🛳️ Think Like an Immigrant

Yes. This is the CityChad, your money marathon coach, getting you financially fit for the long run. Let’s jog towards financial freedom!

In this week’s edition:

• Markets: 😮 Big Short Again

• Article: 🛳️ Think Like an Immigrant

• News: 🫠 ChatGPT Going Broke?

• Chad of the Week: 🦾 Arnold Schwarzenegger

MARKETS: 😮 BIG SHORT AGAIN

Whatup! The market continued its downward trend last week. So you may wonder…

While there was no crushing news last week, we may be seeing the markets feeling the strain from its fast and furious rise since the beginning of summer. A lot of investors are pointing out that stocks are now feeling overvalued.

In fact, there was also a lot of talk about Michael Burry shorting the US stock market (i.e. trying to make money when stock prices fall).

Burry is a famous investor who made lots of dough by calling the 2007 US housing crisis. There was even a great movie about it, “The Big Short”.

Well, Michael is going short in a big way, again. Many people are listening when this man talks.

However, he has been bearish for a long time and has also been very early on his calls in the past. Being too early also means being wrong. Check out this interesting thread on the topic.

Adding to the negative sentiment was the increased prospect of another interest rate hike in the US.

Crypto is also not faring very well recently, either, continuing a downward trend. At least we found out Trump is a HODLer too.

Wish I’d have better news this week, folks! But this is just the ebb and flow of the markets

ARTICLE: 🛳️ THINK LIKE AN IMMIGRANT

TLDR: Immigrants can teach us a thing or two about getting things done and being a success in life. Copy these traits and you’ll make a giant leap to unchartered territory. Without having to leave your city.

• Make success your only choice

• Milk your ignorance for all its worth

• Realize privileges can be irrelevant (and maybe a hindrance)

• Swap entitlement for gratefulness

Introduction

So, you've heard about the immigrant mentality, right? It's all about how those who've left their homelands to make it big in new countries bring a whole different vibe to the game. They ain't just chasing success; they're straight-up demanding it!

Learn how you can apply the life hacks that your Nonna brought over the pond level up in business and life.

Oh, but I’m not an immigrant, does this apply to me? Damn right it does. It’s all in the attitude.

Make success your only choice

Picture this: immigrants roll up with nothing but a dream and some fierce determination. Failure? Nah, not on the menu.

These folks are on a mission to turn their dreams into reality, not just for themselves, but for their whole squad back home.

They grind like there's no tomorrow, juggling multiple gigs and clocking in crazy hours, all in the name of making it happen. 

Ask yourself: Am I acting like only success will do or am I half-assing it? Remember, you only have one life to show what you’re made of.

Milk your ignorance for all its worth

These newcomers ain't afraid to rock the newbie status. Instead of feeling lost in a new culture, they flip the script and use their lack of know-how to their advantage.

Embracing the unfamiliar is their secret sauce.

They soak up languages, skills, and experiences like a sponge. That willingness to step out of the comfort zone? That's their game-changer.

Ask yourself: Am I avoiding starting up a side hustle because I “don’t know anything about X”?

Privileges can be irrelevant (and maybe a hindrance)

You'd think having a head start in the privilege department would be smooth sailing, right? Nope, not for these trailblazers. They're all about earning their stripes.

They're the first to dive into challenges that others might shy away from, and they ain't afraid to sweat it out to show they've earned their success.

Ask yourself: I think I’m “too good/educated/special” to be a beginner and suck at something? Throw that privilege away, and just go for it, put in the hard work and it will pay off.

Swap entitlement for gratefulness

Here's the scoop: gratitude is their jam. These peeps remember where they came from, the struggles they faced, and how far they've come.

They're all about appreciating the opportunities that their new turf offers. Not dwelling on how hard they have it. It’s a total 180.

When you start from the point of view, anything that happens to you can be turned into something positive.

Ask yourself: Am I really grateful for the things in my life, good and bad, AND am I making the most of them?

Sum it Up

To wrap it up, the immigrant mentality is like a turbo boost for achieving goals.

It's all about pushing boundaries with a mix of grit, adaptability, and a massive dose of thankfulness.

Immigrants aren't just writing their success stories; they're flipping the script, rewriting the rules, and leaving their mark with every step of the hustle.

Just copy them and see how things change for the better.

NEWS: 🫠 CHATGPT GOING BROKE?

ChatGPT may be going bankrupt. That’s according to a report by Analytics India Magazine.

How can this be? It was the fastest growing consumer application in history and it has been doing all your homework.

Last July the number of visits to the ChatGPT’s website, about a 12% decline compared to the month before.

Some say that this drop can be attributed to students being on holiday, so there are not many people using it to write school documents or homework help. This may be a contributing factor but not the main one.

Competition is growing too. Now Google Bard is an active player and there are other alternatives like Llama 2, Orca, HuggingChat and others.

OpenAI has invested quite a lot in ChatGPT, about $540 million since they started developing it and despite their efforts to monetize their app, OpenAI can’t compensate for the losses.

As it costs $700k to run daily, which is super expensive considering that it is only the cost of one of their services.

Right now, OpenAI is doing the best they can with the Microsoft funding, however, they are projected to go bankrupt by the end of 2024 according to the report.

I think that’s an exaggeration. I doubt they will go bankrupt, maybe they will be forced to change strategies for sure. In fact there is an interesting thread on X on how this bankrupt talk is nonsense.

But what comes to mind is the typical example that a good idea does not always equal a good business. Airlines, car manufacturers, even food delivery companies.

The idea is great but there is no real differentiation or “moat” that can be protected over the long run. At the end you end up competing on price and just breaking even.

When the stakes are so high, that attracts competitors. So when you are thinking about your own business, think, what is your moat?

CHAD OF THE WEEK: 🦾 ARNOLD SCHWARZENEGGER

Arnold. You don’t even need to hear his last name to know who we are talking about.

This man’s life work is just legendary. Bodybuilder, Actor, Politician, Businessman. Dominating in each field he touched.

Starting as just a kid from an obscure Austrian town then coming to the US to pursue his dreams. Arnold is one of the best well known examples of the American Dream and the embodiment of the Immigrant Mentality.

His book Total Recall is one of my personal favorites and would highly recommend it to anyone.

Here are some of the key lessons we can take away from his life experience that made him into a Giga Chad:

1. Vision Trumps Doubt: Arnie's journey from Austrian gym rat to Hollywood heavyweight proves that having a clear vision can bulldoze through doubts and naysayers.

2. Reps Rule: Just like in the gym, consistent effort in real life builds the empire. Repetition is the path to mastery.

3. Crush It with Work Ethic: Arnold didn't just sculpt his muscles, he chiseled his success with a killer work ethic. Treat your goals like a gym session – sweat, grind, and pump till you see results.

4. Unbreakable Confidence: Arnie's self-belief could move mountains. Confidence isn't just a mindset, it's a lifestyle.

5. Mentors are Gold: The Terminator didn't rise alone. Learning from those ahead in the game is like getting a cheat code for success.

6. Pump Up Patience: Overnight success takes years. Schwarzenegger's story reminds us that Rome wasn't built in a day, and neither are our dreams.

7. Rules are Meant to Bend: Arnold bent rules like they were made of rubber. Conforming isn't for champs; innovation comes from rule-breaking.

8. Give Back While You Gain: The Governator's commitment to public service shows that success isn't just about you. Lift others up as you climb.

What else to say? He’s the platonic ideal of a Chad, a mountain dwelling boy that became Mr. Universe (in more than one way) and still remains as noble as day one. Born to lose but lived to win.

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