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 if you’re already doubting have having doubts or imposter syndrome that’s you doing self-talk in your head that you’re not the best that you’re not good enough that you’re not whatever well then maybe you should replace that with something that says i am the best right so that’s where i got over the like uh is this kind of just like you know cheesy voodoo [ ] and i was like well no because there is self-talking happening no matter what it’s either gonna be negative or it’s gonna be positive i might as well actively make it positive i feel like i can rule the world i know i could be what i want to i put my all in it like my days off on the road let’s travel never looking back hey what’s going on everyone we’ve got a good episode but before we get to it we’ve been releasing these new episodes called greatest hits they’re actually not new to the world but they might be new to you but basically uh before we started doing the podcast as it is now it was just sean interviewing a bunch of people and we got like 20 or 30 in or he did and they were really good but they were about two years ago when we launched them and a lot of the people have done some really interesting things since uh or in that last two years and so we’ve actually been re-releasing them where i give an intro and there’s also sean’s intro where i’ll give an update on the folks but anyway give it a listen and when you do uh make sure you click subscribe if you’re on itunes so if you’re listening to this on the podcast app click subscribe and then if you’re on spotify click that follow button and the reason why is we’re doing a bunch of these greatest hit episodes but i’m actually the one going in the back and finding all these old episodes and i’m trying to find all these interesting stuff so in the next couple weeks we’re going to be releasing this series where we look at some of the the greatest predictions that we’ve made as well some of the worst predictions that we’ve made but we’re not releasing them entirely on a regular cadence because i got to go and find all of them so make sure you click subscribe because a you can be notified when that new episode comes out and b it actually is going to help us go in the rankings and right now we’re ranked like number 20 i think 20 or 19 in spotify in the business category and the higher we go up in rankings the more content we can do because the more listeners we have and well you get the idea so just please please please leave us review and uh sean what are we talking about in today’s episode okay we talk about we’re going to talk about uf the ufc the business of it as well as a pretty cool moment that happened in the the recent ufc fight um and we talked a little bit about self-talk which is us um something that we do both of us do that we don’t usually talk to other we don’t you don’t usually admit to doing this and it’s something that a lot of ufc fighters do self-talk before you have to go perform before you go and do your thing and so we talk about the ufc the business of the ufc we talk about self-talk and then we jump into some new some ideas sam had a great idea or met a guy who was doing a really cool idea around saving money on property taxes and this is a general class of ideas called money savers and then we have another another idea called the no loss lottery that we want to talk about so that’s what today’s episode is uh i think you guys will like it um especially the part about self-talk i think that’s going to be the most popular part and we did have a few technical difficulties in this episode shawn’s internet internet is not working so hopefully uh you won’t notice too much but if you do sorry it’s not gonna happen again so the editors i’m sorry you’re gonna have to salvage like five restarts uh to the listeners hopefully it’s not too bad uh we’re finishing a conversation we’re having about what we have to do um yeah we got to select a new i’ve got 89 drawings or art clips that we’ve got to select and then uh i’m having a bray you interview did we announce in the podcast about abraham no we didn’t um a breeze leave it unfortunately um this was kind of part of the plan but it sucks so anyway we’ve got 50 people that we’ve got it sam have you had this before at the hustle where people want to leave to go do their own startup specifically not like i got another job but yeah yeah yeah most people yes um yeah i have i always tell them i’m like and i think abray is different because he wasn’t a full-time employee but i’m like just so you know like it this feels like a startup now and it is a startup that but just so you know like don’t even even the nice [ ] that we have at the moment don’t expect any of that for a little while um and i’m like i always try to get them used to it i’m like just so you know it’s gonna be really bad for a little while this [ ] hole is shitty wait until you start your own thing yeah so yeah that’s happened a lot although abreu uh i think actually understands that he’s been saving money he’s been living at home and and stashing money or living somewhere where he has cheap rent so yeah i think he’ll i think he’ll do good we there’s this thing called uh that reed hoffman wrote his book called the alliance he talks about this like back in the day people used to expect an employee to like kind of stay with you for 20 years like that was like people used to do that used to be the company from start to retirement and then that became less and less common and now i think in tech the average tenure of an employee is like two years or something like even less maybe yeah i think facebook it’s even less so yeah so reed hoffman who was the ceo of linkedin the founder of linkedin he wrote this book which was like look you gotta you can’t just uh you can’t just close your eyes pretend that’s not happening you can’t get upset every time somebody leaves that’s actually the norm so what’s the right way to manage in this in this type of scenario and he calls it the alliance which is a mutual understanding between the person working with you and you and you as the manager i actually am very curious i want to know about this the alliance people leaving whatever yeah so i haven’t read this book but uh oh great great great way to start off well i know of the book i understood the premise i didn’t donate 90 of books that i’m a fan of i haven’t actually read and this is one of them so what he says is basically you need to have like um understanding with your the person who’s working for you or working with you that they’re gonna be there as long as this is mutually beneficial and the expectation is that after x number of years two three four whatever that number is probably not much more than that that they may um they may leave and they may go do their own thing and that when that time comes you’re gonna support them and then it’s he’s the way he talks about is like he’s a big believer of networks and network effects he’s like that person when they leave your company they’re not just like sort of dead to your company they are now you know they should be your champion and your advocate outside and you’ll cross paths again you’ll either invest in their company you know they may come back and work for you later they may refer somebody in so he describes how how to like thrive get given the constraint that people are going to leave early on or in tech this high high turnover rate of one to two years people hopping jobs uh which is not what ray was doing but it just reminded me of that yeah and i still like the problem that i’m gonna solve for whenever i start a company again and even now but at least when i start from scratch i could i could hopefully do this early on which is basically how like how do you build a company where someone wants to work there for 10 years and and i still even even in this world where you know the average person only works somewhere two or four years i think it’s quite possible though see my problem is that i like working with and try to recruit and get the best results from recruiting entrepreneurial type of people that like that’s why i get along with that’s who thinks like me that’s who like works really really hard and these like bursts but those are like the worst people for retention because they want to go start their own company like that’s that’s why they’re entrepreneurial type of people they’re not going to be long-term employees sort of by definition and so i’ve always sucked at the retention side of things in that sense um but you know i’m cool with it i think i can just continually recruit more people that want that experience so before we get into some ideas for this episode can i tell you something that i saw recently and we’re going to bring kind of this topic up we’re going to talk about ufc but did you watch the rose number eunice no is it rose now i’m a eunice yep so there’s a ufc fighter named thug rose she is uh like darling not like just like in terms of like physical like what she looks like in her attitude like darling is like the best word i can describe her although she could like kill you yeah so so the story of this is interesting right she’s she’s really i don’t know she’s five foot three she’s very petite she used like have you seen her with long hair yeah she was like beautiful two beautiful looking girl and at the beginning the ufc was marketing their female fighters like with their kind of like sex appeal basically yeah right they made her wear like a like a bikini weigh-in which is just so stupid right and some some girls leaned into it like paige van zandt she got like a boob job and she’s like she kind of sucks as a fighter she’s like very mediocre but she’s famous and gets paid well because she has good like sex appeal people want to watch her people are fans of her there’s a karate fighter called karate hottie right that’s her nickname the karate hottie because again she’s like playing on that rose went the other way she’s a beautiful girl and they were like oh do you want to go do dancing with the stars you want to like we can make you into a star and she’s like [ ] that shaved her head and was like i don’t want this whole beauty thing is a distraction i’m actually trying to be a martial artist and um and that makes her great and i think that there’s like only a few sports in the world where the women are equally or more popular than the men i guess there’s tennis maybe uh maybe national soccer team i think that’s kind of the only other one that i can think of but in the ufc if you look at the top 10 most popular pay-per-views of all time it’s like conor mcgregor and ronda rousey make up like collectively like eight of the top ten and whenever we think of like an amanda nunes fight i don’t think like it’s a great women’s fight i think this is just awesome like if i put it yeah i’m gonna i’m just gonna watch this and anyway so i think it’s good that i hope i think the whole bikini thing i think that’s [ ] that was offensive by the way [ ] uh dana white was kind of famously uh was once stopped by tmz and they were like dana when will we see women fighting in the ufc and he was like never dude no we don’t want to see nobody wants to see girls fighting in a cage and um and then he like you know did a complete 180 like to his credit changed his mind when he when ronda rousey came around was like okay she’s a star i can build this whole side of the sport around this woman and he totally did and now it’s like like you and me both you know when there’s a great women’s fight it’s just as good if not better than the ben’s heights yes and so there was a fight we didn’t actually talk about it but it was two weekends ago um and this woman named rose domiunis she’s awesome and there’s this clip that i’ll i’ll share again so people can just go to my thing or somewhere to find it but basically she’s uh in like first of all going into a cage like you’re in your underwear you’re getting watched by potentially million plus people um and you’re like kind of fighting to the death even if you do have someone’s gonna like stop you like the k the likelihood that you can die definitely i mean that exists so like you’re going in like a life or death situation in your underwear in front of all your friends and family in the world and if you fail you sort of fall back to the bottom of the totem pole and you have to climb back up which is fighting a bunch of monsters along the way and it’s like in a normal sport you go in i’m gonna play a basketball game i’m gonna play football game it’s like i’m gonna play the game i hope i don’t get hurt in a fight it’s like first of all it’s not even called playing you there’s no play fighting it’s just it’s fighting it’s actually it’s not a sport you play and the second thing is you’re definitely going to get hurt like that’s just it’s not like an aberration it’s not like an unusual thing when you get damaged uh like you would in basketball with fighting you’re for sure gonna take hits you’re gonna you’re gonna hurt yourself a little bit what the fighters say is like you know i left a piece of me in that ring and what they really what they really mean is like in a hard fight it’s like i know that i just took six months like that’s six months off my life i just really i left that in that ring so it’s pretty amazing and i mean it’s weird it’s it’s odd but i love it and in this fight the camera is that they’re announcing she’s fighting uh wayley was it way lee i think her name is yeah yeah this woman from china who’s just like a beast she’s like a terminator dude she’s like so strong just unbelievably physically strong and again rose doesn’t look like that she doesn’t have bulging muscles she’s her neck is not like popping with veins she looks like if you’ve ever watched stranger things she looks like the character uh things and then they and and wait leah i love that woman as well she’s great too but this thug rose is her name uh they zoom in on her face and she’s saying i’m the best i’m the best i’m the best and she’s saying it over and over and over again and in two minutes she was the underdog she was supposed to get her ass kicked and i actually would have bet that she was gonna get her ass kicked i thought i would have she was gonna get knocked out and within two minutes she did a uh front leg kick which is already kind of weird and knocked wayley out and the crowd it goes wild i remember watching it live i was like i was in tears i was so happy i have chills right now just remembering it rose kicks this woman in the head a minute and a half in two minutes in knocks her out we all go crazy and at the end her husband is her trainer or part of the training team and he gets down at her level like because he’s like six five and she’s probably five six five four and he looks at her face he goes we’ve been saying it for years you’re the [ ] best no one can [ ] with you who’s the best and she goes i’m the best and then in the interview with joe rogan he goes you kept saying i’m the best and he puts the mic to her and she goes because i am the best and i get i’m kind of getting uh emotional even remembering chills right now just while you’re shocked because i was watching it and it was a very name it’s i don’t think if you didn’t watch it if you don’t if you don’t follow the ufc you probably don’t give a [ ] about this if you didn’t watch it well hard to relate i think he even if i think if you don’t watch it i don’t think i think even if you don’t watch the ufc you should go and watch this clip because this woman she’s had emotional issues where she like has broken down from stress which is understandable given that like she’s fighting to death so like fair it’s just it was so the i think the key part of this by the way is that there’s a lot of ufc fighters who are like all bravado like they always talk about how they’re the best i’m gonna win i’m the best nobody can touch me i’m on another level blah blah blah she’s not one of those people she’s ultra quiet humble uh like a lot of people perceive her to be like sort of mentally weak because she’s a had some issues before and b like she doesn’t come out with that bravado typically so that’s why it was very atypical to see this very sort of small this gentle giant basically like standing in the cage facing her opponent and just muttering to herself mouthing to herself you could see she was telling herself before the fight i’m the best i’m the best and it’s from her it’s not trash talk it’s not bravado it was self-talk which is a very different thing she was trying to reinforce it to herself so she would go perform and then she performed like kind of a stunning knockout and the way in that she delivered the on the best line you could tell that her coach or it must have been her coach who is her husband was like rose you’re the best as a matter of fact for the next year when i ask you who’s the best you have to reply i’m the best or i’m gonna go make you do push-ups or run whatever yeah or something like that and it it you could tell that that’s how like she was like you know like when you’re in high school and they make you carry a football all day or like a baseball or like in my case the running baton if you drop it like it’s like a it’s like a discipline thing that is what happened with her you could tell that like if anyone said who you know who’s they’re pretty good who’s the best and if she goes she would have to say i’m the best right and it was interesting because as it brings back to business and launching this stuff you have that same doubt granted you know you might lose money and get embarrassed thankfully you’re not going to get your ass kicked or killed most likely but you still need that self-talk and that example that minute and a half clip is like the best example of self-talk for normal people do you do self-talk yourself yeah i yeah i definitely it’s a trick question in a way because everybody has an internal monologue everybody’s doing self-talk just in their head but i’m just more like do you strategically because a lot of people think this is like cheesy lame like affirmations uh you know in the mirror and say you’re beautiful you’re beautiful you’re beautiful whatever no dude it’s necessary because like so whenever you’re doing anything yeah so like um whenever i’m launching anything or whenever i have fear like for example even when i bought my home i you know i don’t i’m i have a i think i have a pretty unhealthy relationship with money i don’t like spending it because i was poor i know what it’s like to be broke and i was like no this is normal this is normal to feel this emotion this is incredibly normal do it anyway and then uh so yeah i i do that all the time but i try to normalize it i say this is normal this is what i i’m supposed to feel this way i am supposed to do it anyway so i tell myself that all the time is that what you do um i don’t do that but i do i have two kind of routines that are like this that i’ve probably never told anybody about all right so um these are i would say this one is fairly new um i told you kind of like i had like this moment where i was like all right what do i care about i’m always been a self-improvement guy right i talk about tony robbins has been a big kind of like influence on me so i have this thing on my wall and it’s basically what i wrote like most people write goals like what they want to achieve what they want to have when i have a mansion or i want to hit this dollar amount i want to get promoted and for me i have a thing that’s called i wrote on it who am i becoming and the way i do it is because i think about myself like uh every year is like a software update right what’s version i’m 30 i just turned 33 what’s version 33 of sean look like right and i i literally write this out beforehand i write out the like the notes like oh i used to have this bug where i got jealous about people that’s fixed you know like um hey i added this new feature now i can play the guitar whatever right like i treat myself like a whole new version upgrade anyway so the all those little bug fixes and features they all add up to something what am i trying to become and um is that kind of like a root philosophy which is life is not about what you achieve or what you have it’s about who you become and so i said all right well what do i want to become and i sort of wrote these four things out right i said i want to become a person who is uh who is fit through healthy habits i want to become a teacher um you know the favorite teacher of millions of people i want to be um you know a great family man who lives in a house full of love and i have like a last one right one more after that so anyways i have these four things that are like the things i want to become and i do this thing in the morning when i like do my kind of morning routine which is like my reminder for the day before i go and start just doing a bunch of work and a bunch of tasks and dealing with all the emails and [ ] that comes my way i just walk in a circle in my office which is a tiny tiny office i have like a i don’t know eight by eight foot office and i just walk in a circle and every circle is i’m basically i’m basically talking like i’m you know talking to myself or my own coach about those about those four things so i’ll say like you know um you know i’m becoming a teacher i am i am a teacher i’m a teacher who millions of people uh love what i love what i create they learn from me they’re inspired by me i’m a teacher that means i gotta learn every day so i have something to teach i’m a great teacher right so i just say in the present tense i am this not i’m trying to become this um and then i’ll say this the next one you know i’m a great dad you know uh even when things are going off the rails i’m patient that’s when i get even more patient i’m poised i’m a great dad i’m always there for them they know i got their back i’m a great dad you sound like muhammad ali exactly you know i said i was the greatest before i am and so so i do that so i’ve been doing that now for like i don’t know probably like a year um and i love it it’s just kind of fun for me so that’s the first kind of self-talk i do the second kind of self-talk i do is uh what i call revision which is i fall off the horse a lot like most people right like i’m i’m trying to eat healthy and then like [ ] in the middle of the day there’s a bag of chips was there and i i ate the bag of chips or like you know i i say i’m gonna be a patient dad but then like uh like i’ve just lost it when you know she wouldn’t let me change her diaper and then blah blah blah blah um so obviously i’m not perfect and so there so the other self-talk i do is revision at the end of the night i just imagine that same scenario that happened it only takes me 30 seconds i just think back to that moment that i’m not proud of and i reimagine it in a way that i’m me acting in a way that i’m proud of and that’s it i don’t like i don’t like decide i’m going to do things differently i don’t like write it down i don’t like um pledge to myself i’ll never do this again i just imagine it going the right way and then i just go to sleep and that act of reimagining things the way you want to see it is a form of self-talk in my mind uh it’s just like rose saying i’m the best and imagining herself you know knocking out the other girl that’s kind of what i do for you know i’m not a fighter i just do it in my day my daily life and the takeaway i think should be if someone’s crazy enough to look up to you sean or look up to me then at least now they know that someone they look up to has like doubts and has to do that self-talk um the good the cool position that you and i are in is that we know people that are like some of them at least in terms of financial success which is a limited version of success are some of the most financially successful people in the world we talk to them and we know firsthand that they’re like ugh i’m so depressed i can’t do x y and z and then in our case like we look up to at least i do a lot of these ufc fighters and seeing like this tough last lady like doug rose doing the same thing so anyway this isn’t hokey pokey this is actually everyone has this and it’s interesting so look up that thug rhodes video that’s badass um there’s one other thing i’ll put there which is um my trainer was big on this sort of like not to talk so much about the the visualization the imagination he’s always like oh you’re too analytical you’re just being like you’re trying to think your way through everything just imagine it just don’t worry about how it’s gonna happen think about what you want to have happen and in my head i was always like yeah yeah like at the end of the day somebody’s got to figure out how it’s going to happen that’s going to have to be me so like just imagining it is not going to do it right so i was kind of resistant to it up front but i came around when i realized one thing which is everybody in their head is already imagining some outcome so like if you’re ever stressed or worried or doubt what is that that’s your head imagining the thing not going right not going well failure whatever right so if we are willing like sounds kind of hokey and cheesy to imagine things going well it’s like sort of like this hippy dippy thing to do but the other side which is imagining things not going well everybody’s doing all day anyways anybody who’s ever had stress or fear or doubts the if you just break down what that is that’s imagining things not going well it’s imagining a future where this doesn’t work and so if you’re willing to if you’re already doing and willing to imagine things not going well you might as well start imagining things going well also and if you’re already doubting have having doubts or impostor syndrome that’s you doing self-talk in your head that you’re not the best that you’re not good enough that you’re not whatever so that’s where i got over there like uh going to be negative or it’s going to be positive i might as well actively make it positive and if it is cheesy who gives a [ ] like if that gives me just a slight edge then then i’ll take it because i need everything i can get um all right we should join then let’s really quick before we get ready michael harris do you know who that is no who is that michael harris uh his name his nickname is michael lowe i don’t know what leo’s from but he founded death row records which uh he was the he was uh google it i i don’t want to like get this totally wrong but i believe he was a cocaine dealer and he went to prison uh particularly uh i think it was san quentin for 25 years but prior to prison he uh made close to like 100 million dollars from selling cocaine and he funded death row records and he got it off the ground he’s a co-founder of death row records owned the uh all the originals or the masters of everything anyway he’s out of prison he’s a good friend of uh my good friend chris it’s he it’s his good friend did you go pick him up when he got out well he he got he got he got picked up in a bentley which is pretty funny uh but anyway he wants to come on the pod you want him amazing yeah at death row who’s death row so death row was tupac or death who was yeah so it was pock it was uh dre’s early stuff um so yeah it was snoop so basically this whole like a lot of modern rap originated because of of death row records this whole like amazing you know [ ] the [ ] the police gangster [ ] they kind of like invented that okay great that’s gonna be awesome all right uh you wanna talk about ufc again or do you wanna talk about something else let’s talk about ufc but this time we’re gonna talk about the business of ufc real quick so the parent company that owns the ufc is called endeavor and it never went public go anytime something goes public you know you can go and you can sort of see the financials and you can read the prospectus because they have to do that in order to file for going public so this is the first time that the ufc’s financials kind of like saw the light of day really um and they’ve been sort of shrouded by mystery uh you know fighters were always wanting to know the numbers because they want to get paid more they feel like they’re super underpaid um you know dana kind of talks about numbers but like nobody could ever verify is that how many pay-per-view buys there were what not so i thought it’s kind of interesting so i want to talk a little bit about endeavor and see what you think about this so yeah endeavor go ahead go ahead i’ll just say the two guys who are like in charge of it i believe is ari emanuel and i think this guy patrick whitesell and ari is if you ever watch entourage the character ari gold is based off of our emanuel and so um he’s kind of like a power player in uh in hollywood he you know they had their own talent agency um then that sort of took over wme and the dub and then they took so they have three parts of their business one is agencies like wme and and others so managing uh hollywood talent musical talent whatever then they have sports businesses where they own sports assets notably they bought the ufc but they also own some other things they own euro league basketball they own uh pbr like bull racing uh they own a bunch of like all writings well writing sorry um okay so so they own a couple of you know sports assets and then they have like kind of like a third um you know arm to the business which is their events business so they have the miss universe pageant they have new york fashion week they have uh they basically bought the company that hosts the event of the super bowl on location so they they have all these events and so they have these three arms of the business they also do publishing they do all types of [ ] like frankly how that company even operates i don’t understand because there is some cohesiveness but there’s also a lot of not cohesiveness and it’s incredibly confusing really i think it’s really like a roll-up of one theme which is sports and media entertainment so um so they roll in all these companies together and they have like yeah they have like a brand licensing thing where they have the brand for harvard and and the nfl and they’ll go like license it out and give revenue back to harvard in the nfl so they went public it’s worth 18 billion dollars uh now and uh yeah as as of right now it’s 21.3 right so it went up just in the time of my research here i should have bought um they do about four to five billion dollars a year and specifically with the ufc i thought this was kind of interesting so i didn’t know how much revenue the ufc does and i was a little bit surprised to learn that can i guess yeah i don’t know if you’ve seen it or not no i haven’t um i would say uh 800 in revenue 200 in profit all right very close we’re very close on the revenue side so here’s their so 700 million 875 million and then 900 million last year wow uh so very close on revenue but their margins are a lot better than you think so you were saying um 200 million two yeah so so their margins are about 36 percent uh so they have 30 ebitda um on their their product which is very good fighters only get 20 of revenue every other major sport nfl nba it’s closer to 50 50. i think it is 50 50 split and so you know the fighters are sort of right when the when they say that they’re under pain and um and so their business is interesting because they have media rights so uh guess how much the uh meteorites sold for so the the the uh it used to be on fox and now it moved to espn guess how much especially i think it was a billion over six years right um i don’t know how many years it is but it’s 300 million a year so i think it’s actually more than a billion so they make so the fox deal i think it was 1.5 1.5 or five years i think wow so yeah so it’s the fox deal was 168 million a year and then the espn deal was 300 million a year and that actually paid off pretty big because of their 900 million in revenue 300 comes from the meteorites the rest comes from merchandise events pay-per-view sorry ticket sales all that good stuff and um so i thought that was pretty interesting pretty good business overall much more profitable than i would have expected given you know all the different moving pieces that go into it and um and overall like kind of an incredible business because they bought the ufc for two million dollars like i don’t know 20 something 25 years ago or something so they bought it they bought it out of it was going bankrupt and dana white who’s the president of ufc convinced his two kind of childhood friends who were basically the the fertitta brothers are these like mafia family guys who own they own a casino so they own red rock casino and vape uh i think um fertitta’s son he they are one of the fertitta kids or he’s rh uh listens to the podcast i don’t think he would like that if you said the air mafia public it’s like uh it’s like public it’s like well-known information uh it’s like been published everywhere and i also think by the way when i say mafia i’m not judging i think that’s pretty [ ] cool and i think my people in the mafia also think being in the mafia is pretty cool so i hope they don’t get offended by that and if they do um you know i live in austin you can go find me over there so yeah right so anyways uh the fertitta family is pretty interesting they started casinos they’re the frank and lorenzo were the ones who dana convinced hey let’s go buy the ufc so they bought it for two million and now and then they ended up selling it and when they bought it they pretty much just got the cage which was probably a 20 000 piece of equipment right and they got the name yes the ufc they were like we just loved that name it was such a great name and they go we paid 2 million but we didn’t really get anything right but for some reason we did it they had to pour in way more money after that so it’s kind of the the easy story is bought it for 2 million sold it for 5 billion which is obviously amazing but there was like multiple years of just pouring money in and losing money before this thing turned around because they couldn’t get regulated in a bunch of places like john mccain called it human [ ] fighting and you know they couldn’t they couldn’t get licensed they couldn’t um the business model wasn’t there they wouldn’t get put on tv that sort of thing and um so they pulled out used something yeah i was gonna say 65. they said in the documentary he was like we put a lot into it and it failed and failed and failed and by like year six they convinced spike tv which i don’t even know that’s a thing anymore to air the last fighter or the ultimate fighter yep and there was it was forrest griffin and i forget the other guy’s name um and they had this big fight and i remember as a kid but yeah i remember that fight as a kid these guys were going at it they looked like it was the first time that like we thought wow they’re like athletes they’re not like these guys are they like they they’re not necessarily like thugs or like meatheads like these guys are athletes who are fighting and i remember watching it and right when that episode aired their ratings went up and they go boom we just saved the whole company right from that one fight well the thing with that show is they show them in a house it’s like a reality show right they’re showing them living in a house and then training and then competing so it wasn’t just a brutal fighting part it was like you got to know the guys you see their backstory you see them lying in their bed looking at a picture of their family right before their training session being like all right this is what i’m doing it for blah blah so people got emotionally invested so it’s similar you know like the kardashians also like they use reality tv to build the brand that ends up being a commercial brand right because you perform an emotional connection of you know them and their sort of reality you know although it’s quite edited um and then you know then you’re more likely to be a buyer in the future so so yeah they ended up turning this thing around kind of an amazing outcome for them um just a super cool business and i would say if you don’t follow the ufc there is one kind of like cool business lesson to learn from it which is dana white dana white is the most unorthodox president of a company that i think i’ve ever seen like people think elon is kind of like out there and he’ll tweet random stuff he’s kind of unafraid pretty bold dana makes elon you know look like a like a you know like an honor roll student um dana will like so he’s been involved with the business from the from the beginning but he will go in the instagram comments where somebody’s you know hating on something and he’ll just be like go [ ] yourself you know like uh you know in the press conferences he is as much a character as any of the fighters and the same way that vince mcmahon did that in wwe but that’s fake that’s scripted dana does it in the unscripted format and i had an investor tell me once um we were talking about esports and you know a lot of people think esports is really interesting space because it’s you know the viewership is really high but the business is kind of nascent still and people are wondering is there a ufc like opportunity there could you buy something today for 2 million that’s going to end up being worth 45 billion and what this investor told me i think is so spot on you guys esports needs its dana white it needs its person who’s gonna take this sport from like just the underground and brick by brick build it into a mainstream brand and like take no prisoners and like organize the whole [ ] thing along the way let me ask you this dana white when the deal when he sold the company he made 400 million dollars i think um i think that was public he owned four percent of the company um or i forget 10 he made 400. then he probably made like probably he was probably getting paid 10 million a year more than that 50 million at least that’s michael before the sale before this oh sorry before the sale yeah yeah so he was wealthy ahead of time and he made money in a thousand who cares uh so let’s just be like conservative and say that he’s worth 600 to 700 million dollars that’s conservative i think and like all the celebrities are one like they like like the the people who we think are cool they’re the ones who think dana’s cool like everyone thinks dave is cold you know what i mean like the famous people dana’s famous to the famous people so he’s got power he’s got people want to uh people think he’s cool yeah yeah he’s got money would you trade spots with him no his lifestyle is brutal it’s brutal absolutely never do that dude it looks horrible he looks like he’s still like kind of looks fit but he looks exhausted his face is red and like he’s gained like 150 pounds since starting this thing now it’s kind of like muscle fat but because he takes steroids and stuff but um no he’s dude he’s on like they do an event every weekend basically and he has to like do like he has to manage headquarters plus he goes to the event he does the press conferences he’s watching ringside then he goes and talks to the fighters afterwards and he deals with the weigh-ins and the oh this guy can’t make it this guy got hurt we got to find a replacement he does that 52 weeks out of the year and like there’s a reason that dana’s not like you know happily married at home with kids and a great dad and you know unstressed there’s a reason that dana’s got bags under his eyes because he chose that life and he nailed it i would not choose that life it’s not for me yeah yeah not a chance i i wouldn’t either but but i respect the hell out of it i am happy what do i always say cornrows and neck tattoos i’m happy they exist i don’t want them um all right you want to do uh you want to go and try another one oh i didn’t even see i didn’t scroll down you had the revenue down here the whole time i never saw it yeah oh sorry did you want to wrap up with this or no no that’s it i i just think it was kind of interesting i mean uh i don’t really agree a major point on like oh good business bad business i think as somebody who’s a fan of the sport the business side of it is just as interesting as uh as the actual sport itself yeah i think that like i think that ufc is mainstream popular now i can’t exactly tell because the people who like it’s my sport like that’s like my it’s my monday night football so i i follow it just as much as a hardcore football fan follows all that and i make my wife watch it with me now she is actually finally into it because she understands the story behind it because it’s basically just wwe wrestling right it’s just like it’s like fake drama which i love so anyway uh we watched it but i i think it’s beyond just our crew now i think it’s like mainstream almost like everyone knows who connor is so a couple episodes back we talked about business models that save you money and they just take a percentage of savings and how that’s like the biggest no-brainer of all time we said taxes was good like income taxes we said um software savings car savings we said a bunch of stuff that was kind of an interesting episode i hung out with this guy who is uh he just lives a few doors down from me he started this company called student loan hero you know student loan hero never heard of it i i don’t even know what it does it basically helps you consolidate debt i think so like if you have student debt you go to their website and you purchase some i i don’t know i i haven’t had a lot of time i think what it does is it i i’ve seen models like this i haven’t looked up their website but i’ve common bond is another one of these they basically just refinance your debt at a lower rate so they save you money and then they basically make money because the new lender will pay them a fee for the for the loan they originated for them exactly um i just haven’t had to do that so i i’m not exactly sure how it works anyway he sold that company bootstrapped it sold it for 60 million dollars his new company is called uh what’s it called proper lot proper lot.com and his goal i went me and sarah went to his house the other day for breakfast and uh the guy just he like i took a picture of like my like just me in front of my house i don’t remember what i was doing i posted it online he’s like i don’t want to be creepy or anything but i think i live like five doors down from you do you want to hang out uh and uh i went to his house and we hung out and he’s got this new company and they’re doing this but with property taxes and what’s there’s a few interesting things about this the first is that he’s trying to make this kisses theory where he thinks he can make it makes it he thinks he can make it relatively big like millions of dollars in revenue with him being the only employee so that’s what he’s doing that’s interesting in itself how do they save you money on property taxes is there a simple explanation or no yeah so the second is the actual business so in where i now live in austin your property value up every year or every two years and then you’re taxed two percent of your property value um because there’s no income tax that’s how they get their money so i bought my house for about one million dollars it’s currently it went up crazy very oddly like it’s like ah but it sucks for me that it went up like 20 in the first 60 days of owning and now i owe two percent of like 1.2 million dollars a year in taxes so let’s just say that that’s 20 22 000 or something a year in taxes that i owe and what proper lot does is you tell them your address they look at the assessed value of your neighbors and they tell you to the government hey this actually isn’t fair that you charged us 1.2 our value actually should be 1.1 million and it all in all i it saves me about a thousand dollars a year and they take uh 300 of that fee and there’s a few companies in the space but a lot of them are older uh like old school one’s called uh i think it’s called po the url is pocono.com uh they do about 100 million dollars a year in revenue with 200 people and then another one is called five stone which is local to austin they uh they filed 24 24 000 protests last year and made like four million dollars the way the company works is what the numbers are the average revenue per customer is about 50 to 300 and uh it usually saves customers two to five percent of uh an appraised value it lowers your appraised value by two to five percent um and they have a seventy percent success rate so for seventy percent of users who sign up they reduce you by two to five percent kind of an interesting business model and uh i i had i don’t know if you had heard of it but i think it’s great that’s pretty cool i like that a lot um i wonder like you know how do they need your permission to do it so for example do you have to sign up as a customer and request it or can they just be like proactively doing it and then leave a flyer at your door hey we you know we did this for you would you like these this much savings well you know it’s ready for you just claim your account like that would be a crazy growth hack if they could do it yeah no um you have to sign up but that actually would be a great marketing scheme gotcha okay uh cool i like this idea a lot did you have anything you wanted is there a riff of it uh no i just thought it was cool no i think that’s cool the other day uh one of our listeners jordan told me that he was i listened to you guys just cause you tell me cool [ ] i’ve never heard so yeah that was one of them okay speaking of i have a cool thing that i don’t know if you’ve heard of have you heard the term no loss lotteries no okay so this is pretty cool so i met this guy leighton who uh is behind this thing called pool together so if you go to pool together.com you can see what it is what pull together is is it’s a savings account uh and this is in the crypto world so it’s just but but this exists everywhere uh it’s a savings account where instead of just getting like you know if you go to a bank today you go get a savings account you’re gonna get .00 whatever one percent interest it’s like nothing right so what they said and said was well what if we pulled together everybody’s 0.01 and then we give all that money away to one person as a lottery winnings so so it’s a lottery where you don’t have to buy tickets and you put nothing up at risk but you can win very very large and so this has existed the same model this prize-based savings is what it’s called has existed you know for a while it’s in the u.s it’s very popular in the uk so there i think they call it premium bonds so in the uk there’s something like 20 million people do this they they save in premium bonds and there’s like a total of a hundred billion dollars saved in these prize-based saving accounts and the way they work is exactly how i described put your money in every week there’s a drawing or every month there’s a drawing something you know something like that and you can win like 25 bucks all ranging up to a million bucks and um and they they give it they give that out every every so often and so um so it’s a pretty cool model it’s a way to encourage people to save because right now the incentive to save is so small so the more savings you do the more like sort of tickets you have in the raffle so it’s a pretty cool model now these guys supported this concept crypto and uh there’s a thing in there in the doc check it out it’s called usage numbers one great thing about crypto is that everything’s on the blockchain so every app it’s like you can see their google analytics um you know like it’s all open so i can go see that these guys have [ ] they have 200 million in assets under management they have about 9 000 10 000 users uh like active users who participate in the which is a small number of users but for for crypto 10 000 active users just like you know you’re one of the top uh like you know decentralized applications you know if you’re doing that much like if you have that many users most of these are very very small but it’s amazing how much money they have down there and it’s and so the way that the thing works is they actually they give so let’s say they have 200 million in uh in assets under management that means their lotto is going to be of x size you know i don’t know exactly how much it is every week but it’s pretty big and then what they do is they roll over some of those savings into the next week’s jackpot so they they ensure that every week they always have uh you know a bigger and bigger jackpot by rolling over a percent of this of this week into the next so um you’ll have to what can someone google to look at this because these stats like the growth rate is just like crazy yeah so so they could just if so the website i used to see how these uh crypto apps usages is called dune analytics so d-u-n-e analytics.com and then um and then you can basically we could put the whole url there but it’s dude whatever pull together okay so i i i you i’m trying to get out of this like oh this is stupid when i have right here ethereum like i’m trying not to like even though i’m only like 30 i’m trying not to act like a grumpy old man whenever i hear the [ ] i’m trying so i’m gonna try and work hard to default to optimism here but my question to you is this when you see this stuff like when you’re explaining me to this i’m like is this a gimmick or is this real um and i’m not gonna call it stupid um but when you’re explaining this i think to myself is this a gimmick or is this like something that has longevity and can work i mean that’s like all the all these crypto things like many of them there’s no doubt they’re cool but are they cool like the app yo is cool or are they cool like this is a thing that i could see lasting for 10 plus years so i think that this can last this one can last is that a fair assessment i think it’s totally the right question to ask when it comes to crypto stuff versus like is there any value to this beyond speculation right that’s always the first question with the crypto app and then it’s like okay if there is value is this lastic value or is this a quick fad people are going to get tired of the gimmick and in this case what i think is interesting is that there’s this whole like what’s happening in crypto there’s a whole parallel financial system being built so i have i have my wallet i have my real bank account and then i have my coinbase account right i have my my wallet in my pocket with credit cards in it and then i have my crypto wallet and i have my meta mask and i have whatever right and so i now have like two i now participate in two financial systems in the same way that like social networking split it up right i had my real life friends nearby in my neighborhood and whatever a school and then i had like my online friends and i had like my online way to go chat with people of which there’s some overlap so the same things happen now with finance so what does that mean that means that there’s a whole bunch of people out there millions of people who have who are participating in crypto and crypto keeps going up in price and now they have like substantial holdings and when you have substantial holdings you have two choices are you just gonna hold it and like earn nothing off of it are you gonna sell it so that you can cash some of it out or are you going to put it to work for you or you’re going to reinvest it and what’s happening is that all the people who who have won in the first couple waves of crypto now have those choices and they’re all choosing to reinvest why would i sell i’m still i’m even more bullish on crypto right because i kind of believe before now i made a bunch of money well now i think this is the greatest thing ever um you know why would i sell i want to take a big tax hit for selling and be out of the game no i think there’s still room to go up so they’re not going to sell they’re not going to hold and just do nothing with it because that seems kind of irresponsible too right let’s say you have six figures seven figures eight figures worth of crypto why don’t you earn five percent a year on that money you can through crypto lending products and things like that the point the point i’m trying to get to is when you have all this money people need something to do with it savings accounts is one lending is another reinvesting into other projects is another and so that’s what you’re going to see you’re going to see all the all the existing use like financial infrastructure get rebuilt over here in crypto land and then some new [ ] that didn’t exist in the real world that you can do in crypto land will get will get built so i think you know for that reason i think that if it works in the uk and 20 million people do it then i think there’s a good shot that this is going to exist in crypt in the crypto world it’s just so hard for me to understand would you do it like let’s say you have like you have ethereum or whatever you you have bitcoin would you put it in a savings account here and like potentially win the lottery one of these no-loss lotteries yeah yeah yeah yeah yeah yeah yes just to set it and forget it thing you don’t have to like actively do anything once you decide that once yes i would do that and like to all the stuff that like i would call silly i would also do that stuff as well like when i buy an nft that costs a grand yeah but not more than a grand like right i went like to me it’s like spending a grand on that it’s just is the same fun as going to play blackjack for a grand like i can totally have a thousand dollars worth of fun over five hours right but yes i would use this okay i one other idea i want to throw through at you did you see this thing that was posted on wait but why the blog wait but why called uh when he’s talked about his wife’s startup no okay you should check this out so the guy who tim urban who writes weight but why posted this blog post and he says introducing the land beep and he got his wife yes have you seen uh i was looking at it after you put it on this doc it looks awesome so you should go to his blog post i want you to go there for two reasons one is i think the idea is kind of interesting we can talk about that but the second is the way he tells the story and lays out the the case for this product uh for this startup is so good it’s better than 99 of startup pitches you and i hear um because this guy’s like a master storyteller and if you want to like think about how i should explain my startup or explain pitch my business go read this blog post all right i shout out everyone who subscribes to the podcast and sends me proof uh and if you send me proof uh you can send it to mfn at thehustle.com so that’s like my first million mfm the hustle dot co send me proof so ready let’s get to some shout outs and by the way everyone makes fun of me because i don’t know how to pronounce or i can’t pronounce stuff that well but i promise you i’m trying really hard so apologies also i’m like reading people’s twitter handles and some of you guys have really silly handles so and i don’t think many people could pronounce it so give a shout out to oh my god just this first one was challenging job hebraican um give a shout out to johnny jzv uh cunning underscore druger uh claude laudier hardly box dave falsky jack washburn lunatech fringe everest brady thad warren d munga roy brits jordan vanderhoff oh jordan vanderhoff i think i know that guy uh preston holland john hagerty tx8 down david piazza wade for wireless and the podcastition we’ll do a couple more general comm uh kyle nydrick loft marcus a deal mytha and i think that’s all oh my gosh am i just am i the worst these are really hard to pronounce am i right all right someone asked me to give a shout out to genuine uh genuinely interested podcasts that’s what it’s called generally interested podcast so shout out to them shout out says this guy is awesome everest brady has a power washing business called everest power washing dude if he’s in austin i’m going to use them uh because i need that actually now um one rail app is a startup that we are changing logistics and supply chain and democratizing and amazon style logistics and delivery experience to retailers and distributors uh shout out to my youtube channel called one man startup this actually sounds pretty good check out one man startup um shout out to contemporary idiot it’s a sub stack called contemporary idiot that’s a pretty good name and then shout out to broccoli i think they say um they’re big fans of broccoli and they wanted me to shut up broccoli all right if you want to give a if you want me to give you a shout out can you please subscribe to the podcast so go to spotify or itunes whatever you use click that blue button that says follow or that purple button on itunes that says subscribe click that take a screenshot and email it to me mfm the hustle dot co send me that please and i will give you a shout out talk soon i could be what i want to i put my law in it like no days off back