1096: Ali Abdaal | The Hidden Economics of Creative Success Part Two
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What is the Money-Time Paradox?
So you live in California where the taxes are really high. You have two kids. One thing I often worry about is like, well, I'm popular on YouTube right now. Who knows how long this fame will last? Surely I should be trying to make Hey While the Sun Shines. And a few years from now, yeah, maybe I should just make videos about passive income ideas or some shit like that, that will get the views and will have high CPMs and blah, blah, blah, blah, blah, blah. Because what if when I have kids and maybe, I don't know, they need to go to private school because the state schools in the area are a bit shit or whatever, then will I regret my past self for not having chased the money? Any advice? Yeah, sure.
You seem to be doing okay, right? So the way that you do, the only way in my opinion is to do the math. And it's funny because every year I kind of do the math and I go, okay, how long do I need to do this and earn at this level? And what happens if I lose 50% of my income through some tragic turn of events like podcasting CPMs, amount people pay for ads, goes way down. What can I survive with?
How does parenting change one's perspective on life?
How do I make more money doing different things, put other irons in the fire, like product or something like that that's something I actually believe in? Or like one thing I do now is voice acting for video games. It's not a massive income stream, but it's like, oh, if I quit podcasting and I only did that, I could earn a living doing that. It wouldn't be the same living, but I could do it. So then you do the math and you go, all right, if I have this much now and it's generally going to appreciate a 5% per year and I only need to do this for X number of years until I have this, in which case if I have this amount of money and I needed to withdraw from that every year because I was retired forcibly or otherwise, how much money would I have each year to survive on before that hits zero and it better not hit zero before I'm dead, right?
So- As you earn more, you realize, oh, okay, I have more years of runway. So right now, the way that this, in fact, I have the app on my phone. It's called Compounding Calculator or something. I should show you. But I've calculated that if I stopped working right now, I could live on a pretty damn good monthly draw in perpetuity and still leave money to my kids. It's actually the same amount of money that I happen to live on right now, minus like the cost of doing business and stuff like that. So that's a really good place to be in. You are... Quite possibly also there. You just haven't run the numbers. I just never run the numbers, yeah. So it's scary.
What is the Two-Career Tango?
So I have this scary thing in the back of my mind of like, what if I run out of money?
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Chapters
8 chapters
1
What is the Money-Time Paradox?
1:11–2:15
2
How does parenting change one's perspective on life?
2:15–3:39
3
What is the Two-Career Tango?
3:39–4:38
4
What does financial freedom really mean?
4:38–5:35
5
How can running the numbers change your relationship with work?
5:35–8:11
6
How do you prevent lifestyle creep?
8:11–11:27
7
What are the keys to raising well-adjusted children?
11:27–14:45
8
What do parents wish they had known before having kids?
14:45–57:18
Speakers
3 identifiedMore from The Jordan Harbinger Show
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