Introduction
Have you ever thought about how much money you need to earn to consider yourself a wealthy person? And if you were given that amount of money right now, what would you buy and what kind of life would you lead? Today, I want to share the story of a book called "The Demon of Getting Rich," written by Wilkinson, a Canadian-born entrepreneur.
Wilkinson's Early Life and Struggles
Wilkinson was born into a family that constantly worried about money. His parents wanted him and his siblings to have access to the same educational resources as the wealthy, so they lived in an expensive school district. However, this environment had both advantages and disadvantages for Wilkinson. The schools were excellent, but he felt out of place among his wealthy classmates. He also witnessed his parents arguing about money when his father made unauthorized purchases.
The Impact of the iMac
In the 1990s and early 2000s, Wilkinson was introduced to the Apple iMac and was immediately fascinated. His father secretly bought him one, which opened up a new world for him. At the age of 14, he and some online friends started a website called Macteens, which reported on Apple news, product information, and reviews. The website gained popularity, and in 2002, when Apple announced the release of a new iMac, Wilkinson wrote a letter to the company's public relations department asking if he could interview Steve Jobs. Although he didn't get a one-on-one interview, he was able to ask Jobs a question during a group tour. This experience taught him the importance of asking bold questions and gave him the confidence to pursue a career in journalism.
The First Business Venture
After a few months of studying journalism, Wilkinson realized that the industry was undergoing a major transformation and that it wouldn't help him overcome his financial anxiety. He dropped out of school and started working at a coffee shop. While there, he met two young men who were making a lot of money designing websites. Inspired by them, Wilkinson taught himself web design and started looking for freelance work. He landed his first project, a two-page website for $2,500, and completed it on time. This success gave him the confidence to start his own web design company, MetaLab.
The Downfall of MetaLab
As MetaLab's business grew, Wilkinson began to indulge in luxury items to compensate for his childhood lack of material possessions. However, in 2008, the global financial crisis hit, and many of his clients started demanding refunds for his work. Faced with the threat of legal action, Wilkinson had to return all the money he had earned. He realized that he had been spending his money on things he didn't need and that he needed to change his ways.
The Rise of Shopify
After the financial crisis, Wilkinson's company started to receive more business from technology companies. He also recognized the potential of Shopify, a global e-commerce platform, and his company developed a team to create and sell themes for the platform. This became MetaLab's most profitable division, and in 2012, a company offered to buy it for $7 million. Wilkinson accepted the offer and used the money to buy a Porsche 911, a new house, and other luxury items. However, he soon realized that the happiness he felt from these purchases was short-lived and that he was still feeling empty.
The Demon of Getting Rich
Wilkinson began to wonder if $7 million wasn't enough and if he needed more money to be happy. This is the "demon of getting rich" that many people face. He continued to invest and acquire other companies, and his wealth grew to over $100 million. However, he also faced new challenges, such as security issues and the loss of friends. He realized that money couldn't buy him happiness or the things that truly mattered in life.
The Decision to Give Back
One day, Wilkinson met his idol, Charlie Munger, who offered him a partnership opportunity. However, after considering the offer, Wilkinson decided to decline. He realized that if he continued to pursue wealth, he would never be satisfied and that he would always be comparing himself to others. Instead, he decided to sign the Giving Pledge, a commitment to donate at least half of his wealth to charity during his lifetime or after his death. He believed that by using his wealth to help others, he could find true happiness and fulfillment.
Lessons Learned
Wilkinson's story teaches us several important lessons. First, it shows us that money isn't the key to happiness and that we should focus on the things that truly matter in life, such as our relationships, our health, and our personal growth. Second, it reminds us that we should be grateful for the good things in our lives and that we should use our resources to help others. Finally, it encourages us to be honest with ourselves about our desires and motivations and to make choices that are in line with our values.
Conclusion
In conclusion, Wilkinson's story is a powerful reminder of the importance of finding balance in our lives and of using our wealth and resources to make a positive impact on the world. Whether we are rich or poor, we all have the ability to make a difference in the lives of others. By following Wilkinson's example, we can learn to overcome the "demon of getting rich" and to live a life of purpose and fulfillment.
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