Hey there! Welcome to the Independent Money newsletter 👋 We’ll be exploring the latest financial news and discussing how it affects entrepreneurs like you. Plus, we'll share some awesome wealth creation insights from successful entrepreneurs that you won't find anywhere else.

Let’s dive in! 🏊‍♂️

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In this newsletter, we’ll discuss:

• Shaan Puri’s Money Wisdom: Serial entrepreneur and co-host of the My First Million podcast, Shaan Puri, shares some of his favorite money rules that he lives by.

• An Entrepreneur’s Journey: Jason Staats is a CPA-turned-creator and he shares some insights into his approach to personal finance and a money rule he lives by.

• When Should You Give Away Your Money? Do you know what age most people receive their inheritance? Nick Maggiulli shared his perspective on when to give your money away, and the comments were pretty interesting.

Shaan Puri’s Money Wisdom

Shaan Puri, a serial entrepreneur and the founder of one of the most popular business podcasts, My First Million, shared some “money wisdom” on Twitter.

Here’s a summarized version of his Twitter thread:

The Rich Aren’t Just “Lucky”

Pretend we took all the money, and re-distributed it equally. Everyone got $100,000.

Within 10 years, the rich people would be rich again.

Wealth building is a skill that can be learned.

For most people, they need to make 3 small shifts.

• Shift 1: Hard Work --> Smart Work

• Shift 2: Far from money --> Hangout with money

• Shift 3: Small Swings --> Wait for the Fat Pitch

So what should you work on?

Naval says it best: find the thing that feels like PLAY to you, and WORK to others. Keep dabbling until you find that.

For some that's coding. Others it's writing. For some it's exercise. Hell, Marie Condo loves cleaning and made it her thing

When something feels like play to you:

• You'll do it a lot. Not just 9-to-5, but every available moment

• You'll keep going, even if you don't get instant results.

• You know what they call the guy practices non stop & never quits?

"The best"

And the best always gets paid

Think like a fit person --> act like a fit person --> become a fit person

Same for wealth. You must shift your "way of thinking" to match that of the type of person you want to become.

So how do you start thinking like a wealthy person?

Find a way to hangout with wealthy people. Or people who also are driving hard to become wealthy.

Their mindset will flow to you, like osmosis.

But how? What if you don't know anyone?

3 Ways:

• Peers: Find 5 people with the same dream as you. Make a group chat. Do weekly dinners. Move into a house together. Whatever it takes

• Mentors: Tell someone who's done it you want to learn from them. They'll give you 1 meeting. Take massive action. Followup. Repeat.

• Change your info diet: Ask people who recently achieved what you want - What do they listen to? Who do they follow? What newsletters do they read?

My greatest teachers are people I've never met. Just people from twitter, podcasts and YouTube.

The first 10 years of your career, you won’t know a fat pitch even if it hits you in the face.

First 10 yrs = work with the smartest, highest energy, most resourceful people you can find. Go into emerging markets.

After that, your eye starts to notice fat pitches

Some common fat pitches:

• Platform shift (eg. iphone app store)

• Law change

• New tech breakthru

• Market panic sells (on sale!)

• Opportunity to work at a generational company early (eg. Facebook 2004-2008)

• Someone owns something but doesn’t realize what it’s worth

Swing Hard

Most people take weak, half swings.

They make a couple calls. send a couple emails. They rarely follow up or follow through.

Don't strike out looking.

Winners follow up. They double down on what works. They get on the next flight out.

Intensity IS the strategy.

Which one was your favorite? Let us know on Twitter.

An Entrepreneur’s Journey

Today we had the opportunity to chat with Jason Staats, a CPA-turned-creator who helps small accounting firm owners grow their businesses.

As both a solo creator and someone with a deep knowledge of personal finances, we’re excited to share some of Jason’s approaches to personal finance.

As you’ve shifted from a practicing accountant to a business owner, and now a creator, how has your approach to personal finance evolved?

Internet businesses are funny.

There's an aspect of serendipity that absolutely needs to be part of the ROI calculation when investing in putting yourself out there, but it's hard to quantify.

When I ran a service business (the CPA firm) we focused on leveraging human capital and tech to optimize the billable hour.

Now, as an online personality, I can't predict what opportunities will present themselves. Now, I invest in finding new audiences that haven't seen our content yet.

Do you think that AI will change how we do taxes?

It absolutely will, and it can't come soon enough.

Right now there's a gap between the quality of productized solutions and the cost of working with a tax professional. At the bottom end we'll see productized solutions come up market thanks to AI, and at the top end tax pros will continue to shift their emphasis to strategic value add.

What’s one “money rule” you live by?

You'll spend more money on taxes than anything else in your lifetime. Don't price shop your tax pro.

Where can our readers follow you to learn more?

I talk about all things accounting firms and AI on Twitter & LinkedIn.

When Most People Receive Their Inheritance

What’s your take on this quote?

And if you were going to receive an inheritance, when would you want it and what would you do with it?

What’s Happening at Carry?

Here’s what you can expect in the coming weeks

See the full list of events here. ⏰

Want More?

Still can’t get enough? Well, we’ve got you covered!

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

• The Solo 401k handbook 

• Common Solo 401k FAQ

• What is a Solo 401k?

• How to Open a Solo 401k

• Solo 401k Contribution Calculator