Form 10-K · Personal going concern
Maya Chen
Product operator · Brooklyn, NY · age 38
Filed September 20, 2026. Clears the zone and the hurdle.
FCF
$48,000
Savings rate
34.8%
Expected IRR
19.0%
Hurdle
19.5%
Austere ← consumption → decadentIdle ← work → grind
Over-saving, hours, sleep, starved recovery. Illness and depression live here.
Status spend, revolving debt, thin runway. Bankruptcy and deviance live here.
Runway
5.2 mo
Net worth
$179,500
Sustainability
99%
UW growth
4.4%
Item 7. Management discussion
- Savings rate and recovery sit in the zone. Surplus is not bought with sleep or leverage.
Income statement
- Gross income$178,000
- Other income$6,000
- Taxes−$46,000
- Take-home$138,000
- Living floor−$71,400
- Maintenance capex−$4,200
- Joy spend−$12,000
- Status spend−$2,400
- Free cash flow$48,000
Cash flow
- Operating surplus$66,600
- Maintenance−$4,200
- Discretionary−$14,400
- Free cash flow$48,000
- Savings rate (of take-home)34.8%
- Underwriting FCF$47,332
Balance sheet
- Cash$38,000
- Investments$165,000
- Property$0
- Total assets$203,000
- Consumer debt−$1,500
- Mortgage$0
- Student loans−$22,000
- Net worth$179,500
- Human capital (NPV to 65)$3,337,371
Capital box
Check size
Max check that still clears the hurdle at a share ≤ 30% is $59,896. Spread to hurdle −50 bps.
Hurdle stack · 19.5% gross
Exhibit A
Term sheet
Exhibit B
Use of proceeds
The check is plant and working capital for a human operating company. It is not a lifestyle round and it is not a brokerage deposit. Order is the allocation.
- 01
Do not
Do not park the check in a 7% portfolio
This is eight-year, 2× mezzanine on operating surplus. Index funds, extra mortgage principal, and a degree with no cash until year five all miss the window.
- 02
Do not
Do not prepay cheap debt
Mortgage is modeled at 6%, student loans at 8%. Both sit below the hurdle. Leave them. Revolving is the only debt worth killing with this money.
- 03
Allocate
Buy surplus that shows up inside the term
A credential, tool, second income line, or a move that drops housing — if it raises FCF within 12–24 months. Back-loaded bets do not hit the cap.
- 04
Sit
Do not try to maximize IRR
IRR is the LP's return. Raise underwriting FCF so the same check buys a smaller share, then hit the cap and walk.
Exhibit C
Path to investable
Already in the zone with both horns quiet. The work is not to leave it.
- 01
Keep
Stay inside the zone
Work 33% and consumption 35% already clear the bounds. The failure mode from here is grinding for a prettier savings rate or growing status.
- 02
Keep
Do not buy more surplus with sleep
Hours are 43 and sleep is 7.3. Pushing either to juice FCF is how the operator becomes the monk.
- 03
Keep
Do not grow the status line
Status is $2,400 (2% of take-home). That is inside the zone. A car or a club is how this filing walks into the right tail.
- 04
Raise
Raise FCF so the share shrinks
Already investable. The next inch is a larger underwriting surplus so the same check prices at a thinner strip — not a higher IRR paid to LPs.