Wealth, Health Scares, and Finding Purpose: A CEO's Journey

The Rise to Wealth

Mitch's entrepreneurial journey began early in life. As a child, he started a lawn mowing business that gave him his first taste of financial independence. This early success sparked a lifelong appetite for making money.

"I got hooked when I was 10 maybe 11 years old," Mitch recalls. "My dad had me doing his lawn all the time and he said you could try to make a business out of this."

After a brief stint in consulting after college, Mitch struck out on his own. His financial services business took off quickly:

"By the time I hit 26 years old was the first year I made over a million dollars," he shares.

Within a few years, Mitch was earning multiple millions annually. He and his wife bought a $2 million home and were living a life of luxury. Mitch felt on top of the world, in control of his destiny.

The First Health Scare

At age 27, Mitch's sense of control was shattered when he suddenly went blind during a meeting. Doctors discovered he needed emergency brain surgery.

"When they are handing you pallets to clean your body off because you're about to go into one of the most significant surgeries a person can have, it's funny you actually think about money in about two polar opposites at the same time," Mitch reflects.

On one hand, he worried if he had left enough for his wife if he didn't survive. On the other, he questioned if the pursuit of wealth had been worth sacrificing time with loved ones.

"The thought that really came through my mind was was it worth it? Like how many hours did I not have to emotionally give to her all for the pursuit of this money thing," he says.

Fortunately, Mitch survived the surgery. But the experience profoundly changed his perspective on money and success.

A New Approach to Wealth

After recovering, Mitch recommitted himself to building wealth - but with a different mindset:

"I came to this conclusion I had fallen into the love of money and that was such a motivator...but I also didn't come to the conclusion that it was bad," he explains. "I also became very convicted that I was a personality that had the ability to make a lot of it for the rest of my life."

Rather than pursuing money for its own sake, Mitch resolved to use his talents to create wealth that could fuel positive impact:

"What if I did it with a more sober perspective that I'm going to be on an operating table again one day and I want to have a better response when I am," he says.

Mitch began thinking about his "impact-o-meter" - how he could use money to set up multiple streams of positive influence in the world.

Starting Over

In 2019, Mitch made the bold decision to leave his company and start over independently. It meant walking away from an offer that could have earned him a billion dollars over 20 years.

Instead, Mitch depleted most of his liquid wealth to fund a new venture. At one point, he was down to just $10,000-$15,000 in savings.

"I had a freakout moment where the house I'm sitting in right now talking to you on that I told you I purchased 2016 for a couple million dollars I had a prayer walk where I called my buddy and I said hey man you're in real estate I need to sell this thing," Mitch recalls.

He even prepared his wife for the possibility of moving back into a small apartment. But she supported him fully.

Slowly, the risk paid off. By 2022, Mitch had rebuilt his business and was again earning around $4 million annually.

The Biggest Challenge Yet

Just as things were looking up, Mitch faced his most difficult challenge yet. In December 2022, his wife was diagnosed with breast cancer.

"There's nothing worse pain wise, there's nothing I can describe of the first half of 2023 of the chemo battle," Mitch shares.

With three young children, including a one-year-old, Mitch had to confront the possibility of losing his wife. A counselor even advised him to mentally prepare for her death.

"I pictured my life with this sweet woman that we finally found our rhythm as a marriage after 10 years...I don't know to say depressed I don't think depressed is even a big enough word it was the worst," he says.

The Limits and Benefits of Wealth

During this ordeal, Mitch gained new perspective on both the limits and benefits of wealth.

On one hand, his money and connections gave his wife access to top-notch care:

"I'm convinced she's still here today because of what wealth created," Mitch says. "Whether it was getting her images done three weeks before most people could because we had that doctor...whether it was getting into an oncologist getting a chair at a chemo place when there was no chairs."

However, Mitch also realized how powerless wealth can be in the face of life's biggest challenges:

"I would give up this moment and this luxury and this ability power whatever you want to call it to have her healed," he reflects.

The experience showed Mitch how temporary and fragile success and power can be:

"All it took was one little thing and so it's literally built on complete sand you can lose it tomorrow if something happens and that's weird and sobering," he says.

A New Approach to Spending and Giving

Thankfully, Mitch's wife's treatment was successful. But the experience reshaped how the family approaches wealth.

Their monthly spending has increased to around $70,000, with a focus on meaningful experiences:

"We believe in experiences over comfort," Mitch explains. "How many times would you do something really amazing but you sit on the couch and do Netflix or you say I'm tired or life is too busy but like experiences are everything."

The family now spends lavishly on travel and adventures together. They've also invested in vacation properties that they frequently share with friends and family.

"This year we will only have I think a week maybe two weeks that we won't have a friend or family staying there," Mitch says of their Colorado home.

Looking ahead, Mitch plans to continue investing in high-end homes around the world:

"You go 20 years from now I wouldn't be surprised if we own 12 or 15 of these things and you know they're all five 10 million a pop and we just have a company that manages it we have missionaries stay there...that's our hope is that every week of the year there'd be someone staying there for free."

Lessons on Wealth and Life

Mitch's experiences have taught him valuable lessons about the nature of wealth:

"I think what I've learned is probably up to making probably $750,000 to a million dollars a year and having maybe 3 or 4 million liquid at least what I'm seeing is everything above that doesn't do anything I feel no extra value I actually feel more stress," he reflects.

He advises others not to tie their identity or self-worth to their net worth:

"If you put your identity if you put your self-worth into your net worth you will always lose no matter how much you make or don't make it's not a beatable game," Mitch says.

Ultimately, Mitch has learned to appreciate each day and hold plans loosely:

"When you get a day with your kids your family and it's just a normal day I appreciate that freaking day it could be over tomorrow like we are all a phone call away from our life radically changing."

Key Takeaways

Mitch's story offers several important lessons:

1. Money can provide comfort and opportunities, but it has limits. It can't prevent all hardships or guarantee happiness.

2. Pursuing wealth solely for its own sake can lead to an empty life. Finding a higher purpose for creating wealth can be more fulfilling.

3. Health crises and other life challenges can strike anyone, regardless of wealth. It's important to appreciate each day and not take loved ones for granted.

4. Experiences and relationships are often more valuable than material possessions. Investing in memorable experiences with family and friends can bring more joy than luxury items.

5. Generosity and using wealth to help others can bring a sense of purpose and fulfillment.

6. It's possible to enjoy wealth without letting it define you. Maintaining perspective and not tying your identity to your net worth is crucial.

7. Life is unpredictable. It's wise to make plans but hold them loosely, knowing circumstances can change in an instant.

Mitch's journey reminds us that while financial success can bring many benefits, true wealth lies in appreciating what we have, cherishing our relationships, and finding ways to make a positive impact with whatever resources we possess.

Article created from: https://www.youtube.com/watch?v=nBJDn5pMwTc