Welcome to the weekend.

Prime Numbers

72 — A recent survey on industry regulations found that respondents generally favored increased oversight across various sectors. Artificial intelligence topped the list with 72% of respondents supporting more regulations, followed by pharmaceuticals, social media, firearms and health insurance, all seeing majority support for increased regulatory measures.

7 — States are expanding gambling to boost tax revenue, but historical evidence suggests this may backfire, with one study finding that for every dollar residents spend in casinos, state revenue actually falls by $0.07.

5.6 — Total book sales were up 5.6% year over year in the first half of 2024, hitting $6.3 billion. 

5 Formulas for a Good Life

Money isn't everything, but leveraging your mind is. Naval Ravikant, a successful entrepreneur and investor, advocates for pursuing wealth through specific knowledge and equity ownership rather than traditional employment. He emphasizes the importance of continuous learning, taking action, and playing long-term games in both business and relationships. By focusing on what truly matters — health, wealth and happiness — and aligning your work with your innate talents and curiosities, you can build a life of purpose and financial freedom. Ravikant's five formulas for life include: 1) action over intention (take meaningful steps toward your goals), 2) knowing what you want (clarity precedes success), 3) playing the long game (compound interest applies to all aspects of life), 4) building specific knowledge (develop unique, valuable skills), and 5) becoming a perpetual learner (adaptability is key in a changing world). These principles, when applied consistently, can lead to extraordinary results in both personal and professional spheres. Postantly (13 minutes)

Raising Entitled Kids

As someone who grew up lower-middle class and is now more well-to-do than my parents, I’m so about raising entitled kids. Entitlement isn't just about privilege; it's a fear of frustration that can cripple personal growth. Wealthy parents often use money as a shield, inadvertently teaching their children that discomfort is intolerable and should be avoided at all costs. This approach backfires, creating adults ill-equipped to handle life's inevitable challenges and prone to overreaction when faced with minor inconveniences. Embracing frustration, rather than avoiding it, may be the key to raising resilient, well-adjusted individuals in a world of abundance. RadReads (6 minutes)

A DeLorean for Nonprofits

Nonprofits are at a crossroads: embrace AI or risk falling behind. The choice is obvious. According to Google.org, AI has helped nonprofits achieve their goals in one-third the time and at half the cost, freeing up time for the work only humans can do. This is crucial because, let’s face it, most nonprofits don’t have a time machine built by Doc Brown in their budget. But adopting AI is only half the battle. For nonprofits, AI will only deliver results if it’s applied responsibly. Understanding how to use AI ethically is where the real work begins. Subscribe to the AI for Humanity newsletter for learnings and insights. Fast Forward (Sponsored)

Love Isn’t All You Need

Contrary to popular belief, love isn't the bedrock of healthy relationships — it's the reward. Mutual respect, trust and affection form the essential triad upon which strong partnerships are built. When you lose one of the core components of a healthy relationship, it’s possible for a downward spiral to occur. Say your partner joins what, to you, is clearly a get-rich-quick pyramid scheme. Up to this point, you’ve respected their intelligence and level-headedness. That respect has now taken a blow as you question your own judgment of them. This causes you to lack trust in them with financial decisions (and maybe other decisions as well). Their long-term prospects as a partner are called into question: Will they make stupid financial decisions down the road? Will I get caught up in those bad decisions? What if we get married and have kids — can they make good decisions for our family? The good news is that the spiral can work in the other direction as well. Mark Manson (6 minutes)

Career Advice

Ryan Holiday, one of my favorite writers, has three pivotal pieces of career advice that stand out: First, prioritize financial gain over recognition, as credit is ultimately worthless. This approach fosters teamwork, learning and behind-the-scenes influence. Second, seize "Alive Time" by maximizing every opportunity in your current position, even if it's not ideal. This proactive stance builds valuable networks and experiences. Finally, develop your own platform to maintain independence and resilience in your career. Having a direct connection to your audience provides security against external pressures and market changes. These strategies emphasize long-term thinking, adaptability and self-reliance in navigating one's professional journey. Ryan Holiday (5 minutes)

Free Solar

The solar power industry is experiencing an unprecedented boom, with costs plummeting and installations skyrocketing. By 2030, solar energy is projected to be virtually free during sunny periods in most places. This revolution presents both opportunities and challenges: from potential applications in desalination and carbon removal to the need for improved energy storage and transmission. While not a complete solution to climate change, solar's exponential growth is reshaping the global energy landscape, promising increased energy independence for sun-rich nations and sparking innovation in energy-intensive industries. The key question now is how society will harness this abundant, nearly free power to address pressing global issues. New York Times (5 minutes)

Penny's Paradoxical Persistence

America's stubborn adherence to the penny defies logic and economics. Despite costing more to produce than its face value, billions of these largely unused coins are minted annually, creating a self-perpetuating cycle of waste. This paradox stems from a mix of historical inertia, lobbying efforts and misguided beliefs about the coin's necessity. Experts argue that eliminating the penny, as Canada successfully did, would have minimal impact on the economy while saving resources. The solution may lie in an overlooked law allowing the Treasury Secretary to decide which coins are necessary, potentially ending the penny's reign without congressional action. New York Times Magazine (28 minutes)

Should We Work Together?

Hi! I’m Kyle. This newsletter is my passion project. When I’m not writing, I run a law firm that helps startups move fast without breaking things. Most founders want a trusted legal partner, but they hate surprise legal bills. At Westaway, we take care of your startup’s legal needs for a flat, monthly fee so you can control your costs and focus on scaling your business. If you’re interested, let’s jump on a call to see if you’re a good fit for the firm. Click here to schedule a one-on-one call with me.

Founder Fridays

Check out my other email Founder Fridays — a Friday morning briefing helping startup founders and operators scale smarter.

Weekend Wisdom

The purpose of life is not to be happy. It is to be useful, to be honorable, to be compassionate, to have it make some difference that you have lived and lived well. - Ralph Waldo Emerson