What Do You HAVE To Accomplish?
Andy note: "Best of Eddie" - while Eddie is on vacation we're throwing up some of his classic posts from the past. This one is originally from Nov. 2010 . If there's an old post from Eddie you'd like to see up again shoot me a message.
Yesterday's post about Back-Door Mark struck a chord with a lot of you, and you brought up some interesting things in the comments. Several of you didn't find Mark's life choices appealing, and that's not surprising on a forum designed for achievement-oriented bankers. It made me look back and wonder if the 21-year old Eddie would consider the 41-year old Eddie a success. Based on my definition of success and all the things I wanted to accomplish back then, I had to admit that he probably wouldn't. But you know what? Fuck him.
I saved a drowning woman 15 years ago. It wasn't a big, heroic thing. It was more of a right place, right time kinda deal. But I think most people would rank that sort of thing pretty high on their list of accomplishments. I adopted a couple kids from a Siberian orphanage. Again, not a big deal; it was the right thing to do and the right time in my life to do it. I was the tactician aboard the 76-foot yacht that won the 2001 America's Schooner Cup. I even had a pornographic magazine write a cover story about me recently, and I have you guys to thank for that. Still, am I the billionaire hedge fund manager my 21-year old self expected me to be at this point? Not by a long shot.
Just because I'm not a billionaire hedge fund manager doesn't mean that you won't be at my age, if that's what you really want in life. I would just submit to you that what you really want in life is going to change quite a bit as the years fly by. With that in mind, I'd like to propose an exercise.

Your Homework Assignment for the Day
This is something I did back in 1996, and I've mentioned it a couple times on the site. At some point today when you have a few free moments (yeah, right!), take out a notebook and write out a life plan. It doesn't have to be anything elaborate or detailed. Break it down into categories of one year from now, three years from now, five years from now, 10 years from now, 20 years from now, and lifetime expectations.
I'm not really interested in the short term stuff for the purposes of this exercise, but it's good to have it because it keeps you focused. What I'm really interested in is the 5, 10, 20-year and lifetime expectations. Trust me, you'll be glad you took the time to do this. When you're my age it's great to have a record of where your head was at this age.
What do you absolutely have to accomplish in life to consider yourself a success by the time you hit middle age? Do you want to have a family? Lots of people consider that an accomplishment. Do you want to own a company, or be a BSD on the Street? Be sure to quantify exactly what that means to you. Where will you live? What will you own? What's your annual income and overall net worth at each different stage? It doesn't hurt to dream big here, as long as it's something you really want.
Believe me when I tell you that Back-Door Mark was living his dream. It might not work for a lot of you, but he was exactly where he wanted to be. And I've seen people do far worse.
Finally, econ asked me the following in the comments yesterday:
Hey Eddie, how do you feel about it looking back over all these years? Are you happy with how things played out, or do you sorta wish you would have went "Back-Door" Mark style instead?
To this I can only answer...yes.
I live a charmed life, and I'd never claim otherwise. Luck has been a huge asset to me over the years, but remember, luck favors a prepared mind. Today I live a mostly stress-free life in one of the world's great cities, I have a great family, close friends, and thanks to WSO, I have a connection to some of the brightest and funniest young minds that guys my age don't normally have an opportunity to interact with.
Of course, whenever I pass a rowdy bar at happy hour on my way home to a quiet evening with the family (or maybe not so quiet if the kids decide to be a pain in the ass), I can't help but think about guys like Back-Door Mark who don't have anywhere they have to be or anyone depending on them. You can't help but see the appeal in that lifestyle sometimes. I think that's only natural.
But now I'm interested in what you guys think. I'm dead serious about this too, because it will make a difference to you later in life.
What are the things you have to accomplish for you to consider yourself a success at, say, age 40? What are the things you want to accomplish by then, but don't necessarily have to? What are you doing to make those dreams a reality? Finally, how will you deal with it if you don't accomplish those things?






Comments
Great post yesterday, Eddie,
Great post yesterday, Eddie, and perfect exercise today. At 52 now, I regularly look back at an "obituary" I wrote for myself in my 20s. It's truly amazing the things that I've accomplished as I projected, and more amazing are the things I thought would be important then that today I have no regrets having not accomplished. Run hard, monkeys, but toward your dreams, not what someone else tells you that's important.
I just returned last night from a 10 day quick-trip to Belize. Two types of tourists where on the islands: 20-somethings having a great time trying on life dancing in the sand and 70-somethings shuffling along the beach wondering why they waited so long to finally go on the trips they worked 50 years to "earn". Again, run hard, but play hard, too. There's nothing wrong with throwing a swimsuit and a pair of flip flops in a bag and being Back-door Mark for a week...pick an island and add adventures to your resume.
Don't just ponder work goals, also search for what excites you...
A good friend will come and bail you out of jail...but a true friend will be sitting next to you saying, "Damn...that was fun!"
As always Ed that's some real
As always Ed that's some real shit. I'm definitely going t doo the homework. I'm always rolling with the punches in life, well I do have certain goals ( like owning a Hedge fund in Africa, if we get our minds right that is) but I've not really thought about quantifying it chronologically like that, I think it's a great idea.
A house, a family, a good
A house, a family, a good paying job, a career. Sadly I doubt now that I'll ever accomplish those things.
Great stuff Eddie. It's
Great stuff Eddie. It's interesting how much one's expectations can change over the years. Our definition of "success" definitely morphs as we age and find value in different things.
Current Age 24 Financial
Current Age 24
Financial Goals (in current USD values):
Age 30: Total Net worth of > 1Mill. Liquid net worth > 500k. Also, I dont' need a 993 c4s but I will def buy one before I am 30.
Age 40: Two homes, with max of 1 Mortgage...Primary residence paid off.
Age 50: Net worth at least 5mill. With at least 2mill of that liquid. At least partially retire by now.
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Experience Goals (Things I would really enjoy and hope I have the time/balls to do):
Get married; at least 2 kids, allowing for ample time to spend with my family: Before 45.
Graduate from culinary school + open a restaurant : Within lifetime
Go back to school.... Quantitative Masters or Phd : If masters within next 5 years if PhD next 10 years.
Take a shot at being a professional poker player: Lifetime
After setting these out...I realize that I currently place a lot more emphasis on achieving my financial goals relative to my experience goals. The financial goals are really more like minimums from my perspective.... I feel as though they are attainable, but also necessary to maintain the lifestyle I think I want/grew up with. That being said, fulfilling my financial goals will be for nothing if I don't at least tick some of the boxes for the experience goals. I can tell its gonna be tough to strike the right balance... money is just really fuel to live the life you want. If youth is wasted on the young just then wealth is wasted on the aged; I hope I don't end up with a shit ton of fuel but only a beat up old car to use it in.
I did this pretty quickly, I might have to revisit this exercise weekly to actually have any idea what I want but this is what I got as of today.
Let me try this...current age
Let me try this...current age 23
Within the next 3 years:
-shoot a documentary on a specific subject I have in mind
-possibly go to bschool
Within the next 5-7 years:
-transitition to media biz
-start up my own investment firm
-maybe have a kid ;)
Can't really think beyond that as life could change so much.
-Serve my country (armed
-Serve my country (armed forces, volunteer)
-Learn to fly a plane, own a nice motorcycle
-Own an apartment in NYC and a house somewhere else
-Put all my younger siblings through college
-MBA from H/S/W
GutShot wrote: -Put all my
-Put all my younger siblings through college
SB for you man. Hopefully I can do the same.
Good posts, I am facing a
Good posts,
I am facing a similar issue. Recruitment is ending but I cant help but think about doing something awesome before I start a career. The school career advisors look at me strangely when I say I am probably going to miss most of the entry level program dates to back pack europe for 50 days with my gf, and quite frankly I am worried about missing the recruitment bus myself. However, I do realize that this finance gig is a moving bus and that there are no pee stops. That is why I loved the story of Mark. I think it is important for us monkeys to think about this ride before we get on it and realize that it is a longer and bumpier trip to a destination thats not as special as we think.
two letters: P E .
two letters: P E .
My grand father died two
My grand father died two weeks before my dad was born.
My dad died 6 days after I turned 18.
My goal: Live to see a grandchild.
Everything else be damned.
dzx162 wrote: My grand father
My grand father died two weeks before my dad was born.
My dad died 6 days after I turned 18.
My goal: Live to see a grandchild.
Everything else be damned.
Sorry for your loss, bro.
What are you doing on an Internet forum? Go knock some broad up, for crying out loud!
Eddie, I always appreciate
Eddie,
I always appreciate the "take a step back/bigger picture" views you bring to the table. So thanks.
Im 25 now,
By 30, put a rock on my gf's hand
By 35, be married, have a top 10 MBA, buy my mother the 1998 Jaguar she always wanted. She'll be 63 and just getting ready to retire.
By 50, have 2-3 kids total, avoid the forbidden beer gut, open a real Irish Pub with my brother in Southie or La Jolla
Lifetime: Climb K2, see the Indian town my "wife" was born in, Bring my old man bone fishing in the Fla Keys. Play the Old Course @ St Andrews and break 80 on Bethpage Black.
"Stay Hungry, Stay Foolish"
Thanks Ed, I truly appreciate
Thanks Ed, I truly appreciate it.
The wife and I are trying daily, sometimes twice a day. It's good to be newly weds......
dmcd wrote: By 50, have 2-3
By 50, have 2-3 kids total, avoid the forbidden beer gut, open a real Irish Pub with my brother in Southie or La Jolla
That's quite a cultural divide there, bro. Wouldn't an Irish bar in Southie just be a bar? (What do they call Mexican food in Mexico? Food.)
That's a great list.
Edmundo Braverman
"Stay Hungry, Stay Foolish"
Maybe I'm just weird, or
For my aspiring Entrepreneurial Nomads, check out my blog.
dmcd wrote: Edmundo
the most important thing i
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"... then, lobbest thou thy Holy Hand Grenade of Antioch towards thy foe, who, being naughty in My sight, shall snuff it."
oh, forgot to mention a key
=========================================
"... then, lobbest thou thy Holy Hand Grenade of Antioch towards thy foe, who, being naughty in My sight, shall snuff it."
Finishing my undergrad
Its funny how when I was
I really think these plans
I just want a job. My present
Bondarb wrote: Also, as
For my aspiring Entrepreneurial Nomads, check out my blog.
Current age: 26 Financial and
More is good, all is better
Argonaut wrote: By 35: Be
GutShot wrote: -Serve my
Edmundo Braverman wrote: It
"You Want details? Fine. I drive a Ferrari, 355 Cabriolet, What's up? I have a ridiculous house in the South Fork. I have every toy you could possibly imagine. And best of all kids, I am liquid."
Edmundo Braverman
"Stay Hungry, Stay Foolish"
Sorry for the lengthy first
I MUST reach The Addict on
looking for that pick-me-up to power through an all-nighter?
LIBOR wrote: I MUST reach The
=========================================
"... then, lobbest thou thy Holy Hand Grenade of Antioch towards thy foe, who, being naughty in My sight, shall snuff it."
LIBOR wrote: I MUST reach The
Well what an interesting
Well what an interesting
1 Year: Slay Hoes 2 Years:
Within 20 years, Land a IB
Great to read what you guys
J_monkey: Within 20
if you like it then you shoulda put a banana on it
econ: Maybe I'm just weird,
For my aspiring Entrepreneurial Nomads, check out my blog.
One goal... not be a wage
relinquis... Killing the GMAT this December; Over/Under set at: 725 GMATs.
Relinquis: One goal... not be
For my aspiring Entrepreneurial Nomads, check out my blog.
frgna: J_monkey: Within 20
econ: Relinquis: One
relinquis... Killing the GMAT this December; Over/Under set at: 725 GMATs.
Great great post!! I did sth