The New WeWork, How to Make $10M In 3 Months, and More

Episode 349: Sam Parr (@TheSamParr) and Shaan Puri (@ShaanVP) talk about WeWork founder - Adam Neumann's - next big project, how to make $10 million in three months, and more. ----- Links: * Alan Wong * Scott Painter * Bitpipe * Braden Wallake * Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel. * Want more insights like MFM? Check out Shaan's newsletter. ----- Show Notes: (04:50) - How much money it costs to ball out in New York (19:55) - Making $10M in a year (28:00) - Scott Painter (38:35) - Adam Nuemann. (46:55) - Worst thing I've seen: TechTarget (56:10) - Worst thing I've seen: The Crying CEO and why we need bullies ----- 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.

• 0:00Sam Parr?

  And his verification is for $100 million liquid plus. And so the guy has over $100 million. And he did it all through two or three of these apps. And I believe with close to no employees and he did it over around like eight or 10 years.

• 0:23Sam Parr?

  What up?

• 0:23Shaan Puri?

  What up? They told us to do intros now of the podcast. So this is my first million podcast where we tell you 100 good ideas. Half are good, half are bad, but it's on you to figure out which ones. This is my first million where I make fun of Sam about how he talks. He makes fun of me about how I look. And in between we squeeze in a few business ideas. Let's see, what else? What else we got for him?

• 0:46Sam Parr?

  And supposedly we're supposed to be successful people. So it's like the reviews, people say, they say it's kind of like, we're just sitting at a bar with a bunch of our successful friends, dare I say, I hate this word.

• 0:58Shaan Puri?

  Right.

• 0:59Sam Parr?

  Multi millionaire friends and just hear what they talk about, but that.

• 1:04Shaan Puri?

  Just a couple of deck of millionaires hanging out on the.

• 1:10Shaan Puri?

  Dude, yeah, how are we supposed to brag about that? You know, what I learned from, from my last successful venture, I now take those learnings to the podcast.

• 1:21Sam Parr?

  Can I just say that regardless of the deck of millionaire nonsense, I did something a few weeks ago that I think was amazing. I bought a $60 tattoo gun on Amazon and I let my wife give me a hand tattoo instead of wearing a wedding ring.

• 1:39Shaan Puri?

  Oh, wow.

• 1:39Sam Parr?

  Totally worth it.

• 1:42Shaan Puri?

  Let, let me be the judge. Can you bring that a little closer here? What, what is it?

• 1:46Sam Parr?

  It's just an X. Can you see it? Is it?

• 1:50Shaan Puri?

  Right, like, and that's not focusing. Okay, it's an X, like, you know.

• 1:54Sam Parr?

  It's an infected X, but it's an X.

• 1:56Shaan Puri?

  You know, like where, where something was there, then it's like dead. And now you've like put an X there. That's kind of the vibe you're going for or what?

• 2:03Sam Parr?

  Yeah, or like, you know, triple X on like a moonshine whiskey jug. Yeah, something like that.

• 2:10Shaan Puri?

  And she wanted to do this or you want to do this? She seems more sensible than you. So I don't know.

• 2:14Sam Parr?

  Yeah, of course you didn't want to do it. I just said, Sarah, I bought this tattoo. Go and sit down right now or otherwise I'm just going to do it myself.

• 2:21Shaan Puri?

  Okay, threats.

• 2:22Sam Parr?

  And I handed her an orange.

• 2:24Shaan Puri?

  Rage and threats.

• 2:25Sam Parr?

  Yeah, like literally I set it up and within two minutes it was done. I handed her an orange. I go right next on that orange. Great, I'll do that on my fist.

• 2:34Shaan Puri?

  People always ask us, what's the secret to being a deck of millionaire? And we tell them it's threats. You've got to threaten your, your business partners, your marital partners. You've got to threaten all your partners. Actually, Sam, you, you, you kind of do use this sort of like, I wouldn't call it a threat, but as they say, it's always sunny. It's the implication of danger. I feel like you, you do use this, the implication of things going wrong. Am I, am I right about that?

• 3:03Sam Parr?

  What's an example?

• 3:04Shaan Puri?

  In your management style, like, you know, you're trying to get the team motivated. You have two paths you could go down. You could, you could start with Y and tell them why you're so excited about this, why this is good for them. Or you could just hit them with a, with a solid threat with the implication of, of, of things not going so well. If we don't do X, which way do you go?

• 3:25Sam Parr?

  I like the second one. I'm more of a guy who will do, like, if, if I can, all right, tell me how you are. If you can make a million dollars or not lose a million dollars, which one are you more motivated to do?

• 3:39Shaan Puri?

  For me, not lose a million dollars. And I think for you, the same.

• 3:43Sam Parr?

  Same, absolutely same. It's not to do something. So I love setting my life up and I do this all the time with like my wife and stuff. I'd be like, oh shit, like I already booked it. Like we already, we're, we gotta do this thing. Or, uh, you know, I always set stuff up that if I don't do it, there's consequences. That's the way to live, man. And I used to do it with my employees all the time. And you know what? They always said they hated it. And then whenever they leave and quit, uh, eventually, uh, they'll say something like, yeah, but I did so much cool shit and we actually got a lot of stuff done. So I think people actually like it.

• 4:14Shaan Puri?

  Right. Yeah, they tell their therapist as they to spend years recovering from you.

• 4:19Sam Parr?

  Yeah, I guess so. Dude, can we, do you have a bunch of topics?

• 4:23Shaan Puri?

  I got a few, yeah.

• 4:25Sam Parr?

  I got a couple too. Can I start on one that like, I think it's blowing my mind. And I, so yeah, basically yesterday I went on a long walk. I did, I went on like a 10 mile walk. You ever go on a long walk?

• 4:38Shaan Puri?

  I go on a walk. I got a dog. Yeah.

• 4:39Sam Parr?

  Yeah, I just went on a really long walk and I went and walked around all these fancy neighborhoods in Brooklyn. And I started, you know, I do what, what people do. I pull up Zillow as I'm walking and I'm like, you know, I wonder what it's like to live here. And the houses that I like, what I usually will do is I see a house and I go, oh, I would like to live there. And I pull it up and it's $8 million. And $8 million, that's one number, but then you actually look at how much money you need to come up at closing. And then you look at how much money you need to spend each and every month on the mortgage and on your interest and on maintenance and things like that. And I started thinking.

• 5:15Sam Parr?

  I think I'm going to live over here in Brooklyn and I wanted to like map out how much money I would expect, I would spend to live the lifestyle I want to spend. And it is astronomical and I wanted to talk about some, some of those expenses. You want to talk about some, how much?

• 5:31Shaan Puri?

  Walk me through it.

• 5:32Sam Parr?

  Okay. So listen to this. First of all, I'm going to talk about the life that I'm going to live when I move to Brooklyn. And all the listeners, there's going to be a bunch of them that's going to say, oh, Sam, no one needs an $8 million house. Yeah, I get it. You know, like all I need is like a bucket of water and like some apples and like a pair of Crocs and I'm happy. But this is the life that I choose to live. So like, I get it. No one needs this, but I'm picking this. So get off my back on this hypothetical case that might be a reality in two years. So I just got to get that out of the way. But in terms of hypotheticals, it's not entirely hypothetical because I went and talked to a couple of friends who do this. But listen to this shit. So I found a home that I wanted to buy and I actually linked to it on the, the MBD master doc.

• 6:13Sam Parr?

  Okay. So it's a street, it's on street easy. It's a nice house. Okay. It's only 3,000 square feet though, but it's a brownstone in my favorite neighborhood of Cobble Hill. It's $5 million. I actually think the range of things I want are between five and eight, but this one I just found it was available. It's $5 million. Which basically means I got to come up with 1.1 million dollars as my down payment. And then I'm going to spend around $20,000 a month in mortgage and interest and, and things like that. Not including maintenance, which is going to be more expensive. It's going to be probably another $2,000 or $3,000 a month. Then I think it would probably cost on the low end, 50,000 on the middle only end of like $150,000 to furnish it. The way I'd like to furnish it, right? Have you ever furnished a house?

• 6:57Shaan Puri?

  Yeah, yeah, it depends. If you go like, like my wife, she's like, oh yeah, I'm like, what do you like? She's like, restoration hardware. I'm like, ah geez, like, you know, every item in the stores, like, you know, $5,000 to $10,000. And so, you know, you just add that up per room, you're putting in like 20 to 25 grand worth of stuff per, per room in the house, which is pretty nuts.

• 7:19Sam Parr?

  Yeah, totally. So like 150K is, that's just kind of what it would cost if you want to go that route. If you want to go west M, west Elm, then yeah, you're, you can maybe get it done for 175,000, but it's quite expensive. Then, if I'm gonna get this fat house, I'm getting it because I have two kids or a couple of kids. So I need my $40,000, $50,000 a year nanny. I imagine I would spend around $30,000 a year in food. And so basically, it comes up to where I think I'm spending 600 to 700,000 a year to live the life I want to live in Brooklyn. But, here's the kicker. If you're making over a million dollars a year in Brooklyn, or, or for sure, or in Manhattan, it's even more than this, half your money goes away to taxes.

• 8:04Sam Parr?

  So basically, if I'm spending around 600,000 a year, I need to make 1.2 million dollars just to cover my, my monthly nut.

• 8:13Shaan Puri?

  Break even.

• 8:14Sam Parr?

  Just to break even. And if I, if it's, and, and I, I talked to two friends, one friend who lives in Brooklyn, he told me that he spends around 500,000 a year. And then another friend that also lives nearby, and he told me he spends 800,000 a year. And he spent me, he sent me his list. But he goes, I have an additional house in North Rhode Island, but if you take that vacation home, we are spending around 650,000 a year. So to, to live like this, it's crazy. And when you go and walk on these streets, you know, there's a house every block. If you go in Manhattan, there's this fancy apartment every block. How on earth do you think people, so many people afford this? It's crazy. Like, when you actually think about the logistics, right?

• 8:59Shaan Puri?

  Well, a lot of the people who own these homes, they own them before they were worth $5 million. So go look at the, you know, the Zillow history of this thing 10 years ago, what was this home worth? You know, I'm guessing it's less than, you know, less than half this, maybe 35% of this price 10 years ago, 30%. And so you're, what you're talking about here is like, you know, a home that, well, that they bought in their basis is a million, million and a half dollars, something like that instead of five. So now the monthly payment is less and now the property taxes are less. And so, you know, you cut out your biggest expense in this case, you, you trim that down. So I think that's, that's the answer for how a lot of people have this is inheritance or, or buying in, you know,

• 9:42Shaan Puri?

  20 years ago, 15 years ago, when these were worth a fraction of what they're worth today. And so that's why they can afford to kind of live above their weight.

• 9:50Sam Parr?

  Well, so I had four takeaways when I started thinking about this. The first was that there's a story behind everything. So all these people, like a simpleton like me is like, oh, you just got to earn this much money. And they did it by starting a business. It's like, no, that's not the reality. And Zach Crockett, who works at the hustle, he basically, we were talking about this and he was going to write a story on this. And he said that he researched a bunch of these homes and what he did was he, uh, for all the $5 million brown, for a bunch of $5 million brownstones in NYC, he used a tool called Melissa and he looked up the property records. Then he Googled the names of each person who quote owned it. And then he like, looked at their family records, which he just did his all through just sleuthing and like, look at their stuff.

• 10:29Sam Parr?

  And he found out that a bunch of them, like seven out of 10 of them were like teachers or artists or, or, or a professor. Things that you basically like, you could earn a bunch of money, but you're not earning enough money to buy this home. And what he surmised and came to the conclusion was like, they just get a lot of help. And so like, it's hard to own a $5 million brownstone when you're a reporter at the New York Post or something like, you know, $120,000 a year job. So I think there's a story behind everything. The second thing is I think you just have to earn a lot of money. Listen to this, if you earn.

• 11:03Sam Parr?

  Uh, one.

• 11:03Shaan Puri?

  Hang on, hang on. That was a killer insight.

• 11:09Sam Parr?

  What?

• 11:10Shaan Puri?

  The, you gotta earn a lot of money?

• 11:12Sam Parr?

  Yeah.

• 11:12Shaan Puri?

  Where'd you come up with that?

• 11:14Sam Parr?

  That you gotta earn a lot of money, but listen, let's, let's put the math on this. How many, how many years do you think you need to, uh, how long would it take you to save $10 million if you lived in New York?

• 11:23Shaan Puri?

  To save $10 million?

• 11:25Sam Parr?

  Yeah. To get a portfolio of $10 million.

• 11:30Shaan Puri?

  I have no idea. I don't know. Let's say 20 years.

• 11:33Sam Parr?

  Okay. So if you make 1.5 million dollars and you're spending around $25,000 a month in living expenses, it's going to take you around 15 years to be able to save $10 million, which is pretty crazy. Now you've got to figure out how to earn at least a million and a half for 10 years or for 13 years, which is like, that in itself is impossible, or not impossible, very, very, very challenging. And so the.

• 11:59Shaan Puri?

  Hold on. Your fir-, your first thing was like, these people are teachers and artists. You said they gotta have some help. You're talking about like family help. You're not talking about like, there's nothing else, right? You're saying you have rich family.

• 12:08Sam Parr?

  Yeah.

• 12:09Shaan Puri?

  Okay. All right. Sorry.

• 12:11Sam Parr?

  I think, I think that, I think just having a, like, I underestimated that. When I think about this, I'm like, whose parents would give them $2 million for a down payment on a home? And I think the answer to that is actually a lot. I can't, I, I can't imagine that, but the, like, that, that was hard for me to, cause you know, I don't fucking know that. My mom and dad, like, the best gift they ever gave me was when I turned 21, they gave me $1,000. And that was like the last birthday present I ever got.

• 12:35Shaan Puri?

  I, I don't even think it's a down payment. Cause okay, you're a teacher. Great. Your down payment is covered. Where are you coming up with 25K a month of your monthly, monthly payment just for your home? Like, that's not working.

• 12:45Sam Parr?

  I think.

• 12:45Shaan Puri?

  They're, this is, this is an all cash, here's your house free and clear. You get to live here and you cover your life expenses. If you're paying for a latte, that's you, but, uh, I'll buy you this brownstone. I thi-, I think that's gotta be what it is.

• 12:58Sam Parr?

  I think that's, that, that has to be what it is. Or the second thing is you gotta earn a lot. The third thing is, I think you gotta, I want, how many of them do you think sell a business? I think earning a lot, like a big nut of 10, 20 million dollars,

• 13:11Sam Parr?

  it seems like impossible to do without selling an asset.

• 13:16Shaan Puri?

  You've got to be in finance, law, maybe medicine or consulting to be pulling in a million dollars a year of income. I don't think there are many other jobs that do that. We're not talking about athletes, entertainers, because that's just a small, such a small portion of the population. But if jobs that a normal person can get, that's going to make you a million to $2 million a year. I'm pretty sure you've got to be either a banker or banker or consultant, if you're employed, or you've got to be self-employed as a doctor or a lawyer or something like that to be able to pull that in. So that's like, am I missing one?

• 13:50Sam Parr?

  Those are non, those are, yeah, those are non entrepreneurial jobs. Like the other way.

• 13:55Shaan Puri?

  And then you could start a small business.

• 13:57Sam Parr?

  Yeah.

• 13:58Shaan Puri?

  Yeah. Yeah, exactly. You own a small business, you own a big business, you, you know, you own a contracting firm, you do construction around the city, whatever it is. Those are the other way where you can do this. And that's usually you're not earning some steady 1.5 million per year. You're earning like nothing, nothing, nothing, a lot, a lot, a lot, huge. And then back to nothing, you know, like that sort of thing. It's this, it's this lumpy curve that an entrepreneur has where you're basically broke till you're very un-broke. So yeah. But okay. Yeah. What else you got to say about this?

• 14:29Sam Parr?

  And my third and final takeaway here is basically, there's so much out there. There is so much money out there. There is so much opportunity. You walk by all these places. And again, Ben's laughing at me. This is obvious. But it, when you see it in real life, I walked down the street and I'm like, oh, that apartment, that costs $12,000 a month to rent in that top floor of that brown store, stone, and there's three of those in there. So like, there's three people each paying $12,000. And they're just like, home, home, home, home, home, home, home. It's astronomical. There's just so much money out there to be made. It's just so much opportunity. So anyway, I did this three hour walk yesterday and I just, I felt enlightened. And I just wanted to come to the table and fill you in on that. Nothing, nothing, nothing spectacular.

• 15:16Shaan Puri?

  Well, that's why I'm glad you started the show with something unspectacular. That's why, you know, these TikToks that are like, they stop somebody in a fancy car or fancy house and they go, hey, I just wanted to know, what do you do for a living? And the guy's like, um, and they're like, you know, first of all, like, is this like a trap? Are you like an IRS agent? What is this? And they're like, I paint houses or they'll be like, you know, I, I work in real estate. You know, I work in the financial services industry. It's like, oh, okay. What's going on here? But I think the reason those are popular is because wealth for most people is a complete mystery. It is a complete black box unless you come from wealth. If you come from wealth and you grow up and at your, you know, you're going to 15th birthday

• 16:00Shaan Puri?

  parties where like Serena Williams is there to play tennis with the other kids. You're like, what the hell? Like, you know, this is, everything is just nice. Everybody goes, we summer in the Hamptons. You have a place where you summer, like summering is a verb. And then you, you know, you, you know that you're, oh my God, father, you know, he's, he owns like 44 dental practices. And so you, if you grow up with wealth, you, you, wealth doesn't seem like this mysterious, unattainable thing. You, in fact, you realize there's like a thousand paths and it's up to you to decide which one you want. But for most people, wealth is like, kind of just this mysterious thing. You don't even see how wealthy people live. You don't hear like the numbers you talked about. I think for a lot of people listening, they're going to be like, what in the hell is Sam talking about?

• 16:42Shaan Puri?

  Somebody pays $500,000, $800,000 a year of just their living expenses? Like, that sounds like the most money you could make, let alone spend per year. And so when you're talking about spending more than a person's life savings in a year, that's a thing very foreign to people. Then you say, okay, well, how do you achieve that? And now you have maybe one example, two examples. You don't have like 25, 35, 45 examples to choose from. And so I think that's why those TikTok channels are popular. I think that's why this podcast is popular because you either react to this type of information with one of two reactions. Bitterness or inspiration? For most people, it's bitterness.

• 17:23Shaan Puri?

  You hear about other people's success or their extravagant spending and you get bitter. You see the difference between what they do and what you do. And you don't focus on the fact that maybe you want to do it. Instead, you focus on the fact that they're wrong, evil, unnecessary, blah, blah, blah, whatever it is. And how, you know, they only could have got it by, by sort of cheating the system or some unfair advantages. And you get bitter. And that's where I would say 90% of people fall into the bitter camp. But some people, they hear those stories and they take inspiration. And if you take inspiration, you start to collect each of these anecdotes. You start to collect each of these data points and you say, oh, I'm taking this foggy map that I have, this cloudy map where I couldn't really see. And I'm just pushing away the fog.

• 18:06Shaan Puri?

  I'm getting clarity on, wow, there's a thousand ways to win. And wow, winning, it can be a lot bigger than I even imagined. And once you sort of have that in your head, that's when things become a lot easier. Because you start to notice all around you, examples of people building wealth in unique ways. And ways that are not always long and hard, ways that are not always painful or require genius. You'll start to see examples of somebody who does it by, you know, simply like, you know, starting a mushroom farm in California. And it's like, yeah, that's what they do. Or somebody, I remember I met a guy who created the tread that goes on treadmills. He's like, yeah, we're, we're tread manufacturer. I was like, what? And he's like, and these guys would do like 15 million a year in sales. And was he a marketing genius? No, was he a sales genius?

• 18:50Shaan Puri?

  No, he just simply was like, oh, there's demand for tread that goes on conveyor belts, treadmills. How much profit do you think? I mean, I don't know, I was like, I was like in fifth grade at the time. I remember this is my friend's dad. And I was like, why, why is, why is Jordan so rich? And it was like, oh, Jordan's rich because Jordan's dad sells treads on treadmill. And then we met these other people that are rich and they, I was like, you know, again, I wasn't even asking the question. But I remember my sister saying something like, yeah, they have like mushroom farms. And I remember like, in my head, farmers don't make like tons of money. And then I realized pretty quickly, oh, farmers can make a ton of money. And so, you know, but I was just slowly collecting these anecdotes only when I was in my twenties.

• 19:30Shaan Puri?

  And I was like, if I want to know how to get rich, then I need to know like a lot more examples of richness. And if I want to get rich fast, then I need to get examples of people getting rich fast. And, um, and this is actually a good transition. We have a friend. Who is, we were just in the group chat. We have a friend who it seems like might get rich very quickly here. And let me explain, richer. They created a product or a service or an app and they, every day they're posting a chart of like the growth of this thing. And it's like a early version of a hockey stick. It's like, yep, we went from doing a hundred

• 20:10Shaan Puri?

  dollars a day, $500 a day, $1,000 a day, today, $3,000 a day, today's going to be $9,000 a day. Pretty quickly, like, you know, fast forward two weeks, this person's going to put a chart in there. That's going to show them doing $200,000 in revenue just today. And it's going to be, nothing has changed. It's just they just let the growth carry on. You see that and you're like, wow, that's, that's winning. Like, that's the HOV lane. That's the fast lane where you could just go in and you could win faster. Like, jeez, I didn't realize that. I thought I gotta bust my ass for 10 years. And the reality is, this person has been busting their ass for 10 years, building up the skills so that they can launch a new product and they can do, let's call it five to 10 million this year in, in potential profits. Now, this person, if you

• 20:54Shaan Puri?

  remember, many months ago, they told us, this exact, this exact thing, they go, yeah, I'm just thinking about ideas that can make, I forgot what they said, 10 or 50 million dollars. I want to make $10 million in a year, $50 million in a year. And I was like, okay, like, you know, yeah, sure, you know, and I want Jessica Alba to, you know, add me on Snapchat right now. Like, but it's not necessarily going to happen. Like, you could just say it, but he was like, no, I've been studying, there's apps that do that in the App Store. And he's like, showing us screenshots. Yeah. Yeah, showing us screenshots and examples. It's like, that does that? Yeah. This does that? Yeah. And now you see 10 of them. And all of a sudden, first of all, I

• 21:39Shaan Puri?

  never knew somebody who even stated a goal like that. So just hearing it for the first time was like, that's interesting. I knew people that would say, I want to build a huge company, a billion dollar company. That was normal. I'd heard that before. I'd heard, I want to get a high paying job, you know, I want to make, you know, 500K a year at this company. I've heard that before. I had never really heard somebody be like, I'm looking for a way that I can make $10 million in three months. That was actually the exact thing. It was, how do I make $10 million in three months? And so I was like, all right, well, never heard that. That was new. Then I thought, well, my brain doesn't come up with any examples of how to do that. That's like, you know, doesn't involve, you know, putting a ski mask on and walking into a Wells Fargo. So like, you know, and then he gave me 10 examples. And so I was like, okay, well, now I got 10 examples.

• 22:23Shaan Puri?

  Number 11 doesn't seem so far fetched at that point. And I remember coming to talking to you and being like,

• 22:30Shaan Puri?

  dude, have you heard anybody think like this, talk like this, come up with ideas like this? Because I believe that there's great power in questions. And I had never really heard somebody ask the question, how do I make $10 million in the next three months? And once that question was asked, now my brain has to start coming up with answers. And at first my brain was struggling. And then as he gave me examples, it started to get better and better and better to come up with examples about how you might do that. And now it's literally happening like that.

• 22:55Sam Parr?

  Right in front of us.

• 22:56Shaan Puri?

  Scenario is actually playing out right in front of us. What do you think of this?

• 23:00Sam Parr?

  I think it's awesome. I think, I think it's still too early. I think anything that comes fast will go away fast or can go away fast. But he called his shot and we are seeing on a daily basis, whether it's come, it's coming, it is in fact now coming into reality. And I think it's awesome. I think that there's ways, I think Peter Thiel said, where he's like, what's your five year goal? And then someone says their goal and he says, cool, how can you do that in six months? So I usually believe in that. This guy took it even further, which is what's your five year goal to do it in three months? And it's awesome. And there's another guy who I know that's done this and he's public. His name is Alan Wong. Do you have the, uh, the, the app on your iPhone that lets you listen to police scanners? It's like the police scanner app?

• 23:44Shaan Puri?

  No, but I know, I know of these apps. These are, these apps are weird.

• 23:47Sam Parr?

  Yeah, it's like five dash zero radio app. I think like 50 radio app. And this, this guy Alan Wong, he posted in Reddit in 2013 and he basically said, um, he said, hey, I'm Alan Wong. I was told to create an AM here.

• 24:03Shaan Puri?

  I have it up here.

• 24:05Sam Parr?

  Yeah. You want to, you want to read it?

• 24:06Shaan Puri?

  I have it up here. He goes, yeah, he goes, I'm a, ask me anything. I'm a person in his twenties who went from rags to riches during the recession. He goes, how I did it? I developed apps. My most popular app is called the 5O radio police scanner. It lets you listen to police chatter around the world. You've probably seen this used in the latest Spider-Man movie, although they rebranded it. And as of 2012, my apps have been downloaded by 20 million people. By the way, this is 10 years ago. He wrote this. So he did this in the 2008,

• 24:32Sam Parr?

  Well, I have an update on it that I can give you in a second.

• 24:35Shaan Puri?

  So, so he goes, my parents were raised in the slums of China. They fled here with my brother to New York. My mother worked in a sweatshop in Chinatown before she quit and became a homemaker. My father was an herbalist before he passed away unnaturally, three months after I graduated from college. After his passing, no one in my family had a job. So he says, I found a full-time job at Columbia University. I was the only one with income. So I taught myself how to create apps in my free time. And I created apps on the weekends with hopes of making some side income. I didn't expect this to make me millions. And then he says, what does he say? His money? I don't think he says money somewhere here, but yeah, go ahead. Fill in the gaps.

• 25:08Sam Parr?

  So he doesn't say it there, but I found it. So there's this other subreddit that I talk about all the time called Fat Fire. And they've got this particular type of flair called verified by the mods, where the mods, the moderators, look at the income or your balance sheet. They look at something and they say, yeah, we believe it. What you are saying is true. And his verification is for a hundred million dollars liquid plus. And so the guy has over a hundred million dollars. And he did it all through two or three of these apps. And I believe with close to no employees and he did it over around like eight or 10 years.

• 25:45Shaan Puri?

  It's a, by the way, he says, so he has three apps. He has 5O radio, then he has police scanner plus. And then he has one more called, what is it called?

• 26:01Shaan Puri?

  Hang on, he's got three apps that were in the top, like the top hundred. So, so he goes, this means I'm the only person ever in App Store history. This is what he wrote at the time. This was back in, I don't know, 2012, 2013, something like that. That I'm the only person history to have in the, in the app to have three apps in the App Store that were top 10 overall in the paid and free categories at the same time.

• 26:26Sam Parr?

  Yeah, man, this guy's cool. And then he, if you Google his username, it's Rego Apps. So R E G O Apps and then Fat Fire. You'll see his posts from Fat Fire and he talks about what it's like to be different tiers of rich. And he has all types of, of like, you know, when I was at this thing, this is how I felt. When I was at this other thing, this is how I felt. And now, according to his flair, it's over a hundred million. It's a, this is, so you're asking, who else do I know that's done this? I don't know this guy and I can't verify that any of this is true, but it's pretty interesting and it might be true.

• 27:02Shaan Puri?

  Well, yeah, and I don't know the speed that this guy did it, but still amazing. By the way, we should get verified in Fat Fire. Why aren't we posting in Fat Fire? That seems like a, that's our, those are our people. We should hang out.

• 27:12Sam Parr?

  I do post there. I post there under a name that no one knows me as, but I would post there more. Would you post, do, do you use this?

• 27:21Shaan Puri?

  Yeah, I'll go browse. I never post, never comment, but I'll, I'll make an account and I'll, uh, let's do it. Let's get verified. Let's do an AMA there.

• 27:27Sam Parr?

  Yeah, so look, this guy's thing says, I fat, I found his username. He goes, I fat fired at age 25. I make $10 million a year in my 30s, 10, yeah, 10 million plus a year in my 30s. And I have over a hundred million dollars according to, which has been verified for the mods. And here, this is what he says, someone says, what's the difference in millionaires or in money levels? So he goes, at a hundred K to a million, you can tip very generously and be okay with that. At one to five million, you can fund some medical expenses and maybe a college, college tuition or two, maybe for an extended family member or friend. At five to 20, you could pay off a handful of college tuitions. I guess they're asking about donation. You can pay off a handful of college tuitions and some expensive surgeries. And then he jumps to 50 to 50 million. You can create several nonprofits and overseas that, uh, that are overseas and help people

• 28:11Sam Parr?

  at a community level, like building a school or a local community or something. So he like talks about this constantly throughout this subreddit and it's very, very interesting.

• 28:20Shaan Puri?

  Yeah, that's cool. I like that. Uh, that's a good story. I, um, I uh, I'm gonna have another story to share on this and let's call it 30 days. Let's say I'm gonna call, I'm gonna leave that little seed here 30 days. I'll have another interesting story to share on this topic, but let's switch to something else.

• 28:46Speaker 02

  Million dollars isn't cool. You know what's cool? A billion dollars.

• 28:52Shaan Puri?

  Let's talk about um, this guy Scott Painter. Do you know who Scott Painter is? This is my, this is my Billy of the week. This is guy Scott Painter. I don't know if he's a Billy, but he's got that big Billy energy for sure. And I'm gonna tell you this guy's story and you're gonna be, you're gonna be amazed by this guy.

• 29:09Sam Parr?

  All right, go for it.

• 29:10Shaan Puri?

  Do you know who I'm talking about? Do you know, have you ever heard this name before?

• 29:13Sam Parr?

  No, I'm just looking it up now.

• 29:14Shaan Puri?

  So Scott Painter is known because he was the CEO of something called True Car. And so True Car is like a super successful, um, it was like one of the super successful early uh, car companies on the internet. So what they were doing was they were publishing price information so that you could go and figure out, you know, the, what the true price of this car is so that um, you know, if before you would go to a dealership and depending on which dealer you went to and which salesperson you talked to and what, how they sort of sized you up as a sucker, you would get like a 30% price differential on the price of the same car. So you could go to one place and the same exact car, they'll, they'll charge you um, you know, 30% more or less depending on uh, which place you went.

• 29:58Shaan Puri?

  So it's a huge spread after True Car, people could just go figure out, well, this is the price of this car. In 1997, you know, Mazda Miata is supposed with this many miles is supposed to be this price. And in every market, they would go into the price gaps that, that dealers were charging would spread, would change from 30% down to like 3%. And so they were like helping bring in price transparency. But this dude is a crazy story. He is built, he has basically spent like 20 years just constantly trying to reinvent the auto industry online. So this guy did, uh, I'm just gonna read you like his, his LinkedIn. So he's um, he's the, he starts off, well, he goes to the army, first of all, and he's a Spanish interrogator, which is just like a kind of a crazy little path that he took. And he talks about like, you know, why you went there is like, you know, my, you know,

• 30:43Shaan Puri?

  dad wasn't so cool. I needed freedom. Army was freedom for me, so I went to the army and um, So anyways, he goes and he becomes VP of Marketing at 1-800-CARSEARCH. This is early internet. We're talking like 1999, basically. And so there's 1-800-CARSEARCH, 1-800-DENTIST. He's like the VP of Marketing for each. Then he creates like a consult. So he's just hopping one year, one year after another. He creates Dental Advantage. It's like consulting for dentists about how to use the internet. And he starts another one called Vision Incorporated. This is again 1999-ish and he's like helping companies transform like for e-commerce. Like, hey, companies are going to need to do e-commerce. I'm going to help them do this. So he was right. He was just way early on this trend of e-commerce. And then he just starts this like crazy run in the car industry.

• 31:27Shaan Puri?

  So he goes, he's the founder of Cars Direct. They go from zero to 650 million in sales in year one. Then he goes, he starts advertising.com. Yeah. Then he's CEO and founder of TrueCar. Then he's CEO and founder of PriceLock, which was like lock in your like gas prices. Then he was a founder, then after, so he does TrueCar, he takes it public. And he gets on this crazy scenario where he is the, I think he's the largest individual shareholder. He's not only the largest individual shareholder, he's buying up a ton of stock. He believes in the stock like crazy. They have an earnings miss, like the economy sort of turns, car owners, people start slowing down with their car buying. They have a big quarter miss, stock drops like crazy.

• 32:13Shaan Puri?

  He gets margin called because he was buying so much of his own stock. And he's basically forced to borrow money from friends to pay off his margin call. And he resigns from the company. That same month, he basically has to step down as CEO. He lost a ton of money on his own stock. He gets a divorce and his literal house burns down.

• 32:35Shaan Puri?

  What does he do the following week? The following week, he incorporates Fair.com to a new way to buy cars. And this was like basically the idea that like, hey, car buying is super, super complicated. You go, you buy a car. I don't know if you've ever done it, but like the process of you have to buy a car. You have to qualify for financing, like, you know, 80% of cars are financed in the United States. Nobody buys cars in all cash here and. And then you have like this complicated like credit check payment thing. Then you have your, your insurance on top. You have your title insurance. You have to do the right registration. You have to do all this different stuff. And he's like, what if instead it was like, you know, what if buying a car was as simple as like buying a coffee or Netflix like subscription? So what he would do is you would just put in your phone number. It would like find out all

• 33:19Shaan Puri?

  your information and it would say, what car do you want? You pick a car and it'll be like, cool, that car is $500 a month. And you own that car and you could turn it in at any time if you don't want that car. So it's like a long-term rentals, basically, was what fare was doing. Fare grows like crazy. They raise hundreds of millions of dollars because A, this guy has got this crazy track record. B, he's very like kind of charismatic and formidable. Like you see this guy as a founder, you're like, God, I would hate to be competing against this guy in the same market. And he thinks very big. He's like, you know, we're going to change the way that car ownership is done. We're going to make this faster, cheaper, whatever. SoftBank piles in $300 million into a series B round and, and they're on their way. And fare ends up going up really fast and then crashing really fast because

• 34:04Shaan Puri?

  a few years ago, I don't know if you know, but basically like as the tech markets like valuations turned, SoftBank, which was the big whale in this space, started losing money. They lost money on WeWork, then they lost money on, what was the other big one? SoftBank had like, I don't know, three or four, like huge things like Uber, like they had a bunch of huge things going, like the prices crashed from where they had invested. And so he couldn't raise any more money and he had built this like very complicated thing. They lay off 40% of people. Fare doesn't really work out. And now he's back again because I see this thing that says, this new startup, Autonomy, has placed $400 million worth of purchase orders to buy 8,000 something Teslas this

• 34:44Shaan Puri?

  year. And it's like, what? Who's buying 8,000 Teslas? Who's paying $400 million to buy Teslas? And it's a startup called Autonomy that is trying to make it where you can just rent electric cars. Simply like you, you, there's a lot of people that want to own an electric car, like a Tesla, and they can't afford it. It's too expensive all in. So here, pay this monthly fee and you get to rent a Tesla. You get to own, basically you get to like have a Tesla. You're not renting it like day by day. It's a long-term rental.

• 35:14Shaan Puri?

  He's back. And so they've placed $1 billion of purchase orders across different electric vehicle manufacturers to do this. So he's, he's back. He must have raised a ton of money again, plus like raised a bunch of debt. And he's back with his new startup, Drive Autonomy. And this guy is fascinating. I went down a rabbit hole, listening to interviews of this guy. He is a very, very interesting dude.

• 35:38Shaan Puri?

  Because of this autonomy thing, I worked backwards from the last thing I told you where I was like,

• 35:42Sam Parr?

  But why were you just looking up purchase orders of electric cars?

• 35:46Shaan Puri?

  I saw a tweet, you know, you follow on Twitter, like, you know, Elon and a bunch of like these like kind of Tesla fanboy and Tesla hater accounts, like I follow both sides, like, there's basically a huge group of people that are, I should actually say, it's a small group of people that believe Tesla is a giant fraud and is going to zero. They're called Tesla Q. And then there's other people that believe that Elon Musk is, you know, the second coming of Jesus. And I follow both. And in the second coming of Jesus camp, they were like, Tesla, you know, the huge, you know, here's more good news for Tesla. These guys, Drive Autonomy has placed $400 million of, of orders for, for Teslas, because there's so much demand. And Elon had replied saying, um, he was like, demand has never been the problem. It's supply, like manufacturing, like production of cars is our

• 36:30Shaan Puri?

  problem. Like, yeah, this is good news, but like, we don't have a demand problem. We have so much demand, we have supply problem. But I was curious, where is this, you know, half a billion dollars of demand coming from? I've never heard of this startup before. What do they do? And, um, and that's what they do.

• 36:46Sam Parr?

  What was he like when you hear him talk? Is he charismatic? He just looks like a, a normal white dude.

• 36:52Shaan Puri?

  Very matter of fact. Um, so he's basically like, he's a good storyteller. He's quick and to the point. He, um, he reminds me a lot of like, you know, that other guy we like Frank Slutman, the guy who runs Snowflake, who wrote that amazing blog post, Amp It Up, which is basically describes like, You know, don't be such a wuss like, you know, run your company to win and we're here to win. And like, this is the plan to win. And that guy's just been like a serial CEO of companies that just grow really fast. This guy's like that. So let me tell you some of the kind of like interesting little nuggets that came out of this. So I'm just going to keep rambling on this guy. So he's basically, he's like, he's like, I'm a multi-time college dropout. Like I have dropped out of college multiple times. I dropped out of like my kind of prep college.

• 37:37Shaan Puri?

  I dropped out of undergrad and I dropped out of grad school. And he's like, I basically had a ton of failure. Do you guys know me? Because I've tried like 25 things and three have worked. And he's like, you know, but that's entrepreneurship. Like, you know, you need three to work out of 25 in a 20 year career. And like, that's, that's like what winning looks like.

• 37:57Shaan Puri?

  He's like, you know, I always loved cars. He goes, cars are a, where am I at in life? Purchase. He goes, I can just look at a, look at a car that I owned and it would tell me a story about where I was in life. You know, like, you know, when I'm graduating from, when I'm graduating, right? I'm coming of age or when I like, you know, when I moved or when I got, got my first good job or like whatever. He's like, a car basically marked, you know, each chapter. He's like, that's how it is for most people. I kind of had that insight, which is like a car is like your avatar that you use when you go around the world. A car says something about you. And yeah, when you, when you go upgrade to the minivan is because you're going into family mode. And like, that's what I kind of realized. He goes, people spend a crazy amount of money on cars. Cause in the interview, the guy's like, how have you been able to raise so much money?

• 38:41Shaan Puri?

  He goes, well, I play in like the biggest market. He goes, 15% of all people's gross income goes to mobility, half in buying their car and half into fuel, taxes, repairs, insurance, et cetera. He's like, so when you have this thing that makes up 15% of what everybody makes, or just put differently, like, I think it's like a third of your net worth, you know, if people are spending on you, when they buy a new car, he's like, the TAM is just enormous. Like, you know, it's like five billion, five trillion a year goes into cars or something insane like that. So he's like, you know, that's the easy answer to how have I raised so much money? I went and played in this big space and then I tried to reinvent it at every, every time I would do one, I would try to reinvent it. So he's like, you know, we were the first ones to be like, we would put the upfront price of a car on the internet.

• 39:26Shaan Puri?

  Nobody was doing that at their, in the early days. I think that's the cars direct.

• 39:29Sam Parr?

  Is he successful? You said that he got marching called. Does that mean he was broke?

• 39:36Shaan Puri?

  It doesn't necessarily mean he was broke. It means he didn't have enough collateral for like what he borrowed for his stock. Now, if the stock recovered, which I don't know, I haven't looked at TrueCar.

• 39:43Sam Parr?

  TrueCar, their market cap is 230.

• 39:49Shaan Puri?

  Million?

• 39:50Sam Parr?

  Yeah.

• 39:51Shaan Puri?

  That's, that's, yeah, it does not look like it has done very well since then. So, uh, yeah, it's like basically, you know, a third of where it was back in 2014. So yeah, that's, that's not doing so well. Um, and he says that in his thing. He's like, I've, he's like, I made a bunch and I've lost it all many times over. Um, and so, you know, I'm sure this guy's done well. Like I don't think you can build multiple companies that get valued at billions of dollars, take a company public. I don't think you can do that. And like, you gotta real, you gotta be like, kind of really fucking reckless to walk away with less than, you know, 20 million at the end of all that.

• 40:27Sam Parr?

  Dude, I love people who, who take swings, even if they miss like consistently or like, you know, in this guy's case, like he didn't entirely miss. He did actually build some amazing things, but like, maybe he was just shy of what it could have been. Another guy who's doing that right now, tell me what you think about him. Adam Neumann, the founder of WeWork, he just raised $250 million in seed funding for a $1 billion apartment business. I don't exactly know what the business does, but it sounds like it's WeLive, the thing that we were talking about where you, you know, it's like fancy apartment buildings that are all most of the same. You pay a premium because it's all pre-designed and looks really nice and it has a community on it, which honestly I think is awesome. I also think WeWork is awesome.

• 41:12Sam Parr?

  What do you think about a guy like Adam Neumann taking another swing?

• 41:19Speaker 03

  Our software is the worst. Have you heard of HubSpot? See, most CRMs are a cobbled together mess, but HubSpot is easy to adopt and actually looks gorgeous. I think I love our new CRM. Our software is the best. HubSpot, grow better.

• 41:35Shaan Puri?

  I think it's great. I think it's so easy for people to shit on him. And you people shit on him for two reasons. One is, well, I forget the reasons. I'll give the explanation. The reason is just simply like, you know, it's fun to hate on somebody, you know, that you don't know that.

• 41:49Sam Parr?

  Well, and he's full.

• 41:50Shaan Puri?

  Seems like they flew too high. They, they got too big headed and then they, they crashed. People like that. But I think the criticism is what? The criticism is WeWork failed. Well, WeWork didn't really fail. It just didn't achieve the like, you know, what's WeWork worth today? WeWork is still like, you know,

• 42:09Sam Parr?

  Like five or six billion.

• 42:10Shaan Puri?

  A company more valuable than, than anything that we've ever built, you know? So it's like, uh, yeah, WeWork is valued at 3.96 billion right now publicly traded. You know, so it's not like, it's not like WeWork actually failed. It's just, you know, he raised too much money, too high valuation, didn't live up to that, uh, that dream, that, that promise. And a bunch of people got burned. If you bought the stock or you joined the company at that really high price, yeah, you're underwater for that. So that's the first criticism. The second is he lied, cheated, steals, you know, he licensed the, he was like paying himself out of the company for the trademark of we, he like, you know, did stupid things like, you know, this like summer camp where everybody got drunk

• 42:50Shaan Puri?

  and whatever. Those things to me are somewhere between a little whack, a little messed up to actually like understandable and more common than you think when it comes to these like hypergrowth companies.

• 43:04Sam Parr?

  Yeah, I don't think he's a liar. I think he's crazy.

• 43:06Shaan Puri?

  Kind of ego driven people. But there's crazy good, there's crazy bad. Is he crazy good or crazy bad?

• 43:11Sam Parr?

  Mostly good, but it could be in some cases it was bad. But I think that when I, at least when I read about him and I don't know the guy, I've hung out with, um, Miguel, the co-founder. And my, my read on these guys is, I don't think you're lying. I just think that you got some things wrong. And I think that you're just like incredibly enthusiastic. And I don't know, like, is it, when you paint the picture of the future and you end up being way wrong, you're, you're not a liar. You're just wrong. You know, you're optimistic, but you still call that wrong. But you're not a liar. Or at least you don't, you're not a liar if you believe that it's gonna be true.

• 43:45Shaan Puri?

  Different, right? Right. Delusional or irrational is very different than like lying or fraud. And I think there's a line, who knows if he crossed it. I don't know all the details. I'm not involved in all that. But from, from the outside, it looks to me like he was one of these guys who is. Huge dreamer, irrational self-confidence, so unbelievable self-confidence that they are going to pull it off, that they're going to pull off this crazy, crazy dream. I do think they get, you know, high on their own supply, where they start to think that like, you know, the stuff that got them to the, to the point where, you know, you're on the cover of Time Magazine and everybody's throwing money at you to fund you, then all of a sudden you think, you know, I can't be touched. And I've seen this play out many, many times.

• 44:27Shaan Puri?

  I've gotten burned on some of these. So I've, you know, like, I invested in Terra, which was like, you know, the Luna, like crypto coin, right? And the founder of that was the same way. This guy, Do Kwon, super smart, charismatic, unbelievable confidence that his thing was going to work. And some people, all along the way, were saying he's crazy. And then slowly but surely, a bunch of smart people gave him money, you know, because it was like, this guy's crazy, but he's kind of pulling it off. And maybe he is just crazy enough to pull it off. And we have many examples in history of people who are crazy enough to pull it off. Let's see if this happens. And, and then over time, his ego ballooned and it ballooned and it ballooned and he kept basically taking larger risks and tempting people to, to, you know, sort of call him on his bluff. And then, and then somebody

• 45:11Shaan Puri?

  did. And the market, like, a series of events happened and it crashed and all went to zero and everybody looks dumb. And, you know, I lost a million dollars of like, you know, what I had in worth of Luna in like, two days because I believed that this guy was going to be one of the crazy ones to pull it off. I didn't think he was not crazy. I thought he was crazy and like, might be the good crazy and was worth a bet. And so on other times I've bailed because I thought, you know what, I'm not falling for this sort of the hero entrepreneur, the charisma, the visionary entrepreneur thing. I owned Tesla stock when it was really, really low. I remember, I remember at the time Tesla was valued at

• 45:53Shaan Puri?

  maybe like 2 billion and 2, 3 billion, something like that. And I remember investing in it. My dad was like, Tesla, they don't make any money. And I was like, yeah, but I think that like, you know, here's my reason why I think they're going to be big, but ABC. And then I say, he's like, yeah, but like, you know, it's already valued at 3 billion. I was like, well, you know, at the time, I think GM was like 25 billion or something like that. One of the big companies.

• 46:16Sam Parr?

  What's Tesla now? Like 500 billion?

• 46:20Shaan Puri?

  Yeah, but it hit a trillion. So like, you know, I would have rode 2 billion to a trillion.

• 46:26Sam Parr?

  I can't do that math.

• 46:27Shaan Puri?

  So basically, like, that's like, this was my, it was the first stock that I bought. I think I put in like 25K or something crazy like that.

• 46:33Sam Parr?

  But 25K would have been like millions, right?

• 46:37Shaan Puri?

  Yeah, at one point I calculated it was a $5 million. I would have had $5 million. I, what I did was I turned the 25K into like 125K and I sold because I started to get suspicious that like, damn, this guy really over promises like, and he does over promise. He over promises on like when something will be built, how good it'll be like, he's pretty much wrong on the timing always. Like he's, he's been saying that the Cybertruck is coming out. He's been saying that the, you know, the Model 3 would be more affordable than it is. He'll say that autopilot, like he's been charging people for autopilot, like the self-driving full, you, you, you buy FSD full self-driving and it's like not full self-driving and you've been paying thousands of dollars

• 47:15Shaan Puri?

  for like multiple years now. And he always says it's right around the corner, right? So like this guy does have this. I remember when I was reading the, the Twitter stuff about like people who were basically saying this guy's a fraud, Tesla's a scam.

• 47:29Shaan Puri?

  It was very, very convincing. There was a lot of convincing evidence. I remember like they went through 20 CFOs, 20 CFOs in like a four-year time span. And like the new CFO was like, some guy's never been a CFO before. And like somebody really smart once told me like, just follow the CFOs. The CFOs know what's going on with the company. They know the company helped better than anybody. And like, that made a lot of sense to me. I actually still believe that principle. It just turned out to be wrong.

• 47:53Sam Parr?

  Yeah, but if, no, no, it was right, which is that it was on the brink of collapse consistently and he kept pushing.

• 48:00Shaan Puri?

  He threaded the needle. He pulled it off.

• 48:02Sam Parr?

  Yeah.

• 48:03Shaan Puri?

  He pulled it off. He threaded the needle. He pulled it off. And there's still a bunch, a mountain of evidence as to like that it was very close to failing that he basically over promised slash, that over promise would be the generous term, you know, sort of lied, manipulated, you know, to keep the stock up, to prevent it from getting like, you know, basically crashing and going out of business. There's a bunch of evidence that the support's at, but the bottom line is he pulled it off and I was, you know, $5 million wrong for selling early. And, and so I've been on both sides of this. And I think where I netted out is some people literally are just con artists and they are literally just going to scam you and their charisma will, will manipulate you and dupe you into, into believing in them.

• 48:46Shaan Puri?

  But there the some of the best entrepreneurs do have this have such a similar profile where they're irrational, delusional, willing to like run into a, you know, a fire pit and they're like, there's no way you'll make it out. And then, you know, nine out of 10 don't, but the one out of 10 who do, you know, like change the game. And so I've just sort of landed on, you know what? I'm gonna lean towards, I'm gonna lean towards optimistic on this because even though I would be right if I was pessimistic about it nine times out of 10, I'd miss the, I'd have a false negative on the one that actually works out. And that one will A, pay for all the losers in investing terms and B, like, you know, it's just more fun to sort of like follow these

• 49:28Shaan Puri?

  entrepreneurs and, and understand what they're doing, you know, and why they believe they can do this and be more optimistic than a hater towards them. That's kind of where I landed.

• 49:37Sam Parr?

  That's a good one. All right. Let me tell you, I'm gonna, I want to end with two things. One is the lamest thing I've seen on the internet in the past few weeks. And number two is a company that is making way more money than I thought, and I'm absolutely going to clone it eventually. I'm going to start with the second one. The, uh, go to, yeah, go to bitpipe.com. So B I T P I P E dot com. Tell me what you see.

• 50:03Shaan Puri?

  Okay.

• 50:06Shaan Puri?

  Oh my God. All right. I see a Craigslist looking website. It says, BitPipe is the enterprise IT professional's guide to IT resources. Browse this fee online library with the latest tech, white papers, webcasts, product information. All right. I don't know what this is, but basically it looks like a set of blogs, maybe, uh, content about.

• 50:23Sam Parr?

  Click one of them. Click one of them. Click content management.

• 50:27Shaan Puri?

  I'm done.

• 50:31Sam Parr?

  Then click view now.

• 50:33Shaan Puri?

  Okay. It looks like it's a set of reports.

• 50:36Sam Parr?

  So click view now. So I did it for you and says, this is an article from Computer Weekly. It was released on August 22, August 2022, and it's called,

• 50:50Sam Parr?

  like, it's so technical, I don't even know what it actually is. What's the one that you're looking at?

• 50:57Shaan Puri?

  I'm looking at Eurotunnel's digital journey for realities of post-COVID travel. And it tells me I can download this eZine, eZine, the hell is it?

• 51:05Sam Parr?

  All right, and I'm gonna, let me tell you an even worse one. This one's called How to Choose an HR Software System.

• 51:11Shaan Puri?

  Is that like what people call a magazine on the internet, eZine?

• 51:14Sam Parr?

  Yeah.

• 51:14Shaan Puri?

  Is that what it's called?

• 51:15Sam Parr?

  It's old. So this one's, there's one called How to Choose, listen to this one. It's called How to Choose an HR Software System. An HR system is one of the most important purchases an organization makes. Nowadays, the stakes couldn't be higher. And download this guy, this e-guide, and learn all the key steps in setting up an effective buying process, and how to identify HR software features. Then it says, give us your corporate email address, your first name, last name, company name, job title, seniority, job function, number of employees, industry, address, country, state, zip, phone, and just click download now, and we'll send it to you.

• 51:55Sam Parr?

  All right, so this website, it's owned by a company that owns like 20 or 30 of these websites. And it only has about 3,000 customers, but it makes around $400 to $500 million a year in revenue. And the way it works, yes.

• 52:15Shaan Puri?

  No, no, no, I refuse to accept this reality. No, no way. Cut this out. I don't like this. I don't like this.

• 52:28Sam Parr?

  It's a publicly traded company. It's a publicly traded company with a market cap of about $2.5 or $3 billion. So it's owned by a company called-

• 52:37Shaan Puri?

  This exact thing, BitPipe makes that much, or the whole company makes that much?

• 52:41Sam Parr?

  The whole company, which is roughly like 10 or 20 of websites like this.

• 52:47Sam Parr?

  What's the company called? At Tech Target. So every company on this Bitbyte website, you see how it says this is from computerweekly.com or this article is from networking. It's like FlowRoute, socialnetworking.com. This was from like this other website that talks about global knowledge, which is your guide on information systems. So they own like 10 or 20 publications that talk all about like buying software for huge companies. And they get very few people coming to these websites a month, very few. But because the article is called "How to Buy an HR System for 1,000+ Employees," there's around 2,500 companies in America that will

• 53:32Sam Parr?

  pay them money to do a couple of things. The first thing is they want to contact the people. The lady who is giving her email and information on an article on how to pick an HR system is a lady who maybe 30 different HR customers will say, "Hey, I'll give you 500 bucks if you can give me that lady's information so I can call her." The second thing that they do is they they'll track that lady. That lady, Linda, she's going to go to computerweekly.com and look at an HR software thing. Then she's going to go to information system and look at a cloud software thing. And then what Tech Target is going to do is they're going to go to their clients and be like, "Hey, hey, motherfuckers, you there? I got a lady who's about to buy this thing, that thing, and that thing. You want to talk to her? You want to

• 54:15Sam Parr?

  holler?" And that's what they do. And that's how they make their money. And they make hundreds of millions of dollars a year. That's all they do. They go, "Hey, this motherfucker's about to buy some cloud software. You want to holler?"

• 54:34Sam Parr?

  They own a website actually called What Is? And it's just like people Googling like, like, but that'd be their phrase, like, "Hey, what it is, bro?" Yeah. Yeah, I got this chief information officer at Gartner. Yeah. Yeah, they want to score, man.

• 54:49Shaan Puri?

  Yes, she's texting me, yeah.

• 54:50Sam Parr?

  Yeah, you up?

• 54:51Shaan Puri?

  This is insane. Sorry, so but why do people? Why is that person who's the head of HR? Why are they landing at this website that looks like it's from like 1979? Why are they? This looks like, you know, back when the internet was called the Intranet and it was like six computers. This looks like an Intranet website. It's not even an internet site.

• 55:12Sam Parr?

  Because what the fuck are they gonna Google to figure out?

• 55:14Shaan Puri?

  Versus just Googling?

• 55:16Sam Parr?

  Because dude, if you Google like, what is a good software? If I'm, if I'm, you know, like, so if I'm the, the chief information officer of a 10,000 or 5,000 person companies, I'm gonna get my information from a few different ways. I'm gonna watch loads of very specific webinars that are on like a trade show, a trade magazine. I'm gonna read trade magazine and by trade magazine, I'm gonna learn about them because they're hosting like a hundred person trade show that's all talks about like how to pick an HR software in Vegas. And it's really just a really fun way for me to go and watch the chip and dials like do their thing. But then I'm gonna go to like a vendor that day and like, you know, we're gonna hang out and do some blow. But then that, so they're gonna go to that website and learn all about it because that's how they know them. And then occasionally that company's gonna do a webinar.

• 56:01Sam Parr?

  In order to access the webinar, you're, I'm gonna give them a bunch of information and they're gonna sell that information to the eight companies that could possibly service me. And that's how the tech target makes money. And so this lady Linda, she's gonna go to all these websites and meet all these people because it's a small, it's a small, small industry. There's like maybe tens or at most hundreds of thousands of people who would do this. And this is what I've been thinking about this B to B media world. It is awful. Say it with me, it is awful. It is a horrible, horrible industry.

• 56:30Shaan Puri?

  It is awful.

• 56:31Sam Parr?

  Yes, with a, with a barrier or a, uh, uh, the, it's such a low bench line or threshold of what's good and what's not good. The content is horrible and people love it. And these businesses work.

• 56:45Shaan Puri?

  Why aren't we starting a company that just beats these guys? Why aren't we starting the most boring B to B media company? But we put our spin on it, just like mug shouties did to mug shots. We are gonna do to the B to B media industry.

• 57:00Sam Parr?

  The B to B bitches, that's what we're gonna call it, the B to B bitches. Hey, where's the B to B bitches? What's up? Yeah.

• 57:10Sam Parr?

  It's gonna be like a, like a radio show where it's gonna be like, hey, it's the B2B bitches. Today, we're gonna talk about information systems. Wah wah wah wah, you know, like.

• 57:22Shaan Puri?

  Yeah, exactly. We're gonna have a podcast that's a radio station. Actually, we're just gonna have an AM radio station. And we're gonna have a, you know, we're gonna give pagers to every CIO in America.

• 57:33Sam Parr?

  And there's gonna be like little sound clips. It's gonna be like, B2B bitches in the morning. Yeah, this is gonna work.

• 57:40Shaan Puri?

  Exactly. Yeah. You know, my favorite thing, by the way, those radio stations that do the cheaters segment. You see this, where they like basically call, it's like, hey, will you call my boyfriend and just see if he would cheat on me? And like, they just like call the boyfriend and then she's on the other line and they basically trick him into being like, yeah, all right, I'll meet you at Home Depot, what time? And then they're like, actually Rebecca's on the other line and Rebecca's like, you son of a, that's what we're gonna do. We're gonna get one vendor, your existing HR solution on the line. And then we're gonna call being like, hey, are you interested in a new HR solution? And when they say yes, we're gonna be like, oh, we got Workday on the line. Workday, what's up? He's gonna cheat on you, he's gonna churn. And it's called churn busters and we just catch him in the eye.

• 58:24Sam Parr?

  No one has ever laughed at this style of content, except until, or up until right now. We're the first people to ever make tech target a fun topic. Yeah, but dude, this is interesting, right? The, this business model is crazy fascinating to me. They make money through webinars, they make money through like these e-papers or they fucking call them a zine. I mean, that's just like who's working here. So my next business, I already have started a company and it's like this community thing. I'm gonna add this, this style of company, I'm gonna add it to, uh, this is gonna be in our portfolio of products. Now, let me show you the last thing, dude. Last week, I said.

• 59:00Shaan Puri?

  Can I just say, before you do that, can I just, before you do that? This is, this is yet again. A number seven. We got a number seven, a Sam Parr special. This is a Sam Parr special. It's like, no one's even heard of this website. Somehow it does hundreds of millions of years a year. It does. It looks like it's from 1982 and like, you know, how do you even know these? I don't know, but this is a Sam's part special. This is why I like to talk to you because you bring these things. Nobody, nobody I know in my entire life, I could, I get hit up every single person. I'd say, hey, you ever heard of BitPipe? I will get the answer, no, across the board. You're the only person that I know that knows about this stuff.

• 59:38Sam Parr?

  Well, look up tech target market cap. What is it? Is it like two point, it's like multi-billion? It's like one of these companies that's like in plain sight, but no one pays attention to.

• 59:47Shaan Puri?

  Yeah.

• 59:49Sam Parr?

  So it's there.

• 59:50Shaan Puri?

  It is, uh, let's see, the current price. So it's trading at $72 a share with a market cap of $2.1 billion.

• 59:56Sam Parr?

  And like, what was its peak? Its peak was probably five or six or seven. I mean, it's not like a little thing.

• 1:00:03Shaan Puri?

  Yeah. Double. Yeah. Basically double where it's at now.

• 1:00:06Sam Parr?

  All right. Last thing. The lamest thing that I saw last week. So this guy posted on LinkedIn a picture of him crying and it, he's, the post starts off, this will be the most vulnerable thing I'll ever share. I've gone back and forth whether to post this or not, but we just had to lay off a few of our employees and he talks about how it's his fault and how he made all these decisions. And I'm gonna have to file this under things that I'm gonna take to the fucking grave. I cannot believe this post. I cannot believe this post. What happened to like a man being stoic and just like, you know, like just taking this, just take these

• 1:00:50Sam Parr?

  feelings and just push them down. You know what I mean? Just accept it and push them down.

• 1:00:55Shaan Puri?

  Hey, it's crazy. On that shelf that just has daddy issues, make room. Yeah. We got something new I need to put on the shelf that I'm burying deep down in my gut.

• 1:01:04Sam Parr?

  Yeah. Yeah. Yeah. I want that problem to walk over and be like, excuse me, mind if I scooch in right here? That's what needs to happen with this. I cannot believe this person shared this. Is that ridiculous?

• 1:01:14Shaan Puri?

  I mean, I don't even understand it, by the way. Uh, he goes, he goes, uh, I've seen a lot of, I've seen a lot of layoffs of the last few weeks on LinkedIn. Most of these are due to the economy or whatever other reason. Ours? My fault. I made a decision in February that I stuck with for too long. Now, I know my team will say, we made this decision together. By the way, they won't. They'll say, you made this decision. They're not going to be like, we all made this mistake, boss.

• 1:01:42Shaan Puri?

  Yeah. So then he basically writes this long thing and he writes it like in the marketer style where it's every other line, like single line, enter. One line, enter. And then he posts this picture of himself looking into the camera crying. And this has, um, I think it has 50,000 likes and 10,000 comments, but most of the comments are just shitting on him, which is hilarious.

• 1:02:03Sam Parr?

  Oh, sorry. You said what? It has 50,000?

• 1:02:06Shaan Puri?

  Has 50,000 likes, 10,000 comments, and most of them are just making fun of this guy. So as, as is deserved, to be honest, like, you know, at my first million, we don't condone bullying, but we definitely don't condone absolutely faking the funk like this guy's doing. The, the, the top comment that I liked was some guy was like, hang on, did you turn your ring light on before you took this selfie? Cause I can kind of see the reflection. Uh, it looks like you turned a ring light on to take this selfie of you crying to post on LinkedIn. And, uh, that's like, that's just calls it out so perfectly. The, the, the inauthenticity of the fake authenticity that this guy tried to, tried to portray.

• 1:02:45Sam Parr?

  I condone some type of bullying. I condone bullying in this guy. Cause if the bullies, had they done their job, nerds like this wouldn't be going around existing. This is the most ridiculous thing I've ever seen. I saw this and I was like, bullies, you failed us. How on earth did this guy get away with this?

• 1:03:03Shaan Puri?

  This is the, you need like, you know, in every ecosystem, it's like, yeah, well these, uh, the plankton have to be there because they're absorbing this. And like, you know, these parasites, actually you need them because of the, that's why we need bullies. Otherwise shit like this is going to run rampant if there's no bullying.

• 1:03:20Sam Parr?

  Yes. This guy, someone need, he needed a big brother. He needed a big sister, someone to be like, look, this isn't how you act. This is not, this isn't the right way to behave when something like this happens. You dork. I cannot believe this.

• 1:03:34Shaan Puri?

  We're pro bully here at the my first million podcast.

• 1:03:37Sam Parr?

  Dude, there's just going to be a generations of cool, uh, uh, a generation missing cool kids because of this. No, I saw this post, man, and I thought this was.

• 1:03:45Shaan Puri?

  This is the definition, this is the definition of small boy stuff. When we say

• 1:03:50Sam Parr?

  It's the definition of

• 1:03:51Shaan Puri?

  This is what we're talking about.

• 1:03:52Sam Parr?

  Yeah, this is, this is, this is small boy stuff. This is, this is as small boy as it gets. I saw this and I was just like, oh, man, I've seen, I've seen a bunch of these like, like Henry Ward from um, Carta wrote this letter of saying how he screwed up. And I was like, all right, that's cool, whatever. This is the worst example I've ever seen of this. I think that, what do you think's gonna happen to this guy's career? Like, if you're a customer of his, I'd be like, oh, we like, your code must suck. Like, you know, like, if you're, if your product is even 50% as weak as you, it's not gonna work.

• 1:04:29Sam Parr?

  Do you know what I mean? You know what I mean?

• 1:04:35Shaan Puri?

  Dude, some of these comments are hilarious. They're like, um, Brandon, Brayden, I understand, these things happen, happens for a reason. Focus on the positive. Let it go. Rest easy, my sweet child. Rest easy. It starts off with a serious comment. It's like, sleep sweetly, my sweet child.

• 1:04:55Sam Parr?

  Is that a man or a woman?

• 1:04:56Shaan Puri?

  This is actually the best content ever on LinkedIn. This is the best content on LinkedIn, like the comments, the combination of the post and the comments. All of a sudden, LinkedIn was the most entertaining, uh, you know, like, social media of the day from the, from this one post.

• 1:05:10Sam Parr?

  Dude, I was gagging reading it, man. It was, this was crazy. I, I felt embarrassed for, I just felt so embarrassed for him. You know how like, um, we talk about cringe stuff? I legitimately cringed. I remember my face being like, ew. Like, I just had that, my face was changing shapes, reading this.

• 1:05:29Shaan Puri?

  Yeah, like, I have this tooth that's like a little sensitive and it just started like ringing when I was like, ah, uh, like I ate too cold of ice cream. Like, that's how it felt when I read this. It's just like this uncomfortable, this uncomfortable feeling that I just needed to pass. All right, so that's the episode. Uh, go tell your friends, tell your mom, uh, you know, go add us on LinkedIn. Go do what you gotta do. This is my first million.