October's Funniest MFM Moments

Episode 383: The three funniest moments from MFM in October. ------ Show Notes: (00:45) - Sara's List Negotiation (05:05) - Work in tech-adjacent businesses & new-shiny syndrome (07:45) - Grit and delayed gratification ----- Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more. ----- Additional episodes you might enjoy: • #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits • #209 Gary Vaynerchuk - Why NFTS Are the Future • #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto * #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett • ​​​​#218 - Why You Should Take a Think Week Like Bill Gates • Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More • How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:15Ben?

  Hello and welcome to My First Million. This is Producer Ben and we've got a best of edition today. And today we're doing something a little different. I went through and found what I thought were the funniest moments of MFM from the month of October. My First Million is first and foremost, a business and entrepreneurship show, but it's also kind of a comedy show. So I wanted to highlight a little bit of that. So to start with, we have Sam and Sean talking about Kristin Kent, a woman who bought sarahslist.com and held it hostage. And here Sam and Sean are negotiating the details of what a fully fleshed out Sarah's List website might look like.

• 0:46Shaan Puri?

  The real value here is not the domain, it's not the website, it's Kristin Kent. Okay, so here's my, here's my proposal to Kristin Kent. Here's my counter offer, my public podcast counter offer to you, Kristin. I'll give you the $20,000. I'll give it to you. In fact, I'll give you the $30,000 that you paid for this, this domain. If you really paid that much for this domain, I mean, that's kind of crazy. And, but it comes with this catch. We're going to work together on this project. You're going to do the work on the, on the company side, and I'm going to do the work on the promotional side, the distribution side. And here's what we're going to do with Sarah's List. We're going to turn Sarah's List into

• 1:28Shaan Puri?

  a half a million dollar a year passive income stream. Passive-ish, I should say. Passive for me, that's a little active for you.

• 1:36Ben?

  By the way, by the way, Sean, when you say, we got to, let's remember, this is Sarah's List, of which I am 50% of Sarah's List.

• 1:44Shaan Puri?

  Sam is on the side right now. Sam said no.

• 1:47Ben?

  No, no, no, no, no.

• 1:48Shaan Puri?

  I got him on the record saying no a moment ago. And he's not a part of the counter offer. Sarah herself will get a 1% royalty as we use her name.

• 1:56Ben?

  Not a chance. Well, here's what we gotta do. What, what, what percentage of the, of the, of the dividends would you give, or would you want Kristin to have?

• 2:06Shaan Puri?

  Kristin deserves 50%. She deserves 50%.

• 2:10Ben?

  I agree. The, the other 50% split, you and I.

• 2:14Shaan Puri?

  90, 10, you got it, sir.

• 2:19Shaan Puri?

  So you can share the royalty with Sarah. So here's what we're gonna do. Actually, I don't know if I even want to say this, this deal now that we're having these, this intense negotiation. I want to give out my great idea. Okay, I'll give up my great idea. So here's the great idea. Here's how we're gonna make this work. So normally, a job board, this is like monetized as a job board, right? It would be a list of companies that we are curating, saying these companies are great. And let's say we might take it to 24, 25 companies, rather than the 12 we have today. And normally on a job board, you pay like $500 a post for, for job posting. So we would need to go reach out to those companies, get them to post. And the other thing, you know, but, but hey, this is maybe premium. It's a curated job

• 3:01Shaan Puri?

  board. Maybe we could charge more, maybe a thousand, maybe $2,000 to be, be posting your jobs on here. So if we've got people to do that, you know, let's say $2,000 a month, 24 companies, let's say half, half of them actually do it. That's like 24K a month. Not bad. But I think we're going to be in this kind of constant sales outreach period. So let me put out a different idea. Here's a different idea. We're going to take these companies and we're going to host a demo day, once a quarter. What's that? What's going to happen at the demo day? We're gonna, basically, each week, we're gonna feature one of these companies. We're gonna create an email list. We're gonna spin off our current email list and we're gonna say, we're gonna feature one of these companies. We're gonna do a deep dive of why this company is a good company to work for. And interested people, you know, high, high quality people in tech might

• 3:44Speaker 02

  Well, that needs to be an upsell. That needs to be an upsell. Where it's like for $25,000, like you get a deep dive.

• 3:50Shaan Puri?

  As a minority owner, I'm not sure you have a say here. So

• 3:58Shaan Puri?

  I could barely hear your voice. It was so faint, like you're equity ownership in this.

• 4:04Speaker 02

  If we're in the same room, do you think I would have hit you already? Or will that be coming in the next, will that be coming in the next 10 minutes? Or would it have already have happened?

• 4:16Ben?

  Okay. Next, we have Sam and Sean talking about working in tech and working in tech adjacent businesses and what it's like to work with really smart people when you yourself are not technical.

• 4:27Sam Parr?

  Because you, you, you previously had a company that was a, my, I would tell my parents I had a tech company, but it was really just an email newsletter. It wasn't a tech company. You actually had a proper technology business.

• 4:40Shaan Puri?

  Right, right. Yeah. You, you were just basically like writing brochures and whereas I was running a Silicon Valley enterprise.

• 4:49Sam Parr?

  I'm like, I'm like a restaurant who has an online ordering menu, calling themselves a tech company.

• 4:54Shaan Puri?

  Yeah, exactly. The next Google.

• 4:58Sam Parr?

  Yeah.

• 4:58Shaan Puri?

  Yeah, I'm used to working with people that are way smarter than me and I like go over to, I roll my chair over to their screen and they're just like, what do you want? I'm like, hey bud, can you do that thing again where you made the thing like bounce during the animation? Like that was so cool. I want to just like upload this to my Twitter. Can you do it again? And they're like, oh yeah, sure. So I'm used to working with designers, engineers that are way talented. So I kind of look at it as following. My plan is this, invest in everything because investing is easy and great. Right? Like I'm a believer in this wave. I'm excited about this and I think that I can help because a lot of the people who can build this stuff, they don't know, A, where to apply it. Like what's the,

• 5:41Shaan Puri?

  what's the actual pain point I should be solving? And B, they don't know how to like build maybe a defensive business or a go to market strategy that might make sense for them. So I'm like, okay, cool. I'm going to invest in a bunch of these companies. That's plan A. That's already in motion.

• 5:54Sam Parr?

  Would you say that this is the most interesting sector?

• 5:58Shaan Puri?

  For sure. For sure. And I kind of feel like an idiot because it's like, oh, cool. Now you're interested in the new thing. And it's like, On one hand, I get that, um, you know, oh crypto.

• 6:11Sam Parr?

  You are, you are in fact, a dumb idiot who chases.

• 6:14Shaan Puri?

  Yeah, I just chased the next shiny object. And there's some truth to that, like crypto was, the more crypto prices went up, the more I invested and the more, uh, you know, then I created the milk road and like that, you know, I turned my content attention to it. Um, so you know, now, oh, you know, it's like that meme. It's like, you know, the guy, the guy who looks back at the new, the new thing that's like, you know, the hot thing behind it. It's like, yeah, AI is that new thing. But at the same time, what am I supposed to do? I just saw a fucking flying object. I just saw UFO. What am I supposed to do? Pretend I'm not interested? Like, no, I'm super interested. Like, you know, count me in, like, beam me up and, you know, have your way with me, aliens. That's how I feel about AI.

• 6:58Sam Parr?

  Okay. And finally, we have Sam and Sean talking about grit and delayed gratification, which is something that Sam really believes in and Sean, uh, not so much. There's this awesome book by this woman named Angela Duckworth called Grit. Have you ever heard that book, Grit?

• 7:12Shaan Puri?

  I've seen like Silicon Valley people talk about it.

• 7:14Sam Parr?

  Yeah. Well, it's like centered around this story. It's like a study where they give a whole bunch of kids. Uh, they sit them down at a table and they go, hey, look, you can have one marshmallow now, or in a couple hours, I'll give you two, but, uh, I'm going to set this here. I'm going to go out of the room for a little while and handle some stuff. When I come back, I'll see if you decided to eat it or leave it there. And, uh, that will kind of tell me what decision you made. Sound good. And they leave and, you know, they just see who does what. And they measure these kids for like 30 and 50 years, like for years and years. And what they found is there's a correlation between traditional financial success, you know, like our traditional word of success. There was a correlation between how successful they were and the children that chose to not eat that one in exchange for getting two in the future. And the ones who put it off,

• 7:58Sam Parr?

  you know, and ate two, they were more successful. And what you've explained to me is like the perfect, like real world, but rare example of, uh, grit, where it's like, no, I'm willing to like not do this thing now in exchange for a better alternative and potentially in the future. And that's,

• 8:13Shaan Puri?

  Delayed gratification.

• 8:14Sam Parr?

  Yes, delayed gratification. And that's like the best way to describe that.

• 8:18Shaan Puri?

  I'm a marshmallow eater dude like I would have been that first, you know, I would have had it in my mouth while they're explaining the instructions.

• 8:28Shaan Puri?

  There's another one coming?

• 8:31Sam Parr?

  I always got frustrated when I talked about like, you know, I told you this when they talked about Warren Buffett and Jeff Bezos talking about patience and having fun. I'm like, dog, you're way too old. Go have fun now. Like there is no, there is no, there is no long-term man.

• 8:45Ben?

  All right. That does it for this week. Let us know what you thought of this funniest moments from October edition of my first million. If you liked framework Friday last week, we're going to be doing more of that as well. But again, we're just throwing stuff out there and seeing what sticks. So we'd love feedback on whether this episode was a hit or a miss. But yeah, so that's it. Thanks for listening.