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Caution: What is the Trap of the Working Wealthy?

Freedom Factory Podcast for Entrepreneurs

Release Date: 04/07/2020

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Today's episode of the podcast, Robert Hirsch from the Freedom Factory talks about "Caution: What is the Trap of the Working Wealthy?".

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Transcript of Podcast

Robert Hirsch business broker from Freedom Factory

Hey, it's Robert from Freedom Factory, and I want to talk to you about a big mistake that I made early in my entrepreneurial career. I fell into what I call the trap of the working wealthy. Now, when I started as an entrepreneur, it was because I had to change my station in life. I really wanted to.

Benjamin Franklin defined a self-made man as someone that wants to change their station in life, and through integrity, hard work, and perseverance, they can do that. And that really resonated with me. So I pretty much worked all day every day. And entrepreneurship in the early '90s wasn't considered cool like it is now. It was, I remember, I had a girlfriend think that an entrepreneur was a shyster, which broke my heart.

And I knew I wanted to change my station in life and I knew a regular job wasn't going to work for me, and I worked some regular jobs, and I would work ding to dong or all day, and I would just keep working hard. And you know, as the successes piled up, you know, I kept ramping up, and I would have more employees, and I would have more revenue, and I would have more team.

But the thing that was interesting about it is, I still worked all day every day. I worked ding to dong or 9:00 to 9:00, and all I did was work. And it was interesting because, you know, the marks of my car changed. You know, I was driving a Ford, and then I was, you know, driving a Japanese car, and then I was driving a Porsche, and then, you know, and then I had more bedrooms in my house. I wasn't living in a studio. I was living in a duplex. I wasn't living in a duplex. I was living in a big house. It was a pain to take care of. And although the numbers of bedrooms changed and the mark of my car changed, my behavior didn't. I still went to work nine to nine every day, and I don't know if I was actually enjoying my life any more than I was when I was getting started, and so I was still doing the same thing, and I didn't realize that I needed to create more freedom in my life to be able to do what mattered most to me.

Being able to drop my son off at school or being able to be there for a sports game or be able to be, you know, where is it important for, for a friend, whether it's a wedding or whatever the case may be. I needed to be able to have the freedom to choose, and I didn't create that freedom to choose in my life.

Now, I would encourage you as an entrepreneur, not to make the same mistakes as me, and to really take accountability for your own choices because our work and our business is here to serve us. We're not here to serve them. And so if your business is no longer serving you or you're thinking about taking it to market, or you have questions about what it's worth, or you know what market conditions are, why don't you give us a call here at Freedom Factory? I look forward to talking to you soon.

Thank you so much for watching. Please hit like and subscribe.

Contact Freedom Factory

Freedom Factory
5500 Greenwood Plaza Blvd., Ste 230
Greenwood Village, CO 80111
Phone: 844-MAX-VALUE (844-629-8258)
https://www.freedomfactory.com/
https://g.page/freedom-factory-denver

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Managing Partners

Learn more about the managing partners, Tyler Tysdal, and Robert Hirsch.

About Tyler Tysdal