Why I quit a $500K job at Amazon to work for myself
I quit my 8-year Amazon job last week. I wasn't motivated to do another year despite promotions, pay, recognition, and praise.
In AWS, I built developer tools. I could have worked in that field forever.
I became an Amazon developer. Within 3.5 years, I was promoted twice to senior engineer and would have been promoted to principal engineer if I stayed. The company said I had great potential.
Over time, I became a reputed expert and leader within the company. I was respected.
First year I made $75K, last year $511K. If I stayed another two years, I could have made $1M.
Despite Amazon's reputation, my work–life balance was good. I no longer needed to prove myself and could do everything in 40 hours a week. My team worked from home once a week, and I rarely opened my laptop nights or weekends.
My coworkers were great. I had three generous, empathetic managers. I’m very grateful to everyone I worked with.
Everything was going well and getting better. My motivation to go to work each morning was declining despite my career and income growth.
Another promotion, pay raise, or big project wouldn't have boosted my motivation. Motivation was also waning. It was my freedom.
Demotivation
My motivation was high in the beginning. I worked with someone on an internal tool with little scrutiny. I had more freedom to choose how and what to work on than in recent years. Me and another person improved it, talked to users, released updates, and tested it. Whatever we wanted, we did. We did our best and were mostly self-directed.
In recent years, things have changed. My department's most important project had many stakeholders and complex goals. What I could do depended on my ability to convince others it was the best way to achieve our goals.
Amazon was always someone else's terms. The terms started out simple (keep fixing it), but became more complex over time (maximize all goals; satisfy all stakeholders). Working in a large organization imposed restrictions on how to do the work, what to do, what goals to set, and what business to pursue. This situation forced me to do things I didn't want to do.
Finding New Motivation
What would I do forever? Not something I did until I reached a milestone (an exit), but something I'd do until I'm 80. What could I do for the next 45 years that would make me excited to wake up and pay my bills? Is that too unambitious? Nope. Because I'm motivated by two things.
One is an external carrot or stick. I'm not forced to file my taxes every April, but I do because I don't want to go to jail. Or I may not like something but do it anyway because I need to pay the bills or want a nice car. Extrinsic motivation
One is internal. When there's no carrot or stick, this motivates me. This fuels hobbies. I wanted a job that was intrinsically motivated.
Is this too low-key? Extrinsic motivation isn't sustainable. Getting promoted felt good for a week, then it was over. When I hit $100K, I admired my W2 for a few days, but then it wore off. Same thing happened at $200K, $300K, $400K, and $500K. Earning $1M or $10M wouldn't change anything. I feel the same about every material reward or possession. Getting them feels good at first, but quickly fades.
Things I've done since I was a kid, when no one forced me to, don't wear off. Coding, selling my creations, charting my own path, and being honest. Why not always use my strengths and motivation? I'm lucky to live in a time when I can work independently in my field without large investments. So that’s what I’m doing.
What’s Next?
I'm going all-in on independence and will make a living from scratch. I won't do only what I like, but on my terms. My goal is to cover my family's expenses before my savings run out while doing something I enjoy. What more could I want from my work?
You can now follow me on Twitter as I continue to document my journey.
This post is a summary. Read full article here
More on Personal Growth
John Rampton
3 years ago
Ideas for Samples of Retirement Letters
Ready to quit full-time? No worries.
Baby Boomer retirement has accelerated since COVID-19 began. In 2020, 29 million boomers retire. Over 3 million more than in 2019. 75 million Baby Boomers will retire by 2030.
First, quit your work to enjoy retirement. Leave a professional legacy. Your retirement will start well. It all starts with a retirement letter.
Retirement Letter
Retirement letters are formal resignation letters. Different from other resignation letters, these don't tell your employer you're leaving. Instead, you're quitting.
Since you're not departing over grievances or for a better position or higher income, you may usually terminate the relationship amicably. Consulting opportunities are possible.
Thank your employer for their support and give them transition information.
Resignation letters aren't merely a formality. This method handles wages, insurance, and retirement benefits.
Retirement letters often accompany verbal notices to managers. Schedule a meeting before submitting your retirement letter to discuss your plans. The letter will be stored alongside your start date, salary, and benefits in your employee file.
Retirement is typically well-planned. Employers want 6-12 months' notice.
Summary
Guidelines for Giving Retirement Notice
Components of a Successful Retirement Letter
Template for Retirement Letter
Ideas for Samples of Retirement Letters
First Example of Retirement Letter
Second Example of Retirement Letter
Third Example of Retirement Letter
Fourth Example of Retirement Letter
Fifth Example of Retirement Letter
Sixth Example of Retirement Letter
Seventh Example of Retirement Letter
Eighth Example of Retirement Letter
Ninth Example of Retirement Letter
Tenth Example of Retirement Letter
Frequently Asked Questions
1. What is a letter of retirement?
2. Why should you include a letter of retirement?
3. What information ought to be in your retirement letter?
4. Must I provide notice?
5. What is the ideal retirement age?
Guidelines for Giving Retirement Notice
While starting a new phase, you're also leaving a job you were qualified for. You have years of experience. So, it may not be easy to fill a retirement-related vacancy.
Talk to your boss in person before sending a letter. Notice is always appreciated. Properly announcing your retirement helps you and your organization transition.
How to announce retirement:
Learn about the retirement perks and policies offered by the company. The first step in figuring out whether you're eligible for retirement benefits is to research your company's retirement policy.
Don't depart without providing adequate notice. You should give the business plenty of time to replace you if you want to retire in a few months.
Help the transition by offering aid. You could be a useful resource if your replacement needs training.
Contact the appropriate parties. The original copy should go to your boss. Give a copy to HR because they will manage your 401(k), pension, and health insurance.
Investigate the option of working as a consultant or part-time. If you desire, you can continue doing some limited work for the business.
Be nice to others. Describe your achievements and appreciation. Additionally, express your gratitude for giving you the chance to work with such excellent coworkers.
Make a plan for your future move. Simply updating your employer on your goals will help you maintain a good working relationship.
Use a formal letter or email to formalize your plans. The initial step is to speak with your supervisor and HR in person, but you must also give written notice.
Components of a Successful Retirement Letter
To write a good retirement letter, keep in mind the following:
A formal salutation. Here, the voice should be deliberate, succinct, and authoritative.
Be specific about your intentions. The key idea of your retirement letter is resignation. Your decision to depart at this time should be reflected in your letter. Remember that your intention must be clear-cut.
Your deadline. This information must be in resignation letters. Laws and corporate policies may both stipulate a minimum amount of notice.
A kind voice. Your retirement letter shouldn't contain any resentments, insults, or other unpleasantness. Your letter should be a model of professionalism and grace. A straightforward thank you is a terrific approach to accomplish that.
Your ultimate goal. Chaos may start to happen as soon as you turn in your resignation letter. Your position will need to be filled. Additionally, you will have to perform your obligations up until a successor is found. Your availability during the interim period should be stated in your resignation letter.
Give us a way to reach you. Even if you aren't consulting, your company will probably get in touch with you at some point. They might send you tax documents and details on perks. By giving your contact information, you can make this process easier.
Template for Retirement Letter
Identify
Title you held
Address
Supervisor's name
Supervisor’s position
Company name
HQ address
Date
[SUPERVISOR],
1.
Inform that you're retiring. Include your last day worked.
2.
Employer thanks. Mention what you're thankful for. Describe your accomplishments and successes.
3.
Helping moves things ahead. Plan your retirement. Mention your consultancy interest.
Sincerely,
[Signature]
First and last name
Phone number
Personal Email
Ideas for Samples of Retirement Letters
First Example of Retirement Letter
Martin D. Carey
123 Fleming St
Bloomfield, New Jersey 07003
(555) 555-1234
June 6th, 2022
Willie E. Coyote
President
Acme Co
321 Anvil Ave
Fairfield, New Jersey 07004
Dear Mr. Coyote,
This letter notifies Acme Co. of my retirement on August 31, 2022.
There has been no other organization that has given me that sense of belonging and purpose.
My fifteen years at the helm of the Structural Design Division have given me a strong sense of purpose. I’ve been fortunate to have your support, and I’ll be always grateful for the opportunity you offered me.
I had a difficult time making this decision. As a result of finding a small property in Arizona where we will be able to spend our remaining days together, my wife and I have decided to officially retire.
In spite of my regret at being unable to contribute to the firm we’ve built, I believe it is wise to move on.
My heart will always belong to Acme Co. Thank you for the opportunity and best of luck in the years to come.
Sincerely,
Martin D. Carey
Second Example of Retirement Letter
Gustavo Fring
Los Pollas Hermanos
12000–12100 Coors Rd SW,
Albuquerque, New Mexico 87045
Dear Mr. Fring,
I write this letter to announce my formal retirement from Los Pollas Hermanos as manager, effective October 15.
As an employee at Los Pollas Hermanos, I appreciate all the great opportunities you have given me. It has been a pleasure to work with and learn from my colleagues for the past 10 years, and I am looking forward to my next challenge.
If there is anything I can do to assist during this time, please let me know.
Sincerely,
Linda T. Crespo
Third Example of Retirement Letter
William M. Arviso
4387 Parkview Drive
Tustin, CA 92680
May 2, 2023
Tony Stark
Owner
Stark Industries
200 Industrial Avenue
Long Beach, CA 90803
Dear Tony:
I’m writing to inform you that my final day of work at Stark Industries will be May14, 2023. When that time comes, I intend to retire.
As I embark on this new chapter in my life, I would like to thank you and the entire Stark Industries team for providing me with so many opportunities. You have all been a pleasure to work with and I will miss you all when I retire.
I am glad to assist you with the transition in any way I can to ensure your new hire has a seamless experience. All ongoing projects will be completed until my retirement date, and all key information will be handed over to the team.
Once again, thank you for the opportunity to be part of the Stark Industries team. All the best to you and the team in the days to come.
Please do not hesitate to contact me if you require any additional information. In order to finalize my retirement plans, I’ll meet with HR and can provide any details that may be necessary.
Sincerely,
(Signature)
William M. Arviso
Fourth Example of Retirement Letter
Garcia, Barbara
First Street, 5432
New York City, NY 10001
(1234) (555) 123–1234
1 October 2022
Gunther
Owner
Central Perk
199 Lafayette St.
New York City, NY 10001
Mr. Gunther,
The day has finally arrived. As I never imagined, I will be formally retiring from Central Perk on November 1st, 2022.
Considering how satisfied I am with my current position, this may surprise you. It would be best if I retired now since my health has deteriorated, so I think this is a good time to do so.
There is no doubt that the past two decades have been wonderful. Over the years, I have seen a small coffee shop grow into one of the city’s top destinations.
It will be hard for me to leave this firm without wondering what more success we could have achieved. But I’m confident that you and the rest of the Central Perk team will achieve great things.
My family and I will never forget what you’ve done for us, and I am grateful for the chance you’ve given me. My house is always open to you.
Sincerely Yours
Garcia, Barbara
Fifth Example of Retirement Letter
Pat Williams
618 Spooky Place
Monstropolis, 23221
123–555–0031
pwilliams@email.com
Feb. 16, 2022
Mike Wazowski
Co-CEO
Monters, Inc.
324 Scare Road
Monstropolis
Dear Mr. Wazowski,
As a formal notice of my upcoming retirement, I am submitting this letter. I will be leaving Monters, Inc. on April 13.
These past 10 years as a marketing associate have provided me with many opportunities. Since we started our company a decade ago, we have seen the face of harnessing screams change dramatically into harnessing laughter. During my time working with this dynamic marketing team, I learned a lot about customer behavior and marketing strategies. Working closely with some of our long-standing clients, such as Boo, was a particular pleasure.
I would be happy to assist with the transition following my retirement. It would be my pleasure to assist in the hiring or training of my replacement. In order to spend more time with my family, I will also be able to offer part-time consulting services.
After I retire, I plan to cash out the eight unused vacation days I’ve accumulated and take my pension as a lump sum.
Thank you for the opportunity to work with Monters, Inc. In the years to come, I wish you all the best!
Sincerely,
Paul Williams
Sixth Example of Retirement Letter
Dear Micheal,
As In my tenure at Dunder Mifflin Paper Company, I have given everything I had. It has been an honor to work here. But I have decided to move on to new challenges and retire from my position — mainly bears, beets, and Battlestar Galactia.
I appreciate the opportunity to work here and learn so much. During my time at this company, I will always remember the good times and memories we shared. Wishing you all the best in the future.
Sincerely,
Dwight K. Shrute
Your signature
May 16
Seventh Example of Retirement Letter
Greetings, Bill
I am announcing my retirement from Initech, effective March 15, 2023.
Over the course of my career here, I’ve had the privilege of working with so many talented and inspiring people.
In 1999, when I began working as a customer service representative, we were a small organization located in a remote office park.
The fact that we now occupy a floor of the Main Street office building with over 150 employees continues to amaze me.
I am looking forward to spending more time with family and traveling the country in our RV. Although I will be sad to leave.
Please let me know if there are any extra steps I can take to facilitate this transfer.
Sincerely,
Frankin, RenitaEighth Example of Retirement Letter
Height Example of Retirement Letter
Bruce,
Please accept my resignation from Wayne Enterprises as Marketing Communications Director. My last day will be August 1, 2022.
The decision to retire has been made after much deliberation. Now that I have worked in the field for forty years, I believe it is a good time to begin completing my bucket list.
It was not easy for me to decide to leave the company. Having worked at Wayne Enterprises has been rewarding both professionally and personally. There are still a lot of memories associated with my first day as a college intern.
My intention was not to remain with such an innovative company, as you know. I was able to see the big picture with your help, however. Today, we are a force that is recognized both nationally and internationally.
In addition to your guidance, the bold, visionary leadership of our company contributed to the growth of our company.
My departure from the company coincides with a particularly hectic time. Despite my best efforts, I am unable to postpone my exit.
My position would be well served by an internal solution. I have a more than qualified marketing manager in Caroline Crown. It would be a pleasure to speak with you about this.
In case I can be of assistance during the switchover, please let me know. Contact us at (555)555–5555. As part of my responsibilities, I am responsible for making sure all work is completed to Wayne Enterprise’s stringent requirements. Having the opportunity to work with you has been a pleasure. I wish you continued success with your thriving business.
Sincerely,
Cash, Cole
Marketing/Communications
Ninth Example of Retirement Letter
Norman, Jamie
2366 Hanover Street
Whitestone, NY 11357
555–555–5555
15 October 2022
Mr. Lippman
Head of Pendant Publishing
600 Madison Ave.
New York, New York
Respected Mr. Lippman,
Please accept my resignation effective November 1, 2022.
Over the course of my ten years at Pendant Publishing, I’ve had a great deal of fun and I’m quite grateful for all the assistance I’ve received.
It was a pleasure to wake up and go to work every day because of our outstanding corporate culture and the opportunities for promotion and professional advancement available to me.
While I am excited about retiring, I am going to miss being part of our team. It’s my hope that I’ll be able to maintain the friendships I’ve formed here for a long time to come.
In case I can be of assistance prior to or following my departure, please let me know. If I can assist in any way to ensure a smooth transfer to my successor, I would be delighted to do so.
Sincerely,
Signed (hard copy letter)
Norman, Jamie
Tenth Example of Retirement Letter
17 January 2023
Greg S. Jackson
Cyberdyne Systems
18144 El Camino Real,
Sunnyvale, CA
Respected Mrs. Duncan,
I am writing to inform you that I will be resigning from Cyberdyne Systems as of March 1, 2023. I’m grateful to have had this opportunity, and it was a difficult decision to make.
My development as a programmer and as a more seasoned member of the organization has been greatly assisted by your coaching.
I have been proud of Cyberdyne Systems’ ethics and success throughout my 25 years at the company. Starting as a mailroom clerk and currently serving as head programmer.
The portfolios of our clients have always been handled with the greatest care by my colleagues. It is our employees and services that have made Cyberdyne Systems the success it is today.
During my tenure as head of my division, I’ve increased our overall productivity by 800 percent, and I expect that trend to continue after I retire.
In light of the fact that the process of replacing me may take some time, I would like to offer my assistance in any way I can.
The greatest contender for this job is Troy Ledford, my current assistant.
Also, before I leave, I would be willing to teach any partners how to use the programmer I developed to track and manage the development of Skynet.
Over the next few months, I’ll be enjoying vacations with my wife as well as my granddaughter moving to college.
If Cyberdyne Systems has any openings for consultants, please let me know. It has been a pleasure working with you over the last 25 years. I appreciate your concern and care.
Sincerely,
Greg S, Jackson
Questions and Answers
1. What is a letter of retirement?
Retirement letters tell your supervisor you're retiring. This informs your employer that you're departing, like a letter. A resignation letter also requests retirement benefits.
Supervisors frequently receive retirement letters and verbal resignations. Before submitting your retirement letter, meet to discuss your plans. This letter will be filed with your start date, salary, and benefits.
2. Why should you include a letter of retirement?
Your retirement letter should explain why you're leaving. When you quit, your manager and HR department usually know. Regardless, a retirement letter might help you leave on a positive tone. It ensures they have the necessary papers.
In your retirement letter, you tell the firm your plans so they can find your replacement. You may need to stay in touch with your company after sending your retirement letter until a successor is identified.
3. What information ought to be in your retirement letter?
Format it like an official letter. Include your retirement plans and retirement-specific statistics. Date may be most essential.
In some circumstances, benefits depend on when you resign and retire. A date on the letter helps HR or senior management verify when you gave notice and how long.
In addition to your usual salutation, address your letter to your manager or supervisor.
The letter's body should include your retirement date and transition arrangements. Tell them whether you plan to help with the transition or train a new employee. You may have a three-month time limit.
Tell your employer your job title, how long you've worked there, and your biggest successes. Personalize your letter by expressing gratitude for your career and outlining your retirement intentions. Finally, include your contact info.
4. Must I provide notice?
Two-week notice isn't required. Your company may require it. Some state laws contain exceptions.
Check your contract, company handbook, or HR to determine your retirement notice. Resigning may change the policy.
Regardless of your company's policy, notification is standard. Entry-level or junior jobs can be let go so the corporation can replace them.
Middle managers, high-level personnel, and specialists may take months to replace. Two weeks' notice is a courtesy. Start planning months ahead.
You can finish all jobs at that period. Prepare transition documents for coworkers and your replacement.
5. What is the ideal retirement age?
Depends on finances, state, and retirement plan. The average American retires at 62. The average retirement age is 66, according to Gallup's 2021 Economy and Personal Finance Survey.
Remember:
Before the age of 59 1/2, withdrawals from pre-tax retirement accounts, such as 401(k)s and IRAs, are subject to a penalty.
Benefits from Social Security can be accessed as early as age 62.
Medicare isn't available to you till you're 65,
Depending on the year of your birth, your Full Retirement Age (FRA) will be between 66 and 67 years old.
If you haven't taken them already, your Social Security benefits increase by 8% annually between ages 6 and 77.
Matthew Royse
3 years ago
Ten words and phrases to avoid in presentations
Don't say this in public!
Want to wow your audience? Want to deliver a successful presentation? Do you want practical takeaways from your presentation?
Then avoid these phrases.
Public speaking is difficult. People fear public speaking, according to research.
"Public speaking is people's biggest fear, according to studies. Number two is death. "Sounds right?" — Comedian Jerry Seinfeld
Yes, public speaking is scary. These words and phrases will make your presentation harder.
Using unnecessary words can weaken your message.
You may have prepared well for your presentation and feel confident. During your presentation, you may freeze up. You may blank or forget.
Effective delivery is even more important than skillful public speaking.
Here are 10 presentation pitfalls.
1. I or Me
Presentations are about the audience, not you. Replace "I or me" with "you, we, or us." Focus on your audience. Reward them with expertise and intriguing views about your issue.
Serve your audience actionable items during your presentation, and you'll do well. Your audience will have a harder time listening and engaging if you're self-centered.
2. Sorry if/for
Your presentation is fine. These phrases make you sound insecure and unprepared. Don't pressure the audience to tell you not to apologize. Your audience should focus on your presentation and essential messages.
3. Excuse the Eye Chart, or This slide's busy
Why add this slide if you're utilizing these phrases? If you don't like this slide, change it before presenting. After the presentation, extra data can be provided.
Don't apologize for unclear slides. Hide or delete a broken PowerPoint slide. If so, divide your message into multiple slides or remove the "business" slide.
4. Sorry I'm Nervous
Some think expressing yourself will win over the audience. Nerves are horrible. Even public speakers are nervous.
Nerves aren't noticeable. What's the point? Let the audience judge your nervousness. Please don't make this obvious.
5. I'm not a speaker or I've never done this before.
These phrases destroy credibility. People won't listen and will check their phones or computers.
Why present if you use these phrases?
Good speakers aren't necessarily public speakers. Be confident in what you say. When you're confident, many people will like your presentation.
6. Our Key Differentiators Are
Overused term. It's widely utilized. This seems "salesy," and your "important differentiators" are probably like a competitor's.
This statement has been diluted; say, "what makes us different is..."
7. Next Slide
Many slides or stories? Your presentation needs transitions. They help your viewers understand your argument.
You didn't transition well when you said "next slide." Think about organic transitions.
8. I Didn’t Have Enough Time, or I’m Running Out of Time
The phrase "I didn't have enough time" implies that you didn't care about your presentation. This shows the viewers you rushed and didn't care.
Saying "I'm out of time" shows poor time management. It means you didn't rehearse enough and plan your time well.
9. I've been asked to speak on
This phrase is used to emphasize your importance. This phrase conveys conceit.
When you say this sentence, you tell others you're intelligent, skilled, and appealing. Don't utilize this term; focus on your topic.
10. Moving On, or All I Have
These phrases don't consider your transitions or presentation's end. People recall a presentation's beginning and end.
How you end your discussion affects how people remember it. You must end your presentation strongly and use natural transitions.
Conclusion
10 phrases to avoid in a presentation. I or me, sorry if or sorry for, pardon the Eye Chart or this busy slide, forgive me if I appear worried, or I'm really nervous, and I'm not good at public speaking, I'm not a speaker, or I've never done this before.
Please don't use these phrases: next slide, I didn't have enough time, I've been asked to speak about, or that's all I have.
We shouldn't make public speaking more difficult than it is. We shouldn't exacerbate a difficult issue. Better public speakers avoid these words and phrases.
“Remember not only to say the right thing in the right place, but far more difficult still, to leave unsaid the wrong thing at the tempting moment.” — Benjamin Franklin, Founding Father
This is a summary. See the original post here.
Nitin Sharma
2 years ago
Quietly Create a side business that will revolutionize everything in a year.
Quitting your job for a side gig isn't smart.
A few years ago, I would have laughed at the idea of starting a side business.
I never thought a side gig could earn more than my 9-to-5. My side gig pays more than my main job now.
You may then tell me to leave your job. But I don't want to gamble, and my side gig is important. Programming and web development help me write better because of my job.
Yes, I share work-related knowledge. Web development, web3, programming, money, investment, and side hustles are key.
Let me now show you how to make one.
Create a side business based on your profession or your interests.
I'd be direct.
Most people don't know where to start or which side business to pursue.
You can make money by taking online surveys, starting a YouTube channel, or playing web3 games, according to several blogs.
You won't make enough money and will waste time.
Nitin directs our efforts. My friend, you've worked and have talent. Profit from your talent.
Example:
College taught me web development. I soon created websites, freelanced, and made money. First year was hardest for me financially and personally.
As I worked, I became more skilled. Soon after, I got more work, wrote about web development on Medium, and started selling products.
I've built multiple income streams from web development. It wasn't easy. Web development skills got me a 9-to-5 job.
Focus on a specific skill and earn money in many ways. Most people start with something they hate or are bad at; the rest is predictable.
Result? They give up, frustrated.
Quietly focus for a year.
I started my side business in college and never told anyone. My parents didn't know what I did for fun.
The only motivation is time constraints. So I focused.
As I've said, I focused on my strengths (learned skills) and made money. Yes, I was among Medium's top 500 authors in a year and got a bonus.
How did I succeed? Since I know success takes time, I never imagined making enough money in a month. I spent a year concentrating.
I became wealthy. Now that I have multiple income sources, some businesses pay me based on my skill.
I recommend learning skills and working quietly for a year. You can do anything with this.
The hardest part will always be the beginning.
When someone says you can make more money working four hours a week. Leave that, it's bad advice.
If someone recommends a paid course to help you succeed, think twice.
The beginning is always the hardest.
I made many mistakes learning web development. When I started my technical content side gig, it was tough. I made mistakes and changed how I create content, which helped.
And it’s applicable everywhere.
Don't worry if you face problems at first. Time and effort heal all wounds.
Quitting your job to work a side job is not a good idea.
Some honest opinions.
Most online gurus encourage side businesses. It takes time to start and grow a side business.
Suppose you quit and started a side business.
After six months, what happens? Your side business won't provide enough money to survive.
Indeed. Later, you'll become demotivated and tense and look for work.
Instead, work 9-5, and start a side business. You decide. Stop watching Netflix and focus on your side business.
I know you're busy, but do it.
Next? It'll succeed or fail in six months. You can continue your side gig for another six months because you have a job and have tried it.
You'll probably make money, but you may need to change your side gig.
That’s it.
You've created a new revenue stream.
Remember.
Starting a side business, a company, or finding work is difficult. There's no free money in a competitive world. You'll only succeed with skill.
Read it again.
Focusing silently for a year can help you succeed.
I studied web development and wrote about it. First year was tough. I went viral, hit the top 500, and other firms asked me to write for them. So, my life changed.
Yours can too. One year of silence is required.
Enjoy!
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Sam Hickmann
3 years ago
What is headline inflation?
Headline inflation is the raw Consumer price index (CPI) reported monthly by the Bureau of labour statistics (BLS). CPI measures inflation by calculating the cost of a fixed basket of goods. The CPI uses a base year to index the current year's prices.
Explaining Inflation
As it includes all aspects of an economy that experience inflation, headline inflation is not adjusted to remove volatile figures. Headline inflation is often linked to cost-of-living changes, which is useful for consumers.
The headline figure doesn't account for seasonality or volatile food and energy prices, which are removed from the core CPI. Headline inflation is usually annualized, so a monthly headline figure of 4% inflation would equal 4% inflation for the year if repeated for 12 months. Top-line inflation is compared year-over-year.
Inflation's downsides
Inflation erodes future dollar values, can stifle economic growth, and can raise interest rates. Core inflation is often considered a better metric than headline inflation. Investors and economists use headline and core results to set growth forecasts and monetary policy.
Core Inflation
Core inflation removes volatile CPI components that can distort the headline number. Food and energy costs are commonly removed. Environmental shifts that affect crop growth can affect food prices outside of the economy. Political dissent can affect energy costs, such as oil production.
From 1957 to 2018, the U.S. averaged 3.64 percent core inflation. In June 1980, the rate reached 13.60%. May 1957 had 0% inflation. The Fed's core inflation target for 2022 is 3%.
Central bank:
A central bank has privileged control over a nation's or group's money and credit. Modern central banks are responsible for monetary policy and bank regulation. Central banks are anti-competitive and non-market-based. Many central banks are not government agencies and are therefore considered politically independent. Even if a central bank isn't government-owned, its privileges are protected by law. A central bank's legal monopoly status gives it the right to issue banknotes and cash. Private commercial banks can only issue demand deposits.
What are living costs?
The cost of living is the amount needed to cover housing, food, taxes, and healthcare in a certain place and time. Cost of living is used to compare the cost of living between cities and is tied to wages. If expenses are higher in a city like New York, salaries must be higher so people can live there.
What's U.S. bureau of labor statistics?
BLS collects and distributes economic and labor market data about the U.S. Its reports include the CPI and PPI, both important inflation measures.
Modern Eremite
3 years ago
The complete, easy-to-understand guide to bitcoin
Introduction
Markets rely on knowledge.
The internet provided practically endless knowledge and wisdom. Humanity has never seen such leverage. Technology's progress drives us to adapt to a changing world, changing our routines and behaviors.
In a digital age, people may struggle to live in the analogue world of their upbringing. Can those who can't adapt change their lives? I won't answer. We should teach those who are willing to learn, nevertheless. Unravel the modern world's riddles and give them wisdom.
Adapt or die . Accept the future or remain behind.
This essay will help you comprehend Bitcoin better than most market participants and the general public. Let's dig into Bitcoin.
Join me.
Ascension
Bitcoin.org was registered in August 2008. Bitcoin whitepaper was published on 31 October 2008. The document intrigued and motivated people around the world, including technical engineers and sovereignty seekers. Since then, Bitcoin's whitepaper has been read and researched to comprehend its essential concept.
I recommend reading the whitepaper yourself. You'll be able to say you read the Bitcoin whitepaper instead of simply Googling "what is Bitcoin" and reading the fundamental definition without knowing the revolution's scope. The article links to Bitcoin's whitepaper. To avoid being overwhelmed by the whitepaper, read the following article first.
Bitcoin isn't the first peer-to-peer digital currency. Hashcash or Bit Gold were once popular cryptocurrencies. These two Bitcoin precursors failed to gain traction and produce the network effect needed for general adoption. After many struggles, Bitcoin emerged as the most successful cryptocurrency, leading the way for others.
Satoshi Nakamoto, an active bitcointalk.org user, created Bitcoin. Satoshi's identity remains unknown. Satoshi's last bitcointalk.org login was 12 December 2010. Since then, he's officially disappeared. Thus, conspiracies and riddles surround Bitcoin's creators. I've heard many various theories, some insane and others well-thought-out.
It's not about who created it; it's about knowing its potential. Since its start, Satoshi's legacy has changed the world and will continue to.
Block-by-block blockchain
Bitcoin is a distributed ledger. What's the meaning?
Everyone can view all blockchain transactions, but no one can undo or delete them.
Imagine you and your friends routinely eat out, but only one pays. You're careful with money and what others owe you. How can everyone access the info without it being changed?
You'll keep a notebook of your evening's transactions. Everyone will take a page home. If one of you changed the page's data, the group would notice and reject it. The majority will establish consensus and offer official facts.
Miners add a new Bitcoin block to the main blockchain every 10 minutes. The appended block contains miner-verified transactions. Now that the next block has been added, the network will receive the next set of user transactions.
Bitcoin Proof of Work—prove you earned it
Any firm needs hardworking personnel to expand and serve clients. Bitcoin isn't that different.
Bitcoin's Proof of Work consensus system needs individuals to validate and create new blocks and check for malicious actors. I'll discuss Bitcoin's blockchain consensus method.
Proof of Work helps Bitcoin reach network consensus. The network is checked and safeguarded by CPU, GPU, or ASIC Bitcoin-mining machines (Application-Specific Integrated Circuit).
Every 10 minutes, miners are rewarded in Bitcoin for securing and verifying the network. It's unlikely you'll finish the block. Miners build pools to increase their chances of winning by combining their processing power.
In the early days of Bitcoin, individual mining systems were more popular due to high maintenance costs and larger earnings prospects. Over time, people created larger and larger Bitcoin mining facilities that required a lot of space and sophisticated cooling systems to keep machines from overheating.
Proof of Work is a vital part of the Bitcoin network, as network security requires the processing power of devices purchased with fiat currency. Miners must invest in mining facilities, which creates a new business branch, mining facilities ownership. Bitcoin mining is a topic for a future article.
More mining, less reward
Bitcoin is usually scarce.
Why is it rare? It all comes down to 21,000,000 Bitcoins.
Were all Bitcoins mined? Nope. Bitcoin's supply grows until it hits 21 million coins. Initially, 50BTC each block was mined, and each block took 10 minutes. Around 2140, the last Bitcoin will be mined.
But 50BTC every 10 minutes does not give me the year 2140. Indeed careful reader. So important is Bitcoin's halving process.
What is halving?
The block reward is halved every 210,000 blocks, which takes around 4 years. The initial payout was 50BTC per block and has been decreased to 25BTC after 210,000 blocks. First halving occurred on November 28, 2012, when 10,500,000 BTC (50%) had been mined. As of April 2022, the block reward is 6.25BTC and will be lowered to 3.125BTC by 19 March 2024.
The halving method is tied to Bitcoin's hashrate. Here's what "hashrate" means.
What if we increased the number of miners and hashrate they provide to produce a block every 10 minutes? Wouldn't we manufacture blocks faster?
Every 10 minutes, blocks are generated with little asymmetry. Due to the built-in adaptive difficulty algorithm, the overall hashrate does not affect block production time. With increased hashrate, it's harder to construct a block. We can estimate when the next halving will occur because 10 minutes per block is fixed.
Building with nodes and blocks
For someone new to crypto, the unusual terms and words may be overwhelming. You'll also find everyday words that are easy to guess or have a vague idea of what they mean, how they work, and what they do. Consider blockchain technology.
Nodes and blocks: Think about that for a moment. What is your first idea?
The blockchain is a chain of validated blocks added to the main chain. What's a "block"? What's inside?
The block is another page in the blockchain book that has been filled with transaction information and accepted by the majority.
We won't go into detail about what each block includes and how it's built, as long as you understand its purpose.
What about nodes?
Nodes, along with miners, verify the blockchain's state independently. But why?
To create a full blockchain node, you must download the whole Bitcoin blockchain and check every transaction against Bitcoin's consensus criteria.
What's Bitcoin's size?
In April 2022, the Bitcoin blockchain was 389.72GB.
Bitcoin's blockchain has miners and node runners.
Let's revisit the US gold rush. Miners mine gold with their own power (physical and monetary resources) and are rewarded with gold (Bitcoin). All become richer with more gold, and so does the country.
Nodes are like sheriffs, ensuring everything is done according to consensus rules and that there are no rogue miners or network users.
Lost and held bitcoin
Does the Bitcoin exchange price match each coin's price? How many coins remain after 21,000,000? 21 million or less?
Common reason suggests a 21 million-coin supply.
What if I lost 1BTC from a cold wallet?
What if I saved 1000BTC on paper in 2010 and it was damaged?
What if I mined Bitcoin in 2010 and lost the keys?
Satoshi Nakamoto's coins? Since then, those coins haven't moved.
How many BTC are truly in circulation?
Many people are trying to answer this question, and you may discover a variety of studies and individual research on the topic. Be cautious of the findings because they can't be evaluated and the statistics are hazy guesses.
On the other hand, we have long-term investors who won't sell their Bitcoin or will sell little amounts to cover mining or living needs.
The price of Bitcoin is determined by supply and demand on exchanges using liquid BTC. How many BTC are left after subtracting lost and non-custodial BTC?
We have significantly less Bitcoin in circulation than you think, thus the price may not reflect demand if we knew the exact quantity of coins available.
True HODLers and diamond-hand investors won't sell you their coins, no matter the market.
What's UTXO?
Unspent (U) Transaction (TX) Output (O)
Imagine taking a $100 bill to a store. After choosing a drink and munchies, you walk to the checkout to pay. The cashier takes your $100 bill and gives you $25.50 in change. It's in your wallet.
Is it simply 100$? No way.
The $25.50 in your wallet is unrelated to the $100 bill you used. Your wallet's $25.50 is just bills and coins. Your wallet may contain these coins and bills:
2x 10$ 1x 10$
1x 5$ or 3x 5$
1x 0.50$ 2x 0.25$
Any combination of coins and bills can equal $25.50. You don't care, and I'd wager you've never ever considered it.
That is UTXO. Now, I'll detail the Bitcoin blockchain and how UTXO works, as it's crucial to know what coins you have in your (hopefully) cold wallet.
You purchased 1BTC. Is it all? No. UTXOs equal 1BTC. Then send BTC to a cold wallet. Say you pay 0.001BTC and send 0.999BTC to your cold wallet. Is it the 1BTC you got before? Well, yes and no. The UTXOs are the same or comparable as before, but the blockchain address has changed. It's like if you handed someone a wallet, they removed the coins needed for a network charge, then returned the rest of the coins and notes.
UTXO is a simple concept, but it's crucial to grasp how it works to comprehend dangers like dust attacks and how coins may be tracked.
Lightning Network: fast cash
You've probably heard of "Layer 2 blockchain" projects.
What does it mean?
Layer 2 on a blockchain is an additional layer that increases the speed and quantity of transactions per minute and reduces transaction fees.
Imagine going to an obsolete bank to transfer money to another account and having to pay a charge and wait. You can transfer funds via your bank account or a mobile app without paying a fee, or the fee is low, and the cash appear nearly quickly. Layer 1 and 2 payment systems are different.
Layer 1 is not obsolete; it merely has more essential things to focus on, including providing the blockchain with new, validated blocks, whereas Layer 2 solutions strive to offer Layer 1 with previously processed and verified transactions. The primary blockchain, Bitcoin, will only receive the wallets' final state. All channel transactions until shutting and balancing are irrelevant to the main chain.
Layer 2 and the Lightning Network's goal are now clear. Most Layer 2 solutions on multiple blockchains are created as blockchains, however Lightning Network is not. Remember the following remark, as it best describes Lightning.
Lightning Network connects public and private Bitcoin wallets.
Opening a private channel with another wallet notifies just two parties. The creation and opening of a public channel tells the network that anyone can use it.
Why create a public Lightning Network channel?
Every transaction through your channel generates fees.
Money, if you don't know.
See who benefits when in doubt.
Anonymity, huh?
Bitcoin anonymity? Bitcoin's anonymity was utilized to launder money.
Well… You've heard similar stories. When you ask why or how it permits people to remain anonymous, the conversation ends as if it were just a story someone heard.
Bitcoin isn't private. Pseudonymous.
What if someone tracks your transactions and discovers your wallet address? Where is your anonymity then?
Bitcoin is like bulletproof glass storage; you can't take or change the money. If you dig and analyze the data, you can see what's inside.
Every online action leaves a trace, and traces may be tracked. People often forget this guideline.
A tool like that can help you observe what the major players, or whales, are doing with their coins when the market is uncertain. Many people spend time analyzing on-chain data. Worth it?
Ask yourself a question. What are the big players' options? Do you think they're letting you see their wallets for a small on-chain data fee?
Instead of short-term behaviors, focus on long-term trends.
More wallet transactions leave traces. Having nothing to conceal isn't a defect. Can it lead to regulating Bitcoin so every transaction is tracked like in banks today?
But wait. How can criminals pay out Bitcoin? They're doing it, aren't they?
Mixers can anonymize your coins, letting you to utilize them freely. This is not a guide on how to make your coins anonymous; it could do more harm than good if you don't know what you're doing.
Remember, being anonymous attracts greater attention.
Bitcoin isn't the only cryptocurrency we can use to buy things. Using cryptocurrency appropriately can provide usability and anonymity. Monero (XMR), Zcash (ZEC), and Litecoin (LTC) following the Mimblewimble upgrade are examples.
Summary
Congratulations! You've reached the conclusion of the article and learned about Bitcoin and cryptocurrency. You've entered the future.
You know what Bitcoin is, how its blockchain works, and why it's not anonymous. I bet you can explain Lightning Network and UTXO to your buddies.
Markets rely on knowledge. Prepare yourself for success before taking the first step. Let your expertise be your edge.
This article is a summary of this one.
Monroe Mayfield
2 years ago
CES 2023: A Third Look At Upcoming Trends
Las Vegas hosted CES 2023. This third and last look at CES 2023 previews upcoming consumer electronics trends that will be crucial for market share.
Definitely start with ICT. Qualcomm CEO Cristiano Amon spoke to CNBC from Las Vegas on China's crackdown and the company's automated driving systems for electric vehicles (EV). The business showed a concept car and its latest Snapdragon processor designs, which offer expanded digital interactions through SalesForce-partnered CRM platforms.
Electrification is reviving Michigan's automobile industry. Michigan Local News reports that $14 billion in EV and battery manufacturing investments will benefit the state. The report also revealed that the Strategic Outreach and Attraction Reserve (SOAR) fund had generated roughly $1 billion for the state's automotive sector.
Ars Technica is great for technology, society, and the future. After CES 2023, Jonathan M. Gitlin published How many electric car chargers are enough? Read about EV charging network issues and infrastructure spending. Politics aside, rapid technological advances enable EV charging network expansion in American cities and abroad.
Finally, the UNEP's The Future of Electric Vehicles and Material Resources: A Foresight Brief. Understanding how lithium-ion batteries will affect EV sales is crucial. Climate change affects EVs in various ways, but electrification and mining trends stand out because more EVs demand more energy-intensive metals and rare earths. Areas & Producers has been publishing my electrification and mining trends articles. Follow me if you wish to write for the publication.
The Weekend Brief (TWB) will routinely cover tech, industrials, and global commodities in global markets, including stock markets. Read more about the future of key areas and critical producers of the global economy in Areas & Producers.