#340: Designing Your Ideal Life on Purpose: A Conversation About Life, Business, Money, and Intention with Spencer Hilligoss

Ep.#1 [THEME EIGHT]

“Money can’t buy a calm mind, a fit body, a house full of love” - The Naval Podcast.

In the episode where I heard this quote, Naval points out how Bezos, one of the wealthiest people on the planet, can’t use any of his money to buy these things. Does this resonate with you? It hit me like a ton of bricks. It made me think of all the people who have been on this podcast after selling their companies, have a huge portfolio of assets, and are still not happy because they have endless amounts of time and no purpose.

Are you confident you are spending your time, energy, and capital each day in areas that will get you closer to where you want to be? In order to confidently answer yes, you need to peel back the onion and first figure out where you are today and then clarify your ideal vision for the future.

I have found this to be a tough question for people to answer when I ask them “why” five times. Typically, when asking a business owner or entrepreneur what their goal is, I get an answer like revenue, net income, units, subscribers, employee count, or some other metric that–to me–is more of a vanity metric than an indicator of what that person truly values in life.

On today’s show, I interviewed Spencer Hilligoss, the CEO of Madison Investing, a real estate investment club that has completed $2.3 billion in acquisitions with over 20,000 units. Spencer founded Madison Investing after sitting down with his wife–and now business partner –after hitting a breaking point while grinding away in their W2 jobs. They sat down and created a 15-year vision that included the annual income they needed to decouple their income from their labor, how they wanted to spend their time each day, and how they were going to achieve it. Spencer and Jennifer accomplished their 15-year plan within half the time and are now rethinking again what they want their life experiences and purpose to be.

I really enjoyed the conversation with Spencer because of how clearly he describes the evolution to his approach and views on life, business, money, and time. He explains why he protects what he values and how he wants to spend the time he has each week, and why, regardless of the level of “success” he achieves.

Do you want to be confident you are spending your time, money, and energy on the right things?

The best way to answer this question is to think about what you want beyond just the vanity metrics. Regardless of how much money you make–or how big your company is–you will still be stuck with yourself, your mind, your body, and the people around you.

On today’s show you will learn how to start thinking about your future goals in a new way.

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn

• Why identifying the amount of annual income you need that is not tied to your labor–and how you will achieve it–is a crucial step to allow you to dream about what you want to do with your time.
• How to create a business that serves you and what you want out of life.
• Why you can’t have a half-hearted “why.”
• The importance of setting goals following a very specific time horizon.
• The difference between creating a job and an asset is building an organization that reflects your multidimensional long-term vision.
• How Spencer created his financial road map based on a simple vision board example.
• Why Spencer doesn’t make money and then move on to the next thing–all based on his vision.
• How daily time management habits can help you achieve your goals.
• How Spencer keeps grounded, protects what he values, and designs his days and weeks based on how he wants to spend his time.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:

Spencer Hilligoss is a passive real estate investor, co-sponsor, and former technology leader.

His company, Madison Investing, has co-sponsored deals totaling more than 5,000 units for more than $600 million. Spencer invests in syndications as an LP and actively leads Madison Investing alongside his co-founder/wife, Jennifer Morimoto.

As a technology leader, Spencer built a 13-year track record of growing high-performing teams across five companies, three of them "unicorns," valued at more than $1 billion. In November 2019, Spencer “retired” from his lucrative technology career, leaving behind the $4 billion loan origination teams he built at LendingHome, funding 600 fix/flip transactions per month.

Now he is focused on spending time with loved ones and growing Madison Investing by helping passive investors achieve their goals.

Spencer graduated from the University of Colorado and lived in Denver for many years before relocating back to his home state of California. Spencer now lives on the beautiful island of Alameda, California with his wife Jennifer and their two sons.

Interview Quotes:

11:36 - “At the time (the draw) was honestly trying to find meaning in the work while also connecting, and helping, and growing people.” - Spencer Hilligoss

16:58 - “I love companies that encourage the office side hustle. The encourage the innovation entrepreneurship, as long as people take care of their core responsibilities.” - Spencer Hilligoss

20:24 - “The journey is absolutely worth taking but if the ‘why’ is too soft, or not formed enough, or not authentic enough to one’s self, it’s not going to sustain someone all the way.” - Spencer Hilligoss

25:34 - “You can’t assume you’re always going to be capable of delivering an active income to a household, that you’re going to be a provider.” - Spencer Hilligoss

26:18 - “Let’s play financial offense.” - Spencer Hilligoss

30:11 - “Are you creating an asset? Are you building something you can exit? Or are you building a job? It’s fine if you are, just know it.” - Spencer Hilligoss

31:26 - “Whereever you go, there you are.” - Spencer Hilligoss

31:43 - “Assume all your financial needs are met. What reason do you have to step out the door every day and do stuff?” - Spencer Hilligoss

32:54 - “I want to be able to provide something of value to the world.” - Spencer Hilligoss

35:33 - “Money is a tool, and it’s simple. And I wouldn’t overthink it beyond that.” - Spencer Hilligoss

40:05 - “Take care of one’s self. You can’t serve others if you can’t take care of yourself.” - Spencer Hilligoss

41:21 - “You have to bottom out a few times.” - Spencer Hilligoss

41:52 - “Experience is the best teacher and it’s not a forgiving one sometimes.” - Spencer Hilligoss

51:41 - “Family first, business second.” - Spencer Hilligoss

52:28 - “[Don’t scale], purely to scale. Because everyone gets bitten by the vanity metric.” - Spencer Hilligoss

Links and Resources:

Madisoninvesting.com

Spencer Hilligoss on Linkedin

Intentional Growth™ Vision Board

Intentional Growth™ Online Training

Reach out to me if you have questions about the Intentional Growth™ Training or Fractional CFO services