Honestly for the first half of the year, you’re better off living at home and just saving the money. The fun social stuff and meeting people will occur later on. So no need to blow money.
Age 30. NW approx 2M with 800K of this being equity in a business. I have committed to 10% being in crypto. Currently have 4 or so btc and 10 eth. Any suggestions on how to break down the 10%? I.e. 70% btc, 30% eth. I know you’ve also mentioned to get to 4.7 btc in past and maybe 40-50 eth. Keep going beyond this? Any others to add? Always appreciate your insight and expertise. Thank you!
I work in sales in this industry, if you’re not rich already I recommend you just buy a tech ETF and forget about picking individual stocks.
For sure spend on developer enablement software is growing, however open source tools and new startups focusing on hyper specific niches are popping up every day. The medium-sized players are finding it very hard to stay afloat, I don’t think their investors expected so much innovation from faster, cheaper (often free) alternatives.
Could you guys do a post on dealing with frenemies? I remember a quote you said about how the average female is tolerable but the average male will try to ruin your life. It’s insane to me what people will do just project the image of being ahead of you.
No we’re pretty much set in the same items. Extremely small risk positions in DeFi but not big enough for us to even recommend as they could go to zero.
1) If you use them a lot before age 25 it damages brain development just like alcohol. Things like adderall are for extreme extreme circumstances. Such as you need to pull an all nighter for your biz to meet a huge deadline netting you tens of thousands. Working long for any job/career is never worth adderall usage, you’re just making someone else richer than yourself.
2) no never used
To chime in here as a long time reader: I’m a SWE in mid 30s making ~$500k from my day job.
Small doses of adderall are useful on a regular basis if you’re doing deep technical work. Keep it minimal, 3-5mg per dose, max of 10mg a day. Plan your week so you get several off days and never grow reliant.
Anonymoussays
methylphenidate the probably the safest ADHD drug on the market
In the process of starting an e-commerce apparel business, currently sourcing fabric before sampling and production. Was doing it on the side but was furloughed from my sales job since I sell suites for NBA/NHL team (no fans). Does it make sense to look for another job now or just go all in on this? Have some family money as well.
These are really helpful, thanks as always. You guys should do a quick twitter AMA every once in awhile too, although I guess that potentially invites less desirable crowd.
You should do everything to get basic cash flow back up. Doesn’t matter what the position is, but you always want money to pay bills/food/living expense. It’s simply easier on you mentally.
1) unfortunately don’t know the space, doubt that travel products would work until covid is over with
2) same answer as always, only buy when you know you can fix it.
As for online Business Ideas I’m kinda heavy into the anti simp thing and thought of making a brand like t-shirts to start and scaling up from there does it seem like a feasible idea and do copy-writing on the side. Not super focused on investing right now more focused on trying to get my second income.
My main income is selling new cars but considering going into SDR since there’s more money over time.
If your mid 30s, 250-300K income, family of 4 and have too much capital not being out to work (400K cash, roughly 40% of net worth) what are your first couple of moves? Spouse is very risk averse.
My 2021 adjustment includes the transition toward the civilian sector. You guys seemed slightly less enthusiastic about tech sales on your last post and it’s had me thinking a lot. That and a lot of strippers moving towards tech sales.
Options I’m faced with:
Amazon Operations, e-comm fulfill @ $150k (+big stock/quick promotions to $300k range)
Tech Sales/Account Mgmt, $80-$100k first couple of years
………………Corporate Banking, $90k
Is the payoff space of tech sales still worth it if the overall compensation is less than half of fulfillment operations… considering much of the tech world sees sales as a target to squeeze.
Cheers, and thanks to any additional commenters
————————————————-
Also thanks for the heads up re: XRP
Sorry for some reason comment went to wrong chain.
Anonsays
34 yo male & tired AF.
– Healthy diet (80-90% meats & veges)
– Alcohol ~3-4x/mo
– Lift 3x a week
– ~6x a week
In management consulting (~60 hrs/week) so figured it was the job making me tired but it’s been slow the past couple months and still feeling terrible. Had a great year and life is in order so I don’t think it’s anything to do with depression. Take standard bloodwork labs yearly and no flags except low Vit D. which I’m supplementing with.
Any thoughts on things to try to increase energy? Thinking it might be time to get checked for TRT.
Cut out caffeine for 6 months since I was around 800mg/day but still felt bad. Time to get checked for TRT… Thanks for the reply.
WSsays
Hard to say but could be chronic fatigue syndrome to which medicine doesn’t really have an answer.
If you can procure an ice bath or know of a place where you can spend some time in really cold water (50F or below), that will most certainly increase your energy levels, at least for a few days. Also make sure you’re doing cardio and not just weightlifting.
1. My theory on bitcoin is that the price rises are directly related to the “hype derivative”. When it’s expected that big name companies are moving cash assets in, it will increase a ton. But what’s the end game? You can’t pay taxes in it, and realistically it won’t be used as a currency. If gov’s outlaw it, most big names will dip out, exchanges close, and most retail investors won’t have the skills/patience to transact through backchannels (VPNs etc).
2. Do you think a China/US war over Taiwan in the next 5 years is more likely than not?
3. Do you find more benefit in microdosing (<1/10th dose) shroom/cid, or just having a single high dose experience every year or two?
1) sounds like your opinions no question here.
2) Don’t know the region well enough, if you force us to guess we think its unlikely
3) microdosing is all that is needed in extreme situations
So pretty much watch China’s oil purchases and oil reserves to see what’s going to happen? US must be monitoring this.
CareerPEsays
Was making $600k gross ($400k net) working in PE since 2013. Was on track to make net worth target of $3m by 2020 (age late 30s) – unfortunately, currency of my 3rd-world country has blown out and dropped 66% (due to government mismanagement). Salary is now the equivalent of $250k ($150k net) and net worth just over $1m due to currency plus higher taxes.
My strongest skills are in numerics but switched from tech to PE due to the pay. Was planning on being career PE, but should I move to another PE market, or focus on online? And can one do online for US from outside? My local ecom market is tiny and in the stone age.
1) you’re already making enough money, your issue is the same as many in finance. Never created another form of income
2) therefore yes you can do online from anywhere and should start something asap
In conclusion answer is to think of a way to monetize your skills now
– What’s the emotional/insecurity appeal of home improvement / DIY / Hobby products?
– How do you judge the quality of work in the case of no oversight outsourcing (lawyer/accountant)? assuming that you don’t have a contact for referral.
1) easy everyone wants to brag about how nice their place is and impress others when they show up. Hence why parents constantly clean up before guests show up
2) you hire 2-3 of them for a complex year and hire the guy who gets the best number
Yes give three of them the same documents keep the guy who does the best job. Easy solution
Rhinosays
I’m currently running a software development agency with close to 400k last year in profit (hoping for 1M by next year). This year, I plan to also use our developers to build our own in-house products. I want to try and validate ideas and fail fast with them until we find something that sticks.
What areas / verticals do you recommend that we focus on for these products?
had a $300k-ish liquidity event this year; tech company i work for got bought in a half-cash, half-stock transaction. the stock is Bluechip tech.
i have successfully demand checked funnel for an ecomm product, but have *not* purchased inventory yet; it’s going to cost me about $130k.
formerly, i did not have enough cash on hand to fund this inventory purchase entirely myself, and was going to get loans from family+friends (or possibly a local bank i’m in good with). this is still an option.
i don’t own a house, and barely have any crypto holdings.
my question: how the fuck should i deploy this $300k? buy inventory/ads using the cash and hold the stock? take loans on inventory anyways, buy 4.7 BTC with the cash? buy a house in Austin/Raleigh (i have 2 kids so this isn’t an investment property)?
*Assuming* you can get another income quickly (new job) or keep on at the acquirer then you should probably go with half into a home other half into your biz idea.
This way you have a cheap place to live and you have a risk on bet with your biz idea. *NOTE WE ASSUME YOU CORRECTLY CHECKED DEMAND* $130K is a huge investment, we don’t know what you’re making but usually first batches only cost $50K
Then you should go ahead and invest in your business and then some stocks/crypto. If you’re living for free no point in losing that, take more risk but don’t go crazy with it
Anonymoussays
130k – are you getting this done in China?
Are you getting custom molds for acrylic/glass packaging or something? Even then, it really shouldn’t cost such a ridiculous amount – make sure you talk to all the factories before you pull the trigger
I’ve never invested in the stock market. I’m increasingly worried about inflation, so I think I should do something. I’m just not sure what my best move is given the recent run up in asset prices all around.
I am 24 years old, have 250k in cash (crypto earnings & savings) working a 86k / yr job and furthering education on the side, after i have finished my studies i will be looking at 100k / yr jobs
on the side i have
-two brick and mortar businesses that are already proven to work, will try to scale it up however corona slowed things massively down.. made 15k earlier this year before things shut down
-building an ecommerce store
-some other projects going on
what should the steps going forward for me be? the one thing that is bugging me the most is that i am still living at home and thus social life is suffering.. however right now due to corona lockdowns there is really not so much social life, i still want to move out asap.. rent prices start at $2k/month here, RE starts at $1M
How would you move forward in my situation?
thank you
It sucks but better to stay at home until the economy opens. Yes you should get out ASAP but it makes no logical sense to leave when there is nothing to do. When it opens simply leave
Rest looks good, get the ecommerce side up ASAP. That’s more stable when compared to brick and mortar
1) I started an Amazon FBA business as my second form of income and my first product is currently sitting at $5k net profit per month (still very young). I have the capital to launch my next few products in 2021 and have identified some good opportunities for markets to enter. Do you think I should wait until this one is fully stabilized and doesn’t need much attention before launching the next one? Or just go for it now and try to expand my product portfolio as quickly as possible, launching and scaling multiple products in parallel?
2) Any advice for a young guy to mitigate stress as career and business responsibilities increase heading into 2021? Coming from IB, I can only assume you guys dealt with A LOT of stress. I already eat extremely clean and lift 5x a week, so I’d be interested to hear what else you recommend outside of these two areas.
1) No. You can keep scaling as long as you don’t drop the ball on the main one. Keep pushing sounds like you are a talented guy
2) a good practice is to stop worrying about things that havent happened. Also if you can successfully launch another product and get to $7-10K a month you won’t care about IB anymore man hahaha
Age 26 – Making $140k-$150k with CFA at one of the rating agencies (S&P/Moodys). Expect to be promoted in the next few months to around $170k-$180k all in. Tried to transition to buy side but hasn’t worked out so far. Considering elite MBA (Already scored 760 on GMAT) to increase career ceiling and seem to have a pretty good shot at top 5 program. Have an online biz in the development stages. Day job is relatively stable/9-5. if you were me would you get the degree to position for potentially much high earning career or focus all energy on building additional streams of income?
Big fan of your books/tweets/worldview. Appreciate your time.
I recommend OHP, stronger shoulders equal less likely to injure. Make sure you start with low weight and build up once form is good. (google this stronglifts is good).
Go on youtube and type bulletproof shoulders and do those mobility/strengthening exercises.
Make sure you do band pull aparts. Also search on youtube athleanx all good videos especially the older one.
Still see no potential for brick and mortar gyms post pandemic? My big city gym was still packed prior to 2nd lockdown. What about smaller studios like F45 or Orange Theory?
Tons of out of shape people looking for quick fixes (training, diet, PED, pharmaceuticals, plastic surgery) post pandemic
Firearms (physical product) are up 60% from 2019 due to COVID/rioting and ammo prices are up 300-400%. Many things are out of stock due to high demand.
1. Do you think the trend of increased defensive firearm ownership continuing into 2021?
2. Is firearm ownership an important aspect of the sovereign individual?
Hey guys, big fan. Was wondering what your thoughts might be on my current pandemic/new world gameplan given situation. Age 28, 4 solid years trading in nyc.
– gunning for a new tech sales role
– have six figure e com brand already
– return to nyc soon (lease ends June)
– move out in June to cut rent/CT or NJ
– double down on e com/online income
– 30% BTC and Crypto, 30% ARKK/VOO 40% cash
Imho city is dead. Better off breaking into tech, funneling more effort into online rev, and cutting costs by moving/getting more rural. Seems in line with your general theme but any thoughts appreciated. Cheers
You look like you’re doing all the right things and in-line with the themes here. Just make sure you have 1 year cash on hand to be safe if you really have to go a year without a good income (unlikely but prepare for worst, hope for best)
Some people are predicting a food shortage for 2021, due to corona and other secondary reasons. Do you agree with their assessment? Would it be a good idea to invest in the food production market – seeds and accessories?
Launching a software product in 2021, my first attempt at a second income. Do I form a LLC or S-Corp immediately to protect 1-2M in assets? Or wait until the product gets more than a few sales to validate it?
23 year old assembly line worker in the UK earning £23k a year after tax, with around £25k in savings (understand it’s a bad position but also no commitments at all). Should I go back into education for a better paying career (considering digital/ux design apprenticeship) or work on second income instead?
You should find the fastest path to an income stream about 2x higher.
After that second stream of income.
Unless you’re sure the other income stream is going to work, then you can skip the job change part (but we doubt it). Usually 10x easier to start online biz when you have a white collar job.
I’m due to be in discussions with my senior manager to help aid a move into a white collar department of the business (luxury automotive manufacturer). It would mean the same wage, but would be an oppurtunity to learn digital/tech knowledge.
What sort of timeline do you believe is realistic for finding a new income stream in that range, with none/or little prior knowledge of other fields at the moment?
Again there is nothing reasonable. Some guys start and on month one they are making thousands because they are talented. Others never even make any money (usually extremely lazy and not smart). Majority takes about a year to get a decent income stream (decent being able to pay all cost of living)
Tabssays
I’ve been offered a 12-month paid sabbatical in 2021. I suspect my employer wants to get rid of me and is offering this as a graceful exit. I’m planning to take it and spend it future-proofing myself, learning new things. I may start a business. How would you spend the time to get the maximum out of it? I’m 40 and work as a journalist.
P.S. In the future, it’d be awesome if we could have not just the date but also a rough timeframe (EST, for example) for Q&A’s. Thanks for all the great work!
1. Are you following the twitter tech movement towards Miami? What do you think the outlook is for Miami over SF/NYC over the next several years as a *new* tech/finance hub?
2. Late 20s working in tech would you guys shoot for a traditional FAANG role or a top tier late stage startup with possible equity upside (think stripe, airbnb, robinhood, affirm, coinbase etc…) assuming the latter would occupy *slightly* more time.
1) yes, Miami looks like a great choice for lifestyle. The real estate market has massive inventory though. But for jobs, Miami is a good bet, seems like texas as well
2) If you are debt free choose the equity upside. If you need cash flow choose the FAANG
Great, now the lame tech cartel is trying to turn Miami into the next Austin. Bye bye pretty women, hello Feminazis and annoying serial killer looking tech bros.
Just wanted to say thanks for all the advice on your blog. I finally made it. Tomorrow will be my last day at work, after that it’s 100% my own business. Don’t have my transaction id but I bought all three the books. Have a nice 2021!
Since then, I have turned 24 and I have successfully launched my app in late Aug.
Revenues looking like 400 for Sept, 1600 for Oct, 2000 for Nov, and almost 4000 for Dec!! – Honestly think its just going to keep going up from here
I honestly do not know what to say anymore except that I feel so blessed and lucky to have applied your advice at the right time, and tbh some luck went my way as well.
One last tidbit I want to add. It’s actually not required to grind 80-100 hours a week in your 20s. As long as you are in a good 6-fig career, you can just be a “mediocre employee” and spend all your time + focus on your side gigs.
Thank yall and hope you guys all have an amazing 2021.
1. Do you think btc security can keep up with developments in quantum computing?
2. Still positive outlook on XMR?
3. Last question for everybody here, any good suggestions for finance blogs comparable to WSP but aimed at Europe?
Really need one as realized difference between EU and USA is huge.
Arnica Gel applied underneath the eyes upon waking tends to work fairly well for a quick fix (primarily used this as a hack before mtgs so can’t attest to persistence of effects…)
Age 35 and living in high tax state with brick and mortar retail healthcare business. Currently have stable and growing cash flow so not pulling plug to leave anytime soon. Not liking current local trends and politics. Holding stocks, out of state RE, and crypto. What are other ways and other asset classes that are liquid enough for an eventual and possibly abrupt exit? Can you recommend any books or other sites?
donate that to your online biz then donate 10% of the profits from that biz instead, don’t be selfish
WS Anonsays
I’m 42 and selling my non internet business in 2021 after 17 years. Doubled down on crypto when you said to, so overall I’m doing well and right on track. I don’t want to retire but I don’t want to start another non internet business. I’m going to side hustle an internet business but I want to do more. I’m good with people and don’t mind calling. Am I too old to start in saas sales in 2021? Thanks.
About to get my copywriting business started in addition to main job (credit analyst in banking). I have 3 options for niches due to my background, which niche do you believe will be most profitable for copywriting in 2021:
finance/mortgages, horticulture/landscaping or casino/sports betting.
Also do you have a preference (in terms of opportunity/profit) for B2B or B2C copywriting?
Where would you live as a recent grad now? Stay at home to save money during covid or move out
Honestly for the first half of the year, you’re better off living at home and just saving the money. The fun social stuff and meeting people will occur later on. So no need to blow money.
Target asset allocation for 2021?
You have to give us the amount of money, age and cash flow situation for us to even answer that one.
Age 30. NW approx 2M with 800K of this being equity in a business. I have committed to 10% being in crypto. Currently have 4 or so btc and 10 eth. Any suggestions on how to break down the 10%? I.e. 70% btc, 30% eth. I know you’ve also mentioned to get to 4.7 btc in past and maybe 40-50 eth. Keep going beyond this? Any others to add? Always appreciate your insight and expertise. Thank you!
Check the old articles if you get to ~4.7-5BTC that would be equivalent in market share terms to around 35-45 ETH. Rough estimates.
You seem fine at 10% honestly. $200K of $2M is pretty reasonable.
Has anything that happened in the past year or your outlook on 2021 changed your mind about something you previously believed?
If so, what?
It really accelerated technology. In 2021 assume you are living in 2026. Meaning, what was going to happen way later is happening now.
Also realized how expensive going out is, the rich have gotten incredibly rich because they *can’t* spend their money!
What do you guys think of the [Developer-Led Landscape](https://tylerjewell.substack.com/p/the-developer-led-landscape-20-08-28)
as a place to bet heavy on in the next decade?
Haven’t read the whole article but anything high tech is a good bet for the next decade
I work in sales in this industry, if you’re not rich already I recommend you just buy a tech ETF and forget about picking individual stocks.
For sure spend on developer enablement software is growing, however open source tools and new startups focusing on hyper specific niches are popping up every day. The medium-sized players are finding it very hard to stay afloat, I don’t think their investors expected so much innovation from faster, cheaper (often free) alternatives.
Any thoughts on ritalin / concerta? Particularly physical side effects.
Also- you mentioned those using stims like addy in their early-mid 20s won’t be able to keep up past 30. Can you expand on that?
We have not used either, we’ve covered the drugs we’ve used for performance in Spending for Maximum return.
Could you guys do a post on dealing with frenemies? I remember a quote you said about how the average female is tolerable but the average male will try to ruin your life. It’s insane to me what people will do just project the image of being ahead of you.
You just ghost them and move on.
Any new Altcoins you are excited about going into the new year?
No we’re pretty much set in the same items. Extremely small risk positions in DeFi but not big enough for us to even recommend as they could go to zero.
I know y’all aren’t doctors, but your PED routine is magical.
You’ve written people using adderall regularly in their early 20s won’t be able to keep up at 30. Could you expand on that?
Also, any thoughts on ritalin or concerta specifically? Especially physical side effects you’ve noticed?
1) If you use them a lot before age 25 it damages brain development just like alcohol. Things like adderall are for extreme extreme circumstances. Such as you need to pull an all nighter for your biz to meet a huge deadline netting you tens of thousands. Working long for any job/career is never worth adderall usage, you’re just making someone else richer than yourself.
2) no never used
To chime in here as a long time reader: I’m a SWE in mid 30s making ~$500k from my day job.
Small doses of adderall are useful on a regular basis if you’re doing deep technical work. Keep it minimal, 3-5mg per dose, max of 10mg a day. Plan your week so you get several off days and never grow reliant.
methylphenidate the probably the safest ADHD drug on the market
In the process of starting an e-commerce apparel business, currently sourcing fabric before sampling and production. Was doing it on the side but was furloughed from my sales job since I sell suites for NBA/NHL team (no fans). Does it make sense to look for another job now or just go all in on this? Have some family money as well.
These are really helpful, thanks as always. You guys should do a quick twitter AMA every once in awhile too, although I guess that potentially invites less desirable crowd.
You should do everything to get basic cash flow back up. Doesn’t matter what the position is, but you always want money to pay bills/food/living expense. It’s simply easier on you mentally.
is it worth pursuing a branded product store geared toward frequent travelers, or is there too much uncertainty to allocate months of time towards it?
what are your thoughts on purchasing an e-commerce site that has a proven product yet still in early stages of brand development?
1) unfortunately don’t know the space, doubt that travel products would work until covid is over with
2) same answer as always, only buy when you know you can fix it.
Do you still recommend ledger/trezor for hard crypto wallets or are there better alternatives e.g. coldcard?
Trezor will be fine, unlikely that you need more security than that unless dealing with tens of millions
As for online Business Ideas I’m kinda heavy into the anti simp thing and thought of making a brand like t-shirts to start and scaling up from there does it seem like a feasible idea and do copy-writing on the side. Not super focused on investing right now more focused on trying to get my second income.
My main income is selling new cars but considering going into SDR since there’s more money over time.
Not sure as we’ve never made a t-shirt biz.
Thoughts on Emerging Markets stocks (EMM)? Seems like China/India will kick our ass over the next 10-20 years. Have plenty of US stocks and crypto.
No stocks to recommend but yes we agree with that view.
If your mid 30s, 250-300K income, family of 4 and have too much capital not being out to work (400K cash, roughly 40% of net worth) what are your first couple of moves? Spouse is very risk averse.
In that case you should pay off your real estate/home. Use majority for stocks/any business you can do, rest is going to be crypto/cash
$400K seems insanely high. Mortgages don’t make any sense to have when you are losing money in a bank account every year.
My 2021 adjustment includes the transition toward the civilian sector. You guys seemed slightly less enthusiastic about tech sales on your last post and it’s had me thinking a lot. That and a lot of strippers moving towards tech sales.
Options I’m faced with:
Amazon Operations, e-comm fulfill @ $150k (+big stock/quick promotions to $300k range)
Tech Sales/Account Mgmt, $80-$100k first couple of years
………………Corporate Banking, $90k
Is the payoff space of tech sales still worth it if the overall compensation is less than half of fulfillment operations… considering much of the tech world sees sales as a target to squeeze.
Cheers, and thanks to any additional commenters
————————————————-
Also thanks for the heads up re: XRP
No would take that Amazon slot if thats the real pay range.
Gives you more money to start your own thing easy call
PT background here.
I wouldn’t do HIT considering what you’ve said. That training is high stress.
Light therapy a good shout, as is checking TRT and sleep.
Sorry for some reason comment went to wrong chain.
34 yo male & tired AF.
– Healthy diet (80-90% meats & veges)
– Alcohol ~3-4x/mo
– Lift 3x a week
– ~6x a week
In management consulting (~60 hrs/week) so figured it was the job making me tired but it’s been slow the past couple months and still feeling terrible. Had a great year and life is in order so I don’t think it’s anything to do with depression. Take standard bloodwork labs yearly and no flags except low Vit D. which I’m supplementing with.
Any thoughts on things to try to increase energy? Thinking it might be time to get checked for TRT.
At around 35 many get checked for TRT so check that. Also cut out caffeine for a couple weeks and see if your body resets.
Cut out caffeine for 6 months since I was around 800mg/day but still felt bad. Time to get checked for TRT… Thanks for the reply.
Hard to say but could be chronic fatigue syndrome to which medicine doesn’t really have an answer.
If you can procure an ice bath or know of a place where you can spend some time in really cold water (50F or below), that will most certainly increase your energy levels, at least for a few days. Also make sure you’re doing cardio and not just weightlifting.
I do a lot of walking but am thinking I should incorporate some HIIT 3x a week on the non-lifting days. I’ll give it a shot.
Try bright light therapy in the morning for 20-30 mins to get your circadian rhythm set.
Personally if I get up at the wrong time, even if its early and regular, I feel like 70% all day long.
That’s a good suggestion, sleeping patterns also an issue with age
Thanks, I’ll give this a shot too. Grabbed a light on Amazon for ~$40.
PT background here.
I wouldn’t do HIT considering what you’ve said. That training is high stress.
Light therapy a good shout, as is checking TRT and sleep.
vit D and test are both made from cholesterol. Make sure you’re eating healthy fats and eggs
I would include cardio training on top of lifting- always gives me more energy
Magnesium glycinate + l theanine is the beset supplement stack to take before bed
Youll wake up feeling way more refreshed
– GABAergic to help you sleep
– helps clear toxic waste from brain’s glymphatic system (probably the point of sleep in the first place)
1. My theory on bitcoin is that the price rises are directly related to the “hype derivative”. When it’s expected that big name companies are moving cash assets in, it will increase a ton. But what’s the end game? You can’t pay taxes in it, and realistically it won’t be used as a currency. If gov’s outlaw it, most big names will dip out, exchanges close, and most retail investors won’t have the skills/patience to transact through backchannels (VPNs etc).
2. Do you think a China/US war over Taiwan in the next 5 years is more likely than not?
3. Do you find more benefit in microdosing (<1/10th dose) shroom/cid, or just having a single high dose experience every year or two?
1) sounds like your opinions no question here.
2) Don’t know the region well enough, if you force us to guess we think its unlikely
3) microdosing is all that is needed in extreme situations
For #1, the question is:
What’s your vision of the endgame of Bitcoin? (Given some possible scenarios I threw out)
A collateral for the future, the people who believe in the scenarios you threw out don’t understand it and it’s not worth debating
For #1, the question is:
What’s your vision of the endgame of Bitcoin?
Already answered its digital collateral.
Re: #3, do you mean for when you’re stuck in a rut mentally?
yes
answer to 2.
no one can answer this, but its definitely not zero.
if China and the US will fight a war, it’ll be in the next decade guaranteed.
Taiwan is extremely important to China. Not strategically or geographically, but emotionally. The CCP will never allow it to be independent.
If the PLA invades Taiwan now, the US will block China’s oil pathways from the middle East which will collapse China’s economy.
This is one of the main reasons China is investing heavily into green/alternative energy sources.
Once they have stockpiled about ~3 years worth of oil you can expect a Taiwan invasion / war with US very soon.
So pretty much watch China’s oil purchases and oil reserves to see what’s going to happen? US must be monitoring this.
Was making $600k gross ($400k net) working in PE since 2013. Was on track to make net worth target of $3m by 2020 (age late 30s) – unfortunately, currency of my 3rd-world country has blown out and dropped 66% (due to government mismanagement). Salary is now the equivalent of $250k ($150k net) and net worth just over $1m due to currency plus higher taxes.
My strongest skills are in numerics but switched from tech to PE due to the pay. Was planning on being career PE, but should I move to another PE market, or focus on online? And can one do online for US from outside? My local ecom market is tiny and in the stone age.
1) you’re already making enough money, your issue is the same as many in finance. Never created another form of income
2) therefore yes you can do online from anywhere and should start something asap
In conclusion answer is to think of a way to monetize your skills now
Asset allocation recs for:
– 31 y/o
– lifelong fixed income of $3500/mo + no healthcare costs
– $250,000 liquid assets
I’ve read Triangle Investing and I’m using it as a template. Not at all risk averse due to my fixed income.
Currently I’m 1/3 each:
– VOO
– tech+health
(1/3 Boeing, 1/3 health ETFs, 1/3 QQQ)
– crypto (1/3 BTC, 1/3 ETH, 1/3 in…
(MKR,NXM,UNI,NXM,AAVE,COMP,MKR,SNX,YFI))
– plus a little gold and commo trending
Love yous guys
This looks pretty good honestly. Not much to change its more risk on but that’s fine
– What’s the emotional/insecurity appeal of home improvement / DIY / Hobby products?
– How do you judge the quality of work in the case of no oversight outsourcing (lawyer/accountant)? assuming that you don’t have a contact for referral.
1) easy everyone wants to brag about how nice their place is and impress others when they show up. Hence why parents constantly clean up before guests show up
2) you hire 2-3 of them for a complex year and hire the guy who gets the best number
#2 by this do you mean having separate book setup for 2-3 of them (in case of accountant)?
Yes give three of them the same documents keep the guy who does the best job. Easy solution
I’m currently running a software development agency with close to 400k last year in profit (hoping for 1M by next year). This year, I plan to also use our developers to build our own in-house products. I want to try and validate ideas and fail fast with them until we find something that sticks.
What areas / verticals do you recommend that we focus on for these products?
You are out of our sector as well we’ve never made a software product so you’re asking the wrong people it seems
had a $300k-ish liquidity event this year; tech company i work for got bought in a half-cash, half-stock transaction. the stock is Bluechip tech.
i have successfully demand checked funnel for an ecomm product, but have *not* purchased inventory yet; it’s going to cost me about $130k.
formerly, i did not have enough cash on hand to fund this inventory purchase entirely myself, and was going to get loans from family+friends (or possibly a local bank i’m in good with). this is still an option.
i don’t own a house, and barely have any crypto holdings.
my question: how the fuck should i deploy this $300k? buy inventory/ads using the cash and hold the stock? take loans on inventory anyways, buy 4.7 BTC with the cash? buy a house in Austin/Raleigh (i have 2 kids so this isn’t an investment property)?
That’s really rough.
*Assuming* you can get another income quickly (new job) or keep on at the acquirer then you should probably go with half into a home other half into your biz idea.
This way you have a cheap place to live and you have a risk on bet with your biz idea. *NOTE WE ASSUME YOU CORRECTLY CHECKED DEMAND* $130K is a huge investment, we don’t know what you’re making but usually first batches only cost $50K
i have free rent for entire family already, as we live with in-laws (it’s great); buying the house would forgo the free rent.
i’ve kept my job, it’s tech sales so about $300k W2 every year (some years better than others).
product is luxury beauty, so high-end packaging with annoying MOQs. my background is in ecomm marketing tho so…yeah, the demand check was proper.
does that change anything?
Then you should go ahead and invest in your business and then some stocks/crypto. If you’re living for free no point in losing that, take more risk but don’t go crazy with it
130k – are you getting this done in China?
Are you getting custom molds for acrylic/glass packaging or something? Even then, it really shouldn’t cost such a ridiculous amount – make sure you talk to all the factories before you pull the trigger
How do you recommend I allocate my assets?
Age 36. $630k all in cash.
I’ve never invested in the stock market. I’m increasingly worried about inflation, so I think I should do something. I’m just not sure what my best move is given the recent run up in asset prices all around.
If you have a steady income your cash positions should not be more than 1 year of living expenses.
The rest a mix of stocks, crypto and real estate
Ever consider buying a high-end RV like Casita/Escape/Aerostream and doing luxury full-timing?
No we have not
I am 24 years old, have 250k in cash (crypto earnings & savings) working a 86k / yr job and furthering education on the side, after i have finished my studies i will be looking at 100k / yr jobs
on the side i have
-two brick and mortar businesses that are already proven to work, will try to scale it up however corona slowed things massively down.. made 15k earlier this year before things shut down
-building an ecommerce store
-some other projects going on
what should the steps going forward for me be? the one thing that is bugging me the most is that i am still living at home and thus social life is suffering.. however right now due to corona lockdowns there is really not so much social life, i still want to move out asap.. rent prices start at $2k/month here, RE starts at $1M
How would you move forward in my situation?
thank you
It sucks but better to stay at home until the economy opens. Yes you should get out ASAP but it makes no logical sense to leave when there is nothing to do. When it opens simply leave
Rest looks good, get the ecommerce side up ASAP. That’s more stable when compared to brick and mortar
Will you get vaccinated against COVID19?
If yes, do you have a preference for a certain vaccine (Moderna, Sinovac, AstraZeneca)
Yes only in second wave, since it’s safer to see how first dosage goes anyway. Also the first dosage won’t go to young adults
we are already in second wave, you mean from june 2021 on? No preference for particular technology(MNRA, vector vaccine etc?
we won’t be open till middle of year at best.
No we don’t
What is the best way to promote original music? (Assuming the music is good) in hopes of monetizing with merch
Ha! As you can imagine this side of the web has no skills in music/art so we wouldnt even know where to start.
tiktok
Mid 20s, tech company allows us to work anywhere remotely within US. Which city(s) would you choose?
Anywhere state tax free. So Nevada, Texas, Florida. Depends on your personality
1) I started an Amazon FBA business as my second form of income and my first product is currently sitting at $5k net profit per month (still very young). I have the capital to launch my next few products in 2021 and have identified some good opportunities for markets to enter. Do you think I should wait until this one is fully stabilized and doesn’t need much attention before launching the next one? Or just go for it now and try to expand my product portfolio as quickly as possible, launching and scaling multiple products in parallel?
2) Any advice for a young guy to mitigate stress as career and business responsibilities increase heading into 2021? Coming from IB, I can only assume you guys dealt with A LOT of stress. I already eat extremely clean and lift 5x a week, so I’d be interested to hear what else you recommend outside of these two areas.
1) No. You can keep scaling as long as you don’t drop the ball on the main one. Keep pushing sounds like you are a talented guy
2) a good practice is to stop worrying about things that havent happened. Also if you can successfully launch another product and get to $7-10K a month you won’t care about IB anymore man hahaha
Age 26 – Making $140k-$150k with CFA at one of the rating agencies (S&P/Moodys). Expect to be promoted in the next few months to around $170k-$180k all in. Tried to transition to buy side but hasn’t worked out so far. Considering elite MBA (Already scored 760 on GMAT) to increase career ceiling and seem to have a pretty good shot at top 5 program. Have an online biz in the development stages. Day job is relatively stable/9-5. if you were me would you get the degree to position for potentially much high earning career or focus all energy on building additional streams of income?
Big fan of your books/tweets/worldview. Appreciate your time.
You already know the answer, second stream of income. $180-200K isn’t going to make a difference compared to a biz
I notice that the workout plan in Efficiency has no direct shoulder work (overhead press, lat raise, etc). Why is this?
Shoulder injuries are terribly difficult to solve. Look it up. So shrugs and basic stabilziation is better.
I will recommend STANDING dumbbell shoulder press
probably the safest shoulder push exercise you can do
I recommend OHP, stronger shoulders equal less likely to injure. Make sure you start with low weight and build up once form is good. (google this stronglifts is good).
Go on youtube and type bulletproof shoulders and do those mobility/strengthening exercises.
Make sure you do band pull aparts. Also search on youtube athleanx all good videos especially the older one.
I second WSP123’s recommendation.
(PT background)
Still see no potential for brick and mortar gyms post pandemic? My big city gym was still packed prior to 2nd lockdown. What about smaller studios like F45 or Orange Theory?
Tons of out of shape people looking for quick fixes (training, diet, PED, pharmaceuticals, plastic surgery) post pandemic
Some will do well, high-end ones and popular niche ones. We wouldn’t touch the biz though
Firearms (physical product) are up 60% from 2019 due to COVID/rioting and ammo prices are up 300-400%. Many things are out of stock due to high demand.
1. Do you think the trend of increased defensive firearm ownership continuing into 2021?
2. Is firearm ownership an important aspect of the sovereign individual?
1) Probably through 1H21 at minimum, second half unclear
2) Sure, the key is mobility in freedom that was the main premise.
Hey guys, big fan. Was wondering what your thoughts might be on my current pandemic/new world gameplan given situation. Age 28, 4 solid years trading in nyc.
– gunning for a new tech sales role
– have six figure e com brand already
– return to nyc soon (lease ends June)
– move out in June to cut rent/CT or NJ
– double down on e com/online income
– 30% BTC and Crypto, 30% ARKK/VOO 40% cash
Imho city is dead. Better off breaking into tech, funneling more effort into online rev, and cutting costs by moving/getting more rural. Seems in line with your general theme but any thoughts appreciated. Cheers
This looks 100% correct.
You look like you’re doing all the right things and in-line with the themes here. Just make sure you have 1 year cash on hand to be safe if you really have to go a year without a good income (unlikely but prepare for worst, hope for best)
Some people are predicting a food shortage for 2021, due to corona and other secondary reasons. Do you agree with their assessment? Would it be a good idea to invest in the food production market – seeds and accessories?
Highly unlikely. As always be prepared, since we’re clearly in a second lock down always have an emergency plan
Launching a software product in 2021, my first attempt at a second income. Do I form a LLC or S-Corp immediately to protect 1-2M in assets? Or wait until the product gets more than a few sales to validate it?
Already covered in Efficiency, if you’re confident it will be successful S-corp usually best. See tax lawyer to be sure
23 year old assembly line worker in the UK earning £23k a year after tax, with around £25k in savings (understand it’s a bad position but also no commitments at all). Should I go back into education for a better paying career (considering digital/ux design apprenticeship) or work on second income instead?
You should find the fastest path to an income stream about 2x higher.
After that second stream of income.
Unless you’re sure the other income stream is going to work, then you can skip the job change part (but we doubt it). Usually 10x easier to start online biz when you have a white collar job.
I’m due to be in discussions with my senior manager to help aid a move into a white collar department of the business (luxury automotive manufacturer). It would mean the same wage, but would be an oppurtunity to learn digital/tech knowledge.
What sort of timeline do you believe is realistic for finding a new income stream in that range, with none/or little prior knowledge of other fields at the moment?
Again there is nothing reasonable. Some guys start and on month one they are making thousands because they are talented. Others never even make any money (usually extremely lazy and not smart). Majority takes about a year to get a decent income stream (decent being able to pay all cost of living)
I’ve been offered a 12-month paid sabbatical in 2021. I suspect my employer wants to get rid of me and is offering this as a graceful exit. I’m planning to take it and spend it future-proofing myself, learning new things. I may start a business. How would you spend the time to get the maximum out of it? I’m 40 and work as a journalist.
P.S. In the future, it’d be awesome if we could have not just the date but also a rough timeframe (EST, for example) for Q&A’s. Thanks for all the great work!
You should learn online sales and also have a clean exit in 12 months to an income stream (white collar work only) so you can create an online biz
Pretty much the same plan for 7 years now!
With FB rolling out the update in January, how do you think it’ll impact the Ecom game? What’re you doing to combat it?
Is it worth investing in SEO to slowly start to drive sales
Don’t expect anything to change honestly, when it gets rolled out just re-test it
We removed it so you should know your answer
1. Are you following the twitter tech movement towards Miami? What do you think the outlook is for Miami over SF/NYC over the next several years as a *new* tech/finance hub?
2. Late 20s working in tech would you guys shoot for a traditional FAANG role or a top tier late stage startup with possible equity upside (think stripe, airbnb, robinhood, affirm, coinbase etc…) assuming the latter would occupy *slightly* more time.
1) yes, Miami looks like a great choice for lifestyle. The real estate market has massive inventory though. But for jobs, Miami is a good bet, seems like texas as well
2) If you are debt free choose the equity upside. If you need cash flow choose the FAANG
Great, now the lame tech cartel is trying to turn Miami into the next Austin. Bye bye pretty women, hello Feminazis and annoying serial killer looking tech bros.
Just wanted to say thanks for all the advice on your blog. I finally made it. Tomorrow will be my last day at work, after that it’s 100% my own business. Don’t have my transaction id but I bought all three the books. Have a nice 2021!
Congrats!
Not a Q, but just wanted to drop a HUGE thank you for all your actionable advice.
This was me 8 months ago: https://wallstreetplayboys.com/qa-is-here-11/#comment-90523
Since then, I have turned 24 and I have successfully launched my app in late Aug.
Revenues looking like 400 for Sept, 1600 for Oct, 2000 for Nov, and almost 4000 for Dec!! – Honestly think its just going to keep going up from here
Here is the absolutely funny thing. I pretty much just decided to go the chill / entrepreneur route at 9-5 (Example 3 in your post here: https://wallstreetplayboys.com/how-much-should-you-be-worth-many-paths-to-becoming-a-multi-millionaire/) and still got promoted (making 140k base now), and those 30k chilling in stocks and BTC are currently worth 125k.
I honestly do not know what to say anymore except that I feel so blessed and lucky to have applied your advice at the right time, and tbh some luck went my way as well.
One last tidbit I want to add. It’s actually not required to grind 80-100 hours a week in your 20s. As long as you are in a good 6-fig career, you can just be a “mediocre employee” and spend all your time + focus on your side gigs.
Thank yall and hope you guys all have an amazing 2021.
Congrats on being part of the 1% who actually listens!
1. Do you think btc security can keep up with developments in quantum computing?
2. Still positive outlook on XMR?
3. Last question for everybody here, any good suggestions for finance blogs comparable to WSP but aimed at Europe?
Really need one as realized difference between EU and USA is huge.
1) yes this was solved already
2) same as triangle investing
3) No idea, we don’t read any finance blogs anymore
If that’s true just start one yourself!
1. Any tips for dark circles under eyes? Mine is probably hereditary but looking to minimize as much as possible.
2. Thoughts on starting an agency vs e-commerce store in 2021?
1) no don’t have this issue, see a dermatologist they can probably fix it
2) we are biased but we’d do ecommerce
Arnica Gel applied underneath the eyes upon waking tends to work fairly well for a quick fix (primarily used this as a hack before mtgs so can’t attest to persistence of effects…)
Thank you WSP and lelouch for the tip
What countries, besides China, are good for sourcing products for ecom business?
all of Asia is good. USA is too expensive
Ukraine is cheap now.
Age 35 and living in high tax state with brick and mortar retail healthcare business. Currently have stable and growing cash flow so not pulling plug to leave anytime soon. Not liking current local trends and politics. Holding stocks, out of state RE, and crypto. What are other ways and other asset classes that are liquid enough for an eventual and possibly abrupt exit? Can you recommend any books or other sites?
There isn’t much. There is real estate, commodities, crypto, stocks/bonds.
Bonds are effectively worthless now and real estate is tax target
So you’re left with commodities, crypto and stocks
You can also look at collectables.
Donating 10% of salary a bad practice at 90k ? If not now then when?
Terrible. Save yourself first. You can think about donations when you’re financially independent
donate that to your online biz then donate 10% of the profits from that biz instead, don’t be selfish
I’m 42 and selling my non internet business in 2021 after 17 years. Doubled down on crypto when you said to, so overall I’m doing well and right on track. I don’t want to retire but I don’t want to start another non internet business. I’m going to side hustle an internet business but I want to do more. I’m good with people and don’t mind calling. Am I too old to start in saas sales in 2021? Thanks.
No you’re not too late. Just need connections, our only concern is you better have a cash flow item up before you sell. Otherwise depression sets in
About to get my copywriting business started in addition to main job (credit analyst in banking). I have 3 options for niches due to my background, which niche do you believe will be most profitable for copywriting in 2021:
finance/mortgages, horticulture/landscaping or casino/sports betting.
Also do you have a preference (in terms of opportunity/profit) for B2B or B2C copywriting?
Finance related or casino/sports betting, wouldn’t do landscaping
B2B usually generates more $