00:17:48 · Sadi Khan
So if you kinda think about, like, today, there's $1,000,000,000,000 of credit card debt in The United States. Consumers today are paying almost $200,000,000,000 a year on just interest payments. Not the principal, just the interest payments on it. If we can reduce that by 50%, then we will have saved US consumers a $100,000,000,000 every single year. Our profit should come from savings that we bring to the consumer, because that's the value we've created. And our goal is to be profitable by saving people money. And I think that achieves our mission and is very rational and mission aligned to what we are trying to achieve in the world. One of my somewhat controversial opinions around decision making is that I really hate pros and cons lists. They're like maybe one level below useless. Useless. I think a much more effective framework to make a decision is to first of all lay out what are the axes of this decision that are most to least important to this decision that you're going to make. And then to list out each of the options and to lay out where this option kind of sits relative to that particular axis. So for example, let's say you need to make a decision on what car you want to buy. And, you know, the axis that matter are things like price, things like performance of the car, let's say reliability of the car, and let's say style of the car. Much more effective than trying to build a pros and cons list between, like, let's say a Toyota Camry or a Honda Civic, is to list out what is your priority of each of these axes. Is it speedperformance? Is it style? Is it cost? Is it reliability? And once you prioritize this set of axes, then you can look at your option space and see which one fulfills the highest order priorities for your decision making. I'm such a big believer in this. We actually teach this process in our bootcamp at Aven. I tell people in boot camp that this is a process that I've used to make almost all my decisions in my life. And I would argue this was also a process that I implemented when I was looking to get married very early on in my life. This is a very important framework to help people make decisions, not just in their professional life, but I still think in their personal life.
00:20:06 · Sadi Khan
And I think the simple focus away from the options and more into the prioritized list of axes that matter is much more functionally beneficial to the quality of a decision making. I will add that I wear the same clothes every day, the long sleeve black t shirt, the blue jeans, and the vest. I am a very big believer in simplifying as much of my life as possible. I have a very boring personal life. I live five to six minutes away from the office. I moved my home to be near the office. I don't drink. I don't party. I don't really go out that much. I enjoy spending time with my family. I like to cook twice a week. I have a very kind of regular routine with my family on the specific nights of the week that I cook for my family. I go to the gym and I work because I have a very simplistic life. Another thing that I, for example, like to optimize is my computer keyboard, mouse, and chair layout. And so I have three workstations, one at the office, two in home, and all of them have the exact same mouse, exact same keyboard, and exact same monitor layout so that I can very optimally get to my workstation and begin working instead of setting up or adjusting, you know, my keyboard or my mouse. I mean, you probably know this already. If the keyboard is off by even a millimeter, your typing error increases massively because you have to adjust. One of the reasons our company is located in South Bay and not in, like, a major city like San Francisco or San Jose is that we want to provide our employees some calmness, some serenity so that we can focus on the mission at hand and not be distracted by the hustle and bustle of of around us. And I like to have, like, very boring life. You know, I I think I told somebody this is if I were to know everything that will happen to me between today and my death, I'll be very happy. I have no need for surprises or excitement. I love boring. Boring is great. If my life could be just boring, I'd be very happy.