George Foreman made millions as a professional boxer. His highest payout were $5 million for his fight against Muhammad Ali. But the single-best thing he ever did for his bank account was to sign his name onto a grill. The “Lean Mean Fat-Reducing Grilling Machine” aka “George Foreman Grill” has sold more units than most countries have inhabitants, and it generated north of $200 million for Foreman, far more than he ever made from his athletic career. I see three takeaways.
First, a lot of people will pay to see their heroes in action—but an ungodly amount of people will pay to feel like their heroes, even if they’ve never met them. A tiny speck of stardust on a kitchen device you use every day is worth more than a real drop of sweat on your t-shirt from sitting in the first row that one time. Performances are great, but the real money lies in the associations.
Second, windfalls can come from anywhere. Even once he had made it as a boxer and opportunities opened up for him left and right, I doubt George Foreman would ever have foreseen that a mini-grill would make his ultimate payday. Those sizzling dollars, by the way, could easily have ended up in Hulk Hogan’s pocket. The grill company called him first, but he was picking up his kids from school. By the time he got home, George had signed, and Hogan ended up with a blender instead. The blender never took off, but the grill did.
We can never know where our best results will come from. Therefore, we should probably expect our wealth to grow most from somewhere unexpected. That won’t allow us target our efforts any better, but it will help us not throw in the towel too early on what might become a great thing. Which brings me to…
Third, let your bets play out. It’s one thing to keep making good bets. Another is to not short-shift your odds after you’ve put your chips on a certain number. As long as you believe in a company, a product, a message, or a thing you’re making, don’t abandon it. Let your stock keep growing unless the fundamentals change. My best investments usually come from picks I at some point forget altogether. George could have ended his licensing deal at any time. I’m sure he saw plenty of potential reasons over the years. But it was a good bet, and so he let it play out until the end.
Of course, the Foreman formula is not a get-rich-quick scheme. After all, for all the lean meals he could make on his grill, even George knew: Before great opportunities keep flying onto your doorstep, first, you have to punch your way to the top.