Saving in one's 20s creates a financial advantage, security, and autonomy compared to peers.
Optimizing current revenue sources before building a new product provides long-term potential and minimal additional expenditure.
Deep dives
Setting Priorities for the Next Few Months
The hosts discuss their plan for the upcoming months, focusing on prioritizing their activities. They aim to build a new studio by September to ramp up content creation and utilize it for YouTube videos. They also consider launching a paid newsletter portfolio, drawing inspiration from Agora publishing, and hiring someone to manage it. Optimal optimization is identified as a priority, particularly for Ship 30 and the Profitable Ghostwriting Agency.
The Importance of Long-Term Perspective and Saving
The hosts emphasize the significance of long-term perspective and saving in one's 20s. They encourage setting realistic goals rather than aiming for eight-digit figures, highlighting the value of creating a financial buffer of 100k in savings. Saving in one's 20s provides a sense of security and opens up opportunities for decision-making that looks further into the future. They also suggest that saving not only provides a financial advantage but also creates a different level of freedom and autonomy compared to peers.
The Framework for Deciding What to Build
The hosts discuss a decision-making framework for determining whether to build a new product or optimize current revenue sources. They emphasize the importance of discerning between the two options, without trying to pursue both simultaneously. They highlight the benefits of optimizing the current offerings first, as it is often the lowest hanging fruit with long-term potential and minimal additional expenditure. They also underline the significance of identifying bottlenecks and allocating resources accordingly.
The Benefits of Building a Paid Newsletter Portfolio
The hosts explore the idea of creating a paid newsletter portfolio, drawing inspiration from Agora publishing's success. They discuss the potential advantages of hiring someone to help identify niche creators and develop the newsletters, leveraging the hosts' ecosystem and driving traffic to the publications. They view this portfolio as a defensible and compounding business opportunity that complements their existing pillar programs. The hosts recognize ship 30 as a potential source of talent for the newsletters and emphasize the value of creating a playbook to empower the selected person to execute the plan.
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In episode 20 of Espresso Hour, Ship 30 for 30 Captains Dickie Bush and Nicolas Cole brainstorm their projects and ideas for the rest of the year.
(00:00) Intro (02:37) The early 20s syndrome (06:37) A framework for new opportunities (08:24) Dickie’s early 20s (11:53) How much money you need to get the ball rolling (17:22) Our “focus framework” for deciding what to do next (20:47) The growth opportunities available right now (30:25) Our schedule for the rest of the year (37:14) Cole’s new “shiny object”
