Allen Au

T-Mobile bought Mint Mobile for $1.35b.

I bought Mint Mobile for $15, and got 3 months free.

We are not the same.

Contrarian Take: Hard Work Doesn’t Speak

Growing up, I was surrounded by the core Asian Male work ethic of “Hard Work Speaks for Itself”. Put my head down, don’t stir the pot, do my job, and someone will notice me and reward me.

Key emphasis on the last part - someone will notice me.

And from there, they will save me.

Yeah I don’t subscribe to that and I hate it.

My Contrarian Take

I think that’s the most selfish and entitled way of viewing things.

This notion where I hope and expect someone to notice me, and I haven’t done anything to make it easier to be noticed, seems quite one directional…toward me.

At core, it reads:

- I don’t do anything.

- Someone else will do something for me.

- Someone else has to define the meaning of what I do.

This didn’t sit right with me since there’s so much room for miscommunication and mistranslation.

In this age where information is overtly abundant, time is finite, and attention is fickle - my job is to make myself matters to others by crafting the narrative, as well as delivering the results.

That means I focus on the story of my work. I provide clarity and direction on what matters to the audience - almost spoon feeding it.

- What did I do?

- Why did I do it?

- What makes me proud to do it?

- What would I do better next time?

- What was the most challenging part it, and what did I do to overcome it?

- What’s 1 thing I would recommend to others about the thing I did?

- How did the work you did lead to clarity or better decision making?

In the work you do everyday, there’s a lot of rich context left unsaid.

The emotional attachment, sense of pride and confidence, the decision making - unless you clearly state what you did and why it should matters, the rest of us can miss that boat.

But I’m doing my job, doesn’t that count?

Executing the job matters - that provides real value. Telling the story about the job you did also matters. This provides perceived value.

Real value is tied to your task output; perceived value is tied to your brand and what your boss and boss'es boss is thinking of you.

Think of the channels that your supervisors have of you.

- How would they actually know what you did and what it meant?

- How much energy do you want them to expend to figure that out?

I have great disdain for the very Asian Male way of doing things that I observed growing up, which is to be silent and assume my work speaks for itself.

It does not.

There’s the work, and then there is the story of the work.

And it’s very selfish to assume and expect the audience to figure out your work, guess your expectations, and reward you - if you don’t even tell your story.

The irony I find here is that you can be a great writer, but if you are a terrible salesperson you'll get 0 copies sold.

If you know someone who earn 60k or less in 2022, they can get your taxes done for free - 𝐢𝐧 𝐩𝐞𝐫𝐬𝐨𝐧 & 𝐨𝐧𝐥𝐢𝐧𝐞. That's right, free. Here's how:

𝐈𝐧𝐬𝐭𝐞𝐚𝐝 𝐨𝐟

Paying $40-300 at TurboTax or H&R Block, you can get your tax return prepared for free by going to a Volunteer Income Tax Assistance IRS site. (More actionable details below)

𝐇𝐞𝐫𝐞'𝐬 𝐇𝐨𝐰 𝐓𝐡𝐚𝐭 𝐖𝐨𝐫𝐤𝐬:

- the IRS sponsors a program providing tax preparation for low-income, students, elderly, and/or limited English individual

- this program is called VITA - Volunteer Income Tax Assistance, and it's 𝐟𝐫𝐞𝐞 for everyone who qualifies

- Anyone earning $60k and doesn't have their own corporation usually qualifies

𝗝𝘂𝘀𝘁 𝘄𝗵𝗼 𝘂𝘀𝘂𝗮𝗹𝗹𝘆 𝗾𝘂𝗮𝗹𝗶𝗳𝗶𝗲𝘀?

If you're a:

- Student / International Student

- Gig worker (e.g., uber, taskrabbit, doordash)

- Working parent earning under $60k w/ dependent costs

- Most people earning under $60k

𝐘𝐨𝐮 𝐚𝐥𝐥 𝐪𝐮𝐚𝐥𝐢𝐟𝐲.

𝐖𝐡𝐲 𝐬𝐡𝐨𝐮𝐥𝐝 𝐲𝐨𝐮 𝐝𝐨 𝐭𝐡𝐢𝐬?

- A key KPI of the VITA program is how much money is refunded back to tax payers.

- Volunteer tax preparers are trained to help you claim as many applicable deductions

- And keep high quality and integrity should their 2 to 3 layers of additional internal review

Interested?

𝐇𝐞𝐫𝐞'𝐬 𝐇𝐨𝐰 𝐓𝐨 𝐓𝐚𝐤𝐞 𝐀𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞 𝐨𝐟 𝐓𝐡𝐢𝐬

My college, #csulb, runs a VITA program that has refunded $1,000,000 in tax payer dollars last season.

They offer in-person and zoom, from now until April 8.

𝗛𝗲𝗿𝗲 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗱𝗲𝘁𝗮𝗶𝗹𝘀:

Location & Dates:

M-F from now, until April 8, 2023 at 𝐂𝐒𝐔𝐋𝐁 𝐂𝐨𝐥𝐥𝐞𝐠𝐞 𝐨𝐟 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬
(1250 Bellflower Blvd, Long Beach, CA 90840)

𝗜𝗻 𝗣𝗲𝗿𝘀𝗼𝗻

Walk In (No Appointment Needed)

- Monday to Thursday - 10 a.m. to 8 p.m. PST

- Friday 9 a.m. to 3 p.m.

𝐈𝐧 𝐏𝐞𝐫𝐬𝐨𝐧

Virtual drop-in

See comment for details.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝?

Check out the link in comment for everything you need to know.

𝐈 𝐝𝐨𝐧'𝐭 𝐧𝐞𝐞𝐝 𝐭𝐡𝐢𝐬 𝐬𝐞𝐫𝐯𝐢𝐜𝐞, 𝐛𝐮𝐭 𝐈 𝐰𝐚𝐧𝐭 𝐭𝐨 𝐬𝐮𝐩𝐩𝐨𝐫𝐭 𝐢𝐭!

Like this post if you found it useful.

Share it to someone who you think benefits from it.

If you did VITA in the past, comment below!

In my last year of college, I raised $62k. It took 2 years and a lot of rejections to get there. Here's the story:

𝗧𝗛𝗘 𝗕𝗘𝗚𝗜𝗡𝗡𝗜𝗡𝗚

In 2013, I was brand new to quite literally everything. My goal was to find someone to finance my life style.

I had scored private audience with 7 different companies, all in-person, sometimes with multiple representatives.

𝐈 𝐰𝐚𝐬 𝐫𝐞𝐣𝐞𝐜𝐭𝐞𝐝 𝟕 𝐭𝐢𝐦𝐞𝐬.

Turns out, my own personal goal doesn't matter if it doesn't align with the goal of others in some way.

I learned painstakingly that those holding capital have their own problems that they want to solve.

What I had to offer, was not a market fit for anyone with problems.

𝐓𝐇𝐄 𝐏𝐈𝐕𝐎𝐓

By 2014, I pivot my goal: To be the solution for those with problems.

I researched, network, and acutely understood the issues of two companies and what they wanted to tackle. I then collaborated with people from their.

𝐈𝐭'𝐬 𝐥𝐢𝐤𝐞 𝐈 𝐤𝐧𝐞𝐰 𝐭𝐡𝐞𝐦 𝐢𝐧 𝐚𝐧𝐝 𝐨𝐮𝐭.

I then aligned what I have done and am doing, with what their problems are and painted a clear 5 year roadmap for them.

In 48 hours from last contact, I received offers from both of them,

I could only give enough stake for only one of them.

𝗛𝗢𝗪 𝗗𝗜𝗗 𝗜 𝗖𝗛𝗢𝗢𝗦𝗘?

For one of the companies, I had an immensely great relationship. It wasn't about who I was introduced to - it was about who I was already collaborating with.

I could already see a working relation, because we're in one now.

That was a done deal.

𝐓𝐇𝐄 𝐃𝐄𝐀𝐋
1. 62k distributed 4% every 2 weeks

2. I incur the taxes (25-30%) and processing

3. Effective capital: ~46k

I accepted that deal!

Here's what it cost me:

1. 2400+ hours of labor
2. The need to continue incrementally fundraising (10% YoY) more

𝐀𝐧𝐝 𝐭𝐡𝐚𝐭'𝐬 𝐡𝐨𝐰 𝐈 𝐫𝐚𝐢𝐬𝐞𝐝 $𝟔𝟐𝐤 𝐢𝐧 𝟐𝟎𝟏𝟓.

Follow me for more career breaking advice.

The Crypto Payment Experience in a Nutshell: 1 payment is 2 transactions.

Me: Please send me your wallet you want to be paid at.

Them: Here it is.

Me: I just sent a test transaction. Please confirm receipt.

Them: Here it is.

Me: I just sent the rest of the amount. Please confirm receipt.

Them: Received!

If it's a popular crypto asset like Ethereum, there's no shortage of novel payment management systems.

If it's an obscure, new, or not yet listed on Central Exchange Crypto, good luck, don't die.

Most peoples view of holding multiple jobs is skewed negatively. Holding more than one job - that is scandalous. Especially if you're in the middle, or between poor and middle.

𝐈𝐟 𝐲𝐨𝐮'𝐫𝐞 𝐩𝐨𝐨𝐫:

Holding multiple jobs is acceptable.

You might even pity them.

𝐈𝐟 𝐲𝐨𝐮'𝐫𝐞 𝐦𝐢𝐝𝐝𝐥𝐞 𝐜𝐥𝐚𝐬𝐬:

Having a stable W2 job is the pensioner's dream.

If ain't your job, it's probably your "safety habit" you have. Holding more than one job is a sin, or very weird.

Side hustles are okay.

𝐈𝐟 𝐲𝐨𝐮'𝐫𝐞 𝐫𝐢𝐜𝐡:

Holding multiple jobs is acceptable.

It's expected.

We'll even pay you a retainer so that you're thinking of us more.

I think a great contributor to how we see jobs is what socioeconomic level we are, of what we think the next level wants and assumes.

𝐖𝐞'𝐫𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐥𝐨𝐨𝐤𝐢𝐧𝐠 𝐚𝐭 𝐭𝐡𝐞 𝐧𝐞𝐱𝐭 𝐥𝐞𝐯𝐞𝐥.

But the mistake made is that we don't unlearn what habits and views we have cemented ourselves from the last level.

I've driven 30,000 miles in my Tesla and it cost $2,216 in energy costs to do so. And I made a geeky spreadsheet tracking my monthly cost of ownership.

Link in comment to my free newsletter piece + spreadsheet.

The SEC on 2/9 settled with Kraken a $30m, with Kraken ordered to shutdown it's 𝐒𝐭𝐚𝐤𝐢𝐧𝐠-𝐚𝐬-𝐚-𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐩𝐫𝐨𝐠𝐫𝐚𝐦.

What happened after was quite the knee-jerk reaction of chatter on "REGULATION BAD" and "SEC BAD" and "END OF CRYPTO?".

Hold your horses y'all.

Before you get on the train of anti-regulation, I have 1 questions for you:

𝐈𝐧 𝐖𝐞𝐛𝟑, 𝐝𝐨 𝐲𝐨𝐮 𝐭𝐫𝐮𝐬𝐭 𝐭𝐡𝐞 𝐩𝐫𝐨𝐭𝐨𝐜𝐨𝐥 𝐨𝐫 𝐭𝐡𝐞 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬?

- do you believe that we should be trusting protocol(s), or we should be trusting businesses?

- How would you know when one begins and the other ends?

- Do you know the difference between "Staking through a Protocol" and "Staking through a Business?"

𝗪𝗲𝗹𝗹 𝗶𝗳 𝘆𝗼𝘂'𝗿𝗲 𝗿𝗲𝗮𝗱𝘆 𝘁𝗼 𝘁𝗮𝗹𝗸 𝗺𝗼𝗿𝗲 𝗮𝗯𝗼𝘂𝘁 𝘁𝗵𝗮𝘁, 𝗰𝗵𝗲𝗰𝗸 𝗼𝘂𝘁 𝗺𝘆 𝗹𝗶𝗻𝗸 𝗶𝗻 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 𝘁𝗼 𝗺𝘆 𝗱𝗲𝗯𝗿𝗶𝗲𝗳 𝗼𝗻 𝘁𝗵𝗲 𝗦𝗘𝗖 & 𝗞𝗿𝗮𝗸𝗲𝗻 𝘁𝗶𝗱𝗯𝗶𝘁.

I'M IN LOVE ❤️ With Solo 401k retirement plans

It's the best thing for solopreneurs, family-only consulting businesses, and anyone who operates as a Single Member LLC. 🧵🧵 below.

𝗔 𝗦𝗼𝗹𝗼 𝟰𝟬𝟭𝗸 𝗶𝘀 𝗮 𝗿𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗽𝗹𝗮𝗻 𝗼𝗻𝗹𝘆 𝗳𝗼𝗿 𝗦𝗶𝗻𝗴𝗹𝗲 𝗠𝗲𝗺𝗯𝗲𝗿 𝗟𝗟𝗖𝘀 (+ Spouse!)

• Allows for Employer Contribution (hey that's you)

• Allows for Employee Contribution (hey that's still you)

• Can include your spouse (2x returns now)

Now you may not have heard of Solo 401k's, so let me catch you up to speed on the different retirement accounts you know.

𝟭. 𝟰𝟬𝟭𝗸

Exactly what you think it is; these are plan through your traditional W2 employer. You don't have much control, but you might get a few extra % from your employer.

𝟮. 𝗜𝗥𝗔

This is the plan you get when you ditch your employer. Allows you to self-manage it and gives you greater control. Want Tesla + Mutual Fund + Target Funds? Go for it.

𝟯. 𝗦𝗘𝗣-𝗜𝗥𝗔
This is what self-employed people think of first. If they get there.

- Employer Contributions of $61k OR 25% of Income, whichever is lower, for 2022

- No Employee Contributions (that's you)

- It is fully tax deductible

- If you are 50 or older, it does not allow catchups

𝟰. 𝗦𝗼𝗹𝗼 𝟰𝟬𝟭𝗸

This is why I'm posting today.

- Employer Contributions of $61k OR 25% of Income, whichever is lower, for 2022
- Employee Contributions up to $20,500 for 2022 (hey that's you)

- If you are 50 or older, it does allow for catchups ($6,500 for 2022)

𝗟𝗲𝘁'𝘀 𝘀𝗮𝘆 𝘆𝗼𝘂𝗿 𝘀𝗶𝗻𝗴𝗹𝗲 𝗽𝗲𝗿𝘀𝗼𝗻 𝗰𝗼𝗺𝗽𝗮𝗻𝘆 𝗲𝗮𝗿𝗻𝘀 $𝟭𝟬𝟬𝗸.

• IRA - $6k max

• SEP-IRA: $18,587.05 as an employer contribution

• Solo401k: You get the above + the employee contribution of $20,500, for a net of $39,087

𝗟𝗲𝘁'𝘀 𝘀𝗮𝘆 𝘆𝗼𝘂𝗿 𝘀𝗶𝗻𝗴𝗹𝗲 𝗽𝗲𝗿𝘀𝗼𝗻 𝗰𝗼𝗺𝗽𝗮𝗻𝘆 𝗲𝗮𝗿𝗻𝘀 $𝟮𝟬𝟬𝗸.

• IRA - $6k max

• SEP-IRA: $37,641.587 as an employer contribution

• Solo401k: You get the above + the employee contribution of $20,500, for a net of $58,141

𝗪𝗵𝗮𝘁 𝗶𝗳 𝘆𝗼𝘂 𝗺𝗮𝗸𝗲 𝗺𝗼𝗿𝗲?

• If you earn $215k

• Your max Solo 401k contribution is $61k.

• That's still greater than the SEP-IRA you could have gotten at only $20k.

And yes that's tax deductible.

And yes it 2x if you include your Spouse in the plan (so $122k).

I personally like the part where I can disregard K-1s and Crypto taxes as those get deffered.

𝗛𝗼𝘄 𝘁𝗵𝗲 𝗟𝗲𝗴𝗮𝗹 𝗦𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 𝗖𝗿𝗲𝗮𝘁𝗶𝗼𝗻 𝗪𝗼𝗿𝗸𝘀

- You're forming a 𝘁𝗿𝘂𝘀𝘁, sponsored through your company

- It gets its own EIN, like a company

- You have to open accounts for the trust, like a company

I've been waiting to get this off my chest. I met 𝗥𝗮𝗰𝗵𝗲𝗹 𝗡𝗮𝗯𝗲𝗿𝘀 from a digital writing course, and she has changed my relationship to retirement accounts, and to Solo401ks.

𝗖𝗼𝗺𝗺𝗲𝗻𝘁 𝗯𝗲𝗹𝗼𝘄 𝗶𝗳 𝘆𝗼𝘂 𝘄𝗮𝗻𝘁 𝗺𝗼𝗿𝗲 𝗶𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻!

Or DM. I know you. :)

Confession on this Superbowl Sunday. I have no idea how football works.

I've tried.

I could say I've learned it, but I believe I have learned a traumatizing version of it for the die-hard fans out there.

What I do know is how food works, and that to me is my favorite part of football culture.

In the spirit of gatherings, I have enjoyed the attention and focus that people have in making sure:

- Drinks are there

- Snacks are ready

- Dips are presented

- And friends and soon to be friends were gathered

Along with food, is the banter that comes with food.

And because it's sports, there are bets and impossibility plays comes that comes with the territory.

So to everyone out there who has no idea what's going on today but everyone is hyped about it-

The best time to get the extra chicken wing you are eyeing is when a "play" is in motion, or when there's a dispute.

p.s. I also have no idea how golf works.

Today I found a $0.88 settlement check related to labor violations that Fry's Electronics committed in the 2 months I worked for them in 2012, when I was a full time student. 🧵

𝗬𝗼𝘂 𝘄𝗼𝗿𝗸𝗲𝗱 𝘁𝗵𝗲𝗿𝗲?

It was a job I had for 2 months my freshman year of college.

It is the worst job I ever had and it taught me more negative examples, than good examples.

𝗪𝗵𝗮𝘁 𝗱𝗶𝗱 𝘆𝗼𝘂 𝗱𝗼?

Computer Salesman paid on commission only.

I was decent, and of the 8 weeks I worked there, I actually hit the top sales for 2 weeks.

I also hit the bottom for 6 weeks.

...𝗯𝘂𝘁 𝘆𝗼𝘂 𝗾𝘂𝗶𝘁 𝗶𝗻 𝟮 𝗺𝗼𝗻𝘁𝗵𝘀?

Yes I did. You can disagree with what management wants and still work for them. But there comes a point when those disagreements manifest into penalties that aren't worth it.

𝗛𝗲𝗿𝗲 𝗮𝗿𝗲 𝗺𝘆 𝟯 𝗿𝗲𝗮𝘀𝗼𝗻𝘀:

𝟭. 𝗤𝘂𝗶𝗲𝘁𝗹𝘆 𝗛𝗶𝗿𝗲𝗱 𝗳𝗼𝗿 𝗢𝘁𝗵𝗲𝗿 𝗥𝗼𝗹𝗲𝘀

It was common for people on sales commission to be required to work cashiers duty and inventory stocking.

No time on the floor = no opportunity to earn.

This is why I got $0.88.

𝟮. 𝗟𝗮𝗰𝗸 𝗼𝗳 𝗖𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝗰𝘆

They stopped working with me on my college schedule (I packed courses on M, W, and F, so I can work T, TH, and Weekends

I actually missed a few classes. I regret doing that. Wasn't going to miss my first college Spring Break.

𝟯. "𝗜 𝗱𝗶𝗱𝗻'𝘁 𝘀𝗲𝗹𝗹 𝘁𝗵𝗲 𝗿𝗶𝗴𝗵𝘁 𝗶𝘁𝗲𝗺"

And got penalized with a mandatory 8 am training the next week.

It was because I didn't sell any extended warranties or bloatware, even on the weeks I was at the top.

I remember the GM saying "I don't care if you have conflicting college classes at that time."

𝗥𝗲𝗱 𝗳𝗹𝗮𝗴𝘀 𝗮𝗹𝗹 𝗮𝗿𝗼𝘂𝗻𝗱.

I never went to those penalty trainings. I instead quit, and went on Spring Break to Norcal. Good times.

As for income, I decided I knew better than them and started buying and selling computer parts through craigslist and ebay.

𝗧𝗵𝗮𝘁 𝘄𝗼𝗿𝗸𝗲𝗱 𝗼𝘂𝘁 𝗳𝗮𝘃𝗼𝗿𝗮𝗯𝗹𝘆.

This isn't a post of my glorious learning experiences, or any of that.

Naw.

The $0.88 cents I got was a reminder of how terrible that company was, and now they are out of business.

Lately, I've been putting obsessed at rebuilding my Finance OS. I'm far from perfecting it. I'm countless hours in and far from perfecting it.

Here's my journey so far:

𝗪𝗵𝗮𝘁 𝗶𝘀 𝗮 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 𝗢𝗦?

A Finance OS is every process and system in place to manage inflow and outflow of my personal finances & related businesses that contribute to me.

From inflow, to outflow, to tax filing, to SM LLC management.

𝗪𝗵𝗮𝘁 𝗺𝗮𝗸𝗲𝘀 𝘂𝗽 𝗮 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 𝗢𝗦?

- The usual finance topics

- Automation and the Tech Stack behind it

- Reporting & Deductions

- Compliance like business and personal taxes

- Allocations

𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝗺𝘆 𝗴𝗼𝗮𝗹𝘀?

- Bury the financial processing & categorization under automation

- Biforcate data based on the various formal and informal entities

- Easily adjust as things come and go

- Make it lazy for a dude like me

- Sharable with SO

𝗪𝗵𝗮𝘁 𝗵𝗮𝘃𝗲 𝗜 𝗲𝗻𝗰𝗼𝘂𝗻𝘁𝗲𝗿𝗲𝗱?

- Disappointment across all the personal finance apps as they focus purely on "static budgets"

- Existing apps like Mint seem abandoned

- Everyone can do individual personal; if you are solopreneur or SM LLC structure, you are forgotten

𝗪𝗵𝗮𝘁 𝗱𝗼 𝘆𝗼𝘂 𝗻𝗲𝗲𝗱?

- Budget

- Various account & flow mgmt

- Biforcate the various projects, entities, and informal entities

- Deductions and Reimbursements

- Handles SO and Family

- Millennial style so I don't want to talk to someone, clearly

𝗪𝗵𝗮𝘁 𝗵𝗮𝘃𝗲 𝘆𝗼𝘂 𝗱𝗼𝗻𝗲 𝘀𝗼 𝗳𝗮𝗿?

- Research and applied different finance frameworks

- Built a cob-web of Google Sheets ingesting, classifying, and summarizing data

- Using Gusto to do quarterly / employer deadlines

- Tried QB but I think I'm overthinking it

There you have it.

My journey so far. Heavily influenced by my readings observations, and work with actual small businesses.

If I had a pen and could do a broad stroke, I would strike out "the fear and chaos small businesses have with financials".

What tech, process, or service have you tried at where do they focus on?

I thought I knew all the things I needed to know about personal finance, until I read "I Will Teach You To Be Rich" by Ramit Sethi. Here are 7 takeaways I got from reading it.

𝟭. 𝗪𝗘𝗗𝗗𝗜𝗡𝗚𝘀

Avg wedding in US cost $35k

Surprisingly, the number of guests at a wedding is a variable cost that only amounts for 25% of total costs

Look at reducing the other 75% fixed cost

Ex: Flying a photographer from another country and covering all their costs is probably cheaper that finding a local one

𝟮. 𝗛𝗦𝗔 - 𝗛𝗲𝗮𝗹𝘁𝗵 𝗦𝗮𝘃𝗶𝗻𝗴𝘀 𝗔𝗰𝗰𝗼𝘂𝗻𝘁

If you're young, healthy, and don't use insurance

- get a HSA-compatible health plan

- open an HSA account at Fidelity

- Contribute the max ($3k?) per year to it

- invest it in the market for it to growth 10% YoY

I slept on this one, so I'm doing this now.

𝟯. 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗙𝗲𝗲𝘀

Investment fees eat earnings

A 1% investment fee over 35 years will wipe out 28% of earnings

39% if over 50 years

Get low-investment fees for your portfolio in all directions

My distrust of investment salesmen has led me to find cheap fees to begin with - it's great to see it quantified.

𝟰. 𝗧𝗮𝗿𝗴𝗲𝘁 𝗗𝗮𝘁𝗲 𝗙𝘂𝗻𝗱𝘀 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗴𝗿𝗲𝗮𝘁𝗲𝘀𝘁 𝗹𝗮𝘇𝘆 𝟴𝟱% 𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻

If you are lazy like me and want close enough without spending all the hours agonizing, target date funds are the laziest way to get there and can be more useful than index funds, mutual funds, or stocks themselves.

Vanguard does this and yes I'm lazy.

𝟱. 𝗜𝗻𝘃𝗶𝘀𝗶𝗯𝗹𝗲 𝗦𝗰𝗿𝗶𝗽𝘁𝘀 & 𝗘𝗺𝗼𝘁𝗶𝗼𝗻𝗮𝗹 𝗘𝘅𝗰𝘂𝘀𝗲𝘀

These are things you tell yourself about money b/c of what your parents & society told you that prevents you from having your own positive view with finance.

Can you figure out what you say that prevents you from moving forward with your skill with finance?

I'm the "I assumed I knew it" boat

𝟲. 𝗘𝗱𝘂𝗰𝗮𝘁𝗶𝗼𝗻 𝘀𝘆𝘀𝘁𝗲𝗺 𝗱𝗼𝗲𝘀𝗻'𝘁 𝘁𝗲𝗮𝗰𝗵 𝘆𝗼𝘂 𝘁𝗵𝗶𝘀 𝗲𝘅𝗰𝘂𝘀𝗲

The option is there for you to always learn, you just didn't

1) choose it

2) ignored it

3) didn't have the brain space to appreciate it

4) adopted what your parents did instead

I sure didn't appreciate any of this out of high school.

7. 𝗖𝘂𝘁𝘁𝗶𝗻𝗴 𝗖𝗼𝘀𝘁 𝘃𝘀 𝗘𝗮𝗿𝗻𝗶𝗻𝗴 𝗠𝗼𝗿𝗲

Easy to think how can I cut costs

You will hit marginal returns and diminish your QOL

Shift to "how can I afford" it

Then shift to "how do I earn more"

Even if you know about personal finance, I highly recommend picking up this book for it's tactical, action-oriented approach.

This is the book I wish I read in college.

Whats even better is that he includes what his readers have admitted to him on every page, so you can corroborate what he has to say with how other people felt.

𝗛𝗮𝘃𝗲 𝘆𝗼𝘂 𝗿𝗲𝗮𝗱 𝘁𝗵𝗶𝘀 𝗯𝗼𝗼𝗸?

𝗪𝗵𝗮𝘁'𝘀 𝘆𝗼𝘂𝗿 𝗳𝗮𝘃𝗼𝗿𝗶𝘁𝗲 𝗽𝗮𝗿𝘁?

𝗗𝗼 𝘆𝗼𝘂 𝗿𝗲𝗰𝗼𝗺𝗺𝗲𝗻𝗱 𝗮𝗻𝗱 𝗼𝘁𝗵𝗲𝗿 𝗯𝗼𝗼𝗸𝘀?

Here's how I see the future of ChatGPT & Microsoft:

Clippy 2.0

Good luck everyone - I bet Clippy remembers how you treated it.

If I could go back in time to 2014, these are the 7 things I would tell myself about mentorship.

(It would have saved me a lot of wasted time and effort.)

Avoid these:

1. Don't Get Caught Up "Mentors & Sponsors" Talk

Don’t worry about finding mentors and sponsors.

You are an Asian American Millennial Male, this concept isn’t going to work for you and will scare you into a path that isn't uniquely your own.

2. Avoid Networking Mentor Programs

Don’t participate in those programs either, you are introverted and mixers and grand programs have yet to actual work for you.

Instead, do these:

3. Engage intellectual sparring partners

- Find people who you can talk ideas, for the sake of talking ideas

- Expand on what you think is the dumbest ideas, and have fun with it

4. Make Mentee-Mentor Moments

- Instead of going to mentor and hoping they adopt you, and having another adult figure that out all for you...

- Create mentee-mentor moments where you come up with an oddly niche and specific problem that shows you did the work, have gone through the critical thinking, and need to talk it out.

5. Passively Expand What You Are Uncomfortable With

- Follow 5 types of leaders that share a lot - newsletter or LinkedIn - specifically areas you are scared of, have a shallow understanding of, or otherwise are unknown to it, and follow their content.

- Passively learn through their content.

6. Find Curiosity Through Others

- You might be thinking to look for "the most curious" person.

- No, don't do that.

- Instead, with anyone you're with, figure out what they are focused relentlessly on and why. How does it make them feel? What can you learn from it?

7. Share, Share, and Share (in written format)

- Send written updates often, small, and frequent to all of them including peers who you know root for you.

- It gives them a way to root for you more, and an outlet for you to share what you have learned or found.

- Review what you have shared a month or 12 later.

Through out my years at CSULB, EY, and my interactions in non-profits such as ISFFA, ALPFA, and BAP&AS - there has been a consistent narrative around mentorship and how I need to find mentors to have a great career.

After hearing the same talk track for years, seeing the same programs be implemented, and seeing these mentor-mentee relationships be lackluster, I have now rebelled at the concept of mentorship, at least in its current form.

Thus, this is how today's list I'm sharing with you came to be. If I knew these things back then, I think I would saved myself a lot of time and energy.

The worst question I've ever asked was in 2019 in front of 4,000 Big 4 manager peers, and visionary leader, Salim Ismail. What he had to say has shifted my focus ever since. 🧵

𝗪𝗵𝗮𝘁 𝘄𝗮𝘀 𝘁𝗵𝗲 𝗾𝘂𝗲𝘀𝘁𝗶𝗼𝗻?

"What skills do you recommend we start learning today, so that we're able to future proof our careers?"

Honest question.

Right?

In 2019, I was a newly promoted manager attending EY Manager Milestones event.

It was 1 week filled with skills-based workshop, career introspection, "networking", and speakers.

On the last day, the big keynote speaker was 𝗦𝗮𝗹𝗶𝗺 𝗜𝘀𝗺𝗮𝗶𝗹.

𝗪𝗵𝗼 𝗶𝘀 𝗦𝗮𝗹𝗶𝗺?

• Serial Entrepreneur, has sold to Google

• Thought Leader of how companies can exponentially grow 10x

• Focused on solving humanity's most pressing challenges

Salim's keynote: "𝗧𝗵𝗲 𝗪𝗼𝗿𝗹𝗱 𝗶𝘀 𝗖𝗵𝗮𝗻𝗴𝗶𝗻𝗴"

• lessons on how to use disruption to exponential grow

• history on how enterprises have cultures that prevented further growth and would end up wrecking the business.

Salim painted a world of how emerging technologies and global issues were wrecking traditional systems

The different problems of the world would require specific collections of skills, across all these emerging issues

𝗛𝗶𝘀 𝗽𝗿𝗲𝘀𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 𝗶𝗻𝘀𝗽𝗶𝗿𝗲𝗱 𝗺𝗲

𝗙𝗼𝗿 𝗮𝗯𝗼𝘂𝘁 𝟭𝟬 𝘀𝗲𝗰𝗼𝗻𝗱𝘀

He had spent an entire keynote talking about skills I don't have, or didn't feel like I'd find the opportunity to try out and hone in on.

When it was Q&A, I decided to ask this front of 4,000 peers

"𝗪𝗵𝗮𝘁 𝘀𝗸𝗶𝗹𝗹𝘀 𝗱𝗼 𝗜 𝗻𝗲𝗲𝗱 𝘁𝗼 𝗽𝗶𝗰𝗸 𝘂𝗽 𝘁𝗼 𝗯𝗲 𝗳𝘂𝘁𝘂𝗿𝗲 𝗽𝗿𝗼𝗼𝗳?"

Salim: "That's the worst question to be asking.

You've probably learned a skill from a book or took a course, hoping that you'd find the opportunity in the real world to actually use it.

But by the time you use it, it would be irrelevant, forgotten, or worse, not applicable.

𝗙𝗶𝗻𝗱 𝘁𝗵𝗲 𝗽𝗿𝗼𝗯𝗹𝗲𝗺𝘀 𝘆𝗼𝘂 𝘄𝗮𝗻𝘁 𝘁𝗼 𝘀𝗼𝗹𝘃𝗲, 𝗮𝗻𝗱 𝘆𝗼𝘂 𝘄𝗶𝗹𝗹 𝗽𝗶𝗰𝗸 𝘂𝗽 𝘁𝗵𝗲 𝘀𝗸𝗶𝗹𝗹𝘀 𝘆𝗼𝘂 𝗻𝗲𝗲𝗱 𝗮𝗹𝗼𝗻𝗴 𝘁𝗵𝗲 𝘄𝗮𝘆."

I'm paraphrasing of course & I know there some cringe to this.

I was 99% shitting bricks asking questions in front of 4,000 peers, 1% listening.

I used to take random Udemy or rando course, try different workshops - hoping to pick up any skill in the hopes that I'll find a use for it.

I have shifted toward focusing on finding problems and the people who are impacted by those problems. It's merely coincidental that I picked up a skill or 3 along the way.

It's been a few years, a pandemic, and a career break. I've been able to reflect and refine on his advice.

From: What are the problems I want to solve?

To: Whose problems do I want to solve?

That's how the worst question I've ever asked became a focal point.

If you like these kinds of thoughts, 𝘀𝘂𝗯𝘀𝗰𝗿𝗶𝗯𝗲 𝘁𝗼 𝗺𝘆 𝗳𝗿𝗲𝗲 𝗻𝗲𝘄𝘀𝗹𝗲𝘁𝘁𝗲𝗿 where I give career-break-fueled introspection.

Link in comments

When it comes to your own expenses, not every dollar spent carries the same weight. Here's 1 question you can ask yourself to be more mindful with your expenses.

𝗪𝗵𝗼 𝘄𝗮𝘀 𝘁𝗵𝗲 $𝟭𝟬𝟬 𝘆𝗼𝘂 𝘀𝗽𝗲𝗻𝘁 𝗳𝗼𝗿, 𝗮𝗻𝗱 𝘄𝗵𝗮𝘁 𝗱𝗶𝗱 𝘁𝗵𝗮𝘁 𝗺𝗲𝗮𝗻 𝘁𝗼 𝘆𝗼𝘂?

I've been thinking about what my relationship to my own finances are, specifically my expenses. Sometimes, cash going out can feel scary.

At the end of the day, all outflows have a purpose. Not a business purpose, but a general purpose. The question is, what are those purposes?

It depends on who.

𝗟𝗲𝘁'𝘀 𝗯𝗿𝗲𝗮𝗸 𝗱𝗼𝘄𝗻 𝘁𝗵𝗲 𝟰 𝗸𝗶𝗻𝗱𝘀 𝗼𝗳 𝗪𝗵𝗼:

- Me

- Ours

- Theirs (Yours)

- Future Me

𝗠𝗲

These are your personal expenses that only relate to you.

It does not include rent, household, shared costs, car, or investments - those are future you.

What did those expenses mean to you?

𝗢𝘂𝗿𝘀

How much did we spend on household and shared expenses?

These can be things such as supplies for the home, all the way to shared cost with partners and roommate, and any possible item that could entail a reimbursement - though not always.

What did those expenses mean to you?

𝗧𝗵𝗲𝗶𝗿𝘀

These are cost only associated with others including education, as well as healthcare for family members in your care.

What did those expenses mean to you?

𝗙𝘂𝘁𝘂𝗿𝗲 𝗠𝗲

List out any investment and savings contributions. This can include loan repayments such as auto and mortgage.

What did those contributions mean to you?

𝗜 𝗳𝗶𝗻𝗱 𝘁𝗵𝗮𝘁 𝗮𝘀𝗸𝗶𝗻𝗴 "𝘄𝗵𝗼 𝗶𝘁 𝘄𝗮𝘀 𝗳𝗼𝗿" 𝗰𝗼𝗻𝘁𝗲𝘅𝘁𝘂𝗮𝗹𝗶𝘇𝗲 𝗺𝘆 𝗿𝗲𝗹𝗮𝘁𝗶𝗼𝗻𝘀𝗵𝗶𝗽 𝘄𝗶𝘁𝗵 𝗮𝗻 𝗲𝘅𝗽𝗲𝗻𝘀𝗲.

Use this to with your traditional categories such as groceries and utilities.

Use it to get out of the bill scare that cause a knee-jerk statement of "we need to cut all the costs" but nothing happens.

𝗧𝗵𝗮𝘁'𝘀 𝗯𝗲𝗰𝗮𝘂𝘀𝗲 𝗮𝗹𝗹 𝗰𝗼𝘀𝘁𝘀 𝗮𝗿𝗲 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁.

$100 spent on yourself carries a different weight than $100 spent on your SO or family, which also carries a different weight of $100 spent on future self. Because of the different in meaning, it’s important to recognize the intention and value behind an expense, and WHO it is for. If you want to be mindful and consciousness, this is how you do it.

For “Who is it for” and “Why does that matter to me?”

𝗙𝗼𝗹𝗹𝗼𝘄 𝗺𝗲 𝗳𝗼𝗿 𝗺𝘆 𝗿𝗲-𝗹𝗲𝗮𝗿𝗻𝗶𝗻𝗴𝘀 𝗼𝗳 𝗮𝗹𝗹 𝘁𝗵𝗶𝗻𝗴𝘀 𝗳𝗶𝗻𝗮𝗻𝗰𝗲