OT: Success by following your passion - or following what you are good at - or c
Papi_Chulo
Miami, FL (or the nearest big-booty club)
Passions might not bring you financial success
"[Return on investment] and sex appeal are inversely correlated. What do we mean about that? Simply put: Don't follow your passion," Galloway, who sold his company L2, Inc., reportedly for over $130 million, tells CNBC Make It.
Instead, focus on your talent. "Find out what you're good at and then invest 10,000 hours in it — and become great at it," Galloway says.
Telling people to "follow their passion" is popular advice, but Galloway, who is also a marketing professor at New York University Stern School of Business, doesn't buy it.
"People often come to NYU and say, 'Follow your passion' — which is total bulls---, especially because the individual telling you to follow your passion usually became magnificently wealthy selling software as a service for the scheduling of health care maintenance workers. And I refuse to believe that that was his or her passion," he says.
Successful people are generally enamored by the trappings of their success, Galloway says, and they can conflate the trappings of wealth and power with a passion for what made them successful.
"What they were passionate about was being great at something, and then the accoutrements of being great at something — the recognition from colleagues, the money, the status will make you passionate about whatever it is," Galloway says.
Common places for people to feel truly passionate — like sports, films and restaurants, says Galloway — require a lot of time and don't generally don't lead to financial success. "So if you want to go to work for Vogue or you want to open nightclubs or you want to produce films," you need to be prepared for a modest payout for your labor, Galloway says.
Galloway isn't the only successful entrepreneur who warns against following your passion for financial success.
Billionaire tech entrepreneur Mark Cuban, currently worth about $4 billion according to Forbes, wanted to be a sports star but realized he was never going to make the big leagues.
"One of the great lies of life is 'follow your passions,'" Cuban said on the Amazon Insights for Entrepreneurs series. "Everybody tells you, 'Follow your passion, follow your passion.'"
Like Galloway, Cuban also recommends doing what you're good at. "When you look at where you put in your time, where you put in your effort, that tends to be the things that you are good at. And if you put in enough time, you tend to get really good at it," explains Cuban.
Choose the right life partner
The second key attribute to success, according to Galloway, is picking a good life partner.
"The most important decision you will make for happiness over the course of your life is who you decide to partner with — not professionally, but personally: your mate, your spouse," says Galloway.
And important criteria for picking a partner is find someone with whom you're aligned on values and big-picture questions.
"What is your role in the household? Where you going to live? ... What is your viewpoint on the number of children you're going to have...? These values based conversations are key because they can be incredible potholes if you don't align on them," Galloway says.
You also have to agree on how to earn and spend money, he says: "Who is going to make the money? ... Is it both of you? How much money do you expect to make and how much money do you expect to spend? ... What will your lifestyle be?"
Billionaire investing legend Warren Buffett also says marrying smart is key to success.
"The most important decision many of you will make, not all of you, will be the spouse you choose," Buffett told Bill Gates at Columbia University in 2017.
"[Y]ou want to associate with people who are the kind of person you'd like to be. You'll move in that direction," he said. "And the most important person by far in that respect is your spouse. I can't overemphasize how important that is. And you're right, the friends you have, they will form you as you go through life and make some good friends, keep them for the rest of your life, but have them be people that you admire as well as like."
https://www.cnbc.com/2019/02/15/self-mad…
"[Return on investment] and sex appeal are inversely correlated. What do we mean about that? Simply put: Don't follow your passion," Galloway, who sold his company L2, Inc., reportedly for over $130 million, tells CNBC Make It.
Instead, focus on your talent. "Find out what you're good at and then invest 10,000 hours in it — and become great at it," Galloway says.
Telling people to "follow their passion" is popular advice, but Galloway, who is also a marketing professor at New York University Stern School of Business, doesn't buy it.
"People often come to NYU and say, 'Follow your passion' — which is total bulls---, especially because the individual telling you to follow your passion usually became magnificently wealthy selling software as a service for the scheduling of health care maintenance workers. And I refuse to believe that that was his or her passion," he says.
Successful people are generally enamored by the trappings of their success, Galloway says, and they can conflate the trappings of wealth and power with a passion for what made them successful.
"What they were passionate about was being great at something, and then the accoutrements of being great at something — the recognition from colleagues, the money, the status will make you passionate about whatever it is," Galloway says.
Common places for people to feel truly passionate — like sports, films and restaurants, says Galloway — require a lot of time and don't generally don't lead to financial success. "So if you want to go to work for Vogue or you want to open nightclubs or you want to produce films," you need to be prepared for a modest payout for your labor, Galloway says.
Galloway isn't the only successful entrepreneur who warns against following your passion for financial success.
Billionaire tech entrepreneur Mark Cuban, currently worth about $4 billion according to Forbes, wanted to be a sports star but realized he was never going to make the big leagues.
"One of the great lies of life is 'follow your passions,'" Cuban said on the Amazon Insights for Entrepreneurs series. "Everybody tells you, 'Follow your passion, follow your passion.'"
Like Galloway, Cuban also recommends doing what you're good at. "When you look at where you put in your time, where you put in your effort, that tends to be the things that you are good at. And if you put in enough time, you tend to get really good at it," explains Cuban.
Choose the right life partner
The second key attribute to success, according to Galloway, is picking a good life partner.
"The most important decision you will make for happiness over the course of your life is who you decide to partner with — not professionally, but personally: your mate, your spouse," says Galloway.
And important criteria for picking a partner is find someone with whom you're aligned on values and big-picture questions.
"What is your role in the household? Where you going to live? ... What is your viewpoint on the number of children you're going to have...? These values based conversations are key because they can be incredible potholes if you don't align on them," Galloway says.
You also have to agree on how to earn and spend money, he says: "Who is going to make the money? ... Is it both of you? How much money do you expect to make and how much money do you expect to spend? ... What will your lifestyle be?"
Billionaire investing legend Warren Buffett also says marrying smart is key to success.
"The most important decision many of you will make, not all of you, will be the spouse you choose," Buffett told Bill Gates at Columbia University in 2017.
"[Y]ou want to associate with people who are the kind of person you'd like to be. You'll move in that direction," he said. "And the most important person by far in that respect is your spouse. I can't overemphasize how important that is. And you're right, the friends you have, they will form you as you go through life and make some good friends, keep them for the rest of your life, but have them be people that you admire as well as like."
https://www.cnbc.com/2019/02/15/self-mad…
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Jeff Bezos: You can't pick your passions
Amazon and Blue Origin founder Jeff Bezos say you don't get to pick your passions.
Passions, "they pick you," Bezos says in a Blue Origin video recently posted on YouTube.
"I think we all have passions, and you don't get to choose them. But you have to be alert to them," explains Bezos. "You have to be looking for them."
Bezos says his passion is space: "Ever since I was 5 years old — that's when Neil Armstrong stepped onto the surface of the moon — I've been passionate about space, rockets, rocket engines, space travel."
Back then, says Bezos, "The idea of going to the moon was so impossible that people actually used it as a metaphor for impossibility. What I would hope you would take away from that is that anything you set your mind to, you can do."
Bezos then quotes Wernher von Braun, a leading and pioneering rocket scientist: "Von Braun said, after the lunar landing, 'I have learned to use the word "impossible" with great caution.' And I hope you guys take that attitude about your lives."
So where does Amazon fit in?
"As a young boy, I'd been a garage inventor. I'd invented an automatic gate closer out of cement-filled tires, a solar cooker that didn't work very well out of an umbrella and tinfoil, baking-pan alarms to entrap my siblings," Bezos said in a 2010 commencement address at his alma mater, Princeton University.
Building the e-commerce business was a way for him to pursue that passion, he says.
"I came across the fact that Web usage was growing at 2,300 percent per year. I'd never seen or heard of anything that grew that fast, and the idea of building an online bookstore with millions of titles — something that simply couldn't exist in the physical world — was very exciting to me," said Bezos.
Once Amazon made Bezos a very rich man, he founded Blue Origin to pursue that dream.
"The only way that I can see to deploy this much financial resource is by converting my Amazon winnings into space travel. That is basically it," Bezos says in an interview with Axel Springer CEO Mathias Döpfner.
Currently, Bezos is worth $132.2 billion according to Forbes, making him the richest person alive.
"Blue Origin is expensive enough to be able to use that fortune," Bezos told Springer. "I am currently liquidating about $1 billion a year of Amazon stock to fund Blue Origin. And I plan to continue to do that for a long time. Because you're right, you're not going to spend it on a second dinner out."
https://www.cnbc.com/2019/02/07/amazon-a…
I have a passion for weed, strippers and watching hockey and have never made a dime off of it.
The following your passion and things will work out gloriously and you'll achieve fulfillment and financial success is a load of bullshit.
Poker is a passion I discovered but if I had to make a living playing poker I think I would lose my mind and be less than satisfied. I can see how some long term grinders are just plain unhappy and the game can lose the aspect of fun when you have to play to pay the bills but don't want to play.
I work in a career I enjoy and am good at but I look forward to retirement and doing exactly what I want to do and also not have to report to a boss. It's really about goals...we sacrifice things to achieve them and passions can take a back seat until you get there.
Alternatively if you really have a passion for Fortnight you can just stay in moms basement.
SJG