Mike Hudack

And another problem was that we just didn't charge quite enough money, like we didn't have enough things that made money. And that was kind of OK before COVID. But then our number one revenue stream was actually people using their debit cards overseas and the interchange you get from that. And that went away overnight and we were totally screwed.

And another problem was that we just didn't charge quite enough money, like we didn't have enough things that made money. And that was kind of OK before COVID. But then our number one revenue stream was actually people using their debit cards overseas and the interchange you get from that. And that went away overnight and we were totally screwed.

And I remember spending weeks on a spreadsheet with the finance team going through every line item. And we knew that we had a gap that we had to fill, trying to figure out how to fill the gap. And we were terrified.

And I remember spending weeks on a spreadsheet with the finance team going through every line item. And we knew that we had a gap that we had to fill, trying to figure out how to fill the gap. And we were terrified.

And I remember spending weeks on a spreadsheet with the finance team going through every line item. And we knew that we had a gap that we had to fill, trying to figure out how to fill the gap. And we were terrified.

of what was going to happen when we started charging for like, you know, your fourth ATM withdrawal and what was going to happen when we started charging for replacement cards and, you know, we had a list of things. It was totally fine. It was completely fine. Nobody cared. People loved the product.

of what was going to happen when we started charging for like, you know, your fourth ATM withdrawal and what was going to happen when we started charging for replacement cards and, you know, we had a list of things. It was totally fine. It was completely fine. Nobody cared. People loved the product.

of what was going to happen when we started charging for like, you know, your fourth ATM withdrawal and what was going to happen when we started charging for replacement cards and, you know, we had a list of things. It was totally fine. It was completely fine. Nobody cared. People loved the product.

like maybe a few people complained or whatever, but like honestly, like everybody just thought it was really fair. And they were like, Oh, we've been getting this thing basically for free this whole time, and we really appreciate it. And yeah, OK, that seems cool. Like if I use the ATM for a third time, I'll pay a little fee, you know, and that has really stuck with me like that lesson.

like maybe a few people complained or whatever, but like honestly, like everybody just thought it was really fair. And they were like, Oh, we've been getting this thing basically for free this whole time, and we really appreciate it. And yeah, OK, that seems cool. Like if I use the ATM for a third time, I'll pay a little fee, you know, and that has really stuck with me like that lesson.

like maybe a few people complained or whatever, but like honestly, like everybody just thought it was really fair. And they were like, Oh, we've been getting this thing basically for free this whole time, and we really appreciate it. And yeah, OK, that seems cool. Like if I use the ATM for a third time, I'll pay a little fee, you know, and that has really stuck with me like that lesson.

Like if you build a thing which is like beautiful and people love and has a place in their lives, you can charge more for it later. And, you know, that goes against conventional wisdom. And I think if you have that knowledge, it's a secret weapon because it's easier to get distribution for something that costs less.

Like if you build a thing which is like beautiful and people love and has a place in their lives, you can charge more for it later. And, you know, that goes against conventional wisdom. And I think if you have that knowledge, it's a secret weapon because it's easier to get distribution for something that costs less.

Like if you build a thing which is like beautiful and people love and has a place in their lives, you can charge more for it later. And, you know, that goes against conventional wisdom. And I think if you have that knowledge, it's a secret weapon because it's easier to get distribution for something that costs less.

That's exactly right. And if you create great value, you can then find the efficient frontier of your pricing over time. That's it.

That's exactly right. And if you create great value, you can then find the efficient frontier of your pricing over time. That's it.

That's exactly right. And if you create great value, you can then find the efficient frontier of your pricing over time. That's it.

I don't know. I think that he's one of the smartest, most determined, most principled people I know. And deeply thoughtful. And he has a quality very few people have, which is he's also kind of fearless. Once he makes a decision about a thing, he kind of goes all in while still being open to input on the other side. I guess what I'm saying is he's very good at what he does.

I don't know. I think that he's one of the smartest, most determined, most principled people I know. And deeply thoughtful. And he has a quality very few people have, which is he's also kind of fearless. Once he makes a decision about a thing, he kind of goes all in while still being open to input on the other side. I guess what I'm saying is he's very good at what he does.

I don't know. I think that he's one of the smartest, most determined, most principled people I know. And deeply thoughtful. And he has a quality very few people have, which is he's also kind of fearless. Once he makes a decision about a thing, he kind of goes all in while still being open to input on the other side. I guess what I'm saying is he's very good at what he does.