AUDIENCE MEMBER 00:00
I kept thinking after you said it that if – the phrase that if you don’t work every morning – if you don’t wake up with energy every morning, you should rethink what you’re doing?
MOHNISH PABRAI 00:11
Are you excited about your life?
AUDIENCE MEMBER 00:13
MOHNISH PABRAI 00:14
Okay, just checking. (Laughs)
AUDIENCE MEMBER 00:19
But would you recommend that – for example, me as an undergrad, I still have a long way to go, will you recommend that idea to me even though I don’t have like a net worth like yours?
MOHNISH PABRAI 00:30
Oh yeah, I mean, I think that it’s not a matter of net worth. I mean, I followed this edict when I had no money. You know, I mean I followed the edict. And I think Warren also says that you should go to work – for business – for people that you like, admire and trust. So it doesn’t matter, the money is irrelevant.
I mean quite frankly you’re in a country, you know, my father-in-law jokes that the U.S. is one of the only countries that the poor people are fat. You know, you’re in a country where even if you don’t have money, you’re not going to starve, you know, so basically there’s plenty of safety nets in this country.
So the good news is there is a bottom below which you can’t go unless you got, you know, other mental issues and all the things going on.
So if you have your facilities about you, you don’t have much of a downside and what you ought to do because you’re well educated and you’ve got lots of skills in a society that values those skills, that you focus on working with people that you enjoy working with and doing work that you enjoy doing. And if those factors are not being met, hit the reset button, pretty simple.
And I think what will end up happening is that if you truly do what you love doing, then you will do it well and you will actually do well in your career, so it actually has a payoff.
You know, every time I’ve actually hit the reset button, it’s led to higher highs. So the reset button at least for me has never hurt me, even though when I hit the reset button, I’m actually going into an unknown. But it’s been fine, the unknowns been okay.
Before hitting the reset button, make sure you got your basic covered.