In my goal to consistently interview millionaires, I often have to pursue people for weeks before I can finally spend 15 or 20 minutes on the phone with them.
Mike was no exception. He owns an advertising company, with around 50 employees and millions of dollars in contracts ever year. That being the case, he’s a hard man to pin down. I first contacted his assistant in January, and it wasn’t until six weeks later that I finally got him on the phone.
When we finally did talk, the conversation lasted a little over eight minutes. He had this urgency in his voice - completely polite, happy to talk with me, but not wasting any time. It was a nice change of pace from other interviews I’ve done, where the person I was talking to didn’t have to be quite as succinct in his answers.
Mike got straight to the point. Here are two of his answers:
Mark: If you could only give me one piece of financial advice, what would that advice be?
Mike: Get rich slow. Eliminate debt first, don’t go for the home run. Don’t swing for the fences. [A] single at a time is what [will] win. Big risks and betting big on grand opportunities could possibly win big for you, but be careful how you bet, because you could lose it all. So, it’s get rich slow…eliminate debt, and get rich slow. Don’t borrow money. I’ve been able to build this business totally without debt.
[I asked him a question about what he would say to the sales reps I manage, and I've altered it only slightly to make it apply to all of us, whether we're thinking about our careers, our businesses, or our financial goals:]
Mike: You’re the master of your own destiny. If you’re not self motivated, and if you can’t come up with your own business plan, and see your way to move yourself forward, you’re going to lose. You’re going to die. Get in another job. If you’re not self motivated, and can’t make your own business plan, if you’re depending on your company, or somebody else to furnish you with what you need for success, you won’t succeed. You need to figure it out. You’re an entrepreneur. You have figure out how you’re going to do it. The answer isn’t in a book, it’s in your head.
So there you have it. Some might say that a lot of his advice is trite or cliche, but you have to remember that thirty years of business ownership is behind those words. For three decades, this man has managed employees and clients to the tune of millions and millions of dollars, and he’s had some serious setbacks along the way.
So before you pass this advice off as something you’ve heard a thousand times before, think about who is offering it, and think about how closely it mirrors the advice of the other millionaires I’ve interviewed.
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