Curated Links: 02/05/2024
OpenAI Engineers Earning $800,000 a Year Turn Rare Skillset Into Leverage
The most common salary range for an engineering job listed on OpenAI’s website is $200,000 to $370,000, though a handful of more specialized roles advertise ranges from $300,000 to $450,000, said Roger Lee, co-founder of compensation benchmarking firm Comprehensive.io. Salary ranges don’t include bonuses or stock awards, which can bring an annual salary of $300,000 closer to $800,000 in total compensation, according to Levels.fyi.
Source: Yahoo! Finance
When It Comes to Compensation, More Equity Isn’t Always Better
Nearly 44% of those surveyed were unable to correctly answer a single question related to startup equity compensation; a scant 5% answered all questions correctly. Perhaps more alarming was the overconfidence among participants; though given the option to admit they didn’t know the answer, they selected the incorrect answers. For example, on a question evaluating understanding of how liquidation preferences might affect employee equity value, only 18% answered correctly, a mere 16% conceded they didn’t know, and the rest — nearly 66% — answered erroneously.
Source: HBR
Three Steps to Weave Equity Compensation into Your Financial Plan
Stress about finances transcends income level, financial acumen and experience, and today’s economic climate is presenting challenges even for seasoned company leaders. In fact, Morgan Stanley at Work research shows that 83% of executives who receive equity compensation say financial stress is negatively impacting their work and personal lives.
Source: Kiplinger
2024 Private Equity Compensation Report Shows Compensation Increases, Slowed Hiring, and Concerns About Job Security
Despite a downturn in the stock market, corporate layoffs, and discussions of recession, participants across the board reported higher total earnings over the previous year. Overall, 65 percent of respondents expect to see greater cash earnings this year.
Source: PrivateEquityCompensation
X, formerly Twitter, valued at $19 billion in new employee stock plan
The privately-held company, owned by Elon Musk, is giving employees RSUs a a share price of $45 according to two sources familiar with the matter. The company previously offered employees stock in March at a $20 billion valuation.
Source: Fortune
Curated Links: 01/29/2024
IRS has collected more than $520M in back taxes from delinquent millionaires so far
The agency credited the passage of the Inflation Reduction Act for its stepped-up ability to pursue high-income, high-wealth individuals who owe money.
Source: CNBC
What Are Capital Gains Taxes?
How the Internal Revenue Service treats the gains will depend on your filing status, taxable income and, most important, how long you owned the asset.
Source: WSJ
2023-2024 Tax Brackets and Federal Income Tax Rates
There are seven federal income tax brackets for 2023 and 2024. Your tax rate is determined by your income and tax filing status.
Source: NerdWallet
5 easy ways to lower your taxable income in 2024
The amount you pay the IRS each year is determined by your tax bracket. That, in turn, is based on your taxable income and filing status.
But there are several ways you can lower your taxable income without taking a pay cut — from putting more into retirement to deducting student loan interest.
Source: CNBC
Net Investment Income Tax: Impact on High-Net-Worth Portfolios
Strategic solutions for high earners to minimize net investment income tax and protect their wealth.
Source: US News
Curated Links: 01/22/2024
Should You Start A Side Hustle? 5 Ways To Ensure Success
Side hustles are trending, and large numbers of people are starting, pursuing and expanding their extra gigs. It makes sense given rising inflation, economic pressures, layoffs and increasing levels of disengagement with traditional corporate jobs.
Source: Forbes
Unlocking The Secret to A Successful Side Hustle In 2024
In times of financial uncertainty, it's natural to look for additional sources of income. With the cost of living on the rise, it's critical for many to find ways to supplement regular earnings. This is why side hustles have become so popular.
Source: Forbes
Exiting A Toxic Career Of Software Engineering
When saving and strategizing to leave the workforce, it’s crucial to make a plan for what you are retiring to. That’s what I write about— my journey to financial independence and what I am doing now after turning in my notice. But I realized I haven’t shared much about what I’m retiring from. Most of my career happened in parallel with writing this blog, but I didn’t write much about it as it happened. I want to share the story of my career, and why the refrain “I could never retire, I love my job too much!” was something I never related to.
Source: Financial Mechanic
If You Want to Achieve Your Dreams, You Have to Be A Little Crazy
If you want to achieve your dreams, you have to be relentless about making them happen. It takes a lot of focus and drive to achieve one’s goals. That’s because our dreams are usually out of reach. Why else would it be a dream?
Source: Darius Foroux
7 Strange Questions That Help You Find Your Life Purpose
Chances are you’re more like me and have no clue what you want to do. It’s a struggle almost every adult goes through. “What do I want to do with my life?” “What am I passionate about?” “What do I not suck at?” I often receive emails from people in their 40s and 50s who still have no clue what they want to do with themselves.
Source: Mark Manson
Curated Links: 01/15/2024
Multi-generational families have a number of considerations when it comes to wealth transfer
Financial succession planning is all about transferring the equity in the family business to future generations. Very often, critical to the effectiveness of the financial succession plan is its ability to mitigate taxes on the transfer.
Meet America’s New Aristocracy
At some point, extreme wealth becomes extreme power. And when power is inherited, rather than derived from the citizens and workers of a nation, it is fundamentally anti-democratic. To prevent a new aristocratic class from dominating our politics, we must ensure billionaires and their estates are thoroughly, fairly, and effectively taxed.
How to effectively approach your own human capital development in the coming year
The journey towards balance at home and work is a continuous process, requiring ongoing reflection, adaptation, and collaboration. Through the combined power of personal and organizational awareness, we can create a future where human capital flourishes, driving positive change and a prosperous legacy for households and businesses.
Family Charters: What it is and how to create one
A Family Charter (or Family Constitution) is a document that is a key element in setting out the relationship between the business and the family. It defines the 'rules of the game'. The reality is though, you will never think of every conceivable situation that could arise in the future. So it's not so much about the specific rules that it contains but the skills the family develop during the process of creating the document that are the true value.
8 Signs You’ve Found Your Life’s Work
Wondering if the job you have now is “the one”–or just another stop on the way to something more fulfilling? Check out this list to know whether it’s time to settle in or keep moving.
Curated Links: 01/08/2024
The Shortfalls of Willpower
In the 1970s, a group of researchers led by Walter Mischel at Stanford sat preschoolers down with a marshmallow in front of them. The kids were told they could eat the treat now, or, if they waited until the researcher returned a few minutes later, they could have two. It was a test of delayed gratification.
Change Your Environment, Change Your Life
When a room aligns with our intention for it, the environment helps pull us toward a higher version of ourselves. Match your room with its purpose and your inner environment will begin embodying those qualities, as well. For example, an office reflecting its purpose—perhaps focus, clarity, and peace—will increase those qualities in the person inhabiting it.
4 Rules for Identifying Your Life’s Work
It only takes 4 rules to identify your life's work according to Arthur Brooks. The article Four Rules for Identifying Your Life’s Work is a must read, eye opening article by Arthur Brooks that offers insight on finding your life’s purpose or marshmallow in a simple four rules.
Beyond New Money: What it Means to be an immigrant in the Land of Wealth
Strangers in Paradise is a practical guide for families faced with navigating the stresses and tasks of adapting well to the Land of Wealth. Whether you were born there or arrived there, you’ll face predictable challenges to parenting, family cohesion, identity and harmony.
The Difference Between ‘Rich’ and ‘Wealthy’
To the frustration of some of his readers, Sullivan came to define wealth not as a dollar figure but in terms of what your savings allow you to do. “The people that I consider wealthy — whether you’re a schoolteacher or a billionaire — are the people who, when they want to do X, they can do it,” he says.
Curated Links: 01/01/2024
Why Americans' 'YOLO' Spending Spree Baffles Economists
Typically, after a major crisis or job-market downshift, the economy generally experiences a small bump in both consumer savings and spending. However, the San Francisco Reserve Bank (SFRB) reported in May that the post-pandemic rise in fiscal spending this year has soared beyond the growth of any other post-1970s recessions.
The Paradox of Happiness
What kind of mindset should we cultivate in a world that pushes us towards cynicism and escapism?
Safe Withdrawal Rates: Annual study suggests that new retirees can spend more from their portfolios.
Retirement drawdown strategies remain one of the most challenging areas in all of finance. But fortunately, retirees have numerous options. The right level of flexibility in a retiree’s spending system ultimately depends on several different factors, including whether the individual wants to prioritize steady income over time, maximizing withdrawal rates, having money left over for bequest purposes, and the extent to which fixed expenses are covered by nonportfolio income sources.
The 20 Greatest Decluttering Tips of All Time
Embarking on the decluttering journey transforms spaces and minds. It’s about making room for more of what matters. And there are lots of approaches to accomplish that.
Create a family charter for a successful family business
With 97 per cent of farming businesses, being family businesses, Nuffield Scholar, Peter Craven set out to discover the winning formula for success
Curated Links: 12/25/23
To Lead a Meaningful Life, Become Your Own Hero
Research reveals that the hero's journey is not just for legends and superheroes. In a recent study published in the Journal of Personality and Social Psychology, this article show that people who frame their own life as a hero's journey find more significance in it.
Year's Resolutions for Building a Healthy, Happy Life
For many people, the start of a new year marks an opportunity to reflect on their life, and think about where they would like to be in the future. And while New Year resolutions may get a bad rap for encouraging unrealistic goals or placing pressure on us, they can also be a great starting point to prioritize your health and wellness on your own terms.
The Crucial Difference Between Beginner and Advanced Advice
In any given pursuit – tennis, chess, jiu-jitsu, painting – there is a hierarchy of skills that you have to acquire one by one to progress. More fundamental skills lie at the bottom, like the base of a pyramid, and serve as a foundation for more advanced skills to be gained later on.
It’s Okay to be Optimistic About the Economy Next Year
Even though the Fed hasn’t cut interest rates yet, they’ve started to fall in some areas in anticipation of what’s ahead. Mortgage rates are back under 7 percent, which has inspired some hopefulness around the housing market. The stock market is feeling excited about the year ahead — arguably, maybe a little too excited.
Five 2023 Financial Events and the Timeless Lessons They Reinforced
From aggressive interest rate hikes to bank failures to the rise of AI, this year has shown us why it’s important to both take advantage of opportunity but also keep a level head with our financial plans.
Curated Links: 12/18/23
A Few Tax Moves to Make by New Year’s Eve
Year-end is not only the season for holiday festivities. It’s also a good time to consider strategic moves to help optimize your tax situation. Taking advantage of various tax-saving opportunities before Dec. 31 can lower your tax liability and help you keep more of your hard-earned money.
Why indexing and private markets are considered to be the biggest disrupters of the past 50 years
The rise of index funds and, more recently, private markets investments have been key disrupters in the story of U.S. retirement savings that Pensions & Investments has been covering over the past 50 years.
A Few Laws of Getting Rich
There are a million ways to get rich, most of which involve exploiting specific niches and one-off opportunities, to say nothing of luck. Universal rules about how to get rich are hard to come by. But losing money, or losing happiness when you have money, or becoming a slave to your money – those stories tend to have common denominators. They are so common you can call them laws.
The Truth is Always Made of Details
Looking closer always reveals more, and it’s often not what you’d expect. Archie Andrews’s orange hair (in the comics anyway) is actually rows of printed red dots. The tops of your knuckles have miniscule lines that make diamonds and triangles. Sand, examined on your fingertips, is made of a few distinct types of grains, none of which are quite the color of “sand.”
Need more money? Not earning to your potential? There's always another way to make money.
In today’s world, many people find themselves in jobs that might not resonate with their true passions. But given the amount of joy we can derive from work in addition to the time spent doing it, the work we choose to do is one of the most important decisions we can make with our lives.
Wealth Is More Than Money: Non-Financial Capital Creates Total Family Wealth
Family relationships can be deep and long-standing if they are based on trust, mutual understanding, and a willingness to compromise and make decisions together. When the family leadership recognizes, supports and utilizes each family member’s unique talents, they add great value to the family enterprise and create a high-performing family team.
8 Tax-Loss Harvesting Tips for 2024
While it will likely be hard for investors to harvest the same degree of losses in either 2023 or 2024 as they managed in 2022 (and that’s a good thing for portfolios), tax-loss harvesting has nonetheless been an important consideration this year, and experts anticipate the same for 2024.
Curated Links: 12/11/23
If you want to live a life rich in meaning, first you must learn how to do nothing
How do we live a life that is rich in meaning, connection and joy? For some of us this question causes great angst, negatively impacting the way we show up in the world. For others it materialises in quiet doubts that can appear during periods of transition or self-questioning, such as when we’re between jobs, upon retirement or when considering whether to start a family.
50 Family Dinner Questions for Great Table Talk
From toddlers to teens, these dinner table questions will get everyone talking and having fun.
Your Happiest Time In Life Is Still Ahead Of You — Way Ahead Of You
Believe it or not, an analysis of 443 studies comprised of more than 460,000 participants found that the happiest time in people's lives is when they reach 70 years old.
Seven Habits that Seem Lazy (but Actually Let You Get More Done)
Nearly all people who have accomplished something of value did work that was meaningful and enjoyable to them. No, perhaps not all the time or without effort, but grinding for years at fundamentally unsatisfying work is rarely the recipe for greatness. To really do work you love, sometimes you need to stop doing work you hate.
The 5-Minute To-Do List
A quick idea for you today: keep an alternate to-do list that consists entirely of things that can be done in 5 minutes or less. This list should live on your desk for small pockets of time or transition moments between bigger projects.
Curated Links: 12/04/23
100 Amazing Bullet Journal Ideas to Organize Your Money
If you are a go-with-the-flow type of person, then a rigid schedule or budgeting program isn’t going to work for you. Bullet journals give you the freedom to really take control of your money using methods that will work for you.
https://www.carolinevencil.com/10-bullet-journal-ideas-to-organize-your-money/
Source: Caroline Vencil
Are You Living Your Ideal Life?
You don’t wait until retirement to be happy. You need to enjoy the journey. Ideal life is funny, though. It changes as you go through different stages of life. What is ideal now probably won’t be in 15 years.
https://retireby40.org/are-you-living-your-ideal-life/
Source: Retire By 40
Gen Z falls for online scams more than their boomer grandparents do
The Deloitte survey shows that Gen Z Americans were three times more likely to get caught up in an online scam than boomers were (16 percent and 5 percent, respectively).
https://www.vox.com/technology/23882304/gen-z-vs-boomers-scams-hacks
Source: Vox
The Value Of Multi-Generational Family Meetings
Productive, solid family relationships are needed if the goal is to keep the family wealth together and effectively manage it across geographies and generations. It is not only liquid assets but also all other forms of wealth, from the family business to hard assets such as artwork.
https://pw-mag.com/the-value-of-multi-generational-family-meetings/
Source: PW Magazine
Anger Is What’s Driving the US Economy
A deep-seated resentment about a “rigged” system has been simmering since long before the pandemic and continues to affect consumer attitudes.
https://www.bloomberg.com/opinion/articles/2023-11-13/anger-is-what-s-driving-the-us-economy
Source: Bloomberg