#79 - Ric Elias: Earning the gift of life
In this episode, Ric Elias, founder of Red Ventures, shares his profound experience surviving US Airways Flight 1549, detailing how it reshaped his perspective on life, family, and work. He discusses living with no regrets, prioritizing time, and his philanthropic efforts.
Deep Dive Analysis
15 Topic Outline
Ric Elias's Life Leading Up to the Plane Crash
The US Airways Flight 1549 Plane Crash Experience
The 90 Seconds of Certainty Before Impact
Emotions and Aftermath of the Hudson River Landing
A Powerful Story About Captain Sully
Embracing a Second Chance and Living with No Regrets
The Philosophy of the Infinite Game
Time as the Ultimate Currency and Saying No
Parenting in an Achievement-Oriented Culture
What is Worth Getting Upset About: Addressing Injustice
Red Ventures' Core Principles and Belief Statements
Developing Business Acumen and Negotiation Skills
Qualities Ric Elias Seeks in Collaborators
Current Challenges and Future Philanthropic Goals
Advice to His Younger Self Before the Crash
6 Key Concepts
Infinite Game
This mental model, inspired by Simon Sinek, posits that the purpose of life or business is not to 'win' or reach an end goal, but to continue playing the next game. It emphasizes sustainability, adaptability, and a long-term perspective over short-term victories, influencing decisions like health and business strategy.
Collecting Bad Wines
Ric's personal metaphor for not postponing anything meaningful in life. It suggests that if a 'good wine' (a valuable experience, trip, or connection) is ready and the opportunity arises, one should enjoy it immediately rather than saving it, as life can change in an instant.
Threefer (or Fourfer)
A concept where any action or investment of time should serve at least three (or four) distinct purposes simultaneously. This maximizes efficiency and impact, ensuring that efforts contribute to multiple goals, such as training, decision-making, and cultural reinforcement in business meetings.
Everything is Written in Pencil
A core belief statement at Ric's company, Red Ventures, emphasizing flexibility and adaptability. It encourages an open mindset to evolve, change strategies, and experiment, recognizing that the world is constantly changing and rigid plans can hinder progress.
Leader vs. In Charge
Ric distinguishes between merely being 'in charge' (holding a position of authority) and being a true 'leader.' A true leader, in his view, is only revealed and tested in moments of crisis, demonstrating the temperament and ability to guide an organization through significant challenges.
Self-Management
The ability to regulate one's thoughts, emotions, and actions, particularly in interactions with the world. Ric emphasizes that while self-awareness is important, self-management is the key to success, especially in navigating interpersonal dynamics and avoiding energy-draining conflicts.
7 Questions Answered
Ric described himself as generally positive but super stressed, constantly working to build his company, Red Ventures, and feeling that his life was out of balance, with his wife carrying most of the burden of raising their children.
He experienced a hundred percent certainty of death, profound sadness, and regret over things he didn't get to do, people he needed to forgive, and how much his ego had driven his life, but notably, he felt no fear.
He committed to living a life of no regrets, prioritizing his family, choosing happiness over being 'right' in arguments, not taking anything for granted, and focusing on 'earning his gift' of a second chance at life.
He views time as his ultimate currency and only engages in activities aligned with his priorities (family, company growth) or that he deeply enjoys. He is comfortable politely declining requests, understanding that every 'yes' means saying 'no' to something else.
He believes parents should help children find their unique gifts, encourage their natural inclinations, and avoid shaming them. The goal is to prepare them to be successful and happy in their future world, not to impose parental expectations or hold onto past realities.
He believes injustice is worth getting upset about, particularly when systems fail people who want to help themselves but lack the means or opportunities, such as undocumented youth or terminally underemployed young adults.
He seeks individuals who are ambitious for something bigger than themselves, prioritize 'we' over 'I,' and are driven by a love for competing against themselves to constantly improve, rather than competing against others or out of fear of failure.
20 Actionable Insights
1. Live with No Regrets
Reflect on your life to identify regrets, especially regarding missed experiences, unsaid affections, and unresolved conflicts. Prioritize what truly matters, like family and personal connections, over ego-driven arguments or trivial pursuits, as life can change in an instant.
2. Prioritize Happiness, Not Righteousness
Choose happiness over being right in arguments by recognizing that truth is often subjective and most issues are shades of gray. Be quick to apologize if you’ve offended someone, even if you don’t fully agree with the other person’s offense, to avoid wasting energy on negative conflicts.
3. Don’t Postpone Joy
Embrace the “collect bad wines” philosophy by living in the present and not deferring experiences or important actions. Open your best wine (metaphorically) now, take the trip, make the call, and take necessary risks, as life can change instantly.
4. Protect Your Time Ruthlessly
View time as your most precious currency, more valuable than wealth. Be comfortable and polite in saying “no” to commitments that don’t align with your core priorities or bring you joy, understanding that every “yes” is a “no” to something else. Track your time to ensure it’s spent purposefully.
5. Earn Your Gift
After a life-altering experience, commit to living with urgency, purpose, and humility. Continuously ask yourself if you are “earning your gift” by making the most of your time and opportunities.
6. Embrace the Infinite Game
View life as an “Infinite Game” where the primary goal is to continue playing, not to achieve a final win. This perspective encourages sustainable choices, like prioritizing health, to ensure long-term participation and well-being over fleeting pleasures.
7. Parent with Acceptance & Guidance
As a parent, focus on identifying and nurturing your child’s unique gifts, accepting their strengths and weaknesses without instilling shame. Meet them where they are, encourage their natural inclinations, and gradually release control as they mature, allowing them to feel continuous progress.
8. Model Desired Behaviors
Teach through action, not just words, by consistently modeling the behaviors you want to instill in others, especially children. Demonstrate hard work, kindness to strangers, and respect, avoiding righteous anger or petty complaints that teach negative habits.
9. Prioritize Self-Management
Cultivate deep self-awareness to understand your thoughts and emotions, then prioritize developing strong self-management and self-regulation skills. This emotional control is paramount for personal success and effective interactions in all aspects of life.
10. Compete for Self-Improvement
Understand the root of your competitive drive: whether it’s to defeat others, avoid failure, or continuously improve yourself. Strive to cultivate the third motivation, a “race against yourself,” for sustainable growth and long-term engagement.
11. Prepare for Crisis Leadership
Recognize that true leadership is defined by how you act in moments of crisis, not just when things are stable. Proactively prepare yourself and your organization for potential challenges by conducting scenario planning and “fire drills” to build readiness and consciousness.
12. Maximize “Threefer” Opportunities
When making decisions or planning activities, aim for “threefer” opportunities—actions that serve at least three purposes or yield multiple benefits simultaneously. This approach maximizes efficiency and impact by getting more value from a single effort.
13. Embrace Adaptability
Adopt the belief that “everything is written in pencil” to foster adaptability and continuous evolution within yourself or your organization. This mindset encourages experimentation and allows for necessary changes in a fast-paced world, rather than being anchored by rigid plans.
14. Maintain Pace, Get Reps
Adopt a “running up the escalators” approach, prioritizing consistent pace and numerous iterations (“reps”) to solve problems. Understand which tasks are “pass-fail” and execute them decisively with sufficient effort to maintain momentum, rather than over-investing in perfection where it’s not required.
15. Introspect for Intuition
Develop intuition and improve decision-making by not merely accumulating experiences, but by being deeply introspective about what happened in each situation. This critical reflection helps you recognize patterns and extract valuable lessons for future application.
16. Avoid Selfish, Negative People
Actively distance yourself from individuals who exhibit negative energy or selfishness. Look for subtle cues, such as those who take undue credit, and instead seek out people whose ambition is directed towards something greater than themselves.
17. Negotiate for Mutual Value
View negotiation as a process of identifying what the other party values more than you do, and what you value more than them. Strive to find solutions that create mutual value and work for everyone involved, rather than a win-lose outcome.
18. Influence, Not Negotiate
Understand that all interactions, personal and professional, are an ongoing “game of influence” rather than a win-lose negotiation. Actively seek to influence others with your thoughts while remaining open to being influenced yourself, fostering dynamic engagement.
19. Businesses as Force for Good
As a business leader, utilize your company’s platform and resources, beyond just financial contributions, to drive social impact and be a force for good in your community. Demonstrate that business success and positive societal contribution are not mutually exclusive.
20. Prioritize Trust Over Ads
Opt for a subscriber model instead of selling ads to maintain a simple, honest relationship with your audience and ensure trust in your recommendations. This also allows you to genuinely advocate only for things you truly believe in.
7 Key Quotes
I was given the ultimate gift and the ultimate gift was to say goodbye to your life, to close your eyes, to touch your own arm, say, I love you, to wish for it to blow up and to open your eyes and realize that you had a second chance.
Ric Elias
He said, I was just doing my job.
Ric Elias (quoting Captain Sullenberger)
Time is our only currency. It's the only thing that matters.
Ric Elias
You're only a leader in a moment of crisis. Otherwise, you're just in charge.
Ric Elias
I collect bad wines is the trigger thought for not postponing anything.
Ric Elias
Raising teenagers is a tug of war you ultimately must lose because that's how they become adults.
Ric Elias (quoting his mom)
When you're saying yes, you're saying no to something else.
Ric Elias
2 Protocols
Red Ventures Business Review Meeting Format
Ric Elias- Meetings are 20 minutes in duration.
- No physical charts or extensive PowerPoint decks are passed out; a few charts on screen are acceptable.
- Each meeting must begin by clearly defining the problem to be solved or the topic to be discussed.
- The meeting must conclude with a clear plan or decision.
Life Sports Program Daily Routine
Ric Elias- Bring 8th graders from Title I schools into the program daily.
- Provide them with a meal, often their last of the day.
- Dedicate one hour to reading to help them catch up academically.
- Provide one and a half hours of physical exercise.
- Organize activities every weekend.