🧠 The Inner Game of Making Money

Yes. This is the CityChad, your money and lifestyle whisperer, ready to reveal the secrets of financial success. Let's start manifesting!

In this week’s edition:

• Markets: FAANG leading 2023

• Article: 🧠 The Inner Game of Making Money

• News: SEC vs. Crypto (again)

• Power Move: Apple Vision

• Chad of the Week: CZ (Binance CEO)

MARKET REVIEW

Stocks continued their upward path last week.

There is a general sense of optimism as the US economy continues to perform relatively well.

I must admit, even Chad is positively surprised how the Americans keep the Ws coming, when the rest of the World… not so much.

But is it the calm before the storm?

Well, there is a big concentration of returns coming from Mega Cap Tech companies in the US this year.

We came across this interesting chart from Liz Ann Sonders, showing how the Tech companies know as “FAANG + MNT” are responsible for pretty much all returns this year in the S&P500 (the US index of 500 biggest companies).

Does this mean there is a risk of correction for these stocks or that the rest of the market will follow? TBD!

🧠 THE INNER GAME OF MAKING MONEY

TLDR: Last week we talked about how side hustles are a great way to start your financial independence journey. This week we will start covering how to do it. First, how to get over your fear of making money. Yes, you read that right, we know you are a little scared, but that’s normal.

• What’s the Inner Game of Making Money

• Overcoming Fear

• Shifting your Mindset

• Embracing Value Exchange

Welcome back, ambitious hustlers! Last week, we delved into the exciting world of side hustles and their role in kickstarting your journey toward financial independence.

Today, we dive deeper into the inner game of making money—the mindset and psychological aspects that can either propel us forward or hold us back.

Let's conquer our fears and unleash our potential!

1. OVERCOMING FEAR

Making money is not just about financial transactions; it's about conquering our fears.

Fear of failure, fear of judgment, and even fear of success can paralyse us.

First, you should embrace the discomfort and understand that growth lies just beyond your comfort zone.

I’m sure you can relate to this in other fields, such as building personal relationships, schoolwork, or participating in sports or any competitive activities.

The first step is to believe in your abilities, take calculated risks, and trust in your capacity to adapt and learn from any outcome.

I have seen this fear from actually the most successful people in the corporate world, because they fear their reputation is at stake and making money from a side hustle can be seen as being below them.

If you feel like this, throw this attitude in the bin.

Use a pen name if you want, adopt a hustler persona outside your suit and tie job.

The greatest fortunes start small, so don’t worry if you only make a few bucks at the start. The important thing is the direction of travel.

2. SHIFTING MINDSET

Cultivate an abundance mindset.

But what does that really mean?

Simply, embrace the belief that there are endless opportunities and resources available to you.

Think about all the tools we have available today, the internet being the greatest leveller of all.

Now with ChatGPT, you can leverage your value creation to unexplored heights.

On the other side of the coin, it’s very important to replace limiting thoughts with empowering ones.

It is easy to say “oh well, this idea has been done before”.

Well, newsflash, most ideas have been done before.

It’s about how you execute.

Tesla did not invent the electric car, but it made it mainstream.

Also, this may sound a bit woo-woo, but it’s important to visualise your success, affirm your goals, and surround yourself with a supportive community that encourages your entrepreneurial spirit (Reddit and Facebook groups are a great place to start).

Even if your idea fails, that exercise alone can be a huge reward and put you on Chad mode.

Chad tip: Go to YouTube and look for mental affirmation videos, and go down the rabbit hole. And for Christ sake, pay for YouTube Premium, remember your time is your most valuable asset, and you can’t waste it on skipping ads.

3. EMBRACING VALUE EXCHANGE

Believe it or not, some people misunderstand the concept and think that making money is in itself a bad thing.

I doubt you are in that camp as you are reading this, but nonetheless it’s important to fully embrace the notion that making money is not in itself a bad thing, and actually celebrate it.

In a nutshell, understand that making money is not about greed or taking advantage of others.

It's about providing value in exchange for the solutions and benefits you offer.

Shift your focus from the fear of asking for money to the joy of providing exceptional value and transforming lives through your products or services.

Show the World you can kick some ass, and you can be one of the best at delivering what your side-hustle promises to deliver.

That feeling of acing it goes beyond money and again, it is another sweet reward from a side hustle, that has little to do with money.

What’s your inner game when it comes to money? Let us know by replying to us!

NEWS: SEC VS. CRYPTO (AGAIN)

The saga continues, with the SEC continuing to target the World’s largest crypto businesses.

This time the two biggest exchanges on Earth, Binance and Coinbase got slapped with a number of charges, with the former facing the brunt of it.

According to the SEC, Binance is involved in a series of violations that include mixing customer funds with a trading firm owned by Changpeng Zhao himselfs, the CEO of Binance.

Talk about a conflict of interest!

Beside that, the SEC also accuses Binance of operating unregistered exchanges and clearing agency as well as misrepresenting trading controls.

Gary Gensler, the SEC chair, didn't hold back.

He stated that Binance's actions were not just a minor slip-up, but a calculated evasion of the law.

He accused them of conflicts of interest, lack of disclosure, and even a complete disregard for regulations.

The SEC even (now famously) tweeted how Binance’s former COO stated “We are operating as a fcking unlicensed securities exchange in the USA, bro”.

Unsurprisingly, Binance is not taking these allegations lightly.

They expressed their disappointment and promptly labelled the lawsuit as baseless.

Coinbase, didn't get off lightly either, it was shortly after accused of operating as an “unregistered broker, exchange and clearing agency” in violation of US securities regulations.

As a publicly listed company, the stock tumbled as a result and they were quick to deny any wrongdoing as well.

It's safe to say that this latest chapter in the Binance (and now Coinbase) saga has sent shockwaves throughout the crypto community.

And it’s hard to really blame the SEC for trying to avoid another FTX situation, as it’s part of the government's role.

But as we said before, the SEC has not been very good at providing guidance to the industry, and seems to be regulating by enforcement.

The outcome of this legal battle will undoubtedly have far-reaching consequences.

For now, we can only wait and watch as the drama unfolds in the crypto rollercoaster.

POWER MOVE

This is the Power Move that even your parents know about.

Yes, Apple released their “enhanced reality” Apple Vision Pro VR headset, which got the whole World talking.

We obviously haven’t tried it yet, but its significance goes beyond just being another cool gadget.

You see, while Mark Zuckerberg's Meta faces challenges with its (to date) failed Metaverse vision, Apple seems to have skipped the line and delivered something that may have the potential for mass adoption sooner than anything else in the space.

What did they do?

By introducing the Apple Vision Pro VR headset, along with its own Vision OS operating system and specialised R1 chip, they are aiming to deliver a high-quality AR/VR experience where others have failed.

It brings some cool features to the table.

It tackles the dreaded motion sickness problem with its low latency, so no more feeling queasy after using it for 5 minutes, unlike many other headsets.

And the "foveated rendering" technology makes the image quality top-notch exactly where you're looking.

A funny one is that it projects your eyes on the front so you won't look weird to people watching you.

But the reality is that it’s still very early days to say who has won the headset war. Or if people (users) even want any part of it.

For example, concerns exist regarding the $3499 pricing, 2 hours battery life, and AR/VR content development.

This fancy VR headset is being hailed as an engineering marvel, without being battle tested yet.

After all, the only precedent we have is Meta's lackluster outcome despite pouring in billions.

And whilst Apple is in a stronger position for selling this kind of product, there's still a chance that the Apple Vision Pro VR headset might just turn out to be an expensive fancy toy rather than a groundbreaking revolution.

CHAD OF THE WEEK: CZ

In this week's edition, we shine a spotlight and vest the title of Chad of the Week on Changpeng Zhao, widely known as CZ, the founder and CEO of Binance, the world's largest cryptocurrency exchange.

CZ's entrepreneurial journey and dedication to innovation have made him a true visionary in the crypto space.

Some may say this is unfortunate timing given the barrage of charges his firm is facing from the SEC at the moment.

However, let’s not forget how this gentleman’s contributions to the crypto industry helped it go mainstream and provide access to it for people and places where it is most needed.

Places such as Argentina, where the financial policies of the government have made it an economic basket case, and where accessibility to financial services is severely limited.

With a background in computer science and extensive experience in the financial industry, CZ recognized the transformative potential of blockchain technology early on.

In 2017, he founded Binance, which quickly rose to prominence, offering a platform for users to trade a vast array of cryptocurrencies.

Under CZ's leadership, Binance has become a powerhouse in the industry, revolutionising the way people access and engage with digital assets as the largest exchange in the World.

In recognition of CZ's visionary leadership and significant contributions to the crypto space, we present him as our Chad of the Week.

Though we give out this title with the cautious hope that the charges against him do not taint his Chad reputation over the long term!

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DISCLAIMER

The material on this email and our website is for informational and entertainment purposes only and we make no guarantees as to the accuracy or completeness of its content – it is subject to change. Please conduct your own due diligence and research.

None of this information is financial advice, and you should consult your financial advisor before making any investment decisions. Your capital is at risk and you may lose more than you initially invested. We do not provide any offer or solicitation to buy or sell any investment products, nor does this constitute an offer to provide investment advisory services.

The Chad index (“the index”) is a combination of historical returns for the following:

Equities: Vanguard FTSE All-World UCITS ETF USD Acc
Fixed Income: iShares Core Gl Aggregate Bd UCITS ETF USD Hgd Acc
Real Estate: iShares Developed Markets Property Yield UCITS ETF USD (Acc)
Gold: Gold Bullion Securities Limited
Ethereum
Bitcoin

The index is rebalanced quarterly to the target weights shown in the table. The target weights are subject to change. The index does not represent the performance of a real portfolio and does not imply a recommendation to invest in any financial products. Past performance is not an indication of future performance.