Hey there! Welcome to the Independent Money newsletter 👋 We’ll be exploring the fascinating lives of our favorite entrepreneurs. We’re taking a closer look at their backgrounds, careers, and financial journeys.

Let’s dive in! 🏊‍♂️

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We chatted with Eli Weiss, a leader in the Ecom space. He takes us inside his unique entrepreneurial path and provides valuable insights into his personal financial journey.

I have a pretty nontraditional background. Grew up in the orthodox jewish world, never went to college, and spent my early 20s traveling to 35 countries with points and miles.

Since starting my career in ecom, I have had the opportunity to work with some of the best ecom brands in the universe such as Olipop and Jones Road Beauty, as well as consult with over 100 brands as a CX and Retention leader.

Recently, I joined the SaaS side as VP Retention Advocacy at Yotpo to help them build the future of retention.

During the last ten years operating and building ecom brands, I have done my best to share my learnings with the universe, most recently on a weekly newsletter read by 14k marketers and executives.

Content Creation

What was the most effective channel for initial growth and what is the best channel now?

I have always been introverted and hated leaving my house. I learned early in my career that because I had a non-traditional background, the wins I would have would be from going through the side door, or the third door.

This brought me to sharing on twitter as a way to bring the network to me vs. going out and networking IRL.

A little under two years ago, inspired to share more long-form learnings, I tweeted asking if anyone would be interested in reading a newsletter about CX.

From that tweet alone, I had 1k subscribers and 6 weeks sponsored. Since then, it’s been mostly organic… some paid beehiiv boosts, but mostly organic. I’ve never run an ad.

How do you balance writing your newsletter with your full time role? Do you have a process for planning and organizing newsletter content, and if so what is it?

Weekends are for newsletters. I have zero help on this, it is all me. Contracts, invoices, newsletter writing, etc.

I come up with the topic idea on Saturday, and write the newsletter on Sunday. It goes live the following Thursday at 9am. 

What’s one tip for someone looking to start or grow their own newsletter?

I’ll give you two.

1. Authenticity matters. Yes, you can start a newsletter about AI or ecommerce without ever touching it and pay to grow the thing, but the pudding won’t taste the same.
   
   Building trust about a topic should come before you start writing the playbook for it, unless you are okay building short term.
   
   Like every rule, there are few exceptions. But overall, the leading newsletters are the ones that have trust in the space they are building.

2. Riches in Niches. You’d be shocked as to how many newsletter are 10x the size as mine, but make hardly as much money or have nearly as much engagement.
   
   Some of the most successful newsletters are built in a niche. While you might have less potential sponsors, the few that are in your space will pay triple to get to an audience that is super targeted. 

Money Journey

What’s one money tip you live by?

I believe that most of us have much more control on our financial behaviors than we think we do. 

This resonated with me:

I love experiences, and I’m okay spending way above what I generally would for something that will stick with me forever.

I am fairly frugal on the rent I pay, but love spending lavishly on travel and clothing. 

I love periodically eating out at a nice restaurant, and I don’t believe it has to get out of control. I try to live and die with a budget, with some room for error. 

What’s one unusual spending habit you have?

This might not be super unusual, but I am pretty cuckoo about the percentage of my net worth I hold in cash.

Okay, I know how this might sound. But no, this is not stashed under my mattress, it’s in a high yield savings account earning 4.35%, but still, I hold 50% of my net worth in cash.

While I know it’s definitely not the right idea, I grew up in a large family without a ton of cash, and having disposable cash helps me sleep well at night; sue me.

What is your current savings and investing stack/portfolio?

Here goes:

• Amex HYSA for emergency funds

• Checking with TD Bank for personal, Amex for business

• Vanguard Roth, 401k, SepIRA, and rollover 401k’s

• ADP for work 401k

• Some I-bonds in a Treasury account

• PA state 529

• Carry Solo401k for both me and my wife

Obsessively track all of it (way too often) via Copilot app (i’ve been using for years and can recommend).

Are you a solopreneur that wants to set up a solo 401k for yourself or your spouse? — Get started with Carry here.

What financial goals do you have for the future and how are you working towards achieving them?

I am a weird hybrid between loving a good plan and thriving in chaos, so to be honest, on one hand I am out here maxing out 401k’s, and on the other hand it’s very much “Jesus take the wheel”.

I’ve had a ton of personal and professional growth in the last few years, have no idea where I’ll be in another 5 both geographically and mentally, and my wife is in year three of medical school.

We plan loosely, and then let life take the wheel.

Carry has been an incredible find in the last 6 months as a vehicle to leverage my LLC and maximize post-tax savings in a meaningful way.  

To learn more about Eli and stay connected, you can find him on Twitter, Linkedin or subscribe to his Newsletter.

What’s Happening at Carry?

Here’s what you can expect in the coming weeks

See the full list of events here. ⏰

Want More?

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Think your friends might like it? Be sure to share it with them! 📩

If you want more resources on building wealth as an solopreneur/entrepreneur, check these out:

• The Solo 401k handbook 

• What is a Solo 401k?

• How to Open a Solo 401k

• Common Solo 401k FAQs

• Solo 401k Contribution Calculator