How to lose 99.9% of your net worth (in one day)

And how it impacts your self-worth  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Hey friend,

Lisa and I are just getting back from Mexico City, where we celebrated our (belated) 10 year anniversary. What an incredible city - food, sights, museums - and even hipsters!

This week, I couldn't avoid writing about the spectacular implosion of the FTX crypto exchange. And while I'm quite indifferent about crypto itself, the meltdown provides a powerful lens into the fragile nature of identity.

Speaking of identity, one of the most salient questions from our course is:

Who am I, without achievement?

If you're trying to disentangle achievement, identity and ambition - Supercharge Your Productivity is the course for you.

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What happens when you blow up your identity?

“It’s only when the tide goes out that you learn who has been swimming naked.”

Straight from God’s Lips (i.e. Warren Buffet) to my ears.

And boy did we see a naked swimmer this week.

Sam Bankman-Fried (known in crypto circles as SBF) flew his firm (FTX) a bit too close to the sun.

And he got burnt.

It cost him nearly $16 billion of his personal wealth.

Caught in SBF’s wake were FTX’s investors (Sequoia wrote its $200mm investment down to 0), politicians, the Miami Heat’s arena and even Tom Brady (remember that Super Bowl ad).

I don’t know SBF, nor do I really have a horse in the race. (He does have these cute chubby cheeks that I can picture his grandma squeezing). But I kept thinking back to articles I read barely a month ago about how SBF was going to change the game.

Having survived the first downturn of Crypto Winter 2.0, the 30 year old former Jane Street trader turned crypto wunderkind drew some magnanimous comparisons. He was “The JP Morgan of crypto. He was reshaping the Democratic Party. He was creating an entirely new playbook for philanthropy.

Until he got caught skinny dipping with the sharks.

Now I’m not going to write about risk management, bank runs or billionaires with huge egos.

Instead, I want to deconstruct identities. And what happens when you blow them up.


Here are this week's top reads:

// one

Unconventional finance advice

6 minutes | Young Money

We’ve all gotten that big win. A promotion. A big client. A surprise bonus. Yet immediately we can’t savor it, because we’re so scared that we’ll lose that thing. Yup, that’s the good ‘ol scarcity mindset at play. I love how Jack challenges the notion of delayed gratification and betting on yourself —trusting yourself— that you’ll make the right decisions.

Read the post

// two

You probably shouldn't work at a startup

12 minutes | Every

Working at a startup has been highly glamorized. Using s*xy buzzwords like “equity comp” and “mission-driven,” startups attract highly motivated individuals who are betting on themsleves for the chance of landing at a unicorn. The odds are stacked against you (especially in a tough market) yet there are a couple of guidelines to follow when considering your next move.

Read the post

// three

Understanding and overcoming belonging uncertainty

7 minutes | Behavioral Scientist

Uncertainty about whether we belong is very human. When we feel like our sense of belonging is threatened, our horizon of possibility shrinks. We think we’re incapable or that we won’t be understood. The key to helping each other feel like we belong more? Turning uncertainty of belonging into a basis of connection instead of shame.

Read the article

// four

Good genes are nice, but joy is better

6 minutes | The Harvard Gazette

Exercising often, cutting out alcohol and smoking, maintaining a healthy weight, eating a nutritious diet — all important factors to prioritize in living long, happy lives. Something more important than all of these factors? Relationships. Close relationships, more than money or success, trump everything when it comes to living long, happy lives.

Read the article

// five

What if burnout is less about work and more about isolation?

6 minutes | NYT

We’ve all seen the headlines: five tips to combat burnout in the workplace and your life. But what if burnout is about something more intricate that can’t be fixed by hydrating more often or waking up earlier? It turns out that the brain can do very difficult things for a long time — as long as it doesn’t have to do them alone. The moment when we share an experience with or feel seen by another person, burnout begins to dissipate. Here’s a thought: What if we’re not burned out — instead we’re just desperate for more authentic human connection?

Read the article


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Below the Fold

LAST WEEK'S MOST READ

And finally, this dog outsmarted the marshmallow test.

With gratitude,

Khe

PS The RadReads LifeOS is your home base for personal productivity — one app to rule them all. It’s a 100% turnkey system to help you get on top of things and in control of your life.

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