💌 6 Things Thursday #12
Namaste,
Here's another microdose of interesting things I enjoyed this week--written by me, Raad—CEO of LawTrades.
1. An article I read
Starbucks, monetary superpower
Starbucks holds $1.2B in unredeemed cash on Starbucks cards which is essentially a 0% loan from their customers that they use to fund their operations. $145M are deemed breakages, which means customers aren't expected to redeem it. They add this as part of their profit.
2. A documentary I watched
Travis Scott: Look Mom I Can Fly
My favorite scene was Travis' reaction when they completed the track "No Bystanders" after working tirelessly in Hawaii to finish ASTROWORLD.
3. A new onboarding flow
We updated our onboarding flow to make it more high-touch and personalized after realizing we were losing users from all the back and forth with the lawyers. So now when you use LawTrades, you'll get paired with a real concierge person to coordinate all the logistics, and pay only when you actually order a project.
4. A S-1 I read
$950M in revenue w/ 20% recurring and growing 110% per year. 40% gross margins and a subscriber LTV of $3500. Damn.
5. Notes on a book I read
Book Brief: Everything Is F*cked
Some notes I took while reading Mark Manson's latest book.
6. A truth
If you had $500K in the bank, you wouldn’t spend $500k on a house & be broke after.
If you had 20k in the bank, you wouldn’t spend $20k on a car & be broke after.
But for some reason you have 30k, buy a 500k house.
You have $5k & buy a 20k car.
Credit made us forget common sense.
--Magic Johnson
As always, simply reply and say hello if you wish :)
Raad Ahmed
Founder/CEO, LawTrades