Why I'm Happier Broke: A Millionaire's Revelation.

Summary

The speaker shares his journey from a broke university graduate to a millionaire with a clothing brand, Modres, which experienced rapid success but faced ethical dilemmas in the industry. Disillusioned by the lack of morals and integrity in business, he sold the company and sought a more fulfilling life. He moved to Baja, Mexico, where he found happiness living sustainably and inexpensively, focusing on creating with integrity and enjoying life's simple pleasures.

Takeaways

• 🏠 The speaker is currently staying in a house in Todos Santos, just north of their property, to avoid the hot season and enjoy a more comfortable environment.
• 🌡️ The hot season in the speaker's area typically lasts from July to October, with temperatures reaching up to 40 degrees Celsius (104 degrees Fahrenheit).
• 🌊 The speaker is considering installing a geothermal air conditioning system in their camper for year-round comfort.
• 💡 The speaker started their entrepreneurial journey at a young age, focusing on designing clothing and logos, which eventually led to the creation of a successful clothing company called Modres.
• 💼 After graduating from university with a business and political science degree, the speaker initially worked for a lacrosse clothing company before launching Modres.
• 📈 Modres experienced rapid growth, going from a negative $770,000 in the first year to $10 million in sales by the fifth year, and was featured in various business magazines and newspapers.
• 🌐 The speaker faced pressure from major retailers to manufacture their products in China to reduce costs, which conflicted with their values and commitment to manufacturing in Canada.
• 💔 The speaker became disillusioned with the fashion industry, feeling that it lacked morals, ethics, and integrity, focusing solely on profit and not caring about the impact on workers or society.
• 🌳 The speaker moved to the West Coast of Canada to pursue a more sustainable and environmentally friendly lifestyle, but found the industry and people to be unappreciative and negative.
• 🌞 The speaker eventually relocated to Baja, Mexico, where they found freedom, low living costs, and the opportunity to build a life with integrity, focusing on personal fulfillment and community building.

Q & A

What was the speaker's educational background?

The speaker graduated from university with a business and political science degree.

What was the speaker's first business venture?

The speaker's first business venture was designing clothing and starting companies in the clothing industry.

What inspired the speaker to start his own clothing company?

The speaker was inspired by the excitement of Nike shoes and wanted to design shoes, which eventually led to starting a clothing company.

What was the name of the clothing company the speaker started?

The speaker started a clothing company called Modres.

How did the speaker's company perform in its first year?

In its first year, the company had a negative balance of $770,000.

What was the company's financial status by the fifth year?

By the fifth year, the company was doing $10 million in sales and was featured in business magazines and newspapers.

Why did the speaker eventually leave the clothing industry?

The speaker left the clothing industry due to disillusionment with the industry's lack of morals, ethics, and integrity, as well as the pressure to manufacture in China.

What was the speaker's reaction to the idea of manufacturing in China?

The speaker was against manufacturing in China due to ethical concerns about the treatment of workers and the nature of the communist system.

What was the speaker's motivation for moving to Baja and starting over?

The speaker moved to Baja to find a better way to live, to build something with integrity, and to live a life that was not solely focused on making money.

How does the speaker describe his current lifestyle in Baja?

The speaker describes his current lifestyle in Baja as being relatively poor but incredibly happy, with the freedom to enjoy life, build his own house, and engage in activities he loves.

What is the 'Hero Formula' the speaker mentioned?

The 'Hero Formula' is a program the speaker is working on to help people build something with integrity and purpose, not just for the sake of making money.