Quotation-as-title by Josh Billings. Image from top linked post.
Tag: money (page 1 of 2)
This is simultaneously amusing and horrifying:
A simple text-based adventure exploring the age-old question: What would you do if you had more money than any single human being should ever have?
It’s a text-based adventure game that gives you options as the richest man on earth, while educating you on how that money was amassed, and the scale of what would be possible with that kind of wealth.
Source: You Are Jeff Bezos
The older I get, the less important I realise things are that I deemed earlier in life. For example, the main thing in life seems to be to find something you can find interesting to work on for a long period of time. That’s unlikely to be a ‘job’ but more like a problem to be solved values to exemplify and share.
Jason Fried writes on his company’s blog about the journey that they’ve taken over the last 19 years. Everyone knows Basecamp because it’s been around for as long as you’ve been on the web.
2018 will be our 19th year in business. That means we’ve survived a couple of major downturns — 2001, and 2008, specifically. I’ve been asked how. It’s simple: It didn’t cost us much to stay in business. In 2001 we had 4 employees. We were competing against companies that had 40, 400, even 4000. We had 4. We made it through, many did not. In 2008 we had around 20. We had millions in revenue coming in, but we still didn’t spend money on marketing, and we still sublet a corner of someone else’s office. Business was amazing, but we continued to keep our costs low. Keeping a handle on your costs must be a habit, not an occasion. Diets don’t work, eating responsibly does.
What is true in business is true in your personal life. I’m writing this out in the garden of our terraced property. It’s approximately the size of a postage stamp. No matter, it’s big enough for what we need, and living here means my wife doesn’t have to work (unless she wants to) and I’m not under pressure to earn some huge salary.
So keep your costs as low as possible. And it’s likely that true number is even lower than you think possible. That’s how you last through the leanest times. The leanest times are often the earliest times, when you don’t have customers yet, when you don’t have revenue yet. Why would you tank your odds of survival by spending money you don’t have on things you don’t need? Beats me, but people do it all the time. ALL THE TIME. Dreaming of all the amazing things you’ll do in year three doesn’t matter if you can’t get past year two.
These days we have huge expectations of what life should give us. The funny thing is that, if you stand back a moment and ask what you actually need, there’s never been a time in history when the baseline that society provides has been so high.
We rush around the place trying to be like other people and organisations, when we need to think about what who and what we’re trying to be. The way to ‘win’ at life and business is to still be doing what you enjoy and deem important when everyone else has crashed and burned.
Source: Signal v. Noise
Some wise words in this article in The Guardian from Aditya Chakrabortty. Perhaps it’s my age, but I’m increasingly aware of the power that we have, collectively, around where and how we spend and save our money.
In big French companies, pension savers are offered the chance to invest 10% of their money in a fond solidaire, or solidarity fund, which supports unlisted social enterprises. In Britain, your average pension member doesn’t even get consulted on what values they’d like their money to support – whether fighting climate change or building social housing. Yet, rather than tackle those issues, the Labour party seeks to build a parallel finance system, in the form of a National Investment Bank, while other left economists talk about building a sovereign wealth fund, just as Norway has done with the proceeds of North Sea oil.
But we have a sovereign wealth fund already. It’s worth over £2tn and it’s called our pension funds. The big battle is to give us agency over our own savings, rather than leaving it all to some pinstriped manager on a fat commission.
I have several pensions (Teachers’ Pension, Local Government, personal, Moodle…) and, as much as I’m able, I ensure that the money is being ethically invested. There’s so many frontiers on which we can change the world, not all of them are super-exciting…
Source: The Guardian
This post on Of Dollars and Data is a bit rambling, at least from my perspective, but I did like this paragraph:
Think about the story you tell yourself about yourself. In all the lives you could be living, in all of the worlds you could simulate, how much did luck play a role in this one? Have you gotten more than your fair share? Have you had to deal with more struggles than most? I ask you this question because accepting luck as a primary determinant in your life is one of the most freeing ways to view the world. Why? Because when you realize the magnitude of happenstance and serendipity in your life, you can stop judging yourself on your outcomes and start focusing on your efforts. It’s the only thing you can control.
I think this chimes well with Stoic philosophy: focus on the things within you control. There are going to be times in all of our lives when bad things happen. Conversely, there are going to be times when good things happen. We can’t control anything apart from our reactions to these things.
Source: Of Dollars and Data
Right now, I’m splitting my time between being employed (four days per week with Moodle), my consultancy and the co-op which I co-founded (one day per week combined). In other words, I have more than one income stream, as this article suggests:
Having multiple income streams can come in handy if one income stream dries up. After two years in business, I’ve learned that you’ll always have peaks and valleys. Sometimes everyone is paying you, and sometimes your lead pipeline can look barren. I started a marketing and PR agency and spent that first year working my startup muscles: planning, strategizing, defining markets. If I hit a slow month, I kept working those same exercises. While it helped grow my business, I sometimes needed an intellectual rest day.
People who have only ever been employed (which was me until three years ago!) wonder about the insecurity of consulting. But the truth is that every occupation these days is precarious — it’s just hidden if you’re employed.
This is a short article, but it’s useful as both a call-to-action and to reinforce existing practices:
Developing a secondary income stream is easier than you may think. Think about how you like to spend your off hours and research potential markets. Maybe you’re really good at explaining something that is a difficult concept for other people–create a course on an on-demand training site like Udemy or Skillshare.
In general, we think more people are paying attention to us than they actually are. Your first endeavour doesn’t have to set the world on fire, be a smash hit, or a bestseller. The important thing is to get out there and provide something that people want.
Through volunteering, putting myself out there, and developing my network, I haven’t had to apply for a job since 2010. Also, with my consultancy, it’s all inbound stuff. Some call it luck but, as Thomas Edison is quoted as saying:
Opportunity is missed by most people because it is dressed in overalls and looks like work.
I’d add that knowledge work doesn’t look like work. But that’s a whole other post.
The ‘cashless’ society, eh?
Every time someone talks about getting rid of cash, they are talking about getting rid of your freedom. Every time they actually limit cash, they are limiting your freedom. It does not matter if the people doing it are wonderful Scandinavians or Hindu supremacist Indians, they are people who want to know and control what you do to an unprecedentedly fine-grained scale.
Yep, just because someone cool is doing it doesn’t mean it won’t have bad consequences. In the rush to add technology to things, we create future dystopias.
Cash isn’t completely anonymous. There’s a reason why old fashioned crooks with huge cash flows had to money-launder: Governments are actually pretty good at saying, “Where’d you get that from?” and getting an explanation. Still, it offers freedom, and the poorer you are, the more freedom it offers. It also is very hard to track specifically, i.e., who made what purchase.
Blockchains won’t be untaxable. The ones which truly are unbreakable will be made illegal; the ones that remain, well, it’s a ledger with every transaction on it, for goodness sakes.
It’s this bit that concerns me:
We are creating a society where even much of what you say, will be knowable and indeed, may eventually be tracked and stored permanently.
If you do not understand why this is not just bad, but terrible, I cannot explain it to you. You have some sort of mental impairment of imagination and ethics.
Source: Ian Welsh
Great post by Seth Godin:
Yes, we frequently sell ourselves too short. We don’t ask for compensation commensurate with the value we create. It’s a form of hiding. But the most common form of this hiding is not merely lowering the price. No, the mistake we make is in not telling stories that create more value, in not doing the hard work of building something unique and worth seeking out.
Create stuff that people value and that is in scarce supply. Focus on leaving the world a better place than you found it.
Source: Seth’s blog
Good advice in this article for people who (like me) are asked regularly whether someone can ‘pick your brain’.
If you decide you do want to give advice, do it on your terms. If they ask to meet for coffee and you don’t have time, send an email instead. If they ask a question that requires a novel-length answer, address one part of it, or send them some helpful links. Don’t fear being explicit that you didn’t have time to answer in full by saying something like: “Thank you for reaching out. Your question requires an answer that I unfortunately do not have time to fully address due to my work. However, you might find the following books/links/thinkers/YouTube videos helpful.”
Given I live in the back of beyond, most of my initial meetings are online, which makes life easier. I give people 30 minutes for free, and then that sometimes leads to them asking me to put together a proposal for them.
What I particularly like about this article is that it encourages readers to find ways to give back to their sector / profession:
Once you’ve created boundaries around when and where you’ll provide help on demand, you can begin looking for other, more expansive avenues for giving back. This can include devoting your time speaking on panels, at schools/universities, on podcasts, or at workshops for free if it’s a cause or audience that would benefit from your knowledge. Though beware of the requests that can often follow on from such engagements, and refer to the third step when answering them.
One thing that’s not mentioned in this article that I’ve found can work is if you offer a ‘critical friend’ service. This is basically billing them for a day’s work at your regular rate, from which they can draw down time for advice when they need it.
Source: Quartz at Work