Dear Reader,

Ezra helps people build wealth—one step at a time, starting with employer-sponsored emergency savings. We think that the nature of work has fundamentally evolved but employee benefits haven’t.

For me this is personal. My sister and I were raised by a single mother whose salary was stretched too thin, too often. When emergencies came, it took our family for a loop—everything from a flat tire to an eviction notice. 

We were fighting for the American Dream; yet, we often found ourselves not having enough funds when we needed it most.

It left battle scars. And we’re not alone.

60% of Americans—including those making more than $150,000 a year—live paycheck to paycheck, carrying revolving credit balances with little liquidity to absorb financial shocks.

Most Americans don’t build enough savings to have a shot at a stable future, let alone a prosperous one. And while for some, financial independence is about the ability to take risks, for most Americans it’s about protecting their downside risk at all cost. 

We are told that if we work hard and are determined enough, tomorrow will be better than today. And while a “better tomorrow” means different things to different people, at its core is what the late Charlie Munger said best: “I did not intend to get rich, I just wanted to get independent.” 

A small amount of savings means the ability to take a few days off when you’re sick without breaking the bank or take care of a flat tire without running to a payday lender. 

A bit more means waiting for a good job to come around after you get laid off, rather than having to take the first one you find. 

Even more savings means the ability to take a job with lower pay and tangible upside with (flexible hours to spend more time with family) or uncorrelated returns (as an early employee with options at a startup). 

Then there’s retiring when you want to, maybe early, maybe real early, instead of when you need to. 

A better tomorrow—which requires a stable base of savings today—doesn’t mean we all stop working. It means that we are free to do the work we love with the people we love for as long as we love it. It means maximizing human potential and prosperity for everyone.

At Ezra, we believe the American Dream should be easier to attain. 

Until then, we’ve got some work to do.

Onwards with gratitude.