This as-told-to essay relies on a dialog with CJ Gustafson, founding father of Mostly Metrics and CEO of Largely Media. It has been edited for size and readability.
Once I stroll right into a bakery, I am not debating what sort of deal with I need. As a substitute, I am interested by what number of muffins they should promote to maintain the lights on. I’ve at all times been wired that manner. I loved writing too, however acquired into finance as a result of I wanted to make money.
I landed within the startup space, serving to scale tech firms. I used to be the one who budgeted for the remainder of the group, determining how a lot income and what number of hires we wanted to assist our working plan. I discovered there have been alternative ways to trace a enterprise’s success past the hole metrics historically used.
There wasn’t a lot data on-line framing different methods of measuring success in accessible phrases. What did exist was about as fascinating as consuming glass. I spotted this within the winter of 2020, whereas I used to be quarantining on Cape Cod. It was chilly and darkish, so I began writing a Substack purely for enjoyable, totally on the sofa late at evening with my canine.
I left my job earlier than monetizing the publication
I knew I used to be onto one thing when names I acknowledged from the finance world started subscribing to my publication. It pains me to confess, however I had a folder in my electronic mail known as the Huge Baller Folder, and when individuals who had been forward of me on this business subscribed or commented, I might save their emails.
CJ Gustafson
My newsletter grew, however it was nonetheless small: about 4,000 subscribers. I hadn’t monetized it. Nonetheless, the corporate I used to be working with gave me an ultimatum: work on the publication or stick with them.
Leaving meant abandoning my fairness, which was value about $1 million on paper. I would just had my first baby three months earlier than. And but, my spouse inspired me to go away. She might see that I used to be energized by the Substack and that it had the potential to be actually massive.
I took a CFO function to show my experience
Round then, I used to be supplied a chief financial officer (CFO) function via an introduction from my Substack group. The timing was a cheerful coincidence. I used to be solely 31, which may be very younger to be a CFO, and I had loads of imposter syndrome. I had written myself into this room, and I knew I could not mess it up.
It was necessary to me to reach that function to point out my credibility within the business. I helped scale that firm 5x inside two and a half years. After we sold the company, I made a couple of million. What was much more worthwhile was that I had confirmed myself as a CFO: I might take an organization from A to B and facilitate a profitable exit.
After the exit, I wager totally on myself
Whereas I used to be within the CFO function, I continued rising Largely Metrics and finally expanded into podcasts. About two and a half years after beginning it, I monetized the content material. I spotted subscriptions weren’t the perfect avenue, so I targeted on adverts as a substitute. My readers (and now listeners) are the decision-makers at their firms, so advertisers are keen to pay a premium to succeed in them.
The final 12 months I used to be within the CFO function, I made extra from Largely Metrics— about $1.5 million — than I did as a CFO. After we offered the corporate, I spotted I had a selection: I might take one other CFO function, the place I might make about $500,000 in wage, and about 1% of the corporate’s worth if we offered. That is an excellent earnings, however it’s restricted.
Or, I might wager on myself. Success or failure could be all on me, however the potential was uncapped. In February 2025, I made Largely Media my full-time job. It was the correct determination: final 12 months the corporate made about $3.6 million.
I am cautious to undertaking my artistic time
That is the perfect job I might have, however it’s nonetheless a job. It isn’t all enjoyable and creativity anymore, so I’ve to create an setting that helps me present up as my finest self. I take runs with my canine to suppose, and do not ebook conferences earlier than 1 p.m. because the morning is for analysis and writing. I even constructed a “no machine” in Claude, and use the AI to politely decline invites.
I hope my monetary success will give my three children the possibility to search out one thing that they are enthusiastic about. You may chase cash, or you possibly can wager on your self and work on one thing that conjures up and energizes you.
