What Playing in a Band Taught Me About Making Money by Paco de Leon

I spent most of my young adulthood and late teenage years playing in bands with my friends. But it all started with a simple question.

One day, a classmate who eventually became one of my best friends casually asked, “Do you want to start a band?” Surprised and intrigued, I asked her what instrument she played. She said something about taking piano lessons as a kid.

“Well, do you want to learn how to play the bass?” I thought about the cheap, $ 40, midnight blue electric bass guitar I begged my dad to buy earlier that year from a stranger selling it on Craigslist. “I have one you could use.”

“Yes,” she said with the kind of confidence reserved for youth, “Definitely,” 

I took the bass to school the next day. As I handed it to my friend, not realizing how this little action would seal our fates and friendship for decades, we agreed to have our first practice later that week on the last day of our junior year of high school.

We’ve played together for years. On and off. And in different projects. We still tinker around to this day. Throughout all the years playing together, we learned our instruments, made lots of mistakes, and even more memories – like the great tequila embargo of 2014.

As the years accumulated, I wondered how playing hundreds of shows and writing countless songs would fit into the bigger picture of my life. Starting a band is a lot like starting a business. 

Even though my constitution will always require playing and making music for the sake of silly art and self-expression, I also learned many invaluable business lessons along the way. Here they are in no particular order.

Read More

The Lazy Person's Guide to Building Wealth (Part 2): Investing for Beginners by Paco de Leon

Welcome to part 2 of “The Lazy Person’s Guide to Building Wealth.” If you missed part 1, get caught up here. If you’ve ever been curious about investing in the stock market but are honestly puzzled about how to get started, this guide is for you. If you question whether investing in the stock market is a realm reserved only for Wall Street moguls or the already rich, this guide is also for you. By the end of it, you’ll have everything you need to know to start investing.

Read More

An Open Letter to Buy Now, Pay Later Companies. Your product is like cigarettes for people’s financial lives. by Paco de Leon

Dear Buy Now, Pay Later companies,

The path to hell is paved with good intentions.

“Consumers need this,” you say. “We’re giving them options and flexibility in uncertain economic times,” you say. If you shut one eye and squint the other, you may be able to fool yourself into seeing what you want to see. That’s the beauty and the curse of the human mind. You’re asking them if they’d like to be kicked in the crotch or punched in the face. Options!

Read More

The Secret to Managing Money as a Couple: Split the Check by Paco de Leon

Navigating the intersection of love and money can be tricky, especially if one partner is more of a spender than the other. There is one method of managing finances that can help every couple find the balance between working towards the same financial goals, while also maintaining some level of autonomy. It’s called “splitting the check.”

Read More

Five Financial Rituals to Adopt in the New Year by Paco de Leon

We don’t always get what we give. At least, that’s what the Italian economist and sociologist Vilfredo Pareto discovered in the 1800s while harvesting peas from his garden. Pareto observed that 80% of the peas came from only 20% of the peapods, demonstrating an unequal relationship between inputs and outputs. Wondering if this pattern would repeat itself in other areas of life, Pareto began to look at different data sets to confirm his findings. 

While this principle might skew and not always hold one hundred percent of the time, the general principle that 80% of effects result from 20% of causes holds. Less than 10% of the population owns 80% of the stock market. Few social media accounts are responsible for most misinformation across platforms. And we’ve recently seen, in a pandemic, that roughly 20% of the most infectious individuals are responsible for 80% of the transmission.

Knowing 80% of your success and results come from only 20% of your efforts; you can apply the 80/20 rule to your financial lives. Here are the five financial rituals you can focus on that will impact results the most. 

Read More