RadReads 131 💰💸
This week: Retired at 28 with $2.25 mm and Why Smart People Suck at Money
Good Morning, RadReaders!
Happy August! Starting to get my sea legs with this #2KidsLife! We’ve got a fun and zippy issue today, a few moolah (aka 🧀) stories, and some new RadJobs. I’m testing a separate beta for RadJobs, so sign up here.
Thank you, to our new patrons (Akila 🙌, Andrew 🤘) — click here to keep this 🚀 flying or the button below.
And after a 4 week hiatus, I’m back on the Snapchat game (👻: RadReads)
🎧 Stop the Money Madness: Ashley Feinstein Gerstley
Rad Awakenings | iTunes | Google Play | Soundcloud
I spent 15 years in finance, yet my only personal finance rule was expenses < income. I know, pretty unsophisticated and completely irresponsible as an entrepreneur (and father of 2). Money triggers intense feelings such as FOMO, envy, inadequacy and outright fear (aka the “poverty mindset”). Yet so many smart and rational people turn a complete blind eye to this critical life area.
Ashley Feinstein Gerstley coaches money dum dums (like me) out of their own money madness (via her 30 Day Money Cleanse) and she’s the creator of the Fiscal Femme blog. She started as an investment banker and grew this side hustle until finally taking the leap. Her advice is particularly 🌶 for entrepreneurs, and we discuss how much runway is enough, “death by a thousand small withdrawals” (my personal favorite), the dangerous belief that we can out-earn our expenses, and how avoiding the topic is really avoiding accountability. (And yes, even retired Goldman partners have money anxiety.)
She retired at 28 with $2.25 million
4 Minutes | CNN Money | HT: @supharidh (aka RadDad)
I guess while we’re on the topic, I guarantee that this will be the most clicked story. I’d never heard of the term F.I.R.E. 🔥🔥- Financially Independent and Retire Early. JP Livingston (a pseudonym) is the NYC version of Mr. Money Mustache. This is a fun article, including a 70% saving rate and her itemized annual budget ($67k / year, which includes $869/mo for eating out!). If anyone knows JP, I’d love to interview her on the podcast! (And I’d preserve her anonymity.) And like anything, these are highly personal decisions/circumstances — take frameworks and inspiration, understand your biases but don’t try to emulate blindly.
How work changed to make us all passionate quitters
9 Minutes | Aeon
So we covered money, what about work? When did the concept of the individual as the “CEO of Me” come into play? You see it everywhere, ranging from the rate of job turnover to Reid Hoffman’s advice of jobs as a “tours of duty.” There’s a nice refresher of Hayek’s philosophy, the move towards pure shareholder capitalism, and the complete abandonment of loyalty (in both directions). IMHO, this article overlooks the importance of mission and having employees buy into a bigger vision beyond their day to day work. For two good examples, check out Scott Norton (on Invest Like the Best pod) and Ted Rheingold on what people miss in Profit-from-Purpose.
Why Women Aren’t C.E.O.s According to Women Who Almost Were
9 Minutes | The New York Times
A detailed and comprehensive list on the structural and subconscious obstacles that prevented senior female executives from the top roles. There’s a lot to unpack, ranging from lack of access to “intangible but crucial circle of male camaraderie” (i.e. golf outings), men seeing competition as a “zero sum game,” and the disproportionate penalties women face when they stumble.
Michel Feaster on How to Unlock Employee Potential
10 Minutes | The New York Times | HT: @RedGaskell
I’m just gonna copy my favorite section from this article, because it resonates so clearly with the RadReads Ethos:
Most people don’t see themselves very clearly. Our internal narratives prevent us from seeing our superpowers and our weaknesses. So it’s important to have mentors and leaders who are committed to helping you see yourself more clearly.
My philosophy is about helping people unlock what they’re really amazing at and help them understand their weaknesses enough to manage them, because you’re not really going to change who you are.
Below the Fold
FROM THE COMMUNITY:
💼 RadJobs: Product and Marketplace operations at SkillShare, Impact manager at Speakable. And sign-up for the Rad Jobs Beta email list.
📊 Ex-Goldman partner’s advice: find a “sanity buddy” (3 mins, eFinancialCareers): Last week’s episode with Lisa Shalett (on Owning your Career Narrative) got picked up by this prominent finance blog!
🎉 I also want to shout-out two of our great RADvocates: Aurora Klaeboe Berg and the team at MegaCool raised $1.5 mm and Callie Schweitzer was profiled in the Create and Cultivate blog.
LAST WEEK’S MOST READ:
🤖 10,000 Hours with Claude Shannon (26 mins, Medium): A cross between Einstein and the Dos Equis guy.
