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 that alone is kind of like to your point here where if you’re a creator with an audience with credibility if you’ve done something if you’re actually good at a skill yeah you can get to a million dollars a year of profit uh not just revenue doing it as an individual course creator yes and the path is quite straightforward the tactics are are simple but uh it’s basically i feel like i can rule the world i know i could be what i want to i put my law in it like no days off on the road let’s travel never looking back all right everyone what’s happening we have a good episode but before we get to it please do me a favor click the subscribe button on itunes and the follow button on spotify last week we got a ton more spotify listens because they’re doing something i think there’s like a pop-up right now that shows to people when you listen to the podcast that asks if you want to follow and uh anyway i want to see if that’s working so go ahead and click follow on spotify and then click subscribe on itunes and the reason why is the more you click that the higher we go up in the rankings higher we open the rankings the more lessons we get the more listens we get the more cool [ ] that we can do so do that now in this episode we’re going to talk about course businesses um of course business is something that a lot of people are interested in i think it’s one of the easiest ways to make a million dollars a year uh but we’re also going to talk about how companies are making 100 million a year doing it so go ahead give us a listen we’re going to talk all about the course businesses it’s going to start in just a second and make sure to click subscribe click follow and we’ll talk to you soon we got a lot of cool stuff going on but how you doing i’m good i’m still recovering from your sick burn about my uh sweatshirt [Laughter] they’ll see on video it’s it’s it’s not that it’s bad it’s just that it would have been a lot better if you wore it as like a nine-year-old in 1994 i look like a skateboarder who got his birthday present and uh you know a 12 year old skateboarder who got his birthday present and then abrayu clapped back at sam and told him he looks like a knight who’s wearing the like chain link stuff that goes under your armor you look like the extra from the disney movie brink okay i have not seen that but you look like a 90s disney movie extra dude i wish that would be an upgrade from my reality have you um do you read books i can’t tell if this is another burn well that’s a transition to a real question do i read books do you know how to read yeah i read books how many books do you read i’m not this is like real i don’t know how much do you bench press i read like i’m reading like a book all the time like it doesn’t have one book that’s going at any given time probably read i don’t know three four a year do you um when you’re reading it do you feel like you absorb it yeah i intentionally read slow and i reread and i take notes so that’s what i’m doing now instead of like you know how like do you know who ryan holiday is i know about him yeah i love ryan he’s cool but he reads like five books a week and that’s popular that people will say like for their new year’s resolution i’m gonna read 50 books this year right and i’m like damn that’s hard just to do but like do you learn anything and what i’m trying to do now is only read two or three books a year but i’m i’m like quizzing myself i’m trying to master it and it’s been really hard so what i do is i get a bunch of books like i’ll buy a book every three days probably if anything looks interesting i have an unlimited book budget for myself and i’ve had this for a long time where i just decided okay i’m not gonna be i’m not gonna have a budget i do the same thing by the way it’s and so i just instantly buy it on my phone i use the kindle app on my phone to read i have a kindle i have physical books sometimes but i’m all the phone is always with me so i like that better i end up reading more there and um what i do is i will i’ll read like five percent of 50 books in a year right like i will just pick up a book i’ll start skimming through it and uh i just assume that most books are bad and so i i i’m very i do not complete 95 of the books that i read that i start and i think that’s totally okay the book has to actually like be interesting or grab me or say something interesting for me to try to finish it but then once i do read a book that i like i will reread that book multiple times over the years like i’ll reread the books same i i do the same thing i use it as a reference book and i reread it a two times um i want to ask you so today i want to talk to you about course businesses and i went down a rabbit hole and i called someone right before the podcast in order to get intel and get insights it looks like you have a ton of ideas but can we start with something really easy which is you got into an argument with someone on twitter that’s what you have listed here and i am you you you alluded to it a week ago what happened i don’t know what you’re talking about okay so uh all right i’m gonna try to do this without getting without restarting the fight um i tweeted out that i said you know um i don’t even know what i said exactly i basically said elon musk and jake paul have um yes i said i said elon musk you know sells cars and uh launches rockets and raises money and does all this stuff and you know tesla never runs a commercial jake paul is like does the same he’s going to sell millions of dollars of pay-per-views for this boxing match that he is coming up uh without a commercial and i said the best marketers don’t spend a dime right just kind of like a an observation it’s not like obviously and also like a cute sound bite tweet yeah just a sound bitey thing obviously many marketers spend money and they’re great at it and it’s a smart thing i do i spend money when i advertise too it’s great so that’s not really the point the point was some people are able to hijack people’s attention in the news and have done very well with it right so i tweet that out doesn’t even seem like that controversial of a statement to me um move on with my life and then a few people start comment a bunch of people were like yeah true blah blah and then a couple people comment like um you know yeah but jake paul’s an [ ] okay fair enough doesn’t matter to me um and then one person who’s a writer for the new york times basically says um i can’t believe you i i can pull up the tweet i should pull up the tweet because this is gonna be stupid if i uh and while you’re doing that the person you’re talking about her name is taylor lorenz she works for the new york times a lot of people in the tech world and a lot of people in general uh really dislike her and i’m i i actually let’s be objective here a lot of people really love her so we don’t always want to go to the negative side but sure okay so i have my stuff in front of me and by the way i don’t have her tweet because she now has blocked me but uh so that’s the end of the story all right so i said elon is pumping dogecoin on saturday night live while the paul brothers are raking in tens of millions just by stealing floyd mayweather’s hat while the camera is on the greatest marketers don’t spend a dime uh by the way did you see the hat thing the gotcha hats so funny yeah so funny okay so uh if you haven’t seen it jake paul’s older brother logan is scheduled to fight floyd mayweather logan paul is a youtuber floyd mayweather probably the great greatest boxer ever it’s not even going to be close it’s not even a it’s not even a like a real contest it’s like 2001 odds yeah it’s like celebrity death match you have two celebrities disagreeing to go punch each other but like one of them is actually a professional puncher yeah and um so anyways but they have to sell the fight so in the press conference you know they have to pretend like oh i’m talking trash like i’m gonna beat you and you’re talking trash like you’re gonna beat me anyways jake paul stole the show this wasn’t trending very well because it’s so one-sided not a lot of people wanted to go buy this because there’s not much intrigue of what’s going to happen the only people want to buy it are just people who want to see a bit of a circus and so jake paul goes up to floyd mayweather and they’re talking [ ] and they’re like um you know i could beat you up you could beat me up and then jake paul goes gotcha hat and then just took his hat and ran away like an absolute third grader on the playground funny as hell uh of course you know to ham it up floyd miller tries to go fight him because he took his hat and then there’s like you know 70 people all holding their camera phones up recording the thing and it’s just reading that show yeah so that that went viral that goes that gets on every you know blog and that goes viral on social media some people think it’s stupid some people think it’s whatever doesn’t matter what your opinion is they got a bunch of attention from it so that’s all i was pointing out um and in fact jake paul then tripled down on it which was he uh he did the gotcha hat thing it goes viral on social media while it’s going viral he has this merch guy gotcha hat hats uh puts it up on his store sells out of gotcha hats gotcha hat hats and then he gets a tattoo on his leg that says gotcha hat and post that that goes viral that jake paul got a tattoo of the thing that just happened so he got a double pump a second pump of news pr out of it so i was just pointing out that these guys are good at marketing they’re good at marketing themselves they’re self-promoters by definition you really can’t disagree that the paul brothers are not good self-promoters they self-promoted themselves yeah huge anyways a bunch of people say yes and then a couple people are like um you know these are pranksters they shouldn’t be labeled as great marketers don’t set them up as anything to be emulated um basically like don’t say they’re good because people what they were saying was like people follow you well they were basically saying well sean they’re bad people and you’re like yeah i don’t care that’s not the point they could be the worst person on earth i’m just saying i’m just showing that they get eyeballs yeah they’re effective at marketing that’s all i said yeah it’s like saying like a like a cigarette company could be a great marketer who cares if you think cigarette is good or bad and so this writer for the new york times basically takes us as an opportunity to come in and promote her own article in the new york times that says i covered the story about the sexual assault allegations against him so you you know you really basically i don’t know exactly she said because again she blocked me i can’t go read it but it said something to the effect of um like it’s messed up to um to promote them or say something like to be saying that they’re good or whatever when they’re actually jerks they’re bad guys they’re [ ] they’re whatever this guy’s been accused of sexual assault so i kind of i don’t even remember what i said back but i kind of went back and forth and i was just saying what you just said i am not saying that they’re good humans i’m not saying they’re great citizens i didn’t say they should be president i said they’re good at marketing i don’t really see how that’s arguable and then you know they clap back again and said you know basically you’re a jerk for saying that he’s good and um and so a couple things happen first is dude i i like r kelly could be a great singer and also a horrible human being yes and so so one of them was like you know is there really anything to learn from these guys um blah blah blah and so anyways they’re going back and forth i and i’m i’m getting agitated at this point and so the new york times writer she goes she said something that was like again just like trying to like virtue signal and i just replied i go she was she she said something like i don’t think he i don’t think he knows the point he’s i don’t think he he’s making the point he thinks he’s making talking like replying to me talking about me but as if i’m like not in the room anyways i thought that was like a weird way of saying it and so i just go you are the jake paul of journalism oh my gosh got blocked uh instantly um and you know a bunch of people were that got a big reaction out of people now i thought this was the perfect kill shot why because that’s not an insult to me i’m so first of all it’s true her brand of self-promoting herself as a journalist is confrontation she gets in confrontations with keith for boy with biology with neva with whoever right she just goes and picks fights on twitter with mark andreessen and so she she goes to the biggest names she creates controversy picks fights and then she also like then as soon as they sort of attack back then she turns that into a story which is big bad tech is bullying me um and so i was just pointing out that actually her form of self-promotion is the same as jake paul’s he went to floyd mayweather agitated him picked got gotcha hat and used that con controversy in that confrontation to build his own brand so i was a correct in the way identifying her own playbook of self-promotion b it’s not an insult to me again i have no problem with jake paul jake paul came on the podcast um you know i i think this guy’s a good marketer i think that i i don’t take such a black and white look at people and say that this person is good and this person is evil and this person is you know like i just don’t think that the world is that black or white and so uh anyways i wasn’t trying to answer her but she took it as an insult of course because that’s why it was the perfect one-liner uh i was able to insult her without even insulting her and so um so anyways that was the confrontation and then uh yeah i got you know a bunch of dms from people and then you know people of my company were like hey can you not like pick fights with journalists and i was like okay i’m sorry i really wasn’t trying to pick a fight with the journalist initially oh that’s pretty funny um well that’s a good story i still have no problem with her i actually think she’s a really effective marketer of herself too like i know her name i don’t know anyone any other tech journalist name i genuinely think she does a very good job at promoting herself by covering interesting and controversial topics like she was covering tick tock early on and then also her brand of sort of like taking it to the you know powerful people in tech i view it as an effective form of marketing i also think she’s good at it so it’s i really have no ill will but i did think it was a cool uh online i think that’s a pretty good one liner i didn’t i unfollowed like everyone on twitter i’ve been spending less time on it because it makes me angry but i wish i would have seen that because that’s pretty well by the way by the way this was the best part all the white knights do you know what a white knight is yeah so for those who don’t know white knight is like sort of a how would you describe it like someone who like they don’t they don’t necessarily care about the topic they’re just trying to act like they’re saving the day so uh the girl likes them yeah it’s basically dudes online who come to the rescue of women to virtually signal how they are you know such they are the good noble supporters of of good and evil whatever um so anyways there’s a bunch of white knights that were in the thread that were like yeah sean i can’t believe you did this i can’t believe you would give someone this platform first of all jake paul has a 50 times bigger platform than me uh second of all um yeah i that’s my that is my platform i point out things that are interesting or you know i point out truths i’m not like trying to toe the politically correct line and then i go to this guy’s twitter i go to his twitter the second retweet is conor mcgregor has sold this many millions of dollars of whiskey you know he’s promoting it guess who also has a bunch of sexual assault allegations against them right now conor mcgregor so he was allowed to promote that conor mcgregor i called him out i go dude i like you we’ve we’ve been friendly before but what a hypocrite look at your own timeline dude you’re saying this guy is great he goes honestly i just didn’t i didn’t know that about conor and so it’s and then a bunch of people were eye-rolling like oh you didn’t know good yeah okay cool like you’re literally know that everyone knows that that guy like punched an older guy in the bar like this has been on the news yeah yeah you thought conor mcgregor was sort of you know goody two shoes yeah right like this guy’s been in the news he’s been in jail he’s done all this stuff and so i just thought that that was the the classic hypocrisy of of people on twitter well i uh i didn’t see it i’m happy i know the story i’m and i’m what i i love that you do that i think that is great and i think you should continue to do it hopefully you won’t you won’t not do that because you were asked not to but we’ll see do you want to talk about the course business because i actually i didn’t get into it but i i saw a company that i think is kind of silly for what they’re trying to disguise themselves as but i actually think it’s good for what it re it really is and i want to bring it up but i did a ton of research and i know that you’re interested in courses as well yeah okay i’m fully teased i go for it what is it what’s the company okay so today uh the for this little segment let’s talk about the course business the education business whatever i broke it down into four different categories but there’s this company called i don’t know if it’s called be on deck or on deck yeah it’s called on deck the you the url is beyonddeck.com um it’s actually really confusing what they advertise themselves as if you go to beyonddeck.com frankly i didn’t know what it was i didn’t understand it i did some research i think i understand it now um and the way that i see it is it’s a course business so basically you pay i don’t even know the price actually is it like 500 uh it’s like hundreds of dollars i believe and you sign up for it’s over a thousand dollars it’s over a thousand dollars is it under two grand yeah i think it ranges between one and two grand something like that one or two maybe one in three one and three grand and you sign up to a cohort based class meaning there’s a start and an end and they have got like 15 different classes probably at this point i got to stop you there’s these aren’t it’s not a class why why are you saying it’s a class yeah that’s what it is um you can you can call it there’s no teacher there’s no uh okay so here’s how i here here’s here’s how i would describe it right so so we you you know eric thornberg right he’s i don’t know oh you don’t know him okay eric’s good guy he’s he was early on at product hunt he left and he’s created a bunch of things since then one of which was on deck so the way he thinks about on deck and the way he talks about it is on deck is basically like a modern day business school so why do people go to business school people go to business school because they want to build a network they want to maybe learn about business and they’re looking to kind of like pivot their career in a different direction right they were doing one job they want to go to the next job they don’t know what it is they want to change industries change roles change whatever change careers so business school is this great pivot point to do that so what on deck did was they sort of made an unbundled and digital version of that um actually not even digital there’s a lot of in-person components to it so what it is is you um let’s say they have a bunch of different tracks but let’s say you want to go into let’s say you want to become an angel investor and you’re not an angel investor today so on deck is your pivot to do that you apply to join you say great i’ll pay the to go to the on deck angels program and yes there is some education they bring in speakers who are angel investors they’ll talk about angel investing that sort of thing but it’s basically a x-week program for you to you know go from where you are now to that track that you want to be on and it can be with angel investors it’s a little bit more like a course which you’re talking about which is you’re going to learn about a thing and then by the end of it you can do it but they it started with just people who were on deck to build their next company i was like all right you don’t know what you’re going to do next why don’t you join a group of other people who are also thinking about their next opportunities maybe they have a great idea you could join their team maybe you could find a co-founder and and do this here and it was just people who were looking to make a change and um and you would pay to basically enhance to join this to get a good network so the network is all kind of like other kind of like just like if you go to harvard you’re getting other people who have a certain caliber of person who’s going to go on to do a certain caliber of things and you pay to go be a part of like an eight-week program or whatever to go do that yeah that sounds like a class to an eight-week program where you’re learning and talking it’s just a lot less about the learning content side and it’s a lot more about the network that you want to build then in that case i would say the likelihood that they’re going to be quite huge i think is actually lower it would actually be better if they were a course business because the problem with that is they’re either going to raise prices to be tens of thousands or hundreds of thousands of or they’re gonna have to decrease the standards of who they let in and keep the price low and thus ruin their network so let’s talk about some of the programs that they have right so they have on deck founders that’s i want to go start a company they have on deck first 50 which is i want to become i’m a talented operator i want to go join a early stage company in the first 50 employees that’s going to that’s going to be the next airbnb the next whatever right uh there’s on-deck investors where you learn about angel investing there’s on-deck podcasters where it’s like if you want to start and kind of grow a podcast join a batch of other people who want to join to start a podcast listen to speakers who are existing successful podcasters and by the end of it you’ll have like built up some momentum of now going down this new path that you weren’t on before so let’s just say who cares about on because it got me thinking about the course business i think it’s a course you say it’s not it doesn’t really matter what it is because that is what got me interested in the course business and the problem with the course business is when we say the course business oftentimes people will categorize anything that’s even remotely related to course into the same category and that’s actually false that’s not that’s not how it should be um and so what i want to talk about is the four categories and let’s talk about why each one is interesting and so i’ll just briefly list what those are so the first one is basically one person or a smallish company making a handful of courses that’s like our friend jack butcher right that’s like ramit satya our good friend or my good friend ramit sethi this and we’re gonna i’ll go back and we’ll actually talk about what makes that what it is the second are platforms so things like udemy um things like teachable a lot of people say this is the course business that’s not a course business that’s a tech company that uh makes technology so people can create and sell courses i’m not even gonna talk about that because that’s a totally different category even though people do sometimes refer to it like uh this category or with courses the third one is the master classes of the world these are another example is this company called the great courses these are businesses that create hundreds eventually of different courses and they go and sell to consumers for 100 bucks to 200 300 a year and the fourth one is b2b companies that sell education to companies and so a company like that is pluralsight which sold for three billion dollars and does something like 500 million dollars in revenue there’s a there’s a few other there’s coursera there’s um there’s actually a handful of them that i didn’t know about but in researching there’s a handful that do 300 to 600 million dollars a year in sales multi-billion dollar business now i want to go through each one and explain what makes them tick or at least what i think make them tick and and in order to do this i went and talked to my friend ryan dice ryan dice runs this thing called digitalmarketer.com and he he’s been in the game for 20 plus years and we kind of talked through this so the first category is these like single person creators i think you’re like that um i’m not like that at the moment i could probably easily become that and um i i enjoy that and i actually think that the path to making a million dollars a year this way is incredibly straightforward and it’s a very high likelihood in term all all relative to starting a business but it’s like a really high likelihood of making like a million bucks a year it’s very high likelihood that you can make 200 000 a year um and so these are companies like uh i will teach you to be rich uh doc is that what it’s called i’ll teach you to be rich.com it’s uh what you’ve done what what was your newsletter called the all access pass that wasn’t quite uh a course like it’s what i announced i don’t know if you saw this i tweeted out that i was doing a course yes yes and i said hey i’m gonna do a course uh on power writing basically like writing for the real world and i just tweeted out like would you be interested here’s what this has helped this skill has helped me it’s helped me get jobs it’s helped me you know get investment it’s helped me grow my companies help me make money so writing in the real world emails tweets blogs ads landing pages that type of writing you know going from good to great is a big difference would you want to learn this i said it would cost 400 bucks for the first batch of people whoever was like kind of the guinea pigs let me know if you’d want to do this and um i got i think i don’t know 1200 replies of people filling out the survey saying they want to do this and so yeah just that alone is kind of like to your point here where are simple but uh it’s basically build an audience that’s all has the most part that mostly has yeah but even that there’s a process to that i mean it does it’s not it’s not easy but it’s simple but you build up an audience where people rally around one type of thing and then you eventually create something that costs 100 all the way up to thousands of dollars and you sell it um my good friend one of my best friends neville medora has done this with copywriting he probably i don’t know what he makes but i if he said a million dollars a year i would think that sounds about right um there’s jack butcher like we said my wife sarah is actually launching one shawn has one i’ve launched one at the hustle before but it’s not live now but it was and it’s pretty interesting it’s it’s the easiest path probably to make a million bucks a year i actually think and the way that you scale it’s really hard though now here’s the downside it’s pretty hard i think to get past 10 million dollars a year in revenue on not that like that should be the goal necessarily but like it definitely caps out relatively low um but you could if you as long as you don’t base this on your personality it’s a pretty good business that you could sell to like private equity or something like that for a bunch of money and after you’ve created the course you then create a consulting or coaching service that costs 10 000 plus a year and you could potentially have like a pretty good 10 million to 20 million your company i like that i’ll give you an example my uncle does this he’s in real estate he himself has like i don’t know a 200 something million dollar real estate portfolio so he created a basically how to get into multi how to do multi-family uh apartment investing and he creates a the course i think is like five grand um he sells a bunch of those and then out of that some people pay him 25 grand for the more one-on-one in-depth coaching because they’re like going at it and for them it’s not hard to justify five or even twenty five thousand dollars because the economics of even a single apartment building um that they’re buying are such that that’s that’s future what cost my uncle oh which uncle uh my uncle i mean you don’t know you want you wanna you wanna pimp him out though i’m trying to oh i don’t even know what his course is called he’s my uncle vinny we should have him on he’s got a kind of incredible story and his personality is amazing he’s the most joyful person i’ve ever known almost to the point where people think he’s like are you high or something and he but he’s just like that 247 he’s high on life 24 7. it’s kind of amazing so uncle vinnie’s a great example there there’s a good one example of this now the second one that i mentioned is like these master class businesses these companies there’s a pretty clear path to get to like a hundred million dollars a year in sales and what you do is you create something that is in the three 200 300 range for an annual subscription and you scale fast by buying a lot of ads um but before you do that you have to create a pretty big library of course content which can take many years i know quite a bit about masterclass do you want me to give you kind of like some of the interesting bits so master class they um started by sky went to harvard business school i believe um and then he you know one of the core insights was he wanted to create what he said was the library of alexandria for um alexandria or alexandra basically whatever the library was of like kind of like all the best of human knowledge at that time he basically was like i want to create that of today’s time and so he they spend upwards of half a million dollars per masterclass just on the production value alone even their first one was over 500 and so the production value is like kind of insane it’s like a hollywood shoot that they do personally i don’t even know if that’s necessary i think that’s that’s totally overkill but that’s their stick the bigger part was that they got the biggest brand name so they go if you want to learn business well here’s howard schultz from the ceo of starbucks you want to learn basketball steph curry’s master class you want to learn comedy you’re steve martin you want to learn i don’t know writing here’s aaron sorkin and so they took the the a plus plus talent which is a key differentiator right because most of these online courses are like you said it’s me it’s ramit safety it’s like these like niche you know i’ll just make fun of myself here right we’re nobodies in the in the world compared to compared to what masterclass went and did and masterclass was like great i can take you know chef gordon ramsay’s cooking i can create a hype 30 second trailer and i can blast that on facebook ads and basically gordon ramsay has enough brand pull that i can profitably acquire customers and so they do this with a bunch of creators a bunch of different um course creators serena williams whoever else they cut a rev share deal with them so they give them an upfront kind of like minimum guarantee and then they have like a rev share on every course sold you know you get x and then they turned it into like a class past style subscription where now you pay the 15 bucks a month you get access to all of master class and i actually talked to the founder the ceo and i was like he’s a great guy and i was like you know do people i took one and you know but like do people does does a person really want to go learn cooking from gordon ramsay and then basketball from this person then tennis from serena williams like it seems like do i need the all-you-can-eat buffet and like do i come back is the retention high and he just showed me the numbers he was like look we’re making x hundreds of millions of dollars a year it’s growing at this pace and look at the churn the churn’s not so bad i said how do you keep the churn so low like for an education product like this he goes when people take a master class it’s they keep their subscription even if they’re not coming back and taking a course every month why because it’s aspirational they they have a dream of like learning photography they want that hobby to exist they buy the master class and if they have one experience where they feel like their hero or their idol kind of shared like a real nugget of wisdom with them um that’s enough to keep them hooked so i thought that was pretty interesting and that’s the thing that we should discuss that’s the downside of this business as well as every other category that i’m mentioning is and this is this freaks people out i wouldn’t even say it’s retention but it’s completion so our good friend nick hoover launched the course and he goes dude 200 people bought this do you know how many people finished and did the whole thing he was i i the number is if it’s not this exact number it’s close he’s like three right or something yeah it was like he was like nothing and i was like yeah man that’s really normal um he was being he was like he was legit he was like dude did i make a shitty i was like no this is the this is the standard percentage completion if you go to udemy i remember with udemy i think they had said at one point in time um six percent of people complete the course six percent right 100 students come in imagine on the last day of the semester six people are left in the class and so you know for nikes is pretty much in line with like this single digit completion rates that was a big problem with education and that sucks and actually i would say two things one um for people getting this business just know that mo it’s so weird that you’re gonna make all this money and you’re crushing it most people don’t even use the damn thing and by the way they’re not pissed it’s not that they used it because they didn’t like the product often it’s just life happened they got busy they didn’t follow through they if they’re upset at anyone they’re upset at themselves for not actually taking the full action on the course they’re not upset with the course yeah and just counter intuitive the second thing here is like is that even important is this even a problem worth solving and the answer i actually think unfortunately is no this is uh not a problem we’re solving aren’t going to take it that is just how people are and we should move on and just make money off of it because just the fact that they buy that’s interesting and that kind of helps them in a weird way just like you with books just like you at books it’s like me with books yes that’s true but i would disagree in that i do think it’s the fight worth fighting for because if people aren’t actually taking the course ultimately they didn’t get the real value of the product which means they’re not going to come back they’re not going to tell friends to do it which means your business is gonna suffer so can it be done can you get above six percent ten percent can you can you get thirty forty fifty percent dude even that sounds [ ] crazy to me i’ve asked um people who charge five thousand dollars per course they said uh under 30 is still what they get as a completion rate it’s insane because that’s such a big financial commitment for people um individually not out of their company’s pocket out of their own pocket just to spend that money and not complete it is insane to me but that’s what happens now i will say though but when we had cohort classes like a live cohort class it was like 75 completion exactly that’s exactly what i was about to say lambda school switched live cohort based and with a um a clear like sort of uh high bar for entry so lambda school most courses right when nick hoover ramit and myself when you sell the course you want pretty much as many people as you can to take the course that’s how you make your money right you’re like a college you want to admit as many people as you can um unless you’re the top college where your brand is really about not accepting everybody and so similarly with lambda school because lambda school doesn’t get paid until you get a job their incentive was not to let any joe schmoe in their incentive was dude we only want a student if they’re if we think they’re actually going to finish this course if they’re serious about it and so because of the filter on the front end plus the format being live and in a peer group they had like plus completion rates and then i invested in this company maven for the same reason because they were saying hey we’re going to make it easy for you to teach a cohort based course that was appealing to me because i was like so far cohort based courses is the only thing i’ve seen where people actually finish the course so we’ll see so but that is something when we’re going through this process we or this discussion we have to acknowledge that like most people don’t buy your stuff yeah and if you’re doing really well like what did you say 70 yeah do it so it’s like kind of crazy that that’s a pretty nutty nutty thing now to wrap up the master class i don’t i have to call this like mass consumerism course category i don’t know like lynda.com would also be in this at the time now linda’s more b2b but when linda started it was a place to go learn anything right um and and so lynda.com masterclass there’s a bunch of master class 4x so it’s like there’s a master class but instead of steph curry and gordon ramsay it’s famous youtubers and they’re called monthly i think monthly.com they’re trying to do the same thing as masterclass but their stars are social media stars and i think they were doing actually pretty well there’s another one that’s masterclass for athletes it’s like okay we’re just going to take the vertical of of sports and it was you know started by exactly that sounds neat um [ ] i just talked to him the other day this would be a perfect shout out for him i apologize that i don’t have it off top of my hand but uh but basically he he’s a he’s a trainer he’s a trainer for kyrie irving he’s a trainer for a bunch of nba stars and so he’s able to carmelo anthony so he was able to say hey mello create a create your course hey kyrie create your course et cetera and um and so he’s able to access top flight stars in basketball because he himself is a basketball trainer and create a master that’s just of that group just for that audience which i thought was actually a pretty interesting model eight was his name adam robin i’ll find the name let me ask ben real quick but yeah go on i’ll get the name so anyway um in order to make that style of business work what you have to do is create a mostly evergreen course content and the name of the game is get like basically as many as possible that meet some type of quality bar um right and you just go big and try to create hundreds of them or thousands of them how do can you what the great courses is one example i think they do like 150 million dollars a year in revenue i don’t know what master class is but i bet you they’re at 200 to 300-ish yep um all right and then the fourth or the third cat so i had three categories i had like the small creator i had tech stuff but we’re gonna get rid of the tech thing like udemy solo solo teacher platform like you to me and coursera and then you had high-end um you know library of of courses like masterclass what else now here’s the fourth one and most interesting one which is b2b education corporate training type of stuff easily the biggest one hands down now an example of this is pluralsight have you heard of pluralsight i’ve heard of it but i could i’ve heard the name before but i couldn’t have told you what it did until this beautiful lovely name it’s geared specifically towards engineers and it just teaches like the latest and greatest uh um tech stuff that you you give to your engineers and and they go through this and uh pluralsight is one of them there’s actually a bunch of more a bunch more and they there’s many of them that do 300 400 500 million dollars a year in revenue and you but this is where it gets kind of shitty these businesses are based on one thing salesmanship so you just hire a fat sales team and you go out to these companies and you sell and i went and asked the people at hubspot i go why do you guys buy this stuff and they actually told me all about it and they’re like well basically we’re ranked really high in glassdoor and we recruit a ton of people and one perk that we have is that we give you five thousand dollars a year uh for education now we could have bought pluralsight but and that would have actually solved the same thing which is we want to be the best place to work we offer loads of perks like we’ll teach you x y and z um another example of why these courses are important is something like cisco or microsoft have tests and exams that they want you to pass certifications that they want you to pass in order to either get a promotion or just you just put it on your resume that you have this interesting thing pluralsight teaches you uh how to succeed at those uh at those um um what am i saying at those uh certifications and they charge something like 600 a year per head and you just got to hire a sales team with the you give each salesperson like a 300 000 500 000 quota and you go here’s the yellow pages start dialing and and that’s why the pluralsight is based in utah because the mormons are like some amazing sales people because they’ve been they had to spend two years selling a religion of so they’re really good at it um but this business is probably the biggest but i oddly it’s really not so much about the um it’s not about education it’s not about education it’s about salesmanship and the way that you win this um is you you you go down a very narrow knit niche you hire subject matter experts so people who know their stuff you pay them a flat fee sometimes royalty but you prefer to do a flat fee because your gross margins will be really really uh a lot bigger and then you go very niche you go very role specific and then you go and you sell into the hr and then learning or learning and development budgets at large companies which sucks because uh those are typically the budgets that are slashed first but they’re there and they have to get spent and so pretty much it’s a game about getting inside with these people and selling to them kind of lame but there’s money to be made yeah i wonder if somebody could do so so that’s the way that most corporate software was sold too until slack and some others started this like bottoms up sales process inside companies where they basically how it sold though uh it isn’t is it but there’s so bottoms up sass became its own category where the model was you make your software useful to even if the whole company doesn’t adopt it you let an individual person kind of the front lines or the middle ranks of a company start using it they use it with their team they’re kind of like their sub team other sub teams start using it and then you go to the cio you have a meeting with them and you say hey by the way you know a bunch of your com a bunch of your employees are using this thing you need to buy the like the enterprise version so that you have like security stuff like secured you have oversight over what’s going on and that anybody in your company can get access to this right now it’s everybody’s putting down their own card and trying to make this happen and so that became a pretty popular model yammer was one of the first to do it uh then slack and others um i wonder if this would be the only way i would want to do it if i was an entrepreneur going to space because i wouldn’t really want to do the enterprise sales path where it’s not really about the content it’s just about the sales you know how good you are at sales as a company um because if you go bottoms up you’re really going off of making stuff that the individual employees actually want to learn from and then secondly you’re only as good as as them sort of retaining or actually wanting to use this so i think that’s a healthy thing in the end although it is harder actually than the other path so i wonder if there’s a way to do that the hard part here is just like there’s six percent completion rate for hobbyists trying to learn i think similarly you know um for example i know that when when the learning and development team sends out an email at twitch i asked my team i said hey do you guys do any of these courses that there’s a bunch of free stuff available here they pay for it you can just go take it like it could help you and they’re like yeah that’s a good idea but like i just don’t have the time like everybody feels overworked so the amount of time an employee is going to carve out to just do optional education is so low that i just think that most of the things that live in the uh what’s it called the learning manager whatever like the lms learning management system inside companies is uh untouched right it’s just twinkies sitting on a shelf so that’s exactly another that’s another thing so not only is it about salesmanship but basically these courses the truth is it’s not actually about teaching your workers something good it’s about offering it and if they use it fine but the fact that you offer it it makes you look better and you could hire more um as i don’t own my company anymore but when i did i would never have bought the [ ] i’ve been like look if you want to take something we’ll buy you any book you want i’m not but we’re not paying for these stupid courses because no one’s going to use them but that’s not how a big company thinks because they want need to put it on their perks and benefits and here we are but that is my my very high level summary of this course business i was very curious as to how they work um if i was well i am i’m not going to launch any of the same time soon but the first one the creator one that’s a that’s a no-brainer it’s a no-brainer once you have an audience right that’s the if you don’t have an audience it’s not really going to work then then you’re more in one of the other buckets but i think you correctly identified if you have an audience it’s a no-brainer business model for people with audiences but it also has a cap and it takes up time so you gotta like you know choose accordingly all right let’s talk about some other ideas um i have one that i saw today that i think is pretty interesting so it’s called the irish pub company did you see this tweet no so we got tagged in this which is by the way that’s the best signal that we’re doing something right is now people just tag us in [ ] that they know is the type of stuff we want to talk about like we’ve built the brand of when you hear about a cool niche business that’s crushing it that’s like so simple and you you would have otherwise just never heard of this it’s like this is perfect for my first million so somebody tagged us oh this is awesome our friend um chris uh chris j becky is his like handle i don’t know if it’s becky or bach i don’t know how you say it i think it’s bach um he tweeted this out so so shout out to chris he was on the podcast a while back he’s a super entertaining guy on twitter you should follow him so one of the things he said is he said the irish pub company is one of my favorite companies they charge one to four million dollars for a irish bar in a box which basically means it’s an irish bar as a service so here’s how it works um they give you you know like they have like six styles to choose from of which style of irish bar and they give you like the guinness signs the the right bar tap handles you know that kind of like all the decor the seats the the the stuff like that and they they ship it all to you and they install it for you and like bang now you have an irish pub and i think this is such an amazing business so they’ve done over 2 2000 kits and it’s about one to four million dollars per kit according to him so i haven’t this this happened like two minutes before the pods i didn’t research too much more but that’s over 30 years that’s 2 billion over 30 years that this company has generated just selling the irish bar in a box and um and what they say if you go to their website is like you know hey uh like the here’s the stats right like the uh irish pubs produce you know x more than a traditional bar and has this much more foot traffic and basically it’s saying hey if you if you throw this kit onto a generic bar your bar is more successful it’ll pay itself back uh what do you think of this business so the owner’s name is mel mcnally which is like the perfect perfect got him um he’s the founder of irish pub company he’s the creator of the guinness irish pub concept so he launched this in partnership with guinness brewery brewing which is basically i’m just reading the about page sounds to me like dennis was like hey we need more irish pubs to exist in this world okay so we can sell more ir irish beer and get us beer can someone uh come and help us figure this out and that’s what he partnered with uh or that’s how we started this awesome awesome awesome this is so cool i love this um it’s crazy they’re making i mean i think just looking at the numbers if these numbers on their website are accurate i think they’re doing like 50 million dollars plus a year um doing this just like the consulting the brand identity then the like insta the shipping and the installation and then the service after that um dude it’s pretty pretty awesome how’d they do it inside airports they do it in you know just different cities hotels different stuff like that how did your buddy find this i have no idea he just tweeted it out um so it’s great i don’t know i think this is such a cool concept and then you can think about like okay how many more concepts are there like this right so like i i can think of if you take any sort of like sub genre the question is is there a market for that so i’ll give let’s just brainstorm for a second right well there’s one one great example that you brought up a long time or a year ago that i think is probably killing it and that was bathroom in a box yes made renovations yes all they do you select one of five different bathrooms and they come and make it you can obviously do this for every single room in the home but then we talked about the guys who came and set up our video conferencing setup that you know this good looking setup that we have right now with the lighting the audio the dslr camera have the whole tech is set up the wires are you know taped to my table so i don’t have a wire mess i told the guys i said hey you need to turn this into home home video conferencing home studio in a box right you could you could do just like the bathroom guys did you could do this in every city in america right now especially with remote with podcasters and twitch streamers and youtubers a lot of people want a cool video set up and if you just have four to choose from on your menu now you have simple operations you have scale as you buy parts in bulk that sort of thing so i think that’s another version of this um but just in the bar concept i think that there’s a few more so i think that any brand with licensed ips so like okay you can’t like you could you do but could you do this for basically disney could you do a disney diner right um so you take ip that people love and you create a bar restaurant out of it right so like sort of rainforest cafe style and you just sell that as a in a box concept for any um common thing coffee shops diners pubs aren’t you confusing this whatever this in a box concept is compared to franchises so it’s not france so this the idea would be you would partner with um let’s say i don’t know let’s call it the simpsons you partner with the simpsons franchise and you say hey look for every one of these wouldn’t it be great if you could have you know i forgot what the bar is called in the simpsons but like whatever that you know wherever moe works or whatever yeah or do paddy’s pub yeah exactly you go to always sunday and you can basically have paddy’s pub in a box and every city should have a paddy’s pub and whatever and um so you go and you say every one of these we sell you guys get ten percent you gotta do nothing more than let us use the name paddy’s pub and you know the the same items we’re going to source and now you go to bars and you say hey look you as a generic bar you’re only pull you have no like differentiation of why tourists should come here why the locals should choose you can you upgrade and so i think that there’s a bunch of different concepts that would work with this so i think one is gaming gamers have like a deep passion and and so there’s been i i lived in denver and there were some bars like this where it was like the bar had like some old school retro arcade machines all the drinks and menus looked you know like video game like you know old nintendo stuff and then they had like you know life-size jenga or whatever right but it was a place to go hang out you could play skee-ball you could do whatever and they just got way more foot traffic than a normal bar why because this one you would go to and you would have instagram worthy experiences right you would post in your story that you’re drinking you know the mario drink while playing whatever duck hunt or skee ball or whatever it is and so i think gaming is one niche that’s like an irish pub that you could show that hey if you if you kit your bar out with this you’re gonna get more foot traffic and more sales i would need to think about which which of these could work but whatever this in a box thing it’s kind of interesting i had a friend that did book in a box and they would write a book for you i think it was making eight figures in revenue but it sounded like a real pain in the ass because it was it was far too customizable to be in a box whereas a pub thing probably isn’t that’s way easier that’s like saying like you got runny water you got uh you know this many dimensions well this is basically just a set like it’s one interior decoration like theme that you just slap on and boom you got an irish pub now you don’t you had a pub now you got an irish pub and so i just wonder you know a could you just compete with them or b are there other themes that are even if they’re not as popular as an irish pub like what’s the second most popular kind of like is it german is it you know an asian style pub is it a russian drinking bar is that i don’t know i don’t know i think like is it a mexican tequila bar is it you know what what is it that that is it an italian wine bar i don’t know i don’t know you’re asking a non-drinker i’m i’m out of the loop on this one i do have a different idea that i think is kind of interesting to chat about so uh clear ice have you ever heard of clear ice hmm what is it this to me feels like if you’re um i’ll find you the url go to clearice.life so cleareyes.life so this is not something i would do but i’ve learned these things where i just shake my head i’m like who the [ ] wants to do this i learned like the hard way that like three years later it’s like yeah this is like this is like a hobby that a lot of people have that’s like growing like crazy so here’s the other examples of this you know like sodastream i think you probably do sodastream right dude i have a video on tic toc one of the only videos i ever posted it got like 200 000 views because i attached a like a scuba tank size co2 thing i rigged it to my soda stream so it could last like three years versus having to constantly replace the things yeah i love sodastream so the first time i heard this i was like oh you like make your own sparkling water at home like what’s the [ ] point of that like sodastream is like a 5 billion a year company or something i know that’s my point is that when i heard i was like who would wanna why is this a hobby who wants to do this at home why is this a diy category but it was it was a huge category and like you know got bigger and bigger craft beer same thing i remember like a decade ago these guys were like brewing their own beers and i was like why there’s so many beers i don’t just go buy some and then like over time more and more home brewers and craft beer dude have you ever met a white guy before like that’s like like there’s two things that you you there’s a two jokes about uh white people they always have bottle openers on them and they love baking their own beer at home yeah basically actually this category is just [ ] i observe white people do and i’m confused about uh so another one like there’s this there’s a bunch of these like with pour over coffees and like these like really extreme coffee habits that people have anyways there’s a whole bunch of these these little niche hobbies of diy things that i don’t understand but they definitely are big and then they create a whole ecosystem of businesses around so clear ice is the latest one i saw that i was like this basically what is clear ice clear ice is basically like i’m idea i might not even fully understand this it’s that’s how white this is okay so you you translate this for me what i understand is it’s like a it’s like an amazing piece of ice so not just the [ ] you get out of your fridge or your little tray or the stuff you buy in a bag but it’s like this is high quality it’s like super clear like there’s no um you know impairments or like kind of stuff in it so it doesn’t flavor your if you’re drinking whiskey it won’t like affect the flavor of your whiskey it’s also one big cube so there’s less surface area so it dilutes uh less it doesn’t dilute your drink less well you knew that right i didn’t think about this stuff i don’t care i just put the ice in i drink my drink when it gets diluted i drink it it’s kind of gross i haven’t it’s like they sell it like yeah yeah they like sell these like cubes or balls and they yeah it involves surface area and melting and diluting your [ ] slower right and so anyways this hobby this is like some [ ] that you would find in the hustle trends thing this is my own little contribution to trends uh you know if steph smith if you’re listening put this in the news like go research this my spidey sense is tingling that this is one of those little niche hobbies that you could sell products information courses whatever and there’s a lot of people that want to make their own homemade ice again i can barely understand why but it’s a thing that people are doing and i bet you that there’s a uh a movement to be had or a sort of a wave to surf if you want to build a business around this super niche but a hobbyist business dude no i don’t i’m not on board with this i think this is stupid i think why first of all is this even that big it’s clear i saw it as part of like a growing trend i don’t know if it was a subreddit or where i saw it but i saw it in a way that was like oh this is one of those that’s like popular and i don’t understand why like it’s like asmr it’s like what is that uh asmr is awesome so don’t you better be careful that’s how me at the beginning when i’m like this is weird people do this and then like yeah a lot of people want this and do this yeah look i i’m looking around on google i get it to me this sounds like a pretty tiny thing but like tiny enough that you could make like a pretty good living doing it though like i knew yeah all you want to do is you want to catch these early right like you wanted to you want to catch it when it’s somewhat tiny but like very passionate because the bet you’re making is that that passion the tiny the passion will stay and the tiny will not right that’s pretty consistent uh is that when you have the passion there passion stays and tiny go becomes medium-sized becomes large over time yeah i guess it could work i mean i’m looking i’m trying to like look it up i mean there was this other one there was a home brewery company that i that i i for a long time i didn’t know that like people basically beer nerds like track all the beers that they’ve ever tried and i interviewed a guy to work at the hustle and he worked at one of these companies and it was like a tens of millions maybe even close to hundreds of millions of dollar revenue business and all it was was an app where you could track all the beers that you uh drink um so put that in that category of things i have no idea exists and also kind of they don’t excite me all right let’s do let’s do one more real quick um okay here’s one that i’m just curious i don’t have ideas around this just yet but let’s let’s do a off-the-cuff brainstorm so there’s this article that came out that was about uh i’ll share it with you here it’s about the amount of space that is now available in san francisco because of like work from home so there is some absurd amount of vacant space so there’s like companies that are taking 10 or even 100 million dollar write-offs on their real estate just to get out of it and move on and so they’re just they’re just writing it down so here’s some of the the numbers um i mean so there’s 200 million dollars of real estate impairments in the past year since covid it’s almost a billion if you add in the least related write-downs from large companies like salesforce dropbox uber paypal zendesk just getting rid of their their uh real estate and so um dropbox itself has 400 million dollars of impaired real estate right now and so they think that by you know in this quarter or the first quarter of sorry the last quarter of 2021 the amount of vacant and subleasable space was 10 million square feet in 2021. in 2019 that was three million right so it’s tripled the amount of available um subleasable squares uh square footage and the companies are basically saying hey this is it costs us 90 we’ll take 20 for it so you’re able to get real estate for you know one fourth of the of the traditional cost now we’re talking this is a good idea yes this is an interesting real estate so what comes to mind what what do you think of when you hear about kind of this this opening that’s in the market okay for the sake of discussion let’s just assume that they like san francisco has a bunch of wacky laws like um right um i mean like you all can’t do with things yeah and they also have like some really crazy tendent uh um what’s it called rent controlled stuff so let’s just assume that like we’re gonna research these laws later and and that isn’t that big let’s assume we’re never going to research these laws that’s really interesting um but so what could you do with this arbitrage i mean the obvious answer is like wework can make a killing right now if they believe in their model can they can they just go ahead and like do the thing where they uh lease a lot of it up front and hopefully they can fill it but what else could you do with this i don’t know man that’s a hard question what would you do i don’t know i think you have to see what um what i think you want to think about this way where is demand growing for space that being central in a city would now make a very big difference cloud solutions cloud kitchens cloud grocery and convenience uh like cloud cloud corner stores basically like um fridge no more or something like that i think those are kind of interesting because go puff because you have a whole bunch of people in the city and now when they push the button they get their thing in under 10 minutes because it was they took a floor in the bottom of the salesforce tower you know the second floor is now all you robo convenience stores that will just quickly deliver to you so i think you have to find something like that maybe it is wework style you know kind of um co-working spaces but there’s got to be something else that you would do with this primo real estate maybe there’s something in education that you know you create a distributed campus or something like that um across a whole bunch of different cities and so you know you take a i do you know take harvard business school online which they have and you basically say great you can attend harvard business school online in san francisco downtown in la downtown in all these places because that’s where that type of clientele wants and now you get a once in a lifetime opportunity to lock up that real estate at a fourth of the cost i don’t know those are some just random ideas off that is a i think that’s quite an interesting idea of that that’s actually a good idea because that would yeah some you know like the equivalent of a study abroad but you’re just going to do it in san francisco which prohibit was prohibitedly expensive for the longest time that is actually kind of an interesting idea um so what do you know what the price per square foot is right now in this they were 25 they were saying 20 a square foot um which is like that’s an annual number right so it would have been 90 a square foot annually and now 20 is kind of what’s quoted in this uh cnbc article do you know how that compares to like an austin like a more like a sea level city i don’t know i think that is like what i think that would be like what a mid-level city would have been um without the pandemic that’s my guess is something like that i think san francisco was four or four to five times more expensive per square foot um than than you know a b-level city you know i think that i’ve been living in austin now for just a handful of months i miss san francisco dearly i do think that if you’re starting a company now um and you have like a good sized workforce it would be interesting to try to kind of sign a lease now that you can book out for five or ten years i do like it’s gonna roar back i think eventually um i mean i think that’s the opportunity here’s another one let’s say you’re it was random let’s say you’re a venture fund or late stage venture fund what if you took the real estate and then basically any of your companies can just use this and pay you the you know pay you market rent or slightly above maybe slightly below so all your portfolio companies now have their real estate problem uh solved and you know you could place them because of that dude people were [ __ ] on wework myself included i think now it’s like this this makes sense in a lot of these cities these we the weworks of the world and not only that i think that they’re just going to come back like crazy because every employee says the exact same thing well i would love to work from home for a few days a week yeah exactly it’s like well dog i can’t pay rep few days a week uh if i have my own lease right i’d love to die a few days a week yeah so i think that like the the saunders of the world and a bunch of these other companies that didn’t do so hot uh for the last two years i think they they absolutely can be started right now and i think it sounds crazy crazy to start him right now but i don’t think it is even a little bit bro i loaded up on airbnb stock today oh my gosh i’m devastated i i’m seeing it go down what is it at now it’s going down because the lockup period ended i don’t know if you guys sold your shares or not but the lock-up period ended so people could start selling so put a bunch of downward pressure on the stock plus the market in general wait did it end i thought oh did it end i didn’t even know i thought it ended in june that ends in june i think it’s six months for something for i think for some insiders at least uh they can dump they can jump today why on earth would you ever dump airbnb stock right now but i bought it because uh hey i just i’m stupid i just buy stocks when i feel like it but b um i saw some data that was showing how a huge amount of airbnb bookings i think 28 30 percent are um actually i don’t remember the percentages it’s a very large percentage of airbnb revenue or bookings was coming from stays longer than 30 days now um which means that it’s actually not vacation rentals only you know it’s actually millennials just saying ah i want to stay here for a little while which is like i think a pretty big trend of i don’t want to be i don’t want to buy i don’t even want a one year lease that’s too much commitment how do i hop from place to place similar to what you did last year uh dude so many 28-day plus stays i think that is actually an interesting trend that people should take advantage of and we actually have a guy coming on the podcast um named bill smith i guess his name is like a real generic name he started shipped which sold for like 600 million dollars based on alabama it was like an instagram he’s got this new company called uh landing is you know i’m talking about yes uh what’s the url it’s called like landing home or something home landing uh but anyway what it is is they lease out apartments in different places and they take the whole lease and then they sublease it because for people want to stay for a month and the thing about airbnb is that they actually charge what’s the fee 10 if you’re saying for two weeks if you’re staying like in new york like i’m gonna be staying i’m moving to new york for three or four months uh it’s prohibitively expensive so if my rent is 10 grand a month i’m paying a thousand dollars a month just in airbnb fees and so i could figure out how to reduce that fee to something that makes sense for the longer term i think that in the future people like us um and maybe a little bit younger i think it’s gonna be incredibly normal to live somewhere for nine months and somewhere for three months right and so if they can figure that out it’s huge but do you agree that like if you would you consider living somewhere for three months out of the year for sure i plan to do that yeah where are you gonna go like i got like a little baby right now so it’s just a little bit tricky but yeah that’s that’s the lifestyle i’m gonna live is living in one place and then the other place for two to three months out of the without sounding like a total douche is this a rich guy thing or do you think that like lots of people are going to be doing it well you could do it you could do it economically like i know a lot of people that did this and made money doing it right it wasn’t a rich guy thing they went they live in san francisco predominantly and then they sub they they airbnb their san francisco place for a month and they go live in a you know mexico or south america and actually they make money for traveling because the san francisco airbnb costs more they’re able to charge more for that than they pay in south america my lease or not at least my uh mortgage and insurance and everything at my house costs about 4 500 a month and i think that we’re gonna get about 10 grand a month when we rent it out um and we’re gonna use and then we’re we’ve already booked a place we’re living in brooklyn i’m living in brooklyn from july to september and so and i plan on doing that indefinitely and i think a lot of people are gonna be doing that as well cool um i gotta run i gotta get out of here but good episode we’re out i could be what i want to i never looking back