Finance Archives

7 Lessons From the 7th Year of Running a Book Summary Business

December 22, 2022December 22, 2022 Nik

My business has lasted as long as the average American marriage — seven years. The level of commitment surely feels on par.

When I launched Four Minute Books, I had no idea what it would grow into. All I thought about was how to get better at writing and maybe make a few bucks along the way.

Seven years later, in what has been, undoubtedly, my hardest year in business yet, it turns out that this little book summary site is, so far, the only consistently growing revenue generator. Here’s a chart contrasting its revenue vs. Medium and Write Like a Pro, my writing course.

If You’re a Time Billionaire, Don’t Worry About Not Being a Real One

December 8, 2020December 31, 2022 Nik

Would you rather have a billion dollars or a billion seconds?

If something takes you a million seconds to do, that’s about 12 days. If you need a billion seconds, however, that’s 31 years — not counting sleep.

Equating seconds to dollars, a billion dollars is worth 31 years of your time. Would you make that trade?

In his daily newsletter to 93,000 investors, Anthony “Pomp” Pompliano shared similar musings this week. A reader asked him: “If you could switch places with Warren Buffett, would you do it? You’d be one of earth’s richest people — but you’d be 90 years old.” In the money, yet out of time.

If you’re in your 20s, you’re a time multi-billionaire. You likely have more than two billion seconds left. If you’re 50, you could still be a time billionaire. How much would Warren Buffett give to get back those seconds?

“The time billionaires are the wealthiest among us, yet they fail to recognize the wealth that they enjoy,” Pomp writes.

The time billionaire can have a time horizon that is counted in decades. The time billionaire can afford to be patient. The time billionaire can slowly compound money over time. There is no rush. There is no compressed timeline that clouds the judgement of a time billionaire. They can recover from almost any mistake. The time billionaire is unshakeable in a sense.

If you’re a time billionaire, don’t fret about your lack of dollars. Embrace your advantage in time. Unlike the pieces of paper we all covet, each of us only gets to spend their seconds once.

No One Is Coming to Save You

June 9, 2020September 25, 2023 Nik

Your parents aren’t coming to save you. They’ve done that often enough. Or maybe never at all. Either way, they’re not coming now. You’re all grown. Maybe not grown up, but grown. They’ve got their own stuff to take care of.

Your best friend isn’t coming to save you. He’ll always love you, but he’s knee deep in the same shit you’re in. Work. Love. Health. Staying sane. You know, the usual. You should check in with him some time. But don’t expect him to save you.

Your boss is not coming to save you. Your boss is trying to cover her ass right now. She’s afraid she might get fired. She’s fighting hard to keep everyone on the team. She’s worried about you, but she has no time to save you.

5 Good Things That Will Follow From This Pandemic

March 22, 2020September 17, 2023 Nik

The best way to stay calm amidst the coronavirus madness is to focus on the present moment. Accept reality as is, realize you’re okay, and then handle the challenge at hand with direction and resolve.

The second best way is to time travel to the future. What will happen after all this is over? Can you imagine a more peaceful tomorrow? What good will come from this? There will come some good from this. It’s hard to see it now, but making the effort will give you something to aspire to in these dark times.

Of course no one can predict the future, but when I think about what positive, long-term consequences we could see from this pandemic, I spot a lot of potential. Here are 5 predictions to provide some comfort while we’re all stuck at home.

Reach High and Hope You Don’t Fall

February 25, 2020September 25, 2023 Nik

Yesterday, I went bouldering for the first time. Finally, the source of many scrawny-kid jokes in high school turned into an advantage. I’m 5’7″. I weigh 136 lbs. I’m neither tall nor strong — but my power-to-weight ratio is excellent.

I can easily do 50 push-ups or pull myself up some ledge. As it turns out, this kind of balance is exactly what you need when you’re trying to go from one set of tiny knobs to the next on a six-foot slanted wall.

After some basic, first-level trials and picking up the rules, I managed to climb some second- and even third-level problems. That’s nothing compared to expert climbers gliding up the impossibly-flat-surface elements of a level 12 wall, but, for a beginner, it’s not half bad. Still, my arms got tired after about 90 minutes, and it was almost time to go. Almost.

Diversification vs. Focus: The Hardest Tradeoff for Entrepreneurs

February 18, 2020September 25, 2023 Nik

The toughest, ongoing challenge I have as an entrepreneur is the debate in my head about what I should focus on.

Should I start another project? How much time, attention, and energy should I commit to X over Y over Z? Is it time to shut down one of my ventures, bundle my resources, and bet big on one thing? Or need I diversify more?

Besides being hard to answer for any given time frame, asking these questions is a project all on its own, a project that also takes time and energy, both of which could be spent on making actual progress at any one thing.

I don’t claim to have definitive answers, but I’ve learned a lot from my own decisions and mistakes in diversifying and focusing over the past five years. I made a long-term bet on a website that now generates a full-time income. I shut down my writing course after it made $20,000. Most of all, I think about what the word ‘balance’ means for an entrepreneur every day.

Below is a collection of my most formed ideas on the subject. I hope they’ll help you figure out when to quit and when to stick — no matter how many times you’ll have to do it.

Success for 20-Somethings

January 16, 2020September 25, 2023 Nik

I won’t leave my 20s with a fiancé, a checked off bucket list, or a shredded body. I didn’t party a lot, date a lot, or travel as much as I would have liked.

I will, however, finish my 20s with two things most people want but don’t get: A job I can do for the rest of my life and financial independence.

Not in an I-can-buy-my-own-island sense but in an I-can-feed-a-family-of-four sense. All without a boss and including multi-year, what-if-shit-hits-the-fan savings, earned from doing what I love.

Two of the biggest existential fears we have in our 20s are feeling lost in our careers and anxious about our financial future. I have eliminated both of them. Who can say that before they’re 30? Not many.

To me, those two things are success. You may define it differently, and that’s okay. But if you want those two things, if you’re okay with figuring out the rest later, here’s everything I’ve learned about how to get them.

Your Only Job Is to Let Yourself Be Good Enough

December 2, 2019September 25, 2023 Nik

You know that Coldplay song, Viva La Vida? The one with the strings and choir that tells the story of a fallen king:

I used to rule the world
Seas would rise when I gave the word
Now in the morning, I sleep alone
Sweep the streets I used to own

I’ve always wondered why it’s such an upbeat song. Why it’s called “long live life” when it’s about someone who’s lost everything they had in theirs. Well, Chris Martin, lead singer of the band, once explained the title.

When he was in Mexico, he went to a museum, and, in there, he saw the last painting Frida Kahlo ever made. It’s called Viva La Vida.

How to Get Rich the Humble Way

August 18, 2019September 17, 2023 Nik

One in 185 people is a millionaire. Credit Suisse counted 42.2 million of them in the 2018 Global Wealth Report. Divide that by the 7.7 billion people currently inhabiting this planet, and you get to that number — about 0.5%.

And just like you “get” to that number, we think “getting rich” is an activity. That it’s about movement, action, struggle. It’s implied. Think about how we use the word “get.” We get coffee. A job. To the top of a mountain.

It’s true, of course, that getting rich requires years of hard work. You’ll have to learn a lot, build skills, make the right decisions at the right time, and have a whole bunch of luck in the process. But if that’s all we focus on, we miss the most important aspect of how wealth is built: through compound growth.

Happiness Is Loving the Boring Days

March 14, 2019September 17, 2023 Nik

Out of all the great TED talks that exist, Barry Schwartz’s is easily the best. He talks about what he calls The Paradox of Choice. I’ve gone back to it countless times for countless reasons, but my favorite part is when he shows this comic:

David Sipress, The New Yorker, Nov 24, 2003

Ask anyone how they feel about their life from ten years ago, and they’ll likely tell you that “those were simpler times.” Less to worry about, more to enjoy. Somehow, everything was easier. Today, it’s all complicated. Always.

“Everything was better back when everything was worse.”

It’s more than a good chuckle. So simple, yet so instinctively true. But why does our gut want to agree so badly when we hear this? Barry explains: