About 5 years ago I read every article on your blog in a week. You said to push yourself to the limits in your 20s because your body can handle the stress and energy required. Gotta say that was the best advice i've ever received. I'm nearly 30 and I cannot imagine having to work 90 hours a week on my biz again and focusing 100% of my energy on only work for the next 10 years... If anyone in their early 20s is reading this - do not fuck up this advice. Work 6/7 days a week until you get where you want financially.
Yeah something happens at age 33-36, it just isn't the same energy. You are rewarded massively in your 30s because you learned so much you can produce a lot without the insane work weeks anymore.
*Luckily* 40s are similar to 30s energy wise (still slower) but there is no massive drop like 25 to 35. Not even close to the same mid twenties vs. mid thirties
Reminder: Almost all tech startups are fully remote friendly. Especially pre-IPO companies. Get in, negotiate equity upside. Big tech incumbents with large physical presences are loathe to enable full remote.
I'll offer a slightly different perspective that is very specific to my situation, your advice applies in almost 100% of cases.
I'm in Eastern Europe, so costs of living are low (if you earn in EUR/USD you're good), city is < 2MM people so no insane commute. Have to take my kids in the morning to kindergarden which is 20 min walk (great when the winter is not the worst)
I'm going to a coworking space as the setup (table, chairs, etc) is quite good for spending long hours. All food is cooked at home.
Not many people, so easy to concentrate and I socialize a bit (it's way too easy for me to spend months and months with little human contact other than my family, so I keep my skills sharp)
The commute is 45 min if I walk, and I get to go through a beautiful park that's more like a forest, where you can forget you are even in a city. Otherwise, I bike for 15 min.
So I consider myself extremely lucky. Need to clear my head? Just take a walk in the park
Only when the weather is bad I'll take public transport which saves 10 mins, and this year I'll buy a 2nd hand car for the first time (I'm 32). It will reduce my commute to 10-15 mins each way, yearly costs to maintain are super low and it'll become a necessity as we're having a 3rd kid soon.
Otherwise... you really don't need a car if either you have a good WFH set up or no family/small one
That commute is a killer and should be avoided at all costs. I knew what I was getting into when I moved my family out of the city to a small town. That hour commute sucks ass, but I'd rather have that stress than the big city living stress. Otherwise, I agree 100%. Most you can do is podcast, audiobook or music. None of it is productive and you can't getime back.
I'm a long time reader of your old blog and big fan of the Efficiency book. I have avoided subscribing to your Substack because most of the content seems finance/crypto-oriented. New direction, I get it, but I am mostly interested in efficiency (time, money, health). I imagine a sizable percentage of your previous readership are like me. Ergo I hope you have more content like this post in the future.
Quick question on remote work: do you guys have any tips/thoughts on how to mentally get in the work mindset when working from home? Get up, go for a run, get dressed, etc. before sitting down to work? I like having some distance between work and home, but as you've alluded to here, it's a huge waste of time and money to commute to an (private) office.
1) create a small separate area to work, you don't even need a room (although that is ideal). You can take a large closet or even a larger room and put up some basic walls. Seriously there is something about just having a small closed off area
2) take out a watch or install it on your computer. Why? look for when you are most productive. If you came from a tough background like us, chances are higher you work *more* at night. This is due to psychological programming. Instead of "fighting" this tendancy, use 9am-12pm to have fun (lift, sports, eat, read something).
3) if you're better working in the morning flip the script.
4) avoid all caffiene type items unless you will be working. Once again, use the free time to maximize your focus output times
That should put you on the right path. The problem with most 9-5s is a lot of people can't even focus during a good chunk of those hours.
Set up your 9-5 workspace that’s separate from other areas, in attic or even make fake walls in an apartment. Get a ritual, like make some coffee with an aeropress before sitting down and having the first sip to lock you into the zone. Running/yoga/meditation in the morning is a huge win if you can get it going.
you need to adapt to your psychology. like BTB says if you work better at night, don't try to become a morning person. also look at non-pill treatments for ADHD people. like light cardio before working, 16:8 water fasting, dopamine fasting, pomodoro technique, rewarding yourself with a small piece of candy after long bouts of work, turning off your phone, and meditation. you can also book a call with @BowTiedGnome on twitter for performance engineering or go over to the #psychology channel in discord to get advice. there's also people in the #science channel that have posted their nootropics stacks that you could experiment with. some people are using noopept and other OTC racetams to get that edge they need to work the entire day without needing prescription stims http://discord.gg/K6WfHphzBj
I’m 25. Can I make it too? I do this because it gives meaning to me. Money just a bonus. I just want to reach my full potential wether he’ll or high water. I wanna be a new person. New sub here btw
No wonder I feel so poor. Between my sports car (which really only gets used at the race track) and my truck I’m paying out 16% of my after tax take home. Time to downsize. Thanks Bull.
My company has an office in Singapore and I am considering the move from the US. I am enticed for a number of reasons, but concerned about the double-tax of being a US citizen.
I've read up on the possibility of foreign earned income exclusions and the like, but any advice/hacks on limiting my exposure? I want to be thorough in my evaluation.
Would also be good to confirm w people I trust (this substack) that have tried it and it worked out for them. Thank you!
One nuance I see: BTB is correct that there is a floor on spending.
However, since there is no ceiling on spending, I think awareness and control of your outflows is a big plus so that bad habits don't simply scale with your income.
What’s the best move to stay remote? Big companies like banks are gonna be adamant about not granting blanket officially remote (nobody would come into their expensive Manhattan offices).
I’m thinking just show up once in awhile but stay quiet and mostly remote, get the job done, and don’t get your salary bumped down for COL adjustment.
Code in PR? Why wouldn’t people simply declare residency for the cal year whenever they have a liquidity event? IE-Sale of a biz/taking a distribution from a def. comp plan etc?
A U.S. taxpayer who is a bona fide resident of Puerto Rico for an entire taxable year generally is able to (i) avoid U.S. federal income tax on capital gains, including U.S.-source capital gains and (ii) avoid income tax on interest and dividends from PR sources. Generally expatriation and reaching non-U.S. residency comes with many advantages, with some notable disadvantages (e.g., exit tax).
PR is kind of a hybrid regime where you get many of the benefits of non-U.S. residency (e.g., no U.S.-source capital gains) and fewer of the disadvantages (no current income inclusion if you start a PR corp, taking you out of the so-called "anti-deferral" regimes of PFICs/CFCs.
If you really want to get fancy, the below article details how one can set up a series of entities across jurisdictions in PR to arbitrage these rules and potentially pay 4% on one's business income (rather than the 26.5% increased corporate tax rate recently proposed that could go into effect, which would then be subject to an additional tax of ~23%/33-39% if distributing out in the form of dividends).
Speaking of proposed increases, the most recent proposal would eliminate the backdoor roth and increase rates across the board (cap gains and ordinary income). And that doesn't even get into crypto...
I discuss how to make the Code work for you plan around the onslaught of new regulation at @BowTiedTax
About 5 years ago I read every article on your blog in a week. You said to push yourself to the limits in your 20s because your body can handle the stress and energy required. Gotta say that was the best advice i've ever received. I'm nearly 30 and I cannot imagine having to work 90 hours a week on my biz again and focusing 100% of my energy on only work for the next 10 years... If anyone in their early 20s is reading this - do not fuck up this advice. Work 6/7 days a week until you get where you want financially.
Yeah something happens at age 33-36, it just isn't the same energy. You are rewarded massively in your 30s because you learned so much you can produce a lot without the insane work weeks anymore.
*Luckily* 40s are similar to 30s energy wise (still slower) but there is no massive drop like 25 to 35. Not even close to the same mid twenties vs. mid thirties
As someone who is gonna be 30 soon and has ways to go, officially shittin my pants!
Reminder: Almost all tech startups are fully remote friendly. Especially pre-IPO companies. Get in, negotiate equity upside. Big tech incumbents with large physical presences are loathe to enable full remote.
Some nice reminders here. Intangibles are so important yet often overlooked
Great one.
I'll offer a slightly different perspective that is very specific to my situation, your advice applies in almost 100% of cases.
I'm in Eastern Europe, so costs of living are low (if you earn in EUR/USD you're good), city is < 2MM people so no insane commute. Have to take my kids in the morning to kindergarden which is 20 min walk (great when the winter is not the worst)
I'm going to a coworking space as the setup (table, chairs, etc) is quite good for spending long hours. All food is cooked at home.
Not many people, so easy to concentrate and I socialize a bit (it's way too easy for me to spend months and months with little human contact other than my family, so I keep my skills sharp)
The commute is 45 min if I walk, and I get to go through a beautiful park that's more like a forest, where you can forget you are even in a city. Otherwise, I bike for 15 min.
So I consider myself extremely lucky. Need to clear my head? Just take a walk in the park
Only when the weather is bad I'll take public transport which saves 10 mins, and this year I'll buy a 2nd hand car for the first time (I'm 32). It will reduce my commute to 10-15 mins each way, yearly costs to maintain are super low and it'll become a necessity as we're having a 3rd kid soon.
Otherwise... you really don't need a car if either you have a good WFH set up or no family/small one
That commute is a killer and should be avoided at all costs. I knew what I was getting into when I moved my family out of the city to a small town. That hour commute sucks ass, but I'd rather have that stress than the big city living stress. Otherwise, I agree 100%. Most you can do is podcast, audiobook or music. None of it is productive and you can't getime back.
My commute carried into the 1 hour 25 min before 2020, so over 2.5 hours every day, and that was taking a train. Suburbs into city.
'Work from train.' I would have 'worked' from the train had I found WSP earlier because that would have at least been motivating.
I knew people in my office that would double that commute every day. It was crazy to me and I thought my commute time was over-the-top.
You knew people doing 2hrs one way? That’s beyond insanity.
Those 3 to 4 hour commutes I'll never understand. Rather work at Walmart.
I paid for a subscription to leave this comment.
I'm a long time reader of your old blog and big fan of the Efficiency book. I have avoided subscribing to your Substack because most of the content seems finance/crypto-oriented. New direction, I get it, but I am mostly interested in efficiency (time, money, health). I imagine a sizable percentage of your previous readership are like me. Ergo I hope you have more content like this post in the future.
Quick question on remote work: do you guys have any tips/thoughts on how to mentally get in the work mindset when working from home? Get up, go for a run, get dressed, etc. before sitting down to work? I like having some distance between work and home, but as you've alluded to here, it's a huge waste of time and money to commute to an (private) office.
The best way to adapt is as follows:
1) create a small separate area to work, you don't even need a room (although that is ideal). You can take a large closet or even a larger room and put up some basic walls. Seriously there is something about just having a small closed off area
2) take out a watch or install it on your computer. Why? look for when you are most productive. If you came from a tough background like us, chances are higher you work *more* at night. This is due to psychological programming. Instead of "fighting" this tendancy, use 9am-12pm to have fun (lift, sports, eat, read something).
3) if you're better working in the morning flip the script.
4) avoid all caffiene type items unless you will be working. Once again, use the free time to maximize your focus output times
That should put you on the right path. The problem with most 9-5s is a lot of people can't even focus during a good chunk of those hours.
Thanks, I appreciate the tips. I'm definitely a morning person though hehe
why does tough background = night owl?
Bad parents/abusive up bringing harder to do anything except at night
ah ok, had the opposite experience where we could only get things done in the morning when parents were at work
Set up your 9-5 workspace that’s separate from other areas, in attic or even make fake walls in an apartment. Get a ritual, like make some coffee with an aeropress before sitting down and having the first sip to lock you into the zone. Running/yoga/meditation in the morning is a huge win if you can get it going.
you need to adapt to your psychology. like BTB says if you work better at night, don't try to become a morning person. also look at non-pill treatments for ADHD people. like light cardio before working, 16:8 water fasting, dopamine fasting, pomodoro technique, rewarding yourself with a small piece of candy after long bouts of work, turning off your phone, and meditation. you can also book a call with @BowTiedGnome on twitter for performance engineering or go over to the #psychology channel in discord to get advice. there's also people in the #science channel that have posted their nootropics stacks that you could experiment with. some people are using noopept and other OTC racetams to get that edge they need to work the entire day without needing prescription stims http://discord.gg/K6WfHphzBj
I’m 25. Can I make it too? I do this because it gives meaning to me. Money just a bonus. I just want to reach my full potential wether he’ll or high water. I wanna be a new person. New sub here btw
No wonder I feel so poor. Between my sports car (which really only gets used at the race track) and my truck I’m paying out 16% of my after tax take home. Time to downsize. Thanks Bull.
Brutal man definitely get rid of that headache. Pick it up when you're financially set
anyone know anything about russian farmland, supposedly very cheap
My company has an office in Singapore and I am considering the move from the US. I am enticed for a number of reasons, but concerned about the double-tax of being a US citizen.
I've read up on the possibility of foreign earned income exclusions and the like, but any advice/hacks on limiting my exposure? I want to be thorough in my evaluation.
Would also be good to confirm w people I trust (this substack) that have tried it and it worked out for them. Thank you!
unless you want infinite injections get out while you still can
Out of Singapore? That is actually my major concern.
They seem to have completely drank the cool-aid. Very disappointing as I've been working towards this prospect for quite a while now.
My opportunity is likely a few months off so hopefully we will know more by then. What do you think?
if US move red. if Sing has drank cool aid it sounds like maybe leave but they are good for business so maybe not either stay or go East Europe
Mad respect for BTB. Thanks for everything, Bull.
One nuance I see: BTB is correct that there is a floor on spending.
However, since there is no ceiling on spending, I think awareness and control of your outflows is a big plus so that bad habits don't simply scale with your income.
True, that's the old status monkey chasing game. Never gonna win that one. Always a new prestigious item, art, cars, homes etc.
Nice timely post for myself :).
Just got a new role in a unicorn start up in the UK. Fully remote.
Should I move to place with low cost of living or London (where I'll meet powerful and influential people and amazing social life)?
Low cost of living no doubt. The major cities are just not the same anymore. Better to start a side business and grind it out for now
What’s the best move to stay remote? Big companies like banks are gonna be adamant about not granting blanket officially remote (nobody would come into their expensive Manhattan offices).
I’m thinking just show up once in awhile but stay quiet and mostly remote, get the job done, and don’t get your salary bumped down for COL adjustment.
Your strategy is sound for front office finance
Anyone familiar with the tax
Code in PR? Why wouldn’t people simply declare residency for the cal year whenever they have a liquidity event? IE-Sale of a biz/taking a distribution from a def. comp plan etc?
its on the paid stack.
Thanks, I pay for the sub,
Will try to go back And find it.
Everything is mark to market so you can't just declare the same year. If you plan on selling this year won't work.
https://bowtiedbull.substack.com/p/how-to-battle-blackrock-real-estate
A U.S. taxpayer who is a bona fide resident of Puerto Rico for an entire taxable year generally is able to (i) avoid U.S. federal income tax on capital gains, including U.S.-source capital gains and (ii) avoid income tax on interest and dividends from PR sources. Generally expatriation and reaching non-U.S. residency comes with many advantages, with some notable disadvantages (e.g., exit tax).
PR is kind of a hybrid regime where you get many of the benefits of non-U.S. residency (e.g., no U.S.-source capital gains) and fewer of the disadvantages (no current income inclusion if you start a PR corp, taking you out of the so-called "anti-deferral" regimes of PFICs/CFCs.
If you really want to get fancy, the below article details how one can set up a series of entities across jurisdictions in PR to arbitrage these rules and potentially pay 4% on one's business income (rather than the 26.5% increased corporate tax rate recently proposed that could go into effect, which would then be subject to an additional tax of ~23%/33-39% if distributing out in the form of dividends).
Speaking of proposed increases, the most recent proposal would eliminate the backdoor roth and increase rates across the board (cap gains and ordinary income). And that doesn't even get into crypto...
I discuss how to make the Code work for you plan around the onslaught of new regulation at @BowTiedTax
https://www.floridabar.org/the-florida-bar-journal/u-s-international-tax-planning-for-bona-fide-residents-of-puerto-rico/