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Yo!
While researching and writing my book, I stumbled upon a concept that I've implemented into my life and try to follow. Don't fail at things that don't require skills. While failure is unavoidable and nothing to be ashamed of, thinking about it through this maxim has positively changed how it affects me.
For example, a freelancer who fails at doing their own bookkeeping doesn’t violate this general rule because bookkeeping requires accounting skills that need to be learned and practiced. However, if the freelancer isn’t able to maintain separation of their business and personal finances, that would violate the rule. The latter does not require any technical skill; it only requires time, focus, and effort to set up and maintain a system.
Although this is a very binary way of thinking about failure because there are always extenuating circumstances like timing, burnout, and other external influences that impact the outcome, this lens shows me where I have influence over an outcome’s success or where I’d be better served by seeking support.
Your favorite financial friend,
Paco
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1. 🤓 How to Manage Financial Failures with Negative Visualization (HYG Original from the Archive) "This kind of practice fosters an ability to think about things from a different perspective. An inverted perspective can allow you to manage your failures instead of striving for success." 🤓
2. 🍃 The Strongest Sign Yet That Inflation Is Transitory (Bloomberg) After a year of soaring prices, some builders — and homebuyers — are beginning to step back. The rest of the economy may follow suit.
3. 😳 Scam Theater: Inside an Online Trading Crime Ring That Grifted Millions from Mom-and-Pop Investors (Gizmodo)
4. 🎼 Musicians Say Streaming Doesn’t Pay. Can the Industry Change? (The New York Times) “Services like Spotify and Apple Music pulled the business back from the brink. But artists say they can’t make a living. And their complaints are getting louder.” As much as I’ve always loved making music, I've always loathed the music industry more.
5. 🤓 A bookkeeping thing: LLC vs S-Corp: What's Better for Your Business (HYG Original) A quick rundown of how these two business structures can benefit you and your business.🤓
6. 💾 The Quest to Liberate $300,000 of Bitcoin From an Old Zip File (Wired) “The story of a guy who wouldn't let a few quintillion possible decryption keys stand between him and his cryptocurrency.”
7. 🧚🏽♂️ Why Millennials Can’t Grow Up (The Atlantic) “Today’s economic conditions are not just holding Millennials back. They are stratifying them, leading to unequal experiences within the generation as well as between it and other cohorts.”
8. 🧮 The Algebra of Wealth (No Mercy / No Malice) “Opportunity remains abundant, even as the headwinds of policy make it increasingly difficult for the young to capture their fair share of the spoils (note: this is not sustainable). The less novel path to success does not change, although it is overshadowed by outliers including Charli D’Amelio, President Putin, and Oprah, who illuminate narrower paths. Successful people often unwittingly head fake young people with the humblebrags of “follow your passion” and “don’t think about money.” This is (mostly) bullshit. Achieving economic security requires hard work, talent, and a tremendous amount of focus on . . . money. Yes, some people’s genius will be a tsunami that overwhelms a lack of focus and discipline. Assume you are not that person.”
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🎧 I spoke with Stefanie O'connell Rodriguez, host of the Money Confidential podcast, about facing financial risks and starting a business. In our talk (March 15th Episode), we address what you can do to prepare for the fear and uncertainty that comes with the financial risks associated with entrepreneurship—and how Mia (and aspiring business-starters like her) can address those emotions.Listen here, Spotify, or wherever you listen to your favorite podcasts. 💚 You can also heart this playlist for more financial friend musings by yours truly. |
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Thanks for being part of the crew and reading this far. Peace. |
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