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The CEO of Zappos Lives Where?!

The CEO of Zappos Lives Where?!

Tony Hsieh is an anomaly among the mega-rich. The Zappos CEO is a Harvard graduate, has owned various successful companies, and has been worth hundreds of millions since the year 2000. Despite all his wealth, he lives among other techies and entrepreneurs in a trailer park in Las Vegas.

The people within the trailer park have formed a community which includes a fire pit, communal laundromats, movie screen, pantry, and more. People are constantly coming and going, working alone or alongside other community members on some new innovative project.

It’s all part of Hsieh’s $350-million investment Downtown Project. The project is intended to help revitalize Las Vegas, making it more than just a city where you go to blow money at the casinos. Hsieh believes downtown Las Vegas can eventually be a metropolis filled with a variety of businesses and industries. And he’ll spare no expense in making this dream a reality.

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Friend and colleague Erik Moore says that money is “just a way for Tony to get to his endgame.” While Hsieh clearly does not have to work another day in his entire life, he remains focused on using his talents to make his contribution to the world.

Although those of us who work paycheck to paycheck, sometimes struggling to pay our bills, can barely picture what it’d be like to live as someone like Hsieh for a day, we could all learn a few things from him.

Money and possessions aren’t everything

Hsieh could have any material possession on this planet and still have money left over to live comfortably for the rest of his life. But, to an entrepreneur with so many ideas up his sleeve, being “comfortable” isn’t comforting at all.

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Hsieh is a machine that seems to never stop thinking of new ideas and business ventures. It’s not because he wants to continue making money (although it’s surely a welcome byproduct), but because he knows the real gifts he has in life are his natural talents and drive to do more. If he just kicked back for the rest of his life, not only would he be bored almost immediately, but he would also be wasting the potential he has to make his mark on the world. If this project takes off, he’ll be remembered long after he’s left the Earth. If he just sat in a mansion surrounded by his money, it would all be meaningless the second he passes away.

Keep striving for what you really want in life

The old saying goes: “If you love what you do, you’ll never work a day in your life.” While this might be oversimplifying things and making it seem that people like Hsieh aren’t actually doing work, there is some truth to the sentiment.

Hsieh is the type of person that is so fired up by his ideas that he can’t oversleep. He doesn’t want to spend his days sitting around watching TV. He has a passion for entrepreneurship and he can’t feel satisfied until the ideas in his head become reality. Think of that the next time you come up with an idea but blow it off because you’re too tired or you had a tough day at work. If Hsieh let fatigue or stress overtake him, there’s no way he’d be worth more than $840 million today.

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Always give back

Like his friend said, Hsieh’s money is simply a means to an end. So many of us think that money is the end we work our whole lives for — those are the ones who are destined to chase it until they die.

In his induction speech, Hall of Fame running back Curtis Martin admitted he didn’t even love to play football. He used his God-given talents as a means to give back to his community in a variety of ways that simply would not have been possible if he wasn’t a multimillionaire. Like Hsieh, he didn’t stop working once he made his fortune. Now, he runs a charity that provides assistance to single mothers, children, and the disabled.

Hsieh has no monetary need to be the forerunner for Project Downtown. He’s doing it because he wants to see the city of Las Vegas thrive. Those with passion and drive always look for ways that they can keep pushing themselves further and give back to the world.

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Featured photo credit: Flickr via farm8.staticflickr.com

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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