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As a substitute of sharing the same old issues I am grateful for (well being, household, being Asian, and so on.), I believed I might share some uncommon issues I am grateful for this yr!
2023 was presupposed to be a return to easy living. Alas, I do not really feel very relaxed. The mix of preserving Monetary Samurai going and being a dad is grinding me down.
By going by means of an inventory of standard issues to be pleased about, even when a lot of them are dangerous, I hope to really feel extra appreciative of the whole lot. That is what this time of the yr is for!
I hope you’ll carry out this private train as nicely.
5 Uncommon Issues I am Grateful For
Regardless of how disappointing some issues are, I at all times prefer to look on the brilliant aspect of issues. So right here goes nothing.
1) Grateful for native authorities corruption
When you have got a $14+ billion annual San Francisco funds, it is exhausting to not have some corrupt officers. Cash and energy can deliver out the worst in individuals.
However let’s take a look at the brilliant aspect of metropolis officers taking bribes. It means it is exhausting to get issues finished as a result of excessive requirements and tons of competitors. If getting issues finished within the metropolis have been straightforward, we could be jeopardizing the well being and security of our denizens.
See: Former SF Public Works Director Gets Sentenced To 7 Years In Prison
Tough to transform or construct new property
One instance of authorized bribery is paying a “allow expediter” to get your housing allow accredited or accredited quicker. When you do not pay for one, your allow might be held hostage for months and even years.
In 2005, after I was 28, I constructed a brand new full lavatory out of a closet. My basic contractor suggested me to pay $1,200 for a allow expeditor so I did. He advised me, “That is simply how issues work within the metropolis.”
It sounded fishy on the time however as this was my first time reworking, I did not know higher. The allow expeditor I paid was charged with bribery a yr later.
By making it troublesome to transform and construct new houses, town helps help current residence costs by artificially proscribing provide. Because of this, current San Francisco owners have skilled better residence value appreciation than cities with much less corrupt buildings and planning departments.
Additional, for those who can full a intestine transform, your property should be much more valuable since it is so exhausting to get permits and go the rigorous inspection course of.
See: Ex-SF Building Inspectors Took Bribes
2) Grateful to the Fed for creating boom-bust cycles
As a substitute of elevating and slicing rates of interest steadily, the Fed takes an aggressive method, which creates boom-bust cycles.
Throughout charge cuts in 2020 to counteract the pandemic, we made some huge cash in 2020 and 2021 with shares and actual property. As soon as the Fed began mountain climbing charges aggressively in 2022, we purchased shares at a reduction. Now the S&P 500 is up ~20% and the NASDAQ is up ~45% YTD in 2023. What a blessing!
Due to aggressive charge hikes, I used to be additionally capable of purchase a beautiful property at a cheaper price 17 months after I first noticed it in Might 2022. The Fed’s charge hikes purchased me 17 months of time to avoid wasting, make investments, and recuperate from my inventory market losses. With out an aggressive Fed, the home would have gotten bid up past my household’s attain.
Thanks Fed for giving me the chance to greatest deal with my household! As a father, one of many prime priorities is to offer a cushty residence.
Lastly, due to the Fed, we will now all earn ~4.84% risk-free revenue for as much as 20 years in Treasury bonds if we wish. Incomes such a excessive risk-free rate of interest with inflation heading again to 2.5% or decrease is a generational win. Thousands and thousands extra savers will expertise better monetary safety because of this.
3) The brilliant aspect of OpenAI altering to a for-profit firm
OpenAI, the AI firm which created ChatGPT started as a non-profit firm to assist all of humanity. However the leaders quickly realized the money-making potential in ChatGPT, so that they switched to a for-profit construction. After elevating an incredible quantity of funding, hiring prime expertise, and innovating, the corporate is now price ~$86 billion.
When an organization is price $86 billion, it will get to rent much more individuals, which is nice for cities the place OpenAI has places of work (San Francisco, Seattle, and so on.). As well as, the fast creation of an $86 billion firm will increase the need to create new rivals. Venture capitalists are funding AI corporations left and proper!
Anthropic, a detailed OpenAI competitor, for instance, got here out of nowhere and is now price ~$30 billion. Not dangerous for an AI firm which can be supposedly not revenue pushed.
Inside a number of years, all this sudden wealth creation has created hundreds of recent millionaires and dozens of billionaires within the San Francisco Bay Space. In the meantime, hundreds of recent jobs will likely be created.
If OpenAI had determined to stay a non-profit and constant to its mission to assist humanity, all this wealth creation doubtless would have by no means occurred.
AI Is A Vacuum Cleaner Of Capital
Now there may be one other sturdy local economic catalyst for the San Francisco actual property market and financial system. I count on there to be much more AI corporations created due to hundreds of recent financially unbiased workers at OpenAI, Anthropic, and so on branching off. This occurred a number of years after corporations like Google and Fb went public. As soon as the shares totally vest, workers love to do their very own factor.
With a virtuous wealth cycle concentrated within the Bay Space, it is now harder to leave San Francisco as a result of extra nice fortunes will likely be made. The AI revolution is simply getting began.
It is significantly better to reside at AI headquarters than be outdoors the partitions the place AI will likely be systematically eliminating tens of millions of jobs over time. I hope this does not occur, but it surely’s an inevitability when an organization is attempting to maximise income.
4) Grateful for perpetual rejection
Once I did not get promoted to Managing Director in 2011, after 10 years of loyal service to Credit score Suisse, I made a decision to plan a plan to get laid off. The concept to negotiate a severance package with all my deferred money and inventory got here to me whereas sitting at a bar in sunny Santorini, Greece. Then I made it occur six months later.
Having the ability to stroll away from banking with cash in my pocket was a dream come true. Banking was making me sick. Inside a yr after I left, all my power again ache, sciatica, and TMJ went away. The health benefits of early retirement are priceless.
Again then, I might have paid something to really feel wholesome once more. Little did I do know that each one it took for a wholesome physique was not working 60 hours every week for years below a number of stress. Hooray for hitting the “bamboo ceiling”!
Turning job rejections into income
After getting rejected by dozens of tech corporations in 2012, I ended up shopping for a number of tech shares. I figured, if I could not work for them, they might work for me! The returns from these tech investments have made it doable for my household to eat at McDonald’s daily for the remainder of our lives.
As soon as my spouse negotiated a severance in 2015 as a high performer, we now not had sponsored healthcare. After getting one among our medical insurance claims denied by UnitedHealthCare, I noticed what a strong enterprise it was. So I purchased some UNH inventory and it has blown away the S&P 500!
Getting rejected as a author
When no literary agent responded to me about my ebook thought on methods to negotiate a severance, I made a decision to self-publish. The ebook has now offered hundreds of copies and has revamped $550,000 in web income.
I persistently get feedback and emails of thanks saying how How To Engineer Your Layoff gave them the braveness to depart a nasty work scenario behind. It feels wonderful to vary individuals’s lives for the higher.
Getting rejected as an athlete
One of many saddest issues about being an athlete is getting outdated. In some unspecified time in the future, you understand your physique will now not cooperate even when your thoughts continues to be sturdy.
In 2023, I used to be rejected by the captain of a public park 4.5-level tennis crew to hitch his crew. It was a tragic fall from grace given I had played at the 5.0 level for 4 years on different groups earlier than the pandemic. However with out this rejection, I would not have skilled one of the vital satisfying wins of my life.
On July 6, 2023, my accomplice and I beat the captain who had rejected me and his accomplice 4-6, 6-3, 10-7 in a vital playoff match. Ah, the win was so satisfying, so was seeing the melancholy on his face after he misplaced. Thanks Jeff for the priceless reminiscence!
Associated: Perpetual failure: the reason why I save so much
5) Decrease-than-average want to achieve success
One of many biggest destroyers of happiness isn’t being happy with what you have got. As a result of a pal of mine misplaced his life at age 15, since 13, I’ve felt extra grateful to be alive. Each new yr looks like a bonus.
At 34, I made a decision I had had sufficient and left banking. It was exhausting to stroll away from a wholesome paycheck. I knew if I labored for simply 5 extra years, I might be capable to accumulate not less than another $1 million in net worth. However I did not care anymore.
My passive investment income on the time wasn’t sufficient to reside a wealthy way of life in San Francisco or Honolulu. Nevertheless it was sufficient to reside a cushty middle-class way of life as a person or couple.
If my intent was to make tens of millions and get promoted to Managing Director, I might have been depressing for the subsequent 5-10 years working lengthy hours. My well being would have suffered and possibly I might have reduce a few years off my life expectancy.
Ok is nice sufficient I say!
Fame isn’t price it
I’ve discovered principally intrinsic motivation to do what I wish to do. Though fame could be alluring, fame does not maintain my curiosity. Consideration is like an dependancy that may wreck an individual’s psychological well being.
I tasted some public publicity for a few months throughout my Buy This Not That ebook advertising tour in 2022. It was enjoyable to point out my mother and father the TV spots, however not one thing I might wish to be ongoing.
While you’re along with your children on the playground, do you actually need strangers coming as much as you and interrupting your one-on-one time along with your little ones? I do not suppose so.
All I need is sufficient cash to deal with my household, do significant work each week, and have the freedom of being a nobody.
So Many Extra Uncommon Issues I am Grateful For
I might go on about extra uncommon issues I am grateful for. However I will not bore you.
There are two details to this submit:
1) Attempt to look on the brilliant aspect of issues. Unhealthy issues occur on a regular basis. Practice your thoughts to turn out to be extra optimistic by searching for the potential positives. When you do, you may discover extra alternatives and really feel happier because of this.
2) Do not cease attempting. You’ll by no means lose for those who by no means hand over. Do not underestimate the ability of grit. It does not matter for those who fail. What issues is that you just tried and can carry on attempting.
Blissful Thanksgiving everybody!
I am curious what are some uncommon belongings you’re grateful for? What are some fortunate breaks you have had?
Be aware: I am not likely grateful for corruption, boom-bust cycles, authorities purple tape, and greed taking up AI. Rejections at all times stink as nicely. I am simply attempting to have a look at the positives of suboptimal conditions.
Associated posts about being grateful:
Solving The Happiness Conundrum In Five Moves Or Less
The Importance Of Forecasting Your Misery To Live A More Fulfilling Life
Thankful For Luck: A Phone Call That Changed My Life for The Better
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