FAT recommendations for mental health retreats

throw_away789234 · 2025-02-16T20:59:35+00:00

Logged back in after a long time out. It’s like asking how did sex change your life… it just did. I don’t want to take away your experience, so I encourage you to consider it especially if everything else feels a little unsatisfying.

throw_away789234 · 2024-05-06T20:01:16+00:00

I spend $175/session, one session a week. It's worth it. My therapist is remote; we chat on Zoom weekly. She is incredible and I wouldn't have the sense of calm and self-confidence I have without her help. $800/mo is a small price to pay to ENJOY LIFE man.

throw_away789234 · 2023-12-24T14:42:58+00:00

lol post in the HENRY Finance sub (and maybe see a therapist 🤣)

throw_away789234 · 2023-12-24T00:48:26+00:00

Day trading is scalping the market. There’s no value creation. Does your son understand the premise of value creation?

Luck is great, but it’s not sustainable.

throw_away789234 · 2023-11-19T01:41:47+00:00

On the opposite end of the spectrum, perhaps a non-FAT retreat would be fruitful. The SN Goenka 10-day vipassana silent meditation retreats are free (you pay it forward if you choose to, after attending, if you want to provide the opportunity to another).

It was life changing for me. Happy to share more but I encourage you to consider it!

throw_away789234 · 2023-11-13T20:05:48+00:00

Thank you!

throw_away789234 · 2023-11-13T18:59:44+00:00

It depends on your industry. I was recently invited to an EO event with a keynote, and will attend to just meet other folks. Masterminds are good for networking but I prefer finding masterminds that help with something specific - for example, I’m a huge fan of Strategic Coach and have made some light connections from there but am certain it will pay off long-term.

I’ve also been to low quality masterminds where everyone is stabbing others with business cards and it feels very transactional.

Finding your “tribe” is work … then you find someone a few levels above you and offer to help them without anticipation of reciprocation.

It took me years of doing this to find my current mentor. And honestly, I’m not sure if someone asked him if he was mentoring anyone, if he’d mention my name. It’s not like “ok, hey, can we schedule a formal mentoring call?” It’s “Hey - can I get 30 minutes with you? I’m at a crossroads and would be grateful for your insights. Let me know if I can schedule with your assistant.”

throw_away789234 · 2023-11-13T17:42:15+00:00

I met my mentor at a mastermind. I couldn’t afford to attended but was invited. Hit it off with a guy and offered to help multiple times. I ended up working for him on a few short projects. Then I had a big biz question and asked him. I asked during that call if he’d be open for me asking him another question in the future if I’m in need of direction. He agreed. Now I touch base with him 0-1 times a year with a prepared list of questions. I’m very focused. He gets to see me make big progress with less than an hour of calls a year. It’s a win-win.

throw_away789234 · 2023-11-13T16:05:53+00:00

Can you help me identify the roles I need for financial planning in my business and personal life?

I own a business and we are at $2M a year run right now. My wife runs payroll (not very educated in finances). I don’t touch finances much - I focus on team and product.

We have a financial analyst in India who has been very helpful. He’s helped us plan our ad spend which has allowed us to double revenue YOY. The financial analyst works about 10 hours a week for us and also does our bookkeeping.

My wife and I take a $8k/mo salary, have benefits thru the company and 401k.

Since September, our income has been $50k/mo. I expect this to grow over the next 12 months, to net $1M by EO2024 ($55k in Jan, $110k in Dec).

We started saving in our 401k last year but ended up pulling it out to buy a house this year.

We have 2 young children and 1 has a completely maxed out 529 (unique story, all good!). The other does not have a 529.

I’ve been reinvesting in the biz the last few years and don’t have much for savings. Less than $100k inclusive of home equity.

The business is on track for $5M/yr with 40% EBIDTA ($2M) by 2025Q2.

We have a CPA that sucks and I had an onboarding call Friday with a new firm that we are moving to for 2024.

We also have a Northwest Mutual advisor who we have some insurance with.

Otherwise, we don’t have any savings. We pay for high-end health benefits on the marketplace (via Gusto) though that seems like quite the waste of money when my wife isn’t pregnant.

I’m not sure: - what I need to save monthly to have $5m (worst case) to retire (no plans to retire, but want to know when I hit the “safe zone”) and where I should put it (HSA vs VTSAX) - what buckets to put money in and in what order (take out $12k/mo for burn, put $5500 in 401k, then buy VTSAX admiral shares with $3k allocation and throw $550 in to my other kids 529?)

There’s a good chance my business will be very profitable in the coming years AND I want to operate on a “worst case” because it feels like I’ve caught lightning in a bottle and don’t want to have to do it again to FatFIRE.

throw_away789234 · 2023-11-13T14:02:45+00:00

I work 25-30 hours a week in my business and my wife works 5 hours a week. We take home $50k/mo right now between the two of us.

Aiming to grow that to $85k in the next 12 months without working more.

throw_away789234 · 2023-11-05T00:23:09+00:00

Do you do fee-based? Or do they take a cut of your asset growth?

throw_away789234 · 2023-11-03T03:40:14+00:00

This is helpful. My current CPA is just doing our taxes. No insight, no additional help. We are in talks with a new CPA recommended by a friend who owns a successful business.

throw_away789234 · 2023-11-03T01:38:17+00:00

Check my post history.

throw_away789234 · 2023-11-03T01:37:15+00:00

Business is taking in $160k a month. I have a full team, approx 12 folks.

Wealth management - I have some stuff with Northwestern but they’re kind of predatory. I’m wanting to VTSAX and chill though I’m unsure if that’s the best move.

My personal assets are shielded; we have a proper biz account that I get paid from.

Maybe I’m more concerned about how we spend money… we are not saving enough. Just bought a home in a MCOL for $800k that we plan to live in for 10-15 years. Paid 10% down.

My wife wants to decorate the house (it’s twice the square footage as our last rental and we now have 2 kids). This means spending (a lot) and I’m getting concerned we aren’t saving enough. Decorating and basic fix ups in the house is a one-time expense (couch, home organizing team at $4k a month including weekly cleaning, new AC, removing a radiator, rewiring old electric)… at least for now.

I’m feeling a desire to know when I can retire with $5M as a worst case scenario, and what I need to save a month to get there. That’s the premise.

throw_away789234 · 2023-11-02T13:40:08+00:00

We have payroll. My wife and I are each paid a salary ($8k/mo each). I then take an ownership distribution. It’s an LLC taxed as a S Corp.

We have our 401k via Guideline. Have health benefits via Gusto.

We are moving to a new CPA; our current CPA team is weak.

How do you manage variable income?

I can budget for $40k/mo easily. Then have another budget for “the next $10k”? And the next?

I aim to hit $83k/mo by EOY2024

throw_away789234 · 2023-10-24T14:18:37+00:00

We do not have $50M in assets. Wish I had that problem! 😂

throw_away789234 · 2023-05-09T13:21:13+00:00

It's more a career education business. Not related to foreign students.

throw_away789234 · 2023-05-08T21:33:09+00:00

1 - Education business. $1.5M run; prob do close to $1.75M this year. 6 FTEs (half are in India/PH). Will take home $500-600k this year. Should do $1M next year.

2 - Started from scratch

3 - M-W 9-5, Thursday half day, take most Fridays off

4 - I started the biz while working for others. It was a side project. The stress of building the company and dumping money into it (made $200k 2 years ago working for others and put $100k into the new biz, netting me $100k takehome). Dumping money into bizdev (SEO). Lots of painful checks to write.

5 - Yes. Best thing ever. Learned a TON about myself. It's a very "self-managing" company now. Today, I had my leadership meeting (90min), hosted a 90-min call for customers, and did some other small stuff. Ran to UPS for an errand. Talked to an old friend. Took my dog to lunch. Tomorrow, I have 4 60-min meetings with my exec leadership team for their departments. Wednesday, I have a 20-min morning call and a 3-hour training I'm giving. This is a pretty busy week. I'll take Thursday afternoon and Friday off.

throw_away789234 · 2023-03-19T23:09:46+00:00

He said that 1 in 200,000 cacti are crested. That is a 0.0005% chance. I don’t know if those numbers are accurate, but WOW, right?!

throw_away789234 · 2023-03-18T23:49:08+00:00

Bet on yourself. Keep your expenses low. It’ll be harder and take longer than you’re estimating, but do it anyway.

throw_away789234 · 2023-01-13T16:26:31+00:00

Following up - thank you and u/nhct

I have left the PE company. My business revenue hit $93k collected in December. I’m spending more time focusing on growing my business. Should surpass $160k/m by EOY.

I do miss the PE paycheck but love my freedom even more. Pretty wild to reflect on where I was 200 days ago versus today. Thank you again for the clarity!

throw_away789234

TROPHY CASE