TC&MN #1 : What we can learn from Sam Altman's Experience and Preparing for 2024

What can you learn from the firing of Sam Altman?

Well, I don't think it is a secret anymore. Sam Altman is out as CEO of Open AI in what is by far the biggest news in tech this year.

Beyond the company's details and the context, you witnessed a man who got fired in public. Despite his high-profile CEO role, he received the news as many others did during recent layoffs.

A seemingly innocuous meeting is called out of the blue. Sam jumps on the call, thinking there is work to discuss...

AND, "You’re fired."

Regardless of role or title, it has the same effect. Feelings of shock, anger, and helplessness start to set in. Thoughts of what to do next haunt your thoughts.

I have witnessed this happen to executives in different situations, and it takes a toll. No one is impervious to the feelings that come with this event. Some people do not recover; for others, it takes a while.

Let this serve as a stark reminder that anyone and all positions are vulnerable in a corporation—even a successful CEO.

So, in light of this firing, what can you take away from this?

1.) Politics can outweigh skill and success: Regardless of how successful Sam was and the company's growth trajectory, the board and he were not aligned, and they pushed him out. Action: Take time to learn the political climate around you and have a clear pulse on it. This becomes more important the higher you climb.

2.) Friends and allies will appear quickly: It may seem easier to retreat and lick your wounds, and there is a time and place for that. Now is the time to reach out and learn on your friends and allies for support. Those who internally support you and align with your vision may join you, while others will recommend and refer you. Action: Lean into your allies and get support whether you have gotten laid off or taken a package.

3.) Know what you are entitled to and what happens next: Always read your stock agreement and employment letter to know what happens in this scenario. You may need to purchase shares from private companies to keep them. Action: Write down what benefits you receive if you are terminated and keep them in a readily accessible file.

4.) Be aware this can happen to anyone: It's not a doom and gloom statement but just being real. Our industry is challenging, and this case proves that no one is immune; be alert and aware of your surroundings. Action: Ensure alignment with leadership and regularly review your company's financial health.

5.) Build a financial fortress: Somehow, I think Sam Altman has a few pennies in the piggy bank, but for the rest of us, we need to have a plan and systems. Action: Build an emergency savings fund for 3 to 6 months worth of expenses. It is better to have it and not need it than need it and not have it.

Working in technology is challenging and rewarding. All of this comes with additional risk, as we can see from Sam’s story. For you, our reader, learn from these lessons to build your skills and finances to navigate even the most challenging storms.

Tech Equity and Money Talk is a weekly podcast showing you how to work for tech equity as a wealth-building strategy and meet your financial goals.

/029 🎙️ Two Generations of Women in Tech Leadership: Leading and Growing in Tech

Women in tech face unique challenges, and the Tech Careers and Money Talk podcast is here to address them head-on. In the latest episode, hosted by Christopher Nelson, executive coach Shabnam Golmohammadi shares her journey in the tech industry, offering invaluable insights on overcoming imposter syndrome and empowering women in tech.

Uplevels for Skills 2024

2023 sucked for tech jobs. It is trending to be the worst on record.

Yes, there have been more tech layoffs in 2023 than in 2001. As of October 5, 2023, there have been 152,000 tech layoffs announced in the United States. This is up 716% from the same period in 2022. In 2001, there were 168,395 tech layoffs announced for the entire year. Therefore, 2023 is on pace to have the most tech layoffs since 2001.

So now what?

The tech industry is still growing, but there is some evidence that the growth rate is slowing down. According to a recent Bureau of Labor Statistics report, the number of job openings in the technology industry grew by 2.7% from April to August 2023. This is down from 5.6% in the same period of 2022.

Despite this slowing growth, the tech industry is expected to add millions of jobs in the coming years. According to a recent report by McKinsey & Company, the demand for tech talent is expected to grow by 85 million jobs globally by 2030. This is more than double the number of tech jobs in 2022.

Build Skills to Build Wealth

To pursue wealth, acquire and develop reading, writing, arithmetic, persuasion, and computer programming skills. These timeless tools will empower you to navigate any domain and unlock the doors to success." - Naval Ravikant

Invest in yourself and build sought-after skills in 2024

Invest in Your Soft Skills:

You are your greatest asset. Moving into 2024, show your value in the job market by investing in yourself.

• Leadership - Great leaders are needed in all companies to build skills to become more empathetic and encouraging leaders.

• Speaking and Storytelling - Whether telling your story or communicating ideas, those who tell the best stories win.

• Mental and Physical Health Management - Discover how to care for yourself mentally and emotionally. Our jobs are demanding, and you need to take care of yourself.

Hard Skills to Create Value:

Moving into 2024, the technology job market is undergoing a seismic shift fueled by advancements in artificial intelligence (AI), data analytics, and cybersecurity.

• Artificial Intelligence- This technology is not going away; skilling up now can be a game changer.

• Data Analytics - Data is the next oil; there is more of it every day, and it continues to deliver value.

• CyberSecurity - The threats grow, and jobs are going unfilled every year. There is no better time to get started.

The more valuable you can make your skillset, the more equity you can trade for and avoid layoffs.

Learning to Grow Wealth from Rob Dyrdek

When I started to explore private equity and commercial real estate, I learned that there was a new set of rules no one talked about. Since that day, I focused on finding other people on a similar path and studying what they do.

I was skeptical when my friend recommended I listen to a podcast from Rob Dyrdek, a professional skater and television personality.

I was blown away by hearing his interview on My First Million Podcast. The topic was how he grew his net worth from $15 Million to $350 Million in 5 years.

Here are my key takeaways :

1. Always Keep Learning and Leveling Up: When we think we know everything, we will stop growing. Find people who challenge you, learn new things, and keep iterating.

2. Find Boring Investments and Rinse / Repeat: Rob has a large portion of his holdings in real estate and slowly builds that portfolio over time. While he has a portion of investments in higher-risk activities, his core is boring investments that compound over time.

3. Have Clear Vision and Principals to Drive You: Rob’s clarity of purpose and vision are fantastic and allow him to say “Yes” to the right things and “No” to the wrong.

When you are ready, there are 3 Ways I can Help You:

1.) Get started on your learning - 🎧️ Follow our Podcast

2.) Watch our Videos - 📺️ Subscribe to our Channel

2.) Build a Career or Money Strategy 🧠 Book a 1:1 coaching session

Disclaimer: This newsletter is for informational purposes only and does not constitute financial or career advice. Always consult with qualified professionals before making any decisions based on the information provided.