074. Frank McKinney | From Rich to Enriched: Success in the Business of Life

How does the integration of philanthropy and capitalism redefine the traditional concept of success and giving?

This episode features Frank McKinney, a real estate entrepreneur and philanthropist. McKinney shares his journey from humble beginnings in Indiana to becoming a successful real estate developer, selling some of the most expensive houses in the world. He emphasizes the importance of philanthropy in his life. He discusses the concept of "philanthrocapitalism," which involves combining the best aspects of philanthropy and capitalism to create sustainable solutions to poverty, and through this approach, he has built self-sustaining villages in Haiti. His story illustrates how success in business, coupled with a commitment to philanthropy, can lead to a more fulfilling life.

Listen to this inspiring conversation as Frank shares how you can start giving small and make a big impact.

[00:00 - 08:40] Becoming the Person You Want to Be

• Frank’s humble beginnings in Indiana, combined with his early challenges, underscore his resilience and determination to achieve success against the odds
• Despite a lack of formal education and a challenging start in life, Frank’s tenacity and hard work led him to a prosperous career in luxury real estate development

[08:41 - 24:10] Philanthrocapitalism: Giving Beyond Charity

• Frank breaks down the concept of philanthrocapitalism, which combines the heart of philanthropy with the efficiency of capitalism to create sustainable solutions for poverty
• Reflecting on his journey from a troubled past to finding his professional and spiritual callings, he emphasizes the importance of finding purpose beyond material success
• He argues that mere charity exacerbates poverty, advocating for sustainable projects like building self-sufficient villages in Haiti as a more effective approach
• He also highlights the importance of measuring the impact of donations, focusing on how far each dollar goes in creating lasting change
• Integrating philanthropic efforts into business models and stresses that giving is a fundamental part of professional success

[24:11 - 32:59] Aspiring to Enrich Lives

• Frank introduces his book, Aspire, and focuses on how we can move from the conventional definition of being rich, which is often fleeting, to being enriched, where one's impact extends beyond material wealth
• He also talks about what’s next for him and his business

[33:00 - 50:29] Small Acts, Big Impact

• Frank underscores the importance of recognizing and appreciating the often-invisible people in society, such as custodians and short-order cooks, as a way of practicing everyday kindness and generosity
• He challenges the notion that happiness comes from external sources, advocating that true joy is a result of being a responsible steward of one's blessings, especially in helping those less fortunate
• His philosophy on giving and happiness suggests that small, consistent acts of kindness can have a significant impact, both on the giver and the receiver

Tweetable Quotes:

“Exercise your risk tolerance like a muscle. Eventually, it will become stronger and able to withstand greater pressure.”

“You marry philanthropy and capitalism together, then you can solve poverty.”

“If I can succeed in the business of real estate, that's meaningless unless I succeed in the business of life. And part of succeeding in the business of life is sharing your blessings with those less fortunate.”

Resources Mentioned:

Hope From My Heart by Rich DeVos

Simply Rich by Rich