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Most business owners that I know aren't entirely focused on making money or on the financial rewards, but nevertheless, creating economic security for you and your family is a vital part of why you started your business in the first place.
So whether you sell your business in the future or simply use it as a vehicle to build your personal wealth, having some deep insight into the world of money and financial success can never be underestimated.
So, I couldn't think of anyone better to round off the year than our guest, Victor Haghani.
His background and experience are highly impressive.
From graduating from the London School of Economics through his time in investment banking on Wall Street, he was a founding member of one of the most celebrated hedge funds in the world, Long Term Capital Management.
After that blew up in spectacular fashion, he went on to try numerous different roles and is an entrepreneur who knows the ups and downs of business life intimately.
As Victor explains during our conversation, he's made money, he's lost money, and he truly identifies with what it takes to be a successful entrepreneur, both from a financial viewpoint and also from a business and personal one.
He’s recently published a fabulous book called The Missing Billionaires, and I recommend it as part of your essential toolkit for understanding the important aspects of personal wealth.
It’s often said that keeping money is harder than making money, and the numbers that he quotes are staggering.
It seems that the vast majority of the wealth that successful entrepreneurs have created over the last hundred years or so has disappeared for multiple reasons.
He explains some of the key strategies and tactics that you can embrace in order to preserve wealth within your family, both now and for future generations.
He also shares a fascinating experiment that concluded that most of us, even experienced professionals, struggle with basic decision-making principles around money and risk.
Towards the end of our conversation, Victor breaks down the precise steps you should take to make smart decisions with your money.
Links:
The Missing Billionaires: A Guide to Better Financial Decisions
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns (Little Books. Big Profits)
The Four Pillars of Investing, Second Edition: Lessons for Building a Winning Portfolio
Where Are the Customers' Yachts? or A Good Hard Look at Wall Street: 32 (Wiley Investment Classics)
Beneficiary, The: Fortune, Misfortune, and... by Scott, Janny
Where are all the Billionaires? & Why should We Care?: Victor Haghani at TEDxSPS
This podcast is produced by GR Media
Sponsored by Capital Asset Management
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S03E16 - Peter Cowley - Public Success, Private Grief
S03E15 - Jeremy Harbour - A serial entrepreneur reveals the secret to building incredible value in your business.
S03E14 - Russ Haworth - On The Business of Family
S03E13 - How to increase the value of your business 12x and get ‘exit ready’ - Business Mentor of the Year, Christine Nicholson.
S03E12 Alex Chisnall - What working with Sir Richard Branson taught me about entrepreneurship, resilience and taking big risks.
S03E11 - Rand Fishkin, the founder who turned down a $250 million offer, reveals the painful truth about life as an entrepreneur.
S03E10 - Ray Trapani from Bitconned (now streaming on Netflix) - an insider’s experience of investing in cryptocurrency.
S03E08 - Bruce Whitfield - The Secret Sauce of Successful Entrepreneurship - learned from 50,000 interviews with business leaders.
S03E07 Dave Butler, CEO of Dimensional Fund Advisors - From pro basketball to leading a $600 billion investment business; timeless money advice for entrepreneurs.
S03E06 - The Water King - Allan Feldt sold a business making just £50k profit for £15 million and then went on to a £75 million exit. An inspiring entrepreneurial story.
S03E05 Richard Bearman - Managing Director, British Business Bank. Ideas, insights, and inspiration from the banker who loves to help entrepreneurs.
S03E04 Lee Robertson - pioneering financial services entrepreneur on scaling his business through the power of PR and selling to colleagues via a Management Buy Out
S03E03 Bootstrapping his business to £50m annual revenue - Gurinder Dhillon of Otto Car
S03E02 Back From the Brink - the incredible story of a husband-and-wife team that built an amazing business over 30 years. And then nearly lost it all
S03E01 Roheel Ahmad - CEO of one of the fastest-growing companies in Europe shares his secret sauce of business success.
S02E16 The Best Bits from Season 2
S02E15 Piers Linney shares his entrepreneurial journey from modest beginnings to Dragon's Den and the advice he got from Sir Richard Branson
S02E14 Entrepreneur Bootcamp with Serial Founder, Bob Norton (with 2 free ebooks)
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