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Jon Yongfook @yongfook
, 4 tweets, 1 min read Read on Twitter
A typical millionaire has around 7 sources of income.

1. Salary
2. Profit from business
3. Interest
4. Dividends
5. Rental income
6. Capital gains
7. Royalties

How diversified are you?
I’m currently in 4 out of 7 of these categories
The best decision I ever made, money-wise, was to start sweeping cash into an investment account years back. Immediately gets you into two of these categories.
The entrepreneur world talks a lot about “making money” but learning how to preserve and grow capital are just as important. And also learning how not to piss it all away on toys 😅
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More from @yongfook see all

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1/ I’ve had a few days to reflect on the last 4 months of my startup challenge and I think it’s time for a pivot / recalibration

Thread 👇🏻
2/ The challenge began with me wanting to practice execution again, after almost 3 years in a senior corporate role where I didn’t touch any code. I missed building things, had the luxury of free time, so it seemed like a good goal to just “practice shipping”.
3/ Now, after 4 consistent launches in 4 months I feel I’ve proved to myself I’ve still got the knack. I can still build and ship a decent MVP within a given time constraint. But I’m not happy.
Read 11 tweets
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Not many people go from launch to sustaining lifestyle in just a couple of months. Maybe that happens to some in survivorship-bias-land. But back in the real world it takes a lot longer. My last SaaS took 6+ months to get to just a few thousand $ MRR.
And that was when I was focused on ONE SaaS product and spent a good amount of time on content marketing every day.
I’ve said many times that revenue isn’t my short term goal. I’ve launched a free open source app, an app that charges $1, an app that has pricing but isn’t charging anything yet, and a job board in a competitive niche. These aren’t the actions of someone focused on revenue 😅
Read 6 tweets
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Without a doubt, yes. But then who is to say which strategy is right? Build another MVP or focus on an existing one? I feel like I will “know” when it’s the right time to really focus.
In the end whether you’re successful from iterating one product consistently or successful from trying many things and seeing what works - it’s all down to the chaos monkeys anyway 😅
I think the 12 startup method suits me best because I haven’t quite decided what industry / area I want to focus on. So it’s all experimentation. Even if I wanted to focus on one thing I don’t know what that one thing would be. Yet!
Read 3 tweets

Related threads

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1/Thread on Irish border
It is frequently stated that the reason the UK has to sign up to the Backstop in the WA is because the UK is legally bound both through the Belfast Agreement & Dec 2017 EU/UK progress report to prevent any trade friction on the Island of Ireland.
2/I wanted to share some thoughts:
First, lets deal with often quoted argument that the Good Friday Agreement explicitly prohibits any trade friction on the island of Ireland. Here is the Agreement.
assets.publishing.service.gov.uk/government/upl…
3/After reading it I find that there are ZERO mentions of the word friction in the document at all & only 1 use of the word trade - as part of the phrase “Trade Union”.
There are, however, 10 uses of the word border in the document.
Read 25 tweets
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DO YOU KNOW THESE FORMS OF CAPITAL?
SOCIAL CAPITAL
Influence and connections are social capital. A person or entity who has ‘good social capital’ can ask favors, influence decisions, and communicate efficiently.
Social capital is of primary importance in politics, business, and community organizing
FINANCIAL CAPITAL
Financial capital: Money, currencies, securities and other instruments of the global financial system. It is our primary tool for exchanging goods services with other humans
INTELLECTUAL CAPITAL
Intellectual capital is best described as a ‘knowledge’ asset. The majority of the current global education system is focused on imparting intellectual capital — whether or not it is the most useful form of capital for creating resilient and thriving
Read 11 tweets
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Is Labour going to continue to allow housing investors’ bubble to astronomically inflate price of housing?

Its fine to charge a capital gains 👉🏼tax on actual profit (ie capital gain) after investment (not primary home) real estate is sold, but not an annual speculative CGT
I’d be interested to know how many non-primary home investment properties the people (whether politicians or otherwise):
1. On any committee related to CGT
2. In Parliament (in every party)
3. Lobbyists

& for each, how much nontaxed profit their investment properties made/20 yrs
Capital Gains Tax is a tax on PROFIT (and should only come into effect when an investment property is sold)

It is 1% domestic & foreign investors (and Real Estate agents, valuers, and property lawyers) who whinge over making less profit, or object to any obstacle to profiteering
Read 8 tweets
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"I'm afraid to discuss my business ideas because I'm afraid someone will steal them. What do I do, Shadeed?"

Good question. Here are 7 ways that you can protect your #business ideas.

Thread

#smallbusiness #startup #smb
Protect your business idea #1
Non-disclosure agreements. (NDA)

What is a NDA?

A legally enforceable contract that binds confidentiality
between a person holding information with the person who
is receiving it.

You sign NDA before you tell the details.
Protect your Business Ideas: #2
Trademark your Name

What is a trademark, Shadeed?
A symbol or words that are legally filed to represent a product or company.

Where do I file my trademark?
Apply online here: bit.ly/2owQZB7

#business101
Read 10 tweets
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Treasury Issues Proposed Regulations on New 20 Percent Deduction for Pass-Through Businesses

@drawandstrike @ThomasWictor @HNIJohnMiller @jihadaeon1 @rising_serpent @_ImperatorRex_ @Debradelai @LarrySchweikart

home.treasury.gov/news/press-rel…
Washington—The U.S. Department of the Treasury and Internal Revenue Service (IRS) issued proposed regulations today implementing a significant provision of the Tax Cuts and Jobs Act, which allows owners of sole proprietorships, partnerships, trusts,
and S corporations to deduct 20 percent of their qualified business income. The proposed rules ensure that this historic tax cut will be available to the broadest spectrum of American businesses,
Read 12 tweets
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Bitcoin tax questions I ask myself:

1/ I bought Bitcoin for $1k in April. Now it’s $10k. Did I just make $9,000?

I think you're forgetting something. There's only two things certain in life: death and...
2/ Taxes...what?! Cryptocurrency is beyond the government's control, man!

Government won’t shut down Bitcoin, but US citizens still owe tax on worldwide income. Tax evasion, in extreme cases, leads to imprisonment.
3/ OoF! How much tax do I have to pay on Bitcoin profits?

The top income bracket in the US pays 39.6% short-term capital gains which is $3,564 for you. But if you #hodl for over a year, long-term capital gains is only 15%.
Read 16 tweets

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