Fairness isn't universal—it's shaped by your family's stories and biases. The speaker traces his own reluctance to charge market rates back to his mother's sympathy for the underdog, and shows how ultra-wealthy people often have completely different ideas of what's reasonable to charge or keep.
On my pricing, I just want to be fair. Well, who gets to decide on what is fair? Who gets to decide on what is fair? Is there like a fairness police out there? There was a period in our country not so long ago that they wanted to create a fairness police or fairness doctrine. But who's the judge and jury of what is fair? See, what we view as greedy or what we view as fair is based on our own Upbringing and her own belief system. Okay. I had a— my mom, bless her heart, since passed away, but my mom and I used to have this ongoing conversation. And she was very much into her kids like any mother was. And she was very much of a little guy versus the big guy, right? Always looking out for the little guy. And she would applaud when her kids obviously got a promotion or got a big pay raise or anything like that. And she would be just unbelievably pissed off when she would read about CEO compensation. Well, they shouldn't be making that much. That CEO, they don't need to make that $150 million. They need to be giving some of that to the little guy. And I said to her one day around my brothers and my sisters, and I went, hey, Mom, I'm just curious if one of us was a CEO of a company and we got to pay out for $150 million. Wouldn't you be happy for us? And she went, well, oh, well, that's different. Really? How is that different? Well, you know, I would know that, you know, I— who wants another piece of apple pie or something like that, right? She actually— she would never offer me a piece of apple pie. Okay, but who decides what is fair? You know, I get this all the time as a business owner. Well, you know, you know, you should pay us more, you should give us more. You know, that would be fair. I go, well, based on who? You know, do you know that, you know, I've been paying myself below market value while we expanded? Do you know that my line— my name is personally on all of the debt with regards to the business, right? There's all these things, right? And so we don't really have an understanding when somebody says, well, I just want to be fair or I want to be reasonable. We don't— there is no— Worldwide benchmark on what is fair and what is reasonable. Fairness, reasonableness, what's enough money? Those are all personal decisions. I have some friends of mine that are worth $500 million, $600 million, couple billion dollars, and they are some of the most generous people I've ever met in my life. I can't pay for anything when I'm with them, and I get kind of upset. I'm like, let me buy. Remember one time one of my friends, multi-billionaire, reached over and he goes, come on. He just kind of looked at me and he goes, really? Come on, like, this is my gift to you. I do very well, right? He never would tell me he's a billionaire, but you could look him up in Fortune and find that he is. Okay, so this whole concept of, well, I just want to be fair, I don't want to be viewed as greedy— those, by the way, all of those definitions are self-imposed definitions. There are no worldwide definitions on what is fair and what is greedy. Okay, so if you're feeling that, that you want to be fair, you want to be reasonable, or you don't want to feel too greedy, what I would ask you to do is go through a limiting beliefs process. Examine the limiting beliefs. Where do those limiting beliefs come from? For me, the longest time they came from my family. That's where most limiting beliefs come from. And it's not like they were intentional that they were trying to instill this. Just, you know, they learned them from somebody else in the family, and they learn them on, and they get passed down like You know, like a settee or something like that. You know, you can't get rid of it. Okay? But you can. You actually can go through a process and break down those limiting beliefs. Okay?
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