3 months ago 74 million kids in the US got a taste of homeschooling. Pundits debated pros & cons, parents rushed to adjust to a new normal, & many asked what the long-term change would be.
I believe homeschooling played a huge role in my ability to build a $100 million company.
Here are the specifics I learned:
1) The class moves at the pace of the slowest student: you
Class always moved at my pace. Sometimes that was breezing through subjects, other times the pace was really slow for subjects I just wasn’t getting it (chemistry).
So I stayed engaged
2) My parents gave me the upside
When there was perfect snow outside I could go out and play as soon as my work was done. Focused work was rewarded with an early play time.
Normal classes give students all the downside (homework, penalties, etc) and none of the upside.
3) There is no speed limit
All my friends were older than me. That was fine until they all went to graduate & I had years of high school left.
I asked my parents if high school was 4 years or a set amount of work—they said the latter. So I turned the curricula into a todo list.
Summer road trips turned into marathon algebra session. With older siblings in the car I could ask them for help whenever I got stuck. Churning through dozens of math lessons as the western landscape flew by.
I graduated high school and started college at 15. 2+ years early.
4) They made me responsible
I was responsible for completing my work. They were always there to help, but if I had a bad attitude or just couldn’t get it done then that meant missing outings with friends or doing it on the weekend.
5) They treated me like an adult
When I was a 10 I asked a store employee where to find LEGO. He talked to me like a baby. The contrast was so stark I asked my mom about it. She said, “some people feel the need to talk to kids that way.”
My parents never did.
They engaged with our questions, challenged our thinking, and treated us as equals. The result was that other adults always remarked on how well spoken we were.
All of this combined resulted in a love for learning that paid off incredibly well.
“Never let school interfere with your education”
— Mark Twain*
(* Or Grant Allen)
Homeschooling isn't right for every family or kid, but I do think it’s worth considering. If you’re 1 of millions of families forced into the great homeschooling experiment wondering if you should continue it next fall, here’s just one small vote to say you should give it a try!
For anyone thinking of investing in @Gumroad today you should know one thing:
The team that originally built Gumroad doesn't have equity.
They all lost it when Sahil tanked the company. You can't claim to be creator focused and not actually take care of creators.
I keep getting DMs to ask if I recommend investing in this round. Even though I was a huge fan of Gumroad for years (I sold $500k+ on the platform), I can't recommend it.
Creators got screwed when support disappeared & product dev stopped. Don't trust a founder who would do that
Gumroad's history:
1. Raise $10m. Build software, hire a team, get traction. 2. Mismanage it, team quits / laid off. 3. Tell investors it failed, get $8m written off. Ensure team gets 0 equity. 4. Restart company, focus on growth. 5. Wait 4 years, raise more $$.
Everyone wants to calculate a free to paid newsletter conversion rate by [total paid subscribers] / [total free subscribers]. While the math is correct, you have to account for conversions over time.
A free audience doesn't convert to paid all in one go.
You're really tracking the current free vs paid *ratio* for your list.
A conversion rate should be based on a cohort or a campaign. For example: "My automated upgrade pitch email sequence has a 7% conversion rate."
Or: "The Cyber Monday campaign had a 5% conversion rate."
@benedictevans *currently* has a 1.5% free to paid conversion ratio, but the paid newsletter has only been around for 5 months. Over time his conversion ratio will increase as he promotes the paid offering more.
In 2010 Emily Weiss, a fashion assistant at Vogue, started her own fashion blog. She bought a camera, domain, & 2 months later the site was live. Into the Gloss showcased the real-world beauty routines of fashion influencers & celebrities.
10 years later, what do you think the site is worth? Millions? 10s of millions?
While that would be an insane success for a blog, it’s not even close to the correct answer of $1.2 billion. She turned it into the beauty brand Glossier.
Billion dollar blogs aren't rare. A thread:
I'm on that journey with @ConvertKit. I started with earning a living from a blog on marketing & design. Then I used that audience to launch a SaaS company now earning $24M/yr.
It will take years, but we're on a path to create $1B in company value.
Last fall I bought a 4-plex in Nampa (a suburb of Boise) to turn into an airbnb with the help of 2 friends.
Each unit is ~900 sq ft (2 bed, 1.5 bath). Purchase price: $339,000. We had to pay cash because it was in such poor condition.
Here's a thread about how it all went:
2 units were poorly remodeled, 2 units had serious issues including water damage & needed to be taken down to studs.
We estimated $130k in remodeling expenses with Patrick (one of the partners) doing the construction work. But quickly went over as HVAC was far more expensive.
We replaced all the windows, doors, siding, roof, plumbing, flooring, etc. Work started in October and by mid-December we had the first unit ready for Airbnb.
Winter is always slow here, but we still made $764 over the holidays as we picked up the first couple reviews.
We’ve been focusing on building tools for @ConvertKit power users. After releasing our free plan we’ve seen more power users sign up after getting a chance to play with CK on small projects for free.
Here’s a sample of what we’ve built the last 6 months with power users in mind:
1) Edit links *after* an email has been sent
Making a mistake in a link to tens of thousands of fans is costly. Fixing it in seconds is priceless.
This doesn’t exist on any other email platform.
2) Better performance
Power users are constantly pushing the limits of performance. Whether it's larger lists (many millions of subscribers!) or more complex visual automations.
We've rewritten a lot of how automations perform to handle more subscribers & more complexity.
Public opinion is that if you knew to sell stocks in February you had to have inside information.
But...we all did. The pandemic coming out of China was widely publicized, most just didn't believe it.
I sold 25% of my stock on February 24th on that news. Now I wish I sold more!
The Dow dipped to 18k before climbing back on the stimulus news, but it can't stay there. Unemployment claims are through the roof and this next recession will be very deep:
So what should you do? Sell everything? Probably not.
If you're young, focus on earning money right now. Keep any automated investments going and keep investing. Then soon (I'd say when we drop below 15-17k) move even more cash in.
I'm keeping my weekly investments going just like before to buy all the way down.