Meet with the Vandykes
September 23, 2021
Last night was a blast with Andrew and Michelle! Our conversations flowed nicely and we learned quite a bit about them. Andrew is the 3rd of 4 siblings. Michelle has once older sister.
Andrew and I are very similar in our pursuit of financial independence, software, and entrepreneurship.
He really got me thinking about cryptocurrencies last night though. He's in a great spot with his setup, paying for the electricity on a few mining servers and making bank right now. I think it's a little nuts that it's been so lucrative for him! My gut tells me that I should jump on in on the action! $10k is quite a bit to get started though... Hannah wouldn't be easy to convince.
It's amazing how many different directions I could go to try and make money. I know how to make websites, I could buckle down and go hard at that. I could learn to write well enough to sell an info product. I could learn how to invest in money producing assets. (!!!) I know investment is probably the best long term way to make money. Accumulate assets that produce a cash flow.
Find assets that cost the least and produce the most. Bitcoin miners sound like they might fit the bill here. 10k is much cheaper than a rental building. If it pays for itself within 6-12 months, that's phenomenal! Anything beyond that is going into my pocket. Assuming Bitcoin continue to go up, there's a good chance that the price of miners could go up as well.
Might be time to revisit some business and economics principles. Figure out how long until an investment pays for itself, cost analysis stuff... Not the most fun, but maybe it'd be more exciting if it's for my finances 😛
The other intriguing topic we covered was AI. I have wondered about AI for a while. It seems to be proving lucrative for some app developers out there. I just don't know anything about it right now! Andrew recommended <fast.ai> as a good resource, I'm going to check it out once I'm done writing this morning!
If it's more straightforward than I am imagining, there might be opportunity there to create an app that uses AI to improve the experience for a customer.
Business and opportunity are tricky. There are tried and true methods of increasing wealth, but often the upside is capped. I want to create something that has an unlimited upside. Businesses can be scaled, S&P500 investments aren't going to produce consistent returns higher than 12% in the long run.
I need to do good work in my current position though so I can continue to use that income to pay bills and set us up for long term success in whatever comes next for us. Andrew got the gears turning for me yesterday. Opportunity is around, you just have to look for it and jump on it at the right time.
The beautiful thing is that God will provide for us no matter what. Good investments, bad investments, He will always care for us.
Improving my writing is proving to be challenging. It takes effort to get up early and write out 1000 words. Practicing producing isn't always fun. I'm proud of myself for keeping up with it. This morning I just wanted to sleep, but I got up and started writing instead. I'm hungry to learn and be better. I want to communicate my ideas with others so there can be dialog.
I also want to add value to other people, whether it's personal or business value. I know God can and will use me for his will. Maybe this is part of how he'll use me to be a witness for him.
Does money make it more difficult to understand value exchange?
Wow, my mind is spinning with how many different directions there are to explore! Everyone has an opinion about what is the best use of time. SEO, writing, coding, marketing, getting a job, quitting your job, Solo founder, startup, etc. There's not shortage of people telling you what to do. That's what happens when you only have 280 characters. You have to take a stance to stand out! Wishy-washy doesn't cut it. But how do you decide which is the best decision for you and your family?
Sometimes I think it comes down to what you enjoy more. Other times there's an overwhelming amount of proof that something works that you can't ignore it. And other times you just get lucky with an arbitrary choice.
I know learning to program has been a huge game changer for us financially. I want to continue making those life-changing decisions in a calculated way. If I could be in the position to go out on my own in 4 years, that'd be terrific! Reducing debt will have to be the first thing we do to reduce expenses. But why don't we continue to try and increase income at the same time? Then once the debt is payed off, we can save more aggressively and also give generously 🙂
This writing probably isn't adding much value to anyone but myself. But maybe there's something here for others to take away. There will always be opportunities. The problem is you never know which ones are going to be a bumper or a bust. Sniffing out the good ones at the right time is the key, but no one can do that accurately. Diversifying reduces both the downside and the upside. Going all in on one thing increases both.
I'm itching to learn how to share my ideas more effectively online. Reading this ultimate guide by Dickie is going to be a lot of fun! I've been reading a lot lately:
- Overlap by Sean McCabe
- Ultimate Guide to digital writing by Dickie
- Daren's Craftsman Creative online book
That's just the recent stuff! While I haven't read many physical books, I've been making up for it with online reading. So much good information out there. Sifting through the cruft can be a challenge, but that's not going away in this world. But social proof helps save time when other people have already gotten something from it.
It's about time to read a devotion and then continue with my Ultimate Online writing guide. Be back tomorrow morning! 👌