A solo media founder like Rogan or Mr Beast can make as much money as a strong tech founder, with significantly less managerial stress.

Tech created this ecosystem but there’s a historical cultural bias in tech towards media as unprofitable. That changed a long time ago.

Tax thread: Employees vs independent contractors.

1. Legally, the two terms are mutually exclusive and are direct opposites... https://t.co/jR0PBMp32M

Employee works for an employer.
Independent contractor is basically an entrepreneur.

2. This highlights two key points:

An employer has some measure of control over the employee.

An "IC" (short for independent contractor) is "his own boss".

It is the responsibility of the employer to determine that a person is either an employee or an IC.

3. Where does PAYE come into play? PAYE is deducted from remuneration. Remuneration applies to employee earnings, whereas for IC's (on certain conditions), their earnings can be excluded from remuneration and therefore no PAYE.

This difference is the scenario of yesterday.

4. There are two important tools: Statutory tests and common law tests. They can be used to determine employee/IC status.

The statutory test is to see if a person is independent from 1: the person paying them;
2 who the work is done for

AND

5. Whether the person is subject to two main things: Control, OR
Supervision

If the person is not independent from the employer (for both the work and the pay) AND the employer has control or supervision of the person - PAYE will apply.

There is a lot of bad advice floating around online when it comes to real estate investing.

Time for a stiff drink and some stuff you might not want to hear.

A thread 👇

Most real estate influencers spend 99% of their time trying to sound smart.

They purposely make things too complicated.

When you do this for a while you can tell if a property is worth buying with a napkin and 30 seconds.

The problem with being a big real estate PE firm:

You need to do good deals year after year and deploy 10s or 100s of millions in capital.

It’s a hamster wheel making others wealthy.

The advantage of being you:

One building like this can change your life.

Buying real estate that doesn’t cashflow well because values have risen 10% / yr for 10 yrs while wages have risen 3% / yr for 10 yrs is very risky.

I don’t care how long your interest rate is “fixed” for.

Markets are cyclical. Trends change. Bankruptcy is real.

If you don’t know anyone with money and you have less than $250k of your own cash real estate isn’t the best way to make money.

Even a $500k property (like the one pictured above) requires $150k down and another $100k in cash reserves.

THREAD: 15 of the most useful razors and rules I've found.

Rules of thumb that simplify decisions.

Bezos' Razors:

• If unsure what action to take, let your 80-year-old self make it.

• If unsure who to work with, pick the person that has the best chances of breaking you out of a 3rd world prison.

Skinner's Law:

• If procrastinating on an item, you only have 2 options:

1. Make the pain of not doing it greater than the pain of doing it.

2. Make the pleasure of doing it greater than the pleasure of not doing it.

Luck Razor:

• If stuck with 2 equal options, pick the one that feels like it will produce the most luck later down the line.

I used this razor to go for drinks with a stranger rather than watch Netflix.

In hindsight, it was the highest ROI decision I've ever made.

Bragging Razor:

• If someone brags about their success or happiness, assume it’s half what they claim.

• If someone downplays their success or happiness, assume it’s double what they claim.

The map is not the terrain.

Compliance is fundamentally at odds with innovation and continuous improvement

Compliance tends to constrain operations to narrow sets of approved sequences of tasks as the means to assure the secure attainment of certain business outcomes. But at what cost ?

🧵

Operational practices have an emergent nature to them. They’re affected by people, their expertise, their relationships, their team goals, role perceptions and also member needs as humans and professionals.
In this entangled mess of variables, aspects practice-as-done are

Constantly morphed as a response to economic pressures (deadlines, business demands), workload demands (as people tend to automate or agree patterns to reduce cognitive load of tasks and become more efficient) and understanding of safety and security related barriers.

All of these tend to be fluid and non fixed. In this continuous interaction with the environment and different pressures acting on it, there are numerous opportunities for improvements which have local relevance and emerge out of local needs and interactions of elements. However

In order to do so, and to support innovation and continuous improvement the practices need to have a requisite level of variability so practitioners exercise their Fingerspitzengefühl (fingertip feel) for what works and what doesn’t, within their constraints and pressures

10 sales tactics that work:

1/ Stage out the conversation

One conversation is just that: another conversation.

Land a second, and now you’re being “evaluated”.

Don’t try to jam through everything in the first convo.

Do just enough to pique their interest and land that second meeting.

2/ Do your homework

If you’re pitching a customer, use their product,

Read about the company and the person you’re talking to.

Ultimately, this proves that you will do the work to make their lives easier.

It’s so powerful yet so easily overlooked.

3/ Ask about the decision making process

Who is required to make a decision like this?

What would you need to see from me to be able to buy?

How long will it take to make a decision?

These questions give you the roadmap on how to close the deal.

4/ Don’t always demo

Sometimes it’s habit to jump straight into a demo.

If someone wants to talk first, do that.

This could consume a whole first conversation.

Which gives you a great excuse for that second meeting: going thru the demo.