Episode of My First Million with Sam Parr and Shaan Puri.
Transcript
Note: This transcript was auto-generated from YouTube captions. It may contain errors and lacks speaker identification. A full Gemini audio transcript will replace this.
Kind: captions Language: en once you’ve been in the market for 21 years and you look at that account and you get to see it going up you’re going to like realize the value of investing and that that’s you know like the true path to wealth i feel like i can rule the world i know i could be what i want [Music] all right we’re live what’s going on how was steph nice fancy pants background yeah i’m in um a mechanism it’s a fancy uh it’s a fancy pants office it’s do you know what mechanism is i’ve heard of it that’s the agency guy who’s a friend of yours i kind of know him a little bit now yeah they have uh an agency maybe a 200 person agency and they’ve got as you do with agencies you’ve got very fancy offices in soho and new york and no one is here and i’m in the fancy office here right now all right good stuff yeah you missed steph she was great as always so she uh had a bunch of ideas it’s like i know um it’s funny like we’ve had brayu be kind of like our version of jamie like joe rogan has jamie we’ve got to bray you we now have dan and you get a sense because at the end of every episode we go oh dan how was it hey i brought you how’d we do and um and i feel like that they they both like really keyed in on the same thing which i don’t know if listeners care in the same way but like the more random tangents we will go on they kind of like they kind of love it but they kind of hate it at the same time whereas when steph comes on it’s like here are five ideas we’re gonna do idea one then two then three then four then five what a jam-packed episode of ideas and it’s like you know me and her don’t have the same chemistry i mean you have of like just being able to go on random tangents or just kind of [ ] a little bit and so it’s more packed with info but it’s less packed with detours and uh i don’t know if that’s good or bad but it’s packed with info so i think i think definitely dan liked it i think a lot of people will like it but it’s interesting to me how that goes yeah and i’ve also noticed that a lot of the things that i like the things that i if i think it’s going to be good i think it tends not to be good and if i think it’s going to be bad that’s what i’ve noticed with the content but the reason i wasn’t here is so let me tell you this funny story about twitter so four months ago three months ago i tweeted out that i wanted to go drive race cars so one of my 2021’s resolution was i wanted to do more adventurous stuff so i want to take a sniper class lesson i want to go hunting yeah i wanted to go hunting and kill what i’ve eaten which i’ve never done before i wanted to do a cross-country trip i did it and i wanted to go learn how to do a race cars and so i tweeted out i wanted to go to a driving class this professional nascar driver named parker hollered at me on twitter and so me and jack butcher who’s a buddy of ours and a buddy of mine we drove up here out to the country two hours outside of new york to connecticut and we took this class it was twenty five hundred dollars it was at this place called skip barber skip barber driving driving class we met the owner of the class this is a business that uh that’s a driving school it does like 15 million in revenue crazy interesting kind of cool it it it was an ex-cop owns it like a like a new york cop like in this like his was he’s like i’ll just try it because i don’t work as a cop anymore it turns into a thriving business he told me his goal is to hit 200 million in revenue in the next five years off this one track or like he has many of these so here’s what they do so it’s called skip barber racing it’s like a famous brand it’s from the 60s he bought it out of bankruptcy i imagine he paid like low hundreds of thousands of dollars and you bought the brand name it’s basically a website where they get leads so skip barber if you’re into cars it’s like a famous racing school he owns the website and so people go and submit leads at where they want to go and they go and find like tracks throughout the country and they rent like 20 days at the track and they show up with their tractor trailer with like 20 mustangs that you can that they drive and then it’s like a traveling circus they go from place to place to place to place it was pretty interesting so what’d you drive it’s by the way i know nothing about cars so you’re gonna say something and i’ll be like oh cool no no no no no no it looks like a mustang but it’s like it’s a race car so there’s no seats you’re locked in you wear a helmet you’re locked in what about like seats there’s only a driving seat like the inside it’s like a it is a it’s a race car there’s a roll bar there’s no like ac or radio or anything like that but it looks like a mustang from the outside anyway that’s what it was crazy fascinating business that’s pretty cool um while you were saying that you said something about he used to be a cop and we had talked about the retired the mafia tours in new york business i’m going on it a great idea so if you don’t if you didn’t hear that episode it’s basically retired cop in new york takes you on a walking tour of new york city to the different like areas where the mafia families lived it kind of tells you stories it’s like we all like crime tv shows or whatever and uh and this is like basically crime tv walking tour um and so you get to hear all these stories i guess you’re going on it that’s cool and we had said he he had done over a million dollars in sales on his airbnb experience uh of doing this which is pretty freaking awesome so um this thing you’re talking about though uh i think there could be a really cool version of that that somebody makes which is basically a cops and robbers like a cop chase a car chase basically so they could just have a a driver who knows what they’re doing as the kind of like main driver and you get to be in a cop car like they just take some junk cop car and you get to drive that thing you get to like be talking on the little radio try to get their license plate and it’s basically like a you know controlled simulation of a car a cop chase like a actual cop chase you go you get them you spin them out then you get out of the car and you get like you arrest them as the end of it and i feel like that would just be a super fun and be a lot of people would pay for that and the video of it i uh yeah so we p i paid twenty five hundred dollars for this i think i paid an additional three hundred dollars for a video for the video of course yeah uh man it was awesome it’s fun it’s fun to do this stuff to get out of our comfort zone and do exciting stuff uh so that’s where i was nice uh okay i love that all right let’s do uh let’s do some ideas i have an idea that’s kind of related to this so i was watching dana white who’s the president of the ufc and uh he was doing this like youtube video and he’s like boys uh no not that one there was this one who just goes check out how sick my hotel room is right now in houston did you see this yep and he had a go go ahead describe it and i’ll tell you the part if i remember correctly he had a movie theater in his hotel room i think he had a full or no half-size basketball court yep that was painted like the rockets basketball court with the official scoreboard on the on this on the wall and stuff and what else did he have he had a bunch of stuff so he had that he had like a full gym like so you know like hotels have a gym his hotel room had a gym which is kind of amazing and then he’s got like whatever cool bed bathroom full steam room but the thing i thought was interesting he goes check this out and he grabs this huge rifle off the wall there’s like a rifle a shotgun sitting next to each other and he was like this is cool it’s like a virtual shooting range yeah and then he like and he pan they kind of pan over they went over real quick so i couldn’t even really see what it was but in my head i just immediately thought of you’ve seen these like golf driving ranges that are basically it’s a green screen and then you swing a real club and you hit a real ball into the green screen and it like simulates where it would have landed if you were on a real golf course and um those are like semi-popular so he’s got this rifle off the wall and i started thinking oh that’s kind of cool basically if you’ve ever held a real gun it feels totally different than like you know the duck hunt gun or like an arcade gun like a real gun has like weight to it it has like a recoil if you fire the thing so i was thinking somebody could probably build a high-end version of this niche business which is basically virtual shooting ranges so you have a either a screen like a green screen or like a plasma like a big flat train tv and then you give them like what feels like a real gun but it’s like a digitally enabled thing so you don’t have to have bullets and go outside do all that stuff and i feel like somebody could build a pretty unique business doing that providing that either to bars or even for at home stuff or corporate events that’s a fantastic idea have you ever been to an indoor shooting range indoor shooting oh like where the target’s there and you have the earmuffs on or whatever yeah i got it okay it’s miserable so i’ve only got outdoors so i the outdoor shooting ranges are fun indoor shooting rains miserable it has lights like a hospital and it is so loud have you ever been next to like an ar-15 or something like you know like a huge gun when it shoots it rattles your neighbor so you’re standing right next to someone and it’s not just loud but it shakes me and it’s a miserable unsafe horrible experience i would way rather do something fun like this over that yeah so and i feel like because it’s digital you can do fun stuff right so when i went to go shoot a gun for the first time i’m not into that my brother my brother-in-law is he um you know we went and it’s like you’re outside it was kind of cold you’re shooting these like paper targets they don’t move uh you have to stand still every five minutes have to stop reload the [ ] gun takes time like just take a lot of breaks in between the action the action is fun but like there’s a lot of other stuff going on it was it was uncomfortable and uh and i get that like you know real man [ ] not supposed to be comfortable but guess what people like comfort so um so i think what you can do instead is you basically make a souped-up version of the deer hunter game where you get the digital gun but it feels like the weight of a real rifle or a real shotgun and then you have like a digital scenario right you wanted to do a sniper class or i don’t know what you said like a psychopath but like you probably want to like simulate actually like sniping someone at a like situation in some situation like you can only see part of their head they’re really far away or whatever so you could do that instead of just a paper target so i think this could be a good idea i’m sure something like this exists but it’s all about turning it into a business in a box or a traveling circus like you said and like coming up with a model that that productizes this better i think it’s a great idea and i would love to i would love to attend all right let’s do another one you uh can you pick either one or one for mine this is a little bit less of an idea but more of an experience that i had so last week i went down to nashville i had an issue a few weeks ago where i had a car problem i had to leave my car at the dealer in nashville i went to go pick it up and i started shooting the [ ] with the salesperson they sold he told me this is this is a mercedes-benz music city dealership that’s what it’s called they told me that they sold 200 cars in june is that does that boggle your mind i never really thought about how many cars that is that’s 20 million dollars in car sales right in one month that’s crazy to me and so i went and looked at what the figures were for uh what how many cars are sold june to january because i would think january or february would be a slow month it’s mostly pretty steady it’s like 1.6 million on a high month and 1.2 million on a low low month it’s not crazy different so if you assume that the average sale price was a hundred thousand dollars and then you assume that they did 20 million dollars for six of the months and 15 million dollars for the other six of uh six months that’s 210 million dollars in one location and then i was talking with the guys who ran the the company who ran the dealership they told me that they can expect to make 10 to 15 profit on that does that kind of boggle your mind that one location can do that much in sales and was this like did you feel like it was like an outlier location like killer killer real estate or something like that it’s a mercedes dealer in nashville and there’s three in the city so did i think that that’s an outlier in one sense yes because they’re selling you know expensive cars so like it’s not like a hyundai where you’re selling 20 000 cars but it’s and it’s also in nashville there’s probably 10 to 20 cities in america that are of equal booming as nashville so outlier in one sense yes but not crazy outlier and so i got interested in this and so there’s this amazing website called open secrets have you heard of that i’ve i’ve heard of it but i’ve never gone to it why do you you actually go to it it’s like wikileaks or something i go to it all the time and here’s why so if you go to it you can go it’s called open secrets maybe opensecrets.org and so i don’t know if it’s legal or if it’s customary but if you are a senator if you’re in the house of representatives if you’re in a certain type of office in america they typically disclose their income taxes and also what their net worth is and you could browse through and you could see how much money they have in different bank accounts you can see how much money they have in different stocks you can see how much money they value their privately held business it’s incredibly fascinating so for example if you google open secrets net worth senators you’ll see a list of the richest senators and it will tell you where their money is and you can click it and in some cases if it’s from the 90s for example if you go and look at george bush’s net worth you could actually see it’s it’s still a handwritten w-2 so it’s incredibly fascinating and i browse through there uh a fair bit because i think it’s really fun who cares what if they’re politicians or not but what’s interesting is that they’re incredibly wealthy and you can see how do people allocate money where does their income come from how does that work and i noticed that there was a fair bit of people who made money through car dealerships in congress and i actually made a list of them so the first one vernon buchanan he’s out he’s a congressman out of florida 157 million dollar net worth where does his money come from buchanan automotive group where they sell new and used cars in florida and he assigned 50 million i just go through this list i did not realize these senators there’s this many senators that are this wealthy so first the funny funny thing is there’s the richest and poorest so okay on the top side you have mark warner richest senator uh he’s in virginia i think and at 214 million poorest senator poor alcy hastings in florida negative 7.5 million dollar net worth this guy is in a hall of debt this guy is just and you know the the the lowest one that is non-negative let’s see probably like a hundred grand or something like a pete dude or something i’m exporting all these csvs this is gonna be great uh go go on sorry so i went and looked at some of the congress folks that were that were rich and it was vernon buchanan he owns an automotive group he has signed uh around 35 million of his net worth sorry uh almost 100 million dollars of his net worth to car dealerships ron williams from texas net worth 67 million dollars he had close to 10 million dollars because he uh is part owner of a chrysler dodge and jeep business john campbell net worth of 23 million dollars he owns franchises for nissan mazda ford saturn and saab and mike kelly net worth 20 million dollars he assigned at least five million dollars for his car dealers it was incredibly fascinating so i dug even deeper this nashville dealer do you want to know who’s the co-owner who nick saban the uh coach from university of alabama and he owns a bunch of them he owns three four or five crazy fascinating to me about the car dealers and i i was just so curious as to how the rest of them do and so i did a little bit more research and i read different interviews with car dealers and typically they make about five ten percent in profit but the secret is that hey they have to make most of their money from service and parts because that’s where the big margin is and b there’s actually there’s actually a lot of ways that you can test this so you can do loads of test advertising and they kind of do this like mvp style advertising where they’ll advertise in different places see which cars sell and then become an importer or sorry a dealer of that particular car uh i just thought it was so fascinating about how these car car dealerships work have you ever uh like do you know anything about this first of all you’re on fire right now so i just got to give you a little bit of credit you’re on fire right now i don’t know if this is jake the researcher i don’t know if this is sam the the deal hunter i don’t know what’s going on but good job i love this i love open secrets i love the senator thing and i love the car dealership thing all right so let me just put that on the table have i thought about this no but it’s been hidden in plain sight i grew up in colorado and john elloway always had dealerships it was like everywhere and i just i never really thought about it but like clearly the guy was making bank on these dealerships otherwise he wouldn’t be spending so much time and energy doing all these little kind of marketing meet and greets at his dealerships and that combo of like local hero car dealership i think has just worked for a long time like in the movie little giants i think the guy that’s how the guy had his money too is like local football star you know car dealer is like just like a formula that works and um i know that like there’s like the guy who’s who gets a lot of press during whenever the toronto raptors do well they have this super fan uh this sikh indian guy who who uh shows up at court side of every game nav back to you i actually have him listed here so he started as a hyundai sales person and he eventually started owning a car dealership and he claims his net worth is 50 million dollars exactly and he spends all of his money traveling with the team and buying courtside tickets to every single game this guy’s like a maniac um he goes to every single game and he has for like 20 years courtside and he’s like cheering like crazy and yeah he started as a salesman you’re right um okay so this is kind of interesting i want to share with you a couple things that i can add to this have you ever heard it and by the way if you scroll down you can see all the examples i have of people who have made at least a billion dollars to car dealers you see that this is pretty impressive so the benson family they on the saints uh penske wayne hazard you love that guy he started with autonation yeah and he owns uh he owns the miami dolphins yeah that guy’s a baller we should we should feature him you know a lot about him um well mark wahlberg has one michael jordan has one all right that’s pretty interesting so that’s cool i didn’t really realize that this is like one of those franchises that you kind of want to own um i wonder if that’s changing so in my head i’m like car dealer isn’t this dead like aren’t car sales just moving online and then you have platforms like carvana that’s like become like a seven billion dollar company of like buying cars online so definitely some some of buying cars moving online but i but not all and so i actually ran into this company called modal have you ever heard of modal tell me about it the url is just modalup.com and uh a buddy of mine is uh samir uh this great guy samir bala he basically he was gonna do a startup and then i checked his linkedin and he’s like oh i’m ceo of modal now i was like what the heck you took a job and i was like if this guy took a job this must be an interesting business because he would not go join a company unless he thought this company had like really good prospects and i trust his judgment and i i should have invested i asked them to invest i even made room and then i got cold feet at the last minute for some stupid reason but i think this is a great business what they do is they basically made it so that any dealer it’s like shopify for car dealers in a way so it basically lets you sell cars digitally and online so it creates like a website a checkout button a buy button that you can just send customers to that that that want to buy from you it also just like automates all the workflows so like with buying a car when you go buy a car you’re gonna end up sitting in the dealership for like an hour because there’s like the paperwork if you’re if you’re doing a loan or a lease you have to do even more paperwork and then um you know you just have to like collect all these signatures and get all this stuff to get the title in your name and these guys basically turned all that into software and they were growing uh really really well basically going to car dealerships and getting them to adopt this software so that they could keep up and compete with the kind of like online only platforms it’s like hey don’t don’t stay stuck in the brick and mortar only ways yes you’re a car dealership but you should allow some digitalization digital digitalize your workflow and let your customers go check out online and just buy products and what they do is they actually claim that they can you know boost sales by like you know 30 35 or something like that and it shortens the cycle time because usually people take quite a while to look through stuff and they um they speed up the the purchase price the purchase time as well so i think this is a pretty cool business that’s going to be quite big i i’m on board with all the digital stuff i was just fascinating at just the brick and mortar and it’s i it’s still growing like crazy in fact there’s loads of data on this because i didn’t realize how impactful cars are i mean of course i you know we all have them but i didn’t realize how they kind of in in a sense are minor maybe major players in the country in our country and how we even develop laws things like that and and so there’s all this data that you can go and learn about this so the average car dealership like the physical dealer the average one in last year 2021 did 36 million or sorry year-to-date so the first six months 36 million dollars in sales in uh just the average car dealer and we sell something like um yeah but that’s like gmv that’s like car sales so you know they don’t you said 10 10 to 15 maybe is their margin on that so that’s correct million you know take for the for the whole dealership it’s still astounding and then if you can also go and look at uh another website you can go to it’s pro republica and you can see which lobbies give money to the government for different laws car dealer or the car lobby which there’s like eight of them they give substantial amounts of money and anyway that’s my that’s my segment on car dealers and cars pretty astounding i was shocked by it we can move on you know what’s cool by the way tesla no no dealership model so bold move by them to not have any dealers and in doing so basically kept a lot of the profit for themselves and went direct to consumer they were the sort of first direct to consumer car company uh that exists so so good job bye bye elon yeah and i could see that taking off but the market is massive not everyone’s going to do the same thing um and so there’s room for everyone for a lot of always holding it down for for blue collar america i love it you know in my mind it’s just two coasts squished together with some stuff in the middle and you’re like no no the middle is there’s a lot of beautiful stuff in the middle and it’s not all just going away and becoming like fancy tech right away not yet at least all right uh let’s do some more so look at my topics here and tell me which one’s interesting spoon flowers one of the most interesting things i’ve seen lately had you heard of this before spoonflower no no check it out i don’t even know the url i think this is they saw they sold for 225 million dollars so i i got familiar with this because uh for a clothing company that we were working on uh we needed to look at patterns and i was like where do you find patterns online and you can find patterns in many places but one place was spoonflower so this is basically a marketplace where you have on one side designers who come up with like let’s say a nice floral pattern or sunflower pattern and then you can take those so like i think your mother-in-law is doing like a pillow business and so she can go on spoonflower and say oh i really like this fabric swatch um i want to basically buy this pattern and turn it into pillows i want to buy this pattern and turn it into wallpaper and so you can use it for all the things that patterns go on wallpaper you know like mats pillowcases whatever different stuff like that blankets curtains [ ] like that so it’s this like niche marketplace you most people haven’t even heard of and then you go there and you see it and you’re like oh this makes total sense and so they sold for 225 million to shutterfly um i thought it was really cool and just like kind of this niche product that’s been around for a while that’s sold and then i wanted to share also a growth hack but what’s your kind of like first reaction to this i think this is brilliant i’m looking at it right now there’s a few reasons why i like this company the first is that i believe it’s based in north carolina i like things that are not in silicon valley not in the heart i think they’re not in the heart of uh technology uh hubs i think that’s amazing there’s so many wonderful things about this business it’s just i mean it’s a win-win-win type of company where where you help people make money you help people get what they want the company spoonflower makes a little bit of cash i’m into it right and it was started in 2008 so it’s been around for a while and it’s one of these that like like most marketplaces marketplaces are extremely valuable when you get them to work but they can take time to work because you have to get that to keep cranking the wheel of supply and demand to get it to work you need enough designs and enough designers and enough buyers and then you have to keep like do a lot of manual stuff to make that work so one thing i liked um this guy who listens to the pod adam adam keisling i think is how you say his name uh he was talking about um this deal and he was pointing out this like uh this method that they used to grow and he’s like i’ll just share with you a couple things he pointed out so spoonflower uh 3.3 million unique artists uh 4 000 new designs uploaded on average every day so that’s a pretty crazy scale and what they did was they would do design challenges and so um spoonflower would host a design challenge and then the top 50 voted popular voted designs would get featured as the winner’s circle and it would get to the top of the website and then if you go to the website you click like you know oh let me see the best halloween designs uh that would drive like 95 of the sales to a lot of the creators so it was kind of feast or famine you would you take your shot to get noticed but if you got noticed you would get a ton of inbound sales um for for those uh for those contests right and there might just be like a thousand or two thousand people participating in each one and so i thought this is a pretty smart model of how they bootstrap the marketplace so they’re like all right we need uh buyers want content for halloween how do i get a bunch of designers to make the right halloween content and make it all make a bunch of new ideas that are unique you can only find them on spoonflower i’ll host this contest and the haunted contest winners get like i don’t know hundreds of dollars thousands of dollars doesn’t have to be too much money um and they get exposure through that through that process and then he was adam was sharing that like uh you know food 52 that they used to do the same thing when they were seeding their marketplace of recipes right they had chefs uploading recipes and then people coming to download them um they would they created a contest called your best recipe using fresh mozzarella right so give me your best mozzarella recipe and then you know they would get whole foods to sponsor it and get a gift card and then they’re like the grand prize is a thousand dollars right and so they would keep doing these contests around things that people were searching for in order to see the marketplace with the right content so i thought that was a cool learning as well from this this is amazing and what’s even more interesting or as interesting is that shutterfly bought them i i forgot about shutterfly i just looked them up shutterfly i think they got did they did they get de-listed they were public they had a two billion dollar market cap and like close to two billion dollars in revenue right and so one uh that’s a complicated that’s a that’s a crazy space the show that where shutterfly is so you know good luck good luck to them spoon flowers badass can we um can i tell you something that surprised me uh so so the other day rihanna was named a billionaire that’s pretty amazing right yeah i think that’s amazing and so i i got curious i started working with jake i was like what other celebrities have gotten rich in ways that i wouldn’t really have known right away and it kind of got i kind of got this youtube this is going to be a youtube segment right here 10 celebrities that got rich not from their fame well it’s it is a little bit extended from the fame but i’m gonna give you six of them so the first you know who jimmy buffett is you’re not you’re not white so you may not be in a jimmy buffett i’ve heard the name but if you said point here’s five old white guys point out jimmy buffett i would just point to the far right i have no idea so jimmy buffett i don’t even know how to just explain them white 60 year olds who wear tommy bahama do you even know what that is yes i know that one uh okay white 60 year olds who wear tommy bahama love him he’s the guy who created a cheeseburger in paradise that song so he also had this album called margaritaville it’s all about the caribbean and being on a boat and like living this like parrot style life i think that’s parrotheads is what he’s called so he’s got margaritaville it’s a subsidiary of cheeseburger holding company which is pretty funny he’s got 30 restaurants and he has vacation clubs hotels uh a retirement village and tequila collectively the holdings do something like two billion dollars a year in sales is that crazy then you also probably don’t know about this one this isn’t in your wheelhouse but dolly parton do you know dolly parton is that his girlfriend who is this you don’t know who dolly parton is again i’ve heard the name if you showed me five old white ladies i couldn’t point out dolly parton so dolly parton was a famous country singer but she did more than just country have you uh heard the song i will always love you by whitney houston yes she wrote that she wrote working nine to five which has been covered many times she’s just a hit maker but she was famous you probably remember photos of her she’s in her probably close to 80s now 70s but she’s famous for having blonde hair and huge boobs uh you definitely like remember her she has famous phrases like you wouldn’t you wouldn’t be you’d be amazed at how much money it cost to look this cheap she’s got phrases like that but she’s actually a great person and she uh has an empire person well she’s like you know well she’s like she’s known for her philanthropy and for doing good she she gives back to the community she seems like a wonderful person and it’s kind of a joke that she looks cheap that’s like her joke um right but it’s estimated that she has a net worth of like 600 million dollars and i was driving through the smokies recently just two weeks ago and i drove through gatlinburg tennessee which is a small town in the mountains of tennessee and right outside of that she has a [ ] theme park it’s called dollywood her name is dolly parton he has dollywood there’s rides it’s a huge deal it’s amazing they’ve got uh just imagine six flags but it’s all about dolly parton and it’s called dollywood it’s amazing you know we’re like 15 years away from like paul world in in la and it’s the paul brothers uh you know version of disney world that’s what’s gonna happen here they are our dolly partons of our generation it could be so i’m shocked you’ve never heard of dollyworth dollywort dollyworld you’ve never heard of that dollywood no no it’s a huge thing it’s very big like it’s like a mini six flags it’s not even a mini six flags it’s almost as big as six flags and people in the south i’m from missouri i lived in tennessee so i’m kind of southern people in the south are obsessed with it that’s where you go on vacation you go to dollywood and you actually go to a lot of different casinos in the south you’ll see dolly parton themed uh casinos casinos it’s crazy all right another one sammy hagar that doesn’t ring a bell either to you does it nah this is just a humiliation session god that’s so funny van halen do you know what van halen is i heard dude you are god that’s so funny okay so sammy hagar uh from van halen he sold a tequila company for around 80 million dollars and it was a tequila brand and i’ll just tell you two quick ones you don’t know any of these people it’s all just like white basic people kate hudson you know i know kate hudson but i see her athletics written here she what does she have to do with fabletics she helped start it she was one of the co-founders okay i didn’t know that crazy right uh your wife probably wears it i mean it’s like a uh they they sell fancy tights right right 2020 revenue 500 million dollars wild and then finally she owns 20 of it yeah i know jessica alba yeah so 20 meaningful um and finally jessica alba started or helped start the honest company it just ipo’d it’s got a market cap north of a billion dollars i believe and her stake around 130 million dollars it’s pretty amazing right i like it um yeah so what do what do you think is like the best model so what do we see here we saw like entertainment so hotels uh casinos you know like kind of like amusement parks then we saw basically like makeup company skincare company you know fragrance company and alcohol brand um which one do you like or do you think there’s another one that they’re celebrities are sort of leaving on the table uh alcohol seems like the best conor mcgregor recently did it he sold um proper 12. i believe his steak was worth around 100 million dollars i think alcohol is the the best one because you can charge 50 for a bottle of a certain type of alcohol and there’s a chance that someone will want to buy that many times a month so i think alcohol is interesting makeup’s okay i don’t obviously don’t know anything about that rihanna crushed it her brand is killing it it’s called uh what’s it called fenty and she’s got she’s got she’s got a couple brands they kill it but i think alcohol is number one although i do think that there’s a world if i was a lance armstrong and i’ve told him he should have done this when he was on the podcast if i was a lance armstrong a michael phelps something like that i would 100 partner with a hotel brand and do fitness focused hotels and try to have branded a branded pool or a branded pool instruction that you could do in that pool like a workout or do a cycling branded hotel i think that would crush and i think you could make money for every year for 50 years doing that right yeah i think doing something that’s on brand is kind of the key like sam harris doing this with a um sam harris did this with a uh a meditation app right because that’s what’s on brand for him if sam harris came out with alcohol or like you know like a skincare line no thank you but sam harris with the meditation app that could work and i think that thing prints money it does and so i’ve heard um all right you want to do a few more yeah dan has one on here by the way uh george clooney making a billion dollars with casa amigos uh tequila um somebody told me this story i i didn’t plan to say this i don’t know if it’s true or not i might be making it up george have you heard this george clooney giving his friends a million dollars each no so george clooney uh this is the story so so george clooney um at one point in time he was like you know when i i think he was thinking like when um when i retire when i die like i want to basically give some of my wealth to my friends because these friends are like some of the best people in my life i used to sleep on their couch when i was like trying to make it and they really like helped me in one way or another all these friends have helped me and then he decided like okay why am i gonna wait till i die like that doesn’t make any sense and so he invited them all to like a dinner or like a dinner at his like whatever cabin or something like that i’m making up a lot of these details but what i was told was he invites them all to a dinner and he brings 14 briefcases or like suitcases a tumi suitcase actually each one was filled with a million dollars in cash and he invited them over for dinner and he gave each of them the suitcase and they each just got a million dollars from him and he was like um you know i’ve been through some hard times and you know i want you to not have to worry about your kids your mortgage or school whatever it is um you know here you go enjoy and i was like that is a baller move i love that why haven’t i heard this story before i think that’s kind of amazing and that actually is uh comes to a point i’ve actually been reading about this lately so there’s this great book and this concept called die with zero have you heard of this no but i get the idea just off the title so it’s a good title yeah so it’s called die with zero and the idea that we all have is i wanna try to earn money and when i die i’ve got something to give away to my family if you don’t have family i can give away to causes that i care about and this whole concept behind die with zero is why would you do that and regardless if you believe in heaven or not i i don’t what i think when i i was like well when i die it’s gonna feel like just how it felt like before i was born right nothing and how did it feel like before i was born nothing so do i really care about a legacy like do i care about what people are saying about like tim about me when i’m you know pre-born feeling right of course no i don’t care so if i’m gonna and that’s not he actually doesn’t say that in the book that’s my that’s me but the point of the book is all right why would you care so much about what what you’re gonna do when you’re dead just give it to people or your friends like do that plan before you die and enjoy it with your your friends and family create a giving plan now if giving matters to you create a google plan now and do execute on it now and not when you’re dead right two scenarios scenario one you wait till you’re 88 years old 92 years old you pass away then there’s a will reading and you know a couple of your friends are there they’re also in their 88 88 to 92 year old range uh and your kids are there and their kids are there whatever and you pass you know you pass along some money to them and your 88 year old friend is like oh thanks for the thanks for the million dollars george appreciate it like it’ll go straight to my like you know yeah you know like what do i need this for uh and your kids are also like cool could use that when i was paying off student debt for years or like wanted to start a business uh but now that i’m 42 i’m glad that uh i’m 45 years i’m glad i got this this inheritance from you thank you um and so so that’s scenario one scenario two you invite your friends over for dinner you bring us to me suitcase with a million dollars in it and you say when i eat we all eat let’s go and uh and basically you you hook up the people who have helped you and it mattered to you and you helped their lives today because why wait 40 years and let them have more discomfort or suffering along the way when you could if you’re trying to give to make an impact impact today is worth a lot more than impact 45 years from now and um and so i’m a big believer in this i hadn’t really thought about it until i heard this george clooney story but when i heard it i was like oh and you know my friends if i invite you to a dinner in a cabin and i show up with 14 suitcases like you know what’s happening and i’m about to join cleaning your ass because that’s what’s going on and i really have taken this mindset of of when i eat we all eat um i i really think it’s a lot more fun to to live that way um the other the other this little story i’ll share uh i was talking to my trainer and i was like i was like so uh i called him jay i was like yo jay so you like you know about my goals my dreams you’re helping me get there because you’re my coach like and you talk about like you want to spin up your business you’re starting this fashion line great like uh what’s your like what is your dream though like we do this imagination exercise you know what i’m imagining for myself and we we love that feeling and we use that what’s yours and and he has this thing which is you don’t imagine the outcome so like let’s say you wanted to be rich you don’t imagine selling your company to hubspot and looking in your bank account seeing x dollars you imagine like the congratulatory conversation like once it happens you won’t be so fixated on it happening your life will just be different because it happened right so you might imagine you know um your call you know you might imagine your friend calling you congratulating you on the deal or you might imagine booking a trip because you have all this free time now and so you don’t imagine the money you imagine what happens after you had it and you you know there’s the sort of implied state so anyways his was oh i imagine getting a text from my mom saying you know son thank you for the six thousand dollars this month like that’s huge for me like uh you know i’m so grateful to have a son like you thank you so much and then so he he was talking about that i was like oh that’s cool so instead of saying i want to be a millionaire so that i can forgive my mom something he imagines the text from his mom and then that got him thinking so the next day he goes and he sends her six hundred dollars he’s like like i can’t send her six thousand every month right now but i can send her 600 today and then he showed me the text he got the next morning and it was literally like almost word for word what he had told me in the garage he was like she had she texted him she’s like son i don’t know what what i did to deserve such a blessing of a son like you the money you sent me you don’t even know i needed that uh like it’s gonna go to exactly what i need thank you so much like you know i love you so much son i hope you’re you know i hope you’re doing well and i was like damn that was kind of cool to see it come together and i love that he didn’t wait until it was all done to start the giving plan all right so since you were talking about giving money away i saw that you wrote something pretty funny in our document called the jewish hacked to wealth markets fuzz i totally agree with you i have so many by the way i don’t even have more to say that’s just kind of it i have i’ve i my my wife is from a jewish family i’ve got a lot of my jewish friends i am so envious of how the comm and at my wedding when we all of our jewish guests they gave us significant checks i also think it’s a new york thing or i don’t know if it’s a new york thing or a jewish thing but my missouri friends would give a hundred dollars our jewish new yorker friends would give a thousand dollars right and it was amazing and i think that there’s something in the in in that particular community where you give a significant amount of money for gifts so you can help one another out and and money kind of flows a little bit more freely getting eight or five thousand dollars or something when you’re 16 years old or 15 years old i’ve talked to some kids that’s like how a lot of like interesting businesses have been started they said the user bart mitzvah money i completely agree [Laughter] yeah i uh i don’t know how many jews there are in the world i think there’s like 10 million jews something like that like like 20 i think 14 yeah something like that 14 20 million not a lot but jewish people have they punch above their weight they have a lot of impact they have a lot of power they have a lot of success and i don’t think it’s genetic i think it’s cultural i think basically there’s a strong foundation of basically like helping each other out so everything from birthright right like a free basically all expense paid trip to your home country at one point in your life that’s kind of an amazing program and that keeps the instead of the brain drain and people just sort of like leaving and not having this like emotional tie to the culture no that one transformed experience keeps people tied in um there’s you know bar mitzvah right so like i have i don’t know how many times i’ve heard yeah i just took all my bar mitzvah money and uh i used that to like start the business or i used that to like start investing in the stock market and like like my buddy he had i think i don’t feel like 12 grand or something like 10 grand from his bar mitzvah uh like money something like that like when he was whatever i don’t know how old you are 13 or something when it happens and by the time we were in college he was like he’s like got a [ ] portfolio of a quarter million dollars and i’m like what how do you have all this money he’s like oh yeah it’s just been compounding for for you know for for 10 years and he’s like yeah one of the guys you know our family friend who gave us the thing he didn’t even give me cash he gave me straight stock of this one biotech company uh that he really believed and the biotech company has like 10xed in the seven year period and uh yeah so like i have you know what do we want to do i got 200 000 if we wanted to start a business and i was like man what a hack and so two things i think it’s amazing i think more culture should do this i also had heard a pretty interesting idea of like you know universal basic income so it’s like this idea of like every year you give people some amount of money ten thousand dollars a year or whatever i don’t know what the proposed numbers are but some amount of money is your universal basic income like social security for all people um and it’s like pretty expensive and so some people think it’s great some people think it’s bad i don’t really know i don’t really care but i do think this other idea i heard was better which was um what if you got a birth dividend so let’s say every u.s citizen when you’re born um the government or whoever puts 2 500 in your account could be 2500 or 5 000 something like that so from age zero to and you can’t touch it until you’re 21. so age zero to 21 you uh you have this thing compounding and if something’s compounding over 21 years it’s going to you know double probably at least i think three times so three to four times and so you know everybody walking out at 21 years old would have 15 to 20 20 000 ready for them to to do whatever they want as a as a cushion for life as a way to start something as a way to fund a creative pursuit if they want to be an artist or whatever and i thought that was a pretty powerful idea and like a great sort of one-time bonus for every citizen and then it’s invested so it’s actually fueling the economy um so it’s not like universal basic income where you get it you might save it you might spend it you don’t know what you’ll do but it’s going to be invested in like an index for for 21 years and then in doing that everyone is uh bought into a particular type of thing and so that way even if you have um different opinions so i think that we should do this i think we should do that that’s cool but at least we all have a little bit even just a tiny bit of skin of the game and so we’re incentivized in a similar way and everybody would learn about investing and compounding and like the the benefit of of time in market uh right time and market is the most important thing right there’s the buffett phrase time in market is over but i i take that over timing the market and so if you once you’ve been in the market for 21 years and you look at that account and you get to see it going up you’re gonna like realize the value of investing and that that’s you know like the true path to to wealth if you just do more of that whereas if you never get started then you never really feel it real and so i think that’s a big benefit i think we should have the american but mitzvah fund that’s actually a great idea that’s that’s that’s that’s incredibly interesting um all right maybe we want to do one last one tell me about aubrey de grey because uh i i’ve known a little bit about this i’ve known a little bit about him i’ve listened to podcasts with this guy i believe he’s an he’s an anti-aging doctor and professor yes so this is a funny story i find it funny other people are gonna be like how could you say that’s funny the funny it’s ironic i went on twitter last night as i do and i see this tweet that says aubry de gray is a sexual predator i don’t know who aubrey de gray is so i’m like but that’s a bold tweet okay what are you talking about so you know my my my gossip the gossip part of me starts starts getting excited so i click it i start trying to see what’s going on and basically two things happened i found out that this person audrey de grey has you know kind of like i don’t know exactly what they’ve done but made people feel uncomfortable at the least and maybe sexually harass people at the most i’m not 100 sure but basically two women who were who are in that field laura denning and i forgot the other person’s name they came out yesterday or recently this week something like that and they published stories saying aubrey to gray you know made me feel uncomfortable maybe you know said things to me that were totally inappropriate abusive power and the organization that funds him knew about this covered it up because he was so important for fundraising and for the science of this because he’s been basically like a lifelong leader of this movement of of anti-aging so i see that then i’m like all right who’s this i just want to see what he looks like what was his zombie degree guy he’s got this huge beard have you seen him yes he looks like um a little bit like uh there was a what’s the famous uh philosopher from the soviet union no uh not nostradamus rasputin yeah yeah yeah yeah he looks like you know gandalf or dumbledore or something like that you know he looks like you know of that lineage you know he you wouldn’t be surprised if he’s dumbledore’s cousin so he uh i i see him and i’m like oh that’s interesting what’s this guy like all about uh what is he a big deal and i i click and i so two things one i click and i listen to this ted talk and ironically the funniest thing in the ted talk was at the end somebody asked a question uh and they go if you’re so into anti-aging why do you try to look like an old man that was hilarious um the second the thing is this guy is pretty fascinating very charismatic very weird and very interesting and the whole topic of anti-aging is fascinating and so i know yesterday was like he’s getting canceled and like you know he probably did some [ ] up things i don’t really know the guy’s character maybe he’s a bad guy i have no idea but this topic of anti-aging and that was ironic that that was my entry point into it but i was blown away by what’s going on in this field so i wanted to kind of share this with you i basically wanted to like summarize this guy’s ted talk uh for you in like two minutes um so he gives his ted talk back in 2005 and he’s talking a million miles a minute i talk fast he talks ten times faster than me and he’s got these slides that are the white with black text and then like red font callouts of like his opinion uh so he took like you know 12 minutes to make these slides but they’re actually very effective at communicating and so he he basically gives us talk he goes aging and illness and death are you know uh people think today that these are um inevitable and that they are okay and that they’re good um i don’t think any of those things are true i do not think it’s inevitable i think we will defeat aging i think we’ll we’ll be able to live thousands of years i do not think they’re good and i do not um i think we should just sit by and just let let you know 150 000 people die every day that was like how he starts right so you’re like okay tell me more he’s like first i’m going to tell you about the bad arguments against what i’m trying to say right by the end of this i’m going to convince you that it’s not only possible it is probable that we’re going to do this um and i’ll tell you how but before that i’ll convince you i’ll let me get rid of some of these really bad arguments he’s like bad argument number one um oh we’d be so bored if we didn’t die right uh bad argument number two is oh the population will get too big uh humans are bad for the earth or whatever right he goes through these arguments he kind of like debunks each one of them very quickly he’s basically like look what we want to do is we want to be healthy for a long time right we’re not just trying to be old and like dependent and feeble for a long time we want to be healthy for a long time and he’s like here’s what’s going on in this field and so this was kind of just for me i didn’t know any of this so he’s like there’s two schools he’s like first why do we die and he’s like why do we die we die for two reasons he’s like to live our body does all these metabolic processes basically like heating your body cooling your body immune system digesting food like you know learning growing building muscle uh all these are metabolic processes we do them to live and just like any machinery like a car or a factory the more you use the machinery the more like the as the physics of the thing moving happens damage happens over time it accumulates and eventually the thing breaks and stops working so he goes living creates damage damage is happening all the time and then eventually the damage kills your cells and then you die and he’s like all right so there’s two schools of thought school thought number one is that let’s stop the damage prevent damage right prevention is better than the cure and he’s like bad idea we barely even know how metabolism works and it’s highly unlikely that you’re going to be able to keep the high function of the machine running and like stop damage from happening damage seems kind of like inevitable um if the machine’s gonna run and he’s like that’s called whatever one school of thought doesn’t matter what this call what the name is he’s like there’s another called geriatrics a geriatrics basically is like cool damage happens but how do we like either repair damage or uh or like limit the damage so that it doesn’t kill your cells and he’s like that’s where i think this is gonna work so here’s like this guy’s case on how this is going to work he we are going to reach a point where we have a therapy called human rejuvenation rejuvenation therapy hjr i think rhr hrt or something like that i don’t know what he calls it human rejuvenation therapy let’s just call it that for sure he’s like basically you’re gonna he’s like what we know is that you’re living by the way is this boring or should i keep going no i’m looking at uh i’m looking at what he’s saying now as you go keep going okay so so basically he’s saying like he’s like one thing we notice is that the damage is happening from the day we’re born right your cell’s function you damage but you don’t really feel the effects until you’re like middle-aged or getting older so 40 50 60 that’s when you start to the damage starts to accumulate the cells start to die and that’s when brain function slows down muscle function slows down reaction time slows down he’s like so it there’s this like point where there’s too much damage so we need to give you a therapy before then he’s like we can’t just like modify your dna so there’s no damage happening what we need to do is by the time you’re 30 or 40 we need to be able to give you something that’s gonna like repair the damage that’s happening uh faster than the damage is happening and he’s like that’s how we’re gonna solve this number two we’re gonna solve it first in mice before we solve it in humans he goes mouse lives two years the test is gonna be can you get the mouse to live five years but here’s the trick you can’t breed the mouse differently you have to let the mouse live normally for 18 months and then you have to give them something at 18 months that extends life by two years that’s going to be the test and he’s actually put up like a million and a half dollar prize or whatever like there’s a multi-million dollar prize for anybody that can do that you have to do a test where it’s like an x prize it’s like let a mouse live for 18 months give him a therapy and now his life needs to be extended and in the control where you don’t give the mouse the thing he needs to die six months later as planned and um so that’s like the that’s the breaking point he’s like once we figure out how to do that then like 10 15 20 years later or something like that we’ll be able to translate that into humans but we don’t know how to do it in mice yet um he’s like right now we can extend their life a few months but not years he goes the second thing people think that this is really far away like oh yeah maybe people will live forever but not in my lifetime he goes what the way that science works is he has this curve he shows like if you were 80 years old and we discover this [ ] it’s too late for you you’re dying if you’re 60 years old and we discover this [ ] it’s kind of too late for you you’re dying if you’re 50 and we discover it we might extend you by a good 30 years but you’re probably gonna die at that point he’s like but if you’re 40 or 30 and we discover this and like when at the time when we discover this you like have escape velocity as i call it meaning i’m going to give you the therapy before enough damage has happened and you’re going to live like the guy who’s 10 years older than you is going to live till he’s 150 and you’re going to live till you’re a thousand he’s like that blows people’s minds but it’s true it’s just the way that this works which is once we have the therapy the difference between somebody living an extra 40 or 50 years and an extra thousand years will just be like a 10-year age gap because you’ll be just below that threshold damage how far away are we and so he’s like the part he’s then he just discusses the science of breakthroughs he goes in every field there are breakthroughs breakthroughs are extremely hard to predict when they happen he’s like flight even you know from prehistoric ages we’ve had this idea of being able to fly and nobody knew how to fly until like 1903. 1903 the wright brothers figure out how to fly and then from there it’s like every 25 years there’s like a pretty big jump from two dudes in a plane that’s basically gonna kill you to like a plane that’s reliable to a plane that can go really far to supersonic planes to like now we get on a plane it’s super safe you go to sleep you watch a movie and you fly right like every 25 years incremental progress happens after the breakthrough but you so you can predict incremental progress so he knows after we get the breakthrough of figuring out mice we’re going to have like 15 20 years before we get it to to be a therapy in humans that extends life 20 or 30 years a healthy life um but uh you know we don’t know when that breakthrough’s gonna happen he’s like the bad part is it’s been like 100 years and basically nothing’s happened uh for this breakthrough and so uh so yeah so that’s where that’s kind of like where it’s at right now but i was pretty fascinated i was like i want to go this is just like a like i’m at the ted talk level so like you know that’s the surface of the surface but i’m very interested in going deeper and learning more so there’s this book on longevity i believe it’s called lifespan i’m i’m thinking about reading it i’m very fascinated by this too it it something that i’ve been thinking about and we’re going to wrap up here it’s all like when i was thinking about dying it seems like we mostly like all just die from like some type of cancer or alzheimer’s or something like that like we like if the timeline’s long enough like we’re all gonna get cancer or like some type of alzheimer’s or something like that and die and i’ve always been wondering to myself isn’t it weird to you that with everything that we have that someone could still die from one of these illnesses that you could have you could have had for six 12 24 months like i’ve always thought like you should know right away you should know like once that cell forms or you know i don’t know anything about medicine but you understand and so anyway this is i’ve also been obsessing with that maybe it’s because like i’m getting in my my 30s now and i’m like well i kind of i’m very slowly but i kind of just felt like a little bit of like soreness i don’t want to like get older and i’m flipping out a little bit so i’m on board with this i’m going to start reading this yeah there’s um there’s uh uh what’s it called there’s this chart that’s great and the chart basically shows why do people die it’s like it’s like a visual chart so it’s like uh blue if it’s um you know it’s it just happens in yourself it’s non-transmissible red is if one person passes it to another like the flu or covet or whatever and then there’s like a the size of the bubble is basically how many people die of that every year it’s like number one is cardiovascular disease and then number two is cancer and that’s like you know that’s bulk of the deaths right and then like number five is influenza and then you kind of you know whatever you go on from there so you’re right it is these sort of same causes stuff that people are trying to fix but uh no no breakthrough yet that like just radically eliminates that like remember when people used to die of cancer that will happen it’s just a matter of when uh which is pretty sweet honestly yeah it’s interesting to me um all right i think that uh that episode was a nine out of ten what do you think i liked it what do you think dan i give you a nine as well all right i think that was good um dan’s got a little bit of a ned flanders in him i could see dan being the ned flanders of a neighborhood i don’t think that’s a compliment great neighbor what’s wrong with dead flanders all right i’ll take it like a very positive guy yes that i thought that was a comment all right thank you that’s the episode i feel like i can rule the world travel never looking back