Improving Your Odds For A Successful Strategy
How much of success or failure comes down to the industry you are in vs. what actions you take—“where you play” vs. “how you play?”
Charlie Munger: Financially Independent at Age 38 in 1962
Charlie Munger was born in 1924 and reached financial independence at age 38 from his earnings as a lawyer (before he became partners with Warren Buffet).
He took a familiar path to financial independence: solid 9-5 income, consistently high saving rate, and prudent investment of the difference. The same formula he started using in 1949 remains available 70 years later to someone starting in 2019.
Tails, You Win
Out of 21,000 venture financings from 2004 to 2014, 65% lost money. Two and a half percent of investments made 10x-20x. One percent made more than 20x return. Half a percent – about 100 companies – earned 50x or more. That’s where the majority of the industry’s returns come from.
We built a $17 million business in less than 5 years: Here’s how we spent our money
Two entrepreneurs showed us dollar by dollar how they turned $39,200 in personal savings into a $17 million business.
It’s Only Rock ‘n’ Roll, But Still Read the Fine Print
Read every document. Look at every contract for every show. Run spreadsheets to see what the gross is going to be, what the costs are going to be, what the net is going to be. Become really involved in the business side of the music business.