Hi all👋! I have an incredibly packed newsletter to share with you, so I’ll keep the intro short. I’m going to run through…
In each takeaway, I’ll highlight the episodes they’re from, so if you want to learn more, you can click through to read the show notes and/or listen to the full episode. While the takeaways aren’t ordered by priority, I did save my top two for last. And if you found any part of this email valuable, the most meaningful thing you can do for me is to share it with anyone else you think might enjoy it. Thanks so much and happy near year!
Takeaway #1: I have the time, but need to better prioritize and say no more often.
Laura Vanderkam (🎧 Ep7) was my first guest about time management and a story that really stuck out for me was when she demonstrated how a water-heater flood could magically make three to four hours appear in even the tightest of schedules. We all have time, 168 hours a week to be precise, so when I feel like I don’t have any, I try to realize I either overcommitted or didn’t prioritize well. I’ve begun to implement a Calendar Audit to be more diligent in how I spend my time.
Brandon Turner (🎧 Ep82) stressed the importance of setting boundaries. I've learned to say no to meetings and stop chasing things that are not at the top of the priority list. I now regularly propose Loom as an alternative to video calls, because it’s asynchronous and you speed up the video to 2x. An added benefit is that some people view it as too much work that they give up on trying to connect with you.
Takeaway #2: I can simplify my financial decisions with rules, and consolidate and automate my savings and retirement.
Ben Carlson (🎧 Ep42) and Andy Rachleff (🎧 Ep19) discussed the importance of simplifying finances, but it was Ramit Sethi's (🎧 Ep9) money rules that moved me to act. In his book, he shared his 10 Money Rules that help make his financial decisions easy. Amy and I started with one rule, "discuss any purchases over $200 with each other first”, but I hope we can put together a more comprehensive list in 2023.
Also, I opened a lot of bank and investment accounts while I was building consumer finance products. It is stressful to have my money spread across so many places, but fortunately, I have already moved my investments to Wealthfront (where I happily pay for a fee smaller than the taxes I save each year from automated tax loss harvesting). My goal right now is to consolidate accounts to:
Just seeing this list makes me smile because I’m so used to having a few dozen accounts with balances in them. Also, with fewer accounts, saving will be a lot easier. I’ll actually be using a product I built at Wealthfront called Autopilot, which lets you set an amount to always keep in your checking account and emergency fund, and it will automatically transfer any excess to your IRAs, 529 accounts, and taxable investment accounts.
Takeaway #3: I get better results when I ask better questions.
Kwame Christian (🎧 Ep17) runs the American Negotiation Institute and he showed me how his question-based framework can best prepare you for any negotiation. Think about the following:
He also shared his Compassionate Curiosity framework. You begin by acknowledging and validating others' feelings, then by being curious and asking them questions with compassion, you can collaboratively solve your problems.
Finally, Andy Rachleff (🎧 Ep19) gave me an amazing negotiating tactic. He says to always “put the gun in the other person's hand. If they fire, don't work with them." Most people don't like to be thought of as taking advantage of others, which is why this works so well. Nevertheless, if the ask is well in excess of reasonable, you can just walk away.
Takeaway #4: I should be more intentional about the things that are meaningful to me.
Regret was the subject of three incredible conversations.
First, Ben Nemtin (🎧 Ep36) talked about bucket lists. He had a whole journey that began after learning that more than 75% of people regret not living their lives on their terms.
Second, Dan Pink (🎧 Ep40) highlighted regret as the most instructive emotion we have and an essential part of our cognitive machinery. We discussed the four types of regret and how to deal with them.
Third, Jordan Grummet (🎧 Ep74) discussed living a more purposeful life. He spoke about how identity, purpose, and connections matter more than money.
What does that mean for me? In the same way that I want to be intentional with how I spend the hours of the day, I want to be intentional with the big things in life too, like the way our family spends time together, the trips we take, the friends we hang out with and more. So for starters, Amy and I plan to spend some time this week talking about what our lives in 2023 (and beyond) should look like.
Takeaway #5: I intend to strive harder to achieve an 80/80 marriage.
Nate and Kaley Klemp (🎧 Ep43) educated me on how marriage relationships have evolved. It started with the traditional 80/20 relationship, where one partner (usually the woman) does all the work in the relationship and for the family since the other serves as the breadwinner.
Many relationships today have now moved to 50/50, but the challenge is that many couples end up keeping a score of who's done what more. This competition can be exhausting.
After hundreds of interviews, Nate and Kaley have constructed the 80/80 relationship concept, in which both partners assume that they are doing their best and trying to pull more than half of the load.
I can say that our relationship has been much better as a result of it, even though it takes time and practice to get it to work. Check out our episode or their book on the topic to learn the tactics to make this work.
Takeaway #6: I can engineer more charisma in my communication.
As Vanessa Van Edwards (🎧 Ep46) illustrated, charisma is a balance of warmth and competence. I try to employ this formula in all my work.
She shared a lot of helpful techniques for achieving the right balance between nonverbal communication, vocal cues, and verbal cues. For instance, I know that emojis and exclamations can make you feel warm, so I try to tone them down or balance them out when sharing data or charts to increase my “competence”.
Takeaway #7: I don’t need to get the perfect deal when using points.
Tiffany Funk (🎧 Ep89) busted a bunch of myths about when to use your points. I've spent so much time optimizing for a dollar-per-point value that I'm doing myself harm. Though I know I'm very fortunate to have so many points, I’m also ashamed that I don't use my points enough. I often find myself paying cash for flights because the redemption value was as good as I’ve gotten before.
She also pointed out that contrary to the thought that international business-class flights are the most efficient use of points, in the past few years, domestic award redemptions have been excellent too.
It's time to burn down our points balance instead of just looking for the absolute best deals (though I'm sure I'll still look).
Takeaway #8: I need to start organizing my digital life better.
Tiago Forte (🎧 Ep85) inspired me to build a second brain and it’s already started changing the way I save and consume information. As an example, I'm now saving so much of the content I find online into a reader app called Matter, which saves me time in three ways.
Next year, I want to focus on more intentionality and organization with my notes and tasks.
Takeaway #9: I need to focus more on net fulfillment than net worth.
The episode really rocked my world. In fact, Bill Perkins (🎧 Ep91) reframed my entire view of money by stating that we should actually start allocating our money so that, in the end, we will be at zero (or close to it).
I've been greatly influenced by FI/RE (Financial Independence Retire Early) for the past decade, and it has taught me to save and be frugal. I am grateful for all the savings, but wonder if we ended up saving too much instead of spending on things that were uniquely suited to our 20s/30s and would have had a huge impact on our fulfillment. You don't have to be reckless with your finances...just rethink the focus on growing net worth at all costs.
So what’s changing as a result of my conversation with Bill?
Multiple listeners and friends have told me this is the best podcast episode they’ve listened to all year (of all podcasts, not just All the Hacks), so if this takeaway is at all interesting, you should absolutely listen to the episode and check out the Die with Zero book. I’ve already re-listened twice and each time I find a new way it’s going to impact my life.
Takeaway #10: I can capitalize on crystalized knowledge and happiness by going all-in on All The Hacks.
Arthur Brooks (🎧 Ep47) helped me redefine and find happiness and I’ve relistened to our conversation more than any other episode I’ve done (probably at least 4-5 times).
He says it’s important to remember that happiness is the combination of three macronutrients: enjoyment, satisfaction, and purpose. When you’re unhappy, you lack balance in one of these three, so you should start there to find happiness again.
In addition, we discussed how to make an impact on your happiness, and I learned a lot about fluid and crystallized intelligence curves.
Fluid intelligence peaks in our 20's and 30's. Crystallized intelligence (wisdom) begins to form in our late 30’s and 40's. We must recognize that finding work that harnesses this crystallized intelligence will lead to our work happiness in the future.
While it may seem obvious to some, I was lucky that switching to All the Hacks full-time seems to be mirroring my desire for leveraging crystallized knowledge, which makes me even more confident in the decision to leave my day-job.
Arthur also shared…
“If you want to be among the happiest people, they all do these things every day.
They practice their faith or life philosophy. You don't have to be religious, you just have something bigger than you that zooms you out on your own life. Life philosophy or faith or spiritual practice gives you that uniquely. So it's meditation or prayer or studying the Stoics, whatever it happens to be, you got to do your thing and you gotta do it seriously.
Second is family, the ties that bind and don't break. It's important that you do not choose them, but that you have them for your happiness. And God knows in many cases we wouldn't choose them.
The third is friendship. We have a major loneliness crisis in the United States. The average number of close friends that somebody 30 years old has been cut in half in the past 20 years. About half of people under 30 say that no one knows them well. It's horrible for every aspect of happiness. And part of the reason for that is that everybody knows how to make deal friends, but we know less and less about how to make real friends.
And the last is work. And work doesn't mean working hard all night long. It doesn't mean making tons of money. It doesn't mean having prestige. It means exactly two things: (1) earning your success, meaning your skills meet your passions, and (2) serving other people – the people who need you. If you earn your success and you're serving other people, I don't care if you're an electrician or a librarian or a podcast host or a Harvard professor, you will be happy from your work. And if you don't have those things, you won't be happy with your work.
Faith, family, friends, and work are the big four.”
The episode is chalked full of great advice and tactics to be happier in 2023, and I will definitely be putting a lot of it into action myself next year. If you want to join me, listen to the full episode or check out Arthur’s book on happiness.
If you want more hacks, go back and pick from any of almost 100 episodes of the podcast or go back and read any of my past newsletters.
My spending summary for non-business expenses was dominated by four cards.
In terms of business expenses, I’ve put almost everything on my Chase Ink Business Preferred® Credit Card (Travel) and the Capital One® Spark® Cash Plus (2x on everything if you have a Venture card).
If you're interested in any of those cards or any other cards, please sign up at allthehacks.com/cards. I’d be super grateful because it will help support the show.
Thank you so much for reading! I can't believe how far All the Hacks has come this year, and even more, it's now my full-time job. Thank you so much for listening and supporting me each week, it's such an honor and privilege. My best wishes for a wonderful end to 2022 and the anticipation of all that lies ahead for 2023. Happy new year to you and your families!
Best,
Chris
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