Show Me The Money

Reading Time: 4 mins

“Losers have goals. Winners have systems.”

– Scott Adams

 The inspiration for this post came from having a conversation about personal finance and savings with one of my close friends. I outlined what I was doing for the last few years and how I had increased my savings amount in step with my income. He said he left the money he hasn’t spent at the end of the month in his current account. I asked him how much he had saved? He answered that he hadn’t saved a whole pile. I asked him how much he expected to save in the next 12 months. He didn’t know.

I then described the simple steps that I thought he should follow and the rationale behind them. While I know at the time he thought I was being a bit over the top, he thanked me for my advice and said he’d think about what I’d said.

I didn’t think any more of it and I was taken aback when some months later, he brought up the conversation we had again. He had fully implemented what I had outlined and he reaffirmed my belief in what I had said. This is what I told him:

Assumption:
The basic premise of the below process is that there is some amount of your net income which you can set aside. I believe that nearly everyone should be at least be able to put something away, no matter how small. Obviously for various reasons including but not limited to: education, debt, dependents and unemployment; the below steps are not applicable.

Decide
I would recommend targeting 25% – 30% of your net income but start with whatever works for you. The fundamental point here is to establish a habit. The amplitude of your savings amount can be altered as a secondary activity. Even if you are only saving 5% – 10%, that is enough to start with.

To be precise, net income here is gross income less taxes, I’m estimating that 75% of net income is sufficient for food, rent/mortgage, bills and other discretionary expenditure. The only callout I would make is that if you have some debt then paying it off should be your priority. Short term debt such as car finance, credit cards, overdrafts and personal loans are typically offered at juicy interest rates so fully paying this kind of debt off first is prudent.

Prioritise
Enjoy life but be disciplined and realistic. Achieving a savings target should not be at the cost to your lifestyle, is missing that gig or not going on that random session with friends worth hitting 30% every month? No it’s not. Like everything, it’s about achieving a balance between short term pleasure and long term satisfaction.

Automate
If you have to physically transfer money to a different account every month, you will find an excuse not to. Set up a standing order or direct debit. You might think, I’ll do it next month. You won’t. Do it now. In three months time, you will be grateful.

Scale
If you have ticked the box on the above steps, congratulations! This is the primary and probably the most challenging step. Now that you have established a savings habit, you should try and scale it up. So maybe you are saving 15% of your net income, can you try and get this to 20%?  The trick here is build a system which you can scale as your income grows.

Let’s say you get a raise, what’s the most likely thing you do? Spend it. Or maybe you have got that new job you have been working towards and have a few more shekels making their way to your account at the end of the month? Do you really need to spend that money? Can you divert it straight to your savings account?

In summary, the baseline target here should be that if you receive an increment of 10% then you should be aiming to increase your monthly savings amount by at least 10%. Otherwise you are effectively reducing your monthly savings percentage.

Reward
At the end of the day, it’s fine to splurge some of your hard earned savings. It’s your money! The point of this post is to help you build a war chest not dictate what that “war” should be.

In closing, frugality is the best defense against uncertainty and this system encourages you to adopt frugality.

In a worst case scenario, if you lose your  job or have your income reduced, it provides a platform which you can pivot from.  The variables in the equation are how much you can put in and how soon you can start. Time is a constant. It will not wait. Get it done.

SMTM

We Go Where We Look Or Why Self Talk Matters

Reading Time: 2 minutes

I regularly go cycling and when cornering at speed I feel as though I don’t even need to move my hands or body, essentially I just have to focus my vision on where I want to go and the rest just happens.

Of course what’s happening is that my eyes are identifying where I need to go and my brain is sending signals to my arms to make a slight movement to adjust my direction. But it still feels like I am making no deliberate attempt to move my arms.

Extrapolating further, I think this concept can be applied mentally as well as physically.

We go where we look. We are what we seek to be. Our self perception and belief become our reality. The things we tell ourselves have a profound impact on our behaviours and the perception of our abilities.

In this day and age, there is a consistent and important emphasis on looking after one’s mental health. One of the easiest ways to do this is to assess your self talk and then correct it if required. Most of us don’t pay attention to the little almost imperceptible thoughts we have but over a period of time, these thoughts aggregate and have a significant effect.

A number of years ago, I read The Magic of Thinking Big, the main takeaway I took from it was the importance of self talk. When a message is consistently repeated, it will begin to be believed. That message can be positive: “I am a confident public speaker and I am comfortable speaking to a large group of people” or negative “I hate public speaking and I am useless at it”. A really useful tactic to dealing with some setback or worry that you may have is to ask “What would the most successful person I know tell themselves in this situation?”

Regardless of whether it is positive or negative, a given message will be reinforced by repetition. There are varying schools of thought for how long it takes for a given practice to become a habit and there is cognitive effort to enshrining a practice until it becomes a habit, but once it sticks, it becomes automatic. The absence of negativity is not the same as positivity, there needs to be a direct emphasis on a particular positive aspect of whatever it is you want to affirm.

Forming a positive self talk habit is not a panacea to life’s challenges but with negative self talk, you will never get anywhere. When discussing topics like this, I am always reminded of the quote by Mahatma Gandhi:

Your beliefs become your thoughts, 
Your thoughts become your words, 
Your words become your actions, 
Your actions become your habits, 
Your habits become your values, 
Your values become your destiny.

Are the things that you tell yourself positive and helping you achieve your goals?

The 6 Most Influential Books I’ve Read

Reading Time: 12 minutes

The below list of books are not necessarily the “best” books in the world but they are all books which have had a significant influence on my life and the way I think.  While I enjoy fiction, I’m strongly biased towards reading non-fiction. Most of the below points I make are mainly applicable to non-fiction material. Within non-fiction, I generally go for books that I believe I’ll “get something out of”, be that a new insight or technique.

When I say influential, what I mean is that there are points in the below books where I stopped, considered what I just read, perhaps daydreamed or my mind began to wander off into space and dream up some mad plan.

So what do I mean by “get something out of”?

  • The book provided an insight into something which I didn’t know or understand before
  • I learned an “Unknown Unknown” i.e. something which I didn’t know I didn’t know
  • The book caused me to reflect on something that I had done or was doing and/or cause me to change my behaviour

Often it can be something very simple, a great example of this is from “Poor Charlie’s Almanack”. The story about how Charlie Munger credits the cash register with rapid commercial development in American retail businesses is quite profound. It encouraged employees to be honest and reduced theft by employees; who might have otherwise allowed some cash to go missing. This is such a simple example, but it clearly demonstrates the powerful effect the cash register had. The point here is that everyone understands what a cash register is but not everyone understands the fundamental role it has played in the evolution of commerce.

Sometimes it’s just a great quote or line that I hear or read. Like this one from Tools of Titans “What might you do to accomplish your 10 year goals in the next 6 months,  if you had a gun against your head?” – Peter Thiel. When I read this, it caused me to step back and reflect on what I was doing to achieve my goals and what I could do to realise them sooner. The value in this exercise is not whether a given goal can be done in a much shorter timeframe, it’s that going through this thought experiment encourages you to identify gaps in your logic and challenges assumptions you may have made.

Another way of measuring influence is: “Did the book make you want to write down a note about something you just read like a quote, did it give you some inspiration or cause you to take some action?” When I am stopping regularly to take a note on something I’m reading, I know I’m onto something excellent. While I wouldn’t make this a prerequisite to make it onto the below list, it’s a strong factor.  The trade off is that this note taking approach reduces reading speed but I still believe it’s a valuable exercise and leads to better recall.

A final measure is when you finish a book, do you want to go back to the start and read it again, or feel at least that some parts are worth revisiting a second time?

Inverting the above, if you are reading a book and you are not experiencing any of the above, then it’s probably either something you already understand well or are familiar with. Or being blunt, it’s just no good. Stop reading. Move on. Life is too short to throw good time after bad.

Now that I’ve set out my criteria of measuring influence, let’s jump straight into the most influential book I’ve ever read.

Book #1

Title: Poor Charlie’s Almanack

Author: Charlie Munger

Channel: Physical

Year read: 2010/2011

Link: https://www.poorcharliesalmanack.com/orderform_2016.php

poor_charlies_almanack_2

Lest he need an introduction, Charlie Munger has been Warren Buffett’s business partner in running the highly successful Berkshire Hathaway for over six decades.

I recall that despite my pretty high expectations when I began to read this book, I realised very quickly that it was an epic. It blew my mind and expanded my worldview. It very clearly explains the approach, specifically the mental model approach, which Charlie Munger espouses and has used successfully to make brilliant investment decisions. It consists of having a strong general knowledge but with a focus on principles from the natural sciences and engineering.

It’s a heavy read in places and I can understand why some people wouldn’t find it as enthralling as I did. It costs $49 (+ delivery cost) which I’m sure acts as a deterrent to some people making the purchase, but I would say two things to that, how much do you value your knowledge and the extension of same? The second point is that all profits from the book go to charity (The Munger Research Center of the Huntington Library). A word of caution about it’s physical size. It’s an absolute tome. You won’t be shoving it in your carry on bag for a trip.

The main takeaway from this book is: Read a lot. Continue to learn. Build approaches from first principles (a concept heavily emphasised below by Elon Musk). I honestly can’t think of any person who wouldn’t benefit from reading it.

Regarding the above point about making you want to take notes, I literally have notebooks worth of notes from when I read this book:

img_20170209_185535

In short, buy it. Read it. Study it. Absorb it.

Book #2
Title: Zero to One: Notes on Startups or How to Build the Future

Author: Peter Thiel (with Blake Masters)

Channel: Physical

Year read: 2016

Amazon Associates Link:

Zero to One: Notes on Start Ups, or How to Build the Future

thielbinb

While Charlie Munger is an old school businessman, Peter Thiel is most definitely new school. From being the CEO of Paypal to being one of the major investors in Facebook to various other business ventures including Palantir and Thiel Capital, he is certainly someone who has a big influence on the tech scene. I enjoy reading about and listening to Peter Thiel because he has a different slant on things. He doesn’t subscribe to traditional thinking and is unwilling to accept a basic premise or assumption without coming to a considered conclusion after deeply thinking about it for himself.

The basic premise of this book is that many businesses are just incremental steps building on what already exists and that to really build a very successful business, you need to do something very innovative, in other words you need to go from zero to one. He espouses building a monopoly in some sector or area where there is little or no competition and that without creating a monoply, a given business cannot be a sustained success.

It’s not a very long book and it’s well structured into various different chapters which were derived from the notes that Blake Masters took while Peter Thiel was guest lecturing at Stanford University (and which are available here: http://blakemasters.com/post/20400301508/cs183class1)

Not without his critics, Peter Thiel has a very clear worldview, he is quite strident and not afraid to stand up for what he believes in, whether he’s right or wrong on particular topics is a completely different matter, but what is really fascinating about him is the way that he frames a question or challenges an existing assumption.

A good example of this, is in Chapter 4 “The Ideology of Competition”, he describes how competition is inherently destructive and thus should be avoided at all costs. He makes a number of interesting points about competition:

  • Competition means no profits for anyone whereas a creative monopoly means new products and sustainable profits
  • Aping competitors behaviour rather than focusing on original products and services is destructive
  • There is a genereal unhealthy obsession with competition driven by the education system

This kind of view on such a fundamental part of the business world is not common and therefore all the more refreshing.

I wholeheartedly recommend this book on the basis that it provides a very good insight into how Peter Thiel thinks and the ways that he evaluates businesses.

Book #3
Title: Tools of Titans

Author: Tim Ferriss

Channel: Physical

Year read : 2017

Amazon Associates Link:

Tools of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers

tot

Tim Ferriss is a well known author, blogger and investor who has now turned his hand to podcasting. Over the last number of years, he has interviewed over one hundred guests on his show (http://tim.blog/podcast/) and this book is a summary of the best bits from his guests featuring tons of book recommendations, quotes, advice etc. I very much enjoy the podcast, listen to it regularly and initially I was sceptical as how much extra I would get out of buying the book.

However that said, at the time of writing I’m only about two thirds of the way through this book but I’ve already got enough out of it to give it a strong recommendation. The book is divided into three sections: Healthy, Wealthy and Wise. It features gems from various different folks across many industries and walks of life.

A typical example of the kind of advice you will find is from the chapter on Reid Hoffman about giving the mind an overnight task:

“What are the kinds of key things that might be constraints on a solution, or might be the attributes of a solution, and what are tools or assets I might have? I actually think most of our thinking is subconscious. Part of what I’m trying to do is allow the fact that we have this kind of relaxation, rejuvenation period in sleeping, to essentially possibly bubble up the thoughts and solutions to it.”

This is one of many techniques to improve your life that are dotted throughout this book. The above in isolation is potentiallly very powerful, but getting multiple techniques makes reading this book a no-brainer.

I would mention that this book is not quite in the same mind-blowing intelligence as the two above books. But then again it’s not trying to be that kind of book. It’s effectively a well chosen and tightly edited list of useful stuff. It does exactly what it says on the tin.

Book #4
Title: The Four Hour Workweek

Author: Tim Ferriss

Channel: Physical

Year read : 2011

Amazon Associates Link:

The 4-Hour Work Week: Escape the 9-5, Live Anywhere and Join the New Rich

4hw

It’s a been nearly six years since I lay on a beach in sunny Biarritz and in between drinking red wine and shitetalking, I managed to read this book. At the time, it had a profound influence on me and definitely got me thinking about my career, what I value, how much time is spent at work versus leisure time et cetera.

One of the major takeaways is how most of our lives are centred around delayed gratification, the whole concept of getting a good job, working your way up the ladder, managing to retire with a nice nest egg and then begin “enjoying” life in retirement. This book encourages you to clearly identify what you want to do, how much that particular lifestyle will cost to sustain and then attempt to build an income stream to achieve that lifestyle.

This approach inverts the stereotypical question of  “What will I spend my income on?” to “What life do I want to lead and therefore what income do I need to support it?”

Like most things which challenge the status quo, it’s not about about radically altering your lifestyle but instead looking at the alternatives and modifying the techniques and approaches to your individual circumstances.

I also really liked the strategy outlined as DELA (I wonder why…):

  • Define
  • Eliminate
  • Liberate
  • Automate

An excerpt describing the above technique in more detail can be read at the below link:

http://tim.blog/introduction/

Book #5
Title: Elon Musk: Tesla, SpaceX and the Quest for a Fantastic Future

Author: Ashlee Vance

Channel: Physical

Year read : 2016

Amazon Associates Link:

Elon Musk: How the Billionaire CEO of SpaceX and Tesla is Shaping our Future

elon

In the last six months or so, I have become a fully signed up member of the Elon Musk fanboy club and this recommendation isn’t so much about the book (which is very good) as much about the man himself. Previously, I would have been aware of who he was but I never really paid that much in depth attention to him.

The ability to dream the dream and then have the chutzpah to make it happen is a unique combination. This is underscored further by his actions during the 2008 economic crisis that when push came to shove and he was staring bankruptcy in the face, where he displayed the gumption to turn things around and keep his businesses afloat. While I can’t imagine what the world would look like if everyone was like Elon Musk, we could definitely do with more people with his level of ambition, vision and sheer bloody-mindedness to get things done. I sincerely believe that we will have people on Mars in the near future. That is exhilarating and extremely inspiring. For a great overview of Musk intends to make this happen, have a look at the below:

I wouldn’t necessarily be putting Elon Musk up there as the nicest guy around or some image of perfection, but as an engineer, a physicist, a multi-industry entrepreneur, he’s simply incomparable.

One of the hallmarks of his approach to business is first principles thinking. That being to keep asking why until you get to the root of a problem. A classic use of this technique was was in the early days of SpaceX where attempts were being made to purchase old ICBM rockets and re-purpose them in order to get their space transport business up and running. The general assumption being that buying an existing rocket was the easiest way of breaking into the space industry. On a fact finding mission to Russia, a price of the order of $21 million was being quoted per rocket when the trip was being made on the basis that three rockets would be available for $21 million. This amount was far above what the fledgling space business could afford. On the plane home, Musk unveils a spreadsheet to his colleagues detailing an inventory of materials and components which would be required to build their own rocket. This total spend was significantly less than the outlay required to purchase an already built rocket. The point here is that when you take what appears to be a difficult/impossible objective i.e. build a rocket and strip back to its bare bones, then there may be a different option which would otherwise not have been thought about.

This reasoning process used by Musk is described very well by Wait But Why blogger Tim Urban in his excellent series on Elon Musk (http://waitbutwhy.com/2015/11/the-cook-and-the-chef-musks-secret-sauce.html). I read this before I read this book. My expectation was that I wouldn’t learn that much more from the book as the Wait But Why series is quite detailed. However I think it’s a pretty strong endorsement of Ashlee Vance’s effort that he adds a lot of background detail and provides a thrillling narrative of Musk’s life to date.

Book #6
Title: Ego is the Enemy

Author: Ryan Holiday

Channel: Audible

Year: 2016

Amazon Associates Link:

Ego Is the Enemy

ego

Ryan Holiday is a strong advocate of stoicism, both this book and his other related book “The Obstacle is the Way” are excellent. Stoicism is viewed as almost a “personal operating system” and encourages you to “control the controllables”. It is also in stark contrast to the consumerist world we live in particularly with such principles as “practicing poverty”.

What I really enjoyed about this book was the intertwining of his personal experience with the experience of well known figures from history to make his argument. I listened to this on Audible and what really makes it special is that Ryan Holiday narrates the book himself. I believe that hearing the author stress and emphasise various points throughout the book adds a lot and makes it a very unique experience.

There are many great nuggets in this book, one of particular note is the story of Kirk Hammett, the lead guitarist of Metallica, who shortly after getting the gig with Metallica decided he needed to improve his skills further. He sought out Joe Satriani, one of the most accomplished guitarists around, and over a three year period consistently went for guitar lessons with Satriani, working on his craft until such a time as he felt he could learn no more from him. This is such a powerful example of an ego-less person, clearly talented and successful, just after getting his big break but being humble enough to want to improve and address his weaknesses.1

In case you’ve never heard of Kirk Hammett, here’s the solo from Fade to Black (Skip to 5:45)…enjoy!

In closing:

  • Read Munger to become wiser.
  • Read Thiel to reset your worldview.
  • Read Ferriss for lifehacks and general self improvement.
  • Read Musk for inspiration.
  • Read Holiday to become a more in control humble person.

Postscipt:

I’ve added the year I read the relevant book in case there is an element of bias towards recent books which I think to be fair, there probably is. A valid reason for more recently read books is that I have tried to make a conscience effort to read more in the last six months alongside my investment in an Audible subscription.

You will have also noticed that I have put in the channel in the above sections. While obviously all of the above can be consumed in physical format, I genuinely believe that particular kinds of books read by the author actually communicate the subject in question in a more convincing and cogent manner. Tone of voice is massively important in communicating a message and two people reading same text can potentially draw divergent conclusions. Another great example of the authors narrating their own book is Extreme Ownership by Jocko Willink and Leif Babin, a book I have recently finished and will come back to in a future post.

Audible Offer:

I signed up for the free month on Audible thinking I’ll definitely cancel. I didn’t and it has been an excellent investment in terms of getting through at least one book a month. Click on the below link to start your free month:

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The Age of Distraction or Why I Use Aeroplane Mode on Land

Reading Time: 4 minutes

We live in an always on and always available age where the expectation is that you can contact anyone at anytime. This is a positive thing but it has some negative effects.

One of the most significant negative effects I believe, is the disruption caused by notifications popping up on your phone. Lest I sound like a luddite, I’m completely pro-social media, but it has a time and a place.

One of the places where this is most disruptive is during the work day. I enjoy being productive and I am always on the lookout for new ways or tools I can utilise to get more stuff done. This also includes removing unnecessary distractions and disruptions. My rationale for using Aeroplane Mode “on land” is quite simple. I simply want to take ownership of my time. I don’t want my attention to be stolen by the latest message/notification I have got.

An intermediate step is turning off/muting all your notifications. However this requires effort and being selective. While one can argue that you can turn off annoying notifications (and I do), there are always some that you may want to leave on, however getting them at the time of someone else’s choosing can be very disruptive. Thus I use a blanket approach. I simply turn on Aeroplane Mode when I don’t want to be disrupted. It’s easy and convenient.

One of the cornerstones of any productive time management technique is identifying what’s important & urgent and then executing that task, then moving onto the next task and so forth. If you get notifications intermittently throughout the day then this gives multiple opportunities to be distracted.

You then need to exercise discipline to not react to each disruption. This requires effort. Effort that can be better utilised focusing on productive activity.

Concentration is a form of currency and you can increase/decrease it. Levels of concentration are being eroded by the “always-on” culture we live in and I believe it is necessary to adopt a deliberate approach to combat this. If you are not managing your concentration levels and removing opportunities for distraction, then when you do need all of your focus, you simply won’t have that much left to draw down.

If it’s easy for you to check your phone, you probably will. Checking your phone is a form of mental snacking where you are get a regular hit of dopamine from your newsfeed on Facebook, latest pics on Instagram, WhatsApps, Snaps etc. While you might see a Whatsapp from a friend that you might want to respond to straight away, you could easily end up “just checking something” and 20 mins later, you are wondering where the time went.

Various sources state that the time taken to refocus on a particular task is somewhere between 15-25 minutes. It varies for each person and there is no general rule to apply other then to state that it’s non-trivial.

While I am on the topic of distractions, two of my other pet peeves are:

  • The ubiquitious pop up notification of a new email in MS Outlook. Turn. It. Off. You are wasting your time. Email should not require an instantaneous response. If someone sends an email and expects a near instantaneous response, they are using the wrong channel. I’m aware of various workplaces where this is the norm so there may be no avoiding it, but I still stand by this as a general statement.
  • Positioning your phone directly beside your monitor/laptop. You might as well stick it in the middle of your screen. Why not put somewhere where it is not dominating your attention? This practice coupled with notifications on is a recipe for almost no productivity.

In closing, I will acknowledge that this approach is not always suitable and there could be time critical situations where it is not suitable or instances which might lead to you feeling like you are missing out. However in my experience, this has not been an issue.

Go on, give it a try. Throw on Aeroplane Mode and notice the difference.

How I Make Coffee

This post describes the steps I follow to make a filter coffee.

  1. Here’s what you need to get started:

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2. Steps

  • Measure out beans
    • About 12g of beans is optimal. But a little more or less won’t ruin the brew. Remember to tare off the weight of the grinder before putting in the beans

IMG_20150727_200223

  • Grind Beans
    • Remember to set up your grinder at an appropriate level. You’re not looking for an ultra fine espresso grind but something a bit coarser, about 8/9 clicks is what I would generally use. More detail at this link: Hario Grind Settings. It should only take a few minutes to grind this amount of beans, if it’s taking ages you’ll know your grind is too fine.
  • Boil Water
    • I generally boil a regular kettle of water (see below for some further discussion on this) and then let it cool to 82 deg. Celsius approx.
    • While the water is cooling, take the lid of the AeroPress
      and attach a filter. Give it a quick rinse with cold water.IMG_20150727_200017
  • Make the Brew
    • With the AeroPress sitting on the Weighing Scales, pour in 100g approx of the 82 deg. Celsius water.IMG_20150727_200927
    • Then pour in the ground beans then give a quick stir with a teaspoon.IMG_20150727_200851
    • Then pour in another 100g approx of the 82 deg. Celsius water. Give another quick stir. There should be a nice crema appearing at this stage.
    • Put the lid with the rinsed filter on and then twist to tighten. Push the top down to remove any air gap between the top of the brew and the top of the AeroPress.
    • Give your cup a rinse of hot water before filtering in coffee to remove any residues or dust.
    • Turn the AeroPress upside down and sit it on the cupIMG_20150727_201021
    • Gently press the top down. You should be be pressing for approx 15 – 20 seconds. Don’t press it all the way through, stopping before you hear the air wheeze.
    • Sit back, relax and enjoy your very own filter coffee.IMG_20150727_201158

3. Other Considerations

  • Grinding: Most coffee retailers offer to grind their coffee for you. This is convenient if you don’t have a grinder but note that the ground coffee won’t keep for as long as unground beans.
  • Water: I haven’t gone into any specifics about water here as I have generally used unfiltered tap water, which I acknowledge is sacrilege to many AeroPressenthusiasts who insist that bottled water must be used. It’s something which I intend to experiment with
  • This method makes about half a regular cup. Depending on your preference, you can easily top it up with some water to make it more Americano-esque.

4. Resources

There are many ways to use the AeroPress and the above is what I have used many times and have always got a good result. However, don’t assume that it’s perfect! A quick google will find websites, podcasts, videos aplenty if you want to delve deeper.

The method I have outlined here is based on what Tim Ferriss described in the The 4 Hour Chef and also in the below video.

Hopefully the above is useful, send me your thoughts and feedback on Twitter @eoindelahunty

Podcasting & Advertising

I caught the podcast bug when I heard about Serial. Initially I listened out of curiosity, very quickly I progressed to full on addiction! Thankfully in some ways I only “got involved” after all the episodes had been released so I could progress through each episode at my own rapid pace. This post however is not a thesis on the story of Adnan Syed, Hae Min Lee and of course the excellent narrator Sarah Koenig.

This post is about the podcasting phenomenon, how it is developing focusing particularly on the use of advertising. It appears that This American Life is the cradle from which the future of podcasting is emerging. This American Life is popular podcast on WBEZ, a Chicago public radio station. Both the aforementioned Sarah Koenig and the founder behind Gimlet Media Alex Blumberg were colleagues at “This American Life”.

Gimlet Media, founded by Alex Blumberg, have released two shows so far “Start Up” and “Reply All”. I’m nearly finished listening to the first show “Start Up”  which prompted me to write this post. My best summary of what “Start Up” is about is to say that it’s a podcast about a startup company which wants to make podcasts.
The fascinating thing about “Start Up” is that it is part behind-the-scenes documentary, part how-to-start-a-business manual, part drama and is based on real events. The story starts with Alex having a rough idea of what he wants his new company to do and progresses through various events and challenges he must deal with, including formation of his company, change in lifestyle, raising of venture capital, hiring of people, launching new material and growing the business.
Obviously, one of the key aspects of any business is to develop a sustainable revenue model. In Start Up’s case, they have two advertising spots in each half hour episode. The refreshing thing about the type of advertising used is that it almost seems like it’s part of the story, this is generally referred to as “native advertising”. Native advertising is where an ad doesn’t sound like an ad and sounds like a continuation of the episode instead of a break in flow. In each episode, Alex interviews the founder or director of marketing of the advertiser in question and asks them to explain an aspect of their product or service. The content in each ad is engaging, original and certainly maintains one’s attention much more than the standard radio/TV ad which is much less personable and seems more like someone shouting in your face. Hearing the ad in the narrator’s voice increases the trust and likelihood is that the listener will automatically have a much higher opinion of the advertiser than would otherwise be the case. The rationale being that you are more likely to listen to a recommendation from a friend rather than the ubiquitous banner ad.
The other positive thing is that Start Up is careful to inform listeners when they are moving to advertising mode from narration mode. Even when they make a mess of their advertising strategy, they are quick to own up and no attempt is made to sweep it under the carpet (See Episode 9).
Obviously different types of podcast will need different types of advertising and I’m not sure if native advertising would work as well in Serial. In their podcast, they decided to do a quick call out at the start and end of each episode. Their subject was however less suited to the use of native advertising but what Serial did well was to use their audience to self finance through the use of crowdfunding, so much so, that they raised enough to have a second season.
In many ways, the key message for any would podcast creators, as paraphrased in “The Social Network” is:
“Make it cool before you try to monetize it”.
I hope to write further posts on the podcasting phenomenon in the coming weeks and months. I also have included some links below to the podcasts I mention:
Serial:
Start Up:
Reply All:
Native Advertising:

A Weekend in Lisbon

If I am to describe Lisbon in one word, it would be “antiquated”. Although that usually has negative connotations I mean it in more an affectionate manner.

Nothing really looks new or clean and if it did, it would probably be out of place.  There is a discernible sense of faded grandeur about the place. Many buildings looked in need of a lick of paint and a clean up.

That is not to say I wouldn’t recommend it though. Some of my personal highlights:

Lisbon is renowned for its old trams. They are  small and quaint and it feels like you are in a moving museum however they are used by locals and  tourists alike to navigate the undulating landscape. Tram 28 is one of the best known. I took it from near the castle up to its terminus near the Jardim da Estrela. Its a great way to see the city and certainly a novelty.

There are a number of viewing points throughout the city but the view from Castelo de Sao Jorge is probably the best.

Looking back across the city from Castelo de Sao Jorge:

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The view from the Hotel Chiado terrace as the sun sets on Castelo de Sao Jorge:

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Just outside Lisbon, the Belem Tower can be easily reached by bus:

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The Padrão dos Descobrimentos is also close by:

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 A little further out, Cascais is situated about 40 km to north west of Lisbon. There is a frequent train service linking it to Lisbon. The one way fare is the princely sum of €2.15. A nice way to spend an afternoon is to walk along the promenade from Cascais back to Estoril. Its a nice stretch along the seafront. You can then get the train back to Lisbon from Estoril.
The bay in Cascais:
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The Estoril coastline:

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Another town within easy reach of Lisbon is Sintra. I didn’t visit it on this trip but it’s supposed to be  particularly beautiful.

Bairra Alto is the hub of the nightlife where you can find all the main bars and restaurants. It only livens up around 11 where the narrow streets become crowded and there is a good buzz with everyone standing outside drinking and chatting.

Grapes and Bites is both a hostel and the restaurant located in Bairra Alto. They have an excellent selection of local wines and ports. They also have live music most nights. Mostly covers on acoustic guitar but the evening I visited was particularly good. Everything from Layla to Californication with an original twist!

 A few other things:

A little off putting is the sheer volume of guys trying to sell drugs. “Psssh hash, cocaine, marijuana” is a consistent refrain. They obviously think that every guy in his mid twenties is mad to buy drugs! Despite this, there was no sense of unease  or danger around.

In general, I was not blown away by the standard of the food. There were plenty of nice places but nothing which I would be rushing back for. That said nothing is particularly expensive either.

I was taken aback by the amount of Germans I encountered. Over the few days I was there, it was very noticeable the amount of German accents I heard in a number of the different sites. Interesting!

The weather was very pleasant. Most of the time it was cloudy but no proper rain and nice spells of sunshine.  Considering it was mid October, it was great to be able to wear shorts and t-shirts throughout. Even at night it was not particularly cold.

Lisbon is a hilly cobblestoned city. Bring a comfortable pair of walking shoes.

There is an excellent public transport system. A 24 hour ticket for the bus/tram/metro costs €6. This is very good when compared to most cities. Alternatively you can pay a once off fare of 50 cent for a reusable card where each (metro not sure about bus/tram) trip will cost €1.40.

The airport is also just over a half an hour from the city centre on the metro which is particularly convenient.