Episode 501: How I live on $25,000/Month in New York City

Summary of Episode:

Key Takeaways:

1. Proximity to Power: Being close to centers of innovation and power can be invaluable. Moving to big cities, especially early in one's career, can offer numerous opportunities to network and learn.
2. Overhyped Business Models: Sam believes that the current buzz around NFTs and Web3 is overhyped. Additionally, he considers the surge in newsletters and content businesses as a challenging arena due to increased competition.
3. Parenting Concerns: Sam shares his anxieties about raising a child that has grit and isn't spoiled, despite having the financial means to give her whatever she desires.
4. Personal Financial Growth: After selling his business, Sam experienced a boost in confidence. He advises against immediately spending windfalls on luxuries and reflects on his own spending habits post-sale.
5. Networking: Sam emphasizes the value of networking, highlighting his own strategies such as hosting a book club and attending meetups to connect with peers and influential individuals.

Business Ideas:

1. Research and Database Companies: There is potential in the research business sector, especially with few young entrepreneurs venturing into this old space.
2. Media Companies: Although he recognizes the competition, Sam sees potential in the media space.

Book Recommendations:

• Biography of Lewis and Clark, which highlighted Sacagawea's journey carrying her child.
• "Titan" about John Rockefeller.

Software Recommendations:

• Meetup.com: Sam used this platform extensively when he first moved to San Francisco to attend and organize events, making it instrumental in his networking journey.
• Notion: Sam mentioned using Notion for detailed note-taking and organization.

Frameworks

• "Ikigai" - a Japanese concept that helps individuals find purpose in their life. Ikigai is visualized as a Venn diagram with overlapping circles, representing what you love, what the world needs, what you can be paid for, and what you're good at. The intersection of these circles represents one's Ikigai or purpose. Sam used this framework to guide his decision-making process in finding a business idea that aligned with his passions and skills, while also meeting a market need and having the potential for financial reward.

Overall, the episode offers insights into entrepreneurship, networking strategies, and personal growth, with Sam's experiences serving as practical examples.

Watch the full episode here: