You Become A King When Your IRA Hits $150,000

One of my favorite quotes from famous UCLA basketball coach John Wooden is that it is not our performance in relation to others that counts, but rather, our performance in relation to our highest potential that matters in the end. I don’t think anyone wants to reach a point at the end of their lives when they realize that there is a large gap between who they are and who they could have been.

Whether we want it to be the case or not, money plays a big role in determining whether or not we can maximize our potential. After all, Walt Disney had to spend big chunks of time dealing with rejection while raising capital to build Disneyland, and all that time he spent begging for funds represents time he wasn’t able to spend doing what he loved by further developing characters like Mickey Mouse, Snow White, and Mary Poppins. Who knows, maybe he would have created more timeless characters back in the day if he did not have to spend his time worrying about the funding for his animation studios.

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Originally posted 2013-07-29 07:14:37.

Never Sell Your Intellectual Property

I recently visited the website of a graphic designer who was clearly very talented and had a portfolio of different logos, trademarks, and other artistic intellectual property that he had created on behalf of small and medium-sized businesses as well as for sports team and individuals in the entertainment world.

While his artistic talents were within the realm of what you would expect to see from a professional, what really impressed me is the pricing mechanism for his renderings. He charged a flat fee in cash, or an alternative arrangement available that was one-third cash and one-third stock. For instance, if he designed a Christmas decoration for Coca-Cola, then Coca-Cola could either pay him $3,000 or $1,000 in cash plus $1,000 in Coke stock.

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