It started as passive income dream... that one day we'd earn enough to pay our mortgages.
Now, it's going to change my entire family tree.
Here's a BIG THREAD with all the juicy details about selling @wavve.
Let's start with that time we almost sold Wavve (way back in Jan 2019).
We were at $30k MRR with no plans to sell when we got an email from someone interested in buying.
If you're a founder and suddenly get an offer with all those zeroes, it's very hard to turn it down!
Now our business had a fixed number tied to it, and I suddenly had this newfound fear of loss.
@BairdHall and I met for coffee and explored our options. The cash sounded great, but we took our time deliberating. I built some models to compare the offer to our future cash flows.
I was drowning in $250k of student debt with no idea how to repay it. It took years and I made every mistake along the way, by last year I paid them off.
Now I've written a book to help anyone else struggling with student loan debt.
I want to get this to people who actually need it, and don't really care about generating profits. I've listed it for sale with a “pay what you want” price tag.
Embarrassing confession that I haven't shared publicly until now.
A few years ago, I owed $250,000 in student loans.
Mega thread on:
- Student Loans
- America's debt addiction
- Learning to code
- Bootstrapping a Business
- Asymmetric risks (ex/ #Bitcoin)
I felt sick. It was Christmas 2016 and I'd logged in to Navient.
balance: $244,957
daily interest: $51/day 😭
How did this happen?
Easy. Borrow $160k @7.5%. Enroll in income based repayment. Pay what they ask. Continue for 5 yrs. PRESTO - $85k to my tab.
LESSON 1: Don't be on the wrong side of compound interest
SallieMae required $1600/mo just to keep it from growing. I was burning money and missing years of compound returns. When I realized I was imprisoned by them, I got ANGRY enough to do something.
I've been skeptical of the whole narrative that "Robinhood + Retail + Stimulus checks" are driving this market rally.
BUT, Robinhood API data actually backs this up.
1 - The same that's been borderline junk for years, grew 3x in popularity in 90 days.
2 - AT&T ($T), the most indebted corporation in the world, has doubled in popularity since March. Debt is also BBB rated. Wonder how many buyers know that?
3 - American Airlines ($AAL) appears to have more than 10x'd during over the last 90 days.