You can watch my interview with Scott below or on YouTube here: http://youtu.be/-H6QuivgHqo
What follows is a summary which paraphrases Scott’s responses. For his exact quotes, watch the video.
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5) Scott, why does the world need Live Your Legend?
“The site started out as a blog for quick reviews on personal development. As I got more focused on how I could help people, (it has become) about people finding what they cared about doing, the work that mattered to them, based on their strengths and their values and things that really lit them on fire. That’s what I call to ‘Live Your Legend’.
It comes from Paulo Coelho’s book, “The Alchemist” where he talks about one’s personal legend, how they pursue their destiny. Anyone and everyone has the right and ability to live their legend, it really comes down to understanding yourself and how you can best put your dent in the world. (My) tagline is, ‘Change the world by doing work you love.’
In the process, I am interviewing 1,000 living legends from around the world. Everyone from guys like yourself who have built and sold companies all the way to someone who uses their skills to teach algebra to kids down the street; it is (about people) using their passions.”
4) You began blogging in 2006 with your successful Reading For Your Success site. What did you learn from this experience and why did you morph the site to Live Your Legend?
“It was an emotional change. You build something for the past four years and have a following because of it, it is tough to think about leaving your baby behind. As I got more in the space of blogging and met a lot of the guys who have done very well in this space, it turns out that if you try to be too general and help too many people, you don’t end up really helping anyone.
As I built building out the ReadingForSuccess blog, I had just about zero success the first three years. No one followed it, no one paid attention. I decided that I was either going to shut it down or take it to the highest level I could.
I found some great guys in this space, Leo Babauta of zenhabits or Corbett Barr of Think Traffic. These guys have done incredibly well, relatively quickly. Part of the process was having something I could focus on. More and more, I found myself sitting with people who were ready to take the leap, because they are working at jobs they could not stand. I realized this was something I really, really cared about.”
3) The self-help industry seems to be populated by two extremes; sincere folks whose primary goal is helping others and cynical Elmer Gantry-types whose goal is to make a quick buck. Do you do anything to consciously differentiate yourself from the fast-buck artists?
“I have definitely come across…tactics that tend to be successful from a financial perspective. For me, this has always been about…my way of help. My intentions were not, ‘I need to make a buck as fast as I can.’
I do very little promoting of people’s things for money. If I do mention something or promote it, it is something that has significantly moved the needle in my life and my business. I make it clear (when) I mention something and I am going to benefit from it.
The reputation and what I am building with LiveYourLegend is more important than (a quick buck). When you do things you care about and help people, the money will generally find its way in your direction.”
2) Not only are you an accomplished blogger, but you are also a successful wealth manager. I admire Cumbre Capital’s business model, as you only make money when your clients experience a positive return. This Warren Buffet approach is something I preach to entrepreneurs – find true partners who are willing to invest in your success, not people who want to trade your money for their time.
“Cumbre Capital is more than a 70% project, which makes it tough to balance. My Partner and I are total Buffett fanatics. We firmly believe that we need to get back to the basics of what Warren Buffet intended an investment partnership should be when he was 30 years old. Helping families in Omaha, finding undervalued, unloved companies…something that hasn’t existed since the 1950’s and 1960’s.
The most important aspect is that we only charge people if we make them money. 99% of other funds do not do it that way… (and) only 13% of managers have their money in their own fund. We want it to be a true partnership… everyone wins when everyone wins. If you are incentivized on an annual fee, you going to be incentivized to raise a bunch of money fund and do kind of average.”
1) What are the characteristics of your current investors? Are you currently accepting new participants into the fund? If so, what is the minimum investment threshold and other info relevant to a new investor?
“We have started taking new investors the past few quarters. Most of the people who are in our fund are…founders, entrepreneurs, CEOs, executives, Partners in law firms. People who understand business ownership; that is how we look at the stock market.
They understand the value of cash flow. If a ticker symbol drops by 40% it doesn’t mean that their ability to earn cash and quality customers has gone down 40%. That is the biggest criteria for us - people who can align with that vision. This is a 30-year project for us and we’re in no hurry.”
NOTE: If you want to learn more about Scott’s unique approach, you can check out his latest articles at LiveYourLegend or download his free Epic Work Toolkit, which contains resources to help you hone your purpose and live your passion.