Live cheaply at the beginning to extend your runway; startups often take time to figure out what they should be doing, and overspending can lead to running out of time for necessary evolution.

Our monthly burn was kept low at $40,000 by maintaining a small team of co-founders, which allowed us to extend our runway while iterating on our product.

Your runway is how long you can operate before running out of money, calculated by dividing your bank balance by your average burn rate.

To achieve financial freedom, focus on generating passive income without needing to work actively, and keep your burn rate low.

When developing new technology, expect that it won't work on the first try or even the tenth; it's crucial to iterate quickly and avoid anything that slows down your progress.

If you don't deserve money right now, consider alternative paths like cutting burn and striving for break-even, which can create leverage for future funding.

Calculating your burn rate is straightforward: it's the difference between money in and money out, which you can find in your bank statements.

Investors won't force you to burn cash, but it's important to remain cautious and not react impulsively to suggestions that might lead to unsustainable spending.

It's crucial to be honest about your burn rate; misrepresenting it only leads to self-deception about your financial situation.