From: myfirstmillionpod
Jess Ma, an entrepreneur who has built multiple companies with a combined value approaching $1 billion, offers unique insights into the financial and lifestyle choices of highly successful individuals [00:00:17]. Described by peers as one of the best entrepreneurs in the world, Ma shares her philosophy on business, personal finance, and life post-early success [00:00:30].
An Unconventional Path to Success
Ma’s entrepreneurial journey began unusually early. At 13, she started a dedicated server and collocation business, initially just to cover her video game expenses [00:42:54]. This venture quickly grew to generate hundreds of thousands of dollars annually [00:43:04]. Despite being bullied and feeling like a “total geek loser” in high school, where she earned “terrible grades” due to disinterest, she ended up dropping out halfway through her sophomore year to attend college early at Simon’s Rock College [00:43:42].
Her first major company, Indera, was a financial SaaS company providing accounting, tax, and bill management software for businesses like Slack, Pinterest, DoorDash, and Coinbase [00:09:14]. Ma built Indera without traditional venture funding, retaining most of the ownership, and it remains a profitable, cash-flowing business [00:10:02].
Shifting Mindset: Beyond the CEO Role
Initially, Ma subscribed to the Silicon Valley mindset that success meant being the CEO of a unicorn company [00:10:50]. However, after researching billionaires, she observed that many achieved wealth through diversified holding companies and were often more like investment managers than day-to-day operators [00:11:11].
A personal tragedy – the unexpected death of her boyfriend – prompted a significant shift in her perspective [00:11:43]. During a period of deep depression, she asked herself, “What would I do if I was going to die this year?” [00:12:08] Running a company was not on that list [00:12:17]. This led her to:
- Immediately hire a CEO for Indera [00:12:19].
- Bring a friend in to run another litigation fintech company she had started [00:12:22].
- Explore “bold science” ventures, driven by the thought, “What would I do if I wasn’t scared of failure?” [00:13:12] She felt she had already seen “rock bottom” and had nothing left to lose by trying [00:13:26].
The “Manifestation Studio” Approach
Ma now operates what she calls a “manifestation studio,” a holding company that aims to bring “really interesting ideas” to fruition by finding individuals to build those businesses [01:17:58]. This involves a mix of cash-generating businesses and “bold science” bets, such as those focused on bioelectricity, aiming to reverse cancer or extend human lifespan significantly [00:13:05]. She partners with scientists, leverages her network for funding, and hires a team to manage investor relations and venture creation [01:17:48].
Financial and Lifestyle Insights from Billionaires
Ma shares several “billionaire secrets” related to financial and lifestyle choices:
- Tax Optimization is Paramount: Billionaires prioritize top tax optimization, employing elite tax strategists who collectively save them billions [00:47:52]. Ma emphasizes the importance of seeking advice from multiple tax professionals and finding specialists in different areas (e.g., real estate, M&A) [00:48:38]. She recommends spending 5-10% of one’s time annually on tax strategy, viewing it as the highest return on investment [00:50:49].
- Strategic Luxury Purchases: Expensive assets like jets, yachts, and exotic cars are often not merely lavish expenses but strategic financial moves [00:59:30].
- Jets and Yachts: Can provide substantial tax write-offs (e.g., millions in year-one bonus depreciation), be heavily financed, and generate cash flow (e.g., through chartering) [00:59:47]. This can result in a net cash flow positive situation for the owner [01:00:09].
- Exotic Cars: A class of expensive cars actually appreciate or hold their value, allowing owners to drive them for years and sell them for the purchase price or even a profit [01:01:32].
Health and Mindset Investments
Ma views investments in personal health and mindset as crucial for sustained performance and success:
- Coaching and Peer Groups: She works with two coaches monthly and participates in a CEO group like YPO (Young Presidents’ Organization) [00:52:51]. She believes neglecting these resources is a costly mistake [00:53:12].
- Optimizing Physical and Mental Acuity: Ma works with five concierge doctors to develop a custom plan for nutrition, nootropics, and exosome IVs, aiming to improve mental function and energy by 25% or more [00:53:35]. She invests around 25,000 annually in this area, seeing it as a high-ROI investment [00:55:16]. Her goal is to eventually make this information publicly available [00:55:43].
Key Mindsets for Success
- “What would I do if I wasn’t afraid of failing?”: This question is a powerful catalyst for pursuing bold ventures, even if they seem outside one’s current expertise or involve high risk [01:14:02].
- “Dangerous to wait”: Delaying what you truly want to do in life is risky because “you accrue this like um it’s not like by waiting you get closer to the goal by waiting you actually get further away from the goal” as other responsibilities fill the time [02:23:24].
- Resourcefulness is the Master Skill: Instead of focusing on what resources you lack (time, money, knowledge), cultivate resourcefulness – the ability to acquire what you need to manifest your goals [03:00:13].
- “Get on the Plane”: A willingness to go the extra mile to connect with influential people, even if it means flying across the country for a brief meeting, makes a strong impression and fosters valuable relationships [03:46:42]. This extends to being a “beginner” and being willing to learn new skills to achieve goals [01:55:57].
- Learn from Diverse Sources: Engaging with ideas and people outside one’s immediate field of expertise can spark innovative solutions and broader perspectives [01:11:15].
- “Money to Build Great Products”: Aligning financial pursuits with a deeper mission (e.g., funding bold science) can be more motivating and ultimately lead to greater impact than a purely profit-driven approach [01:21:52]. This also helps overcome the “nagging feeling in my soul that I was wasting my capability” [01:23:38].
These lessons from Ma provide a comprehensive look at the interconnectedness of mindset, financial strategy, and personal development in achieving extraordinary entrepreneurial success.