Elon Musk’s Rich Life Is a Nightmare
I'm sure you haven't read about Elon's other side.
Elon divorced badly.
Nobody's surprised.
Imagine you're a parent. Someone isn't home year-round. What's next?
That’s what happened to YOLO Elon.
He can do anything. He can intervene in wars, shoot his mouth off, bang anyone he wants, avoid tax, make cool tech, buy anything his ego desires, and live anywhere exotic.
Few know his billionaire backstory. I'll tell you so you don't worship his lifestyle. It’s a cult.
Only his career succeeds. His life is a nightmare otherwise.
Psychopaths' schedule
Elon has said he works 120-hour weeks.
As he told the reporter about his job, he choked up, which was unusual for him.
His crazy workload and lack of sleep forced him to scold innocent Wall Street analysts. Later, he apologized.
In the same interview, he admits he hadn't taken more than a week off since 2001, when he was bedridden with malaria. Elon stays home after a near-death experience.
He's rarely outside.
Elon says he sometimes works 3 or 4 days straight.
He admits his crazy work schedule has cost him time with his kids and friends.
Elon's a slave
Elon's birthday description made him emotional.
Elon worked his entire birthday.
"No friends, nothing," he said, stuttering.
His brother's wedding in Catalonia was 48 hours after his birthday. That meant flying there from Tesla's factory prison.
He arrived two hours before the big moment, barely enough time to eat and change, let alone see his brother.
Elon had to leave after the bouquet was tossed to a crowd of billionaire lovers. He missed his brother's first dance with his wife.
Shocking.
He went straight to Tesla's prison.
The looming health crisis
Elon was asked if overworking affected his health.
Not great. Friends are worried.
Now you know why Elon tweets dumb things. Working so hard has probably caused him mental health issues.
Mental illness removed my reality filter. You do stupid things because you're tired.
Astronauts pelted Elon
Elon's overwork isn't the first time his life has made him emotional.
When asked about Neil Armstrong and Gene Cernan criticizing his SpaceX missions, he got emotional. Elon's heroes.
They're why he started the company, and they mocked his work. In another interview, we see how Elon’s business obsession has knifed him in the heart.
Once you have a company, you must feed, nurse, and care for it, even if it destroys you.
"Yep," Elon says, tearing up.
In the same interview, he's asked how Tesla survived the 2008 recession. Elon stopped the interview because he was crying. When Tesla and SpaceX filed for bankruptcy in 2008, he nearly had a nervous breakdown. He called them his "children."
All the time, he's risking everything.
Jack Raines explains best:
Too much money makes you a slave to your net worth.
Elon's emotions are admirable. It's one of the few times he seems human, not like an alien Cyborg.
Stop idealizing Elon's lifestyle
Building a side business that becomes a billion-dollar unicorn startup is a nightmare.
"Billionaire" means financially wealthy but otherwise broke. A rich life includes more than business and money.
This post is a summary. Read full article here
More on Entrepreneurship/Creators
Evgenii Nelepko
3 years ago
My 3 biggest errors as a co-founder and CEO
Reflections on the closed company Hola! Dating app
I'll discuss my fuckups as an entrepreneur and CEO. All of them refer to the dating app Hola!, which I co-founded and starred in.
Spring 2021 was when we started. Two techies and two non-techies created a dating app. Pokemon Go and Tinder were combined.
Online dating is a business, and it takes two weeks from a like to a date. We questioned online dating app users if they met anyone offline last year.
75% replied yes, 50% sometimes, 25% usually.
Offline dating is popular, yet people have concerns.
Men are reluctant to make mistakes in front of others.
Women are curious about the background of everyone who approaches them.
We designed unique mechanics that let people date after a match. No endless chitchat. Women would be safe while men felt like cowboys.
I wish to emphasize three faults that lead to founders' estrangement.
This detachment ultimately led to us shutting down the company.
The wrong technology stack
Situation
Instead of generating a faster MVP and designing an app in a universal stack for iOS and Android, I argued we should pilot the app separately for iOS and Android. Technical founders' expertise made this possible.
Self-reflection
Mistaken strategy. We lost time and resources developing two apps at once. We chose iOS since it's more profitable. Apple took us out after the release, citing Guideline 4.3 Spam. After 4 months, we had nothing. We had a long way to go to get the app on Android and the Store.
I suggested creating a uniform platform for the company's growth. This makes parallel product development easier. The strategist's lack of experience and knowledge made it a piece of crap.
What would I have changed if I could?
We should have designed an Android universal stack. I expected Apple to have issues with a dating app.
Our approach should have been to launch something and subsequently improve it, but prejudice won.
The lesson
Discuss the IT stack with your CTO. It saves time and money. Choose the easiest MVP method.
2. A tardy search for investments
Situation
Though the universe and other founders encouraged me to locate investors first, I started pitching when we almost had an app.
When angels arrived, it was time to close. The app was banned, war broke out, I left the country, and the other co-founders stayed. We had no savings.
Self-reflection
I loved interviewing users. I'm proud of having done 1,000 interviews. I wanted to understand people's pain points and improve the product.
Interview results no longer affected the product. I was terrified to start pitching. I filled out accelerator applications and redid my presentation. You must go through that so you won't be terrified later.
What would I have changed if I could?
Get an external or internal mentor to help me with my first pitch as soon as possible. I'd be supported if criticized. He'd cheer with me if there was enthusiasm.
In 99% of cases, I'm comfortable jumping into the unknown, but there are exceptions. The mentor's encouragement would have prompted me to act sooner.
The lesson
Begin fundraising immediately. Months may pass. Show investors your pre-MVP project. Draw inferences from feedback.
3. Role ambiguity
Situation
My technical co-founders were also part-time lead developers, which produced communication issues. As co-founders, we communicated well and recognized the problems. Stakes, vesting, target markets, and approach were agreed upon.
We were behind schedule. Technical debt and strategic gap grew.
Bi-daily and weekly reviews didn't help. Each time, there were explanations. Inside, I was freaking out.
Self-reflection
I am a fairly easy person to talk to. I always try to stick to agreements; otherwise, my head gets stuffed with unnecessary information, interpretations, and emotions.
Sit down -> talk -> decide -> do -> evaluate the results. Repeat it.
If I don't get detailed comments, I start ruining everyone's mood. If there's a systematic violation of agreements without a good justification, I won't join the project or I'll end the collaboration.
What would I have done otherwise?
This is where it’s scariest to draw conclusions. Probably the most logical thing would have been not to start the project as we started it. But that was already a completely different project. So I would not have done anything differently and would have failed again.
But I drew conclusions for the future.
The lesson
First-time founders should find an adviser or team coach for a strategic session. It helps split the roles and responsibilities.
Jenn Leach
3 years ago
In November, I made an effort to pitch 10 brands per day. Here's what I discovered.
I pitched 10 brands per workday for a total of 200.
How did I do?
It was difficult.
I've never pitched so much.
What did this challenge teach me?
the superiority of quality over quantity
When you need help, outsource
Don't disregard burnout in order to complete a challenge because it exists.
First, pitching brands for brand deals requires quality. Find firms that align with your brand to expose to your audience.
If you associate with any company, you'll lose audience loyalty. I didn't lose sight of that, but I couldn't resist finishing the task.
Outsourcing.
Delegating work to teammates is effective.
I wish I'd done it.
Three people can pitch 200 companies a month significantly faster than one.
One person does research, one to two do outreach, and one to two do follow-up and negotiating.
Simple.
In 2022, I'll outsource everything.
Burnout.
I felt this, so I slowed down at the end of the month.
Thanksgiving week in November was slow.
I was buying and decorating for Christmas. First time putting up outdoor holiday lights was fun.
Much was happening.
I'm not perfect.
I'm being honest.
The Outcomes
Less than 50 brands pitched.
Result: A deal with 3 brands.
I hoped for 4 brands with reaching out to 200 companies, so three with under 50 is wonderful.
That’s a 6% conversion rate!
Whoo-hoo!
I needed 2%.
Here's a screenshot from one of the deals I booked.
These companies fit my company well. Each campaign is different, but I've booked $2,450 in brand work with a couple of pending transactions for December and January.
$2,450 in brand work booked!
How did I do? You tell me.
Is this something you’d try yourself?
Alex Mathers
3 years ago
400 articles later, nobody bothered to read them.
Writing for readers:
14 years of daily writing.
I post practically everything on social media. I authored hundreds of articles, thousands of tweets, and numerous volumes to almost no one.
Tens of thousands of readers regularly praise me.
I despised writing. I'm stuck now.
I've learned what readers like and what doesn't.
Here are some essential guidelines for writing with impact:
Readers won't understand your work if you can't.
Though obvious, this slipped me up. Share your truths.
Stories engage human brains.
Showing the journey of a person from worm to butterfly inspires the human spirit.
Overthinking hinders powerful writing.
The best ideas come from inner understanding in between thoughts.
Avoid writing to find it. Write.
Writing a masterpiece isn't motivating.
Write for five minutes to simplify. Step-by-step, entertaining, easy steps.
Good writing requires a willingness to make mistakes.
So write loads of garbage that you can edit into a good piece.
Courageous writing.
A courageous story will move readers. Personal experience is best.
Go where few dare.
Templates, outlines, and boundaries help.
Limitations enhance writing.
Excellent writing is straightforward and readable, removing all the unnecessary fat.
Use five words instead of nine.
Use ordinary words instead of uncommon ones.
Readers desire relatability.
Too much perfection will turn it off.
Write to solve an issue if you can't think of anything to write.
Instead, read to inspire. Best authors read.
Every tweet, thread, and novel must have a central idea.
What's its point?
This can make writing confusing.
️ Don't direct your reader.
Readers quit reading. Demonstrate, describe, and relate.
Even if no one responds, have fun. If you hate writing it, the reader will too.
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Dmytro Spilka
3 years ago
Why NFTs Have a Bright Future Away from Collectible Art After Punks and Apes
After a crazy second half of 2021 and significant trade volumes into 2022, the market for NFT artworks like Bored Ape Yacht Club, CryptoPunks, and Pudgy Penguins has begun a sharp collapse as market downturns hit token values.
DappRadar data shows NFT monthly sales have fallen below $1 billion since June 2021. OpenSea, the world's largest NFT exchange, has seen sales volume decline 75% since May and is trading like July 2021.
Prices of popular non-fungible tokens have also decreased. Bored Ape Yacht Club (BAYC) has witnessed volume and sales drop 63% and 15%, respectively, in the past month.
BeInCrypto analysis shows market decline. May 2022 cryptocurrency marketplace volume was $4 billion, according to a news platform. This is a sharp drop from April's $7.18 billion.
OpenSea, a big marketplace, contributed $2.6 billion, while LooksRare, Magic Eden, and Solanart also contributed.
NFT markets are digital platforms for buying and selling tokens, similar stock trading platforms. Although some of the world's largest exchanges offer NFT wallets, most users store their NFTs on their favorite marketplaces.
In January 2022, overall NFT sales volume was $16.57 billion, with LooksRare contributing $11.1 billion. May 2022's volume was $12.57 less than January, a 75% drop, and June's is expected to be considerably smaller.
A World Based on Utility
Despite declines in NFT trading volumes, not all investors are negative on NFTs. Although there are uncertainties about the sustainability of NFT-based art collections, there are fewer reservations about utility-based tokens and their significance in technology's future.
In June, business CEO Christof Straub said NFTs may help artists monetize unreleased content, resuscitate catalogs, establish deeper fan connections, and make processes more efficient through technology.
We all know NFTs can't be JPEGs. Straub noted that NFT music rights can offer more equitable rewards to musicians.
Music NFTs are here to stay if they have real value, solve real problems, are trusted and lawful, and have fair and sustainable business models.
NFTs can transform numerous industries, including music. Market opinion is shifting towards tokens with more utility than the social media artworks we're used to seeing.
While the major NFT names remain dominant in terms of volume, new utility-based initiatives are emerging as top 20 collections.
Otherdeed, Sorare, and NBA Top Shot are NFT-based games that rank above Bored Ape Yacht Club and Cryptopunks.
Users can switch video NFTs of basketball players in NBA Top Shot. Similar efforts are emerging in the non-fungible landscape.
Sorare shows how NFTs can support a new way of playing fantasy football, where participants buy and swap trading cards to create a 5-player team that wins rewards based on real-life performances.
Sorare raised 579.7 million in one of Europe's largest Series B financing deals in September 2021. Recently, the platform revealed plans to expand into Major League Baseball.
Strong growth indications suggest a promising future for NFTs. The value of art-based collections like BAYC and CryptoPunks may be questioned as markets become diluted by new limited collections, but the potential for NFTs to become intrinsically linked to tangible utility like online gaming, music and art, and even corporate reward schemes shows the industry has a bright future.
Claire Berehova
3 years ago
There’s no manual for that
| Kyiv oblast in springtime. Photo by author. |
We’ve been receiving since the war began text messages from the State Emergency Service of Ukraine every few days. They’ve contained information on how to comfort a child and what to do in case of a water outage.
But a question that I struggle to suppress irks within me: How would we know if there really was a threat coming our away? So how can I happily disregard an air raid siren and continue singing to my three-month-old son when I feel like a World War II film became reality? There’s no manual for that.
Along with the anxiety, there’s the guilt that always seems to appear alongside dinner we’re fortunate to still have each evening while brave Ukrainian soldiers are facing serious food insecurity. There’s no manual for how to deal with this guilt.
When it comes to the enemy, there is no manual for how to react to the news of Russian casualties. Every dead Russian soldier weakens Putin, but I also know that many of these men had wives and girlfriends who are now living a nightmare.
So, I felt like I had to start writing my own manual.
The anxiety around the air raid siren? Only with time does it get easier to ignore it, but never completely.
The guilt? All we can do is pray.
That inner conflict? As Russia continues to stun the world with its war crimes, my emotions get less gray — I have to get used to accommodating absurd levels of hatred.
Sadness? It feels a bit more manageable when we laugh, and a little alcohol helps (as it usually does).
Cabin fever? Step outside in the yard when possible. At least the sunshine is becoming more fervent with spring approaching.
Slava Ukraini. Heroyam slava. (Glory to Ukraine. Glory to the heroes.)
Sam Hickmann
3 years ago
Donor-Advised Fund Tax Benefits (DAF)
Giving through a donor-advised fund can be tax-efficient. Using a donor-advised fund can reduce your tax liability while increasing your charitable impact.
Grow Your Donations Tax-Free.
Your DAF's charitable dollars can be invested before being distributed. Your DAF balance can grow with the market. This increases grantmaking funds. The assets of the DAF belong to the charitable sponsor, so you will not be taxed on any growth.
Avoid a Windfall Tax Year.
DAFs can help reduce tax burdens after a windfall like an inheritance, business sale, or strong market returns. Contributions to your DAF are immediately tax deductible, lowering your taxable income. With DAFs, you can effectively pre-fund years of giving with assets from a single high-income event.
Make a contribution to reduce or eliminate capital gains.
One of the most common ways to fund a DAF is by gifting publicly traded securities. Securities held for more than a year can be donated at fair market value and are not subject to capital gains tax. If a donor liquidates assets and then donates the proceeds to their DAF, capital gains tax reduces the amount available for philanthropy. Gifts of appreciated securities, mutual funds, real estate, and other assets are immediately tax deductible up to 30% of Adjusted gross income (AGI), with a five-year carry-forward for gifts that exceed AGI limits.
Using Appreciated Stock as a Gift
Donating appreciated stock directly to a DAF rather than liquidating it and donating the proceeds reduces philanthropists' tax liability by eliminating capital gains tax and lowering marginal income tax.
In the example below, a donor has $100,000 in long-term appreciated stock with a cost basis of $10,000:
Using a DAF would allow this donor to give more to charity while paying less taxes. This strategy often allows donors to give more than 20% more to their favorite causes.
For illustration purposes, this hypothetical example assumes a 35% income tax rate. All realized gains are subject to the federal long-term capital gains tax of 20% and the 3.8% Medicare surtax. No other state taxes are considered.
The information provided here is general and educational in nature. It is not intended to be, nor should it be construed as, legal or tax advice. NPT does not provide legal or tax advice. Furthermore, the content provided here is related to taxation at the federal level only. NPT strongly encourages you to consult with your tax advisor or attorney before making charitable contributions.