As a founder, your number one job is to eat shit.
You're on the call with the upset customer. You need to fire people by telling them directly. You're listening to the engineer who wants to quit due to burnout. You have to read the 40-page vendor contract, which is a nightmare to go through.
Every hard, uncomfortable thing lands on your desk. That's the whole job. You're here to absorb the bad stuff so everyone else can keep moving.
My strategy is and has been the same for the last 10+ years
Don't spend, but save up everything, invest it, and try live off the 4% returns
4% is the "safe withdrawal rate", this is the percentage of your investment portfolio you can withdraw each year without running out of money over a given time horizon, as in your balance stays the same even after inflation
I have many friends who spend most of their money on expensive purchases of things tha depreciate in value (and I too have a Tesla Y that does that 😂) but if you do that you'll never get to any state of FIRE (retire early) where you can live off of your investments
Many people in FIRE have relatively humble goals: $600K means $2,000/mo from your investments to live off forever, multiply that and $6M means $20,000/mo forever
There's obviously caveats: do investments like ETFs keep returning forever or not, nobody knows. Diversifying your investments into other things like commodities (gold), real estate, and some angel investing also can work!
The point is to spend less, invest more and then spend from what you take out of your investments
Today, we’re announcing the @Chatbase x @Shopify integration.
Shopify brands can now have an AI agent that:
• Answers product questions
• Pulls real-time order status
• Recommends products to drive conversions
• Escalates to a human when needed
Chatbase just built your shopping assistant, support agent, and sales associate, all in one.
This actually happened to Evernote. They took the advice of “keep talking to your customers and ship whatever they want” as the only guiding principle for product development. And what ended up happening was paying users liked it, but the product become unintuitive and feature overload for the new user. To the extent that they had to rebuild a version for the new user.
Users don’t always know if they really want something. It’s your job to take the extra step to think on their behalf: whether they really need this. Or can what they ask be done through something much simpler. Or can you solve multiple problems of different users with one new redesign rather than a bunch of changes. The right principle is: “Keep talking and listening to your users, spend the additional time thinking on their behalf what they actually want, and ship that”.
1/6 BREAKING…. We’ve just posted a brand new 70-minute interview with @elonmusk in which he sets out his vision for what it will take to create a future worth getting excited about. https://t.co/QcdskRcEwn Including…
Send $BTC to El Salvador today, in addition to smash buying for yourself. We’ll donate $30 to @bitcoinsmiles for every person who retweets this by 11:59 pm PT tonight.
Just walked into a McDonald's in San Salvador to see if I could pay for my breakfast with bitcoin, tbh fully expecting to be told no.
But low and behold, they printed a ticket with QR that took me to a webpage with Lightning invoice, and now I'm enjoying my desayuno traditional!
Just curious what the top 10 altcoins by market cap were 4 years ago. This is their performance vs. #BTC
ETH -39%
XRP -73%
LTC -78%
NEM -88%
DASH -93%
ETC -93%
XMR -75%
XLM -65%
GLM -93%
REP -92%
Altcoin diversification is a waste of time