There is a massive glut of business books / self-improvement books out there today. I've read several and I have to say, they're all pretty much the same.
A more interesting one that caught my attention in the recent years was Sophia Amoruso's "Girlboss." Now, I don't go around hashtagging "Girlboss" and I don't refer to myself in such a manner. I even tried watching the show on Netflix but couldn't get into it. But the book and Sophia herself has stayed in my mind because I think she has a very interesting story. Sophia was a community college dropout, she shoplifted in her youth, she dumpster-dived for food, she worked at blue collar jobs. No one, including Sophia, could have predicted that she would create Nastygal and the whole "Girlboss" phenomenon. There has, of course, been a dichotomy between the story we hear and what actually happened (Sophia raised a ton of venture capital to grow Nastygal but it went bankrupt, Sophia is trying to position herself as a feminist powerhouse even though Nastygal didn't have a reputation for treating its female employees in the best manner, etc), but in a weird way, that's life. Human beings behave in ways that don't fit with the ideal narrative that others have constructed. Despite all that has happened to Sophia and Nastygal, you really have to give her credit for creating a successful, multi-million dollar business (in the early years) and for having the naivete (some mistake it for fearlessness) to go through with something big. I believe that is why Sophia has resonated with so many people. She didn't have the standard, conventional upbringing. She doesn't have any fancy school degrees. But she had grit. She had enough business and marketing savvy to grow Nastygal into a successful brand. And that is something that very few people have. Sophia did a very interesting interview with Tim Ferriss on his podcast. One of the questions he asked her was, "What would you tell your 30 year old self?" And Sophia's response was, "It doesn't get easier." Taking on millions in venture funding doesn't suddenly mean business success. Seeing explosive revenue growth in the earlier years doesn't automatically mean that this rocket ship trend will continue. Getting married doesn't mean that you're suddenly "done" on the relationship front. (Nastygal went bankrupt the same time that Sophia's one year marriage ended. If that doesn't make you want to hide under the bedcovers and cry for about a week straight, I don't know what will). I love her answer because it is so true. (It's probably not the most popular answer but it's the most honest answer). If you are constantly challenging yourself to grow, if you're trying new things that scare you, it doesn't get easier. You will start to feel more secure in your own skin over time but things don't get easier. New complications crop up all the time. Things are never "done" - there is always the next thing to worry about. I'm not advocating this as the right way to live life (because it sounds stressful), but it's perhaps a way to ensure that when you're on your deathbed, you'll look back and realize that you lived a full and meaningful life.
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Who are you and how old are you? I’m a female bootstrapping entrepreneur in my early forties. Tell me about your background. I have two advanced degrees (a PhD and MBA) from top ten schools and have spent the last ten years of my life working in four different companies (fortune 500 companies and startups) before deciding to venture out on my own. What does your financial situation look like? If you don’t earn money through a “normal job”, how do you support yourself? I have been self-funding my startup company for the last 18 months. I haven’t had stable income during this period of time and have instead been relying on my saving to fill in the gaps. How do you define rich? Money in both cash and assets is obviously a tangible indicator of wealth. However I also feel strongly that achieving your own interpretation of what the meaning of life is (money, family, or your religious/ personal beliefs) should also be an indicator of being “rich." Did you grow up with money? How did your childhood conditions about money affect how you behave? No, I didn't really grow up with money. I grew up in an intellectual family in China during the 1970s and 1980s. Nobody had money back then in China, not even the government. After living through that period of time and then through the 1990s and 2000s in the US, I now understand the importance and non-importance of money. There are material desires that money can buy, and the spiritual/emotional desires that are not necessarily related to money. I personally feel that I have a balanced desire of money. If I am ever lucky enough to have a large fortune, I will do what Warren Buffett and Bill Gates are doing and give away most of my fortune during my life span. Did your parents give you money when you were growing up? What about for school? Yes and no. I didn’t have regular pocket money when I was a child. If I wanted anything, I always asked my parents to get it for me. Of course this means I didn’t get everything I wanted which turns out to be a good way to educate children. Although my parents would say no to my requests for toys, they rarely said no if I wanted to buy books or any educational products (paints and brushes for my artwork, piano lessons when I showed a slight interest in music, etc). My parents also never cultivated a rule of paying me to do house chores like many other Chinese families did back then. They considered helping out in the house to be a duty of every member of the family. Do you still have school loans? No , I do not. Where did you learn about investing? I learn about investing from reading about it. I don't invest regularly on my own or think too much about it. What does your family situation look like? I am a living in a single person household. Do you feel like you are living paycheck to paycheck? If so, do you feel that way due to your lifestyle? I am living off my savings right now and feel the financial pressure as many bootstrapping startup founders do. What was your most regrettable purchase? I actually don’t have many. If I do, they're on trivial purchases such as a piece of clothing that I bought because it was on sale but at the end of the day, realize that it doesn’t fit well or that I don’t actually like it. But even those cases are rare. What was your best purchase? Probably my condo that I bought at almost the lowest end of the market. I live in an extremely expensive city and this condo has definitely increased in value substantially. Do you feel like you have a financial habit that’s out of the norm (or at least something that others have commented on)? Yes, I have much less fear than other people on spending money on things or experiences that I feel would be valuable for my own growth or career. For example, when I was a graduate student with a $1000/month stipend, I would spend money traveling overseas whenever I got the chance. I have been doing adventure travel once a year for most of the last decade and spend $5000 on average for each trip. However, I have never had any desires to spend money on buying a fancy car or other material things as I get a lot more out of traveling and exploring the world . Do you feel like your success now has anything to do with luck or being in the right place at the right time? I am not sure if I can call myself "a success" but I have had several successes in my life. I don’t think that timing or luck necessarily played a key role in these successes. It was more about my own determination and effort to succeed. If there was any luck or being in the right place at the right time, that was all built up through my own hard work. I think this is pretty much true for all successful people even if others may view them as only being successful because they were in the right place at the right time. Do you actively contribute to a retirement account of any sort? When I worked at a regular company, I would max out my 401k account each year no matter how big or small my paycheck was. Do you feel like your lifestyle reflects your income bracket? Yes and no. As mentioned earlier, I have a different spending mentality than most people. For the day-to-day life, I think I am on par or probably even lower than the other people in my income bracket. For instance, I don’t mind eating out from time to time at fancy places, but I don’t own much furniture and I still use the same set of furniture that I bought from IKEA when I was in my graduate school. Have you ever jumped income brackets (either going from low to high or vice versa) and how did your lifestyle change? There have been no major jumps but continued progress over the years. However, I did downgrade to a much lower income bracket when I started my company. Do you talk to your peers and family about money? I don’t talk with people about money very often. It’s just not a topic of interest with me. Do you splurge on anything? If so, what was the last splurge and how much was it? I will usually treat myself something when I achieve a major goal or if it's for a special occasion. For example, I would go to a spa for my birthday. Do you have a plan to make more money? I guess I can call my startup a of plan for making more money but in reality, it’s not the only goal I have for my company. And yes, I am fully aware that working on my startup is an extremely risky way to make more money. What would it take for you to feel like you are completely rich? Achieving my goals and having enough money so that it’s no longer a daily life concern for me. In terms of money, what was something you did in the past that you could do differently? I actually don’t have many regrets on how I spent money in the past. But if I did have to say something, it's to not spend compulsively on trivial things I don't need. What is your strategy for moving forward now in regards to your big goals in life? Trying to make my startup a success! Money Talk with a PhD Student Turned Tech Startup Guy Who Thinks about Money As Much As I Do9/23/2015 Who are you and how old are you?
I am a 27 year old who is currently working as a freelance consultant and CIO of a small tech startup. Tell me about your background. I grew up in the South Atlantic region of the US in an upper middle class family. I then went to college on the East Cost, moved abroad to get my PhD (and because my girlfriend/now wife was also living abroad). I am now back in the US, close to where I grew up. What does your financial situation look like? If you don’t earn money through a “normal job”, how do you support yourself? I was lucky/spoiled enough to have my parents pay for my college. That said, I was always raised to be very frugal/financially responsible. As a result I have little/no debt and also work very hard to save money. Since moving back to the US last year, I have been doing freelance consulting. My job is great and in theory pays well, but due to startup cash flow issues, I am currently behind on being paid by more than $30,000. That said, my wife works full time and I do some other odd jobs here and there to make additional cash, so we are more or less breaking even at the end of each moth (not saving much, but not spending much of our savings either). How do you define rich? Having enough money to do whatever you want without worrying about the effect it would have on your finances. For me, this would have to be LOTS of money. I’m not sure there is any amount of money less than $1 billion that would really result in me not worrying about money. It isn’t so much that I want to have heaps of money to buy stuff, I just like to save money. Even if I had a few million in the bank, I would be anxious about wasting money and not saving for a rainy day. Did you grow up with money? How did your childhood conditions about money affect how you behave? I grew up in a household where my parents were never stressed about getting by, but often stressed about not wasting money. My parents are well off, and though neither comes from money, my father has a good job and saves aggressively. That being said, I was taught from a very young age the value of money. At no time in my life did my parents give me money when I asked for it. Up until high school I had an allowance ($1-$12/week as I grew up) and even as a little kid I was encouraged to work for money. I never held an official job, even in high school, but from maybe 5th grade on I did odd jobs for cash - babysitting, mowing lawns, shoveling snow, computer work etc. Long story short, I attribute all of my attitudes about money to my parents, and mostly to my dad since he is the most outspoken on the subject. Did your parents give you money when you were growing up? What about for school? They never gave me cash. On occasion they would lend me money with no interest, but it was never like, "I want to see a movie, can I have $10?" That said, they did pay for my college tuition and gave me enough cash to buy food. Going out and buying other stuff was my responsibility and I often did jobs off Craigslist for cash. Do you still have school loans? No, my only debt is a 0% loan on my car that I chose instead of paying cash because when you consider inflation/the cost of money, it was basically free cash. Where did you learn about investing? I learned some from my dad and have picked up a bit more here and there from others. What does your family situation look like? I am married and money was definitely one of the more difficult parts of merging our lives. We both work but up until we got married, we kept our finances quite separate. Now that we are married, things are a bit different. Do you and your spouse/partner have similar financial habits? Yes and no. My wife is very fiscally responsible, but without the baggage. It doesn’t stress her out to spend money the way it does me. At the same time, I tend to be more likely to buy material items. My thought has always been that if I can get a good deal on a product (good enough that I could in-theory resell it for close to the purchase price) it is worth getting it. On the other hand I spend as little as possible on consumables like clothing, going out etc. How are you teaching your kids about money? My wife and I don't have kids but I hope to teach them the way I was taught by making it clear that money is important and has a time-value to it. I think it is valuable to think about money in terms of how long it takes you to recuperate it. Do you feel like you are living paycheck to paycheck? If so, do you feel that way due to your lifestyle? Yes and no. In an ideal world, I would be saving 40-60% of my income. Because I am behind on getting paid, we are basically spending what we make each month but with a sizable cushion of savings in case things change. Once I get my back pay, we will be upping our savings significantly. What was your most regrettable purchase? The car I bought when I moved overseas for my PhD. I was unfamiliar with the market and didn’t sufficiently consider the long term prospects of the car. What was your best purchase? Don’t get me started! I have bought tons of stuff on Craigslist that I have sold for more than I paid which always makes me happy, but the best deal I ever got was on my current car. I paid about 22% less than MSRP on a brand new car and then got a 0% loan to finance it. Do you feel like you have a financial habit that’s out of the norm (or at least something that others have commented on)? I stress far to much about it. It physically pains me to get a bad deal or to waste money. If I realize I paid even a dollar more than I should have for something, it eats me up inside. It is totally crazy and not healthy. I also have a bit of a reputation for being a cheap skate, and I have mixed feelings about this. I like being cheap and have no problem with that, but I also feel I don’t skimp where it counts. I buy people nice gifts. I take good care of myself, my family, and my friends, and I certainly live a comfortable enough life. Do you feel like your success now has anything to do with luck or being in the right place at the right time? Only so far as being born into the family I was. Not paying for college is an amazingly lucky thing to help start me off on the right foot. Even if I had paid out of my own pocket, I think growing up with the financial outlook and work ethic I was taught with would still have given me a solid edge to be financially successful. How much investing do you do, if any? Some. I have played around with social lending (LendingClub) with moderately positive results. I also have a Roth IRA and HSA that are partially invested. Do you actively contribute to a retirement account of any sort? Roth IRA. It is amazing! Everyone who has an extra $5k each year should be maxing out their contribution. Do you feel like your lifestyle reflects your income bracket? Not at all. Most people I know with a similar (or even significantly lower) household income live (at least outwardly) fancier lives. My wife and I share a car, and while we did buy it new, it is very basic. I love it and it is the nicest car I have ever owned, but I could have bought it outright with a few months salary. Have you ever jumped income brackets (either going from low to high or vice versa) and how did your lifestyle change? Yes, while living overseas and working on my PhD, I was making the equivalent of $16,000 USD per year. About 6 months later, I was on track to make about $80,000 USD (this was pre - cashflow troubles with the startup, but that will hopefully pass soon anyways). I am making much more now but would say I am just as cheap as I was before. I budget down to the dollar for as many of my expenses as I can, and try to save as much as possible. Do you talk to your peers and family about money? Yes, probably much more than they would like. I hardly if ever talk about the quantitative specifics of my finances (probably because they would realize I am being ridiculous) but I often stress about money to my wife/friends/parents. To me, if I am not saving money, it is a bad thing and I feel anxious about it. Do you worry about money? Yes, if I have less money at the end of the end of the month than at the start, I feel anxious about it. I don’t like spending money unnecessarily and when I am forced to or do so accidentally, it can really ruin my day. Do you splurge on anything? If so, what was the last splurge and how much was it? Yes and no. As much as I stress about money, I love to shop for and occasionally buy electronics or other sort of luxury items I don’t really need. At the same time, I have some behavioral tricks I use to fit this in with my anxiety about saving. Basically, I allocate about $50 per month in my budget to spend on myself. I'll buy clothing, electronics, entertainment, whatever. I work hard to stick to this amount, but if I make any extra cash during the month, I allow myself to add that to this category. For example, I walk a neighbor’s dog for $12 and usually make between $100 and $200 a month doing these odd jobs. I add this to my ‘discretionary fund’ and buy unnecessary stuff with it. This month I bought a guitar for $150. Do you have a plan to make more money? I am hoping to grow my role at my startup and am currently gaining equity in said company. Hopefully thing go well here and I start earning more every year in addition to having the potential to make a lot when/if we get bought out. This is only if things go as planned (and who knows if they will). Ideally I could be making $200,000-$300,000 every year and still working only half days. What would it take for you to feel like you are completely rich? I don’t think I will ever feel rich. But in the next 15 years, I hope to buy/pay off a house and start saving money to be able to provide for my potential future children in the same way I was provided for. In terms of money, what was something you did in the past that you could do differently? Budgets are a double edged sward. My budget works well and helps me to track my spending, but it also acts as a great tool to help me justify my purchases. I sometimes think that if I used a different strategy I could spend even less. That said, this budget does help with the stress side of things, so perhaps it is worth it. What is your strategy for moving forward now in regards to your big goals in life? I am more-or-less happy with the status quo. If things don’t improve with my startup cash flow I will likely seek out additional employment. Who are you and how old are you?
I am in my early-30s and work as a tech entrepreneur on the West Coast. Tell me about your background. I grew up in the Midwest, went to college in the Midwest, worked as a consultant, and then attended a top MBA program. After getting my MBA, I moved out West to start a company with one of my classmates. I am currently working at my startup now, and we are looking to raise our next round of funding. What does your financial situation look like? If you don’t earn money through a “normal job”, how do you support yourself? Because I work as an entrepreneur, things are a bit tight money-wise. I get paid a salary at my startup, but the cost of living in the area I'm in is extremely high. My wife also just had a baby so we have to add baby expenses to our already tight budget. When my wife was on maternity leave and not working, the amount I earned was not able to cover my student debt plus daycare plus rent (plus all the other expenses that just come with living). She's back at work now, so we're able to cover those expenses again but I know that something has to change soon. Either I have to get paid more or we have to move out of the area we're currently living in, which I would not like to do because we live in a very desirable rent-controlled place. My wife is also trying to decide what to do with now - should she stay at home with our child or keep working? I will support her with whatever decision she makes but again, we'll have to make some pretty big life decisions very soon based on our financial situation. How do you define rich? Having the freedom to not worry about the everyday things. I got into entrepreneurship because I love creating and working on a product. But at the same time, I don’t want to worry about my child not having a bedroom (our child currently sleeps in our walk-in closet that we've converted into a bedroom) or my wife not wanting to work. I want to be able to provide for them but continue to take professional risks without worrying about personal stuff. Did you grow up with money? How did your childhood conditions about money affect how you behave? I grew up in the suburbs as part of a middle class family. My parents are career professionals, and I always had a comfortable life. My parents divorced when I was younger so I grew up with my mom and stepdad. My dad worked as an entrepreneur, but his startup completely failed and he had to declare bankruptcy. I observed all this from a distance, and it taught me a lot about being careful with the risks I take. I have been using Quicken since college and every Saturday, I log in and look at my personal budget. I can tell you where every penny goes. Suze Orman said to have a personal budget and I stick to that! Did your parents give you money when you were growing up? What about for school? I wasn’t given money but I did mow the lawn for money. At the peak of my lawn-mowing career, I would mow 6-10 lawns during a day and get paid $20-$30 per lawn. My parents paid my college tuition for the first two years and I earned scholarships which paid for my last two years. However, I did have to take out loans for my MBA. I took out the maximum amount from Uncle Sam for each of the two years of business school. Where did you learn about investing? I mostly learned about investing from my stepdad. I was also very interested in investing on a personal level. When I was in high school, I constantly checked out the stock price for The Hersey Company. I must have really liked chocolate! I also did some active personal investing before business school but don't have time for that anymore. What does your family situation look like? I am married to my wife, and we have a child under a year old. Do you and your spouse/partner have similar financial habits? Our habits are pretty similar although she spends more on clothes than I do. Because I work in the tech world, I'm always getting free shirts and hoodies from tech events, so I really can't remember the last time I bought a shirt. I do have to buy shoes though, because they're not handing out free shoes at events. She is not opposed to having a budget for our dining, groceries, etc. We make a good team. How much do you spend on your children every month? How does that break down? We spend about $1700 a month on daycare and another $200 on baby checkups, diapers, pads, etc. Have you started to put money away for their college tuition? If so, how much is it? Not at this point. If we get any extra money, it goes toward groceries or more immediate matters. How did your financial lifestyle change when you had children? My savings has dropped on $0. Everything is now spent on child-related expenses. We rarely eat out and unfortunately can’t go out on annual vacations anymore. Do you feel like you are living paycheck to paycheck? If so, do you feel that way due to your lifestyle? Yes, because I am not saving any money at this point in time. I had a decent chunk of savings from my consulting days but I had to use up everything for business school, the baby, etc. What was your most regrettable purchase? I don't have any because I don't really buy anything. If anything, they would be really small things, like buying windshield wipers that only last 2-3 months. I'd get mad and wish I had done more research on the best kind of windshield wipers to buy but I just don't have time for that. What was your best purchase? My Cannondale bike. It's easy to ride and easy to carry around. I use it everyday to ride to work, and it's much better than my last bike! Do you feel like you have a financial habit that’s out of the norm (or at least something that others have commented on)? I'm extremely meticulous in regards to my Quicken usage and know everything about my budget. Do you feel like your success now has anything to do with luck or being in the right place at the right time? Yes, definitely. My startup success has to do various government laws that have been put in place and certain technology changes that have been embraced by our culture. I also met my co-founder in business school, the two of us really clicked and work very well together, and we developed our startup idea in business school. The business school I went to was truly amazing, and opened up a lot of doors for me. Do you actively contribute to a retirement account of any sort? I have a 401(k) and a rollover IRA. Do you feel like your lifestyle reflects your income bracket? Yes, definitely. I am not able to buy certain things (fancy dress clothes) because I just can't afford it at this point in my life. I make do with what we have. Have you ever jumped income brackets (either going from low to high or vice versa) and how did your lifestyle change? I first jumped income brackets from being a college student to working in consulting. Consulting is great because not only do you make a lot of money but you travel so much that all your lifestyle expenses are pretty much paid for. My lifestyle didn't really change that much though. I just went from living with a roommate to living in a studio and I saved a ton of money. I jumped brackets again when I began working at my startup. I make less now than I did my last year of consulting. Do you talk to your peers and family about money? I talk to other startup people and my wife, because they are familiar with the startup lifestyle. I don’t talk to my family and consulting friends because if I express any concern about my financials, they'll just question what I’ve done with my career. Do you splurge on anything? If so, what was the last splurge and how much was it? I don't splurge on anything now but my wife and I went to Europe the year before she became pregnant with our child. It was an amazing trip! We rented a car, slept in B&Bs, drove around Europe, the works. We probably spent $5000 - $6000 total for the trip. Do you have a plan to make more money? None beyond raising more money for my startup and making it more successful. I continue to get recruiting calls to this day from top companies but I would really like to see my startup through and try my best to make that a success. What would it take for you to feel like you are completely rich? I would like to own a house that was completely paid for within a good school district in one of the suburbs just outside where I live. In terms of money, what was something you did in the past that you could do differently? During the financial crisis back in 2008, ETFs were low and at the bottom of the market. My co-worker bought a ton and encouraged me to buy some as well but I didn't. He then went on to make a ton of money, and that's something that could have happened to me if I had taken his advice. What is your strategy for moving forward now in regards to your big goals in life? Other than working hard at my startup, I don’t really have a plan at a moment. If my wife decides to leave her job to stay with our child full-time, we'll most likely have to move. Who are you and how old are you?
I am a 31 year old working as a CEO/Founder of a startup on the east coast. Tell me about your background. I grew up in the Southeast, went to college in my home state, worked as an investment banker after college, and then left the finance world to work as an entrepreneur. My first startup was funded by a famous accelerator program on the east coast. Unfortunately, it didn't progress in the way I would have liked, and I took many of the lessons I learned from that to create my next startup, which I am currently working on now. What does your financial situation look like? If you don’t earn money through a “normal job”, how do you support yourself? I live with my partner and we split everything down the middle. I currently take a salary from my startup. At the end of the year, I will take the profits from my company and invest the money - 50% goes toward growing my company, and the other 50% goes toward a "Purchasing an apt one day" account. How do you define rich? $5 million income after taxes a year. It’s enough to afford multiple houses and be able to travel whenever I want. Did you grow up with money? How did your childhood conditions about money affect how you behave today? Yes and no. I grew up in an middle to upper middle class family. My dad started as a mortgage broker and eventually worked his way up to be president of the bank while my mom managed a horse farm. Even though my dad did well, there were up and down periods in his career. When he made a lot of money, he would spend it all. We didn't have many liquid assets. After the 2008 market crash, he lost a lot and is only now starting to get back on his feet, in his 60s. My mom taught me a lot about how to manage money, mainly, to not be like my dad! Unfortunately, I do see some traits of my dad within myself. When I worked as an investment banker and made lots of money, I spent more than I should have. My partner is more frugal and financially conservative, and that influences how I deal with money. Did your parents give you money when you were growing up? What about for school? My parents gave me $10,000 a year for college. The rest of my tuition was covered by scholarships. They gave me money when I was growing up but I didn't really want for anything. For example, they bought me a car when I turned 16 but I accidentally totaled it later. They didn't buy me a car after that! Do you still have school loans? No, I've never had school loans. Where did you learn about investing? I learned about investing from my background. I studied economics in college, I had a private wealth management internship in college, and I worked as an investment banker. What does your family situation look like? My partner and I are a double income couple with no children and no pets living in a major city on the east coast. Do you and your spouse/partner have similar financial habits? My partner is more financially conservative than me, and that has made me more financially conservative as well! We stick to a monthly budget and are saving toward buying an apt! Do you feel like you are living paycheck to paycheck? If so, do you feel that way due to your lifestyle? No, because my partner and I have a very decent amount of money saved up. What was your most regrettable purchase? The previous apt my partner and I lived in. We were paying way too much in rent for that and signed a two-year lease so we couldn't move out when we wanted to. I regret signing up for that apt but at the time, felt like we could afford it after looking at our budget. I just didn't account for all the extra expenses that would add up (decorating, etc) living in that place and the other things I could have done instead with the money (put it in savings, hire someone for my company, etc). It really was a fiasco and now I'm super cautious about that stuff. We have since moved into a new apt that is much more reasonable. What was your best purchase? My designer clothes and shoes. These are items that I get refurbished every year so they stay in great condition. I know they'll last 7-9 years, and are collection pieces. Do you feel like you have a financial habit that’s out of the norm (or at least something that others have commented on)? I keep really detailed budgets in excel. My partner and I split everything and we have 3-5 accounts - one joint checking, two personal checking, and two business checking. I don't think others may be as detailed as I am, and think this is habit left over from my banking days. Do you feel like your success now has anything to do with luck or being in the right place at the right time? Yes, a lot of my success has to do with privilege. I’m white from an upper middle class family. My parents are both college educated and paid for my college. In regards to my startup, I got multiple writeups which brought in a ton of business. How much investing do you do, if any? I use a robo-adviser for my investing. Do you actively contribute to a retirement account of any sort? I do not because I am working at a startup. I just have savings at this point. Do you feel like your lifestyle reflects your income bracket? No, not at this point. Even though my partner and I earn more now than we did before when we had that expensive apt, we are a lot more financially conservative and don't have a "flashy" lifestyle . Have you ever jumped income brackets (either going from low to high or vice versa) and how did your lifestyle change? I jumped income brackets after graduating from college to working as an investment banker. I bought a BMW with my banking money, went out to restaurants all the time, all that stuff. I’m so similar to my dad, now that I think about it. When I left banking, I got a corporate strategy job that paid a decent amount but because I didn't get an annual bonus like I did in banking, became much more disciplined with my money. I moved to a smaller apt and cut down on spending. Do you talk to your peers and family about money? I just talk to my partner and my mom. My mom always wants to make sure things are in order and is constantly talking to me about her will. I don’t talk to my siblings about money. Do you worry about money? No, because I have a decent amount saved up. Do you splurge on anything? If so, what was the last splurge and how much was it? I splurge on designer clothes and shoes. My last splurge was a pair of Gianvito Rossi heels, which cost around $700. Do you have a plan to make more money? Yes, through growing my startup. I constantly think about expanding the product line, increasing my distribution channels, and more. What would it take for you to feel like you are completely rich? $30-40 million, after tax. In terms of money, what was something you did in the past that you could do differently? I would NOT have moved into that expensive apartment - it really was a nightmare. I also wish I could take the knowledge I have now, go back to my 22-year-old self, and tell her not to buy that BMW! What is your strategy for moving forward now in regards to your big goals in life? Keep saving, stay in this current apt for as long as we can, and paying attention to where our money is going. |
What is this?
An anthropological look at how people think about money. Created and edited by Star Li. Archives
December 2022
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