Happy Halloween 🎃 👻 and welcome to the WalletBurst monthly newsletter for the month of October 2021. Let’s dive in!
Around the web
🪜 The ladders of wealth creation: a step-by-step roadmap to building wealth by Nathan Barry is a long but bookmark-worthy read for anyone who wants to escape the 9-5 in the future. Nathan illustrates the progression from trading your time for money in a job to running your own service business to selling productized services to finally selling products as a series of ladders where each builds on the skills you gained on the previous ladder. He also explains some great principles for navigating the wealth-building ladder like “Extra time and money need to be reinvested” and “Using an earlier rung on the ladder to fund the next one.”
💼 Along that same vein, I also enjoyed Charlie Warzel’s piece titled What If People Don’t Want ‘A Career?’. Charlie examines the message being sent by the “Great Resignation,” the widespread trend of employees quitting jobs during the pandemic. Over the last few years, there appears to be a shifting dynamic of power from employers to employees as it becomes harder to hire candidates in many skilled professions. Personally I believe work is a pillar of a meaningful life, but there are still several aspects to the ” modern American career ladder” that could be improved without any impact on productivity. Here’s an excerpt from Charlie’s piece:
“The pandemic has left people sick, tired, exhausted, and rattled. It has also changed peoples’ priorities and upended their notions of what is possible. For the first time in a while, they’re starting to ask big questions about the status quo.”
📈 😬 Here’s a concerning price change chart courtesy of @balajis and howmuch.net. The sad takeaway from this chart is that the most important things in life like healthcare, education, and housing are getting increasingly expensive while the least important commodities like software, toys, and TVs are getting cheaper. I plan to write more about this in the future, but for now this chart is something to marinate on.
🚢 For my fellow infrastructure geeks out there, Ryan Petersen, the CEO of Flexport, has been an entertaining follow on Twitter throughout the ongoing supply chain crisis. First he made a viral tweet storm diagnosing the dire, unprecedented situation at the Long Beach port which prompted immediate action by the city of Long Beach. Then he posted another series about how companies optimizing for short term financial metrics has caused the breakdown in supply chains that we are now seeing. It’s probably best to get your freezer/pantry full and your Christmas shopping done now as the supply chain disruptions may be around for a while.
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