothing to lose.

Once you start having stuff to lose, like a partner, children, family a house, you can't be as growth orientated.

For each season of life, you focus between growth and security.

Sort of like retirement funds.

Early investing is riskier.

High risk, high reward.

Towards retirement, funds make safer investments.

Low risk, low reward.

However, lower risk of losing it all before the turn of retirement.

#3: Don't Take Drugs

A simple principle to live by.

I remember in Grade 10 or 11, we had a talk about methamphetamine. And the spokesperson was an ex-addict.

He would tell tales of peering outside through the window. Paranoid that someone was coming for him. Or selling all his valuable possessions for his next fix.

You can't focus on the things that matter if you're focused on your next high.

Drugs affect your cognitive abilities.

The thinking activities is what's going to affect your ability to provide value.

And like my mentor once said to me,

"Your mind is your asset."

[Bonus] #4: No Smoking?

One thing he didn't mention during our talk is smoking.

Or perhaps he did, and I can't remember.

I'd like to add it as a point though!

My mentor did smoke cigars. Tends to go hand-in-hand with scotch.

Even I made videos about wanting to smoke cigars.

Definitely not cigarettes.

And fuck vapes.

For my current season, I'm not looking into using nicotine.

It's, again, one of those substances where you mask ask yourself,

"Will this provide me with a net positive for my life?"

The Overall Point

• Drinking
• Gambling
• Taking drugs
• Smoking

All of these vices cost money.

My mentor told me if I can avoid spending money on these vices, then I will have more money left over to spend and invest.

Truly, want to know the equation to wealth?

Wealth = Income – Expenses

If you can have more income, and less expenses, by definition you will have more left over.

For some of you, this left over wealth means freedom or security.

I'm not saying that you can't spend stuff that won't make a financial return.

The main question I would be asking myself after each purchase is,

"Is this a net positive or net negative?"

Whether in terms of time, health, finances, emotions, freedom.

Because on a consistent and long enough time horizon, theses vices will compound negatively against you rather for you.