Wall Street Playboys - Advice from Real Wall Street Professionals
January 29, 2021 by Wall Street Playboys 158 Comments
Q&A is now closed!
January 29, 2021 at 12:13 pm
– What’s the emotional/insecurity appeal of video games/digital economy?
– Why does exposure to growth stocks protect against both inflation and deflation (quoting your November post)?
Wall Street Playboys says
January 29, 2021 at 12:39 pm
1) people think they are unattractive so they play video games where they can be someone else. Most people are generally insecure of their looks. The emotional appeal is also two items: 1) the rewards for winning new items, 2) social connection with friends/new people and 3) as games become realistic they will no longer be distinguishable from real life (long-term VR)
2) If the interest rate is -5% or +5% you have to outperform that rate to generate a positive real return.
January 29, 2021 at 12:50 pm
Why is it that only growth stock would outperform interest rate in both -5% & +5%? What about defensive stocks like blue chips consumer staples? Would they also hold the line?
Thanks Gs, you always deliver.
January 29, 2021 at 12:52 pm
They wouldn’t do well unless they can grow. Interest rate means the rate at which your sales must grow to outperform the market in simple terms.
January 29, 2021 at 12:14 pm
Just made $300,000 on GME, I bought 1000 shares at $4.00 this summer based on a technical trade and the short interest….never thought it’d get this high. What kinda taxes am I looking at here?
January 29, 2021 at 12:37 pm
It’s a short term cap gains tax so look that up relative to your income this year.
NATHAN R QUAIN says
January 29, 2021 at 12:20 pm
Timeframe/expectations for dogecoin to hit and/or surpass $1?
January 29, 2021 at 12:36 pm
Ha! No idea how successful they become but fun to watch
January 29, 2021 at 12:22 pm
In terms of the most efficient places to live for tax purposes, Nevada and Florida are top on my list. Does it make sense to invest in real estate in these states and work remotely/locally from here? For context I am a Canadian citizen.
At this time we’d suggest only owning your own piece of RE. If you buy a home in NV or FL that should be it and don’t get rentals. Those states have no real restrictions on developments so it ends up having high inventory levels.
Melvin Cap says
January 29, 2021 at 12:23 pm
I run an ecom biz + hold some btc (not much, 0.5-1 coin since 2017). I’m in hyper growth mode for biz and investing in inventory, ad creatives, SEO, etc. I need to fund this growth.
Do I sell and take the gain to fund or hold & fund another way to fund?
I don’t want to miss out on any price appreciation because it’s passive for me at this point but want to max online biz growth.
January 29, 2021 at 12:35 pm
Hilarious screen name!
You should not sell it. Not worth it, always have at least a small position in it. As your biz scales you can purchase more crypto or you can create a cash balance to prevent you from ever needing to sell it. 0.5-1.0 is not a big deal and won’t change your business success potential.
January 29, 2021 at 12:27 pm
I’m 1/3 into tech, healthcare, and crypto. My question is when you’ve got no cash left you’d be borrowing to buy more BTC or buying with leverage.
2-3% APR for $20k bitcoin seems, well, stupid not to do. Worth the risk?
January 29, 2021 at 12:34 pm
We’re against leverage as you can build income streams pretty easily. 2-3% is quite low but we wouldn’t do it unless you 100% certain your cash flows will be solid.
This blog is generally anti-debt of any kind since we think its possible to create more income which then reduces need for leverage
January 29, 2021 at 12:31 pm
10 years B2B sales experience, currently furloughed, interviewing for mostly software sales positions. Have been told by peers even with experience I likely have to start in an entry level role (BDR/SDR) since I’m coming from another industry. Was offered an SDR position for good company but all in it’s 60% of what I was making previously. Worth biting the bullet knowing it should be a year max before a promotion?
Building an apparel business as well for a 2nd stream but sourcing is taking forever.
January 29, 2021 at 12:33 pm
This has nothing to do with the Q&A but in a good mood so you should probably take the role. We don’t know your political position at the firm but if you get furloughed it usually means they were not considering you for a promotion
If you are sure you will get promoted and make more then you can stay. But. As we said unlikely if you were furloughed. If you go to them and say you’re leaving they will either ask you to stay and put you back on payroll or they were lying about the promotion if they let you leave.
January 29, 2021 at 1:52 pm
Currently an AE at a SaaS company, comp over the last 4 years with base/commision/stock is as follows. Would take the SDR role as you will excel relative to your peers and be in a closing role within 1-2 years.
Year 1(BDR): 53k
Year 2(Ass. AE): 83k
Year 3(AE): 123k
Year 4(AE): 240K
January 29, 2021 at 2:44 pm
Sure if you are confident in making those jumps it looks like a great way to build a solid net worth base
January 29, 2021 at 2:02 pm
Yeah the promotion was regarding the new position – typically you’re up or out within a year in these SDR roles.
January 29, 2021 at 2:41 pm
Ok then you have your answer
January 29, 2021 at 3:07 pm
Got it, thanks WSP and CR
January 29, 2021 at 12:32 pm
Should we report defi crypto taxes/ hire an accountant? Any advice would be appreciated here, also open question to other blog readers.. I wonder how many are not.
Do you expect NY state and NYC taxes to rise, if so do you have a guess?
What is a reasonable/unreasonable amount of caffeine per day in your opinion? Perhaps a max bound?
January 29, 2021 at 12:48 pm
1) hire an accountant
2) yes, no idea but it will primarily be on millionaires at least 2-3% on state tax and probably more focus on capital gains since that’s where the issue is right now in terms of inequality
3) 1-2 cups of coffee, honestly you don’t even need it if you’re smart with peds covered in our book on spending
January 29, 2021 at 2:12 pm
If you exercise early in the morning you can use a caffeinated pre-workout drink like Optimum Nutrition AMIN.O.ENERGY (Peach Lemonade only, all other flavors suck) to get yourself in gear. Then no coffee during the day, otherwise you end up needing to drink wine or eat sweets EOD to wind down (unhealthy).
BTW overheard this for real at an Italian soccer match:
Guy getting espresso: I heard somewhere that the average Italian male drinks 8-12 espressos a day…
Woman serving espresso: The average Italian male is a *pain in the ass*.
You’ve previously listed LA as an appealing place to live for a young person. Have loved it out there every time I’ve visited. Would you no longer recommend given tax issues/politics there? Live in DC currently – it’s time to go.
January 29, 2021 at 12:47 pm
Cannot recommend California anymore too many issues, just go to Miami
When you have multiple streams of income, is it safe to pay taxes on the business stream of income? Since usually we don’t tell our employer at our regular job about our business income?
Country is USA.
January 29, 2021 at 12:46 pm
Yes just have your sales taxed (per item) or make estimated tax payments. They are not allowed to see if you’re paying taxes ahead and can’t even ask about it.
January 29, 2021 at 12:41 pm
With taxes going up in first world countries, what are your thoughts on a Caribbean citizenship by investment *and* renouncing US citizenship? (Know you are big USA / Sovereign Individual fans and am too, plus am a military veteran, so a tough decision.)
Am an expat for a decade plus, but don’t want to spend time in Puerto Rico, USVI, Cayman, etc. Concern is pulling the trigger on Caribbean CBI, renouncing US, and then US (and other Anglo countries) instituting some new rules that negate the tax strategies / etc. of the CBI for those that have those passports and sell products online.
Depending on your personal life decisions, you can renounce and move there are obvious negatives but it is possible.
Secondly, Puerto Rico is the best in between place if you’re only worried about capital gains taxes. And. To conclude if you look at the bigger picture if your income is all tied to US companies, then honestly paying just federal tax isn’t terrible. There is a reason why many billionaires still live in the USA.
January 29, 2021 at 1:14 pm
Thank you for the thorough and fast reply. Good luck in 2021!
January 29, 2021 at 1:34 pm
Similar tax question to this guy so asking it as a reply.
For context: Single, 25, mid-six figure net worth and rapidly climbing due to several good long-term, highly liquid investments. On track for post-tax greater than $1M net worth by end of year. Occasionally do contract coding 100% remote which can bring in six-figures ($150k-250k) if I feel like doing it full-time.
I can afford a second citizenship in the Caribbean and a residency permit in the EU, South America, or Asia (not sure where I want) with lump-sum annual tax in the low 5-figures or various 100% tax-exemptions depending on income source. Only way to stop paying USA tax is to dump citizenship. Family is wealthy enough and well-traveled enough to visit me anywhere in the world.
What are the pros of staying in the USA and not renouncing citizenship if taxes are going to go up and the debt default is inevitable in the next 5 or so years (likely by inflating it away)? Please convince me to stay by showing me what I’m not seeing (besides Uber Eats and Amazon Prime lol).
The way I see the cons:
– Social Security gets scaled back (lots of angry people)
– Regulations continue to increase even on sole proprietors without employees
– We all get forced into higher tax brackets by inflation (lots of angry people)
– Existing taxes (income, sales, property) go up even though govt service quality continues to fall (lots of angry people)
– Mark-to-market exit tax gets higher the longer we wait to leave
– New taxes keep being brought up on wealth or mark-to-market yearly capital gains
– Cali, NY, Illinois and a few others are all likely to get bailed out and not reform at the expense of FL, TX, and other properly functioning/budgeting states (possibly shattering the union which would be good for lower taxes rates long-term if living in FL or TX)
Regards and thanks again for all of your advice and books. I wouldn’t be having these “first-world problems” without you guys and old uncle Felix Dennis.
January 29, 2021 at 1:36 pm
This is just a complete ramble, every single jurisdiction has pros and cons. We cannot walk through every scenario and help you get it down to a sentence when you decide the two decisions you’re making.
We’d bet a lot of money this is just a thought and you haven’t even really considered it yet based on your income and net worth. It’s not enough to even consider leaving the usa
sneaky sam says
1) If financial set for life, what is the maximum percentage you can “responsibly” have in crypto?
2) Any thoughts on preventing heart disease? (other than what you already said regarding grip strength and giving blood)
January 29, 2021 at 12:44 pm
1) As much as you want as long as you never touch the amount that’s diversified. For example if you can live on $3M forever and thats split across 4 asset classes (stocks, bonds, real estate, collectables, commodities, cash and some crypto)
The rest of your money can just pile into anything.
2) COQ10 is a good one
January 29, 2021 at 12:42 pm
Thoughts on services like BlockFi to earn-in-kind on your crypto assets?
Downside is that you lose self-custody. I think it makes sense to cap out the 2.5 BTC for 6% if its just a small part of your stack.
That’s a great service. You hit the nail on the head, the issue is just the trusting of third party so only use part of your stack
January 30, 2021 at 2:45 pm
Is Nexo better or worse in your opinion? And then there’s crypto.com… I guess I’m asking if there is one that you trust more than the others?
January 29, 2021 at 12:45 pm
How do you deal with health related issues when grinding the hours behind a PC? Noticed eyesight suffers from this and also RSI issues are a risk. Was not covered in your books I believe (except vitamine D).
January 29, 2021 at 12:49 pm
Sitting and lack of sunlight is the issue. You have to go outside and do easy tasks on a smartphone or tablet and walk more. Other than that you’ll definitely take a hit no matter what you do. Have to pay the life tax at some point.
January 29, 2021 at 4:54 pm
January 29, 2021 at 10:02 pm
Download flux on your computer and have on at all times (I only turn it off when I need to make sure the colors in my creatives are attractive)
Shoot for 2 hours of sun a day, morning walk to watch sunrise and night time to watch the sunset. That is when the sun is most beneficial for your eyes.
You need to eliminate as much artificial / blue light as possible. Also switch your light bulbs to red/yellow hued lights instead of blue or fluorescent.
I started my 9-5 right out college and was immediately hit with dry eyes and worsening eyesight.
I made each of the above changes and am still 20/20 3.5 yrs later
January 30, 2021 at 7:00 am
flu.x can help if you only work 3-4 hrs/day on computer
If 8-10 hrs/day try wearing BluBlocker sunglasses as well, worked for me.
25 in UK. Have online biz with 20k traffic/month + growing by being first in google for lots of results related to specific tech ecosystem + doing $10,000 a month and growing. Just quit VP finance job (UK so salary more like $160K), no bonus this year because Covid) to run full time and grow faster as hitting a bottleneck in time (Very efficient and work long days, but heavy competition with funding vs me).
Big problem is competition is HEAVY and outpacing me atm, although revenue + traffic growing. Would you:
1) Take $500k offers to sell (I get 1-2 offers a quarter); build new income streams
2) Hold for 6months and sell for $1m – Invest + new income streams
3) Hold and try to grow to $4m, at risk of getting outdone by competition eventually and being worth 0
Existing net worth outside of companies very low (about 100k tied up in a home)
January 29, 2021 at 12:56 pm
1) seems too low
2) seems like it’s fine to sell only if you’re going to be financially set for life
3) you’ll know answer if you can get to step 2
Generally seems like you should just grow for now
January 29, 2021 at 12:53 pm
When running a small internet business. When customers pay using cryptocurrency. Is it a good or bad idea to pay taxes on it?
Pros: tax man happy
Cons: government might try to track crypto or punis crypto users in future?
Country is USA
January 29, 2021 at 12:54 pm
Just pay tax, there are tons of people who are public about it with many many more coins than you will ever have like Tim Draper so don’t worry about it
January 29, 2021 at 1:04 pm
Favorite NFT artists you like or are personally investing in / collecting?
January 29, 2021 at 1:19 pm
Fewocious appears to be building a solid brand
January 29, 2021 at 1:39 pm
VIKTOR MOROZOV says
January 29, 2021 at 1:05 pm
If you’re planning to sell your online business in the next 18 to 24 months, how would you structure the sale and what steps would you take to lower your tax liability?
January 29, 2021 at 1:10 pm
Typically you’re better off getting it all at once and just investing (if you’re a good investor)
You can also do it in a way to spread out the payments but again… usually better to just take the full amount and move on. There is a reason why transactions are done like this in the public and private market
IF you can try to get an earn-out clause where if the biz does improve you get paid out more later on
btc price before taking profit? Now that Elon has bio’ed it, expecting another run.
January 29, 2021 at 1:11 pm
$60-80K you might want to trim but we never plan on selling no point
January 29, 2021 at 1:13 pm
Been meaning to ask but haven’t had the chance since you guys switched up Q&A format, in your post $1 million, 10 years, zero excuses you talk about product development. How would approach a company with an idea and be taken seriously especially since I have no prior background like getting some of these giant companies into NFTs and crypto?
January 29, 2021 at 1:18 pm
No idea, that’s beyond our scope we have no idea what you’re trying to sell them
NFTs are usually auctioned off so really don’t understand your question. Most crypto funds already invest in it as well
Late 20s. 1M+ NW with 700k income before tax (70% from career and 30% from side business). Current portfolio is 70% stock market, 20% real estate, 5% side business and 5% crypto. I’m rebalancing my portfolio and looking into getting more exposure to crypto:
1. What the percentage of crypto I should go for?
2. When to buy in given the price is sky high right now?
January 29, 2021 at 1:20 pm
Again depends on how much risk you want.
If you are financially set for life then just take all future cash flows and put it into crypto
If you need $3-4M to feel ok, then take 25-30% of cash flows and put into crypto
This isn’t really a question it’s more of a preference so you have to decide yourself
I have a stack of cash that I will be using to buy make a down payment on my first home and rental property.
Currently scoping out areas, probably won’t close for 4-6 months.
WTF do I do with it until then? Highly considering throwing it in BTC.
January 29, 2021 at 1:38 pm
Ha’ we hope you’re kidding if you’re trying to make a return in 4-6 months with money you set for an actual house you’re crazy to say the least. That or terrible risk management, just go and find the place and buy it
State of Flow says
January 29, 2021 at 1:22 pm
1) Any recommendations for sources to help create prototypes for a physical product to sell on e-commerce site? Have idea but getting caught up developing the product.
2) You answered a question on BTC on BlockFI/Celsius. Thoughts on USDC/stablecoins on those apps paying >8-10% interest? Seems like best option with your cash on the sidelines waiting for opportunities.
January 29, 2021 at 2:53 pm
1) find competitor, find who makes it for them, contact them
2) same answer can use small amount but lots of risk in third party with new tech
Tokyo Games FTW says
January 29, 2021 at 1:23 pm
(1) You guys are big on tech. Just wondering, would you prefer to invest in QQQ or CQQQ?
(2) Any other tech ETFs you would consider?
(3) Any thoughts on Hedera Hashgraph? Worth buying?
QQQ is fine
No, just the nasdaq to keep it simple and then individual stocks
Have not looked at it
What new cryptos have been on your radar since Triangle Investing?
January 29, 2021 at 2:45 pm
Nothing worth putting a ton into. We’ve mentioned MAKER, Uniswap, 0x etc. Decentrlaized finance/decentralzied exchanges are most interesting
anon king says
January 29, 2021 at 1:44 pm
Male 32 years old.
Want to know what health markers to test for in your opinion at this age. Everything besides the usual stuff like test levels.
January 29, 2021 at 2:52 pm
Get a full blood test from a private doctor. So go get a real private doctor to check everything for you instead of asking a webesite!
January 29, 2021 at 3:24 pm
To be fair come here not for med advice but to get information on stuff docs don’t typically talk about. The good stuff.
January 29, 2021 at 3:36 pm
Yes so you should go and find a forward doctor who can legally give you peds
Your metrics will never match any individual due to age, genetics and diet
January 29, 2021 at 1:46 pm
Will we get a book on DECENTRALIZATION?
thank you! Hope so.
January 29, 2021 at 1:51 pm
When will you try out full carnivore? I’ve done it for a year now and never felt better.
Also, how much coffee is too much?
January 29, 2021 at 2:51 pm
1) likely never
2) 1-2 cups is max in a day
February 6, 2021 at 9:16 pm
I’ve been on carnivore for a year also, its amazing I agree with you there. Corrupt pharma and FDA manipulated all the info they gave us in school about health… and everything else including school itself.
January 29, 2021 at 1:54 pm
I told an uninvited acquaintance to go away while I was talking to some friends at an evening café. He threw me and messed up my shoulder. I think he was tipsy or trying to save face in front of my friends. Nobody helped.
Happened too long ago to pursue a lawsuit. Early 20s. Looks like there’s no treatment other than putting screws in. Do you have any suggestions or words? I had my health permanently ruined by something/someone stupid.
I’m going to ease off of working out and just go harder on making money so I can afford stem cell treatment in my 30s. And will avoid being in public or around poor/middle-class people.
January 29, 2021 at 2:43 pm
We don’t know much about those types of lawsuits, you’re probably better off going to a private doctor and looking at alternative treatments. HGH and things like that cure a lot of issues so you should look into everything before surgery
January 29, 2021 at 4:41 pm
This is the craziest thing I’ve ever read lol. What do you mean he threw you?
How does this happen
January 29, 2021 at 5:24 pm
Sounds like some bar/house party type situation, should have sued him that day for such a serious injury
January 29, 2021 at 7:35 pm
It wasn’t a bar or party, a really casual setting with some friends. He was some MMA guy. I told him to go away and it must have set him off. Unlucky, idk.
January 29, 2021 at 7:38 pm
It wasn’t a bar or party, a really casual setting at a café with some friends. He was some MMA guy. I told him to go away and it must have set him off. Unlucky, idk.
I didn’t sue him or anything because I was in pain but could still move my arm around. I asked everyone around me if I should go to the doctor, and they said no and to stop whining. Never grew up with healthcare so I didn’t realize you were supposed to get it checked. Tough lesson learned.
January 29, 2021 at 11:38 pm
Damn, sorry to hear that brother. I feel you, I didn’t grow up with that either.
It’s funny how friends change in these situations.
Good luck with everything.
February 2, 2021 at 6:59 pm
PT here specialising in rehab.
If it’s not broken (or popped out), go to a physio/chiropractor, and don’t stop exercising, it will get weaker and worse. You just need to only do the exercises that don’t hurt it. Allow a specialist to take you through the exercises that may hurt within a manageable pain range.
January 29, 2021 at 1:55 pm
I’m 35, USD1.5m in BTC (90% of my NW) and my online biz in 2021 should generate around USD1m post tax.
Equities over priced and I’m way too over allocated into BTC, however I find the idea of holding cash painful. How would you allocate the business cash flows? (Note the biz could die in 2-3 years – I hope not, but I’m being prudent using the assumption)
Thanks for your GREAT work
You can buy your own place in a low tax jurisdiction, problem solved
January 29, 2021 at 10:56 pm
Can I ask what your online business is, at a high level? 26 and would love to get to where you are in due time.
January 29, 2021 at 1:56 pm
Currently holding about ~15% of my liquid NW in BTC. All on a hardware wallet.
Recently discovered a an ETF (Grayscale) that roughly tracks the value of BTC. The benefit to this is that I can get the price exposure to BTC in a tax advantaged investment account.
How much of your crypto would allocate in a hardware wallet vs via an ETF in a tax advantaged account?
January 29, 2021 at 2:42 pm
Only hardware wallet makes sense if it’s long term. If you want to trade it, then you could use a tax advantaged account
January 29, 2021 at 1:57 pm
late 40’s, in shape, heavy Coke Zero drinker, sleep deprived (work at night)
Last 18 months noticed a huge difference in skin elasticity on my body – looser, wrinklier when squeezed, etc.
Any thoughts on those collagen injections or other methods to bring back my youthful-looking skin?
January 29, 2021 at 2:50 pm
You’re just hiding it with injections. Your diet is terrible have to take out all caffeine to zero and stick with water, after that come back
If you can’t get off caffeine that’s a huge issue. Coke is horrible for your body can’t believe you drink it!
January 29, 2021 at 1:58 pm
No questions on these topics but please consider doing a decentralization QnA, it should be very interesting.
Thanks for everything have a nice weekend!
January 29, 2021 at 2:09 pm
I read in Efficiency that you guys don’t stress much about dieting and training, and instead follow simple guidelines.
Is it worth investing on diet and training coaches and be super disciplined with what you eat and with your training? Does that answer change if you’re in the Personal Training business?
You can feel free to be more intense about it. If you can afford it then yes more focus without stress is useful
It is quite easy to stay on top of things, veggies, meat, fish, and tons of water and you’re good
January 29, 2021 at 2:15 pm
In the book Spending, you recommended getting blood tests done regularly with a good doctor as an investment in health.
Have your feelings about the importance of this stayed the same since the book?
Do you have a more detailed explanation of how to actually go about this for someone who doesn’t have any friends who do blood work? E.g, a list of things that your doctor should track; any signs the doctor knows what they’re doing; etc
January 29, 2021 at 2:49 pm
Yes if you can afford it you need a private doctor to do a full blood test at minimum 1x a year
January 29, 2021 at 2:18 pm
1. Recommended soaps / moisturizers for skin care?
2. What do you guys see happening to stock price of GME / AMC / etc.?
3. 26 y/o – Noticing cognitive decline when I train martial arts 5x a week, guessing as a function of fatigue / poor recovery. Diet is on pretty on point – lowering caffeine to 1-2x a week helps a ton, minimal processed foods, lots of lean meats, greens, and fruit. Does it sounds like I’m missing anything nutritionally or should I just cut the intensity of training?
January 29, 2021 at 2:48 pm
1) Don’t know
2) it will eventually crash but hopefully they rip the shorts to zero (short interest is still over 100%)
3) Never had this issue, maybe you should do the martial arts after you do your real work.
la costa says
January 29, 2021 at 2:22 pm
1. Cashed my crypto out of Robinhood yesterday because of the fear of them going under. Would you recommend wiring directly to Coinbase Pro and getting back in? Or allowing the slow ACH transfer and then get in when it dips in a few days.
2. Do you think other auto companies like Volkwagen are undervalued? In Norway (almost a view of the future of EV sales) their sales are tied/above Tesla.
3. Worth hammering for 3-6 months to get an engineer job at Google etc (300k+ total comp) versus hanging at my current job (150k comp) and spending all free time on side streams (have 2 products I’m improving and branding)? Have to pick one.
January 29, 2021 at 2:39 pm
1) neither go OTC as always
2) No, we’d stick with high-end but that’s our bias
3) If you have $50K a year coming in already from side hussle go for it. If not then switch to Google
January 29, 2021 at 3:30 pm
1. Cool. Is time of the essence to get back in or can I wait 3-5 days?
3. Nothing yet, and of course I can grind on it after the new job (prob 6-9 months from now). So sounds like that’s the better move to max out that 9-5 income stream (prob can’t much higher than that).
January 29, 2021 at 3:35 pm
Won’t matter long-term, either one is fine
January 29, 2021 at 2:33 pm
Do you recommend ever getting massages rather than using equipment?
January 29, 2021 at 2:47 pm
Yes if you can afford it 2x a month is good
January 29, 2021 at 4:24 pm
Would recommend “The Trigger Point Therapy Workbook” by Davies and Davies. Bought it, and some of the additional tools WPS just mentioned on their post titled ‘Annual Health Ideas Update and Q&A Announcement’, eleven months ago.
As much as I like massages, even for the high-end specialists in the $300 hour range, find nothing beats getting on a thin yoga mat and putting in the work for 30 – 60 minutes a night a few times a week *immediately* before bed. Exercise bands can also help, depending on what you’re targeting / scapular retraction / etc.
Massages maybe better for blood flow though…verdict still out for me.
Thoughts on investing in/getting involved in the operation of an OnlyFans-related service or support businesses (secondary services that provide services of value to these “creators”), staying away for now due to the social stigma factor, have a different biz right now (unrelated to the space) that’s going well.
Any opinion on this, should I just keep it a secret and execute anyways (probably unavoidable to keep under wraps if it becomes successful)…. do you see any negative/social repercussions or disadvantages that make getting into this space warrant careful consideration?
What? If you have a way to make it work then do it. Worry about being “outed” when you’re rich. question seems more like an excuse. If you make it rich off of your idea you’ll be set so who cares.
Usually I find myself having the most focus between 1am-4am at night. I don’t tend get to much focus after I wake up (around 11am-12pm) until around the afternoon 2-3pm. I run/work on my own ecom biz so I typically set my schedule. Overall I feel my schedule isn’t efficient and I don’t optimize time or do enough work, or meet goals quicker than what they have taken me. Although the biz has grown well and is doing around 12-15k per month profit, I feel like I’m only putting in 50-60% of my capacity. I feel that after reaching this higher level of income (10-15k/month), the “success” of achieving this new income level has made me kinda lazy.
Would you recommend that I make a set schedule and stick to it Monday-Friday? Or any other hacks to be more productive / procrastinate less?
January 29, 2021 at 2:54 pm
Change your sleeping patters to wake up around 10am a reasonable 1-2 hour move, so you’re more productive from 11pm to 2am and you’re better off physically
Tax evader says
January 29, 2021 at 3:15 pm
Thank you for the Q&A, here is the current issue I’m dealing with:
I have dabbled in copywriting in early 2020 and have successfully made over 60k through 3 months and now my small agency is skyrocketing.
My country (Third world socialist hellhole) is going to tax the fuck out of me so I’m looking into offshore banking. Any recommendations or ideas? I can’t move my money from PayPal into local bank accounts. I have tried fintech banks like N26 but they refused me for not being European.
January 29, 2021 at 3:22 pm
Are you joking? There is something out there with a fixed supply where you act as your own bank.
January 29, 2021 at 4:29 pm
Agree with WPS. Also LLC matched with fintech works for many.
January 30, 2021 at 3:57 pm
You’re still going to pay the tax, it doesn’t matter where you earned it if you have an offshore bank account. All banks share info with revenue service. If its the same third world country I know, an offshore company gets reclassified as a local because of management so that you dont shift profits.
Pay your accountant to look at it and pay the tax. Then get it set up properly going forward.
February 2, 2021 at 1:03 pm
Hey, I’ve been writing copy for a little while now but am stuck around the 3k a month mark. Any tips?
What are the supplements that you’re currently taking? Will the Approved Product section be updated?
January 29, 2021 at 3:38 pm
No it won’t we use a private doctor that’s what everyone should do.
The main supplements are the same as approved products section
January 29, 2021 at 3:55 pm
Trying to model tax increases in RE future.
Where do you see increases coming from?
Could easily see propert taxes going up 25 % on single family / apartments over next few years due to loss of value / tax revenue on hotels and retail.
Are you expecting more than that / other tax changes at federal level. Ie no more 1031, tax on cash out refinance, less deduction etc.? (Guess)
Side note : just got tax notice for this year. 5 properties in one county all had about 5% increase.
January 29, 2021 at 5:27 pm
This was already covered 2 blog posts ago we said any real estate over $1M is at risk
We also expect a wealth tax all of this was already covered
January 29, 2021 at 4:22 pm
Current ecom biz does 13-15k/month profit on average, have about $100k cash balance available to invest. So far I’ve only invested and focused time solely in the development of a custom & upgraded version of a generic product we already sell, (estimated investment into custom product $20-30k), that I strongly believe can take the biz to over $1mm/annum in profits and become a “flagship product” for my brand in the niche, however the development of this custom product has been slow and painstaking (taken 8 months already, and might take another 3-5 months). Although I’m confident it’ll be worth it in the end, should I be using the remaining spare time and cash balance to source and sell other simpler and generic products under the same brand? That way I’m still building the brand up with low-investment (5-10k each) products that will generate good ROI on the cash, while the blockbuster custom product finishes development?
Or should I just continue to focus all time and effort in the one custom product to get it done ASAP? It has the highest ROI compared and least risk of failure compared to other generic products I can launch.
January 29, 2021 at 5:30 pm
Yes you answered your own question
January 29, 2021 at 4:26 pm
Aside from How to Get Rich / Sovereign Individual, what are 2 other good books (any topic) you’ve invested your time into reading this past year or plan to read in the coming year?
Thanks for all the great content and tweets!
Nothing lately, ready player one and ready player 2 are must reads if you understand tech
January 29, 2021 at 4:27 pm
I love your blog. Glad to see that you don’t slow down with publishing great content!
1) Grayscale BTC trust is a way for investors to invest into Bitcoin without having to know what private keys, seed etc are. GBTC trades at a premium of about 5% to BTC, which seems completely ok.
But they also have a Litcoin trust (grayscale.co/litecoin-trust/), and that one has a premium of >2000%? How can this be explained / justified?
2) In the past, I used Facebook to get notified about new posts on your website. Now it seems you only use Twitter. Do you have any plans on re-opening a WSP Facebook account / are there other ways to get notified about new posts on your website?
January 29, 2021 at 5:25 pm
1) it is explained due to float they only own $10M, it is not justified premium will decline over time
2) No we don’t just follow twitter and if something major happens our email list will be used (if we get banned)
Multiple Revenue Stream Brah says
1. As I invest my extra biz income into crypto, what percentage should I allocate those contributions into payments vs. protocols? Currently investing at an allocation of 75% into payments (mostly BTC) and 25% into protocols (mostly ETH). Should I be closer to 50/50?
2. I want to bet on the growth of OnlyFans type degenerative platforms, but don’t have the time to launch a full biz. Any passive bets I can make in this space?
3. What are the main ingredients of your daily juice? I know you’ve posted positively about kale, apple juice, lemon juice, and a few others over the years. Just want to make sure I’m not missing anything in my usual drink.
PS – Still the best blog on the net. Thanks for everything, and looking forward to a decentralization product if you decide to launch it.
January 29, 2021 at 5:29 pm
1) can’t say as we don;t know what you’re worth this has been answered in eery Q&A so jsut go through those
2) No, just go long technology
3) Any and all vegetables and throw in fruit if the taste is too brutal
January 29, 2021 at 4:32 pm
Hi all, I have followed your advice over the past 5 years and now am holding a very large amount of crypto.
My accountant is telling me the I have to report to the IRS how much Crypto I am holding on my hardware wallets. My assumption is that once BTC really starts to takeoff the IRS will start—if they aren’t already—going through all Coinbase data and track everyone’s outgoing crypto transfers.
How are dealing or planning to deal with this situation, in light your recent commentary on cloaking wealth.
Thank you in advance friends!
January 29, 2021 at 5:28 pm
Never buy from an exchange problem solved.
January 29, 2021 at 5:47 pm
Agree and lesson well learned; but if you’ve already bought a large amount of crypto through Coinbase, what should you do?
Thank you again!
January 29, 2021 at 6:07 pm
Work with your accountant, if you don’t sell then there is no tax
January 29, 2021 at 4:40 pm
1) What are thoughts in working full time in DeFi at a Uniswap, AAVE or equivalent?
In the past (fourish years ago), y’all discouraged working at a startup over say FAANG. Background is mid-20’s engineer at selective quant fund making 250-300k. Alternatives are various unicorns or other funds like ken griffin’s (who pay more but require more work).
2) Any recommended sports to develop (likely with instructor) for the “future”?
At home with parents for 2021, mostly solo lifting, yoga, etc. Previously rowed and played basketball at high school level. I’d ski, but nowhere near slopes. Would focusing on video games over tennis/golf make more sense?
1) sure but you still need multipel streams of income
2) anything with longevity so swimming, golf, tennis and biking are all good options
Mid 20’s, Canadian, 1 main business (mostly remote) and started 2 small side businesses during lockdown.
Estimate ~$1mil in crypto by end of 2021. Planning to cash out a % to invest in land.
Best way to minimize taxes? Most crypto friendly countries need ~200-300k investment to get residency, which seems too high of a % if you don’t want to own RE there.
Looked into hiding trail through Monero & ‘losing crypto during a boat accident’ but seems to risky.
Any advice or relevant links to read?
Hire an accountant but if you understand it you already know what to do!
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