00:00

Like, one of my one of my goals, one something this is gonna sound crazy, and this is the perfect, the perfect audience to say this, but, like,

Like, one of my one of my goals, one something this is gonna sound crazy, and this is the perfect, the perfect audience to say this, but, like,

00:07

I get so jacked up about the idea of, like, toppling a dictatorship one day. I get so excited by it. And I'm, like, I'm not even kidding.

I get so jacked up about the idea of, like, toppling a dictatorship one day. I get so excited by it. And I'm, like, I'm not even kidding.

00:25

Alright. Look at what I have on my head. There we go.

Alright. Look at what I have on my head. There we go.

00:29

Oh, look at that. Look at this guy.

Oh, look at that. Look at this guy.

00:31

Wow. You went from

Wow. You went from

00:33

dad to cool dad in one episode of that hat. I'm hip.

dad to cool dad in one episode of that hat. I'm hip.

00:37

I'm hip. So you had the shirt too. Did you buy, like, a full uniform? Are you actually just working there now or what? Jonathan,

I'm hip. So you had the shirt too. Did you buy, like, a full uniform? Are you actually just working there now or what? Jonathan,

00:43

got the hookup and he and he got a swag bag from them and he gave came over to my house the other day and gave it to me.

got the hookup and he and he got a swag bag from them and he gave came over to my house the other day and gave it to me.

00:49

And have you gotten any compliments or, like, do anybody under the age of, like, twenty five? Yes. Yeah. Now or something? A few, a few, a few young people. One young person called me cool guy.

And have you gotten any compliments or, like, do anybody under the age of, like, twenty five? Yes. Yeah. Now or something? A few, a few, a few young people. One young person called me cool guy.

01:04

That's all the affirmation you're looking for now as a dad.

That's all the affirmation you're looking for now as a dad.

01:12

Why? Why? You're an at me cool guy.

Why? Why? You're an at me cool guy.

01:17

Do you need something?

Do you need something?

01:20

That's how it was. You wanna kick us off. Who do we got? Alright. We got Patrick in the house. Patrick's been on before, so the OG listeners know

That's how it was. You wanna kick us off. Who do we got? Alright. We got Patrick in the house. Patrick's been on before, so the OG listeners know

01:29

all about Patrick Campbell, PC, as he's in my phone. He, created a company called Profit Well, sold it for two hundred million bucks, He's got the background that we always talk about where I'm like, I noticed that people who have this background

all about Patrick Campbell, PC, as he's in my phone. He, created a company called Profit Well, sold it for two hundred million bucks, He's got the background that we always talk about where I'm like, I noticed that people who have this background

01:42

tend to be

tend to be

01:43

winners more often than not. He was a competitive debater.

winners more often than not. He was a competitive debater.

01:47

Some would call him a master debater. He's a

Some would call him a master debater. He's a

01:51

He was in the the NSA, the intelligence agencies. So he brought who last time you were on, you were telling us about all the crazy shit you did to gather intelligence as, in the startup world. So, like, how do you learn about what your competitors are doing and whatnot? And now today, he's back with a bunch of ideas and,

He was in the the NSA, the intelligence agencies. So he brought who last time you were on, you were telling us about all the crazy shit you did to gather intelligence as, in the startup world. So, like, how do you learn about what your competitors are doing and whatnot? And now today, he's back with a bunch of ideas and,

02:08

I wanna know what you've been doing because you sold your company for two hundred million bucks, and then you had a bunch of time on your hands. And that's a deadly combo.

I wanna know what you've been doing because you sold your company for two hundred million bucks, and then you had a bunch of time on your hands. And that's a deadly combo.

02:16

You sent you sent us something. I wanna start with this, thing you texted us about the Bezos number. And I don't know too much about it. So I want you to explain you go. I've been I've been working on it. I've been searching for my Bezos number.

You sent you sent us something. I wanna start with this, thing you texted us about the Bezos number. And I don't know too much about it. So I want you to explain you go. I've been I've been working on it. I've been searching for my Bezos number.

02:27

I don't even know what that means. Explain. What is the Bezos number? Yeah. Totally. So here here's the thing. As

I don't even know what that means. Explain. What is the Bezos number? Yeah. Totally. So here here's the thing. As

02:33

This started from a premise. So, sold the company, basically,

This started from a premise. So, sold the company, basically,

02:37

working a paddle and also thinking about, like, what the next thing looks like.

working a paddle and also thinking about, like, what the next thing looks like.

02:41

And what I found in the ideation process, like, I haven't come up with ideas in, like, ten years. I've helped, like, companies come up with ideas, but it's just one of those interesting aspects of the entrepreneurship journey.

And what I found in the ideation process, like, I haven't come up with ideas in, like, ten years. I've helped, like, companies come up with ideas, but it's just one of those interesting aspects of the entrepreneurship journey.

02:52

And my big belief is your job as an operator is to basically know your customer and know your space better than anyone else. And you need to do this before you start building.

And my big belief is your job as an operator is to basically know your customer and know your space better than anyone else. And you need to do this before you start building.

03:00

Because a lot of entrepreneurs fall into this trap where we're really good at willing stuff into existence because that's our job, except it's relatively easy to do that today. So this means that, like, basic ideas are cheap, mostly indefensible

Because a lot of entrepreneurs fall into this trap where we're really good at willing stuff into existence because that's our job, except it's relatively easy to do that today. So this means that, like, basic ideas are cheap, mostly indefensible

03:13

and worse, they waste a lot of our time. And so the first step I come in terms of an ideation process is using this Bezos's number framework. And, basically, when Jeff Bezos started Amazon, he noticed this, like, crazy you know, this new thing called the internet was growing twenty seven hundred percent per year. So he knows he's gotta build something on it. He didn't know what it was, but he was starting from the trend because when you go where the water's flowing as they stay and ride a wave, you don't need to be, like, a genius to figure out what a really cool business looks like. So I have this doc, and I'm happy to share it with the audience where myself and a researcher basically call through industry reports, trend, and stat websites,

and worse, they waste a lot of our time. And so the first step I come in terms of an ideation process is using this Bezos's number framework. And, basically, when Jeff Bezos started Amazon, he noticed this, like, crazy you know, this new thing called the internet was growing twenty seven hundred percent per year. So he knows he's gotta build something on it. He didn't know what it was, but he was starting from the trend because when you go where the water's flowing as they stay and ride a wave, you don't need to be, like, a genius to figure out what a really cool business looks like. So I have this doc, and I'm happy to share it with the audience where myself and a researcher basically call through industry reports, trend, and stat websites,

03:48

and then the hack that no one really probably uses, but they should use, is we use Google Scholar and other academic kind of publishing sites,

and then the hack that no one really probably uses, but they should use, is we use Google Scholar and other academic kind of publishing sites,

03:56

to find all these trends. Because in academia, you have a lot of, like, undergrads and grad students, basically, writing a bunch of papers about, here's what's going on in the space. Here's all these numbers that are going up or down.

to find all these trends. Because in academia, you have a lot of, like, undergrads and grad students, basically, writing a bunch of papers about, here's what's going on in the space. Here's all these numbers that are going up or down.

04:06

And then I put this into a spreadsheet. And then basically label a couple of different, you know, categories. One in particular is, like, what's the doubling time of this particular trend,

And then I put this into a spreadsheet. And then basically label a couple of different, you know, categories. One in particular is, like, what's the doubling time of this particular trend,

04:15

as well as, like, how long or how fast this trend is going, what the causes are, what the effects are, and the basic idea is then I can find, like, hey, the world needs something in this space or the world's going in this direction. And partially, I can figure out, like, oh, this is something that I could get paid for, kind of in that EKi guy framework that you like, Sam,

as well as, like, how long or how fast this trend is going, what the causes are, what the effects are, and the basic idea is then I can find, like, hey, the world needs something in this space or the world's going in this direction. And partially, I can figure out, like, oh, this is something that I could get paid for, kind of in that EKi guy framework that you like, Sam,

04:34

I can basically take that by looking at these trends. So let's describe this sheet. So, basically, it's like, category.

I can basically take that by looking at these trends. So let's describe this sheet. So, basically, it's like, category.

04:39

So you got, like, social issues, health care, energy. Right? So the the big categories, then within each one, you have a trend. And so, like, for example, a trend would be

So you got, like, social issues, health care, energy. Right? So the the big categories, then within each one, you have a trend. And so, like, for example, a trend would be

04:49

Top college admissions rates are dropping. So and then it's a Stanford admissions went from four point eight to three point nine, and the last five years at Harvard dropped from six percent to four percent in the last years.

Top college admissions rates are dropping. So and then it's a Stanford admissions went from four point eight to three point nine, and the last five years at Harvard dropped from six percent to four percent in the last years.

05:00

So then it says direction, you know, decreasing.

So then it says direction, you know, decreasing.

05:03

In five years, you know, what is the kind of rate that this is happening? What's the doubling time? So, like, how many years would it take for this to this trend to, the the where we're at today to double based on that rate And then here's the sources and possible causes and possible effects of it. And so you have, I don't know, like, a hundred in here, basically.

In five years, you know, what is the kind of rate that this is happening? What's the doubling time? So, like, how many years would it take for this to this trend to, the the where we're at today to double based on that rate And then here's the sources and possible causes and possible effects of it. And so you have, I don't know, like, a hundred in here, basically.

05:23

Let's read a couple of these out. I want you to to kind of riff on on a couple of these. Or you can pick maybe what does it mean when it's in blue? Does that mean you like that one or something? Or what what does that mean? Those are just some some interesting trends that we've gone deeper on, basically. Alright. Let's do this random one. I want you to talk about this. Number number of coral bleaching events. I don't even know really what that means. What is a coral bleaching event and why does that matter? Basically, coral is,

Let's read a couple of these out. I want you to to kind of riff on on a couple of these. Or you can pick maybe what does it mean when it's in blue? Does that mean you like that one or something? Or what what does that mean? Those are just some some interesting trends that we've gone deeper on, basically. Alright. Let's do this random one. I want you to talk about this. Number number of coral bleaching events. I don't even know really what that means. What is a coral bleaching event and why does that matter? Basically, coral is,

05:46

you know, dying out.

you know, dying out.

05:48

You know, essentially,

You know, essentially,

05:49

when there's, like, stressful,

when there's, like, stressful,

05:51

conditions, coral ends up, like, bleaching.

conditions, coral ends up, like, bleaching.

05:54

So

So

05:55

this particular idea, like, I don't know what a business could look like in here, and that's not the point necessarily of, like, the Bezos numbers. It's, like, I'm not necessarily trying to find, like, one particular business. I'm trying to find an overall trend, right, because some downstream effects of this could be there's more money that's from the government, from regulation, basically going into detecting, you know, international or, you know, national waters. And there's a bunch of different things that are Why is coral bleaching bad? Okay. Well, let's go back to your high school biology,

this particular idea, like, I don't know what a business could look like in here, and that's not the point necessarily of, like, the Bezos numbers. It's, like, I'm not necessarily trying to find, like, one particular business. I'm trying to find an overall trend, right, because some downstream effects of this could be there's more money that's from the government, from regulation, basically going into detecting, you know, international or, you know, national waters. And there's a bunch of different things that are Why is coral bleaching bad? Okay. Well, let's go back to your high school biology,

06:21

class. I didn't know that's what I would be teaching today, but, the basic idea is, like, you're killing off ecosystems in the ocean. Right? That's probably the most basic way I can say it. And there's a lot of downstream effects when an entire ecosystem basically falls apart, and the coral is a major Don't act like I should know this, man. Ninety percent of people ninety ninety five percent of people listening this do not know if coral

class. I didn't know that's what I would be teaching today, but, the basic idea is, like, you're killing off ecosystems in the ocean. Right? That's probably the most basic way I can say it. And there's a lot of downstream effects when an entire ecosystem basically falls apart, and the coral is a major Don't act like I should know this, man. Ninety percent of people ninety ninety five percent of people listening this do not know if coral

06:44

It's beautiful.

It's beautiful.

06:45

Coral. It's alive.

Coral. It's alive.

06:47

Coral. It's part of the underwater ecosystem, and it's like the butterfly effect. You just take away the big part of the ecosystem. It's gonna have all these, like, secondary effects on the fish. Do you care about fish, Sam, or do we need to explain why fish matter? How do you not care about fish? Look, you guys. Sean, you know about don't get off your high point. But here's the point, Sam. Sam, here's the point. Sam, here's the point. The point is

Coral. It's part of the underwater ecosystem, and it's like the butterfly effect. You just take away the big part of the ecosystem. It's gonna have all these, like, secondary effects on the fish. Do you care about fish, Sam, or do we need to explain why fish matter? How do you not care about fish? Look, you guys. Sean, you know about don't get off your high point. But here's the point, Sam. Sam, here's the point. Sam, here's the point. The point is

07:09

we're looking for major trends.

we're looking for major trends.

07:11

And those major trend, like, you ran a basically a trend service slash website. Like, you understand the nature of trends. What I'm looking for in a particular idea is I'm basically looking for really, really fast growing trends in one direction or another

And those major trend, like, you ran a basically a trend service slash website. Like, you understand the nature of trends. What I'm looking for in a particular idea is I'm basically looking for really, really fast growing trends in one direction or another

07:24

because that's where, essentially, as I was saying, like, the water is going to continue this coral theme. And, basically, if I can ride a gather wave. I'm hedging essentially

because that's where, essentially, as I was saying, like, the water is going to continue this coral theme. And, basically, if I can ride a gather wave. I'm hedging essentially

07:33

all these business decisions that I might be making downstream from it. Got it. So pick another one on this sheet Patrick that you find interesting that you you kind of have noodled on a little bit? Yeah. So there's I mean, the obvious ones are, like, interest in AI, these types of things, but, like, some some less obvious ones might be around the kind of, like, the social issues. Right? So right now, a a really sad one to kinda talk about are, like, school shootings. Right? So I don't know if you've looked into this particular market, not obviously increasing your, you know, school shootings, but, like, there's an entire market that has been created around this.

all these business decisions that I might be making downstream from it. Got it. So pick another one on this sheet Patrick that you find interesting that you you kind of have noodled on a little bit? Yeah. So there's I mean, the obvious ones are, like, interest in AI, these types of things, but, like, some some less obvious ones might be around the kind of, like, the social issues. Right? So right now, a a really sad one to kinda talk about are, like, school shootings. Right? So I don't know if you've looked into this particular market, not obviously increasing your, you know, school shootings, but, like, there's an entire market that has been created around this.

08:05

Because of the rise of that particular happening. Now you can get into kind of, like, the government dynamics of, like, gun control and stuff like that, but, like, there still is the fact that schools are looking to, like, not only make their students feel safer, but also their parents feel safer. So there's things like bookcases that fly in front of, you know, doors. There's things like clear backpacks. There's an entire market that's kind of popped up against this. And when you see this particular trend, you can then think through the second and third order effects to essentially come up with. Is this something that hopefully you can, you know, obviously

Because of the rise of that particular happening. Now you can get into kind of, like, the government dynamics of, like, gun control and stuff like that, but, like, there still is the fact that schools are looking to, like, not only make their students feel safer, but also their parents feel safer. So there's things like bookcases that fly in front of, you know, doors. There's things like clear backpacks. There's an entire market that's kind of popped up against this. And when you see this particular trend, you can then think through the second and third order effects to essentially come up with. Is this something that hopefully you can, you know, obviously

08:35

help the actual trend go down, but also you can make sure that you can build a good business around. I have a random question. Why don't they just make put a certain thing in the gun that, like, you know, for example, we have metal detectors, which is, like, we're trying to find a gun, but there might be other metal. There should just be a thing in every gun that's, like,

help the actual trend go down, but also you can make sure that you can build a good business around. I have a random question. Why don't they just make put a certain thing in the gun that, like, you know, for example, we have metal detectors, which is, like, we're trying to find a gun, but there might be other metal. There should just be a thing in every gun that's, like,

08:52

a detectable

a detectable

08:53

thing that you can now if if you're a security Yep. Thing, it's like, oh, we're always looking for this certain compound of lead because that's intentionally

thing that you can now if if you're a security Yep. Thing, it's like, oh, we're always looking for this certain compound of lead because that's intentionally

09:01

put chipped in to every gun that's sold so that it can, we can easily identify, hey, a gun just walked through this door.

put chipped in to every gun that's sold so that it can, we can easily identify, hey, a gun just walked through this door.

09:08

So a metal detector, is that basically what you're saying? Or But not metal. I'm saying metal will catch all kinds of metal. I'm saying they should put something that's unique

So a metal detector, is that basically what you're saying? Or But not metal. I'm saying metal will catch all kinds of metal. I'm saying they should put something that's unique

09:16

in every gun in the mold of every gun so that it can be detected easier than looking for all medals and slowing everybody down for, like, easing your pocket.

in every gun in the mold of every gun so that it can be detected easier than looking for all medals and slowing everybody down for, like, easing your pocket.

09:25

Sean, your your your California is showing. Yeah. It's coming out. Yeah. You you I thought you were gonna say something that they can remotely off all the guns in case something happens. Like the gun. Hey. You're not even gonna be a status symbol. Like, it beeps. It's like, hell yeah. I'm packing. Right? Who knows? I'm not judging. I'm just saying we're covering the environmental global warming debate and guns. That's what makes my first dream. I was just flying. So I went through TSA, like, three times. I went through Disneyland security.

Sean, your your your California is showing. Yeah. It's coming out. Yeah. You you I thought you were gonna say something that they can remotely off all the guns in case something happens. Like the gun. Hey. You're not even gonna be a status symbol. Like, it beeps. It's like, hell yeah. I'm packing. Right? Who knows? I'm not judging. I'm just saying we're covering the environmental global warming debate and guns. That's what makes my first dream. I was just flying. So I went through TSA, like, three times. I went through Disneyland security.

09:51

I've I've just been thinking about how do we make this faster? Because it's a very slow process. Yeah. Yeah. Imaging is actually getting really, really good.

I've I've just been thinking about how do we make this faster? Because it's a very slow process. Yeah. Yeah. Imaging is actually getting really, really good.

09:58

I can't find this client info.

I can't find this client info.

10:00

You heard of HubSpot?

You heard of HubSpot?

10:02

HubSpot is a CRM platform, so it shares its data across every application. Every team can stay aligned. No to sync spreadsheets or dueling databases.

HubSpot is a CRM platform, so it shares its data across every application. Every team can stay aligned. No to sync spreadsheets or dueling databases.

10:11

HubSpot, grow better.

HubSpot, grow better.

10:14

You you have another thing on here that is interesting. And I think Scott Galloway talked about it was and I'd never I didn't see the stat until just now. Teenagers not having sex. So you said that

You you have another thing on here that is interesting. And I think Scott Galloway talked about it was and I'd never I didn't see the stat until just now. Teenagers not having sex. So you said that

10:25

It's doubling every nine years. It rose from eleven percent to twenty one percent of teens that do not have sex that that haven't had sex in the last year.

It's doubling every nine years. It rose from eleven percent to twenty one percent of teens that do not have sex that that haven't had sex in the last year.

10:34

That's kind of interesting. I think that Japan I mean, you looked into this more than I Japan has suffered from this. And isn't there, like, like, an idea that, like, in the next ten or twenty years, Japan's population is really, really, really gonna be hurting for this lack of procreating.

That's kind of interesting. I think that Japan I mean, you looked into this more than I Japan has suffered from this. And isn't there, like, like, an idea that, like, in the next ten or twenty years, Japan's population is really, really, really gonna be hurting for this lack of procreating.

10:50

Well, there's there's a lot of countries where that's gonna happen. Even China, they're talking about, you know, a pretty big collapse.

Well, there's there's a lot of countries where that's gonna happen. Even China, they're talking about, you know, a pretty big collapse.

10:57

And so

And so

10:58

there's a lot of, again, causes for where this is at, and I'm not an expert on, like, population design or anything like that. But I do think that this is something that's really big, not only amongst just teens in general, but also amongst young men,

there's a lot of, again, causes for where this is at, and I'm not an expert on, like, population design or anything like that. But I do think that this is something that's really big, not only amongst just teens in general, but also amongst young men,

11:12

who are kind of, you know, basically checking out of the ecosystem. And this is, like, pretty big problem just for the economy in general, let alone, like, procreation and fertility and stuff like that. And so this is kind of an interesting space where, like, Yeah. You have a social issue or, like, you know, cultural issue that's kind of driving things in one direction. Are there, like, private solutions to kind of, quote unquote, solve this particular problem?

who are kind of, you know, basically checking out of the ecosystem. And this is, like, pretty big problem just for the economy in general, let alone, like, procreation and fertility and stuff like that. And so this is kind of an interesting space where, like, Yeah. You have a social issue or, like, you know, cultural issue that's kind of driving things in one direction. Are there, like, private solutions to kind of, quote unquote, solve this particular problem?

11:32

You know, because at least in America, we're not gonna do what, you know, China has been rumored to be doing, you know, with kind of like the reverse of a two child policy, like, these types of things. And so Yeah. It's just this is one of those trends as well that's, like, worth going deeper and deeper on to see, like, what's going on. Not only make the world a better place, but, like, see where business can be. And this cost of Cybercrime one, that's one of your fastest growing ones. What's that?

You know, because at least in America, we're not gonna do what, you know, China has been rumored to be doing, you know, with kind of like the reverse of a two child policy, like, these types of things. And so Yeah. It's just this is one of those trends as well that's, like, worth going deeper and deeper on to see, like, what's going on. Not only make the world a better place, but, like, see where business can be. And this cost of Cybercrime one, that's one of your fastest growing ones. What's that?

11:55

Yeah. So, basically,

Yeah. So, basically,

11:57

the amount of damages from cybercrime. So this is not only things like targeting old people, you know, for fraud, but also this is things like

the amount of damages from cybercrime. So this is not only things like targeting old people, you know, for fraud, but also this is things like

12:06

you know, the DDOS attack on a particular website or for a company,

you know, the DDOS attack on a particular website or for a company,

12:10

basically cyber crimes exploding. And it's probably gonna accelerate even further with beyond this, like, seven x five year magnitude that I have in the spreadsheet.

basically cyber crimes exploding. And it's probably gonna accelerate even further with beyond this, like, seven x five year magnitude that I have in the spreadsheet.

12:19

And so, yeah, that's that's something that's really interesting because You don't really have good solutions for it. You have everything from, like, aura and some of these, like, kind of VPN slash identity production products. But on the corporate side, there's been a lot of money that's slashed in there, but it's I don't wanna say it's obsolete, but it's changed dramatically with, like, the birth of AI and all that kind of flood that's happening with that market. There was one there's a couple on here that,

And so, yeah, that's that's something that's really interesting because You don't really have good solutions for it. You have everything from, like, aura and some of these, like, kind of VPN slash identity production products. But on the corporate side, there's been a lot of money that's slashed in there, but it's I don't wanna say it's obsolete, but it's changed dramatically with, like, the birth of AI and all that kind of flood that's happening with that market. There was one there's a couple on here that,

12:43

we've seen people come on this podcast and talk about specific

we've seen people come on this podcast and talk about specific

12:46

businesses they created off of these trends. So, for example,

businesses they created off of these trends. So, for example,

12:50

you have sports betting revenue. And,

you have sports betting revenue. And,

12:53

it's the the doubling time you have on here is less than one year. So you said it was legalized in twenty eighteen.

it's the the doubling time you have on here is less than one year. So you said it was legalized in twenty eighteen.

12:58

It's already four point three billion in the US right now. So and that's a five year five year span to get to about five billion in revenue on on US legal sports betting, and it's still only legal in what Patrick. I don't know if you know the the details, but it's only legal in a couple of states. Right? It's not like Yeah. It's it's it's there are more states, I believe, that have legal marijuana than they do of sports betting. So it's but it's it's getting a little bit easier

It's already four point three billion in the US right now. So and that's a five year five year span to get to about five billion in revenue on on US legal sports betting, and it's still only legal in what Patrick. I don't know if you know the the details, but it's only legal in a couple of states. Right? It's not like Yeah. It's it's it's there are more states, I believe, that have legal marijuana than they do of sports betting. So it's but it's it's getting a little bit easier

13:23

the the rumor is. And again, not an expert on this in particular, but the rumor is is that there'll be a lot more states that come with this before the other states kind of legalize marijuana. And so those are both markets that are really interesting because it, you know, gets into all the vice market kind of dynamics that you see with a lot of those different types of companies. We the guy we sold, the milk road to is two guys. One of the guys had this interesting backstory because they bought it with their own money. And, not they're not like a company that didn't raise money. And so we were like, where where are you getting the funds to make this

the the rumor is. And again, not an expert on this in particular, but the rumor is is that there'll be a lot more states that come with this before the other states kind of legalize marijuana. And so those are both markets that are really interesting because it, you know, gets into all the vice market kind of dynamics that you see with a lot of those different types of companies. We the guy we sold, the milk road to is two guys. One of the guys had this interesting backstory because they bought it with their own money. And, not they're not like a company that didn't raise money. And so we were like, where where are you getting the funds to make this

13:51

size purchase.

size purchase.

13:52

And they were like, well, you know, here's our backgrounds. And one of the guys had a fascinating background. So he was a a affiliate marketer. So he basically would make, like, content sites for online, poker. And online poker was legal for a while. Then Black Friday came. Online poker is no longer legal in the United States. And so it was like, business died overnight. And so what every he was in a really competitive space of online poker affiliates because it was like a a just absolute cash cow to be a poker affiliate because somebody's gonna immediately go deposit money. And you would get your your fee for that. And so

And they were like, well, you know, here's our backgrounds. And one of the guys had a fascinating background. So he was a a affiliate marketer. So he basically would make, like, content sites for online, poker. And online poker was legal for a while. Then Black Friday came. Online poker is no longer legal in the United States. And so it was like, business died overnight. And so what every he was in a really competitive space of online poker affiliates because it was like a a just absolute cash cow to be a poker affiliate because somebody's gonna immediately go deposit money. And you would get your your fee for that. And so

14:22

when they killed it in the United States,

when they killed it in the United States,

14:25

out of the hundred competitors, ninety nine said, well, I guess we'll optimized for international traffic now. It's still the answer. Yeah. He just took a different approach. He sat there and he looked and he's like, well, okay. It's illegal right now in the states, but is it gonna be illegal forever? Probably not.

out of the hundred competitors, ninety nine said, well, I guess we'll optimized for international traffic now. It's still the answer. Yeah. He just took a different approach. He sat there and he looked and he's like, well, okay. It's illegal right now in the states, but is it gonna be illegal forever? Probably not.

14:38

And he's kinda waited, and he's, like, he was just patient. And he saw a a little trend pickup where the,

And he's kinda waited, and he's, like, he was just patient. And he saw a a little trend pickup where the,

14:46

New Jersey was rumored to be, be the first state that was gonna legalize it again.

New Jersey was rumored to be, be the first state that was gonna legalize it again.

14:51

Or it was gonna legalize,

Or it was gonna legalize,

14:53

online gambling only for if you lived in New Jersey and,

online gambling only for if you lived in New Jersey and,

14:56

I think the way it worked was, like, there was, like, local casinos that could have online portals tip for you to gamble on. And so when everybody else went international, he's I will now be the New Jersey

I think the way it worked was, like, there was, like, local casinos that could have online portals tip for you to gamble on. And so when everybody else went international, he's I will now be the New Jersey

15:07

betting affiliate. And he created his website was, like, I don't know what it was. It's, like, betting in New Jersey dot com or something like that. Like, very hyper targeted sounded so niche.

betting affiliate. And he created his website was, like, I don't know what it was. It's, like, betting in New Jersey dot com or something like that. Like, very hyper targeted sounded so niche.

15:16

It sounded almost like a step down, but what he realized was if one state's gonna do it, and then the second state started to get rumored to do it, he's like, oh, This is a trend I just wanna surf. I'm gonna start now and make all the content for these for the states that are rumored.

It sounded almost like a step down, but what he realized was if one state's gonna do it, and then the second state started to get rumored to do it, he's like, oh, This is a trend I just wanna surf. I'm gonna start now and make all the content for these for the states that are rumored.

15:30

And I will be the best position when the time comes as this as this accelerates.

And I will be the best position when the time comes as this as this accelerates.

15:34

And so he did the New Jersey one. He sells it for, I think, it's publicly out there. It's, like, forty two or forty six million dollars to a bigger betting company.

And so he did the New Jersey one. He sells it for, I think, it's publicly out there. It's, like, forty two or forty six million dollars to a bigger betting company.

15:43

And

And

15:44

then he just he's like, oh, cool. Minnesota's going next. He does the exact same thing. Yep. And does it for Minnesota sells that one for another forty something million dollars. And to the same company.

then he just he's like, oh, cool. Minnesota's going next. He does the exact same thing. Yep. And does it for Minnesota sells that one for another forty something million dollars. And to the same company.

15:55

Like, you're within a, like, sort of two year time span. And then that company was smart. And then they're, like, hey. Okay. Now this covers, like, all states. You can't just do this You can just keep flipping these to us for fifty million to pop. And so he basically made, like, a hundred million dollars selling the same business just looking at the data and the trend and the news. And realizing, okay. This is gonna happen. It's just a matter of timing.

Like, you're within a, like, sort of two year time span. And then that company was smart. And then they're, like, hey. Okay. Now this covers, like, all states. You can't just do this You can just keep flipping these to us for fifty million to pop. And so he basically made, like, a hundred million dollars selling the same business just looking at the data and the trend and the news. And realizing, okay. This is gonna happen. It's just a matter of timing.

16:16

This this wave now. And he was the only one that was really paying attention to that. And it was him and one other guy, and they just merged And so they became they became they then owned all the supply so they could jack up the rates as an affiliate,

This this wave now. And he was the only one that was really paying attention to that. And it was him and one other guy, and they just merged And so they became they became they then owned all the supply so they could jack up the rates as an affiliate,

16:27

which normally is the other problem with affiliates. They get put under pricing pressure. But because him and the other guy merged, they could go go demand whatever rate they wanted to anybody who wanted customers because they were the only only show in town.

which normally is the other problem with affiliates. They get put under pricing pressure. But because him and the other guy merged, they could go go demand whatever rate they wanted to anybody who wanted customers because they were the only only show in town.

16:39

The other one you have on here is popularity of French bulldogs. So you say it's, doubled in five years,

The other one you have on here is popularity of French bulldogs. So you say it's, doubled in five years,

16:47

And bolt French bulldogs are now the number one breed of an, in the, a, a, a, a, k, c, the American, kettle club.

And bolt French bulldogs are now the number one breed of an, in the, a, a, a, a, k, c, the American, kettle club.

16:55

Which is like a published database, basically. And so

Which is like a published database, basically. And so

16:58

our friend Ramon kind of did this with weiner dogs. He was like, oh,

our friend Ramon kind of did this with weiner dogs. He was like, oh,

17:02

like, Look at how popular these groups are, how fast they're growing on Facebook of people who own weiner dogs.

like, Look at how popular these groups are, how fast they're growing on Facebook of people who own weiner dogs.

17:09

And he's like, what's a then he started bringing something. Like, what's a problem in the weiner base, and he found this company that was making ramps for weiner dogs to get on and off of beds and couches.

And he's like, what's a then he started bringing something. Like, what's a problem in the weiner base, and he found this company that was making ramps for weiner dogs to get on and off of beds and couches.

17:18

And

And

17:19

because he saw the popularity of these groups and how avid the owners were how fast those groups were growing, how big they were. He knew there's a market for weiner dog ramps, which, like,

because he saw the popularity of these groups and how avid the owners were how fast those groups were growing, how big they were. He knew there's a market for weiner dog ramps, which, like,

17:29

you walk into Harvard business school and you're like, here's my big idea, they'd be like, you're nuts. You know, you get laughed out of the room, but that business was doing, you know, whatever, twenty million a year. Because he was able to, like, I correctly identified the right trend. Yeah. He scaled it, I think, from, like, three hundred thousand a year to, like, seventeen million a year and, like, twenty months or something like that. Yeah. It was insane. But this is why, like, again, ideation is

you walk into Harvard business school and you're like, here's my big idea, they'd be like, you're nuts. You know, you get laughed out of the room, but that business was doing, you know, whatever, twenty million a year. Because he was able to, like, I correctly identified the right trend. Yeah. He scaled it, I think, from, like, three hundred thousand a year to, like, seventeen million a year and, like, twenty months or something like that. Yeah. It was insane. But this is why, like, again, ideation is

17:52

it treated a little bit more like a science than just this random, like, listening to podcasts, YouTube videos and, like, having a notebook because

it treated a little bit more like a science than just this random, like, listening to podcasts, YouTube videos and, like, having a notebook because

18:00

There's a lot of these ideas that, like, I couldn't tell you what a good business idea is in them, but if I start to think about it further and further, that's where, like, really good ideas come from. Right? So the French bulldogs. Right? Like, I don't know what the pain points of French bulldogs are, but similar to remote story, there's, like, something very interesting there either directly or, like, sitting around that particular idea that could be really, really interesting.

There's a lot of these ideas that, like, I couldn't tell you what a good business idea is in them, but if I start to think about it further and further, that's where, like, really good ideas come from. Right? So the French bulldogs. Right? Like, I don't know what the pain points of French bulldogs are, but similar to remote story, there's, like, something very interesting there either directly or, like, sitting around that particular idea that could be really, really interesting.

18:21

So, basically, we've all seen with AI. People can now it's like generative AI. You can create an image create a video

So, basically, we've all seen with AI. People can now it's like generative AI. You can create an image create a video

18:28

from just a prompt or from you could deep fake a video really easily. And so, you know, crypto gets a lot of shit for having, like, Oh, there's no, like, use case for this, even though, like, you know, money is the main use case, but they're, like, the blockchain. What are the other use cases for blockchain? And there's a really interesting company that's doing something in the space where they were like, hey,

from just a prompt or from you could deep fake a video really easily. And so, you know, crypto gets a lot of shit for having, like, Oh, there's no, like, use case for this, even though, like, you know, money is the main use case, but they're, like, the blockchain. What are the other use cases for blockchain? And there's a really interesting company that's doing something in the space where they were like, hey,

18:46

crypto has this really cool thing where you have a private key. You have your own address that only you you own and control.

crypto has this really cool thing where you have a private key. You have your own address that only you you own and control.

18:52

And what what they don't really do is they say, hey, sign it to do a transaction. If you wanna send money, you sign it with your private key, that's how you authorize the transaction. So these guys, what they realize is, hey, there's now gonna so much video out there, and there's gonna be a big question of, is this Photoshop? Is this deep faked? Is this real or is this fake? And they were like, people are gonna need people companies. They're gonna need a way to authenticate or to sign a piece of content and say, this was real. I made this. This is actually me, versus the viewer having the putting the

And what what they don't really do is they say, hey, sign it to do a transaction. If you wanna send money, you sign it with your private key, that's how you authorize the transaction. So these guys, what they realize is, hey, there's now gonna so much video out there, and there's gonna be a big question of, is this Photoshop? Is this deep faked? Is this real or is this fake? And they were like, people are gonna need people companies. They're gonna need a way to authenticate or to sign a piece of content and say, this was real. I made this. This is actually me, versus the viewer having the putting the

19:20

burden on the viewer and be like, can you tell if this is real or fake? It's like, dude, I don't know. It's too hard. Like misinformation is just gonna spread. So now there's gonna be like a watermark that basically creator, the original owner, the the person in question, can use their private key to sign

burden on the viewer and be like, can you tell if this is real or fake? It's like, dude, I don't know. It's too hard. Like misinformation is just gonna spread. So now there's gonna be like a watermark that basically creator, the original owner, the the person in question, can use their private key to sign

19:33

and say, yep. That was that was real. That was me. That was my video or that was my my writing. I actually said that. That's my voice. I'm I did say those words, and it will become true very soon that, like, if there's a piece of content that's unsigned,

and say, yep. That was that was real. That was me. That was my video or that was my my writing. I actually said that. That's my voice. I'm I did say those words, and it will become true very soon that, like, if there's a piece of content that's unsigned,

19:46

Shebody, yo, I don't, you know, I don't know what this is. This isn't the same organic produce. I don't know what this is. This is. I don't know where this came from.

Shebody, yo, I don't, you know, I don't know what this is. This isn't the same organic produce. I don't know what this is. This is. I don't know where this came from.

19:53

I don't trust this. And so I think that's gonna be one of the the the consequences of, let's say, you see this rise in generative AI as a trend, say, oh, that's great. People are gonna create all kinds of content. But wait, that means we're not gonna know what's real and what's been generated by AI. We need a solution for that. And I think those guys are gonna do pretty well. What's what's interesting

I don't trust this. And so I think that's gonna be one of the the the consequences of, let's say, you see this rise in generative AI as a trend, say, oh, that's great. People are gonna create all kinds of content. But wait, that means we're not gonna know what's real and what's been generated by AI. We need a solution for that. And I think those guys are gonna do pretty well. What's what's interesting

20:13

about this is not just the trends, but the fact that you're doing this. And and

about this is not just the trends, but the fact that you're doing this. And and

20:18

I think that that's kinda breaks, a couple rules or at least rules that people think exist.

I think that that's kinda breaks, a couple rules or at least rules that people think exist.

20:23

And a lot of people don't know that Jeff Bezos's story, but I think he I think the exact the exact quote was pretty good. It said something like, I saw the internet was growing at twenty three hundred percent a year. And I realized nothing outside of a of a petri dish grows that fast. And I just thought, what can I sell? And, well, let's just start with books because they're easy to ship, and there's a lot of them. And so I can just pack Amazon with almost every book I can find, and I think people will buy that.

And a lot of people don't know that Jeff Bezos's story, but I think he I think the exact the exact quote was pretty good. It said something like, I saw the internet was growing at twenty three hundred percent a year. And I realized nothing outside of a of a petri dish grows that fast. And I just thought, what can I sell? And, well, let's just start with books because they're easy to ship, and there's a lot of them. And so I can just pack Amazon with almost every book I can find, and I think people will buy that.

20:49

Whereas a lot of people think they have to start a company because they have, like, some passion about it or some mission, which I actually think your passion can develop once you start working on it and it starts succeeding.

Whereas a lot of people think they have to start a company because they have, like, some passion about it or some mission, which I actually think your passion can develop once you start working on it and it starts succeeding.

20:59

A, have you thought about selling your research process? Cause that's actually what I did with Trent, and I and I made a a bunch of mistakes that. I should have charged more. Maybe I shouldn't even have done it in the first place. But,

A, have you thought about selling your research process? Cause that's actually what I did with Trent, and I and I made a a bunch of mistakes that. I should have charged more. Maybe I shouldn't even have done it in the first place. But,

21:10

a, what's your end goal

a, what's your end goal

21:12

with this with with, like, your Have you thought about making my mistake?

with this with with, like, your Have you thought about making my mistake?

21:18

Well, that's what I heard. It it it could have done better. I should have charged thirty thousand instead of or, actually, it was charged way differently. That's where I screwed up. But have you have you thought about turning this into a business? The second question, what is your outcome with your second business now that you have financial security

Well, that's what I heard. It it it could have done better. I should have charged thirty thousand instead of or, actually, it was charged way differently. That's where I screwed up. But have you have you thought about turning this into a business? The second question, what is your outcome with your second business now that you have financial security

21:35

and,

and,

21:35

like, do you have, like, a legacy plan? Do you have a number that you're working back for back from? What are you doing?

like, do you have, like, a legacy plan? Do you have a number that you're working back for back from? What are you doing?

21:41

To to decide which one to actually go down.

To to decide which one to actually go down.

21:44

Yeah. So I think that the to answer the first question, I I've been asked because we've talked about research stuff a lot, like, either through DMs or on the last pod. Like, I think research companies,

Yeah. So I think that the to answer the first question, I I've been asked because we've talked about research stuff a lot, like, either through DMs or on the last pod. Like, I think research companies,

21:56

they have they have a fatal flaw where

they have they have a fatal flaw where

21:58

They give people a dopamine rush of understanding something, but people are pretty bad at then using that information

They give people a dopamine rush of understanding something, but people are pretty bad at then using that information

22:05

in some particular way. So, like, the retention ends up not being great unless you turn into, like, a McKinsey style, like, oh, we trusted them to come in and do this research and kinda go from there. So, like, even the competitive intel stuff, like, I I know how to use that because I've been taught how to use it and I've, like, developed it. People really like the dopamine of, like, oh, I can see exactly what's going on, but they don't know how to, like, get to the next step. So if I were to do it, it would be some sort of, you know, almost do it for you not only in terms of the research, but then connecting that to some sort of outcome

in some particular way. So, like, the retention ends up not being great unless you turn into, like, a McKinsey style, like, oh, we trusted them to come in and do this research and kinda go from there. So, like, even the competitive intel stuff, like, I I know how to use that because I've been taught how to use it and I've, like, developed it. People really like the dopamine of, like, oh, I can see exactly what's going on, but they don't know how to, like, get to the next step. So if I were to do it, it would be some sort of, you know, almost do it for you not only in terms of the research, but then connecting that to some sort of outcome

22:37

where they can just hook it up and then it targets their ads or something,

where they can just hook it up and then it targets their ads or something,

22:42

to actually get an outcome so I can take the thought process out of the, out of, like, my customers, you know, particular

to actually get an outcome so I can take the thought process out of the, out of, like, my customers, you know, particular

22:48

evaluation of the product I think in terms of the second question, for me,

evaluation of the product I think in terms of the second question, for me,

22:52

I'm I'm, like, a cliche

I'm I'm, like, a cliche

22:54

second time founder now. Right? So I'm basically, like, either I'm gonna go into, like, cash flowing, lifestyle, style points, type businesses, or I'm gonna go into, like, big ass, you know, innovation type business.

second time founder now. Right? So I'm basically, like, either I'm gonna go into, like, cash flowing, lifestyle, style points, type businesses, or I'm gonna go into, like, big ass, you know, innovation type business.

23:06

And I think the basis numbers piece is really, really powerful for the latter one because, you know, you're looking at some really big trends that probably have some social and cultural, like, implications

And I think the basis numbers piece is really, really powerful for the latter one because, you know, you're looking at some really big trends that probably have some social and cultural, like, implications

23:17

but then you're also trying to build, like, a particularly big business, which is what my intention is, essentially. And I've done a lot of work over the past year to kinda, like, come to that realization with, coaches and therapists and all that kind of fun stuff. So for me, what I do is I look at this, and I don't know if the Bezos number piece is is is necessarily, like, useful to folks who aren't trying to, like, build big. I think it's really useful for folks who wanna do, like, quick hits, but I think, like, the next framework that I kinda put in there around, like, you know, taking different product ideas and then spinning them in terms of different customer bases or different, like, differentiators,

but then you're also trying to build, like, a particularly big business, which is what my intention is, essentially. And I've done a lot of work over the past year to kinda, like, come to that realization with, coaches and therapists and all that kind of fun stuff. So for me, what I do is I look at this, and I don't know if the Bezos number piece is is is necessarily, like, useful to folks who aren't trying to, like, build big. I think it's really useful for folks who wanna do, like, quick hits, but I think, like, the next framework that I kinda put in there around, like, you know, taking different product ideas and then spinning them in terms of different customer bases or different, like, differentiators,

23:49

that's what most people should be doing because

that's what most people should be doing because

23:51

innovation like a ten x better product is almost impossible in this particular environment now. Like, ten, fifteen years ago, you could build an innovative ten x better product.

innovation like a ten x better product is almost impossible in this particular environment now. Like, ten, fifteen years ago, you could build an innovative ten x better product.

24:00

Because you were the one that had the special relationship with the supplier in Yemen for the coffee or something like that, or you were the one that only could build this particular feature, but Now everyone and their mother can spin up a website, features are no longer really defensible anymore. And unless you have, like, some sort of patentable or some sort of scientific kind of breakthrough or regulatory kinda protection,

Because you were the one that had the special relationship with the supplier in Yemen for the coffee or something like that, or you were the one that only could build this particular feature, but Now everyone and their mother can spin up a website, features are no longer really defensible anymore. And unless you have, like, some sort of patentable or some sort of scientific kind of breakthrough or regulatory kinda protection,

24:21

your best thing you're gonna do is, like, a two or three x better product. And,

your best thing you're gonna do is, like, a two or three x better product. And,

24:25

that's why I think it's just one of those things that,

that's why I think it's just one of those things that,

24:28

you know, innovation isn't something that you should be targeting unless you're really, really going big is essentially what I'm getting at.

you know, innovation isn't something that you should be targeting unless you're really, really going big is essentially what I'm getting at.

24:34

Why do you care about doing the cash flow thing because many of our friends, Sean and my friends, Sean, me and Sean's friends and and you, I'm sure your buddies are like this. They're

Why do you care about doing the cash flow thing because many of our friends, Sean and my friends, Sean, me and Sean's friends and and you, I'm sure your buddies are like this. They're

24:44

quite wealthy. Many tens of millions are hundreds of millions, and they're like, but I would love to have five million dollars a year of income.

quite wealthy. Many tens of millions are hundreds of millions, and they're like, but I would love to have five million dollars a year of income.

24:52

I, for me, and this is, like, very personal. It's not for everybody, but, like, I discovered in going through this, like, wave of, like, massive wealth really quickly,

I, for me, and this is, like, very personal. It's not for everybody, but, like, I discovered in going through this, like, wave of, like, massive wealth really quickly,

25:01

I discovered that, like, like, I'll I'll give you, like, a little bit of an anecdote. So when the money hit the bank account,

I discovered that, like, like, I'll I'll give you, like, a little bit of an anecdote. So when the money hit the bank account,

25:07

I felt nothing.

I felt nothing.

25:09

Like, I was, like, happy. I was, like, obviously, you know, happy for the team.

Like, I was, like, happy. I was, like, obviously, you know, happy for the team.

25:14

But the thing that, like, went into the back of head, and I didn't know how to express it in this particular way. It was very much well, if I did it, it must not have been that hard, which goes into, like, childhood goes into a bunch of different things. And so when I'm thinking about the next business,

But the thing that, like, went into the back of head, and I didn't know how to express it in this particular way. It was very much well, if I did it, it must not have been that hard, which goes into, like, childhood goes into a bunch of different things. And so when I'm thinking about the next business,

25:29

I look at those two paths. Right? Like, there's like, more cash flowy business, own your own destiny, lifestyle, style points, these types of things. And then I think that there's, like, spending your time going after something that's harder and harder and trying to go after innovation. Right? Like, the perfect, like, antithesis of how I view the world now is, like, Nick Cuba. Right? Nick is, like, why would you ever try to, like, innovate? That's, like, so much harder, etcetera. And we've had many, like, long night conversations about that. And for me, it's, like, I wanna go after that bigger and bigger thing. And it took it took a long time to, like, realize because I went after, like, oh, let's do this. Let's do that. Let's do this other thing. Let's go after this quick buck. You bought nineteen gas stations.

I look at those two paths. Right? Like, there's like, more cash flowy business, own your own destiny, lifestyle, style points, these types of things. And then I think that there's, like, spending your time going after something that's harder and harder and trying to go after innovation. Right? Like, the perfect, like, antithesis of how I view the world now is, like, Nick Cuba. Right? Nick is, like, why would you ever try to, like, innovate? That's, like, so much harder, etcetera. And we've had many, like, long night conversations about that. And for me, it's, like, I wanna go after that bigger and bigger thing. And it took it took a long time to, like, realize because I went after, like, oh, let's do this. Let's do that. Let's do this other thing. Let's go after this quick buck. You bought nineteen gas stations.

26:06

I did buy nineteen gas stations, but that's Jenny. That's Jenny. That's the wife. The wife handles the real estate portfolio. And it doesn't mean I'm not gonna, like, do stuff, but, like, my primary focus is gonna be, like, one big thing. I don't wanna be an investor. I don't wanna, like, come up with a bunch of cash flowing, like studio style businesses. I I respect the hell out of all those things. It's just just found out it's not for me or at least that's that's where I got to. Like, by the way, can you tell us the gas station thing real quick? Did you meet Sayed and he told you about his gas station portfolio?

I did buy nineteen gas stations, but that's Jenny. That's Jenny. That's the wife. The wife handles the real estate portfolio. And it doesn't mean I'm not gonna, like, do stuff, but, like, my primary focus is gonna be, like, one big thing. I don't wanna be an investor. I don't wanna, like, come up with a bunch of cash flowing, like studio style businesses. I I respect the hell out of all those things. It's just just found out it's not for me or at least that's that's where I got to. Like, by the way, can you tell us the gas station thing real quick? Did you meet Sayed and he told you about his gas station portfolio?

26:32

So okay. Here's what happened. So I bought nineteen gas stations.

So okay. Here's what happened. So I bought nineteen gas stations.

26:36

They're in North and South Carolina. You bought them all at once or you're looking one at a time? Like, he bought a chain? All in one pot. So, essentially, there was there was a kind of a patriarch of a family who had built up a portfolio about a hundred and twenty. He passed away And then, basically, I think it was the trust or the estate, I don't know, which which but he was they were selling them off in blocks. Right? And they don't wanna sell off, like, one at a time because it's a hundred and twenty. Because the kids, they had a tax bill coming up because the inheritance yada yada yada. So,

They're in North and South Carolina. You bought them all at once or you're looking one at a time? Like, he bought a chain? All in one pot. So, essentially, there was there was a kind of a patriarch of a family who had built up a portfolio about a hundred and twenty. He passed away And then, basically, I think it was the trust or the estate, I don't know, which which but he was they were selling them off in blocks. Right? And they don't wanna sell off, like, one at a time because it's a hundred and twenty. Because the kids, they had a tax bill coming up because the inheritance yada yada yada. So,

27:02

this actually is is this started with Nick Cuba and Mitchell

this actually is is this started with Nick Cuba and Mitchell

27:06

bulbridge,

bulbridge,

27:07

of the cost seg world because they started talking to me about, oh, there's there's some tax implications where

of the cost seg world because they started talking to me about, oh, there's there's some tax implications where

27:13

if if

if if

27:14

your partner, your wife or your husband is a real estate professional,

your partner, your wife or your husband is a real estate professional,

27:18

your passive losses on, like, real estate become active losses, and they offset active gains. So I got a big pile of, you know, kind of gains from the sale of the company. And then all of a sudden, I can offset those with depreciation

your passive losses on, like, real estate become active losses, and they offset active gains. So I got a big pile of, you know, kind of gains from the sale of the company. And then all of a sudden, I can offset those with depreciation

27:32

of the gas stations. And I can do that with bonus depreciation in one year. So just to use some round numbers, like, if I buy ten million dollars of gas stations, I basically can take eight million of depreciation essentially, and that can offset some of those particular gains. And so in October, September,

of the gas stations. And I can do that with bonus depreciation in one year. So just to use some round numbers, like, if I buy ten million dollars of gas stations, I basically can take eight million of depreciation essentially, and that can offset some of those particular gains. And so in October, September,

27:49

Nick starts telling me about this. I start telling to Mitchell,

Nick starts telling me about this. I start telling to Mitchell,

27:52

trying to figure it out. I start talking to tax lawyers. All of a sudden, we got introed someone who saw this deal of these hundred and twenty. Jenny has been in the real estate game for, like, ten years. And so it was one of those things where we were able to kind of, like, you know, we weren't starting from zero, but it was still, like, a big big purchase.

trying to figure it out. I start talking to tax lawyers. All of a sudden, we got introed someone who saw this deal of these hundred and twenty. Jenny has been in the real estate game for, like, ten years. And so it was one of those things where we were able to kind of, like, you know, we weren't starting from zero, but it was still, like, a big big purchase.

28:08

And we closed, I think, like, December twenty third or something like that. So, like, right right at the particular edge of the end of the year to, to not only get a good deal,

And we closed, I think, like, December twenty third or something like that. So, like, right right at the particular edge of the end of the year to, to not only get a good deal,

28:17

because we had, you know, we looked at the real estate deal independent of the tax implications, but the tax implications kinda put it over the top to be really, really good. And has there been, like are they is it just like, wow, this was a great asset? Great, smooth sailing? Or is it like, oh my god. I have nineteen pain in the asses now? Or what what's the what's the situate? Like, What's the verdict of guy who didn't own real estate and gas stations? Like tech entrepreneur

because we had, you know, we looked at the real estate deal independent of the tax implications, but the tax implications kinda put it over the top to be really, really good. And has there been, like are they is it just like, wow, this was a great asset? Great, smooth sailing? Or is it like, oh my god. I have nineteen pain in the asses now? Or what what's the what's the situate? Like, What's the verdict of guy who didn't own real estate and gas stations? Like tech entrepreneur

28:37

does this thing that has clear benefits

does this thing that has clear benefits

28:40

on the tax side. Yeah. Might have a might be a nice diversifying

on the tax side. Yeah. Might have a might be a nice diversifying

28:43

part of my portfolio, might be good cash flow, might also be a headache. What's your answer now that you've come out the other side?

part of my portfolio, might be good cash flow, might also be a headache. What's your answer now that you've come out the other side?

28:51

So the they're triple net leases. So that basically means we don't manage, don't handle any operations, anything like that. They're owned by a a big flag, a big company.

So the they're triple net leases. So that basically means we don't manage, don't handle any operations, anything like that. They're owned by a a big flag, a big company.

29:01

So they're corporate backed, which may or may not mean anything depending on who you ask in the real estate world. So we've had very little headaches We also have a partner on the deal who's, you know, we we were the money. They're handling most. They handled all the analysis and all that kind of fun stuff.

So they're corporate backed, which may or may not mean anything depending on who you ask in the real estate world. So we've had very little headaches We also have a partner on the deal who's, you know, we we were the money. They're handling most. They handled all the analysis and all that kind of fun stuff.

29:15

So it's it's been pretty smooth sailing. I mean, there hasn't been any issues that's famous last words. I think,

So it's it's been pretty smooth sailing. I mean, there hasn't been any issues that's famous last words. I think,

29:22

there's a way to

there's a way to

29:23

basically, you know, manage these into more investments and things like that. Those the that's where it can get a little tricky. But, like, yeah. We we got at least knock on wood pretty lucky in terms of what's going on. But you gotta can you give can you give any numbers? I mean, how much income is that bringing in? How much did it cost? Can can you give any numbers on that? Do you feel comfortable? I can give you some numbers. So,

basically, you know, manage these into more investments and things like that. Those the that's where it can get a little tricky. But, like, yeah. We we got at least knock on wood pretty lucky in terms of what's going on. But you gotta can you give can you give any numbers? I mean, how much income is that bringing in? How much did it cost? Can can you give any numbers on that? Do you feel comfortable? I can give you some numbers. So,

29:44

well, I don't know. My wife runs it. So you don't wanna share the specifics on yours, you could just be like, you know, I I think about this or like,

well, I don't know. My wife runs it. So you don't wanna share the specifics on yours, you could just be like, you know, I I think about this or like,

29:52

this business is a box. Like, a restaurant. Restaurant will typically cost you, say half a million to open.

this business is a box. Like, a restaurant. Restaurant will typically cost you, say half a million to open.

29:57

Then you're trying your goal is to net a hundred fifty k a year per location. You wanna get to twenty. That's how you could scale. Like It's simpler than that. So it it's thirty million gas stations.

Then you're trying your goal is to net a hundred fifty k a year per location. You wanna get to twenty. That's how you could scale. Like It's simpler than that. So it it's thirty million gas stations.

30:06

I believe I I can't remember the exact cap rate, basically, what we're getting out of it, but we're getting,

I believe I I can't remember the exact cap rate, basically, what we're getting out of it, but we're getting,

30:13

I believe the caps are at, like, five and a half.

I believe the caps are at, like, five and a half.

30:16

And so we're not getting, like, an, like, an immense amount of income from that. But we are getting income basically from it. And then the leases on this particular deal,

And so we're not getting, like, an, like, an immense amount of income from that. But we are getting income basically from it. And then the leases on this particular deal,

30:27

what made it so great is

what made it so great is

30:29

all of the, like, rent increases were based off of CPI,

all of the, like, rent increases were based off of CPI,

30:33

and they were they were written in, like, the early two thousands So, basically, what's happening is as you've seen all the inflation data, when these rent increases go into effect, the increase in rent is pretty significant.

and they were they were written in, like, the early two thousands So, basically, what's happening is as you've seen all the inflation data, when these rent increases go into effect, the increase in rent is pretty significant.

30:44

And so that's what made the deal really, really good. But, like, yeah, we're we're cash flowing.

And so that's what made the deal really, really good. But, like, yeah, we're we're cash flowing.

30:49

I don't know. It's it's it's definitely over a million a year on these. I don't know the exact numbers,

I don't know. It's it's it's definitely over a million a year on these. I don't know the exact numbers,

30:54

which I feel good about because it's one of those things where I trust my wife to figure it out. And you also said that there was, like, you you sell the company

which I feel good about because it's one of those things where I trust my wife to figure it out. And you also said that there was, like, you you sell the company

31:03

and you're like,

and you're like,

31:05

you go through this wandering phase for, like, a year. You said there's five phases. What are the five phases

you go through this wandering phase for, like, a year. You said there's five phases. What are the five phases

31:11

I just sold my company for a bunch of money. Yeah. This is like the the champagne problem cycle, I think. And it's

I just sold my company for a bunch of money. Yeah. This is like the the champagne problem cycle, I think. And it's

31:18

it it's just this crazy roller coaster, and I don't know if Sam's showing if you guys went through this. But for me,

it it's just this crazy roller coaster, and I don't know if Sam's showing if you guys went through this. But for me,

31:23

like, I was pretty even keeled emotionally before the actual sale. What I mean by that is, like, something bad would happen to the business. I'd be like, oh, that sucks. Okay. Let's figure it out. Something good. I'd be like, oh, great. But we have all these other problems.

like, I was pretty even keeled emotionally before the actual sale. What I mean by that is, like, something bad would happen to the business. I'd be like, oh, that sucks. Okay. Let's figure it out. Something good. I'd be like, oh, great. But we have all these other problems.

31:36

When the sale goes through, especially if it's, like, announced, like, everyone kinda starts treating you like a god for, like, a hot second, and then that leads you to go, like, Wait. Am I a god? Right? You have this little bit of this, like, almost this, like, imposter like, I don't know what reverse imposter syndrome is. And, like, I never got, like, I have good friends around me who are, like, You still your your shit still stinks, but, like, it was one of those funny things where you're just like, oh my god. I can do anything. And then, like, you go through the second phase, which is, like, Oh my god. I fear death. I'm gonna screw this up. I'm gonna, like I don't know how to reach. How does one reach correctly? I'm gonna lose it all. And this is when you're, like, tax lawyers, accountants,

When the sale goes through, especially if it's, like, announced, like, everyone kinda starts treating you like a god for, like, a hot second, and then that leads you to go, like, Wait. Am I a god? Right? You have this little bit of this, like, almost this, like, imposter like, I don't know what reverse imposter syndrome is. And, like, I never got, like, I have good friends around me who are, like, You still your your shit still stinks, but, like, it was one of those funny things where you're just like, oh my god. I can do anything. And then, like, you go through the second phase, which is, like, Oh my god. I fear death. I'm gonna screw this up. I'm gonna, like I don't know how to reach. How does one reach correctly? I'm gonna lose it all. And this is when you're, like, tax lawyers, accountants,

32:13

other lawyers. How do I evaluate how they're good or not? Like, all these crazy thing, what is a wealth manager? Like, oh my god. The wealth managers, every single one of them tells you, just put it in index funds, and then you ask them, well, then what's your job? And then they're like, oh, we just advise you. And you're like, What does that mean? And they can't answer the question. So do you get one? Do you not get one? Right? And then,

other lawyers. How do I evaluate how they're good or not? Like, all these crazy thing, what is a wealth manager? Like, oh my god. The wealth managers, every single one of them tells you, just put it in index funds, and then you ask them, well, then what's your job? And then they're like, oh, we just advise you. And you're like, What does that mean? And they can't answer the question. So do you get one? Do you not get one? Right? And then,

32:32

you start to get a handle on things. You start to kinda, like, get your feet under you. You buy a bunch of gas stations. You do this type of a thing. And then, like, phase three is, like, or, like, part of the phase three is, like, I call this the delusional peak of cocaine energy. And this is, like, you have all this energy and you're, like, I'm gonna do everything. Right? This is what I was getting into with Sam before. It's, like, I'm gonna hire nineteen people or not nineteen seventeen people. It's a nineteen gas station, seventeen people, to do research, to look into things, to go look at this deal, go look at that deal and just, like, do all of these things. And I'm gonna build this and I'm gonna build that because you just have this all this energy and this optionality

you start to get a handle on things. You start to kinda, like, get your feet under you. You buy a bunch of gas stations. You do this type of a thing. And then, like, phase three is, like, or, like, part of the phase three is, like, I call this the delusional peak of cocaine energy. And this is, like, you have all this energy and you're, like, I'm gonna do everything. Right? This is what I was getting into with Sam before. It's, like, I'm gonna hire nineteen people or not nineteen seventeen people. It's a nineteen gas station, seventeen people, to do research, to look into things, to go look at this deal, go look at that deal and just, like, do all of these things. And I'm gonna build this and I'm gonna build that because you just have this all this energy and this optionality

33:09

And that leads to just a full blown identity crisis.

And that leads to just a full blown identity crisis.

33:12

And so I hired a couple of shrinks,

And so I hired a couple of shrinks,

33:15

to basically help because you know, it was a major change in my life and, you know, just kind of a major thing where, like, it's kinda like, you know,

to basically help because you know, it was a major change in my life and, you know, just kind of a major thing where, like, it's kinda like, you know,

33:23

figuring out, like, who you are, what you want, which I kinda talked about a little bit before, and starting to realize, like, oh, like, I don't have to do these things. I can do these things. What do I want to do?

figuring out, like, who you are, what you want, which I kinda talked about a little bit before, and starting to realize, like, oh, like, I don't have to do these things. I can do these things. What do I want to do?

33:33

What does that look like? And then, you know, then you kinda even out and you go back to the grind. So that was, like, my last year of just up, down, down even further, and then kind of back up to figuring out, like, hey, this is what I want,

What does that look like? And then, you know, then you kinda even out and you go back to the grind. So that was, like, my last year of just up, down, down even further, and then kind of back up to figuring out, like, hey, this is what I want,

33:45

and kinda going from there. You even did this cool study or this survey where you talked to, didn't you survey a bunch of people who are wealthy and you asked them about happiness and things like that? Yeah. This is how I cope with things. Research, as you clearly can see. So I spent fifty grand on, like, a study, basically run I and this is one of our products at Proffa Well was, like, basically running research studies.

and kinda going from there. You even did this cool study or this survey where you talked to, didn't you survey a bunch of people who are wealthy and you asked them about happiness and things like that? Yeah. This is how I cope with things. Research, as you clearly can see. So I spent fifty grand on, like, a study, basically run I and this is one of our products at Proffa Well was, like, basically running research studies.

34:07

And so I spent fifty grand basically trying to get in front of as many, like, rich folks as humanly possible.

And so I spent fifty grand basically trying to get in front of as many, like, rich folks as humanly possible.

34:13

And then doing a bunch of qualitative conversations with, like, you know, you know, number of billionaires, a bunch of, like, centa millionaires, etcetera, and just trying to figure out, like, okay. What what makes them happy? What makes them unhappy so that I can, you know, kind of take some of those lessons for for me personally.

And then doing a bunch of qualitative conversations with, like, you know, you know, number of billionaires, a bunch of, like, centa millionaires, etcetera, and just trying to figure out, like, okay. What what makes them happy? What makes them unhappy so that I can, you know, kind of take some of those lessons for for me personally.

34:30

What what were the lessons?

What what were the lessons?

34:32

One of the biggest lessons that I think is most helpful, and I don't know if everyone's gonna be able to, hear it. They'll or they'll hear it, but I don't know if they'll actually, like, internalize it, is when you look at the stack of, like, how money can actually bring happiness,

One of the biggest lessons that I think is most helpful, and I don't know if everyone's gonna be able to, hear it. They'll or they'll hear it, but I don't know if they'll actually, like, internalize it, is when you look at the stack of, like, how money can actually bring happiness,

34:44

There are some really, really obvious things. Like,

There are some really, really obvious things. Like,

34:47

people who spend money on stuff, they are happier than people who don't spend money on stuff. But they're not as happy as the people who spend money on, like, a particular hobby or a particular, like, narrowing

people who spend money on stuff, they are happier than people who don't spend money on stuff. But they're not as happy as the people who spend money on, like, a particular hobby or a particular, like, narrowing

34:58

of stuff So buying a birkin bag that you guys talked about, I think, last episode, like, that brings some joy. It actually does. It's not something that it's, like, completely joyless. But if you're really into f one and you buy your own car that you go race in the track, that brings you more happiness. Right? And then one layer above that in terms of increasing even more happiness is experiences. So this is something that we've all heard about. Like, buying experience actually does bring more happiness.

of stuff So buying a birkin bag that you guys talked about, I think, last episode, like, that brings some joy. It actually does. It's not something that it's, like, completely joyless. But if you're really into f one and you buy your own car that you go race in the track, that brings you more happiness. Right? And then one layer above that in terms of increasing even more happiness is experiences. So this is something that we've all heard about. Like, buying experience actually does bring more happiness.

35:24

And what was really interesting were the top two. One is really, really obvious. So above experiences

And what was really interesting were the top two. One is really, really obvious. So above experiences

35:30

was, like, giving money away in, like, a targeted way, not just, like, general, like, here you go this,

was, like, giving money away in, like, a targeted way, not just, like, general, like, here you go this,

35:36

organization or this nonprofit,

organization or this nonprofit,

35:38

but, like, actually giving it to a cause that you really cared about. But the top one was kind of fascinating. Like, the things that we coded that built or brought the most happiness

but, like, actually giving it to a cause that you really cared about. But the top one was kind of fascinating. Like, the things that we coded that built or brought the most happiness

35:48

were when I kinda labeled freedom inducing events or freedom inducing

were when I kinda labeled freedom inducing events or freedom inducing

35:54

items.

items.

35:54

So things like a jet If you can afford a jet and you can fly private, it's not the nature of the jet. It's that it brings you so much freedom. And so we saw this kinda coded in all the responses.

So things like a jet If you can afford a jet and you can fly private, it's not the nature of the jet. It's that it brings you so much freedom. And so we saw this kinda coded in all the responses.

36:05

And so things like, I know Sam, you've been a little hesitant to it, things like getting a personal assistant, things like getting someone to take care of stuff at the home. Those things actually bring a lot more happiness because unless you really, really like buying the groceries or doing something like that, that brings more freedom, and that that actually increases happiness levels even more than all the other things that we talked about.

And so things like, I know Sam, you've been a little hesitant to it, things like getting a personal assistant, things like getting someone to take care of stuff at the home. Those things actually bring a lot more happiness because unless you really, really like buying the groceries or doing something like that, that brings more freedom, and that that actually increases happiness levels even more than all the other things that we talked about.

36:27

The other big thing that was really interesting is that

The other big thing that was really interesting is that

36:31

The the happiness scales that you see kind of online in those studies,

The the happiness scales that you see kind of online in those studies,

36:35

for both income and net worth, Like, typically they can't They're bullshit. I I they're limited. That's what I would say. Like, meaning, like,

for both income and net worth, Like, typically they can't They're bullshit. I I they're limited. That's what I would say. Like, meaning, like,

36:42

they basically are like, oh, five thousand, your happiness doesn't increase. And then there was another study that found enough people, you know, up to about a half million where happiness increased. Well, I took it all the way to, I think it's, like, three to four million a year. And the happiness just continues to increase. It's not at the same rate, but, like, more income and more net worth does bring more happiness. Like, I'm not sure where it's gonna, like, level off. But right now in my data on Networth, I have a a good enough sample that I can actually map it from zero to about fifty million, in net worth. But the one really interesting thing was,

they basically are like, oh, five thousand, your happiness doesn't increase. And then there was another study that found enough people, you know, up to about a half million where happiness increased. Well, I took it all the way to, I think it's, like, three to four million a year. And the happiness just continues to increase. It's not at the same rate, but, like, more income and more net worth does bring more happiness. Like, I'm not sure where it's gonna, like, level off. But right now in my data on Networth, I have a a good enough sample that I can actually map it from zero to about fifty million, in net worth. But the one really interesting thing was,

37:14

no matter the net worth, particularly for the folks who have more than five to ten million in net worth.

no matter the net worth, particularly for the folks who have more than five to ten million in net worth.

37:19

No matter what it was, if it was higher in some of the billionaires qualitatively, this was also the case.

No matter what it was, if it was higher in some of the billionaires qualitatively, this was also the case.

37:25

You would see that if the net worth went up, they got happier. If the net worth stayed the same, they were a little bit happier, if the net worth went down, even just, like, a minuscule amount

You would see that if the net worth went up, they got happier. If the net worth stayed the same, they were a little bit happier, if the net worth went down, even just, like, a minuscule amount

37:37

that the, like, the the reduction in happiness was considerable,

that the, like, the the reduction in happiness was considerable,

37:41

And so it's one of those things where it's, like, when you get wealthy, it's, like, all about protect, protect, protect.

And so it's one of those things where it's, like, when you get wealthy, it's, like, all about protect, protect, protect.

37:46

That's, you know, for a lot of obvious mathematical reasons, but also from a happiness perspective, that's where a lot of, like, the anxiety was coming from from some of the the more wealthier folks.

That's, you know, for a lot of obvious mathematical reasons, but also from a happiness perspective, that's where a lot of, like, the anxiety was coming from from some of the the more wealthier folks.

37:55

There's a couple other things. Oh, like, This was really fascinating because this was, like, a little more personable.

There's a couple other things. Oh, like, This was really fascinating because this was, like, a little more personable.

38:01

Of wealthy folks, let's just say I think it was, like, folks over five million in net worth, but it continued the trend even higher.

Of wealthy folks, let's just say I think it was, like, folks over five million in net worth, but it continued the trend even higher.

38:09

There were only a couple of, like, trends that everyone did, like, almost every single not a hundred percent, but, like, you know, let's just say ninety ish percent plus.

There were only a couple of, like, trends that everyone did, like, almost every single not a hundred percent, but, like, you know, let's just say ninety ish percent plus.

38:19

Lists was a big thing. Like, lists or, like, a to do list of some sort,

Lists was a big thing. Like, lists or, like, a to do list of some sort,

38:25

wealthy folks almost to a tee had some sort of system where every day they were like, here's what I'm gonna do. For some, it was, like, I got one big thing each day. For others, it was, like, some hardcore, like, to do list app and all this other fun stuff that was organized, but that was a really big thing.

wealthy folks almost to a tee had some sort of system where every day they were like, here's what I'm gonna do. For some, it was, like, I got one big thing each day. For others, it was, like, some hardcore, like, to do list app and all this other fun stuff that was organized, but that was a really big thing.

38:40

Everyone's

Everyone's

38:40

still in the game, meaning still building a business, still trying to build their wealth,

still in the game, meaning still building a business, still trying to build their wealth,

38:45

worked out or had some sort of fitness regularly,

worked out or had some sort of fitness regularly,

38:48

folks out of the game, they started to kinda, like, fall off on that particular fitness. But, like, ninety percent of people, like, it wasn't there all doing crossfit or all doing anything crazy. But a lot of them were doing, at least something consistently every single week. So that was really, really fascinating to see as well. A couple other things that were, like, pretty consistent, but, those were the really, really big ones that stood out that would be most helpful, I think, to folks. I have a nerdy question about the happiness thing. How do you what what What what is the actual, like, how do you know how happy somebody is? How do they know how happy they're? So are you just saying how happy are you? Did you get happier when you got more money? It's like a self reported, like, one to ten thing, or is there a better way that people ask that question?

folks out of the game, they started to kinda, like, fall off on that particular fitness. But, like, ninety percent of people, like, it wasn't there all doing crossfit or all doing anything crazy. But a lot of them were doing, at least something consistently every single week. So that was really, really fascinating to see as well. A couple other things that were, like, pretty consistent, but, those were the really, really big ones that stood out that would be most helpful, I think, to folks. I have a nerdy question about the happiness thing. How do you what what What what is the actual, like, how do you know how happy somebody is? How do they know how happy they're? So are you just saying how happy are you? Did you get happier when you got more money? It's like a self reported, like, one to ten thing, or is there a better way that people ask that question?

39:27

Yeah. Totally. So my instinct just to, like, teach stats right now, so I'm gonna try to avoid that as much as humanly possible.

Yeah. Totally. So my instinct just to, like, teach stats right now, so I'm gonna try to avoid that as much as humanly possible.

39:33

But

But

39:35

the you don't

the you don't

39:36

When we look at, like, temperature, just trust me for a second, like, we can get very, very accurate readings on, like, how cold it is in your apartment right now or your house right now. Right? And we can be very, very confident in that particular, like, measurement. Right? Now we can also get the temperature measurement by, like, maybe measuring the outside temperature and subtracting what we think the insulation is of your house and trying to figure out, like, in a backwards way. That would be less accurate than, like, measuring the actual temperature, but still more accurate than if I went and I asked you what you thought the temperature was. Right? And there's different ways that I can ask you temperature. Right? If I just straight up ask you what's the temperature,

When we look at, like, temperature, just trust me for a second, like, we can get very, very accurate readings on, like, how cold it is in your apartment right now or your house right now. Right? And we can be very, very confident in that particular, like, measurement. Right? Now we can also get the temperature measurement by, like, maybe measuring the outside temperature and subtracting what we think the insulation is of your house and trying to figure out, like, in a backwards way. That would be less accurate than, like, measuring the actual temperature, but still more accurate than if I went and I asked you what you thought the temperature was. Right? And there's different ways that I can ask you temperature. Right? If I just straight up ask you what's the temperature,

40:14

it's like it's actually kind of a difficult question for you to answer. But if I ask you do you think it's more than sixty eight degrees? It's a little bit easier for you to answer. So there's different ways to answer these questions.

it's like it's actually kind of a difficult question for you to answer. But if I ask you do you think it's more than sixty eight degrees? It's a little bit easier for you to answer. So there's different ways to answer these questions.

40:24

Now what that means is, and the way the reason I gave that little metaphor is, like, there's

Now what that means is, and the way the reason I gave that little metaphor is, like, there's

40:28

we're not looking at measuring temperature, like, the way that we would in a very scientific way. Like, we just can't do that because, like, happiness, it is relative. There's a bunch of different factors. But that doesn't mean we can't, like, measure it purely. Right? So what I did, and, I'll try to, like, keep this as as helpful as possible is I looked at how the seventy five thousand dollars study does, and and there is a happiness kind of research center. There's a number of different actually, the first undergrad research I ever did was how do tax rates impact happiness,

we're not looking at measuring temperature, like, the way that we would in a very scientific way. Like, we just can't do that because, like, happiness, it is relative. There's a bunch of different factors. But that doesn't mean we can't, like, measure it purely. Right? So what I did, and, I'll try to, like, keep this as as helpful as possible is I looked at how the seventy five thousand dollars study does, and and there is a happiness kind of research center. There's a number of different actually, the first undergrad research I ever did was how do tax rates impact happiness,

40:56

in in the economics department in school. And so there's different ways to ask it. So the way that this was asked, there's a number ways. There was a scoring system.

in in the economics department in school. And so there's different ways to ask it. So the way that this was asked, there's a number ways. There was a scoring system.

41:05

There was a this happened. How does that affect your happiness? So there's a composite score that we kind of put together based on those different inputs. To come up with, essentially,

There was a this happened. How does that affect your happiness? So there's a composite score that we kind of put together based on those different inputs. To come up with, essentially,

41:13

here's what their happiness level is comparatively, and then you keep that consistent across the board. And there's ways you can adjust the model.

here's what their happiness level is comparatively, and then you keep that consistent across the board. And there's ways you can adjust the model.

41:20

But long story short, like, it's it's the way I describe temperature. It's it's a little bit closer to, like, hey, what do you think your temperature is? So it's not Dude, I think that's just fascinating. I think it's incredibly fascinating, and I think it's amazing that you're doing this.

But long story short, like, it's it's the way I describe temperature. It's it's a little bit closer to, like, hey, what do you think your temperature is? So it's not Dude, I think that's just fascinating. I think it's incredibly fascinating, and I think it's amazing that you're doing this.

41:35

You I like seeing your nerd come out. I I think it's this is very this is very cool. Yeah. Yeah. I got really excited. I felt my heart rate just go up there. Sorry. I think Sam, Sam hit the nail on the head where he's like,

You I like seeing your nerd come out. I I think it's this is very this is very cool. Yeah. Yeah. I got really excited. I felt my heart rate just go up there. Sorry. I think Sam, Sam hit the nail on the head where he's like,

41:46

these things you said are interesting, but what's more interesting is that you did this. And, you know, you were just describing, like, people spend on stuff, but they're more happy if they spend on a targeted set of stuff. Yeah. That's you spending fifty grand on a study about, well, Right? That's you. You you don't have a model train hobby. You have a research hobby. And you were like, oh, how do I use these funds to catch my itch in a way that I haven't done before. And I'm sure that it was, like,

these things you said are interesting, but what's more interesting is that you did this. And, you know, you were just describing, like, people spend on stuff, but they're more happy if they spend on a targeted set of stuff. Yeah. That's you spending fifty grand on a study about, well, Right? That's you. You you don't have a model train hobby. You have a research hobby. And you were like, oh, how do I use these funds to catch my itch in a way that I haven't done before. And I'm sure that it was, like,

42:11

it it wasn't the takeaways from the study, probably. It was doing the study that actually made you happier and felt like a good use of your time.

it it wasn't the takeaways from the study, probably. It was doing the study that actually made you happier and felt like a good use of your time.

42:19

I'll also say, like,

I'll also say, like,

42:21

you know, a lot of people listen to this podcast will probably be probably make this mistake. It's all say it out loud, because I made the mistake, which was

you know, a lot of people listen to this podcast will probably be probably make this mistake. It's all say it out loud, because I made the mistake, which was

42:30

I thought my goal was

I thought my goal was

42:32

I don't wanna be rich. I wanna be free. Right? I think that's a common thing people say makes themselves feel feel a little bit better than I'm just chasing money. Say, no, I'm chasing freedom. And it's true. Like, it is better to chase freedom than than money.

I don't wanna be rich. I wanna be free. Right? I think that's a common thing people say makes themselves feel feel a little bit better than I'm just chasing money. Say, no, I'm chasing freedom. And it's true. Like, it is better to chase freedom than than money.

42:43

But I thought, yeah, there's a number. And I remember thinking,

But I thought, yeah, there's a number. And I remember thinking,

42:47

maybe twenty six twenty seven. I was, like, oh, you told me it was six million. Right? Yeah. I was, like, six million dollars just my Freedom number. And I re I'm, like, I was focused on six as my Freedom number. I even had it in my passwords. It would be like a six in there because I was like, every time I log in, I wanna be thinking about that number, and that's how I was thinking about things. I passed that number and I was like, well,

maybe twenty six twenty seven. I was, like, oh, you told me it was six million. Right? Yeah. I was, like, six million dollars just my Freedom number. And I re I'm, like, I was focused on six as my Freedom number. I even had it in my passwords. It would be like a six in there because I was like, every time I log in, I wanna be thinking about that number, and that's how I was thinking about things. I passed that number and I was like, well,

43:07

alright. Was my math wrong or is this concept of a Freedom number wrong? And I had a a very simple realization, which was that being financially free doesn't mean you have a certain amount of money in your bank account. It means you are now free from money owning you. And that is a decision you make. And so for example,

alright. Was my math wrong or is this concept of a Freedom number wrong? And I had a a very simple realization, which was that being financially free doesn't mean you have a certain amount of money in your bank account. It means you are now free from money owning you. And that is a decision you make. And so for example,

43:25

the the the simple test is,

the the the simple test is,

43:28

how much of how much of what you do is because of money? And somebody who's truly absolutely financial financially free,

how much of how much of what you do is because of money? And somebody who's truly absolutely financial financially free,

43:36

they do not make a choice based on money. So that could be they buy something. Oh, why'd you buy it? Why do you shop at this grocery store? It's more expensive. Well, because I'm not making my decision based on money. It could be,

they do not make a choice based on money. So that could be they buy something. Oh, why'd you buy it? Why do you shop at this grocery store? It's more expensive. Well, because I'm not making my decision based on money. It could be,

43:49

a job you why do you why are you working on this? Oh, because I think it's gonna have a big payoff or I think the salary the salary is, you know, too good to pass up. Well, you're making a decision based on money. And the true financial freedom isn't, some number. It's when you can get to the point where you stop making choices

a job you why do you why are you working on this? Oh, because I think it's gonna have a big payoff or I think the salary the salary is, you know, too good to pass up. Well, you're making a decision based on money. And the true financial freedom isn't, some number. It's when you can get to the point where you stop making choices

44:05

that are based on money, which is half minds, at least fifty percent mindset, if not eighty percent mindset. And maybe the remainder is

that are based on money, which is half minds, at least fifty percent mindset, if not eighty percent mindset. And maybe the remainder is

44:13

an actual, you know, financial reality of how much money how much money you have in your bank account. I would I would edit that very slightly and it's almost semantic.

an actual, you know, financial reality of how much money how much money you have in your bank account. I would I would edit that very slightly and it's almost semantic.

44:22

I

I

44:24

I think it's it's almost a it's a it's a function of force

I think it's it's almost a it's a it's a function of force

44:27

rather than,

rather than,

44:29

choice. So what I mean by that is

choice. So what I mean by that is

44:31

There are a lot of people myself included who are still making decisions

There are a lot of people myself included who are still making decisions

44:35

with money in mind. Right?

with money in mind. Right?

44:37

Because to me, there are certain goals that I have that are probably going to change as I get nearer to them, not just for a number's sake. Like, I'm not one of those people who which I I don't judge, but, like, there are people who just want the number to continue to go up. Right?

Because to me, there are certain goals that I have that are probably going to change as I get nearer to them, not just for a number's sake. Like, I'm not one of those people who which I I don't judge, but, like, there are people who just want the number to continue to go up. Right?

44:50

There's other folks, and I count myself as one of them is, like, I want ever increasing

There's other folks, and I count myself as one of them is, like, I want ever increasing

44:56

waves of, like, freedom, the ability to do stuff, and money unlocks that ability.

waves of, like, freedom, the ability to do stuff, and money unlocks that ability.

45:02

So I still make decisions based off of it, but I don't have to. Right? Like, I can rationalize as to why I don't want to. So

So I still make decisions based off of it, but I don't have to. Right? Like, I can rationalize as to why I don't want to. So

45:08

I just found that there's still a lot of people who have, like, there's this billionaire who I was talking to about this, and we were we were basically having coffee. And, you know, he's going through, like, he's he's still in the game. He sounds just like us, he's still like, oh, yeah. I'm gonna go do this. I'm gonna go do this. Like, the stakes are different. The numbers are different, and some of the the moves are very different. But

I just found that there's still a lot of people who have, like, there's this billionaire who I was talking to about this, and we were we were basically having coffee. And, you know, he's going through, like, he's he's still in the game. He sounds just like us, he's still like, oh, yeah. I'm gonna go do this. I'm gonna go do this. Like, the stakes are different. The numbers are different, and some of the the moves are very different. But

45:27

I asked him. I was like, so why? Like, you don't need to do any of this. Right? But it seems like you don't wanna do this decision, but it's gonna net the most money you in this particular situation. So, like, why do you wanna do this? And his answer was basically what I was just saying, which is like, well, if I get another billion, I can go do this thing. And his thing was, like, this nonprofit thing that he kinda wanted to do. And so does he actually believe that? I have no idea. Right? I can't read his mind. But, like, for me, the idea of, like, okay, I can buy nineteen gas stations. I'd like to buy a skyscraper next. Do I need a skyscraper? No. Do I want a skyscraper? Not really. I like the idea that I can't. Right? Well, you realize that sounds

I asked him. I was like, so why? Like, you don't need to do any of this. Right? But it seems like you don't wanna do this decision, but it's gonna net the most money you in this particular situation. So, like, why do you wanna do this? And his answer was basically what I was just saying, which is like, well, if I get another billion, I can go do this thing. And his thing was, like, this nonprofit thing that he kinda wanted to do. And so does he actually believe that? I have no idea. Right? I can't read his mind. But, like, for me, the idea of, like, okay, I can buy nineteen gas stations. I'd like to buy a skyscraper next. Do I need a skyscraper? No. Do I want a skyscraper? Not really. I like the idea that I can't. Right? Well, you realize that sounds

46:04

totally ridiculous, right? Like, if I'm I understand it sounds ridiculous, right? Like, one of my one of my goals, one something I this is gonna sound crazy, and this is the perfect, the perfect audience to say this, but, like, I get so jacked up about the idea of, like, toppling a dictatorship

totally ridiculous, right? Like, if I'm I understand it sounds ridiculous, right? Like, one of my one of my goals, one something I this is gonna sound crazy, and this is the perfect, the perfect audience to say this, but, like, I get so jacked up about the idea of, like, toppling a dictatorship

46:20

one day. I get so excited by it.

one day. I get so excited by it.

46:23

And I'm, like, I'm not even kidding. And I'm like, okay. Well, if we if we go after Cuba, it's gonna cost this much because I have this idea and this idea that Have you done you've done research on this? You have spreadsheet.

And I'm, like, I'm not even kidding. And I'm like, okay. Well, if we if we go after Cuba, it's gonna cost this much because I have this idea and this idea that Have you done you've done research on this? You have spreadsheet.

46:33

Hundred percent. Yeah. Well, how much does it cost in which order of countries do you put, like, what's, like, your top three of, like? Yeah.

Hundred percent. Yeah. Well, how much does it cost in which order of countries do you put, like, what's, like, your top three of, like? Yeah.

46:41

Don't wanna name countries quite yet because I think that that, like, could get me in a little bit of trouble. And also, like, again, my point is more, like, will I ever actually do this? I have no idea, but jack. But maybe. I think there's But maybe. I think that there there are certain countries that I think are in really, really dire straits that I think a, like, three, four hundred billion, you could really immediately make a dent. And it wouldn't involve, like, doing anything like crazy illegal or anything like that. It would involve basically,

Don't wanna name countries quite yet because I think that that, like, could get me in a little bit of trouble. And also, like, again, my point is more, like, will I ever actually do this? I have no idea, but jack. But maybe. I think there's But maybe. I think that there there are certain countries that I think are in really, really dire straits that I think a, like, three, four hundred billion, you could really immediately make a dent. And it wouldn't involve, like, doing anything like crazy illegal or anything like that. It would involve basically,

47:07

if you think about it, if you really wanna nerd out on this, which I don't think you want to, but it's like

if you think about it, if you really wanna nerd out on this, which I don't think you want to, but it's like

47:12

countries

countries

47:13

breathe with their GDP. Right? The money coming in, the money going out, etcetera. So when you look at that as, like, an access that you can attack,

breathe with their GDP. Right? The money coming in, the money going out, etcetera. So when you look at that as, like, an access that you can attack,

47:21

there's so much you can do And that doesn't even get into, like, stuff you can do with social media and with the actual, like, you know, peaceful. We haven't even mentioned murder yet.

there's so much you can do And that doesn't even get into, like, stuff you can do with social media and with the actual, like, you know, peaceful. We haven't even mentioned murder yet.

47:32

Yeah. Yeah. You're the second successful entrepreneur I've met who has researched this and has seriously no. They haven't seriously consider it because they're not there yet, but they're, like, You know, I think I could take over Bangladesh.

Yeah. Yeah. You're the second successful entrepreneur I've met who has researched this and has seriously no. They haven't seriously consider it because they're not there yet, but they're, like, You know, I think I could take over Bangladesh.

47:44

Like, like, you

Like, like, you

47:45

I don't wanna take it over. I'm not gonna install myself as a leader, thing. I just wanna, like, genuinely help. Right? Like, you must have better the place. Like, look at Cuba. Like, Cuba, you know, it's one of those things where it's, like, it's been in problematic you know, a problematic state for a long time. Part of that is our fault as the United States. Another part of that is just, you know, the people who,

I don't wanna take it over. I'm not gonna install myself as a leader, thing. I just wanna, like, genuinely help. Right? Like, you must have better the place. Like, look at Cuba. Like, Cuba, you know, it's one of those things where it's, like, it's been in problematic you know, a problematic state for a long time. Part of that is our fault as the United States. Another part of that is just, you know, the people who,

48:03

governed it. But, like, I think it'd be really cool to, like, basically free Cuba. People can't people can't even free the city of San Francisco right now. Like, try yeah. They're trying to get the mayor, you know, to actually, like, you know, enforce,

governed it. But, like, I think it'd be really cool to, like, basically free Cuba. People can't people can't even free the city of San Francisco right now. Like, try yeah. They're trying to get the mayor, you know, to actually, like, you know, enforce,

48:16

you know, punishment on crimes or, you know, they're trying to recall Gavin Newsom.

you know, punishment on crimes or, you know, they're trying to recall Gavin Newsom.

48:20

Think it is a lot tougher than you think, but it's surprising how many,

Think it is a lot tougher than you think, but it's surprising how many,

48:24

you know, I guess, like, the the game from, you know, sort of wealth, the status to power. You know, it's It is interesting to see how many people end up in the power game.

you know, I guess, like, the the game from, you know, sort of wealth, the status to power. You know, it's It is interesting to see how many people end up in the power game.

48:33

It's not a like, I I wanna be clear. It's not a it's it's not a,

It's not a like, I I wanna be clear. It's not a it's it's not a,

48:37

it's actually more of, like, a social entrepreneurship thing than it is anything. Yeah. No. That's not true, dude. That is not true. No. It is. I get I Okay. I've done the work. I've done the introspection.

it's actually more of, like, a social entrepreneurship thing than it is anything. Yeah. No. That's not true, dude. That is not true. No. It is. I get I Okay. I've done the work. I've done the introspection.

48:48

Yeah. Well, like, like, the debate you're having in your head, like, it's basically like If you are Mark Benning off and you create the Benning off hospital in San Francisco, what ratio is because you want the Mark Benning off hospital or because you wanna cure cancer, And I don't think it's wrong that it's higher on the I want my name on it. It's not wrong. If there was a pie chart. Right? There's, like, the challenge of it, the intellectual stimulation and the challenge. That's definitely one.

Yeah. Well, like, like, the debate you're having in your head, like, it's basically like If you are Mark Benning off and you create the Benning off hospital in San Francisco, what ratio is because you want the Mark Benning off hospital or because you wanna cure cancer, And I don't think it's wrong that it's higher on the I want my name on it. It's not wrong. If there was a pie chart. Right? There's, like, the challenge of it, the intellectual stimulation and the challenge. That's definitely one.

49:13

There's the impact and the wanting to do good in the world. That's two. There's the bragging rights slash power game of, like, yeah, I did that shit. You know, like, I helped do that. That's what I did with my, my my time, my talents, my my money. I think there's some combination. Whatever the combination is, I don't think it's zero on all the other things. But there's a really big difference. Right? There's a really big difference. Right? So, like,

There's the impact and the wanting to do good in the world. That's two. There's the bragging rights slash power game of, like, yeah, I did that shit. You know, like, I helped do that. That's what I did with my, my my time, my talents, my my money. I think there's some combination. Whatever the combination is, I don't think it's zero on all the other things. But there's a really big difference. Right? There's a really big difference. Right? So, like,

49:36

I am I'm as close to nihilist as, like, I think one can get without being a full blown nihilist because I just from from a just the way my brains wired, if I was, like, a nihilist, I just would be, like, Well, I'm I don't know if I'm gonna be a net positive, therefore, like, nothing matters, etcetera.

I am I'm as close to nihilist as, like, I think one can get without being a full blown nihilist because I just from from a just the way my brains wired, if I was, like, a nihilist, I just would be, like, Well, I'm I don't know if I'm gonna be a net positive, therefore, like, nothing matters, etcetera.

49:51

So to me, it's like, you get to design the game. Right? You get to design the game that you want, And when I look at, like, spending money to put your name on something, it does feel kind of like a waste. I don't I don't, like, at least personally, like, I haven't had my name on anything. I don't really get excited about that. But what I do get excited about is, like,

So to me, it's like, you get to design the game. Right? You get to design the game that you want, And when I look at, like, spending money to put your name on something, it does feel kind of like a waste. I don't I don't, like, at least personally, like, I haven't had my name on anything. I don't really get excited about that. But what I do get excited about is, like,

50:06

the challenge part. And then, yeah, like, oh, I, you know, if I could be the person who did x, like, that is really, really interesting. Right? Like, that is interesting. But it's not like, it's not it's not this, like,

the challenge part. And then, yeah, like, oh, I, you know, if I could be the person who did x, like, that is really, really interesting. Right? Like, that is interesting. But it's not like, it's not it's not this, like,

50:17

this this,

this this,

50:19

I wanna name a journalist who has a very cynical view our industry, but it's not like this, like, you know, cynical view or it's it's it's not this, like, oh, I need to, you know, have a dick measuring contest or something like Like, that's that's not how I think about it. And that's why, like, I think that, like, doing stuff in San Francisco, I think some of the worst days in San Francisco are still better than some of the other stuff that's happening in the Right? And so that's why, like, looking globally, I think are really, really fascinating. I think after this podcast, you're gonna be adding a third shrink to the payroll.

I wanna name a journalist who has a very cynical view our industry, but it's not like this, like, you know, cynical view or it's it's it's not this, like, oh, I need to, you know, have a dick measuring contest or something like Like, that's that's not how I think about it. And that's why, like, I think that, like, doing stuff in San Francisco, I think some of the worst days in San Francisco are still better than some of the other stuff that's happening in the Right? And so that's why, like, looking globally, I think are really, really fascinating. I think after this podcast, you're gonna be adding a third shrink to the payroll.

50:49

Yeah. Probably.

Yeah. Probably.

50:50

Probably just based on this. Yeah. Yeah. You have two other really interesting things that you said. I want that. I wanna hit. So one is you had this remix framework that you kinda talked about earlier, but I wanna, like, double down and then we we should put the slide up on YouTube because it's hard to describe it's too. Much to describe, but the slide makes it really easy. So

Probably just based on this. Yeah. Yeah. You have two other really interesting things that you said. I want that. I wanna hit. So one is you had this remix framework that you kinda talked about earlier, but I wanna, like, double down and then we we should put the slide up on YouTube because it's hard to describe it's too. Much to describe, but the slide makes it really easy. So

51:09

you basically were like, look,

you basically were like, look,

51:11

innovation, you know, maybe you're not, like, all innovation, nor are you Nick Cooper, you know, innovation as a waste of time? You're kind of like, your goal is to,

innovation, you know, maybe you're not, like, all innovation, nor are you Nick Cooper, you know, innovation as a waste of time? You're kind of like, your goal is to,

51:19

you know, I don't know. You you could say this, but you wanna take a product and you wanna remix it. That's one way to think about how to come up with a novel business, opportunity is to remix an existing one. And you had these remixes. I thought the good example was you took consumer products, and you were like, if you take it and you make it cheaper, that's a way to differentiate.

you know, I don't know. You you could say this, but you wanna take a product and you wanna remix it. That's one way to think about how to come up with a novel business, opportunity is to remix an existing one. And you had these remixes. I thought the good example was you took consumer products, and you were like, if you take it and you make it cheaper, that's a way to differentiate.

51:39

Through better supply chain. You could take it and you could say, I'm gonna align it with a celebrity. That's a differentiator. And then you got, like, you have the example here of feastables with mister Beast. You have,

Through better supply chain. You could take it and you could say, I'm gonna align it with a celebrity. That's a differentiator. And then you got, like, you have the example here of feastables with mister Beast. You have,

51:48

you can alignment with a lifestyle, like, keto, or Christian, or hunting. Do you have, like, Yeddy, coolers here?

you can alignment with a lifestyle, like, keto, or Christian, or hunting. Do you have, like, Yeddy, coolers here?

51:55

Yeah. Science backed. You have another one that's, like, you wanna align it with a, an identity, like a political party or lgbt

Yeah. Science backed. You have another one that's, like, you wanna align it with a, an identity, like a political party or lgbt

52:01

or you you have here as an example, black rifle coffee. So does this own first, talk about this? And then is this only for consumer products, or does this work across the board in your opinion?

or you you have here as an example, black rifle coffee. So does this own first, talk about this? And then is this only for consumer products, or does this work across the board in your opinion?

52:11

So here here's where this comes from. So we had fifty thousand different there were subscription companies, but fifty thousand companies using our financial analytics

So here here's where this comes from. So we had fifty thousand different there were subscription companies, but fifty thousand companies using our financial analytics

52:20

and we were helping them with pricing, their churn, and and giving them their this data. And they were from across the map, b to b SaaS, subscription nonprofits,

and we were helping them with pricing, their churn, and and giving them their this data. And they were from across the map, b to b SaaS, subscription nonprofits,

52:28

d to c was one of our big segments.

d to c was one of our big segments.

52:30

And I started to notice that, like,

And I started to notice that, like,

52:32

for just under ten thousand of these DDC brands,

for just under ten thousand of these DDC brands,

52:36

the playbook was almost the same over and over and over again. Right? Like, it wasn't like there was some innovation

the playbook was almost the same over and over and over again. Right? Like, it wasn't like there was some innovation

52:42

in creating mattresses. It was literally like, we will be cheaper through better supply chain and we will help the environment, and maybe we donate money to people who don't have bets. Right? Like, it was just over and over and over again. So I wanted to create essentially a unified theory of, like,

in creating mattresses. It was literally like, we will be cheaper through better supply chain and we will help the environment, and maybe we donate money to people who don't have bets. Right? Like, it was just over and over and over again. So I wanted to create essentially a unified theory of, like,

52:56

creating products. Right? And so I I shared the consumer one because that's probably the easiest one to talk about, but there's just there's only ten things that these brands differentiate and there's a number of the things that you talked about. And my point around innovation is that, like, don't try to necessarily innovate maybe don't even try to like raise money for any of these types of like consumer ideas because all you really need to do is take a particular product and then remix it with some of these differentiators. Right? So for example, like, you've mentioned black rifle coffee. That's basically aligning with an identity. Right? So black rifle, you know, it's guns, it's right wing, it's veterans, it's all these other fun things. Well,

creating products. Right? And so I I shared the consumer one because that's probably the easiest one to talk about, but there's just there's only ten things that these brands differentiate and there's a number of the things that you talked about. And my point around innovation is that, like, don't try to necessarily innovate maybe don't even try to like raise money for any of these types of like consumer ideas because all you really need to do is take a particular product and then remix it with some of these differentiators. Right? So for example, like, you've mentioned black rifle coffee. That's basically aligning with an identity. Right? So black rifle, you know, it's guns, it's right wing, it's veterans, it's all these other fun things. Well,

53:34

identity

identity

53:34

based products,

based products,

53:36

increased willingness to pay by about twenty to forty percent. So if I just had regular coffee and then I had regular co or or I had regular coffee that was built particularly

increased willingness to pay by about twenty to forty percent. So if I just had regular coffee and then I had regular co or or I had regular coffee that was built particularly

53:44

for this, like, we'll just say, like, conservative, but I don't think they necessarily claim that party. All of a sudden, that coffee's worth twenty to forty percent because you're niching down into that particular group. So I put together these ten things and also the the data around increased willingness to pay. But for example, if I was a, you know, particular entrepreneur who didn't necessarily, like,

for this, like, we'll just say, like, conservative, but I don't think they necessarily claim that party. All of a sudden, that coffee's worth twenty to forty percent because you're niching down into that particular group. So I put together these ten things and also the the data around increased willingness to pay. But for example, if I was a, you know, particular entrepreneur who didn't necessarily, like,

54:04

want to necessarily innovate, which most people shouldn't.

want to necessarily innovate, which most people shouldn't.

54:07

I might go and be like, cool. Well, I like coffee. I think coffee's great. I think I get really excited about that. What's a what's another lifestyle. Right? So creating woke roast, right, coffee for the left, basically.

I might go and be like, cool. Well, I like coffee. I think coffee's great. I think I get really excited about that. What's a what's another lifestyle. Right? So creating woke roast, right, coffee for the left, basically.

54:17

Where all of a sudden you can have coffee, you know, basically, for that particular identity, and people flock in your retention is typically much much higher when you do this as well. It's something that really works. Right? I had a friend, a really good friend who wanted to create a business, he's involved in the lgbt community. So we talked about kombucha specifically for the gay community calling it bubbles for bottoms, which was kind of a fun name. And so it's just one of those things where it's, like, creating this, like, product remix, and you can do this in a bunch of different ways. Like, you could be the premium version of whatever you're actually selling.

Where all of a sudden you can have coffee, you know, basically, for that particular identity, and people flock in your retention is typically much much higher when you do this as well. It's something that really works. Right? I had a friend, a really good friend who wanted to create a business, he's involved in the lgbt community. So we talked about kombucha specifically for the gay community calling it bubbles for bottoms, which was kind of a fun name. And so it's just one of those things where it's, like, creating this, like, product remix, and you can do this in a bunch of different ways. Like, you could be the premium version of whatever you're actually selling.

54:49

You know, Shenola. Right? It's watches, it's notebooks, etcetera, but their premium versus, you know, some of the other stuff that's out there.

You know, Shenola. Right? It's watches, it's notebooks, etcetera, but their premium versus, you know, some of the other stuff that's out there.

54:56

You have here,

You have here,

54:57

you have health plus lifestyle, athletic breeds for dogs, condoms, plus organic materials. Yeah. Organic

you have health plus lifestyle, athletic breeds for dogs, condoms, plus organic materials. Yeah. Organic

55:04

condoms. Gonna sell you a package. There's nothing in it. That's the organic kind of That's all that.

condoms. Gonna sell you a package. There's nothing in it. That's the organic kind of That's all that.

55:10

All that's all good. I need to think of that. That's mid out there.

All that's all good. I need to think of that. That's mid out there.

55:13

Honestly, I bet you could sell that. That's liquid death. Right? Liquid death has water in it. And, I mean, looking can. I think you could probably sell

Honestly, I bet you could sell that. That's liquid death. Right? Liquid death has water in it. And, I mean, looking can. I think you could probably sell

55:20

like, all natural condom.

like, all natural condom.

55:23

That's just nothing. As you can literally tell, like, do it the natural way.

That's just nothing. As you can literally tell, like, do it the natural way.

55:27

Yeah. Yeah. Yeah. Yeah. There's a way. Yeah. You gotta look at it sustainable. Right? I don't know a lot about the sexual wellness market, but it's, like yeah. Long story short, like, it it doesn't have to be complicated. The effort and the execution is really, really hard the ideation doesn't have to be that hard. Did you make this chart? This is really good. This is great. Where'd this come Yeah. So this is this is based on, like, probably collecting, I don't know, I I I don't know the number, but it's hundreds of thousands of willingness to pay data points. Cause we did the pricing I don't know if you guys even know that. We've never talked about pricing. That was, like, my core thing. That's what I was most well known for in the SaaS community.

Yeah. Yeah. Yeah. Yeah. There's a way. Yeah. You gotta look at it sustainable. Right? I don't know a lot about the sexual wellness market, but it's, like yeah. Long story short, like, it it doesn't have to be complicated. The effort and the execution is really, really hard the ideation doesn't have to be that hard. Did you make this chart? This is really good. This is great. Where'd this come Yeah. So this is this is based on, like, probably collecting, I don't know, I I I don't know the number, but it's hundreds of thousands of willingness to pay data points. Cause we did the pricing I don't know if you guys even know that. We've never talked about pricing. That was, like, my core thing. That's what I was most well known for in the SaaS community.

56:00

So we did the pricing for, like, blue bottle coffee. We did Lyft's pricing. We did a bunch of other, like, b to b style pricing. So we have a lot of data in the pricing space. And when I say we did it, it's, like, might have done it or we might have helped them too. It depends on the company. If you had to summarize your learnings with pricing, is there, like, two or three bullet points where you'd be, like, just do these three things and you're ninety percent there?

So we did the pricing for, like, blue bottle coffee. We did Lyft's pricing. We did a bunch of other, like, b to b style pricing. So we have a lot of data in the pricing space. And when I say we did it, it's, like, might have done it or we might have helped them too. It depends on the company. If you had to summarize your learnings with pricing, is there, like, two or three bullet points where you'd be, like, just do these three things and you're ninety percent there?

56:20

Sort of, but with, like, giving you a little bit more bulleting,

Sort of, but with, like, giving you a little bit more bulleting,

56:24

you should be changing something about your price every three months. That does not mean raise your price every three months. But it means, like, changing up your packaging, going up market, down market, changing up an add on, changing up your discounting strategy, It's this forgotten growth lever in most businesses. You acquire customers, you monetize them, retain them. We focus probably sixty percent of most budgets, more so in D to C, less so in b to b on, like, basic acquiring customers. We spend a little bit of time on retention. We spend, like, no time on pricing. So change something every three months.

you should be changing something about your price every three months. That does not mean raise your price every three months. But it means, like, changing up your packaging, going up market, down market, changing up an add on, changing up your discounting strategy, It's this forgotten growth lever in most businesses. You acquire customers, you monetize them, retain them. We focus probably sixty percent of most budgets, more so in D to C, less so in b to b on, like, basic acquiring customers. We spend a little bit of time on retention. We spend, like, no time on pricing. So change something every three months.

56:54

Of the biggest hacks that's easy to talk about on a podcast add ons,

Of the biggest hacks that's easy to talk about on a podcast add ons,

56:57

they're the most underrated, underutilized aspect of all pricing, consumer, b to b enterprise,

they're the most underrated, underutilized aspect of all pricing, consumer, b to b enterprise,

57:03

They boost lifetime value by about twenty to fifty percent. So just to make sure this is clear, like, hey, they bought your core product, which is

They boost lifetime value by about twenty to fifty percent. So just to make sure this is clear, like, hey, they bought your core product, which is

57:11

fitness shirts will add a white t shirt for ten dollars, like, stuff like that. Those are, like, add ons. Hey, they bought your SAS app, add priority support for whatever ten percent of your list price is for the the software.

fitness shirts will add a white t shirt for ten dollars, like, stuff like that. Those are, like, add ons. Hey, they bought your SAS app, add priority support for whatever ten percent of your list price is for the the software.

57:24

Most companies, like, the most high growth companies, at least in the subscription space, they have twelve or more add ons typically. Customer never sees them all at all twelve of them, but they'll see, like, one or two of them. And then one other really quick hack is, localization.

Most companies, like, the most high growth companies, at least in the subscription space, they have twelve or more add ons typically. Customer never sees them all at all twelve of them, but they'll see, like, one or two of them. And then one other really quick hack is, localization.

57:38

This doesn't work for every company, but, like, internationalizing

This doesn't work for every company, but, like, internationalizing

57:40

your pricing.

your pricing.

57:42

So the Nordics,

So the Nordics,

57:43

you know, when we take into account, exchange rates and stuff like that, they're still willing to pay about thirty percent higher than the US for the exact same product.

you know, when we take into account, exchange rates and stuff like that, they're still willing to pay about thirty percent higher than the US for the exact same product.

57:51

Folks in, like, Southeast Asia, it's about forty percent less. There's a really large variance on that. But that's a really quick thing where you can boost typically your revenue per customer by about fifteen, twenty percent, literally by just, like, changing what the pricing looks like, depending on where they come in across the world. Dude, you're insightful a shit. Fascinating. Yeah. That was good. You also said a really good thing in the in the in the sheet here that she didn't say, which was How do you measure if your pricing changes, like, a good change or a bad change. Right? How do you know,

Folks in, like, Southeast Asia, it's about forty percent less. There's a really large variance on that. But that's a really quick thing where you can boost typically your revenue per customer by about fifteen, twenty percent, literally by just, like, changing what the pricing looks like, depending on where they come in across the world. Dude, you're insightful a shit. Fascinating. Yeah. That was good. You also said a really good thing in the in the in the sheet here that she didn't say, which was How do you measure if your pricing changes, like, a good change or a bad change. Right? How do you know,

58:19

how do you know if you did it right? What's the metric you choose? Yeah. It's it's it's revenue per customer, which is gonna be different for every company. So in your business, if you're doing pricing properly,

how do you know if you did it right? What's the metric you choose? Yeah. It's it's it's revenue per customer, which is gonna be different for every company. So in your business, if you're doing pricing properly,

58:28

that revenue per customer number should be going up and to the right. So, like, ARPU, ARPA, ACV, however you're measuring it,

that revenue per customer number should be going up and to the right. So, like, ARPU, ARPA, ACV, however you're measuring it,

58:36

that that should be going And now it's not going up as fast as your sales or as some of your other numbers, but, like, you should if you're changing something about your pricing every three months, you should basically be seeing that number go up. I don't know. It's hard to give, like, a benchmark because later stage, it goes up slower, but it should just be going up every single year if not every six months. Is that assuming you have free and paid as a mix, because, like, for example, if I'm an e com store,

that that should be going And now it's not going up as fast as your sales or as some of your other numbers, but, like, you should if you're changing something about your pricing every three months, you should basically be seeing that number go up. I don't know. It's hard to give, like, a benchmark because later stage, it goes up slower, but it should just be going up every single year if not every six months. Is that assuming you have free and paid as a mix, because, like, for example, if I'm an e com store,

59:00

I could quadruple my prices.

I could quadruple my prices.

59:02

I would make more money per customer,

I would make more money per customer,

59:05

but I would just have less customers and less money overall if I did that. Right? Because it Yeah. It's an e com, like, you know, for example, what we use is revenue per visitor, which is like,

but I would just have less customers and less money overall if I did that. Right? Because it Yeah. It's an e com, like, you know, for example, what we use is revenue per visitor, which is like,

59:14

for some for if somebody hits the site, how much? Do we make two dollars off them? A dollar off them? For every average customer because that takes into account conversion rate and how much they spend when they convert.

for some for if somebody hits the site, how much? Do we make two dollars off them? A dollar off them? For every average customer because that takes into account conversion rate and how much they spend when they convert.

59:26

Yeah. So I would say and you can get into, like, cart, average cart, those types of things, I think that

Yeah. So I would say and you can get into, like, cart, average cart, those types of things, I think that

59:33

as you get more sophisticated in how you think it like, for example, like, for an e commerce

as you get more sophisticated in how you think it like, for example, like, for an e commerce

59:37

world, I would probably wanna look at, like, maybe lifetime,

world, I would probably wanna look at, like, maybe lifetime,

59:40

like, dollars in, like, that average number going up because what that means theoretically is

like, dollars in, like, that average number going up because what that means theoretically is

59:46

assuming revenue's going up and all those numbers are great, that means, like, I'm monetizing better. Right? So it's not necessarily in a vacuum. Right? Like, if my revenue per customer goes up you know, a thousand x, but I don't have any other customers. Obviously, that's not great, but it's one of those things where most people, again, they don't, like, like, the average

assuming revenue's going up and all those numbers are great, that means, like, I'm monetizing better. Right? So it's not necessarily in a vacuum. Right? Like, if my revenue per customer goes up you know, a thousand x, but I don't have any other customers. Obviously, that's not great, but it's one of those things where most people, again, they don't, like, like, the average

01:00:04

Like,

Like,

01:00:05

people don't it's it's kinda crazy.

people don't it's it's kinda crazy.

01:00:08

Like, it takes when we looked at how often people raise their prices, So you should be raising your price at least once per year. There are some top outs and there's some exceptions to this particular rule. But everything about your price is basically this exchange rate on your value. So, like, you've created this value. And because you know, we don't trade goat for wheat anymore. You're basically saying this value is worth this much dollars. Right? And so it's that exchange rate. And there's a bunch of things that influence that. Like, your brand,

Like, it takes when we looked at how often people raise their prices, So you should be raising your price at least once per year. There are some top outs and there's some exceptions to this particular rule. But everything about your price is basically this exchange rate on your value. So, like, you've created this value. And because you know, we don't trade goat for wheat anymore. You're basically saying this value is worth this much dollars. Right? And so it's that exchange rate. And there's a bunch of things that influence that. Like, your brand,

01:00:36

the quality of the product, who which customer you're going after, like some customers or will value your product higher. And so if your product is improving every single year your brand's improving, you should be able to demand higher prices. But most people

the quality of the product, who which customer you're going after, like some customers or will value your product higher. And so if your product is improving every single year your brand's improving, you should be able to demand higher prices. But most people

01:00:50

I think the average amount of time they take between pricing changes, like, actual price increases is, like, three years. And I've seen so many companies. Because they're because they're

I think the average amount of time they take between pricing changes, like, actual price increases is, like, three years. And I've seen so many companies. Because they're because they're

01:00:59

fearful because the CEO is fearful. They're scared. Is that the numb that's is that, like, eighty percent of the issue? They're just scared. It's just scared. Yeah. And and we tried to fill this gap with our pricing products. We still do. Because it just gives them confidence because we're like, alright. Here's data that says

fearful because the CEO is fearful. They're scared. Is that the numb that's is that, like, eighty percent of the issue? They're just scared. It's just scared. Yeah. And and we tried to fill this gap with our pricing products. We still do. Because it just gives them confidence because we're like, alright. Here's data that says

01:01:13

you sat in a room when you founded the company and said, base camp does fifty bucks. Let's just do fifty bucks too. And then you never revisited that, like, for years. We have this data that you can actually charge this customer five hundred, this customer a hundred,

you sat in a room when you founded the company and said, base camp does fifty bucks. Let's just do fifty bucks too. And then you never revisited that, like, for years. We have this data that you can actually charge this customer five hundred, this customer a hundred,

01:01:27

and we're gonna, like, roll it out in, like, a nice way of just new customers first and all of a sudden your conversion goes up and your revenue per customer goes up and you're really excited.

and we're gonna, like, roll it out in, like, a nice way of just new customers first and all of a sudden your conversion goes up and your revenue per customer goes up and you're really excited.

01:01:35

And then all of a sudden, you're, like, confident enough to basically put that for your existing customers as well.

And then all of a sudden, you're, like, confident enough to basically put that for your existing customers as well.

01:01:41

So, yeah, I think that's it's it's just a lot of fear. You get all these like, I've been in so many like, so many exec teams with this product where it's, like,

So, yeah, I think that's it's it's just a lot of fear. You get all these like, I've been in so many like, so many exec teams with this product where it's, like,

01:01:50

the smartest people I've ever met just sitting there, and, like, if I give them any other problem in their business, They're like, okay. I'm not an engineer, but, like, let's figure it out. What's a what's a stack? What is this? Like, they'll go, like, attack it. You give them pricing, and they're all like, oh, what do you think? What do you think? Because it touches every area of the business, and they just lack that that confidence in looking at it. And so

the smartest people I've ever met just sitting there, and, like, if I give them any other problem in their business, They're like, okay. I'm not an engineer, but, like, let's figure it out. What's a what's a stack? What is this? Like, they'll go, like, attack it. You give them pricing, and they're all like, oh, what do you think? What do you think? Because it touches every area of the business, and they just lack that that confidence in looking at it. And so

01:02:10

I I think, like, starting off with, like, let's introduce an add on. Let's introduce some of this stuff. That's typically, like, the gateway to, oh, this pricing stuff works. Let's, you know, let's raise our prices. And I have an I have an email that I've,

I I think, like, starting off with, like, let's introduce an add on. Let's introduce some of this stuff. That's typically, like, the gateway to, oh, this pricing stuff works. Let's, you know, let's raise our prices. And I have an I have an email that I've,

01:02:21

I've basically cultivated over the past decade for, like, changing prices. I'm happy to share it and we can put it in the show notes or I'll throw it on Twitter, where it's literally, like, just steal the template, like,

I've basically cultivated over the past decade for, like, changing prices. I'm happy to share it and we can put it in the show notes or I'll throw it on Twitter, where it's literally, like, just steal the template, like,

01:02:31

T Mobile used it. They stole it from the website, and they used it, which was kind of fun to see. But it basically just goes through, like, how to communicate a price increase. The TLDRs don't make it about you, make it about them, because they don't care about your costs or whatever. They care about their costs, and that's the biggest mistake most people make. But, yeah, I'll share that.

T Mobile used it. They stole it from the website, and they used it, which was kind of fun to see. But it basically just goes through, like, how to communicate a price increase. The TLDRs don't make it about you, make it about them, because they don't care about your costs or whatever. They care about their costs, and that's the biggest mistake most people make. But, yeah, I'll share that.

01:02:47

You're, you're

You're, you're

01:02:49

this is very insightful. You're very fascinating.

this is very insightful. You're very fascinating.

01:02:52

You have a lot of really interesting insights, and I think you approach things in a really cool way where you have a good amount of self deprecating humor, but also, like, academic rigor.

You have a lot of really interesting insights, and I think you approach things in a really cool way where you have a good amount of self deprecating humor, but also, like, academic rigor.

01:03:01

You're you're a fascinating person. So are we gonna is this mean we're gonna do skin to skin bonding now? Or is that what you're talking about?

You're you're a fascinating person. So are we gonna is this mean we're gonna do skin to skin bonding now? Or is that what you're talking about?

01:03:09

Is that Bro, when I I told Sean, the same thing, pop the top, baby. Come on. Let's go let's go check the path. I'm losing weight. So I don't I don't feel uncomfortable taking my shirt off. Yeah. You you've lost forty pounds. Right? Yeah. Yeah. I'm down, like, probably about ninety total, but forty since I saw you guys.

Is that Bro, when I I told Sean, the same thing, pop the top, baby. Come on. Let's go let's go check the path. I'm losing weight. So I don't I don't feel uncomfortable taking my shirt off. Yeah. You you've lost forty pounds. Right? Yeah. Yeah. I'm down, like, probably about ninety total, but forty since I saw you guys.

01:03:24

Wow. And as Gucci Maine once said, money makes you handsome. So, like, all cliche post eggs and founders, I have to get healthier and,

Wow. And as Gucci Maine once said, money makes you handsome. So, like, all cliche post eggs and founders, I have to get healthier and,

01:03:32

basically take it seriously.

basically take it seriously.

01:03:34

What what's been the the number one driver just eating less or what? I used my body tutor, So I know you're a big fan of that. I don't know if Sean, you're still using it.

What what's been the the number one driver just eating less or what? I used my body tutor, So I know you're a big fan of that. I don't know if Sean, you're still using it.

01:03:43

Sean, you're using it? Yeah. I went back to it, and I'm having such a good time. The key was doing the call, the daily call. I do the daily call. Yeah. Basic we have to tell people, but it's my body tutors. So, basically, it's like the simplest thing ever. We don't get paid for this. There's no oh, I don't at least miss him. Maybe you do, but I I don't get paid for this. I I talk about that recently.

Sean, you're using it? Yeah. I went back to it, and I'm having such a good time. The key was doing the call, the daily call. I do the daily call. Yeah. Basic we have to tell people, but it's my body tutors. So, basically, it's like the simplest thing ever. We don't get paid for this. There's no oh, I don't at least miss him. Maybe you do, but I I don't get paid for this. I I talk about that recently.

01:04:03

They said eventually, if I tweeted about it, I sent a bunch of people we'll give you a little bit of money, but I don't care. I've don't even mention me when you use them. I don't give a shit. But basically, it's a it's a six fifty a month, and they call you daily. And it's like a five minute call, and they're like, why did you eat this? You're too fit. Let the fat guys talk for a second here. Alright. Go ahead. Yeah. Thank you. Here's the service. Thank you. Thank you, Sean. I didn't wanna say anything. Yeah. No one wants to hear the shredded guy talk about this.

They said eventually, if I tweeted about it, I sent a bunch of people we'll give you a little bit of money, but I don't care. I've don't even mention me when you use them. I don't give a shit. But basically, it's a it's a six fifty a month, and they call you daily. And it's like a five minute call, and they're like, why did you eat this? You're too fit. Let the fat guys talk for a second here. Alright. Go ahead. Yeah. Thank you. Here's the service. Thank you. Thank you, Sean. I didn't wanna say anything. Yeah. No one wants to hear the shredded guy talk about this.

01:04:28

I'm down to like two percent body fat. I'm still experimenting with osempic. It's not a big deal. If you're in this spot where you feel a little shitty about yourself, you're like, alright. I'm overweight. I know this was completely in my control. And you've done all the things. You've, listed at a podcast. You got your Andrew Hubermann's got you injecting sunlight into your eyes in the morning, and you've You've you've tried keto. You tried paleo. You did all the shit. Right? And none of it's working or it all kind of worked. And actually, the problem of it was not in the plans. It was all you to begin with. What my body tutor did was smart, which is they realized

I'm down to like two percent body fat. I'm still experimenting with osempic. It's not a big deal. If you're in this spot where you feel a little shitty about yourself, you're like, alright. I'm overweight. I know this was completely in my control. And you've done all the things. You've, listed at a podcast. You got your Andrew Hubermann's got you injecting sunlight into your eyes in the morning, and you've You've you've tried keto. You tried paleo. You did all the shit. Right? And none of it's working or it all kind of worked. And actually, the problem of it was not in the plans. It was all you to begin with. What my body tutor did was smart, which is they realized

01:04:58

it's not the diet. That's the problem. It's you sticking to the diet. That's the problem. As we all actually know deep down inside. And so they help you with that root cause, which is how do they hold you accountable and help you actually stick to the thing you actually wanna know. Do give you some strategy along the way. They do give you some helpful,

it's not the diet. That's the problem. It's you sticking to the diet. That's the problem. As we all actually know deep down inside. And so they help you with that root cause, which is how do they hold you accountable and help you actually stick to the thing you actually wanna know. Do give you some strategy along the way. They do give you some helpful,

01:05:15

ways to think about things. I'll give you a very simple example. Haley was like,

ways to think about things. I'll give you a very simple example. Haley was like,

01:05:19

hey, will you eat?

hey, will you eat?

01:05:21

I want you to just take note for a second. Like, on a scale of one to five, one being, like, I'm totally satisfied. Five being, I'm, like, ravenously hungry right now. Where where are you when you sat down for that meal? If you're sitting down at fives,

I want you to just take note for a second. Like, on a scale of one to five, one being, like, I'm totally satisfied. Five being, I'm, like, ravenously hungry right now. Where where are you when you sat down for that meal? If you're sitting down at fives,

01:05:33

the problem was, like, we spaced out these meals the wrong way or we're not getting the right meals

the problem was, like, we spaced out these meals the wrong way or we're not getting the right meals

01:05:37

in. And you you're not expected to have good willpower when you're just, like, completely ravenously hungry. And so, like, we wanna be eating at a three.

in. And you you're not expected to have good willpower when you're just, like, completely ravenously hungry. And so, like, we wanna be eating at a three.

01:05:46

I mean, we wanna leave it at, like, you know, you, you know, we wanna leave the meal also not completely stuffed. You wanna leave it at about a three too, either two or three. Like, you wanna get in and just get your meal. That way, you're just fueling up versus,

I mean, we wanna leave it at, like, you know, you, you know, we wanna leave the meal also not completely stuffed. You wanna leave it at about a three too, either two or three. Like, you wanna get in and just get your meal. That way, you're just fueling up versus,

01:05:57

like, you know, going with this, like, feeding frenzy. So there's little mindset tips, but more than anything. It's get a call in the morning, and she's like, so what's the plan for today? Eating wise, you're like, I don't fucking know. I'm just gonna eat everything I see. I guess. Oh, wait. No. That's not the right answer. Hold on.

like, you know, going with this, like, feeding frenzy. So there's little mindset tips, but more than anything. It's get a call in the morning, and she's like, so what's the plan for today? Eating wise, you're like, I don't fucking know. I'm just gonna eat everything I see. I guess. Oh, wait. No. That's not the right answer. Hold on.

01:06:11

I'll eat at these times. I'll eat these meals.

I'll eat at these times. I'll eat these meals.

01:06:14

No. I I think the only thing I would ask is, like,

No. I I think the only thing I would ask is, like,

01:06:17

also add is

also add is

01:06:19

it

it

01:06:20

health is in your control. Like, if you're listening to this, like,

health is in your control. Like, if you're listening to this, like,

01:06:24

you know, unless you have, like, an obvious, like, disability or something like that, like, health is very much in your control. And what I love about my body tutor

you know, unless you have, like, an obvious, like, disability or something like that, like, health is very much in your control. And what I love about my body tutor

01:06:33

is

is

01:06:34

it kinda cuts through the BS. I asked Kayley about all these, like, esoteric things, like, Hey, I read about this, like, you know, the cold plunging movement, and she is just, like,

it kinda cuts through the BS. I asked Kayley about all these, like, esoteric things, like, Hey, I read about this, like, you know, the cold plunging movement, and she is just, like,

01:06:43

fitness,

fitness,

01:06:44

strength training. Which country should I take over, Haley?

strength training. Which country should I take over, Haley?

01:06:51

Haley and I don't have that relationship, but, no. I think it's,

Haley and I don't have that relationship, but, no. I think it's,

01:06:55

I I I just think it's one of those things where

I I I just think it's one of those things where

01:06:58

we're bombarded with a lot of, like, either quick fix or very marginal stuff. Like, even the the, you know, I I'm a big humor mythan,

we're bombarded with a lot of, like, either quick fix or very marginal stuff. Like, even the the, you know, I I'm a big humor mythan,

01:07:05

Sam, you tweeted recently. You would. I also would. Like, that's, you know, he's he's he's a very, very, awesome guy.

Sam, you tweeted recently. You would. I also would. Like, that's, you know, he's he's he's a very, very, awesome guy.

01:07:12

But I think it's one of those things where a lot of that stuff, like, unless you have the basics in place, it doesn't matter. And so Haley, like, has helped helped me accountable and, like, No. No. No. No. We're gonna we're gonna do Peloton today, and we're gonna do this. So we're gonna do that. It's not even anything she says that keeps you accountable. It's just saying the shit out loud, and you're like, Actually, what's the heck am I talking about? Never mind. Sorry. I apologize. Well, for me, it's been it's been, like, a, you know, probably a year long journey, and it was it started off with, like,

But I think it's one of those things where a lot of that stuff, like, unless you have the basics in place, it doesn't matter. And so Haley, like, has helped helped me accountable and, like, No. No. No. No. We're gonna we're gonna do Peloton today, and we're gonna do this. So we're gonna do that. It's not even anything she says that keeps you accountable. It's just saying the shit out loud, and you're like, Actually, what's the heck am I talking about? Never mind. Sorry. I apologize. Well, for me, it's been it's been, like, a, you know, probably a year long journey, and it was it started off with, like,

01:07:38

you know, basically just breaking all of these conventions, like, Sean, you were saying where it's like, oh, I can't, like, b s myself out of doing the right thing here because I'm gonna have to talk to Haley tomorrow about it. And she's gonna not be like sympathetic. She's gonna be like, why'd you do that? And she's like, you shouldn't do that. I'm like, yeah, I know. And he's like, cool. Let's not do it tomorrow, which is, you know, obviously really helpful. We appreciate you coming on, man. You're super insightful.

you know, basically just breaking all of these conventions, like, Sean, you were saying where it's like, oh, I can't, like, b s myself out of doing the right thing here because I'm gonna have to talk to Haley tomorrow about it. And she's gonna not be like sympathetic. She's gonna be like, why'd you do that? And she's like, you shouldn't do that. I'm like, yeah, I know. And he's like, cool. Let's not do it tomorrow, which is, you know, obviously really helpful. We appreciate you coming on, man. You're super insightful.

01:07:58

You're always fun to talk to. I don't remember the last time you came, but, I feel like this time, definitely probably kicked its ass because this was the tenth. Awesome. That's my goal in life. I'm not Jesse. I'm not all these fancy people. I gotta bring the noise. That's the goal. Alright. Go follow him on Twitter. He's at at Paticus.

You're always fun to talk to. I don't remember the last time you came, but, I feel like this time, definitely probably kicked its ass because this was the tenth. Awesome. That's my goal in life. I'm not Jesse. I'm not all these fancy people. I gotta bring the noise. That's the goal. Alright. Go follow him on Twitter. He's at at Paticus.

01:08:15

Yeah. We appreciate you. That's the part.

Yeah. We appreciate you. That's the part.

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