[Reflection] #14: My entrepreneur friends
In recent years, I’m not quite sure how, I’ve managed to build very strong bonds with people I admire, who share the same values and mindset; most of them are entrepreneurs or about to be. I really enjoy talking with them because there are so many concepts they already know (FIRE, ETF, leverage, flashcards…), I don’t waste time explaining them, we just brainstorm brainstorming on how to make our dreams come true, we support and encourage each other. And when I feel a bit lazy, chatting with them really motivates me because they’re always full of projects, ideas, and interesting reflections. This article is a brief summary of what we’ve discussed together; it’s a bit messy, but I hope you’ll pick up an idea or two.
At my leatherworking teacher’s place, I learned there was a box full of second-hand leatherworking tools of excellent quality (and very expensive), and that a student of the teacher had reserved and bought everything. I was intrigued by this student because usually beginners always buy super cheap tools cheap and don’t realize that good quality tools help make quality products (the same applies to computers, monitors, or keyboards – to be effective, you need good tools). Who was it? I crossed paths with this student one day and we became friends. When I asked her why she bought everything without looking at the contents of the box, she said: “The teacher told me they were quality tools. Even if there are tools I don’t need yet, I’ll need them someday. It would have taken me more time to order them one by one, go pick up 5-6 packages… than to buy everything at once and make just one trip.”
This mindset of optimizing time is also seen in another entrepreneur friend. I asked her, since she often traveled back and forth between Paris and Vietnam, why she didn’t bring back 3-4 Vuitton bags and resell them in Vietnam (Vietnamese people love buying luxury bags brought by tourists), and the answer was the same: the time to go to the store, post ads to sell the bags… to earn a few thousand euros, it would have been more profitable to spend that time on her own business. I loved her answer! Time is precious and these successful people quickly calculate the value of time spent on each activity. If each hour of work earns, say, 100 euros on average, then they’ll never spend an hour looking for coupons/discount codes to save 50 euros. On the other hand, if the task doesn’t take much time and saves money, for example JB by switching his mortgage insurance, in 1 hour he saved us 10,000 euros, that’s clearly worth it!
We talked about it: good tools make you effective, but so does good knowledge. Some of these friends code like me to go faster and automate as many tasks as possible, to free up maximum free time. Sure, the time spent coding can take 2 days, but then over a year, it saves 2 weeks, for example. I’ve talked about this concept countless times to the interns I train, to strangers, to people I barely know… but I think computer programming scares people. You have to take the plunge; it’ll be painful at first, but once you manage to write even just a first program, you’ll be so happy to keep learning. Especially since AI helps a lot. Now you can just ask ChatGPT to code, and tweak the algorithm/code to your liking. No need to be ultra geeky like before.
And you know what? These successful people have private Pilates and Yoga teachers because (1) it motivates more; you can’t skip classes (2) it’s more effective than a group class. These classes help correct posture and get rid of major health issues, and the most important thing is to have your posture consistently corrected by the teacher, hence the benefit of a private teacher. I learned this lesson recently while struggling through a bookbinding class way too slow for my taste. For the same price, I could have had a private lesson, spent half the time learning, and done twice as much.
I have a friend who’s a business owner, super successful adventurous, who has always impressed me with one thing: every time I suggested an out-of-the-ordinary experience, even if it didn’t fit his habits or interests at all, he would always say “yes” without hesitation, because he trusted me. Only after the experience would he opine: liked it or not. I’ve always admired him for that, especially since I’ve taken him to truly “off the beaten path” places that 99% of people would have flat-out refused, and he just followed, without flinching. I think it’s a rare and valuable quality: daring to say yes before knowing if you’ll like it. Experience first. Form an opinion later. Not the other way around. That’s how you attract opportunities.
Talking with entrepreneurs opens my horizons a lot. They always have 3-4 projects in mind, which they consider with admirable seriousness, and business plans that are already done. If activity 1 doesn’t work, there’s activity 2, 3, or 4 that can be launched right away because the suppliers, designs, marketing plans… are already ready. The future leatherworker friend already has a group full of potential customers just waiting for the launch day of her brand. These people never idle because all this gets them excited. At some point, it’s no longer money that motivates, but the desire to lead interesting projects..
On Instagram, I often share my purchases, and I think everyone has understood that I always aim for “the best in the world” and it caught the attention of some friends who share the same taste for perfection and high-quality products. I’m always being sent brands or products that look well-made. The philosophical explanation for the love of quality and beauty draws from/echoes William Morris, whom I’ve talked about here.
When they saw me sharing my bag designs, a friend shared her own prototypes with me, and I felt less alone. The longer you spend on product design, the harder it is to copy. She says that sometimes, a few millimeters off can make the result completely different. Her color palettes are unique too, and unless you have the product in front of you, it’s very hard to get the exact same palette just by looking at photos. She completely gets it when I say my bag designs aren’t finalized because they’re only at the first prototype stage. In leather goods, some brands go through up to 18 prototypes for a bag design. That kind of effort and perfectionism no longer exists in fast fashion. Wearing a well-fitted, well-cut garment… has become a luxury for many. By having perfect products, you can afford a price tag that’s higher, target a wealthier clientele—and be less affected by economic crises.
I caught up with another friend who’s aiming for FIRE (early retirement). He’s brilliant, very smart. He’s worked hard as an employee, saved enough money, and can already retire in about 2 years. However, he still has a loan to pay off and prefers to wait until it’s done (in about 5 years) before going FIRE calmly. You could call these people “rentiers,” but they invest in a variety of places—could be rental properties or passive income from an online business, for example. The idea is to know your cost of living perfectly, calculate how much you need to save, and how much return your investments generate each year… if you can live off annuities & passive income or not… and stop working. He talks about modern-day slavery and his need to break free. Sure, work is a fine value, but when you work without any pleasure, it’s torture. Most people who aim for FIRE aren’t aiming for complete rest for the rest of their lives. They’re aiming for a life free from financial constraints so they can pursue activities that aren’t necessarily profitable but that they enjoy. They’ll always have enough to live on thanks to annuities, but from then on, they do only what they love. My friend, for his part, is going to get back into writing (he’s already written a novel and wants to write more).
When I talked about FIRE on Instagram, instead of getting interesting questions on the topic, I got messages explaining why these people can’t/don’t want to become FIRE. I’m not saying everyone can do it; I’m explaining a concept. And another person asks how, being FIRE, you’d cope if a serious illness struck? I agree the question deserves to be asked, but all this negativity will never lead to FIRE! Studies have clearly shown that being happy leads to good health. We’re not going to cling to our jobs just to benefit from social security, which, I remind you, is accessible to everyone regardless of income. And rentiers pay a tax called PUMA that also lets them contribute to and benefit from social security, not to mention the many health insurance plans for travelers and expats. I’ve seen people in great shape at 70 in the middle of the Amazon, without access to social security, Bhutan, where absolutely nothing happens, but the people are happy and healthy because they’re content with what little they have.
You don’t necessarily have to be an entrepreneur to aim for FIRE. A senior executive salary can do the trick. A friend of a friend has been renovating apartments in the provinces single-handedly for years; it’s eaten up who knows how many weekends, but finally, he’s paid off all his loans. Another friend of a friend owns an entire building that she’s turning into an Airbnb while being just an employee. And another did renovations to turn a dingy three-room apartment into a shared flat… The hard-earned money is invested elsewhere to diversify (ETF, SCPI…) and minimize risk. All these people are/could be FIRE in a few years. Sure, there are several years when they feel like they’re not enjoying life, but they’ll enjoy it before 65, that’s for sure.
For investments, there are two books I recommend to everyone but nobody reads :D, it’s this one (Amazon link) and that one (Amazon link). We wrote a long article about it here , and here too but nobody reads it either because I always get the same questions ahahahah.
Anyway, money, as my friend told me, serves only one purpose: buying your freedom, escaping modern-day slavery.
The freedom to say whatever I want, because I don’t depend on my followers’ opinions.
The freedom to work or not, if I want.
The freedom to be myself, to be authentic. To do, say, and think authentically.
No need to hide behind words to be politically correct, no need to force myself to do things I don’t enjoy, etc.
The knowledge I’ve gained from learning different trades serves only one purpose: removing the desire. That’s it, I’ve just realized ! Because when you know how to make something yourself, you’re not impatient to have it; you see the object from an artistic, technical point of view… and no longer jump on it like an addict who needs it right now, immediately. When desire no longer rules your life, you also regain your freedom.
Some people have a lot of money but still don’t feel free. So I want to make it clear that in my case, money allows me to be free, but that might not be the case for everyone. And each person must find their own path to true freedom..
How to become excellent?
For those who ask me how to get money : it’s very simple, first of all, you just need to be excellent at what you do! Everyone is looking for reliable, skilled people and is willing to pay a lot for that!
Many, many people tell me they’re excellent but just unlucky. And when I work with them, I discover that no, they’re not that good, so you need to know how to recognize your mistakes and be TRULY EXCELLENT, not just in your imagination! I’m sharing a comment from a leather craftsman with 18 years of experience who thinks she’s excellent, and when I saw her creations, I almost fell out of my chair seeing uneven stitching that even a beginner like me doesn’t do anymore.
Let’s discover this “excellent work” together: nothing was right, not the stitching, not the painting, not the button—completely destroyed.
Don’t be that person! Be ultra-demanding with yourself; no one will dare tell you you’re useless, so be self-critical—it’s the only way to improve! Everyone has many opportunities in life, but few know how to seize them—they stay put, don’t improve, and wonder why they get exactly the same results. We really need to change this victim mentality internationally.
Laziness: our enemy
Speaking of Instagram, I spent 3 years on that platform. Thanks to it, I made friends with people who interest me, but I think that’s enough; I’ll never be able to change the mindset of people who don’t want to change. All they take away from my stories are insignificant details. I’ve said what I wanted to convey, and those who understood, understood. As for the rest, I’ve come to the same conclusion as the admin of an investor site:
You’ll take away from this long rambling whatever you want. Everyone is free to choose their path and be responsible for it (cf. The Little Prince). I’m just showing you a few examples of those who got everything with their own hands; no one was born with a silver spoon in their mouth, some are immigrants, like me. Make of it what you will.
