Katie Gatti, aka the Katie behind Money with Katie, joined Morning Brew as a creator in January. She crams all of her vast personal finance knowledge into newsletters, podcast episodes, and Insta posts for #RichGirls around the world.

We chatted with Katie (and her cat, who loves Zoom calls) about being young, anxious, and pressured to buy a house.

Recently you tweeted, “Someone asked me the other week in a podcast interview, ‘So, I get who Money with Katie is. But who’s KATIE?’ I literally sat in stunned silence, unable to answer. It’s hard for me to define myself outside of traditional success metrics. Gave me a lot to think about.”

Many young people are going through the same identity crisis. Why do you think that is?

I need to preface this by saying that it’s entirely possible that every generation goes through this…but my prevailing theory is it seems that life is more economically precarious for people now.

It makes sense that young people are always the ones who have the least amount of money, because we’ve been alive the shortest amount of time. But anytime you have a system where the people who have the least amount of money, aka the young people, feel like they’re living close to the edge, or that financial ruin is one misstep away (get in an ambulance one time, good luck paying for that), I think it breeds anxiety.

And look at all these other millennials who are getting rich by trading dogecoin, or building online media empires, and you could be doing that, too. But you’re not. I mean, it’s an anxiety cesspool at this point, and I don’t think it’s sustainable. The more I learn about how life now is different than it was even 30 years ago, the more it makes perfect sense to me that people are having that identity crisis of, “I want to feel like I know who I am.”

What’s the biggest personal finance myth right now?

Buying a house is a good investment. That was a huge realization for me: realizing how much you end up spending as a homeowner in property taxes, homeowner insurance, mortgage interest, maintenance, capital expenditure, or just needing major repairs. Again, that sounds crazy right now, given what we’ve seen in the housing market over the last 18–24 months. And renting, it’s not inflation-proof in the same way that owning a home is. But I used to think of a big house as a good investment. And now I think that it’s just a big liability.

What is one thing you’re always going to splurge on?

Saving my own time. Anything that provides convenience to me, I will pay a premium for.

This interview has been edited and condensed for clarity.

Each week, our workplace whisperer Shane Loughnane answers a reader-submitted question about problems at work. Anything nagging at you? Ask Shane here.

I have a brand new teammate who works weekends, late nights, and goes the extra mile. I can’t compete with their tech skills and abundance of energy, as I am married, have a school-aged child, and have obligations that prevent me from burning the candle at both ends. How do I ensure that my dedication and hard work now and for the past three years does not fall by the wayside?—C from Michigan

In 17th century France, candles were expensive, and burning both ends meant depleting them much faster. As such, to burn the candle at both ends represented wastefulness. Taken as a symbol of one’s life force, the phrase came to imply using one’s up too quickly, or working oneself to exhaustion. The takeaway, it seems, is not to overlook the value of a healthy work-life balance (or for that matter, electricity).

While the emergence of an energetic new co-worker can certainly be jarring, I wouldn’t torment yourself with the idea that your colleague’s work ethic has any real impact on your own value. I also wouldn’t assume that management needs any reassurance of what you bring to the table. Good leadership puts high emphasis on consistency and dependability. It also supports maintaining appropriate personal/professional boundaries and the critical role that plays in creating a mutually beneficial workplace experience.

That being said, why not view this as an opportunity for collaboration, rather than an unwinnable competition? You mentioned your colleague has tech skills you are lacking—perhaps they would be willing to help you become savvier. Almost certainly there are ways your experience would benefit them in return. Positioning yourself as a mentor for new teammates is just one example of how you might continue to demonstrate your value in new ways, rather than worrying that it could suddenly erode.

Of course if time travel is on the table, I highly recommend 17th century France, where I imagine it was nearly impossible to extend the workday past dark. That is, unless you were willing to burn your candles at both ends.

The company known for its one-click checkout button, Fast, is checking out permanently. The fintech startup announced on Tuesday that it’s shutting down, relieving its 450 employees of their work and its investors of $120 million.

Fast’s burnout comes just two years after payments giant Stripe led the company’s Series A, and 15 months after it closed a mammoth $102 million Series B. Though the announcement was abrupt, it was not all together unexpected. Just take a peek at what Fast’s checkbook looked like last year.

• According to The Information, Fast’s entire 2021 revenue was about $600,000. Meanwhile, it was spending as much as $10 million…per month.

At the behest of hotshot CEO and co-founder Domm Holland, the company balled out on over-the-top corporate retreats and pricey corporate swag. It teamed up with Nascar for marketing stunts (Holland doing donuts) and agreed to pay electronic music duo The Chainsmokers a reported $1 million to perform at a retail conference and in a promo video (although Fast fully ghosted the group’s agent in February, per NPR).

Not to mention Fast’s main product, a one-click checkout button, faced intense competition. PayPal, Apple, Bolt, and Shopify have all constructed their own versions of the tech after Amazon’s exclusive patent on it expired five years ago.

Fast fought for more funds ’til the bitter end: The company reportedly asked its investors for new funding last month at a $1+ billion valuation. And when its sharks said “I’m out,” Fast cut its ask in half and offered to lay off 50% of its workforce.

Investors still didn’t budge. But then again…

Investors aren’t feeling 2022 at all

Global venture funding dropped 19% from Q4 2021 to the first quarter of this year—the steepest drop in at least four years, according to CB Insights. And the number of companies that nabbed “unicorn” status (a valuation of at least $1 billion) fell to a five-quarter low.

What’s going on? After smashing records in 2021, the private market sees brake lights everywhere, such as the war in Ukraine, soaring inflation, and a public stock market that’s been particularly brutal to tech companies. Even legendary investor Masayoshi Son told his team to chill with the tech investments after their current holdings got walloped.

Bottom line: Fast may be the first of many startups to burn out in the cooling investor environment that is 2022.—JW

Welcome to Open House, the only newsletter section with a wicked short commute. We’ll give you a few facts about a listing and you try to guess the price.

Today’s home is in Scranton, Pennsylvania. And while we think Kevin dropping a giant pot of chili is as funny as the next guy, we’re not highlighting this house–office hybrid because our personalities are defined by The Office; it’s because Scranton was deemed the most challenging place to live with seasonal allergies in the US. So if you’re down to sneeze and snot your way through spring, here’s your dream house. Features include:

• 5,600 square feet
• 3 beds, 3 baths
• Attached mechanic shop (tough luck if you have any other job)
• Ample parking

How much to make your own workplace comedy?

1. Why so many Covid predictions were wrong. (The Atlantic)
2. The story of climate change right now in 9 charts. (CNBC)
3. How stocks performed in Q1 2022. (Reddit)
4. Breaking down the mansions in Bridgerton. (Architectural Digest)
5. Windows 3.1 turns 30: Here’s how it made Windows essential. (How-To Geek)
6. How one FoodToker is making a career as a content creator. (Morning Brew)
7. What to do when the rent is too high. (Kiplinger)
8. 9.2% and the Master of Twitter. (Margins)
9. The hidden world of octopus cities and culture shows why it’s wrong to farm them. (The Conversation)
10. Welcome to the girlbossification of crypto. (Washington Post)

Come for the minimalist design and 45-day free trial, stay for the lifetime guarantee. More than 2 million people have refreshed their pockets with a wallet from The Ridge. Browse 30+ colors and styles and get 10% off your order here.*

^{*This is sponsored advertising content}

Welcome back to Morning Brew’s Meme Competition, where we crown a single memelord every Sunday.

Today’s winner: Elizabeth in LA

This week’s challenge: You can find the new template here for next Sunday. Once you’re done making your meme, submit it at this link for consideration.