Author: Young and Profiting (YAP) with Hala Taha

  • Marie Forleo on The Mindset Every Entrepreneur Needs to Succeed in Life and Business | YAPClassic

    AI transcript
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    0:01:42 Yap gang!
    0:01:46 In today’s “Yap Classic” episode, we’re diving deep with a powerhouse
    0:01:50 who’s about to turn your “I can’t” into “I absolutely can.”
    0:01:52 The one and only Marie Forleo.
    0:01:56 Imagine transforming your deepest fears into your greatest fuel.
    0:01:59 Well, that’s exactly what Marie has done throughout her remarkable journey,
    0:02:03 from bartending to building a multi-million dollar media company.
    0:02:06 Named by Oprah as a thought-later for the next generation,
    0:02:09 Marie isn’t just another motivational speaker or podcaster.
    0:02:13 She’s a living, breathing testament to the power of believing,
    0:02:16 and as she puts it, that everything is “figure-outable.”
    0:02:21 Marie and I spoke back in 2023 about being a multi-passionate entrepreneur,
    0:02:22 embracing your good fears,
    0:02:26 how to hone and trust your intuition, and so much more.
    0:02:29 So get ready to learn how you can turn obstacles into opportunities
    0:02:32 and why Marie’s philosophy isn’t just a catchy phrase.
    0:02:35 It’s a powerful, actionable approach to life.
    0:02:36 So what are you waiting for?
    0:02:40 Let’s go figure some ish out with Marie Forleo.
    0:02:45 So, Marie, I’d love to take it back to your childhood.
    0:02:47 I like to do that on my podcast.
    0:02:50 And from my research, I found out that you have essentially
    0:02:54 always been a Jill of all trades since you were a little girl.
    0:02:56 So can you tell us more about that little girl
    0:03:00 who later became what you call a multi-passionate entrepreneur?
    0:03:03 Yeah, I grew up in New Jersey like you did.
    0:03:07 I remember distinctly as a kid, you know, when adults would say,
    0:03:09 “Hey, what do you want to be when you grow up?”
    0:03:10 I never had one answer.
    0:03:12 I always had like 17.
    0:03:14 I want to be a teacher.
    0:03:15 I want to be a dancer.
    0:03:16 I want to be a writer.
    0:03:17 I want to be a businesswoman.
    0:03:18 I want to be a model.
    0:03:19 I want to be an artist.
    0:03:21 It was just like on and on and on.
    0:03:25 And as the years went on, some of those answers would change,
    0:03:28 but there was never just one answer.
    0:03:31 And I didn’t realize that that was even odd or different
    0:03:34 until really my college years,
    0:03:37 I remember a lot of people seemed to have a very distinct,
    0:03:40 definitive vision for what they wanted to do.
    0:03:41 You know, I want to be a doctor.
    0:03:42 I want to be a lawyer.
    0:03:44 I want to be whatever it was.
    0:03:46 And I still had like 15 things
    0:03:48 that sounded really intriguing to me.
    0:03:52 And when I started my career after graduating,
    0:03:54 I went to Seton Hall University in South Orange, New Jersey.
    0:03:56 My first job was actually on Wall Street
    0:03:58 on the floor of the New York Stock Exchange.
    0:04:00 And I was pumped.
    0:04:02 I was so excited because it’s like
    0:04:05 the financial mecca of the universe back in those days.
    0:04:07 This is like the late ’90s.
    0:04:08 There were actually no chairs on the floor
    0:04:10 and I’m a person who has a lot of energy.
    0:04:12 So I was like, oh, this is so cool.
    0:04:13 I’m gonna be running around all day.
    0:04:15 This is amazing.
    0:04:17 And after about six months into that job,
    0:04:19 I was super grateful for the work
    0:04:21 because I’m the first in my family to go to college.
    0:04:24 And my parents, they just busted their buns
    0:04:26 to be able to even give me an education.
    0:04:29 And I took that very, very seriously.
    0:04:30 But after about six months,
    0:04:32 I started hearing this voice inside that said,
    0:04:34 you know, this isn’t who you are.
    0:04:35 This isn’t what you’re meant to do.
    0:04:36 This isn’t what you’re supposed to be.
    0:04:38 And I was like, that’s strange, you know?
    0:04:40 Like, ugh, and I tried to kind of push that voice away,
    0:04:43 but it kept getting louder and louder and louder
    0:04:46 until one day I remember being at work
    0:04:49 and starting to feel sick, like physically ill,
    0:04:52 started to feel dizzy, like I couldn’t really breathe.
    0:04:54 And I said to my boss, I said,
    0:04:56 hey, can I just run out and get a coffee real fast?
    0:04:58 It was at a kind of slower time during the days.
    0:04:59 Like, yeah, no problem.
    0:05:02 So I left and I didn’t go to get coffee.
    0:05:04 I made a beeline to the nearest church
    0:05:07 and I sat on the steps and I cried.
    0:05:10 I cried my eyes out because I felt like such a loser
    0:05:12 because I knew logically and intellectually
    0:05:16 that I was so, I was so grateful to have work,
    0:05:18 which included a steady paycheck.
    0:05:19 It included health benefits.
    0:05:22 I felt like I was doing good by my family,
    0:05:24 but at the same time, the truth was I was miserable
    0:05:26 and I felt like I was dying a slow death.
    0:05:30 And I didn’t know how to reconcile those two things.
    0:05:32 The first signal I got from above was actually,
    0:05:34 it said, call your dad.
    0:05:36 And back in those days, Halle,
    0:05:37 I still had, it was like flip phone days.
    0:05:41 So I took the flip phone out of my like dark green jacket.
    0:05:43 That’s what all the traders had.
    0:05:45 And I call my dad and I was crying.
    0:05:46 I was like crying the ugly cry
    0:05:48 where like there’s knots coming out of your nose
    0:05:50 and you just can’t breathe.
    0:05:53 And I was like, dad, I’m so sorry, I’m a man.
    0:05:56 And when I finally shut up and took a breath,
    0:05:58 he’s like, Rie, stop.
    0:06:00 He’s like, you’ve been working since you were nine years old.
    0:06:02 I’m not worried about you figuring out
    0:06:03 how to keep a roof over your head.
    0:06:05 But he’s like, here’s the secret to life.
    0:06:08 You’re gonna be working for at least the next 40 or 50 years.
    0:06:10 You have got to find something you love.
    0:06:12 And if going to work every day at this place
    0:06:14 makes you this sick that you ran out
    0:06:16 and you’re crying in the middle of the day at the church,
    0:06:19 like you can quit, you’ll do what you did,
    0:06:20 you’ll bartend, you’ll figure it out,
    0:06:22 but you need to find something you love.
    0:06:25 And Halle, that was like such a huge permission slip for me
    0:06:27 because I realized in that moment
    0:06:31 while my dad didn’t tell me how to find something I loved,
    0:06:33 he gave me permission to do so
    0:06:37 and really reinforced the fact that livelihood needs to,
    0:06:41 not fully, but finding something that genuinely aligns
    0:06:45 with your strengths and your skills is vital for all of us.
    0:06:47 And so the only clues I had really was that
    0:06:49 I was always a super creative child
    0:06:51 to one of those 17 things that I always wanted to be
    0:06:52 was an artist.
    0:06:54 So I had this, I used to paint, I used to draw,
    0:06:56 I thought maybe I wanted to be an animator for Disney,
    0:06:58 but I also had a real passion around small business.
    0:07:00 My dad was a small business owner.
    0:07:01 And so I was fascinated with business and money
    0:07:04 and that kind of aspect of life too.
    0:07:06 And so I said to myself, okay, I have these two sides,
    0:07:07 what do I do with them?
    0:07:08 And the first idea that came to mind
    0:07:11 was actually the world of magazine publishing.
    0:07:15 There’s the ad side, which is around money and sales,
    0:07:17 and then there’s the editorial side, which is very creative.
    0:07:19 And so I went to a temp agency in New York City
    0:07:21 and I said, I want to work in magazines,
    0:07:23 I don’t care which magazine, I don’t care where it is,
    0:07:25 just get me any position.
    0:07:28 I’ll be like the lowly assistant, I don’t care.
    0:07:32 And so they placed me as an ad assistant at Gourmet Magazine.
    0:07:35 It’s a part of Condonass Publications back in the day.
    0:07:36 And I remember I was like, oh, this is awesome.
    0:07:39 My old environment, 99.9% men.
    0:07:41 This new environment, it was a lot more mixed and balanced.
    0:07:43 I was like, this is really cool.
    0:07:45 My boss was a woman and then also my big boss,
    0:07:47 the publisher, was also this like incredible woman.
    0:07:49 I was like, oh, this is great, I’ve never seen this before.
    0:07:52 And after about six months in that job,
    0:07:54 the same voice came back.
    0:07:56 It started small, like Marie, this isn’t who you are,
    0:07:57 this isn’t what you’re supposed to do,
    0:07:58 this isn’t what you’re supposed to be.
    0:08:00 And I was like, what is going on?
    0:08:02 Like, what’s wrong with me?
    0:08:03 Where’s this voice coming from?
    0:08:05 Like, I really want to work.
    0:08:06 I really want to earn money.
    0:08:08 I really want to contribute.
    0:08:11 But I couldn’t stand going to an office every day.
    0:08:13 And so logically, I was like, okay,
    0:08:14 let me just step back here
    0:08:16 and try and look at my situation objectively.
    0:08:18 Wall Street, money, money, money.
    0:08:21 Ad sales, more money, like numbers.
    0:08:24 Maybe I’ve like leaned too heavy into the business side.
    0:08:26 Maybe I’ve really been starving my creative self.
    0:08:29 So I said, okay, went to HR and said, look,
    0:08:31 if you have any position at any magazine
    0:08:34 on the editorial side, I’ll take it.
    0:08:35 I don’t care if I’ll take a pay cut.
    0:08:36 It’s a lateral move.
    0:08:39 It’s a down move, just any opportunity, I’ll take it.
    0:08:42 So they found me a position at Madam Mazzelle,
    0:08:44 which was a women’s fashion magazine,
    0:08:45 editorial side fashion department.
    0:08:47 I was like, oh my God, this has got to be it.
    0:08:49 I’m going to be working with designers.
    0:08:50 I’m going to be seeing new products
    0:08:52 and be helping with layouts, photo shoots.
    0:08:54 This is amazing.
    0:08:56 And for the first couple of months, it was really cool.
    0:08:57 It was novel.
    0:08:58 I learned all kinds of new things,
    0:09:00 different environment, amazing.
    0:09:03 Of course, within, I don’t know, four or five months,
    0:09:05 the voices came back again.
    0:09:06 Hala, this time I was like,
    0:09:09 there is something wrong with me.
    0:09:10 Like I feel broken.
    0:09:13 Do I have some kind of cognitive like dysfunction
    0:09:15 where I can’t commit to anything?
    0:09:18 All of my friends are getting raises, getting married,
    0:09:20 starting to like build their whole lives.
    0:09:22 And here I am years after graduation,
    0:09:24 just wanting to quit my next job.
    0:09:26 Like nothing was making sense.
    0:09:28 And I felt so terrified.
    0:09:30 I felt like such a loser.
    0:09:31 It was awful.
    0:09:34 And there was one day at work when I was on the internet
    0:09:37 and I discovered this article.
    0:09:39 And it was about a new profession at the time.
    0:09:40 It’s about 1999.
    0:09:42 The new profession was called coaching.
    0:09:44 You have to get that in the late 90s,
    0:09:46 nobody had heard of coaching.
    0:09:48 Like this was like ground baking, right?
    0:09:50 And I remember reading that article
    0:09:53 and it was as though a Christmas tree
    0:09:54 lit up inside of me.
    0:09:56 It was as though the clouds parted
    0:09:57 and little angels came out.
    0:10:00 And I was like, oh, like this is what you’re supposed to do.
    0:10:04 But at the same time, you know, I was 23 years old
    0:10:06 and the mean voice in my head said, what are you?
    0:10:07 Are you kidding me?
    0:10:08 You’re 23.
    0:10:10 Who the heck’s gonna hire a 23 year old life coach?
    0:10:12 You haven’t even lived life yet.
    0:10:14 You’re in piles and piles of debt.
    0:10:15 You can’t seem to hold down a job.
    0:10:17 This is gonna be one more thing you fail at.
    0:10:19 So I had that going on.
    0:10:22 But I couldn’t deny that in my body
    0:10:25 and my intuition told me that there was something there
    0:10:27 that I was meant to follow.
    0:10:28 And I signed up on the spot
    0:10:31 for a three year coach training program.
    0:10:33 I was doing that at night on the weekends,
    0:10:34 kept my magazine job during the day.
    0:10:37 And then I got a call from the HR department
    0:10:39 and they had a promotion for me
    0:10:43 to go move up bigger paycheck, better position
    0:10:45 to be a part of Vogue magazine,
    0:10:47 arguably one of the top fashion magazines in the world.
    0:10:48 And that was my fork in the road.
    0:10:51 Do I stay on the safe path with the paycheck
    0:10:53 and the health benefits and like a career
    0:10:55 that people actually understand what the hell it is
    0:10:58 or do I quit and do this weird ass life coaching thing
    0:11:00 that no one has ever heard of?
    0:11:02 I have no idea how to even turn it into a business
    0:11:05 and it sounds ridiculous when I say it out loud.
    0:11:06 So I chose that path.
    0:11:09 I gave up my job and I went back to bartending
    0:11:12 and waiting tables, which I did all throughout college.
    0:11:14 And I figured out how to build a coaching practice
    0:11:15 during the day.
    0:11:16 So that’s kind of the through line
    0:11:20 of being a multi-passionate kid, not knowing what that was
    0:11:22 to kind of getting me to the place where, you know
    0:11:24 and I’ll pause because I’m sure you have other questions
    0:11:26 that we can kind of take it all the way through.
    0:11:28 – Yeah, I’m going to dig deep on all of that.
    0:11:30 This was such a great overview of your story
    0:11:31 and it’s super inspirational.
    0:11:34 So a question that I have for you,
    0:11:36 let’s stick with you being 23 years old,
    0:11:38 deciding that you want to be a life coach
    0:11:40 with basically no life experience, right?
    0:11:41 And how did you get the confidence
    0:11:43 and when did you actually start getting clients?
    0:11:46 Did you wait until you were done with the program?
    0:11:48 And how did you know you were good at it
    0:11:51 and like starting to build your confidence with it?
    0:11:53 – Okay, signing up for that program
    0:11:54 felt really significant to me
    0:11:56 because I just basically, you know
    0:11:58 graduated from school just a few years earlier.
    0:12:02 So I was still in that mode of being like, I am a student
    0:12:05 like when you want a new skill, you go put yourself
    0:12:07 in an environment to gain those skills and capabilities
    0:12:11 and everything that they taught and all of the topics
    0:12:14 and what we would talk about in terms of communication
    0:12:17 in terms of supporting other people, creating frameworks,
    0:12:19 understanding how to listen and to ask questions,
    0:12:23 those things felt like second nature to me.
    0:12:27 They felt like areas where I was so excited to learn
    0:12:30 as opposed to things that I went through in college
    0:12:31 where it was like, oh, you know
    0:12:33 I’m rolling my eyes to get through every topic.
    0:12:35 Like there was no resonance there.
    0:12:37 So that was my first clue that I was on to something
    0:12:39 as I really, really enjoyed learning.
    0:12:42 Second part of my coach training was actually
    0:12:45 that you should not wait to get what we called
    0:12:46 at that time, practice clients.
    0:12:49 It was like, hey, just work with people for free.
    0:12:52 Like that was kind of a part of how they told you
    0:12:54 that you’re gonna build a business and build your confidence
    0:12:57 was not to go out there and like pretend
    0:12:59 that you’re further along than you are.
    0:13:01 But for me, it looked like reaching out
    0:13:04 to every single girlfriend that I had.
    0:13:06 And because I was bartending and waiting tables
    0:13:09 people would always ask me like, hey, what else do you do?
    0:13:09 Are you an actress?
    0:13:11 I’m like, no dude, I’m a coach.
    0:13:13 Like I could actually help you reach a goal
    0:13:14 or set a strategy or do this.
    0:13:17 And so I was just absolutely shameless
    0:13:20 about asking people if I could work with them for free.
    0:13:23 Like I just did everything I possibly could.
    0:13:26 And in that process, was it uncomfortable?
    0:13:29 Yeah, but I had failed at so many other things.
    0:13:31 And that was so much more painful
    0:13:33 than actually trying to do something
    0:13:34 that I really believed in,
    0:13:37 that it gave me the motivation to just put myself out there.
    0:13:39 And then the worst thing that people could say was, no.
    0:13:41 And I was like, that’s not that big of a deal.
    0:13:42 – Yeah.
    0:13:43 – It was through that experience
    0:13:46 of just continuing to work through my fear
    0:13:47 and my embarrassment.
    0:13:50 And then when I started getting people results
    0:13:51 and how they’re like, wow,
    0:13:53 I feel so much better after our conversations.
    0:13:55 So that started to kind of fill the well of like,
    0:13:56 oh, I could do this.
    0:13:58 Like this is awesome.
    0:14:00 And it didn’t happen overnight.
    0:14:01 It took me a very long time,
    0:14:03 but that’s kind of how the process started.
    0:14:04 – Yeah.
    0:14:05 The other question that I have
    0:14:07 is in terms of this dream job, like you said,
    0:14:09 Vogue is like the pinnacle of the fashion world, right?
    0:14:11 Everybody wants to work in Vogue, especially back then.
    0:14:13 It was like such a huge deal.
    0:14:15 And so you were at this fork in the road.
    0:14:19 You had to make a decision to go after this risky thing
    0:14:21 that you had no idea how it was gonna pan out,
    0:14:24 ended up being a great decision.
    0:14:25 What was your thought process around that?
    0:14:27 I know that you have a 10-year test
    0:14:29 that you talk about in terms of making decisions.
    0:14:31 I’d love to hear how you came about making that decision.
    0:14:35 – So I didn’t realize the 10-year test until a few years later
    0:14:36 and we’ll unpack what that concept is
    0:14:37 and how people can use it.
    0:14:38 ‘Cause I think it’s actually,
    0:14:41 it’s so helpful for any of us no matter what your age is,
    0:14:43 no matter what stage of life you’re in.
    0:14:46 That decision in terms of not saying yes to Vogue
    0:14:50 was a very body-led, intuition-led decision.
    0:14:51 Here’s what I mean by that.
    0:14:54 Because I had had that experience on Wall Street
    0:14:56 where going to the same place every single day
    0:14:59 started making me feel like I was dying a slow death
    0:15:01 and then I quit that job and got out of it.
    0:15:03 And then I went through a similar thing
    0:15:04 when I was at Gourmet Magazine
    0:15:06 where it was like I respected all the people
    0:15:08 that I worked for, I appreciated them,
    0:15:10 I was grateful to have a job,
    0:15:12 but I couldn’t deny that every single day it was like,
    0:15:14 I can’t do this for the rest of my life.
    0:15:16 I don’t wanna climb this corporate ladder,
    0:15:17 like what’s going on?
    0:15:19 So it was a very visceral feeling.
    0:15:22 And then to have that a third time
    0:15:23 when I was at Mademoiselle
    0:15:26 and then to have this incredible opportunity
    0:15:28 for a promotion come to me
    0:15:31 and everything, every single cell in my body
    0:15:33 was screaming no.
    0:15:36 I don’t even feel like it was a decision,
    0:15:39 it was something I had to do.
    0:15:41 – Yeah, and I’ll ask another question
    0:15:42 and I think we’ll help everybody understand.
    0:15:44 So there’s good fear and bad fear, right?
    0:15:46 There’s the fear and you know you should,
    0:15:48 like when I feel fear, I’m like, I gotta do it.
    0:15:50 I gotta just do it, that means I’m gonna grow,
    0:15:52 I’m gonna learn and that’s how I accomplish
    0:15:53 a lot of the things that I’m scared of.
    0:15:56 I know if I feel fear, I need to just do it,
    0:15:58 it means that I’m gonna grow and it’s good for me.
    0:16:02 But then sometimes you feel fear and it’s like this like,
    0:16:03 oh, this is bad for me
    0:16:05 and it’s more of like an intuition gut,
    0:16:07 like this must be bad for me
    0:16:08 and you shouldn’t do that thing
    0:16:10 even though you’re afraid of it.
    0:16:12 So how can we tell if we should do something
    0:16:13 that we’re afraid of
    0:16:16 or if we should actually run away from it?
    0:16:19 – Yeah, fear versus intuition, it’s a big thing.
    0:16:22 My best strategy that I’ve taught
    0:16:25 to probably hundreds of thousands of people at this point
    0:16:28 is a really simple thing that anyone can do
    0:16:32 whenever you’re faced with an possibility, an opportunity,
    0:16:34 something that you’re facing where if you said yes,
    0:16:36 you’re like, wow, this decision could change my life
    0:16:39 or this opportunity could mean the world to me.
    0:16:41 And I think it’s really important for all of us,
    0:16:44 especially when we’re starting in a new journey
    0:16:47 or when we’re on the early part of our career path
    0:16:50 to recognize that our intellect and our ego
    0:16:53 often wants to override our intuition.
    0:16:54 And so let’s say that you got invited
    0:16:56 to go speak at a certain event
    0:16:59 or someone wants to make you their business partner
    0:17:01 or they’re presenting you with this opportunity
    0:17:04 that on paper, maybe there’s a lot of money involved
    0:17:05 or there’s a lot of prestige
    0:17:08 or everyone else would be like, what are you nuts?
    0:17:10 Like, how are you saying no to this?
    0:17:14 But yet something inside of you feels like, oh, I don’t know.
    0:17:15 So here’s what I do.
    0:17:16 I always instruct people
    0:17:18 whenever you’re faced with something like that
    0:17:20 and you don’t know if it’s like good fear,
    0:17:23 meaning the type of fear that you described.
    0:17:25 It’s not like the fear of walking in front of a bus
    0:17:26 where you’re gonna get killed.
    0:17:27 We’re not talking about that.
    0:17:28 We’re talking about creative fear
    0:17:29 that could keep you small.
    0:17:31 And how do you know if it’s like something
    0:17:33 you should move through and say yes,
    0:17:35 because it’s gonna be a tremendous opportunity
    0:17:37 for you to develop skills and move up in the world.
    0:17:40 Or if it’s your intuition waving a big neon red flag
    0:17:42 going like, don’t do this, you’re gonna eff it up.
    0:17:44 It’s gonna just cost you a million things
    0:17:46 and it’s gonna take you on the wrong path.
    0:17:47 You’re gonna regret it.
    0:17:48 So when you think about whatever the opportunity is
    0:17:50 or whatever decision is you close your eyes,
    0:17:52 you get very, very still
    0:17:55 and you wanna get out of your head and tap into your body.
    0:17:58 So if it’s helpful, make sure you have no technology around.
    0:17:59 If you need to like shake it out
    0:18:01 and either go for a walk, go for a run, go for a workout,
    0:18:04 something so you can disengage
    0:18:06 from the nonstop chatter of the monkey mind
    0:18:08 and really start to feel in your body.
    0:18:11 So you get really quiet and then you ask yourself,
    0:18:16 does the idea of saying yes to this opportunity,
    0:18:18 this deal, this possibility,
    0:18:22 make me feel expansive or contracted?
    0:18:23 Now here’s the deal.
    0:18:27 In the nanosecond, when you ask yourself that question
    0:18:31 right after, your body has a visceral reaction.
    0:18:32 This is super subtle.
    0:18:35 So people I think that are involved in athletics,
    0:18:36 if you do any type of working out,
    0:18:38 you’re probably gonna be able to detect this
    0:18:41 a little easier at first, but everybody can do it.
    0:18:44 And what you’re feeling for is either a feeling of expansion
    0:18:46 and what that can be experienced as
    0:18:50 is like maybe your body moving forward in space.
    0:18:52 It’s almost like you’re leaning into the sun.
    0:18:54 You feel your chest lifted.
    0:18:56 There’s maybe tingly sensations inside,
    0:18:58 even though maybe it’s scary,
    0:19:00 you’re like, whoa, there’s a ton of excitement
    0:19:01 or maybe little sparks of joy
    0:19:03 or something that just feels
    0:19:06 like a visceral experience of expansion.
    0:19:07 On the other hand, if you ask yourself like,
    0:19:09 does the idea of saying yes to this opportunity
    0:19:11 make me feel expansive or contracted?
    0:19:14 You might feel something that we could identify as dread.
    0:19:16 Maybe there’s a pit in your stomach.
    0:19:19 Maybe your physical body starts to pull back in space
    0:19:20 or your shoulders hunch over
    0:19:24 or your head starts to very subtly say no.
    0:19:27 So if you actually ask yourself that question,
    0:19:30 take a breath and feel into the answer,
    0:19:32 not from your head, but from your body,
    0:19:34 that is one of the surest ways
    0:19:37 that any single person can get aligned with
    0:19:39 their intuition, not their intellect.
    0:19:42 Your intellect will often lead you astray
    0:19:44 because it’s tied to your ego,
    0:19:46 which is tied to status, prestige,
    0:19:47 wanting to get ahead, climbing,
    0:19:50 and it’s all rooted in fear at the end of the day.
    0:19:54 Your intuition is your connection to higher source,
    0:19:57 guidance, wisdom, natural knowing,
    0:20:00 like innate powers that all of us have
    0:20:03 that were just not taught how to access in school.
    0:20:05 And I have to say that as you get more successful,
    0:20:08 these opportunities are gonna become sexier and sexier
    0:20:10 and it’s gonna get harder to say no and harder to say no
    0:20:14 and you need to get really good at making these decisions.
    0:20:15 Let’s hold that thought
    0:20:17 and take a quick break with our sponsors.
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    0:21:51 Young and Profiters, I know so many of you
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    0:23:27 Yeah, BAM, it’s 2025 and a new year means new opportunities.
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    0:25:16 – I’d love to understand the 10 year, yeah, 10 year test.
    0:25:18 – The 10 year test, so this was interesting.
    0:25:21 So after I had said no to the magazine world,
    0:25:23 had gone on this journey to like, okay, let me figure out
    0:25:25 how the hell to build a coaching business,
    0:25:27 bartending, waiting tables about seven days a week
    0:25:29 and was doing my coaching business during the day.
    0:25:31 And so we all know this.
    0:25:33 Like one of the things that any one of us needs to do
    0:25:35 or we learn that we have to do
    0:25:37 is kind of have an elevator pitch.
    0:25:39 Or when someone asks you about your business
    0:25:40 or what you do for your career,
    0:25:42 you’re supposed to have like a really good answer.
    0:25:44 And I remember at the bar when people would ask me,
    0:25:46 so like what else do you do?
    0:25:49 Oftentimes when I talked about being a life coach,
    0:25:53 it would feel really narrow and limiting
    0:25:55 and like I wasn’t telling the full story.
    0:25:58 Even though I really loved what I did,
    0:26:02 the truth was I had all of these different other passions
    0:26:04 as well that I was starting to explore.
    0:26:07 So for example, I loved spirituality, I loved writing,
    0:26:08 I loved what at that time,
    0:26:12 the early 2000s was the new world of digital business.
    0:26:15 Again, YouTube didn’t exist, podcast didn’t exist yet.
    0:26:17 It was blogs and email and e-books
    0:26:19 and like different things that were brand new
    0:26:20 and mind blowing.
    0:26:25 And I also loved hip hop and dance and music.
    0:26:26 And even though I don’t have any formal training,
    0:26:29 it was like something that was such a passion for me.
    0:26:32 And I would go to classes here in New York City
    0:26:34 and I would go to a place called Crunch
    0:26:36 because they had, first of all, I had a gym membership.
    0:26:40 They had amazing dance teachers and amazing dance classes
    0:26:41 and I loved it.
    0:26:44 And I remember just going to classes so often going like,
    0:26:47 wow, I actually think this should be a part of my path
    0:26:50 or part of my career, but it doesn’t make sense
    0:26:53 because I’m supposed to be focused on life coaching.
    0:26:55 I’m already bartending and waiting tables seven nights a week.
    0:26:57 Like, how am I going to do all these things?
    0:27:00 And so I remember like having these fantasies
    0:27:04 about being a dancer and about having a career in this world.
    0:27:07 But I would always never give myself permission to do it
    0:27:08 because I was like, oh, I’m supposed to focus.
    0:27:11 All the success books say you have to niche down
    0:27:12 and pick one thing and be the best in the world
    0:27:14 so they can’t ignore you.
    0:27:16 But the truth was I couldn’t do that.
    0:27:17 It wasn’t advice that worked for me.
    0:27:21 And so this opportunity came up to actually audition
    0:27:25 to teach at Crunch and to kind of take my passion
    0:27:26 for this thing to the next level.
    0:27:28 And I remember sitting down and thinking to myself,
    0:27:29 should I do this?
    0:27:32 Is this like the stupidest thing ever?
    0:27:32 You know what I mean?
    0:27:34 Am I going to just get distracted,
    0:27:36 slow down my coaching career,
    0:27:38 spend even more time bartending and waiting tables
    0:27:39 because I’m not making that much money?
    0:27:40 That’s when I came up with the 10 year test.
    0:27:43 I was about 25 or 26 at the time.
    0:27:47 In the dance world, to start out at 25 or 26,
    0:27:49 you are over the hill.
    0:27:52 You’re practically a great grandparent
    0:27:55 because most people as professional dancers,
    0:27:57 they start taking class when they’re like three or four
    0:28:00 and they’re in these recitals and everything
    0:28:02 and they’re professional dancers going on tour
    0:28:05 and music videos by the time they’re like 15, 16, 17.
    0:28:06 You know what, like that’s their peak.
    0:28:07 And then in their mid 20s,
    0:28:09 they’re kind of moving into a different zone
    0:28:10 or something like that.
    0:28:13 Anyway, that was my understanding of that world.
    0:28:16 So to start dancing with no formal training
    0:28:18 at 26 or 27 sounded crazy.
    0:28:20 So I sat myself down and I said, okay, look,
    0:28:21 you love this thing so much.
    0:28:23 You love music, you love hip hop, you love dance.
    0:28:26 If you imagine yourself, you’re 25 right now,
    0:28:29 if you imagine yourself 10 years in the future,
    0:28:32 looking back and realizing you didn’t go for this,
    0:28:34 you didn’t actually audition to teach at crunch.
    0:28:37 You didn’t give this any sort of space or attention.
    0:28:39 Are you going to regret it?
    0:28:42 And when I closed my eyes and imagined myself at 35,
    0:28:44 10 years into the future, I was like, oh my God,
    0:28:48 it would be one of the biggest regrets of my life.
    0:28:51 And that leaning into my future
    0:28:53 and trying on a perspective of future me
    0:28:56 is the 10 year test and anyone can do it.
    0:28:57 Now, if I would have gotten the answer like,
    0:28:59 no, I really wouldn’t give a shit,
    0:29:01 then I probably wouldn’t have went on an audition,
    0:29:06 but I did audition and I wound up having this extraordinary
    0:29:09 career simultaneously to building my coaching practice
    0:29:11 where I was one of the world’s first elite
    0:29:13 Nike dance athletes and I got to teach hip hop
    0:29:18 and salsa and house and all these different dance flavors
    0:29:20 all around the world.
    0:29:22 And these incredible experiences
    0:29:23 that would have never happened
    0:29:25 if I didn’t do that 10 year test
    0:29:27 and get out of a space of fear thinking
    0:29:29 that it was like too late at 25.
    0:29:31 And again, I know how ridiculous that sounds,
    0:29:34 but in that world contextually, it made sense.
    0:29:35 – I love that.
    0:29:37 So as I was researching about your story,
    0:29:39 there were some things that I realized.
    0:29:41 So in high school, you try out for the cheerleading team
    0:29:43 for many years, when you finally made the team,
    0:29:45 you became captain, right?
    0:29:46 – Yeah.
    0:29:47 – Then you’re the first to go to college,
    0:29:49 you graduated valedictorian.
    0:29:51 Then as an adult, you just told the story,
    0:29:53 you’re a dancer, no professional training,
    0:29:55 started way later than everybody else,
    0:29:57 then you become one of the first like elite dancers
    0:29:58 for Nike, right?
    0:30:03 So how do you dominate every single random thing
    0:30:05 that you decide to do?
    0:30:06 – It’s a really a personality type.
    0:30:08 I’m very similar, always president of everything,
    0:30:10 always captain of everything, doubling in this,
    0:30:12 this and that, figuring it out.
    0:30:14 We’ll talk about that in a little bit.
    0:30:17 But I just want to understand like your personality,
    0:30:18 the personality that it takes for somebody
    0:30:21 to always want to compete and win and be number one,
    0:30:23 which sounds like it’s very much your personality
    0:30:25 based on what I learned about you.
    0:30:27 What would you say are the pros and cons
    0:30:29 of this type of personality?
    0:30:32 – One of them is that I’m willing to dive in
    0:30:34 and not be good at stuff.
    0:30:37 Like everything I’ve ever tried when I start out,
    0:30:40 I’m not good at all, like terrible.
    0:30:42 I remember all those times trying out
    0:30:45 for the cheerleading team and just being like so crestfallen
    0:30:47 because I was so rejected.
    0:30:48 It was like, these arms aren’t straight
    0:30:49 and you don’t have this, no, no, no.
    0:30:51 I was just like, all right, I’m gonna try better next time.
    0:30:53 And I just put myself on video camera to learn to go,
    0:30:55 okay, oh wow, I see how my arms are.
    0:30:57 Oh, oh wow, Jesus, I’m a mess.
    0:30:58 Okay, great.
    0:31:00 And I think the same thing with coaching,
    0:31:01 I think the same thing with business.
    0:31:04 Like I’m not super fast.
    0:31:06 So a lot of people, I think in the world,
    0:31:09 sometimes people have these incredible opportunities
    0:31:10 where they’re like, they have,
    0:31:11 I don’t know if it’s overnight success,
    0:31:13 but they’re like fast learners.
    0:31:14 And I don’t think I’m like that.
    0:31:17 I think also one of the pros to this type of personality
    0:31:20 is like, if I really love something,
    0:31:22 I’m going to just go for it and dive in
    0:31:24 and trust that it’ll all work out.
    0:31:27 I think one of the cons of having personalities like we do
    0:31:29 is you can sometimes be your own worst enemy
    0:31:30 and you can overwork.
    0:31:34 I think perfectionism is something to really watch out for.
    0:31:36 Like there’s beautiful perfectionism,
    0:31:38 which means you have high standards and that’s awesome
    0:31:40 because that’s where excellence comes from
    0:31:41 and that is outstanding.
    0:31:43 And then it can bleed over
    0:31:45 into some maladaptive forms of it
    0:31:47 where nothing is ever good enough.
    0:31:48 You’re never good enough.
    0:31:50 You can push yourself into burnout
    0:31:52 and you can be really hard on other people too.
    0:31:54 So I think those are some of the aspects
    0:31:58 where you have to really keep awareness of yourself
    0:32:00 and the self punishment and the self torture
    0:32:01 that can come with this personality type
    0:32:04 is really something to keep an eye out for.
    0:32:06 – So I want to ask one last question about your career.
    0:32:10 Have you ever heard of the tipping point by Malcolm Gladwell?
    0:32:10 – Yes.
    0:32:12 – So like basically it’s like the boiling point,
    0:32:14 like you reach critical mass
    0:32:16 and like everybody knows who you are.
    0:32:18 So you are one of my role models in this space.
    0:32:20 When I think of like who I want to be
    0:32:22 and all these things, I always think of like
    0:32:25 you are definitely a name that pops up in my mind.
    0:32:28 And it was great to have you as a role model
    0:32:30 before I was able to be a big podcaster
    0:32:31 and things like that.
    0:32:32 So thank you.
    0:32:36 And I’m curious to know what point in your career,
    0:32:39 like now everybody in this space knows your name.
    0:32:40 You’re really recognizable.
    0:32:42 One of the top females in this business influencer space.
    0:32:44 What do you think was the tipping point
    0:32:45 when you’re like everything started
    0:32:48 to really just escalate for you?
    0:32:50 What was the tipping point?
    0:32:52 – It’s a great question.
    0:32:53 Two things about this.
    0:32:55 One, I don’t know if there was one.
    0:32:57 That’s my honest assessment.
    0:33:01 And I may not be the best person to decide that
    0:33:02 because I’m so in it.
    0:33:04 And if you talk to anyone who knows me,
    0:33:05 any of my friends and colleagues,
    0:33:06 they’ll let you know, even my team.
    0:33:09 I am the most heads down person ever.
    0:33:13 Like my thing is I just show up, I get it done.
    0:33:15 And then I’m either off,
    0:33:17 meaning I’m completely unplugged
    0:33:20 and kind of into another space in my life.
    0:33:22 And then when I come back, I go heads down again.
    0:33:24 So because I’ve been doing this now
    0:33:26 and it’s been 22 years, right?
    0:33:28 So it’s a really long time.
    0:33:30 And I think going back to the traits,
    0:33:34 one of my best traits is my consistency trait.
    0:33:37 So when I first started creating content
    0:33:38 on a weekly basis,
    0:33:39 it was through a newsletter
    0:33:41 with the easiest title ever called “Magical Moments.”
    0:33:42 It was awesome.
    0:33:43 That was the best I could do at that time.
    0:33:47 And I would send down a newsletter every week nonstop.
    0:33:49 And then actually once I got a puppy,
    0:33:51 it was the first dog I ever had in my life, Kuma.
    0:33:52 He’s 13 now.
    0:33:54 When I got him, I couldn’t blog anymore
    0:33:56 because raising a puppy and training a puppy
    0:33:57 takes a lot of time.
    0:33:59 If anyone listening has ever done it,
    0:34:00 you know it’s a lot of work.
    0:34:02 And I was like, oh, I need to just turn on my computer
    0:34:04 because I remembered from my teaching fitness days,
    0:34:06 I was like, oh, I can easily look at a camera.
    0:34:08 And so then it became MarieTV.
    0:34:11 And I’m saying all this because the consistency
    0:34:14 and the momentum that has built over time,
    0:34:15 there wasn’t one moment.
    0:34:17 I think it’s the long game
    0:34:20 that has allowed me to create
    0:34:23 what for me has been a really beautiful experience
    0:34:25 of business and a beautiful experience
    0:34:27 of being able to connect with people.
    0:34:29 There were certainly beautiful moments.
    0:34:30 And I hope that there’s many more,
    0:34:33 but I don’t think that there was one that really did it.
    0:34:37 It was the relentlessness of commitment
    0:34:41 and consistency that I think has helped me create
    0:34:42 what we have today.
    0:34:43 – It’s totally amazing.
    0:34:46 And it’s amazing how you sort of had it as a side hustle,
    0:34:48 but it was something you were still doing consistently.
    0:34:50 You had other things that were making you money
    0:34:52 because that thing wasn’t making you money yet,
    0:34:54 but you kept going at it, getting better at it,
    0:34:55 learning at it.
    0:34:57 And it’s really all this stuff is a long game.
    0:34:58 Same thing with me in this podcast.
    0:35:00 I’ve been working at it for five years.
    0:35:02 People see me now, but it’s like,
    0:35:04 I’ve been doing more than five years.
    0:35:05 I had a blog before this.
    0:35:08 It’s been like a 12 year journey to get here, you know?
    0:35:09 Of all these different experiences
    0:35:11 in the same sort of path,
    0:35:13 even though I was doing other things
    0:35:15 to sustain myself all the while,
    0:35:18 but it’s like sticking on one thing longterm
    0:35:19 is super important.
    0:35:21 So let’s talk about everything is figureoutable.
    0:35:23 So you have a book that was released in 2019.
    0:35:24 This is one of my favorite quotes.
    0:35:26 I actually have it in our, yeah, I have a company.
    0:35:28 I have it in our core values.
    0:35:31 One of our phrases is everything is figureoutable.
    0:35:34 So what was the genesis of this phrase?
    0:35:38 – So this phrase is really, it’s the mantra I live my life by.
    0:35:41 I feel like if my DNA could be words, that would be it.
    0:35:43 This actually is something beautiful.
    0:35:47 It was such a gift that was given to me by my mom.
    0:35:50 So my mom is this really interesting character.
    0:35:51 She is, she’s 75 now.
    0:35:52 She’s still with us.
    0:35:53 She’s awesome.
    0:35:55 She’s super spicy and funny.
    0:35:57 She is about five, four.
    0:35:59 She looks like June Cleaver,
    0:36:01 which is this character from the fifties.
    0:36:03 This like leave it to beaver show.
    0:36:06 Very, very kind of pure and all-American looking,
    0:36:08 but she has the tenacity of a bulldog
    0:36:10 and she curses like a truck driver.
    0:36:12 She is so spicy.
    0:36:14 And she actually grew up the daughter
    0:36:16 of two alcoholic parents in Newark, New Jersey.
    0:36:18 So she really learned by necessity
    0:36:20 how to stretch a dollar bill around the block
    0:36:22 like five times, super frugal.
    0:36:24 And she had made a promise to herself
    0:36:25 that when she grew up,
    0:36:27 that somehow she was gonna find a way to better life.
    0:36:29 And I remember sitting around our house in New Jersey
    0:36:33 on Sundays and we would clip out coupons together
    0:36:34 ’cause my mom was like,
    0:36:35 I’m gonna teach you all the different ways
    0:36:37 that we save money.
    0:36:39 And the other thing that gave her so much joy
    0:36:42 was the fact that brands back in the day,
    0:36:44 I don’t even know if they still do this,
    0:36:47 back in the day, when you kind of were loyal to a brand,
    0:36:50 you could cut out what was known as a proof of purchase.
    0:36:53 So those were on the back of like cereal boxes
    0:36:55 or milk cartons or orange juice cartons.
    0:36:58 And if you saved up enough of them, you can mail them in
    0:37:01 and they would send you something like a free recipe book
    0:37:04 or a whole set of utensils or something like that.
    0:37:07 And one of my mom’s favorite possessions in the whole world
    0:37:10 was this little AM/FM transistor radio
    0:37:13 that she got from Tropicana Orange Juice for free.
    0:37:15 So this little radio looked like an orange.
    0:37:18 It had this cute red and white straw sticking out of the side.
    0:37:19 That’s the antenna.
    0:37:21 And my mom loves music too.
    0:37:23 And so I remember as a kid,
    0:37:25 anytime that I needed to find my mom,
    0:37:28 like somewhere around our yard or somewhere around the house,
    0:37:31 all I had to do was listen for the sound
    0:37:32 of this tinny little radio
    0:37:35 of her like music blaring out of it.
    0:37:38 And one day I remember walking home from school
    0:37:40 and I’m approaching the house and I hear her tunes.
    0:37:42 It was like a Donna summer or something.
    0:37:45 I get closer and the music is like coming
    0:37:46 from a strange orientation.
    0:37:49 It was actually coming from way up high.
    0:37:50 I was caught off guard and I look up
    0:37:54 and I see my mom perched precariously
    0:37:56 on the roof of our two story house.
    0:37:57 I don’t see a ladder.
    0:38:00 I don’t see, I just see her like perched up there
    0:38:02 with this little orange sitting next to her butt.
    0:38:04 And I’m like, mom, are you okay?
    0:38:05 What are you doing?
    0:38:06 Why do you do it on the roof up there?
    0:38:08 And she’s like, Ray, I’m fine.
    0:38:09 Don’t worry about it.
    0:38:10 She’s like, the roof had a leak.
    0:38:12 I called the roofer.
    0:38:14 He said it was gonna be at least 500 bucks.
    0:38:15 I said, screw that.
    0:38:16 There’s some extra asphalt in the garage.
    0:38:18 I’m doing it myself.
    0:38:19 Super frugal.
    0:38:20 I was like, okay, cool.
    0:38:22 So another day I come home.
    0:38:25 I remember walking through the door and like I hear like,
    0:38:28 I’m every woman like in the back
    0:38:29 and my mom’s in the bathroom.
    0:38:32 I push open the door and there’s like dust particles
    0:38:34 all over and there’s pipes sticking out.
    0:38:36 Like it looked like a bomb went off.
    0:38:36 It was crazy.
    0:38:37 And I was like, mom, are you okay?
    0:38:38 What’s going on?
    0:38:41 She’s like, oh, you know, the caulking was off
    0:38:42 and the tiles were cracked.
    0:38:44 I didn’t want the bathroom to get moldy.
    0:38:47 So I’m retiling everything.
    0:38:48 Now you have to get that my mom
    0:38:50 is just high school educated, right?
    0:38:53 And this is the 1980s.
    0:38:54 So we don’t have Google.
    0:38:55 We don’t have YouTube.
    0:38:56 We don’t have TikTok.
    0:38:57 Like we don’t have any of the things
    0:38:59 that you could look up how to do stuff.
    0:39:01 And so one day it was the fall.
    0:39:04 It was getting dark early and I came home from school
    0:39:06 and it was already like kind of creepy.
    0:39:09 And as I approached my house, something was different.
    0:39:12 No lights on and it was totally silent.
    0:39:13 And for an Italian American home,
    0:39:17 if it’s quiet and dark, this is not a good sign.
    0:39:19 So I walk in and I had this pit in my stomach
    0:39:20 ’cause I knew something was off
    0:39:22 and I’m like, where the hell is my mom?
    0:39:23 Where’s the radio?
    0:39:25 Like it’s too silent here.
    0:39:27 Then all of a sudden I hear these clicks and clacks
    0:39:30 like coming out of the kitchen.
    0:39:33 I follow the sound and I see my mom hunched over
    0:39:35 the kitchen table, looked like an operating room.
    0:39:38 There were screwdrivers and like electrical tape
    0:39:40 and then in about a dozen pieces,
    0:39:43 a completely dismantled Tropicana Orange radio.
    0:39:45 I was like, mom, what happened?
    0:39:46 Is it broke?
    0:39:48 That’s like your favorite thing in the world.
    0:39:50 She says to me, she’s like, oh no, everything’s fine.
    0:39:51 She’s like the antenna was off
    0:39:53 and the dial wasn’t working right.
    0:39:55 So I’m just putting it back together.
    0:39:57 And I finally thought to ask the question
    0:39:58 I should have always asked, which was this.
    0:40:02 I said, hey mom, how do you know how to do so many things
    0:40:05 that you have never done before?
    0:40:07 And there’s nobody showing you how to do it.
    0:40:08 And she put down her screwdriver
    0:40:09 and she cocked her head to the side.
    0:40:11 She said, Ray, what are you talking about?
    0:40:14 She’s like, nothing in life is that complicated.
    0:40:17 If you roll up your sleeves, you get in there and you do it.
    0:40:20 Everything is figureoutable.
    0:40:21 And ha, I kid you not.
    0:40:24 I was just like, whoa, everything is figureoutable.
    0:40:25 What?
    0:40:26 Everything is figureoutable.
    0:40:28 It’s like that phrase washed over me
    0:40:31 and it lodged into my heart so deep
    0:40:33 that it became the operating system
    0:40:36 through which I lived honestly the rest of my life.
    0:40:39 It got me through high school and abusive relationships
    0:40:41 and all the BS that most of us go through
    0:40:44 getting college and education and rejection.
    0:40:45 You know, like all the things.
    0:40:48 And there’s not a day that goes by
    0:40:50 that I still do not use that phrase
    0:40:52 or that we don’t use it in our team and our company
    0:40:55 or in some aspect that it doesn’t help me
    0:40:56 when the shiitake hits the fan in life.
    0:40:58 Cause it does for all of us.
    0:41:02 Get myself back into a space of going like less problem solved.
    0:41:03 Let’s get creative.
    0:41:03 Who can I call?
    0:41:05 I may not have all the answers.
    0:41:07 I’m not saying that I know how to necessarily figure
    0:41:10 everything out, but that it is figureoutable.
    0:41:14 We’ll be right back after a quick break from our sponsors.
    0:41:16 Hey, Young and Profiters.
    0:41:19 These days I find myself with no time.
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    0:41:31 clean up after cooking.
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    0:41:36 being optimistic because I want to eat healthy
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    0:42:59 Hello, young and profitors.
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    0:46:05 – I love that.
    0:46:08 And I know that your mom,
    0:46:11 she gave you this everything for your audible mantra,
    0:46:13 which seemed to be work really positive for you.
    0:46:14 She also had a lot to do
    0:46:16 with your money beliefs in general.
    0:46:18 Like you said, she was frugal.
    0:46:20 And I know that one time you,
    0:46:22 I heard you tell a story when you were eight years old.
    0:46:25 You saw your mother sobbing on the phone
    0:46:27 and basically she told you something
    0:46:29 that was advice that you took he to,
    0:46:31 which was a real big benefit in your life,
    0:46:35 but also led to some overdoing it in some ways.
    0:46:36 So tell us about that.
    0:46:39 – Yeah, so it was, I was around eight
    0:46:42 when my parents got divorced.
    0:46:47 And so essentially it was never about like drugs
    0:46:50 or infidelity or anything like that.
    0:46:54 It was always, my parents fighting was always about money
    0:46:55 and they’re not being enough of it.
    0:46:58 And so when the divorce finally came final one day,
    0:46:59 when like the papers were done,
    0:47:02 I remember watching my mom in the kitchen
    0:47:04 and my mom’s a little woman
    0:47:07 and she had probably lost, I don’t know, 15 to 20 pounds
    0:47:09 to be perfectly honest with you, she was like a skeleton.
    0:47:11 And she, this was back when there was landlines.
    0:47:14 So she had the phone like wrapped around her hand
    0:47:17 and blood was drained out of it.
    0:47:18 And she’s on the phone crying to her mother,
    0:47:20 my grandmother, who was in Florida.
    0:47:21 And she’s like, I have nothing.
    0:47:22 I have nothing.
    0:47:23 Do you understand that?
    0:47:24 I have nothing.
    0:47:26 And then she hung up the phone
    0:47:29 and she leaned down, bent down, ’cause I was small.
    0:47:31 And she put her hands on my shoulders
    0:47:34 and her forehead was next to mine and she shook me.
    0:47:38 She said, Marie, don’t be stupid like I was.
    0:47:39 Do you see what I’m going through right now?
    0:47:42 Don’t ever let a man control your money.
    0:47:45 Don’t ever let anyone control your destiny.
    0:47:46 Don’t be stupid like me.
    0:47:47 I need you to grow up.
    0:47:48 I need you to be independent.
    0:47:50 I need you to take care of yourself.
    0:47:52 Don’t be stupid like I was.
    0:47:53 And I’m not kidding you, Holly.
    0:47:56 Like at eight, first of all, I was terrified
    0:47:59 because I had never seen my mom that distraught.
    0:48:01 Second of all, my dad’s an amazing person.
    0:48:04 So I was heartbroken because every kid, most of us, right?
    0:48:06 We just want our families to be together.
    0:48:09 And so I formed this little understanding,
    0:48:11 this little equation, which was this,
    0:48:14 was that not having enough money
    0:48:16 means that you’re gonna lose love.
    0:48:19 Not having enough money means that families
    0:48:20 are gonna get broken up.
    0:48:23 And not having enough money is a thing that I never want.
    0:48:25 And I promised myself that I was gonna grow up
    0:48:29 and somehow figure out how to make so much money
    0:48:31 that it would never take away love again.
    0:48:32 And I remember even as a kid,
    0:48:35 hearing other stories from other kids I knew
    0:48:37 because their families were getting divorced too.
    0:48:40 And so I had these fantasies of like,
    0:48:41 oh, well, I’m gonna earn so much
    0:48:45 that I can help other people with enough money as well.
    0:48:47 And so that was kind of a weird but strange
    0:48:51 and amazing thing that got planted in me
    0:48:56 that grew into a desire, a hunger,
    0:48:59 a commitment to be financially free.
    0:49:01 It definitely was not a straight line
    0:49:04 because like I was sharing earlier in this conversation,
    0:49:07 I got myself in piles and piles of debt after school.
    0:49:09 So I was certainly not good at it.
    0:49:10 I think for most of us,
    0:49:14 there’s a lot of mixed messages that we absorb around money,
    0:49:16 whether that is from our family, from society,
    0:49:20 our friends, the media, a lot of mixed signals
    0:49:21 about whether we should want it.
    0:49:22 Is it okay to want it?
    0:49:23 You shouldn’t have it.
    0:49:24 Are you spiritual?
    0:49:25 Are you a good person?
    0:49:29 It’s like so much stuff that most of us need to work through.
    0:49:31 And but that was the genesis for me
    0:49:33 of having that seed planted of going like, nope,
    0:49:35 I don’t know how, but I’m gonna figure out
    0:49:38 how to earn so much is not gonna be a problem.
    0:49:39 – And eventually you figured that out.
    0:49:43 You started becoming really successful, making money.
    0:49:46 And I heard you on Dear Gabby and other podcasts
    0:49:48 where you were talking to her about the fact
    0:49:51 that at one point you were just sort of overdoing it.
    0:49:54 You were a stress ball all the time,
    0:49:56 running around like a chicken with your head cut off.
    0:49:58 Nothing was ever enough.
    0:49:59 You would always say like,
    0:50:01 oh, rest in two weeks, I’ll rest in two weeks.
    0:50:04 I have to say, I feel like I’m in that now,
    0:50:05 running a team of 60 people.
    0:50:07 And I feel like I’m just three times a week
    0:50:09 working until midnight still and all these things.
    0:50:11 I know it’s not good for me,
    0:50:14 but I want to understand what point was the turning point
    0:50:17 for you when you’re like, I need to make a change.
    0:50:18 Yeah, well, a couple of things.
    0:50:20 One, should you be interested?
    0:50:22 And again, this is only an invitation,
    0:50:23 but if you’re ever like, you know what,
    0:50:24 I’m kind of done with this.
    0:50:27 Like I still want to be wildly successful,
    0:50:29 but I don’t want to drive myself into the ground.
    0:50:32 You need to consider coming to do time genius.
    0:50:33 It’s amazing.
    0:50:36 It’ll keep all of your best qualities and kind of let go,
    0:50:38 at least for me, of some of the ones
    0:50:40 that have grown to be destructive.
    0:50:43 So for me, probably one of the biggest wake-up calls
    0:50:47 was actually in 2020,
    0:50:50 because I had been really going at it hard for a while.
    0:50:51 And it was like a fish in water.
    0:50:52 It’s like, I don’t know any different.
    0:50:53 This is just me.
    0:50:54 This is what I do.
    0:50:56 This is how I do it.
    0:50:58 And there was never a problem with it.
    0:51:00 It certainly wasn’t a burden because I love my work.
    0:51:03 And it showed up a few times in my relationship
    0:51:06 where with Josh, my partner, we’ve been together 20 years,
    0:51:08 where, you know, he’s like, hey, working a lot.
    0:51:10 And I’m like, yeah, this is what it takes, dude.
    0:51:11 Like this is what it’s about.
    0:51:14 And so we’ve definitely had sparring issues over time.
    0:51:16 And I think I dialed it down a little bit
    0:51:19 because the truth is my relationship needed more space
    0:51:21 and needed more attention if it was gonna thrive.
    0:51:25 But in 2020, I started having all of these weird
    0:51:29 and unusual pains in my body, which I had never had before.
    0:51:32 And I, you know, had always taken really good care
    0:51:34 of my health and as conscious as I can be
    0:51:37 as a dancer and as a fitness person, you know,
    0:51:39 movement is part of my life.
    0:51:42 But things just started to fall apart.
    0:51:44 And I remember getting all of my blood work done
    0:51:48 and a doctor said to me after she reviewed my blood work,
    0:51:49 she’s like, Marie, it is a miracle
    0:51:51 you’re able to get up every day.
    0:51:53 Like your adrenals are shot.
    0:51:57 Then we discovered all of these tumors inside of me,
    0:52:00 including one, the size of a grapefruit growing outside
    0:52:03 of my uterus, pushing all of the other organs out of place.
    0:52:07 And it turns out I had to have an urgent hysterectomy
    0:52:09 to make the pain stop.
    0:52:14 And so after that surgery, the recovery is like you’re,
    0:52:17 you can’t really do much for like six to eight weeks.
    0:52:19 It’s just like your body needs to heal.
    0:52:20 It’s a major surgery.
    0:52:21 You cannot work out.
    0:52:23 You can walk and you walk gently,
    0:52:25 but you just have to really chill.
    0:52:26 And I’m not kidding you.
    0:52:29 I have never taken six weeks off in my life.
    0:52:32 I started babysitting when I was nine.
    0:52:34 I was like, even just the prospect.
    0:52:35 I remember even when I heard like, no, no, no,
    0:52:37 you’re not gonna be able to do anything for six weeks.
    0:52:40 I was like, like, it was like such a record scratch moment.
    0:52:44 But what was so cool about that was in the stillness
    0:52:48 and in the requirement to just be,
    0:52:53 I was able to see how much my patterning of drivenness
    0:52:58 had exceeded what was necessary.
    0:53:02 And it was though this drive was driving me
    0:53:04 rather than me being in control.
    0:53:06 And there was just layers of it
    0:53:09 that I was like, this is not even productive.
    0:53:12 And I am like really about efficiency and productivity.
    0:53:14 And I’m like overdoing it in certain areas.
    0:53:16 And it’s causing my body to break down,
    0:53:18 which is like my sacred vessel in this lifetime.
    0:53:20 Like this is nuts, Marie.
    0:53:21 You know, and you can’t see things
    0:53:24 or learn the lessons until they’re ready for you.
    0:53:26 But there was something in that stillness
    0:53:29 that gave me a perspective that quite frankly,
    0:53:32 I just didn’t have before because I was so,
    0:53:36 it was such a habit to go so fast and so hard
    0:53:38 that I didn’t know there was even another option.
    0:53:40 – Yeah, and you love your job so much.
    0:53:41 When you love what you’re doing,
    0:53:43 it’s so easy to just keep going, keep going, keep going
    0:53:45 and not even pay attention
    0:53:47 to how your body is reacting or feeling.
    0:53:49 So like you said, you’ve got this new course,
    0:53:51 new wish course called Time Genius.
    0:53:52 I definitely wanna take it.
    0:53:54 – You gotta come take it, you’ll love it.
    0:53:58 – Yeah, and you talk about rejecting the time stress trap.
    0:54:00 Can you explain what that is?
    0:54:03 – In my six weeks and so like I had,
    0:54:04 I’ve always been obsessed with productivity
    0:54:06 because again, I love what I do.
    0:54:06 And I’m always like, well,
    0:54:08 how do we maximize our time on earth?
    0:54:11 Like how do you get the most out of being here,
    0:54:12 the things that you wanna create,
    0:54:13 the impact you wanna make,
    0:54:14 the different adventures that you wanna have.
    0:54:16 So it’s always been a place of interest for me,
    0:54:17 a place of study.
    0:54:18 And I love studying neuroscience
    0:54:21 and I love studying efficiency and effectiveness
    0:54:22 and all those beautiful things.
    0:54:25 And when I really started to understand
    0:54:28 that I was so addicted to like overwhelm
    0:54:30 and had put myself in a place of burnout,
    0:54:33 I started to recognize that I was like, wait a minute,
    0:54:35 this is like two different worlds,
    0:54:38 two different paradigms where we’re so inculturated
    0:54:41 to believe that if we’re not on our phones 24/7,
    0:54:44 if we’re not constantly engaging and creating content
    0:54:46 and trying to reach for more and more and more
    0:54:47 and bigger and bigger and bigger,
    0:54:50 that somehow we’re not hungry enough
    0:54:51 or we’re not driven enough.
    0:54:54 So I started understanding, I was like,
    0:54:55 it basically came to me this concept
    0:54:57 of like there’s the world of time stress,
    0:54:59 which most of the world is caught in.
    0:55:00 Here’s a stat that might blow your mind.
    0:55:03 Did you know that on average, right now these days,
    0:55:05 the average American will now spend the equivalent
    0:55:08 of 44 years of their life staring at screens?
    0:55:10 – No, I didn’t know that.
    0:55:13 – 44 years of our life, I don’t know about you.
    0:55:14 – Mine is like 60 years for sure.
    0:55:18 – Yes, but I don’t think the purpose of a human life
    0:55:22 is to spend 44 years or 66 years staring at screens.
    0:55:25 And just when I started to really do some research
    0:55:28 into the stats and I started, I actually asked our audience,
    0:55:31 I sent out this survey and I just said,
    0:55:33 hey, I’m investigating this topic.
    0:55:35 I’m curious if you have any struggles around productivity
    0:55:37 or burnout or getting things down or feeling like,
    0:55:39 no matter how hard you go, it’s never enough.
    0:55:41 And when you’re working, you’re like, oh God,
    0:55:42 I really need to rest, but you feel so guilty
    0:55:44 for taking rest that you don’t take a rest.
    0:55:45 And then when you take a rest, you’re like,
    0:55:47 oh, I should be working because I have all these other ideas
    0:55:48 and I need to get ahead.
    0:55:51 And oh my God, Hala, you don’t even, the responses,
    0:55:56 there was like 7,000 in-depth responses in like two days.
    0:55:57 It was insane.
    0:55:59 And then when I started to look at those responses,
    0:56:02 it became so apparent to me that most of the world
    0:56:06 was caught trapped in this awful paradigm
    0:56:07 that I called time stress,
    0:56:09 where you feel like no matter how hard you go,
    0:56:11 it’s not hard enough that you can’t take a break,
    0:56:14 that you’re lazy if you even wanna sit down and rest
    0:56:16 for like five minutes, that no matter what you do,
    0:56:20 it’s not enough that you’re starting to feel some anxiety,
    0:56:22 some depression, some burnout,
    0:56:23 and you feel ashamed about that.
    0:56:26 And you feel like that if you take a break or slow down
    0:56:27 that everything you’ve worked so hard for
    0:56:29 is probably gonna fall apart.
    0:56:31 And that’s the world a lot of people are living in
    0:56:33 and they’re plastering on smiles and saying,
    0:56:35 but I got it, I got it together, I got it together.
    0:56:37 Or they feel like they have to hold it together.
    0:56:38 They don’t realize that there’s this whole,
    0:56:40 their possibility of the paradigm I call being a time genius,
    0:56:43 which is where you can actually get all the things
    0:56:44 that you wanna get done and then some
    0:56:48 and not feel that dread and not run yourself
    0:56:51 into the ground and not do things that are ineffective
    0:56:55 and not chase these goals or this cultural mandate
    0:56:57 for more that honestly is sometimes,
    0:56:59 you don’t want everything to grow indefinitely.
    0:57:01 Think about cancer cells.
    0:57:03 That’s something you don’t want more of.
    0:57:06 And so sometimes actually the secret to getting more
    0:57:08 out of life of what we really want,
    0:57:11 which includes abundance and adventure and success
    0:57:14 actually requires us doing less.
    0:57:15 That’s not a message we get very often.
    0:57:18 But anyway, we could keep talking and I wanna be quiet
    0:57:19 ’cause I’m sure you have more questions.
    0:57:21 – Yeah, and I think this is especially,
    0:57:24 a lot of my audience are small business owners,
    0:57:26 entrepreneurs, it’s especially important for us
    0:57:28 ’cause as I keep growing my company bigger and bigger,
    0:57:31 I have more responsibility in terms of payroll
    0:57:32 and clients and this and that.
    0:57:33 And sometimes I’m like, what did I do?
    0:57:35 Like I could just be rich off my podcast.
    0:57:37 (laughing)
    0:57:39 All right, so in these last couple of minutes,
    0:57:41 I’m gonna ask you a couple of questions at the end
    0:57:42 in terms of your secret to profiting life,
    0:57:45 but first some actionable tips in terms of time management
    0:57:47 and productivity, what are your favorite actionable tips
    0:57:49 that you can share with our listeners?
    0:57:52 – I would say one is, I know this sounds really basic,
    0:57:55 but a lot of people don’t do it is really shift
    0:57:58 every notification on every electrical device you have
    0:58:00 to the off position, default it to off.
    0:58:04 Do not let yourself be interrupted by other people’s ideas,
    0:58:05 agendas or notifications.
    0:58:08 That includes text messages, that includes Slack,
    0:58:11 that includes email, that includes every social platform.
    0:58:14 One of the biggest things that crushes our ability
    0:58:17 to do deep focused work is interruptions and distractions.
    0:58:20 And when you start setting those notifications to off,
    0:58:21 like you’re gonna feel a little uncomfortable at first.
    0:58:22 You’re like, oh, am I not important?
    0:58:24 No one’s reaching out to me, is it too quiet?
    0:58:28 But I will tell you, you’ll get your core work done so fast
    0:58:31 and then you’ll have so much more space and bandwidth to play
    0:58:32 and have fun and interact with people
    0:58:35 and have real conversations and not be toast
    0:58:36 at the end of your day.
    0:58:37 So that’s one thing.
    0:58:39 The other thing is I always advise people
    0:58:42 to make a success plan, not a to-do list.
    0:58:44 So a success plan, it’s not just semantics,
    0:58:46 it’s actually the framing that’s really important,
    0:58:49 is you take four minutes at the end of your day.
    0:58:51 So before you wrap up for the day
    0:58:54 and not to wait until five, six, seven, eight o’clock
    0:58:55 when your brain’s freaking toast
    0:58:56 and you’re running on fumes,
    0:58:59 do it like after lunch at like one or two
    0:59:00 or something like that.
    0:59:02 Take four minutes and map out your success plan
    0:59:03 for the following day.
    0:59:06 Are there any core meetings that you have to get to?
    0:59:08 Is there any place you need to show up and be on time?
    0:59:12 And what are the one to three, not 15, not 27,
    0:59:16 what are the one to three really high value projects,
    0:59:19 tasks, to-dos that you really do need to get done
    0:59:21 and have those on that list only?
    0:59:24 And a success plan rather than a to-do list,
    0:59:28 first of all, it frames you up to have a successful day.
    0:59:30 B, you’re able to wake up and hit the ground running
    0:59:35 because you know exactly how your ideal day should unfold.
    0:59:39 And when you don’t stuff it with 17, 15, 30 things,
    0:59:43 you have enough margin to be able to be responsive
    0:59:45 to the oshitake moments of life.
    0:59:48 The internet fails, technology doesn’t work.
    0:59:50 Something happens with a member of your family.
    0:59:51 If there’s enough white space in there,
    0:59:53 there’s enough margin for you to be able
    0:59:54 to not only get your most important tasks done
    0:59:57 because you’ve identified what those are in advance,
    0:59:58 but there’s enough wiggle room
    1:00:00 to be able to not let your life get out of control
    1:00:03 or for you to feel out of control dealing with it.
    1:00:05 – Yeah, guys, this is such simple advice,
    1:00:06 but it will literally change your life.
    1:00:09 This is how you make consistent progress day over day
    1:00:11 and get shit done when you prioritize your stuff.
    1:00:12 You know what you’re supposed to do
    1:00:13 that’s gonna actually move the needle
    1:00:15 and you don’t get distracted
    1:00:17 with the things that other people have on their agendas
    1:00:19 in terms of what you should be doing during your day.
    1:00:21 So I love that advice.
    1:00:24 Marie, the last two things I ask everybody in my podcast
    1:00:26 is what is one actionable thing
    1:00:28 our young and profitors can do today
    1:00:31 to become more profiting tomorrow?
    1:00:32 – One thing they can do today
    1:00:34 to become more profiting tomorrow.
    1:00:37 Well, if you’re a business owner,
    1:00:39 you might wanna take a look at expanding
    1:00:41 either your prices or your offerings
    1:00:44 to offer something that is either a little more premium
    1:00:46 or that is catered to an audience
    1:00:50 who is happy, willing, and able to spend more
    1:00:52 on something that’s a little more white glove
    1:00:54 or a little bit more exclusive.
    1:00:55 – I love that.
    1:00:57 And what is your secret to profiting in life?
    1:00:59 And this could be beyond financial.
    1:01:00 – You know what?
    1:01:05 The biggest lesson that I continue to bring myself back to,
    1:01:07 and I feel like it’s like one of my life lessons
    1:01:09 in this incarnation on earth,
    1:01:14 is to be in joy as much as humanly possible,
    1:01:16 even when things are hard,
    1:01:17 even when things feel uncertain,
    1:01:19 is to show up and to be in joy
    1:01:22 because the journey’s not gonna last that long.
    1:01:25 And it goes faster and faster and faster.
    1:01:27 And the more that you show up in joy,
    1:01:31 that vibration, it helps you profit in more ways than one.
    1:01:33 You have access to greater creativity.
    1:01:36 You have better connections with the people around you.
    1:01:38 And the journey actually becomes a lot more fun.
    1:01:39 – What a nice way to end the show.
    1:01:41 And where can our listeners learn more about you
    1:01:42 and everything that you do?
    1:01:47 – So MarieForleo.com, it’s M-A-R-I-E-F-O-R-L-E-O.com
    1:01:48 is kind of the main website.
    1:01:50 We’ve got hundreds of episodes of Marie Forleo,
    1:01:52 of the Marie Forleo podcast on MarieTV.
    1:01:55 On all the socials, it’s @MarieForleo.
    1:01:56 And I think on the website,
    1:01:58 there’s a great free kind of coaching download.
    1:02:00 It’s called How to Get Anything You Want.
    1:02:02 So it’s like a little private coaching session,
    1:02:04 that you can download it and take it with you anywhere
    1:02:05 and it’s 100% free.
    1:02:06 – Amazing.
    1:02:07 I will put all those links in the show notes.
    1:02:09 Marie, thank you so much for your time.
    1:02:11 It was such a pleasure.
    1:02:12 – Thank you for having me on.
    1:02:15 (upbeat music)
    1:02:17 (upbeat music)
    1:02:20 (upbeat music)
    1:02:22 (upbeat music)
    1:02:25 (upbeat music)
    1:02:35 [BLANK_AUDIO]

    Since she was a young girl, Marie Forleo has been a “multi-passionate entrepreneur.” She never wanted to settle and had a multitude of interests, from hip-hop to spirituality to psychology. After attempting to find happiness at a string of corporate jobs, Marie realized that her combination of interests and skills was a strength, not a liability. She gave up the security of her 9-5 to become a life coach. Now, she has a digital empire that touches millions. In this episode, Marie will share why “everything is figureoutable”, how we can overcome self-limiting beliefs, and how we can live a more productive and stress-free life! 

    In this episode, Hala and Marie will discuss:

    (01:30) Introduction

    (02:43) Marie’s Childhood and Early Ambitions

    (03:48) First Job on Wall Street

    (04:26) Mindset Shifts for Career Success

    (07:07) Transition to Magazine Publishing

    (09:31) Discovering Life Coaching

    (11:51) Building a Coaching Practice

    (14:31) The 10-Year Test and Dance Career

    (27:44) Personality Traits and Success

    (29:50) The Dark Side of Perfectionism

    (30:12) Career Tipping Points and Role Models

    (31:00) Consistency and the Long Game

    (37:57) The Origin of ‘Everything is Figureoutable’

    (44:06) Financial Independence and Early Lessons

    (48:09) Burnout and the Turning Point

    (55:35) Time Management and Productivity Tips

    Marie Forleo is named by Oprah as a thought leader for the next generation, and she is the owner of one of Inc.’s 500 fastest-growing companies. Marie has created a socially conscious digital empire that inspires millions. She’s the star of the award-winning show MarieTV, with over 75 million views, and host of The Marie Forleo Podcast, with nearly 26 million downloads. Marie has taught entrepreneurs, artists, and multi-passionate go-getters from all walks of life how to dream big and back it up with daily action to create results. She runs the acclaimed business training program B-School, the writing program The Copy Cure, and the joyful productivity program Time Genius. Her #1 New York Times bestselling book, Everything is Figureoutable is available now.

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    Entrepreneurship, entrepreneurship podcast, Business, Business podcast, Self Improvement, Self-Improvement, Personal development, Starting a business, Strategy, Investing, Sales, Selling, Productivity, Entrepreneurs, AI, Artificial Intelligence, Technology, Marketing,Money, Finance, Side hustle, Startup, mental health, Career, Leadership, Mindset, Health

  • Ashley Lemieux: How Entrepreneurs Can Overcome Loss, Heal, and Build a Thriving Business | E340

    AI transcript
    0:00:04 Today’s episode of YAP is sponsored in part by Microsoft Teams,
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    0:01:30 As always, you can find all of our incredible deals in the show notes or at youngandprofiting.com/deals.
    0:01:39 We experienced a very unexpected contested adoption and we ended up losing the kids.
    0:01:46 The lack of purpose that I felt in my life is something that made it really hard for me to get out of bed in the morning.
    0:01:52 Until I got to the point where I was like, I have to figure out what my intention for my life is now.
    0:01:55 And so I started with one simple question every single morning.
    0:02:01 And that question was, so that’s when the concept of clarity mapping really started.
    0:02:06 How did you get over the shame of starting a company and shutting it down?
    0:02:12 We get scared of this idea of starting over, but you’re not starting over, you can’t.
    0:02:18 You have so much knowledge now, and so you get to now apply all of that into the next thing.
    0:02:24 Do you feel like entrepreneurs deal with grief and stress differently than other people?
    0:02:28 Something that is very common among entrepreneurs is…
    0:02:52 Yeah, fam, if you’ve ever struggled with grief, loss, trauma, feeling stuck, or just the occasional bout of seasonal depression,
    0:02:55 then today’s episode is just what the doctor ordered.
    0:03:00 My guest today is Ashley Lemieux, she’s the founder and CEO of The Shine Project,
    0:03:05 the author of books like Born to Shine and I Am Here, and the host of the Healing Her podcast.
    0:03:13 Ashley is an expert on grief and trauma recovery and has devoted her life to helping others reignite the light within themselves.
    0:03:18 Today, she’s going to teach us how we can all learn to shine even through some of life’s darkest moments.
    0:03:21 Ashley, welcome to Young and Profiting Podcast.
    0:03:25 Hey, thank you so much for having me. I’m so excited to be here.
    0:03:30 Thanks for joining me today, so I’m going to just jump right into it.
    0:03:35 For a lot of us entrepreneurs, our businesses grow out of something that we’ve struggled with in our own lives,
    0:03:38 and I feel like this has been especially the case for you.
    0:03:45 You’ve had a bunch of dark moments in your life, so why don’t we start off with the first one that I learned about when I was researching your story.
    0:03:50 It was in your 20s, you unexpectedly became the mother of two children,
    0:03:55 and then you had some traumatic experiences around that. Can you tell us what happened?
    0:04:00 Yeah, so in our mid-20s, I was actually building my first company also.
    0:04:07 We were newly married, and we didn’t have kids at all in our radar at that time.
    0:04:12 And overnight, we became permanent guardians of two kids.
    0:04:18 And for the next four years, we were a family in every sense of the word,
    0:04:23 and everything that we did revolved around raising the kids,
    0:04:27 giving them the opportunities that, as a parent, you want them to have.
    0:04:34 And all of us were under the impression that we would be together forever, for always.
    0:04:41 And during the final steps of the adoption process, we experienced a very unexpected contested adoption.
    0:04:46 And during that time, we ended up being in court for two years.
    0:04:50 I just remember the life inside of me.
    0:04:55 It felt like someone had taken a vacuum and just sucked it all out.
    0:04:59 We were in court all the time, depositions, high stress.
    0:05:05 No one knew what was going to happen. And we ended up losing the kids.
    0:05:08 I was actually on the other side of the country for work.
    0:05:12 And it happened fast. I didn’t even get to come home and say goodbye to them.
    0:05:16 And that was almost eight years ago now.
    0:05:25 And it rocked our world in a way that I did not know how to come back from,
    0:05:30 or if I even wanted to figure out how to come back from it, to be honest.
    0:05:35 Can you help us understand how you ended up with these kids in your 20s?
    0:05:41 And then are they now back in your family, or the court took them away and you just never saw them again?
    0:05:46 Yeah. So there’s parts of our story that we just don’t share all the full details of.
    0:05:51 But they were placed with us through someone we knew.
    0:05:57 And we have not had contact with them since we lost them almost eight years ago.
    0:06:04 I’m so sorry to hear that. And I know that you guys decided to move after this happened.
    0:06:09 What did that teach you about grief when you decided to move?
    0:06:10 Were you able to run away from your grief?
    0:06:17 I wanted to. We were like, okay, what can we do that will help us not feel this
    0:06:24 hell, this weight that feels like it has buried every aspect of our life.
    0:06:28 And it was really hard to be in the home that we had raised the kids in.
    0:06:33 All of our friends were friends because our kids were friends from school.
    0:06:37 We were doing things in the community altogether or sports teams and whatever.
    0:06:43 And my husband and I were like, if there’s any shot of us making it after this,
    0:06:44 we got to get away for a little while.
    0:06:48 So we ended up moving to Nashville, Tennessee.
    0:06:50 I actually had had some employees there.
    0:06:56 And everything about Nashville is very different than it is in Phoenix.
    0:06:59 And so we just said, peace out, let’s go.
    0:07:04 But then once we got to Nashville and settled in the adrenaline of a new city,
    0:07:10 of new opportunities, of the excitement of, okay, what are we going to explore?
    0:07:11 What is waiting for us here?
    0:07:15 Once that started to kind of wear off and the grief was still there,
    0:07:19 we were then like, okay, how much farther can we run?
    0:07:23 So we actually ended up packing carry-on suitcases.
    0:07:29 And we went to Europe with pretty much no plans for almost two months,
    0:07:34 hoping maybe that that would help ease the pain in that acute stage of grief
    0:07:40 when everything is just new and raw and you don’t know how to take your next breath.
    0:07:44 And again, after a while, that wore off.
    0:07:49 And so we found ourselves really having to dig deep of answering the questions,
    0:07:53 what is it that we want from our lives now?
    0:07:58 And how do we rebuild so that we can participate in our life
    0:08:01 and not regret not living it because we were too sad?
    0:08:04 We’re going to touch on this much deeper later,
    0:08:08 but you talk about this concept in your book called clarity mapping.
    0:08:11 So was this one of the first instances of you starting to get clarity
    0:08:13 around your life and what you wanted?
    0:08:16 Yeah. So what was really hard for me?
    0:08:21 And I think a lot of people can relate to this in whatever role you are in.
    0:08:27 Let’s say you identify with your role of motherhood or as a wife or a partner
    0:08:32 or your role at work or whatever that thing is that really shapes your identity.
    0:08:39 If that is taken away from you and is no longer a part of your daily world,
    0:08:41 you don’t have to base your decisions around it anymore.
    0:08:45 Your actions aren’t based off of doing that thing because it is gone.
    0:08:52 The lack of purpose that I felt in my life no longer being a physical mother
    0:08:57 is something that made it really hard for me to get out of bed in the morning.
    0:09:03 I didn’t know how to focus my time and my energy anymore.
    0:09:07 It didn’t matter at that point because my business was running.
    0:09:10 It was okay for me to step away for a little bit.
    0:09:14 It did not matter if I got out of bed or not.
    0:09:17 There was no one I needed to feed breakfast to or to get to school
    0:09:20 or to pay that night or to tuck in.
    0:09:26 And I stayed in bed for a long time until I got to the point where I was like,
    0:09:30 I have to figure out what my intention for my life is now.
    0:09:33 And so I started with one simple question every single morning.
    0:09:37 And that question was, what is my intention today?
    0:09:42 Because today, right now in this moment, was all I could focus on.
    0:09:46 So that’s when the concept of clarity mapping really started.
    0:09:53 I became a series of five questions that I answered every single day
    0:09:57 to help give me purpose and direction and clarity on who I was
    0:10:01 and what it is that I wanted to be rebuilding
    0:10:06 so that I could create tangible steps forward to start building that thing.
    0:10:11 And one of those tangible steps was that you decided to have your own children.
    0:10:15 And so you and your husband started to try for a baby.
    0:10:18 And that led to another traumatic experience.
    0:10:20 Are you comfortable to share that with us?
    0:10:25 Yeah, we waited, I think it was about four years
    0:10:27 after the loss of the older two kiddos
    0:10:34 to feel like we were at a place where we were ready to continue to try to grow our family.
    0:10:39 I didn’t want to go back into motherhood feeling as broken as I felt
    0:10:42 because I knew that that would impact the next child
    0:10:45 that we were to bring into our family.
    0:10:49 And I had so much healing that I needed to do in order to be ready for that.
    0:10:55 So we were so intentional about what the next steps of growing our family look like.
    0:11:00 And we decided the end of 2019 that it was time to grow our family.
    0:11:03 So that is when we moved from Nashville back to Phoenix.
    0:11:07 We were like, OK, we’re ready to go back home.
    0:11:08 We want to be by my family.
    0:11:14 We want solid roots there so that when we have more kids, we’re close to family
    0:11:18 and they get that experience of growing up around cousins, grandparents, aunts and uncles.
    0:11:24 So we moved home and right when we moved home, we found out that we were pregnant.
    0:11:31 And obviously we were so excited and it just felt like for the first time in several years
    0:11:39 that there was this new breath of life being breathed into our lives again
    0:11:43 and that there was forward movement and the grief was still there.
    0:11:50 But also now there was joy and hope and an opportunity to keep living our lives.
    0:11:53 And I know no one likes to talk about this time.
    0:11:59 But I feel like 2020 was a great equalizer for all of us because we can say 2020.
    0:12:03 And everyone’s like, yeah, that year freaking sucked for me, right?
    0:12:05 And it sucked for all of us for various reasons.
    0:12:11 And for us, we moved into our home in March of 2020 the same week
    0:12:14 that the pandemic had shut everything down.
    0:12:19 And so that also meant that doctors appointments when you were pregnant,
    0:12:20 everything kind of changed.
    0:12:26 And so it kind of felt scary for a moment to leave the house being pregnant.
    0:12:34 I got really sick one day and we couldn’t figure out what was wrong because I had felt fine.
    0:12:37 But then by the end of the night, I was screaming in pain.
    0:12:38 I couldn’t get out of bed.
    0:12:40 I spiked a fever.
    0:12:41 I had never felt anything like that.
    0:12:44 So my husband called the ambulance.
    0:12:49 They took me to the hospital and immediately they checked the baby.
    0:12:50 Baby was OK.
    0:12:52 And I’m like, OK, I can get through anything if my baby is OK.
    0:12:56 And we found out that I had gone septic.
    0:12:58 I didn’t really know what that meant.
    0:13:01 But I now know the sepsis is a blood infection.
    0:13:05 So whatever infection you have enters your bloodstream.
    0:13:09 And it started causing kidney failure for me.
    0:13:14 So that had to be treated immediately because it’s very life threatening.
    0:13:19 And in that moment, they told us you’re going to be admitted to the hospital
    0:13:21 for an indefinite amount of time.
    0:13:25 But today is also the first day that we are shutting down outside visitors.
    0:13:27 So your husband cannot come with you.
    0:13:30 You’re going to have to come by yourself.
    0:13:35 And I just remember feeling that was the loneliest I think I have ever felt.
    0:13:39 And I remember being wheeled back, just sobbing, saying goodbye to my husband,
    0:13:41 neither of us knowing what was going to happen.
    0:13:47 Later the next day, there was a moment where they called a rapid response,
    0:13:50 which means a whole team of doctors was surrounding me
    0:13:51 because I was really struggling breathing.
    0:13:56 And everything felt like all the pain had just spiked.
    0:14:01 And I remember looking at a tech who was giving a scan on my heart, an EKG.
    0:14:04 And I remember asking him, am I going to die right now?
    0:14:07 Because I felt like I was going to.
    0:14:11 And I knew that whatever was happening in my body,
    0:14:15 there was no way it was going to keep me and my baby alive.
    0:14:20 I just felt it in my gut that something was drastically changing right then.
    0:14:23 So after I was stable a couple of hours later,
    0:14:26 I had them give me another ultrasound.
    0:14:30 And that’s when they found out that we had lost our baby boy.
    0:14:35 And I ended up delivering him alone the next morning.
    0:14:40 And it sent me again into this part of life where you’re like,
    0:14:45 well, I thought that we had gone through the hard thing, right?
    0:14:49 Like I thought that this was our first step back of trusting life again.
    0:14:54 And now what am I supposed to do?
    0:15:01 And so that entered the next journey of really finding clarity again
    0:15:04 in my life for what does this look like now to move forward?
    0:15:06 Well, thank you for sharing that with us.
    0:15:09 I know that’s probably very difficult to relive.
    0:15:15 For other people who are in the moment feeling really stuck,
    0:15:18 that they’ve gone through a lot of pain,
    0:15:21 they had a lot of traumatic experience, maybe a loss.
    0:15:26 What advice do you have for them in terms of the steps to take next?
    0:15:32 I think this is such a good question because when we are in those moments,
    0:15:36 it really feels like we are the only one in those moments.
    0:15:38 Grief and trauma can feel so isolating.
    0:15:42 And so the very first thing that I would say is that I’m so sorry.
    0:15:50 And I want you to be able to know that what you’ve been through, it can’t be fixed.
    0:15:52 It’s not supposed to be fixed.
    0:15:54 There’s not a band-aid that can be put on it.
    0:15:57 I think that there’s platitudes that people like to say.
    0:16:01 Everything happens for a reason or time heals all wounds.
    0:16:04 And I’m going to be the first one to say that none of those things are true.
    0:16:08 And so it’s okay to feel exactly how you feel.
    0:16:11 The one thing that we know about grief and trauma
    0:16:18 is that most people spend their entire lives avoiding the reality of the pain.
    0:16:22 And the one thing that if all of us did in this area of our life
    0:16:26 where we feel grief, that would change the trajectory
    0:16:29 of what we’re able to do next is acknowledgement.
    0:16:33 We have to acknowledge what we’ve been through
    0:16:35 and also what it feels like inside of us.
    0:16:37 And it might sound so simple to say that,
    0:16:41 but having it be simple doesn’t mean it’s easy,
    0:16:44 which is why the majority of people never get to this place
    0:16:46 where they’re able to acknowledge it.
    0:16:52 So if we can start there, then that allows us to have more freedom
    0:16:55 in acknowledging what has happened and has caused us
    0:17:00 so that we can stop avoiding it and then create a plan
    0:17:07 that feels safe for us to heal and to be able to experience the world again
    0:17:12 in a way that feels safe so that we can create forward steps.
    0:17:19 And I know that for you, you’ve shared your story on podcasts like this,
    0:17:21 on your own podcast, you wrote a memoir.
    0:17:26 How did actually sharing, like you were just eluding to it now,
    0:17:28 how did actually sharing your story help you heal?
    0:17:33 I think that for so many of us, we carry these stories.
    0:17:36 Sometimes there’s shame attached to it.
    0:17:38 Sometimes there’s so much pain attached to it.
    0:17:44 But what we know is that when our pain can leave our bodies,
    0:17:47 whether it’s writing our story down and no one else even reads it,
    0:17:51 we know that that helps facilitate healing.
    0:17:58 So many of us suffer in darkness and our stories just need to be brought to light,
    0:18:01 to be acknowledged, to be received, to be validated.
    0:18:09 And as I’ve been able to share my story, what has been so beautiful,
    0:18:13 and I think is the greatest privilege of the work that I do,
    0:18:18 is that it helps give other people permission to share and acknowledge their stories.
    0:18:23 So I get so many stories sent to me by other women who have gone through really hard things,
    0:18:29 who are like, “I’ve seen your story and it’s given me courage now
    0:18:32 to be able to share mine and walk through what that means for me.”
    0:18:37 And what we know is that healing happens fastest in community.
    0:18:41 And so when we can create communities that understand each other
    0:18:48 and have shared respect and validation for the pain that other people go through,
    0:18:50 we’re able to heal faster.
    0:18:54 Let’s hold that thought and take a quick break with our sponsors.
    0:19:02 Young Improfiters, I know so many of you are in your grind season.
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    0:20:32 Hey, Young and Profiters.
    0:20:35 These days, I find myself with no time.
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    0:20:47 There’s just never enough time to plan, shop, cook, clean up after cooking.
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    0:22:18 Yeah, BAM. It’s 2025, and a new year means new opportunities.
    0:22:19 For a lot of you out there,
    0:22:22 I know you’ve been thinking about one thing over the holidays,
    0:22:25 and that’s starting your own business or side hustle.
    0:22:27 But of course, you’ve got so many questions.
    0:22:28 How do I get started?
    0:22:30 How do I come up with a brand?
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    0:24:03 You have created a whole business
    0:24:07 around helping people with their grief.
    0:24:08 And as entrepreneurs,
    0:24:10 one of the best ways that we can start businesses
    0:24:14 is by actually solving the pains that we once had
    0:24:16 and providing those solutions to people
    0:24:18 who are in the place that we once were.
    0:24:22 So what steps did you take to become more qualified
    0:24:25 and become more prepared to take on the role
    0:24:27 to help other people with their trauma and grief?
    0:24:31 I love this question because part of my journey
    0:24:34 has started even before I stepped
    0:24:36 into helping people more in their grief.
    0:24:40 I’ve had a personal brand online for, oh my gosh,
    0:24:43 it’s probably been 14 years now
    0:24:46 before Instagram even existed.
    0:24:48 And I had a blogspot.com.
    0:24:50 I’ve always wanted to be a writer.
    0:24:53 I’ve always wanted to help move people through their emotions.
    0:24:57 So I was doing that even before these life experiences.
    0:25:01 But after these life experiences,
    0:25:05 I wrote my first book and I was in the middle of my edits
    0:25:07 for my most recent book.
    0:25:10 I am here when we lost our son, Jace.
    0:25:15 And after that, I really felt like my next steps
    0:25:17 in finding clarity for my life.
    0:25:19 And I didn’t know exactly what it was going to look like,
    0:25:21 but I knew that I needed to go back to school
    0:25:24 to get my master’s degree specifically
    0:25:25 in mental health and wellness
    0:25:28 with an emphasis in grief and bereavement.
    0:25:31 And that’s probably the least sexy thing
    0:25:34 that you could tell someone that you are an expert in.
    0:25:36 It’s like, what do you study, Ashley?
    0:25:37 What do you teach on?
    0:25:39 Well, I teach on grief and bereavement.
    0:25:45 Everyone’s like, oh, there’s nothing sexy
    0:25:46 about talking about that.
    0:25:51 But it is the one thing that every single person
    0:25:53 in this world is going to experience
    0:25:55 at some point in their life.
    0:25:57 And my life experiences,
    0:26:00 I felt very much qualified me to help others.
    0:26:06 And I then wanted the paper, the education behind it
    0:26:09 so that I could take everything I had already learned
    0:26:11 and really just propel myself forward.
    0:26:15 So at the age of what was I, 34,
    0:26:18 I went back to school to get my master’s degree.
    0:26:23 And what’s funny about it is that about four weeks later
    0:26:25 after starting this intensive program,
    0:26:26 we got pregnant again.
    0:26:33 So I ended up graduating and finishing with a four-month-old.
    0:26:35 I was pumping out my graduation.
    0:26:39 It was the first time I had left my baby for any amount of time.
    0:26:42 And it was one of the hardest things I’ve ever done.
    0:26:45 But I knew that I needed that for myself
    0:26:47 and then to be able to help other people.
    0:26:49 I love that for you.
    0:26:51 I love the fact that you were able to do that
    0:26:54 even with a young child.
    0:26:57 And you’ve been able to grow your career so successfully.
    0:26:59 Your podcast is very popular now.
    0:27:02 You’ve got two books, so it’s awesome.
    0:27:04 And you actually started as an entrepreneur
    0:27:09 even before you started teaching other people about grief
    0:27:10 and being an author.
    0:27:13 You had a successful jewelry business,
    0:27:15 but then you pivoted and you decided
    0:27:17 you wanted to become an expert on grief.
    0:27:20 So how did you decide to make that change?
    0:27:22 What was the thought process behind that?
    0:27:25 I’ve got a lot of entrepreneurs tuning in.
    0:27:27 You are probably product-based entrepreneurs.
    0:27:29 And what kind of differences did you see
    0:27:31 between having a product-based business
    0:27:34 to now having more of a personal brand business
    0:27:35 and an audience-based business?
    0:27:40 I had an audience during the time of my jewelry company.
    0:27:45 And I still was writing to them through blog posts,
    0:27:46 through Instagram.
    0:27:48 We would do meetups in person.
    0:27:50 I was speaking a lot.
    0:27:54 And something that all product entrepreneurs know
    0:27:56 is that it is a freaking grind.
    0:28:00 You are grinding so hard to meet your bottom line.
    0:28:02 We were doing shows all the time,
    0:28:04 wholesale trade shows, holiday trade shows.
    0:28:07 And when we moved to Nashville,
    0:28:10 I reached this point where I was like,
    0:28:13 this isn’t how I want to be spending the rest of my life.
    0:28:15 I want to be writing.
    0:28:17 And it’s really hard to be founder-CEO
    0:28:21 of a product-based company that was on the trajectory
    0:28:22 that we were on.
    0:28:26 And then also be able to do the other work
    0:28:28 that I really wanted to do.
    0:28:31 And so I had to make some really difficult decisions.
    0:28:33 But at the end of the day,
    0:28:35 what I’ve always wanted is to help people.
    0:28:38 So whether that was through jewelry
    0:28:43 or now through writing and podcasting and my personal brand,
    0:28:46 I knew that I had to make a pivot.
    0:28:49 So I started writing more.
    0:28:51 And my first step was getting a book agent,
    0:28:53 which– and I’m such a believer.
    0:28:56 And when you are in alignment with that next step,
    0:29:00 sometimes things happen to help facilitate that step.
    0:29:02 So once I made that decision,
    0:29:05 I literally opened my inbox the next day.
    0:29:09 And I had an email from one of the top literary agents
    0:29:12 in the country asking me if I’d ever thought
    0:29:14 about writing a book before.
    0:29:20 And I was like, OK, if this isn’t my sign for the next step,
    0:29:22 I don’t know what it’s going to be.
    0:29:28 But there also was this grief of closing the chapter
    0:29:30 on my jewelry business.
    0:29:34 We were sold in large department stores like Hallmark.
    0:29:39 And we had a large headquarters in downtown Phoenix.
    0:29:42 And so that also meant I felt like I had to let other people
    0:29:46 down because my course was changing.
    0:29:51 But looking back, I can’t imagine not making that decision.
    0:29:53 That was going to be my next question,
    0:29:56 because there’s a lot of entrepreneurs out there tuning
    0:29:59 in that might not have a business that either fits
    0:30:02 their life goals, where they’re feeling burnt out.
    0:30:04 They don’t even like working on their business anymore.
    0:30:06 Or their business is just not successful.
    0:30:08 It’s just not taking off.
    0:30:09 99% of startups fail.
    0:30:13 But a lot of entrepreneurs, we’ve got an ego where we feel
    0:30:15 like, well, we already put it out to the world.
    0:30:16 Everybody knows me for this.
    0:30:19 What are people going to think if I shut it down?
    0:30:23 I had a blog in my 20s that became really popular.
    0:30:25 And I shut it down because I wanted to change paths.
    0:30:27 I wanted to go into marketing and all this other stuff.
    0:30:30 I wanted to go into corporate for a period of time.
    0:30:31 And I’m an entrepreneur again.
    0:30:32 I have a media company.
    0:30:34 But I shut down my company.
    0:30:38 And everybody who worked for me, at the time I had volunteers,
    0:30:42 it was kind of a blog that I basically trained bloggers.
    0:30:45 And we were all just young, just doing it for fun.
    0:30:47 And so they were all mad at me.
    0:30:48 And I lost all my friends.
    0:30:50 And I felt a little ashamed.
    0:30:53 But I could imagine being older and having a real company
    0:30:57 with customers and products, that would be really hard.
    0:31:02 So I guess, how did you get over the shame of starting a company
    0:31:03 and shutting it down?
    0:31:07 You know what’s interesting is that when you hit rock bottom
    0:31:11 in your life, which for me was losing the kids,
    0:31:15 there’s nowhere else to go but up.
    0:31:18 And so I think that I was in a place in my life
    0:31:23 where I was at such rock bottom that I just freaking didn’t care anymore.
    0:31:28 And I had to do things to get the life back inside of me.
    0:31:29 I had to.
    0:31:33 I describe it as feeling like I was dead, but I was alive.
    0:31:36 I was just a zombie through my life.
    0:31:41 And so at that point, honestly, I don’t know if it’s a good thing,
    0:31:43 but for that moment it was because I don’t know
    0:31:46 what else would have forced me to do this.
    0:31:49 But it was the only way for me.
    0:31:50 And I had nothing to lose.
    0:31:53 And I think a lot of times we get afraid of hitting rock bottom
    0:31:57 or what if it doesn’t work out or what will I do?
    0:32:01 And honestly, sometimes it’s the best thing
    0:32:07 because you finally make decisions off of what you actually want
    0:32:11 because you can’t lose anything more than you already have.
    0:32:15 So that’s what that looked like for me.
    0:32:19 And like I said, there was grief, there was sadness to it.
    0:32:24 And I also started to feel excited about something again
    0:32:26 for the first time in a long time.
    0:32:29 And so I just kept following that feeling.
    0:32:32 And I feel like for other people tuning in,
    0:32:36 what I want them to understand is that nobody really cares that much.
    0:32:40 We put all this pressure about what is everybody else going to think?
    0:32:41 What are my friends going to think?
    0:32:42 What is my family going to think?
    0:32:45 Even people who are lawyers and doctors
    0:32:47 and who don’t want to be lawyers and doctors anymore
    0:32:49 who are so afraid of making a change.
    0:32:51 It’s like, yes, it’s going to be hard in the moment.
    0:32:54 But as soon as you figure out the next thing
    0:32:57 and you’ve got the next thing to talk about and feel proud of,
    0:32:59 no one’s even going to remember or care
    0:33:02 if anything people are going to be inspired from you.
    0:33:04 And it’s just getting over that initial hump.
    0:33:06 Absolutely.
    0:33:10 And I think we get scared of this idea of starting over.
    0:33:11 I’ve put in so much time.
    0:33:13 I’ve put in so much money, so much resources.
    0:33:14 I don’t want to start over.
    0:33:19 But that destroys our next step when we look at things like that.
    0:33:20 You’re not starting over.
    0:33:21 You can’t.
    0:33:25 You have so much knowledge now that has gotten you to this place.
    0:33:28 And so you get to now apply all of that into the next thing.
    0:33:32 And I think the place where we fail the most as entrepreneurs
    0:33:35 is we stay in the wrong place for too long
    0:33:37 because our ego gets in the way of it.
    0:33:41 And we miss out on really what could take off for us
    0:33:46 and feel in just such alignment that would not only help us,
    0:33:49 but other people to be able to serve others more
    0:33:53 because we are on a path that actually is working.
    0:33:58 And so that’s something now I actually help women
    0:34:01 in their own clarity maps, in high-level entrepreneurs.
    0:34:03 Because this is one of the things I love so much
    0:34:06 is how do we help you pivot when you are in this season
    0:34:08 of having no idea what to do next?
    0:34:12 How do you find that clarity and the confidence
    0:34:17 and the strategy to support it so that you can move forward?
    0:34:19 This is a great segue to talk about your latest book.
    0:34:22 So your first book was a memoir, it’s called Born to Shine.
    0:34:24 And your next book is called I Am Here,
    0:34:26 and that’s more designed to help others navigate
    0:34:29 their own experiences of grief and trauma.
    0:34:31 Clarity mapping is a big part of that.
    0:34:33 Hopefully going to dive deep into that later on in the conversation.
    0:34:37 But first, you say the biggest life lesson
    0:34:41 that has come to your life has been the phrase of three simple words,
    0:34:44 I Am Here, which is the title of your book.
    0:34:46 Why are those words so meaningful to you?
    0:34:50 They’re meaningful to me because for so long I didn’t want to be here.
    0:34:56 And I did everything to try to avoid the feeling of being here,
    0:34:59 whether that was numbing out with social media or food
    0:35:02 or traveling or spending money or working too much
    0:35:05 or being in bad relationships.
    0:35:09 Whatever that thing was to distract me from the other pain
    0:35:12 is what I latched onto.
    0:35:15 And once I got to this point,
    0:35:19 we were actually in Europe on one of our runaway escapades
    0:35:21 of trying to escape it.
    0:35:23 And I remember being in Milan
    0:35:27 and next to me sat a mom and a daughter
    0:35:28 and she had just lost her tooth.
    0:35:33 And she was about the age of the daughter who we had lost
    0:35:34 in the contested adoption.
    0:35:38 And I remember watching the joy between the mother
    0:35:40 and the daughter over this lost tooth.
    0:35:43 And I just started sobbing.
    0:35:46 Any composure I had left, it was gone.
    0:35:50 I wanted those own moments with this human that I loved so much
    0:35:52 that I knew I was never going to have again.
    0:35:54 And so I remember I got up from my spot
    0:35:59 and I started running towards this little apartment
    0:36:00 that we were staying at.
    0:36:04 And it was as if someone put a brick wall in front of me
    0:36:10 and was like, “Stop. You can’t keep running like this.
    0:36:12 You can’t. You have to face these feelings.”
    0:36:16 And I probably look like a crazy American tourist,
    0:36:17 which I totally was.
    0:36:20 But in the middle of this square there,
    0:36:24 I threw up my arms and I yelled, “I am here.
    0:36:26 I am here.”
    0:36:27 And I just started crying.
    0:36:30 And I just, that became this mantra for me
    0:36:34 that I still hold onto of, “I don’t want to run away anymore.
    0:36:36 I want to be here. I am here.”
    0:36:39 And so now what does that look like?
    0:36:42 And how can I support myself to be able to get through these things
    0:36:47 so that I don’t keep running away from this life that I’ve been given?
    0:36:50 That’s a really powerful story.
    0:36:53 I can just imagine you in the street just having that moment.
    0:36:57 And then now, years later, you’ve written a book with that title
    0:36:58 to try to help other people.
    0:37:03 Do you feel like entrepreneurs deal with grief
    0:37:06 and stress differently than other people?
    0:37:10 Or do they have certain personality types
    0:37:13 that enable them to get over things more quickly, potentially?
    0:37:17 Something that is very common among entrepreneurs
    0:37:22 is that they’re very high-achieving people they want to achieve.
    0:37:26 And one of the ways that we can cope with grief
    0:37:28 is called a maladaptive coping mechanism.
    0:37:31 So there’s two types of mechanisms that we can use to cope.
    0:37:34 Adaptive, which adaptive is something that is positive,
    0:37:37 that actually helps your grief.
    0:37:38 And the other is maladaptive,
    0:37:40 meaning it’s not good for you,
    0:37:42 but we do it anyway because we don’t know what else to do.
    0:37:45 One of the maladaptive coping mechanisms
    0:37:48 that a lot of us have and a lot of entrepreneurs have
    0:37:51 is work and working too much.
    0:37:55 And so I see a lot of entrepreneurs who throw themselves
    0:37:59 even deeper into work to avoid their feelings.
    0:38:01 And they can become really successful from doing that.
    0:38:04 And it’s something that the world praises
    0:38:07 and we look at as a huge success.
    0:38:10 While meanwhile, there can be these layers of emotions
    0:38:17 that are hurting them, that’s driving this really unsustainable work.
    0:38:24 But that can make it really, really hard to get to this healing place.
    0:38:27 Something else that’s really interesting that we know
    0:38:29 is the difference between men and women,
    0:38:31 the way that we move through grief.
    0:38:34 So a lot of men, and obviously when I say this,
    0:38:37 I’m not saying every man and every woman,
    0:38:39 this is just an average across the board.
    0:38:42 There’s going to be people who don’t fit into these buckets, of course.
    0:38:48 But what we know about men is that men often throw themselves into work.
    0:38:52 They talk less about how they are feeling
    0:38:57 and they want to spend more time in the action of staying busy.
    0:39:01 Whereas women, we want to talk about it.
    0:39:04 We want you to sit and listen and we want to talk about it
    0:39:07 because that’s our way of processing,
    0:39:09 of retelling the story,
    0:39:12 trying to help ourselves understand what has happened.
    0:39:15 And so then if you are in a relationship
    0:39:18 where both of you are grieving so differently from the other,
    0:39:24 we can see a lot of marital or partnership conflict because of that.
    0:39:29 So I don’t know if entrepreneurs,
    0:39:33 if there’s a specific grief style for entrepreneurs,
    0:39:34 but men and women for sure.
    0:39:37 But then for the group of entrepreneurs
    0:39:42 who we know just love the work and the achievement,
    0:39:48 I would base my best guess on what I know about grief on,
    0:39:52 they are probably a lot of them throwing themselves even deeper into work,
    0:39:57 meaning that they are not facing what is actually going on in their life.
    0:39:59 It’s a dangerous combination.
    0:40:03 Yeah, and I can relate to that even for myself.
    0:40:07 When I started my business, I started it in 2020.
    0:40:11 And I started it while my dad was in the hospital battling COVID
    0:40:13 and I wasn’t allowed to visit him.
    0:40:15 And he passed away after a month in the hospital.
    0:40:17 It was the most devastating thing.
    0:40:20 I literally watched him die on Zoom
    0:40:24 and wasn’t able to even see him until he passed away.
    0:40:26 And it was very traumatic.
    0:40:30 He was buried with his clothes on and his shoes on and his cell phone.
    0:40:31 It was like just the most traumatic thing.
    0:40:36 And for years, I just worked and worked and worked.
    0:40:42 So I’m better now because I actually hired my business partner, Jason.
    0:40:46 And now I’m able to just have a life and everything like that.
    0:40:49 But for years, I really did just throw myself into work.
    0:40:52 I’m so sorry to hear that.
    0:40:54 I didn’t know about your father.
    0:40:58 And you opening up about that is so beautiful and so hard.
    0:41:04 And I think that where we are at now, going into 2025,
    0:41:09 a lot of people aren’t realizing what happens around the fifth year of grief.
    0:41:14 So if we go back to 2020, we all had these moments where we’re in a pandemic,
    0:41:18 but then we’re all also experiencing these personal losses, the loss of your father,
    0:41:24 the loss of my baby, the loss of what other people have gone through, right?
    0:41:28 So then the past couple of years, we’re like, I don’t know how to cope
    0:41:31 and no one is teaching me how to cope.
    0:41:34 So I’m going to do what I think is going to help me best.
    0:41:38 And because of my personality, because of what I want to build,
    0:41:40 I’m going to throw myself into work.
    0:41:43 And then you’re like, oh my gosh, this company I just started is doing well.
    0:41:44 It’s growing.
    0:41:45 It’s great.
    0:41:49 And you can kind of run on that adrenaline high for a moment
    0:41:56 until you start reaching these achievements that once the novelty of it starts wearing off,
    0:42:02 you can find yourself in this place of, I accomplished what I wanted to.
    0:42:06 I thought that this was going to feel differently than it does.
    0:42:11 And that is a very common feeling that a lot of entrepreneurs find themselves in
    0:42:14 is I won the award.
    0:42:16 I hit the financial goal.
    0:42:17 I have the growth of the company.
    0:42:22 I thought that I was going to feel differently than this.
    0:42:24 What is wrong?
    0:42:31 And what is wrong is, is that we have this grief that can’t be pacified
    0:42:36 by these external validations in our lives that we think are going to pacify them.
    0:42:43 And so now as we head into 2025, which is five years after this major traumatic event
    0:42:49 for most people in the world, year five is the year where you take a pause
    0:42:55 and you start really looking around and being like, where do I fit into life right now?
    0:42:58 And how do I want it to go moving forward?
    0:43:02 It’s one of the first years that you really begin to take a breath
    0:43:06 because there’s a little more time and space between now and then.
    0:43:11 But as a result of that, a lot of emotions can start coming up
    0:43:16 as you realize that your life has continued to move on.
    0:43:21 But emotionally, parts of you still feel like they are stuck in the past.
    0:43:24 And so so many people right now are burnt out.
    0:43:26 They’re burnt out on work.
    0:43:27 They don’t know what to do next.
    0:43:32 And it’s because we never gave ourselves the opportunity to slow down
    0:43:36 and sit with our grief for as long as we needed to.
    0:43:38 It’s so true.
    0:43:42 And it’s like so bittersweet because I’m so happy that I did all this.
    0:43:45 My company is going to hit eight figures next year.
    0:43:47 You know, like I built this crazy company.
    0:43:49 Yeah, it’s amazing.
    0:43:50 Thank you.
    0:43:54 Like I built this awesome company and I have an awesome team and I love my life.
    0:43:57 But to your point, there was a period of time where I was like,
    0:44:01 I can’t just keep running on fumes and I need help.
    0:44:02 I need a business partner.
    0:44:05 I need to kind of delegate and have some balance
    0:44:07 because you just can’t do that forever.
    0:44:11 And I do think sacrifice is important, but you can’t do it forever.
    0:44:13 Yeah, it’s not sustainable.
    0:44:16 So then how do we create a sustainable way
    0:44:20 where we can build what we want and love it
    0:44:25 while also acknowledging what it is that we’ve been through
    0:44:27 and what does that dance look like for my life
    0:44:28 and what is it that I’m needing?
    0:44:33 And part of that part of your gift of grief that probably came
    0:44:37 was your ability to grow this company to what it is now.
    0:44:43 But now part of what might come next is, okay, I’ve built this.
    0:44:48 And so does that mean that there’s a little bit more of a buffer for me
    0:44:51 to have some space and some resources
    0:44:55 to really make sure that I’m filled up inside
    0:45:00 so that my insides match all of my external accomplishments?
    0:45:02 And that’s something that was really hard for me
    0:45:04 over the past couple of years.
    0:45:06 I remember I would tell my therapist,
    0:45:08 I’m a huge advocate for therapy.
    0:45:09 I’m like, everyone should have a therapist.
    0:45:12 So I love talking about it to just help people
    0:45:14 know it is so normal to go to therapy.
    0:45:19 But something that I would often tell my therapist is my insides
    0:45:21 don’t match my outsides.
    0:45:22 Like what is happening around me?
    0:45:25 What I have in my life is so beautiful.
    0:45:31 But inside I feel like there’s this just chaotic exhaustion
    0:45:36 that never goes away and it feels so out of alignment
    0:45:39 with everything that I see externally in my life.
    0:45:42 And I need those to start matching up with each other.
    0:45:45 And so my hope is that going into 2025,
    0:45:49 a lot of entrepreneurs are going to kind of hit this pause button
    0:45:53 where we can all get a little bit more in alignment
    0:45:55 so that our insides match our outsides.
    0:45:58 But when that happens, moving forward,
    0:46:02 we are able to serve and grow even exponentially
    0:46:05 from what we’ve gotten to to this point
    0:46:07 because we’re going to have the sustainability,
    0:46:09 the internal resources to be able to do so.
    0:46:13 We’ll be right back after a quick break from our sponsors.
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    0:50:55 So one of the things that you talk about in your book
    0:50:57 is that we need to reframe our thoughts.
    0:51:00 First, I want to get clarity on what thoughts actually are.
    0:51:03 Do you mean our current beliefs and current thoughts
    0:51:05 or are you talking about memories
    0:51:07 or those two different things?
    0:51:09 Talking about our current thoughts.
    0:51:10 So what we know about our thoughts
    0:51:13 is we have somewhere around 90,000 thoughts a day.
    0:51:16 And out of those thoughts,
    0:51:21 somewhere around 80, 85% are negative.
    0:51:25 And the majority of those negative thoughts are reoccurring.
    0:51:29 So then these negative reoccurring thoughts
    0:51:31 that we have every single day
    0:51:34 are creating this belief system, this internal world
    0:51:36 where if we say, “I’m not good enough,”
    0:51:41 or “I’m never going to get out of this situation,”
    0:51:44 or “Man, I make stupid decisions,”
    0:51:46 or “I don’t like how I look in the mirror.”
    0:51:48 Whatever those stories are,
    0:51:51 become truly what we believe about ourselves
    0:51:53 and the world around us.
    0:51:57 Now, of course, it is impossible
    0:51:58 to live in an internal world
    0:52:00 where we don’t have negative thoughts.
    0:52:01 We’re human.
    0:52:03 That’s part of how our brain works
    0:52:04 is we assess danger
    0:52:07 and we try to figure out where we fit into things
    0:52:08 and how we feel about things
    0:52:10 to try to keep ourselves safe.
    0:52:14 But what we can do is start acknowledging those thoughts
    0:52:16 and then start reframing them
    0:52:19 so that we can create different habits
    0:52:20 and thought patterns
    0:52:24 that allow us to have a different internal world.
    0:52:27 So for me, that’s one of the reasons
    0:52:29 I started using “I am here”
    0:52:31 because I was just conditioned to be like,
    0:52:33 “I want to leave. How do I get out of here?
    0:52:35 I want to escape. I want to escape.”
    0:52:38 So then my belief had to come,
    0:52:40 “I’m here. I’m here right now.
    0:52:42 I’m safe to be here.”
    0:52:46 That was then. This is now.
    0:52:50 And really becoming your biggest advocate
    0:52:53 for helping yourself reframe your thoughts.
    0:52:57 So walk us through how we can keep tabs
    0:52:58 on what are the negative thoughts
    0:53:00 that we actually have
    0:53:03 and then how do we uncover their positive roots.
    0:53:05 I love this.
    0:53:07 One thing that I always suggest
    0:53:09 to my clients that I work with
    0:53:12 is just for even if it’s an hour out of your day,
    0:53:13 a whole day would be amazing.
    0:53:15 But even if you only had an hour,
    0:53:17 take out the notes up on your phone
    0:53:19 or have just a little journal with you
    0:53:21 and any time you notice
    0:53:24 that you have a negative thought come into your head,
    0:53:25 I just want you to write it down.
    0:53:28 And I don’t want you to have any judgment on it.
    0:53:30 I don’t want you to judge your thoughts, right?
    0:53:32 Because then we can get into the cycle of,
    0:53:34 “Oh my gosh. I’m so dumb for thinking that.”
    0:53:35 Or, “What’s wrong with me?”
    0:53:39 Or, “No, we’re just going to be observers
    0:53:41 of the thoughts that are going through our head.”
    0:53:43 And once we have all of those down,
    0:53:46 what I like to then do
    0:53:49 is try to get to the root of where those thoughts came from.
    0:53:52 A lot of times thoughts that we have right now
    0:53:56 came from things that we heard when we were little,
    0:53:59 things we began to believe about ourselves
    0:54:01 from when we were really small.
    0:54:04 Sometimes the origin of the thought
    0:54:05 doesn’t even come from us.
    0:54:08 So if you’re able to sit with it
    0:54:11 and really be able to go back to the first time
    0:54:13 that you can remember hearing it
    0:54:15 or feeling it or thinking it,
    0:54:19 a lot of times you can bridge that gap
    0:54:23 and realize that that did not even come from you.
    0:54:25 So once we do that,
    0:54:28 being able to sit with,
    0:54:30 “Okay, this is what I believe,
    0:54:34 but this is what I would like to believe instead.
    0:54:36 This is my current thought,
    0:54:40 but this is what I would like to believe instead.”
    0:54:42 And I keep it as simple as that
    0:54:46 and as gentle as that as we are working through these
    0:54:48 and being able to write down
    0:54:51 what we would like to believe instead.
    0:54:53 Then being able to be mindful,
    0:54:56 whether it’s then the next hour after that,
    0:54:58 after you have the thought come in,
    0:55:00 whether it’s, “I’m not good enough.”
    0:55:02 Being able to call it out,
    0:55:05 “Okay, I understand that right now,
    0:55:07 I’m believing I’m not good enough.”
    0:55:08 And I acknowledge that.
    0:55:11 But what I would really like to believe instead
    0:55:14 is X, Y, and Z.
    0:55:17 And that helps us create a pattern
    0:55:20 where we can help ourselves get out of this routine
    0:55:22 of having these thoughts
    0:55:24 that we don’t even realize are happening.
    0:55:27 And we can stop them and call them out.
    0:55:28 And then we just gently tell ourselves
    0:55:30 what we would like to believe instead
    0:55:33 so that that becomes something that we begin
    0:55:34 to start thinking about.
    0:55:35 Does it take time?
    0:55:36 Of course it does.
    0:55:40 But after those two hours,
    0:55:42 I promise you you are going to experience
    0:55:43 a shift in feelings
    0:55:47 that you might not have felt for a really long time
    0:55:50 and uncover thoughts
    0:55:53 that you might not even know that you have.
    0:55:55 Like you can reach the end of the day.
    0:55:56 Sometimes a lot of my clients
    0:55:59 be like, “I don’t know why I feel this bad.
    0:56:00 I just do.
    0:56:01 I don’t know where it comes from.
    0:56:05 I don’t know why I feel so lost
    0:56:07 in the roles in my life.”
    0:56:08 And we do this exercise.
    0:56:11 And after an hour of them writing down
    0:56:13 everything they’ve been thinking,
    0:56:15 they’re like, “I didn’t realize
    0:56:17 that I’m so hard on myself.
    0:56:19 I didn’t realize that these are the things
    0:56:21 I’m consistently telling myself.”
    0:56:23 So that’s a really good place to start.
    0:56:29 And are there common thoughts that people have
    0:56:31 and what would be the positive reframing
    0:56:33 just so people have examples?
    0:56:36 One that is really common
    0:56:40 that I would argue the majority of people struggle with
    0:56:44 is I’m not enough or I’m not good enough.
    0:56:47 So for that one,
    0:56:50 it’s really important for us to do some work
    0:56:51 on where did this come from?
    0:56:54 When did I start feeling this way?
    0:56:56 Why did I start feeling this way?
    0:56:58 Did it come from me?
    0:57:01 Is this something I picked up on from someone else?
    0:57:03 And then being able to answer the question,
    0:57:06 well, what would it even mean to be good enough?
    0:57:10 And what areas of my life do I feel like
    0:57:13 I’m not good enough that I can begin to focus on?
    0:57:17 So one of the ways that I like to reframe
    0:57:19 I’m not good enough is I am enough
    0:57:24 for all of the needs that my life has of me in this moment.
    0:57:27 I am enough to take care of all of the needs
    0:57:30 that my life has for me in this moment.
    0:57:33 And again, being able to find evidence,
    0:57:36 something about our brains that I think is really cool
    0:57:38 is that our brains look for evidence
    0:57:40 that what we are doing is working.
    0:57:42 That’s why journaling can be so powerful
    0:57:45 because we need to see something is written down.
    0:57:47 So when we write down our thoughts
    0:57:49 and then what we would like to believe instead
    0:57:53 but then kind of keep a log to see our progress of,
    0:57:57 oh my gosh, today I only thought about this 10 times
    0:58:01 instead of 20 or whatever that is, it signals to our brain,
    0:58:02 hey, this thing is working.
    0:58:05 This is a good path for us to continue to go down,
    0:58:09 which is another reason why I recommend writing things down.
    0:58:11 Another one that’s really common is anger.
    0:58:14 And anger can show up in a lot of ways in our lives,
    0:58:15 especially when you’re grieving
    0:58:19 because anger is easier to feel than sadness.
    0:58:25 A lot of times anger is a mask for sadness
    0:58:27 because we’re too afraid to feel sad
    0:58:30 or we haven’t been taught or culturally,
    0:58:34 as some people aren’t allowed to show their emotions
    0:58:36 or men versus women with gender
    0:58:39 and what’s expected of us in the society.
    0:58:44 Anger can be something that masks a lot of other feelings.
    0:58:47 So something that I always think about with anger
    0:58:52 is what do I love so much that I’m trying to protect
    0:58:56 that is making me so angry right now
    0:58:59 because I feel like I’ve lost control of it?
    0:59:04 So for that one, I think that a lot of times
    0:59:07 the root for anger is actually love.
    0:59:12 I’m angry that I lost my kids because I love them so much.
    0:59:16 I’m angry that this person hurt you
    0:59:20 because I have deep respect for you as a human being.
    0:59:23 Whatever that is, a lot of times it goes back to love.
    0:59:26 So if I can start reframing my anger,
    0:59:28 allow myself to feel it,
    0:59:31 but then understand it’s coming from a place of love.
    0:59:34 How then can I fuel that love?
    0:59:36 Anger is needing action.
    0:59:39 It’s signaling to us that there are alarm bells going off.
    0:59:41 We want to be in control of something
    0:59:42 that we don’t have control of.
    0:59:46 So then how can we take control to bring action to it?
    0:59:50 Who do you love? What do you love that’s causing the anger?
    0:59:52 And then how can you show up for them?
    0:59:54 Or how can you be a part of that cause?
    0:59:57 Or how can you use your voice to help them?
    1:00:01 So helping do that can help shift our anger
    1:00:04 to actually have action behind it.
    1:00:05 That’s so good.
    1:00:07 So basically whenever you’re angry,
    1:00:09 there’s actually something that you love
    1:00:12 and you’re really passionate about behind that.
    1:00:15 If you can figure that out and lean into the love part
    1:00:18 instead of the anger part, that’s really great.
    1:00:20 Yeah. And sometimes though,
    1:00:22 healing requires you to get pissed, right?
    1:00:25 There are people who probably have wronged you
    1:00:28 and you have every reason to be upset at it.
    1:00:31 You have every reason to just be so pissed off.
    1:00:34 And so I say, let yourself be pissed off.
    1:00:38 But at some point that has to move through you,
    1:00:43 otherwise the one who becomes the most affected by it is you.
    1:00:46 And sometimes it’s a love for yourself, right?
    1:00:49 So it might be just pouring into yourself
    1:00:50 because you love yourself.
    1:00:51 How about trauma?
    1:00:55 How do you reframe thoughts and memories related to trauma?
    1:01:00 I want to first explain the difference between grief and trauma
    1:01:01 just so that everyone’s on the same page.
    1:01:07 So you can experience grief without experiencing trauma.
    1:01:09 So you can have grief, but there’s no trauma attached to it.
    1:01:13 But all trauma has grief attached to it.
    1:01:14 Does that make sense?
    1:01:17 Kind of. How do you experience grief with no trauma?
    1:01:18 Like, what’s an example?
    1:01:22 So me and you could go through the exact same situation.
    1:01:25 Let’s say we were at the exact same event
    1:01:27 and something really bad happened.
    1:01:30 Based off of my life experiences,
    1:01:34 how I’m wired psychologically, my previous trauma,
    1:01:38 my previous grief, that event could be something
    1:01:40 that completely traumatized me.
    1:01:44 Whereas perhaps that event didn’t traumatize you at all,
    1:01:46 but just gave you grief.
    1:01:51 So a person can go through the same exact thing,
    1:01:55 but not have trauma while the other person does have trauma.
    1:01:58 And so there’s no definition of,
    1:01:59 well, this is what trauma is.
    1:02:01 This is what it isn’t.
    1:02:02 It’s your reaction.
    1:02:05 Trauma is your reaction to an event.
    1:02:08 So as you’re trying to process through trauma,
    1:02:10 we all need different things.
    1:02:14 And this is where I say you need the help of a professional.
    1:02:18 Because so often our brains are like,
    1:02:21 if you broke your arm right now, where would you go?
    1:02:22 The hospital.
    1:02:24 You go to the hospital, like no question.
    1:02:26 I’m gonna go to the hospital.
    1:02:31 Well, if your brain is feeling this brokenness
    1:02:34 because of trauma, so often we feel shame
    1:02:36 and we don’t get help.
    1:02:39 But we should also be going to a professional
    1:02:43 that knows how to help us be able to heal our brains.
    1:02:45 So there’s things like EMDR,
    1:02:48 which literally helps you heal your brain.
    1:02:52 There’s psychiatrists, there’s support groups,
    1:02:58 there’s places where you can feel safe to go get that help.
    1:03:01 Because it is really difficult to get through trauma
    1:03:06 on your own and a lot of times it’s so hard to
    1:03:09 that it carries with you throughout your whole life.
    1:03:12 I think right now a lot of people at least online
    1:03:15 have been starting to talk more about generational trauma
    1:03:18 and why things are passed down
    1:03:20 from one generation to the next.
    1:03:24 And it’s because trauma literally physically changes your DNA.
    1:03:28 And when no one is taking a breath to be like,
    1:03:31 I want this to end with me or how do I heal?
    1:03:35 Continues to be passed down through habits,
    1:03:36 through our reactions,
    1:03:40 through what we then teach our children,
    1:03:42 how we treat them.
    1:03:46 And so I always recommend professional help for trauma.
    1:03:47 Makes sense.
    1:03:50 And I agree, I think it’s really important for everyone
    1:03:52 to try to heal themselves,
    1:03:54 especially in this fifth year, like you were saying,
    1:03:57 we all went through stuff in 2020.
    1:03:58 And by the time this airs,
    1:04:00 it’s going to be right at the start of the year.
    1:04:04 So it’s a perfect time to start thinking about this.
    1:04:08 So something else that you talk about in your book is fear.
    1:04:11 Fear is something that I think a lot of entrepreneurs
    1:04:16 go through, especially we work in very uncertain areas.
    1:04:19 Most of the time we don’t really know what’s going to happen next.
    1:04:20 So how do we reframe fear?
    1:04:22 What do we need to know about that?
    1:04:26 I don’t know about you, but for me in entrepreneurship,
    1:04:30 fear can show up in so many different ways.
    1:04:35 But I realize I’m not actually afraid of that thing happening.
    1:04:38 I’m afraid of something totally unrelated,
    1:04:43 but I have attached fear as the label to the current problem
    1:04:48 because it’s masking something else that I just haven’t dealt with.
    1:04:53 One of the ways, though, that can help us reframe fear
    1:04:56 is by doing the thing that we’re afraid of.
    1:05:01 Our anxiety doesn’t go away when we avoid the things that we’re anxious about.
    1:05:07 Our fear doesn’t go away when we avoid doing the things that we are fearful of.
    1:05:09 In fact, it just continues to feed it.
    1:05:14 So a lot of times we need proof,
    1:05:17 our brains need proof that it’s not something we need to be afraid of,
    1:05:21 and we need confidence that it’s something that we can handle
    1:05:25 or walk through or that if things really do go south,
    1:05:30 I have confidence in myself that I’m still going to be able to figure it out
    1:05:31 because that’s what life is, right?
    1:05:35 No one’s life goes exactly according to plan.
    1:05:36 That’s not what life is.
    1:05:38 It’s what we want it to be.
    1:05:45 But then when we find ourselves shying away from doing what we really want to be doing
    1:05:51 or really leaning into the areas of our lives that we know would light us up,
    1:05:58 but we are afraid of it not working out or us doing it wrong or losing everything,
    1:06:00 that fear just keeps getting bigger.
    1:06:03 So the only way that we can start reframing that
    1:06:07 is by taking action on the things that we’re afraid of.
    1:06:12 And when it comes to action, a lot of people are afraid of failure,
    1:06:15 but as we all know, failure and growth kind of go hand in hand.
    1:06:17 You have this awesome quote.
    1:06:21 “You talk about dirt as a fine place to start growing.”
    1:06:22 I love that.
    1:06:24 So can you elaborate on what you mean by that?
    1:06:28 I think that so many of us were afraid of getting knocked down.
    1:06:31 We’re afraid of falling flat on our faces.
    1:06:36 But it is in that dirt when your nose hits the ground,
    1:06:40 the only way back is up.
    1:06:49 And a lot of times that is the best place for us to be able to really start our growing journey.
    1:06:55 I cannot think of one entrepreneur who has not experienced a significant setback
    1:07:02 or failure that then also helped them lead to the next steps of their career.
    1:07:11 How could you expect to know exactly what to do if you never learned what not to do
    1:07:13 or if you never learned what didn’t work?
    1:07:16 Of course, we have to fail.
    1:07:18 And no one wants to feel it.
    1:07:24 But it’s also in those moments where we can really get a jump start on,
    1:07:27 “Okay, I figured this out the hard way.
    1:07:33 And now I’m going to do X, Y, and Z and have a clearer path forward this way.”
    1:07:39 Honestly, I feel like people who are willing to fail, they’re just so much smarter.
    1:07:44 I meet so many people and the most successful people that I know just go for things.
    1:07:47 And they do it and it fails and it works and it doesn’t work.
    1:07:48 And they just keep trying and trying and trying.
    1:07:53 And then they just get so much experience and they’re such a well-rounded, skilled person.
    1:07:58 And then you’ve got other people who are just afraid of making any sort of change.
    1:08:03 They stay in the same sort of mundane job where they don’t learn anything new and then they’re stuck.
    1:08:06 And they don’t really move in life.
    1:08:14 And they stay stuck and then the next year, because I hear from a lot of women who are like,
    1:08:17 “I feel stuck here, but I don’t know what to do, so I’m just going to stay here.”
    1:08:22 And then a year goes by and you still feel that feeling.
    1:08:28 And to me, that’s way more uncomfortable than trying something that doesn’t work out
    1:08:33 so that then I can find something that does rather than feeling like I’m on this hamster wheel
    1:08:37 that’s not getting me anywhere and I know what’s not getting me anywhere.
    1:08:44 I would much rather be the person that fails a million times to figure out where I actually
    1:08:51 really want to be than the one who just feels like I’m stuck on Groundhog’s Day
    1:08:52 every day that I wake up.
    1:08:53 Totally.
    1:08:56 And so I think a great way to close out this interview,
    1:09:00 which also ties to what we’re just saying, which is figuring out what you want to do with your life,
    1:09:03 is learning how to do a clarity map, which you talk about in your book.
    1:09:07 So first off, tell us about the five daily questions.
    1:09:11 You mentioned that you have five daily questions that you came up with years ago.
    1:09:17 What are these questions and how do they help us identify what matters before we move on to the next step?
    1:09:22 So the five questions you can do in as little amount of time or as much time as you want
    1:09:23 every single morning.
    1:09:27 So the very first one is, what is my intention today?
    1:09:30 The second one is, why am I worthy?
    1:09:34 There are so many of us who, when things are going good in our lives,
    1:09:39 we can start sabotaging ourselves because we feel like we’re not deserving of it.
    1:09:42 We are afraid of life feeling good again.
    1:09:43 We’re not good enough to receive it.
    1:09:49 And so being able to sit with, why am I worthy for this is actually really helpful to allow yourself
    1:09:53 to keep moving forward in a positive way in your life.
    1:09:55 The third question is, who can I serve today?
    1:09:58 Sometimes it’s going to be yourself.
    1:10:03 This is a really good place to check in of, are there needs that I’m not meeting for myself?
    1:10:05 Or how are my employees today?
    1:10:09 How is that stranger behind me in the grocery store doing?
    1:10:10 What about my partner?
    1:10:12 When’s the last time that we had to check in?
    1:10:15 That’s a really beautiful place to figure that out.
    1:10:20 The next one is, what can I set down today or what can I let go of?
    1:10:26 You guys, we carry so much heaviness throughout our day, whether that’s the fear,
    1:10:31 whether that’s a responsibility for something that is completely off out of our hands,
    1:10:36 whether that’s sadness for something that we can’t control.
    1:10:41 But what can you just set down for that day so that you have energy to do these other things?
    1:10:48 And then the very last question is, how does the truest version of me show up today?
    1:10:53 I used to ask myself, how does the best version of me show up today?
    1:10:56 But then I realized I would change my answer based off of, well,
    1:10:59 what is the best version of a mom?
    1:11:01 Or what’s the best version of an employer?
    1:11:03 Or what’s the best version of a partner?
    1:11:08 And I realized my answers were based off of what I thought other people needed and wanted from me.
    1:11:16 So I changed it and I now ask, who is the truest version of me today so that I can show up
    1:11:23 as her and lead from that place of authenticity and give the world who I am
    1:11:26 instead of letting the world dictate who I am.
    1:11:29 So those are the five questions I start with.
    1:11:31 Love that.
    1:11:35 So as we close out this interview, what should we be doing when it comes to making
    1:11:40 lasting change and working through grief, depression, trauma, loneliness?
    1:11:41 I love this.
    1:11:43 This is one of my very favorite things.
    1:11:48 I set intentions and I base my year and how I’m going to move forward
    1:11:51 based off of how I want to feel inside.
    1:11:55 And a lot of us haven’t checked in internally for a long time.
    1:11:57 Like, how do I actually want to feel?
    1:11:59 Do I want more peace in my life?
    1:12:00 Do I want more clarity?
    1:12:04 Do I want to feel like love is driving my decisions?
    1:12:05 What is that feeling?
    1:12:11 And I write that on a piece of paper and then around that I draw four boxes for the different
    1:12:20 areas of my life for emotional development, spiritual development, finances or business,
    1:12:22 and then my relationships.
    1:12:28 And in those four boxes, I then set intentions for each of those four categories
    1:12:34 that match my overall life intention so that I can have a strategy in those four life
    1:12:40 areas to move forward in a way that’s going to support how I am feeling right now in my life.
    1:12:44 And if that’s something you want more of, we do a challenge about it.
    1:12:48 I talk more about it in my book and in my podcast, but check in with your feelings
    1:12:55 and then map out a life that supports your feelings instead of starting with your goals.
    1:12:59 And that will help you feel more fulfilled once you bring everything to life.
    1:13:01 That’s great advice.
    1:13:03 I think that’s fantastic.
    1:13:06 So really just focusing on your intentions, not your goals.
    1:13:10 So Ashley, I had such a great conversation with you today.
    1:13:13 I end my show with two questions that I ask all of my guests.
    1:13:16 The first one is, what is one actionable thing our young and
    1:13:19 profitors can do today to become more profitable tomorrow?
    1:13:22 Ooh, this is such a good one.
    1:13:24 I would say invest in your mental health.
    1:13:32 There’s that return of being able to really understand who you are and why you are,
    1:13:37 how you are, is going to profit you more than anything else in the long run and
    1:13:39 help you build a sustainable business.
    1:13:43 And this one can go beyond business and finance.
    1:13:46 What is your secret to profiting in life?
    1:13:50 Wow, this is a good one.
    1:13:53 Okay, I’m like, what is my secret to profiting in life?
    1:13:58 My secret is to create peace as my priority.
    1:14:01 We didn’t get to talk about this.
    1:14:02 This is so important.
    1:14:08 Yeah, being able to live with peace as my decision maker and as the feeling that
    1:14:14 surrounds me, that has allowed me to profit in every area of my life more than
    1:14:17 anything else that I have ever tried to do.
    1:14:23 And so I base every decision off of, is this going to invite peace in my life?
    1:14:28 Or is it going to be something that prevents me from feeling peace?
    1:14:35 And that’s the thing, is pursuing peace to have a profitable life in all of the
    1:14:37 areas that you want to feel it in.
    1:14:41 And when you say peace, because I didn’t get a chance to ask you about this,
    1:14:45 and I actually really love this, when you say peace, what is peace to you?
    1:14:49 Peace to me is the feeling that can’t be bought.
    1:14:52 It can’t be mimicked by anything else.
    1:14:55 It can’t be something that someone else gives you.
    1:15:04 Peace is this internal feeling that comes when you are in alignment with your life,
    1:15:09 with who you believe your higher power to be.
    1:15:16 And when you are able to make decisions that invite in more peace,
    1:15:22 whether that is setting types of boundaries or whether that is letting things go that
    1:15:27 make you kind of feel chained, peace to me feels a lot like freedom.
    1:15:32 And there’s a lot of things that can chain us that make us lose it,
    1:15:38 whether that’s we feel chained to our job or to social media or to comparison
    1:15:46 or to toxic relationships or to these habits we just can’t get out of the cycle of doing because
    1:15:50 they’ve just become a part of who we are because that’s what helped us cope for a long time,
    1:15:52 but now it’s not serving us anymore.
    1:15:57 There’s so many chains in our life that we can have that prevent us from experiencing more peace.
    1:16:07 And so to me, peace is something that you cannot receive from any other outside source or thing.
    1:16:12 So good. I feel like that’s my favorite advice from the whole episode.
    1:16:17 That whole conversation was amazing, but that really spoke to me in terms of
    1:16:21 making decisions based on what brings you peace and not.
    1:16:24 Is this going to bring me peace or is this going to make me feel unaligned?
    1:16:26 And it’s so simple.
    1:16:33 It’s so simple. And honestly, you can make faster decisions and decisions that support you more
    1:16:40 based off of that answer of doing the gut check of, is this going to bring me peace or not?
    1:16:44 And that’s how I base every decision now, and it’s changed my life and my business
    1:16:46 and my family’s life.
    1:16:47 Yeah, I love that.
    1:16:49 Ashley, this has been amazing.
    1:16:51 Where can everybody learn more about you and everything that you do?
    1:16:54 Gosh, thank you so much, first of all, for having me.
    1:16:57 And I would love to meet all of your young and proffereders.
    1:17:00 You can come find me on Instagram @ashleykailamu.
    1:17:03 We love hanging out over there every day.
    1:17:05 You can also come and listen to my podcast.
    1:17:06 It’s called Healing Her.
    1:17:10 And if you are wanting more support on your journey,
    1:17:14 you can go to my website to see what that looks like at AshleyLamu.com.
    1:17:16 Amazing.
    1:17:19 Ashley, thank you so much for joining us on Young and Profiting Podcast.
    1:17:21 Thanks for having me.
    1:17:26 Yeah, bam.
    1:17:31 Well, that was such a deep and therapeutic episode with Ashley.
    1:17:34 And I think a lot of entrepreneurs, including yours truly,
    1:17:39 handle grief and stress by sinking our energies deeper into our work.
    1:17:40 And it might work for a while.
    1:17:45 You may even grow your company, hit your targets, achieve some great things.
    1:17:48 But still, such a strategy is not sustainable.
    1:17:49 We all know that.
    1:17:53 And we are really only delaying coming to terms with our pain and fear.
    1:17:58 As Ashley put it, grief can only be pacified by work or achievement.
    1:18:01 And at some point, you’re going to have to confront that grief
    1:18:04 and give yourself the space to sit with it.
    1:18:09 You can’t run a business on fumes or by running away from your own problems.
    1:18:13 But one of the good things about success is that it can be a wonderful buffer.
    1:18:17 Having resources should give you the time and space you need to ensure
    1:18:20 that your internal development matches your external achievements.
    1:18:23 You just need to eventually take that time.
    1:18:25 And once you do take that time,
    1:18:28 you can start observing your own thoughts and reframing the negative ones
    1:18:30 to be less impactful.
    1:18:33 You can be open about your own anger and frustrations
    1:18:35 and even find a silver lining there.
    1:18:39 Remember that a lot of our anger comes from a place of passion and love.
    1:18:41 And you just have to figure out how to lean
    1:18:44 into the more constructive power of that passion.
    1:18:48 And sometimes this also means coming to terms with our failures,
    1:18:52 realizing that we’ve hit rock bottom and need to start over.
    1:18:55 I really believe that the best entrepreneurs have to fall flat on our faces
    1:18:58 from time to time in order to really succeed.
    1:19:01 But when you do, just remember that, like Ashley said,
    1:19:04 the dirt is a fine place to start growing.
    1:19:08 Thanks for listening to this episode of Young and Profiting Podcast.
    1:19:11 If you listen learned and profited from this conversation
    1:19:13 with the insightful Ashley Lemieux,
    1:19:17 then please help us grow it by sharing with somebody that you know.
    1:19:19 And if you enjoyed the show and you learned something,
    1:19:22 then drop us a five star review on Apple, Spotify, Cast Box,
    1:19:24 wherever you listen to the show.
    1:19:25 I want to hear from you.
    1:19:27 I love to read your reviews.
    1:19:30 I read them every single day, and it makes me so happy to see them.
    1:19:33 So drop us a review if you listen to the show.
    1:19:37 If you’re new to the show, maybe you found me from Funnel Hacking Live,
    1:19:38 and now you’re following the show.
    1:19:39 Welcome to the YAP BAM.
    1:19:43 I’m so happy to have you guys as new subscribers.
    1:19:45 And if you prefer to watch your podcasts
    1:19:47 and you like watching your podcasts on YouTube,
    1:19:48 all of our videos are on YouTube.
    1:19:50 I do everything on video.
    1:19:52 I’ve got a lot more in-person content.
    1:19:55 I just interviewed Mel Robbins in person, Gary Vee in person.
    1:19:57 So all that is on there.
    1:20:00 You can also find me on Instagram @yapwithhalla or LinkedIn.
    1:20:02 Just search my name, Hala Taha.
    1:20:06 I of course want to give a big shout out to my YAP production team.
    1:20:08 I have an agency, YAP Media,
    1:20:10 and I’ve got the best team in the world.
    1:20:12 Thank you guys for all your hard work.
    1:20:14 This is your host, Hala Taha,
    1:20:16 aka the Podcast Princess, signing off.
    1:20:20 [MUSIC PLAYING]
    1:20:23 [SUSPENSEFUL MUSIC]
    1:20:26 [SUSPENSEFUL MUSIC]
    1:20:30 [SUSPENSEFUL MUSIC]
    1:20:40 [BLANK_AUDIO]

    Ashley Lemieux’s journey is a masterclass in navigating grief as an entrepreneur. She became a mother overnight, only to lose the children she raised in a contested adoption. Years later, she was pregnant and hopeful, but a battle with sepsis led to the devastating loss of her baby boy. After years of running from grief, Ashley finally reached a breaking point. One day, she broke down, threw up her hands, and screamed, “I am here!” That mantra became a powerful reminder to stay mindful. In this episode, Ashley shares how the Clarity Mapping framework helped rebuild her life and teaches us how to shine, even through life’s darkest moments.

    In this episode, Hala and Ashley will discuss: 

    (00:00) Introduction

    (01:11) Unexpected Parenthood and Loss

    (05:46) Clarity Mapping: A Guide for Self-Healing

    (07:56) Surviving a Health Crisis and Pregnancy Loss

    (11:01) The Power of Storytelling in Healing

    (16:33) Shutting Down a Successful Business

    (22:25) The Fear of Pivoting in Entrepreneurship

    (27:09) “I Am Here”: A Mindfulness Mantra

    (29:33) How Entrepreneurs Deal with Grief

    (36:54) Building a Sustainable Life and Business

    (38:57) Reframing Negative Thoughts and Habits

    (49:00) Distinguishing Grief from Trauma

    (52:08) Overcoming Fear in Entrepreneurship

    (56:58) The Five Daily Questions for a Growth Mindset

    (1:01:43) Why Mental Health and Inner Peace Matter

    Ashley Lemieux is a wellness coach, bestselling author, and founder and CEO of The Shine Project, an online community that provides women with support and motivation. Having overcome profound grief and loss, she developed Clarity Mapping, a tool for finding purpose, making mindset shifts, and gaining clarity. Through her podcast Healing Her, she helps others rebuild their lives after loss.

    Sponsored By:

    Shopifyyoungandprofiting.co/shopify

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    Microsoft Teamsaka.ms/profiting 

    Active Dealsyoungandprofiting.com/deals  

    Resources Mentioned:

    Ashley’s Book, Born to Shine: amzn.to/437SVEY 

    Ashley’s Book, I Am Here: amzn.to/417DzNR 

    Key YAP Links

    Reviews – ratethispodcast.com/yap 

    Youtube – youtube.com/c/YoungandProfiting 

    LinkedIn – linkedin.com/in/htaha/ 

    Instagram – instagram.com/yapwithhala/ 

    Social + Podcast Services: yapmedia.com 

    Transcripts – youngandprofiting.com/episodes-new 

    Entrepreneurship, Entrepreneurship Podcast, Business, Business Podcast, Self Improvement, Self-Improvement, Personal Development, Starting a Business, Strategy, Investing, Sales, Selling, Psychology, Productivity, Entrepreneurs, AI, Artificial Intelligence, Technology, Marketing, Negotiation, Money, Finance, Side Hustle, Mental Health, Career, Leadership, Mindset, Health, Growth Mindset, Psychology, Wellness, Biohacking, Manifestation, Productivity, Brain Health, Life Balance, Positivity, Happiness, Sleep, Diet.

  • Welcome to Young and Profiting Podcast

    AI transcript
    0:00:06 Today’s episode of YAP is sponsored in part by Rakuten, Factor, Robinhood, Airbnb, Shopify,
    0:00:08 Rocket Money, and Indeed.
    0:00:13 Get the Rakuten app now and join the 17 million members who are already saving.
    0:00:14 Cashback rates change daily.
    0:00:17 See Rakuten.com for more details.
    0:00:20 Eat smart and fuel your wellness goals with Factor.
    0:00:26 Get started at www.factormeals.com/factorpodcast and use Code Factor Podcast to get 50% off
    0:00:29 your first box plus free shipping.
    0:00:34 With Robinhood Gold, you can now enjoy the VIP treatment, receiving a 3% IRA match on
    0:00:36 retirement contributions.
    0:00:43 To receive your 3% boost on annual IRA contributions, sign up at robinhood.com/gold.
    0:00:48 Hosting on Airbnb has never been easier with Airbnb’s new co-host network.
    0:00:52 Find yourself a co-host at Airbnb.com/host.
    0:00:56 Shopify is the global commerce platform that helps you grow your business.
    0:01:01 Sign up for a $1 per month trial period at www.shopify.com/profiting.
    0:01:06 Rocket Money helps you find and cancel your unwanted subscriptions, monitors your spending,
    0:01:08 and helps lower your bills.
    0:01:12 Sign up for free at www.rocketmoney.com/profiting.
    0:01:15 Attract interview and hire all in one place with Indeed.
    0:01:19 Get a $75 sponsored job credit at www.indeed.com/profiting.
    0:01:21 Terms and conditions apply.
    0:01:29 As always, you can find all of our incredible deals in the show notes or at youngandprofiting.com/deals.
    0:01:34 If you’re in the driver’s seat and refuse to coast through life, this is Young and Profiting
    0:01:40 Podcast where you get actionable advice to level up your life and business.
    0:01:45 I’m the podcast princess Halataha, the host of Young and Profiting Podcast, and I invite
    0:01:50 you to join the YAP BAM to uncover the secrets of some of the most brilliant entrepreneurs
    0:01:53 on the planet, from digital pioneers like Gary Vee.
    0:01:58 The reason people burn out is because they choose money, not entrepreneurship.
    0:02:01 To creative visionaries like Jenna Kutcher.
    0:02:07 I built a million-dollar business because I now have time to be creative again.
    0:02:10 Sales experts like Ryan Sirhant don’t sell.
    0:02:14 Bad salespeople are people who watch a pot boil water.
    0:02:19 And even movie stars like Matthew McConaughey keep confident with who you are.
    0:02:24 In Young and Profiting, we focus on the things that will help you win in business and life,
    0:02:28 like marketing and sales strategies, rather than trying to cut the price, just increase
    0:02:31 the value, psychology and human behavior.
    0:02:34 People like those who are like them.
    0:02:38 And of course, hot topics and cutting-edge technology like AI.
    0:02:44 If you’re not informed of AI today, it is a bit like a hurricane approaching your city
    0:02:49 or village and you’re sitting at a cafe saying, “I’m not interested.”
    0:02:53 Whether you’re side hustling, starting out, or scaling up, Young and Profiting will help
    0:02:58 you uncover the secrets of entrepreneurship, the real stories behind the scenes, and the
    0:03:03 insights and strategies you need to build your own success story.
    0:03:08 If you’re ready to listen, learn and profit, subscribe to Yap, Young and Profiting podcast
    0:03:11 on Apple, Spotify, or wherever you listen to your podcast.
    0:03:15 [MUSIC PLAYING]
    0:03:17 you

    Young and Profiting with Hala Taha is the must-listen podcast for anyone who is hardcore into entrepreneurship. Hosted by Hala Taha, a self-made entrepreneur and marketing expert, this top-ranked show features mini-masterclasses with business icons and entrepreneurs like GaryVee, Alex Hormozi, Mel Robbins, Tom Bilyeu, and Codie Sanchez. Listen to YAP to profit in all aspects of life – from boosting sales and beating algorithms, to brain hacks and biohacking. Whether you’re launching a startup, scaling your business, or simply wanting to expand your sales and marketing skills, each episode delivers actionable advice that WILL help you profit in life. If you want the motivation to level up your entrepreneurship game and work hard – while still prioritizing your mental and physical health – then Listen, Learn and Profit with Young and Profiting Podcast!

  • How Rory Vaden Helps Entrepreneurs Build Powerful Personal Brands

    AI transcript
    0:00:06 Today’s episode of YAP is sponsored in part by Rakuten, Factor, Robinhood, Airbnb, Shopify,
    0:00:08 RocketMoney, and Indeed.
    0:00:13 Get the Rakuten app now and join the 17 million members who are already saving.
    0:00:14 Cashback rates change daily.
    0:00:17 See Rakuten.com for more details.
    0:00:20 Eat smart and fuel your wellness goals with Factor.
    0:00:26 Get started at FactorMeals.com/FactorPodcast and use code FactorPodcast to get 50% off
    0:00:29 your first box plus free shipping.
    0:00:34 With Robinhood Gold, you can now enjoy the VIP treatment, receiving a 3% IRA match on
    0:00:36 retirement contributions.
    0:00:43 To receive your 3% boost on annual IRA contributions, sign up at Robinhood.com/Gold.
    0:00:48 Hosting on Airbnb has never been easier with Airbnb’s new co-host network.
    0:00:52 Find yourself a co-host at Airbnb.com/host.
    0:00:56 Shopify is the global commerce platform that helps you grow your business.
    0:01:01 Sign up for a $1 per month trial period at Shopify.com/profit.
    0:01:06 RocketMoney helps you find and cancel your unwanted subscriptions, monitors your spending,
    0:01:08 and helps lower your bills.
    0:01:12 Sign up for free at RocketMoney.com/profit.
    0:01:15 Attract interview and hire all in one place with Indeed.
    0:01:19 Get a $75 sponsored job credit at Indeed.com/profit.
    0:01:21 Terms and conditions apply.
    0:01:39 As always, you can find all of our incredible deals in the show notes or at youngandprofiting.com/deals.
    0:01:41 Hello Young and Profiters!
    0:01:46 Imagine learning how to turn stage fright into a magnetic stage presence to craft speeches
    0:01:50 that captivate your audience and build a brand that doesn’t just speak to people but
    0:01:52 speaks for them.
    0:01:57 Well, in this YAP Classic episode, we’re talking about brand building, public speaking,
    0:02:01 and so much more with one of the world’s leading communication and branding experts,
    0:02:03 Rory Vaden.
    0:02:07 Rory is the best-selling author of Take the Stairs and Procrastinate on Purpose and the
    0:02:10 co-founder of Brand to Builders Group.
    0:02:14 I spoke with Rory last year in episode 274 about how to build a personal brand that doesn’t
    0:02:19 just attract attention but commands trust and respect.
    0:02:22 Whether you’re an entrepreneur, a corporate leader, or just somebody looking to amplify
    0:02:27 your voice, this conversation will be a roadmap to mastering the psychology of influence.
    0:02:31 So let’s get started with Rory.
    0:02:35 Rory, welcome to Young and Profiting Podcast.
    0:02:36 Yes!
    0:02:38 I’m so excited.
    0:02:39 I’m so excited.
    0:02:43 I think you’re like my newest, coolest friend.
    0:02:44 Thank you for having me.
    0:02:45 I think the same.
    0:02:47 I’m really excited for this conversation.
    0:02:51 Great to bring some great energy to the conversation already.
    0:02:55 So, Rory, you are super well-known for actually building brands.
    0:02:59 But before you started building other people’s brands, you were, of course, building your
    0:03:00 own brand.
    0:03:02 And in the past, you said success is never owned.
    0:03:05 It’s rented, and the rent is due every day.
    0:03:08 So my first question to you is a softball.
    0:03:11 Do you still feel like success is never owned?
    0:03:15 Do you still feel that way today, like you’re renting your success, or do you feel like you’ve
    0:03:17 owned some of your success now?
    0:03:18 Not a good question.
    0:03:20 Also, you guys went into the backlogs.
    0:03:21 You did.
    0:03:22 Oh, we went to the backlogs.
    0:03:23 Rory paid in like the back catalog.
    0:03:27 So that was from Take the Stairs, which has been out over 10 years.
    0:03:28 So success is never owned.
    0:03:30 It’s rented, and the rent is due every day.
    0:03:32 I do still feel that way.
    0:03:36 I feel that way, and I feel like the people we work with exhibit that.
    0:03:37 You’re still hustling.
    0:03:38 I’m still hustling.
    0:03:44 Ed Milette, Lewis Howes, our clients, Amy Porterfield, these people are still hustling.
    0:03:47 Some people might look at them and go, “Oh, they’re at the top.
    0:03:48 Why are they hustling?”
    0:03:51 But they don’t look at it that way.
    0:03:58 They look at Jay Shetty and go, “Oh, they’re always pursuing somebody or the next level.”
    0:04:04 And the other thing about that, Hala, is if you take out that word success and you put
    0:04:10 in for it whatever really matters, financial security is never really owned.
    0:04:12 It’s rented, and the rent is due every day.
    0:04:17 If you start making stupid financial decisions, you can blow a lot of money quickly.
    0:04:20 Living in great physical health, certainly never owned.
    0:04:22 That’s rented, and the rent is due every day.
    0:04:26 A great marriage or a happy relationship, that doesn’t matter if you’ve been married
    0:04:27 20 years.
    0:04:34 If you don’t treat your spouse or significant other in the way that they deserve, 20 years
    0:04:40 can disappear in one moment or a few minutes of bad decisions.
    0:04:46 So I do agree with that, and I think I look at people like you constantly leveling up.
    0:04:50 You blew my mind when you came on my podcast, and I was just like, “Gosh, there’s such
    0:04:57 a next level for me in podcasting, and I got to do the work if I want the results.”
    0:05:02 So what a great question, and yes, I would emphatically say there are some things I’ve
    0:05:04 changed my mind on, but that’s not one of them.
    0:05:05 Success is never owned.
    0:05:07 It’s rented, and the rent is due every day.
    0:05:08 I loved that.
    0:05:11 I resonate with so much of what you’re saying, and I align with so much of what you’re saying.
    0:05:15 So when you actually wrote those words, like you said, that was decade ago now, you were
    0:05:19 in grad school, living in a crappy apartment.
    0:05:23 Can you tell us about that period of your life and how you ended up starting to speak?
    0:05:26 I really started even before that.
    0:05:31 So I was raised by a single mom, and my mom sold Mary Kay Cosmetics.
    0:05:37 So my mom had my brother when she was 17 years old, and then she was divorced from his father
    0:05:40 a few years later, and then she had me when she was 22.
    0:05:44 And then my biological father, they were divorced six months after I was born, and I never really
    0:05:46 saw him again.
    0:05:50 So she was a single mom, and she got into direct sales.
    0:05:56 So I learned about direct sales, and then when I was in college, I got involved in a company.
    0:06:02 I actually went door to door, 14 hours a day, six days a week on straight commission, just
    0:06:05 so I could pay my way through school.
    0:06:12 And there was a speaker who came and spoke at that company, and I thought, man, that’s
    0:06:15 my dream is I want to speak.
    0:06:20 And so I went up to him, his name was Eric Chester, and I said, Eric, one day I’m going
    0:06:23 to do what you do.
    0:06:26 But he had mentioned that he had a son in college, and I said, right now I need your
    0:06:32 son’s phone number because I’m going to recruit him to come with me and do this next summer.
    0:06:33 And we made like a pact.
    0:06:40 He said, if you mentor my son in this program, then when you graduate, I’ll mentor you.
    0:06:45 And so he did, I did, and his son, Zach, worked with me for two years.
    0:06:46 We became really good friends.
    0:06:52 And then when I finished my undergrad and was in graduate school, Eric was the one who,
    0:06:56 he was a Hall of Fame speaker, and I asked him, I was like, okay, I’m ready.
    0:06:57 What do I need to go do?
    0:06:58 And I’ll never forget Hall.
    0:07:05 The very first time we sat down, he said, Rory, the difference between a good speaker and
    0:07:11 a great speaker is 1,000 speeches.
    0:07:19 So the first thing I want you to do is go out and give 1,000 speeches.
    0:07:25 And just a couple of years ago, I became the youngest person in US history to be inducted
    0:07:27 myself into the professional speaking Hall of Fame.
    0:07:28 Oh, wow.
    0:07:32 You know, I’ve got a viral TED talk that has like 5 million views.
    0:07:36 And I have to tell you, Hala, I’m still excited to go back and see Eric Chester and find out
    0:07:42 what step two is because there’s been so much speaking.
    0:07:45 So that was how I got my start early on.
    0:07:46 Amazing.
    0:07:51 And I learned that you spoke over 300 times for free in your first 18 months.
    0:07:55 So a lot of people aren’t willing to roll up their sleeves, do free work like that.
    0:07:56 What was the logic?
    0:08:00 I know you were building your reps, but how did you decide, okay, now I’m going to get
    0:08:04 paid and I’ve got enough experience, so tell us about that.
    0:08:09 What actually happened was Eric said the fastest way to get stage time is to join a group called
    0:08:10 Toastmasters.
    0:08:16 And so it’s this worldwide organization that’s been around for decades.
    0:08:20 And they had a contest called the World Championship of Public Speaking.
    0:08:24 And so I thought, gosh, maybe, you know, at the time I was 22 years old.
    0:08:26 And so I had no credibility.
    0:08:30 This is long before social media, you know, it was like ever really out.
    0:08:36 And I thought, maybe if I could win the World Championship of Public Speaking, maybe that
    0:08:39 would give me the credibility to like launch a speaking career.
    0:08:41 You know, it was all adults who were in this competition.
    0:08:44 And I thought, if I just got more reps and I practiced harder.
    0:08:48 And so I did, I went out and I spoke 304 times for free.
    0:08:52 The first year I made it to, there’s 25,000 contestants.
    0:08:55 I made it to the top 10 in the world and I lost.
    0:08:57 And in the next year, I got more coaching.
    0:09:02 I spent more time, thousands of hours studying film, made it all the way back to the World
    0:09:03 Championship.
    0:09:07 And then I lost again, actually, but I came in second.
    0:09:12 So I lost better than the first time I was the World Champion, first runner up.
    0:09:18 And that was just my strategy, that had been my strategy for life in school and in knocking
    0:09:25 door to door was like, I’m just going to do a higher quantity than everybody else.
    0:09:32 And I had this belief that if I did more quantity, eventually that would lead to quality.
    0:09:34 And that’s what happened.
    0:09:36 And then that’s what led us to start our first company.
    0:09:37 That’s amazing.
    0:09:41 And what do you feel speaking did for your personal brand?
    0:09:46 So one of the things that we say at Brand Builders Group, we tell our clients, the shortest
    0:09:55 path between turning someone from a complete stranger into a lifelong fan of yours is a
    0:09:59 world-class one-hour presentation.
    0:10:01 Somebody can go from, I’ve never heard of you.
    0:10:03 Now they can do that in a book too, but it takes longer.
    0:10:05 It takes four, it’s more like four hours.
    0:10:10 But if they see you on stage, if you’ve ever seen Ed Milette on stage, you could go, I’ve
    0:10:12 never heard of this guy.
    0:10:16 And you walk in, another one of my good friends is Jamie Kern Lima.
    0:10:19 She right now I think is one of the best speakers in the world.
    0:10:24 If you’ve never heard of Jamie Kern Lima and you step into a room, after a one-hour experience
    0:10:27 with her, you become a lifelong fan.
    0:10:34 And so that’s the power of the spoken word is it is just a trust accelerator.
    0:10:39 And they don’t really teach it in schools and they don’t only teach it in business.
    0:10:44 If you don’t study it or get coaching on it, a lot of people think they’re good speakers.
    0:10:48 In reality, they’re good talkers and there’s just a big difference.
    0:10:54 But we define personal branding, which is most of what we do now, as simply the digitization
    0:10:56 of your reputation.
    0:10:59 And reputation has been around since the dawn of time.
    0:11:04 And the spoken word is like before there was going live and before there was webinar and
    0:11:07 before there was podcast and before there was YouTube, there was just the spoken word
    0:11:09 in front of live audiences.
    0:11:15 I think the reason why social media and the reason why YouTube and podcasting is so valuable
    0:11:20 is because if you have the ability to speak, if you have the ability to communicate with
    0:11:23 authority, if you have the ability to make an audience laugh, if you have the ability
    0:11:29 to articulate points eloquently, then you can create the same level of trust, except
    0:11:32 now you can do it at scale.
    0:11:39 You can automate trust at scale when you combine some of my superpowers with some of your superpowers
    0:11:42 and really growing your platform.
    0:11:46 I agree with everything you’re saying because I’ve been doing so much more speaking in the
    0:11:48 last two to three years.
    0:11:52 And the types of fans that I get after these types of speaking engagements, they’re waiting
    0:11:57 in line to talk to me, then they’re reaching out to me on DM, on LinkedIn, and Instagram.
    0:12:00 Then they show up to my course and they say, “Oh,” and then they write me a review.
    0:12:05 And it’s just a way more passionate type of fan because they feel like they really know
    0:12:10 you because there’s just so much transparency and authenticity when it’s you and the flesh,
    0:12:12 just being yourself and being on stage.
    0:12:15 I totally agree that it creates superfans.
    0:12:22 Well, and ironically, I think as AI takes over more and more, people are going to gravitate
    0:12:26 towards that human experience, and I think people are going to gravitate back towards
    0:12:31 live events because it’s not that far away.
    0:12:35 In many ways, it’s already here where you can replicate a video of someone, a voice
    0:12:36 of someone.
    0:12:42 You can use mid-journey and create an entire person that’s fake and turn them into an influencer.
    0:12:50 But what you can’t really do is have someone stand on stage in front of a roomful of humans
    0:12:54 and move them emotionally.
    0:12:57 Create that human bond.
    0:13:02 And I think as AI takes over content more and more digitally, I think there’s going
    0:13:07 to be a return of this skill coming back for humans.
    0:13:08 Totally.
    0:13:12 It’s like humans are going to be the rare thing that everybody wants.
    0:13:13 Yeah.
    0:13:14 Okay.
    0:13:15 So there’s so much to cover.
    0:13:19 I want to get into all of your personal branding strategies, but first, we thought that it’d
    0:13:23 be really fun to uncover some of your greatest hits from all the different books that you
    0:13:29 wrote of time management, focus, procrastination, and just talking about all these topics that
    0:13:31 I know my listeners are really curious about.
    0:13:35 So I’m going to rattle off quotes, and then you can just elaborate and have follow-up
    0:13:36 questions.
    0:13:37 You’re going to rattle off my quote.
    0:13:38 I’m going to rattle off your quotes from your book.
    0:13:39 That’s so interesting.
    0:13:40 You’re going to quote me to me.
    0:13:42 That’s kind of awkward for me.
    0:13:43 But I love it.
    0:13:44 I love it.
    0:13:46 I did it with James Clear when it was on and it was fun.
    0:13:47 Yeah.
    0:13:48 So we’ll do it.
    0:13:49 We’ll see.
    0:13:50 Okay.
    0:13:51 Success is not about taking the escalator.
    0:13:53 It’s about taking the stairs.
    0:13:54 What did you mean by that?
    0:13:55 Yeah.
    0:14:00 So that actually really should be given appropriate citation to Zig Ziglar.
    0:14:01 Okay.
    0:14:02 Good.
    0:14:03 So Zig said that differently.
    0:14:06 Zig said, “There is no escalator to success.
    0:14:08 You have to take the stairs.”
    0:14:13 And after my world championship of public speaking, I was at an event of the National
    0:14:19 Speakers Association event, and we’re sitting in this huge convention and it’s lunch, and
    0:14:22 I’m sitting in this cafeteria and I knew nobody, right?
    0:14:27 I’m this 20-something-year-old kid and I’m sitting by myself and this guy walks up to
    0:14:31 me and he says, “Hey, you’re Rory Vaden, right?”
    0:14:34 And I said, “Well, yes, sir, I am.”
    0:14:36 And he said, “I heard about you.
    0:14:37 You’re the Toastmaster kid, right?
    0:14:40 Like you made it to the Toastmaster thing.”
    0:14:41 And I said, “Well, yes, sir.
    0:14:42 That’s me.”
    0:14:43 And I said, “I’m sorry.
    0:14:45 I don’t know.
    0:14:46 Have we ever met?”
    0:14:50 And he reaches his hand out and he says, “My name is Zig Ziggler.”
    0:14:56 And people today may not even know who Zig is, but Zig was an absolute legend for decades
    0:14:57 in this space.
    0:15:01 And he sat down next to me with his wife, who he used to call the redhead if you’ve ever
    0:15:04 seen any of his old videos, and we became personal friends.
    0:15:06 He was a personal mentor of mine for several years.
    0:15:10 I used to travel with him to these big, huge arenas.
    0:15:15 He passed away several years ago, but anyways, he was the one that said, “There is no elevator
    0:15:16 to success.
    0:15:18 You have to take the stairs.”
    0:15:24 And so even the whole “take the stairs” concept was a bit of an homage to my mentor’s
    0:15:25 Zig Ziggler.
    0:15:27 I love that.
    0:15:28 So next one.
    0:15:31 A key to self-discipline is, of course, commitment.
    0:15:35 And you said, “The more we have invested in something, the less likely we are to let
    0:15:36 it fail.”
    0:15:38 What did you mean by that?
    0:15:43 Anything that matters to you is going to be hard to let go of.
    0:15:48 The things that matter to you are the things that you’ve put the most time and love and
    0:15:51 energy and money and prayer into.
    0:15:55 So you go, if you lose a loved one, why is it so hard?
    0:15:57 It’s because we’ve spent so much time together.
    0:15:59 We have so many shared experiences.
    0:16:03 We have so many interests and stories.
    0:16:07 The irony is that the more we have invested into something, the less likely we are to
    0:16:08 let it fail.
    0:16:12 Well, what most people do is they keep their commitments conditionally.
    0:16:15 They keep their commitments as long as they’re convenient to do so.
    0:16:19 But the moment it becomes inconvenient to keep that commitment, we typically question the
    0:16:23 commitment or we challenge ourselves to go, “Oh, maybe I’m not cut out for this or maybe
    0:16:25 it’s not worth it.”
    0:16:28 And so they go in search of something easier.
    0:16:32 In reality, they find that there’s not anything easier.
    0:16:36 They keep showing up and the same issues replicate again and again in their life because they
    0:16:38 struggle with commitment.
    0:16:43 And the real thing to do is when you are kind of tested to go, “I’m not sure if this is
    0:16:44 going to work out.
    0:16:47 I’m not sure if this is the right thing,” is to increase your commitment.
    0:16:50 You increase your level of investment.
    0:16:55 If you’re struggling on social media and you just go, “Well, gosh, maybe I’m not cut out
    0:16:56 for that.”
    0:16:58 Well, of course, then it’s not going to be successful.
    0:17:02 But the people who are successful at it are the ones that go, “No, I’m going to figure
    0:17:03 this out.
    0:17:05 I’m going to spend more time, more energy.
    0:17:06 I’m going to hire coaches.
    0:17:07 I’m going to hire an agency.
    0:17:08 I’m going to learn.
    0:17:10 I’m going to figure this out.”
    0:17:16 So I think the difference here is going, you don’t have a plan B. You only have a plan
    0:17:24 A. Now, you have to be flexible to adapt what plan A is, but leaving or quitting or escaping
    0:17:26 is not one of the options.
    0:17:29 And that is one of the secrets of ultra performers.
    0:17:34 They lock in on a goal and they go, “I am going to achieve this.
    0:17:41 How or when, I’m not entirely sure, but I’m target locked and I’m going to find a way.”
    0:17:45 Other people go, “I’ll do it if it’s comfortable.
    0:17:46 I’ll do it if it’s safe.
    0:17:50 I’ll do it if it’s easy, but not ultra performers.”
    0:17:51 Yeah.
    0:17:55 This reminds me of something that Marie Forleo says, “Everything is figure out of all.”
    0:17:56 So it’s like figuring out how.
    0:18:01 What are the ways that you’re going to figure out how to do whatever goal that you set out?
    0:18:06 And instead of contemplating what is the exact right thing I should do, how do I actually
    0:18:08 do the thing that I want to do?
    0:18:09 Yeah.
    0:18:10 And there’s always a way.
    0:18:13 So that’s another thing is that what most people ask when they reach this decisional
    0:18:19 threshold of deciding, “Should I continue forward in this commitment or should I not?”
    0:18:23 What most people ask is, “Should,” as they say, “Should I do this?
    0:18:24 Should I do this?
    0:18:25 Do that?
    0:18:26 Is it possible?
    0:18:27 Do I like this?”
    0:18:30 And what the ultra performers do is only one degree different.
    0:18:35 They don’t ask, “Is this possible or should I do this or can I pull this off?”
    0:18:39 They simply ask, “How is this possible?
    0:18:41 How could I make this work?
    0:18:43 What would it take in order for it to come true?”
    0:18:52 And the moment you ask this question, “How,” it’s like your mind transcends all limitations
    0:18:58 and you break free of these preexisting belief barriers and these mental prisons of our own
    0:19:04 construction of what we think is possible and what isn’t and your creativity engages.
    0:19:09 And the human brain, this is where you get into the neuroscience, well, the neuroscience
    0:19:13 of this is that the human brain cannot delineate between positive or negative.
    0:19:16 It simply does whatever you tell it to do.
    0:19:20 The human brain also cannot delineate between true and false.
    0:19:23 It simply believes whatever it is told most often.
    0:19:28 So if you tell yourself, “This is hard and I don’t know if this is right for me,” your
    0:19:35 brain is going to process and find evidence and documentation and examples for why it’s
    0:19:42 too hard and why it won’t work out for you and it will process until it finds a rationalization
    0:19:47 that is comfortable for you to accept so that you can quit and you can stay safe.
    0:19:52 But similarly, if you ask the question, “How is this possible?”
    0:19:57 Your brain will process indefinitely on that and it will process and process and process
    0:20:02 until one day you’ll wake up in the middle of the night and boom, the answer comes.
    0:20:08 It’s not that most people don’t have the talent or the skill to succeed, it’s that they don’t
    0:20:15 have the resolve or the commitment and so they’re not able to see the solutions because
    0:20:19 their brain is not actually being programmed to look for solutions, their brain is being
    0:20:22 programmed to look for excuses.
    0:20:26 Let’s hold that thought and take a quick break with our sponsors.
    0:20:31 Yeah, fam, when I first started this podcast, believe it or not, I had an all-volunteer
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    0:22:09 What’s up, busy young-in-profitters?
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    0:23:47 Yeah, fam, do you ever wonder why some businesses do incredible and skyrocket with their sales
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    0:25:28 That’s so powerful.
    0:25:33 And I think all of us have these big dreams, big goals, but a lot of us have a problem
    0:25:39 with time management, actually focusing on the things we need to focus on, prioritizing.
    0:25:42 And you actually talk a lot about creative avoidance and procrastination.
    0:25:46 So my first question to you on that is, why is that so personal to you?
    0:25:48 Why have you wrote so much about procrastination?
    0:25:52 Yeah, my first book, Take the Stairs, and my second book, Procrastination on Purpose,
    0:25:54 Five Permissions to Multiply Your Time.
    0:26:01 So really the way this fits in is I have always been fascinated with success.
    0:26:07 And really, if you look at the arc of my whole career, Hala, I bucket it with something very
    0:26:09 simple called the four levels of influence.
    0:26:14 And so level one is influencing yourself to take action.
    0:26:17 You’re influencing one person, yourself.
    0:26:22 And all of my early work is about level one influence, which is basically the enemy of
    0:26:25 influencing yourself is procrastination.
    0:26:32 And so we talk about creative avoidance and priority dilution, these terms that I invented
    0:26:36 for different types of procrastination that people aren’t aware of.
    0:26:37 So we can talk about those if you want.
    0:26:42 And level two influence is influencing one other human.
    0:26:45 And so that is all of my work in sales.
    0:26:48 And our first company was a sales coaching company.
    0:26:50 We started that in 2006.
    0:26:52 We grew that to eight figures.
    0:26:54 We sold it in 2018.
    0:26:57 We had 200 people and all we did was sales coaching.
    0:26:59 That’s influencing another person.
    0:27:04 Also relationships and one-on-one communication is level two influence.
    0:27:11 How do I talk and listen and interact with an individual in a way that creates influence?
    0:27:13 It moves them to action.
    0:27:19 Level three influence is influencing a group of people or a team.
    0:27:23 So this is all the area and the work and the study and the writing we’ve done on leadership.
    0:27:30 It’s going, how do you act, talk, behave, operate and create systems in a way that activates
    0:27:33 a small group of people to take action?
    0:27:35 So that’s leadership.
    0:27:39 And then level four influence is really what we’re doing now, which is personal branding.
    0:27:43 And that is inspiring and moving a community of people.
    0:27:45 It’s creating a movement.
    0:27:51 It’s activating and influencing people who you may never actually meet face to face,
    0:27:55 that you impact them through your writing, your videos, your podcasts, et cetera.
    0:27:57 So that’s most of where we spend our world now.
    0:28:05 But my early books and my early work really stem from learning how to influence myself
    0:28:08 and to battle my own beast of overcoming procrastination.
    0:28:14 And one of the things I think not enough people understand that you can’t build a great personal
    0:28:18 brand until you build strong personal character.
    0:28:19 Yeah.
    0:28:25 So you need strong core values that you yourself align to before anybody wants to follow you.
    0:28:30 Because if you’re not an impressive person or a well-rounded person with good character,
    0:28:34 no one’s going to want to follow you or be a fan of yours because you’re only fans of
    0:28:35 people that you look up to.
    0:28:36 Totally.
    0:28:38 And my pastor said this to me one time.
    0:28:45 He said, “Your influence will never grow wider than your character runs deep.
    0:28:48 Your influence will never grow wider than your character runs deep.
    0:28:50 And if it does, that’s when the implosions happen, right?
    0:28:54 That’s when the celebrities and stuff, they have these implosions because they have wide
    0:28:59 influence in the public, but they have personal lives that are a mess.
    0:29:01 And that’s what causes implosion.
    0:29:07 So you have to build a strong personal brand on a foundation of strong personal character
    0:29:11 because the reality today is it takes serious muscle.
    0:29:15 I mean, you look at the people who are crushing it on YouTube, these are not people just pushing
    0:29:17 record and throwing it up there.
    0:29:19 They have teams of people.
    0:29:20 They have editors.
    0:29:22 They’re thinking of hooks.
    0:29:25 They’re very intelligent and sophisticated.
    0:29:28 You look at the people who do marketing and funnels.
    0:29:33 I think a lot of times people go, yeah, just build an online business, throw up a website
    0:29:34 and make millions.
    0:29:36 It’s like, no, that’s not really how it works.
    0:29:42 It takes extreme discipline, focus, commitment, intelligence, strategy.
    0:29:43 And that’s true about anything.
    0:29:46 And excellence is never an accident.
    0:29:53 And so I think we hear a lot more about personal branding these days and we need to hear probably
    0:29:56 a little bit more about personal character.
    0:29:59 It’s such a strong point and it’s such a great tie-in to everything we’re about to talk about.
    0:30:03 But since I brought it up, what is procrastinating on purpose?
    0:30:08 Because that feels like you’re speaking directly to me because I am this type of person where
    0:30:11 I love to work under pressure because I know I can do things fast, especially if I know
    0:30:16 what I’m doing, if it’s boring, it’s more fun for me to procrastinate on purpose.
    0:30:17 But what did you mean by that?
    0:30:22 Give us any sort of guidance you have about time management and procrastination.
    0:30:25 Real quick, there’s three types of procrastination.
    0:30:28 There’s classic procrastination, which is consciously delaying what you know you should
    0:30:29 do.
    0:30:33 I know I should pay my taxes, I know I should work out, I know I should make this difficult
    0:30:35 phone call, whatever.
    0:30:40 But most of us, while most of us do struggle with classic procrastination, most of us are
    0:30:42 aware of that.
    0:30:47 Where we’re really losing is to the two types of unconscious procrastination, one of which
    0:30:50 is creative avoidance.
    0:30:55 Creative avoidance is a term that I coined that is unconsciously creating stuff for yourself
    0:31:03 to do so that you can achieve trivial things which make you feel productive because dopamine
    0:31:08 is released, that chemical is released from your brain into your body every time you delete
    0:31:12 an email or you cross something off your to-do list, dopamine is released.
    0:31:18 So it makes you feel good, you feel productive, but really what’s happened is you’re addicted
    0:31:20 to accomplishing the trivial.
    0:31:24 You’re addicted to completing the insignificant.
    0:31:26 That’s what creative avoidance is.
    0:31:31 Then there’s priority dilution, which is the chronic overachievers procrastination.
    0:31:37 They’re not lazy, they’re not apathetic, they’re not disengaged, they’re not even distracted.
    0:31:39 What they are is interrupted.
    0:31:44 So you’re building a team now, you’ve got dozens of employees.
    0:31:47 As you become more influential, more and more people are vying for your attention.
    0:31:51 You get higher and higher profile clients, higher and higher profile opportunities.
    0:31:58 And so everybody is coming at you with their agenda, I think of an inbox, an email inbox
    0:32:06 as a great literal illustration of this because what is an inbox other than a mechanism for
    0:32:10 prioritizing other people’s requests?
    0:32:13 Your inbox is none of the things you want to do.
    0:32:16 It’s everything everybody else wants you to do.
    0:32:22 And most of us sort even our inbox from what has come in most recent and we just see what
    0:32:23 is most recent.
    0:32:27 Well, often the most recent request is not the most significant request.
    0:32:33 And so priority dilution is living in a constant state of interruption, ending your day with
    0:32:38 your most significant tasks incomplete, not because you’re lazy, but because you’ve allowed
    0:32:43 yourself to fall victim to whatever is vying for your attention rather than the things
    0:32:45 that you know you need to do.
    0:32:49 So that was introduced and take the stairs.
    0:32:53 Well, when we studied ultra performers and we started to look at how do they get past
    0:32:54 this?
    0:32:57 That was when we invented the system of multiplying time.
    0:33:01 Well, we didn’t really invent the system, we just put a vernacular around it, which was
    0:33:02 what my TED Talk was.
    0:33:05 So my TED Talk that went viral is called how to multiply time.
    0:33:13 And all we were doing is we were putting a vernacular and semantics around the unconscious
    0:33:20 thought process that the world’s ultra performers use when it came to managing their time.
    0:33:23 And people of course say time is the one thing you can never get more of.
    0:33:26 Well, that’s not actually true.
    0:33:28 It is true inside of one day, right?
    0:33:30 There’s nothing you can do to get more time in a day.
    0:33:35 We all have 24 hours, which is 1,440 minutes or 86,400 seconds.
    0:33:37 But that’s exactly the problem.
    0:33:42 Everyone believes they cannot get more time because that’s what they’ve been told most
    0:33:43 often.
    0:33:44 So your brain believes it.
    0:33:48 In reality, you can create more time.
    0:33:49 You say how?
    0:33:50 Simple.
    0:33:53 And this is the premise of the TED Talk and the whole second book.
    0:33:59 The way that you multiply time is by spending time on things today that create more time
    0:34:00 tomorrow.
    0:34:05 While there’s nothing you can do today to create more time today, there’s all sorts
    0:34:10 of things you can do today that if you do them today, they will create time and space
    0:34:13 tomorrow that you would not have otherwise had.
    0:34:17 We bucket those in something called the focus funnel, which again is sort of the flagship
    0:34:19 framework of the TED Talk and the book.
    0:34:24 Well, it’s eliminate, automate, delegate, concentrate are four of the five.
    0:34:31 The fifth one is procrastinate, and procrastinating on purpose is about procrastinating on purpose
    0:34:37 with the insignificant tasks, the trivial tasks, and ultimately, when you become an
    0:34:41 ultra performer, you ultimately will have to say no to some things.
    0:34:46 You will ultimately have to ignore some things because there are too many applicants for
    0:34:50 your time, too many applicants for your podcast, too many emails that you can ever respond
    0:34:51 to.
    0:34:58 You become an ultra performer not by being a master of what you say yes to, but more
    0:35:02 of being a master of what you say no to.
    0:35:09 If you procrastinate on the trivial things, then that suddenly creates a margin or a pocket
    0:35:14 of time that you can then reinvest and reallocate into the things that multiply your time, which
    0:35:18 are things that you’ve spent time on today that create more time tomorrow.
    0:35:21 That’s the whole book as fast as I can give it to you.
    0:35:23 That was so good.
    0:35:24 What is the name of the TED Talk?
    0:35:25 I knew that went super viral.
    0:35:27 It’s evergreen content.
    0:35:29 What is it called so people can check it out?
    0:35:33 The TED Talk is called How to Multiply Time.
    0:35:39 By the way, this is my greatest, my most painful, most expensive marketing mistake I’ve ever
    0:35:40 made.
    0:35:47 When TED asked me for the talk, they didn’t ask me, “What do you want to call your talk?”
    0:35:50 They asked me, “What is the talk about?”
    0:35:53 I said, “Oh, the talk is about how to multiply time.”
    0:35:58 They titled it for me, How to Multiply Time and it went viral.
    0:36:01 When I wrote the book, I had a chance to select the title.
    0:36:06 I thought procrastinating on purpose was so catchy and unique and clever and people had
    0:36:08 never heard of it.
    0:36:10 People have never heard of it.
    0:36:17 Maybe it’s intriguing, but the problem is it’s confusing and it’s not enticing.
    0:36:21 Everybody wants to procrastinate on purpose, but everyone wants to multiply time.
    0:36:26 This is one of the other really big personal branding lessons that we teach people is that
    0:36:30 clear is greater than clever.
    0:36:32 Clear is greater than clever.
    0:36:36 My TED Talk is clearly titled How to Multiply Time.
    0:36:41 My book, which is on the same topic, has a crappy title of procrastinate on purpose.
    0:36:44 The subtitle is Five Permissions to Multiply Your Time.
    0:36:45 It’s the same content.
    0:36:47 The TED Talk went viral.
    0:36:52 That second book doesn’t sell that well and I’m convinced it’s because of this painful
    0:36:55 mistake that I made of mistitling the book.
    0:37:00 Well, hopefully you never make that mistake again and now we will never make that mistake
    0:37:03 because we know that clear is better than clever.
    0:37:05 That’s our first personal branding lesson from you.
    0:37:07 I’m sure we’re going to learn many more.
    0:37:10 Let’s talk about your business brand builders group.
    0:37:13 What are the types of things that you do for your clients?
    0:37:16 We are a personal brand strategy firm.
    0:37:22 Think of if you were built in a house, you could go to Home Depot, grab some tools, grab
    0:37:27 some supplies, roll up on some pile of dirt and start building a house.
    0:37:33 You probably would do better if you started with an architect and you had an architect
    0:37:39 that understood everything about zoning and permits, slope and grading and everything
    0:37:45 about structural engineering and someone who could design something for you that could
    0:37:49 hold a skyscraper and not just a shack that you threw up.
    0:37:51 Well, that’s what we are.
    0:37:53 We are the architects.
    0:37:58 We work with several of the biggest personal brands in the world, some that I mentioned,
    0:38:03 Ed Milette, Lewis Howes, Amy Porterfield, Tom and Lisa Bilyu, Eric Thomas, ET, the hip
    0:38:04 pop preacher.
    0:38:05 It goes on and on.
    0:38:06 Amazing people.
    0:38:07 So many you’ve had on your show.
    0:38:09 So many I know that you are friends with.
    0:38:14 So what do we do for them in a tactical way?
    0:38:19 We tend to help people get really, really clear on their uniqueness and figuring out
    0:38:24 what’s the thing that only they can do and talk about that nobody else in the world can
    0:38:26 talk about.
    0:38:31 So we do a lot around identifying their uniqueness and the identity of their brand, not the visual
    0:38:36 identity but the actual personification of their message.
    0:38:43 We do a lot around the art of speaking, the business of speaking, live events, monetizing
    0:38:46 live events, putting on live events.
    0:38:48 We do a lot around book launches.
    0:38:52 That’s one of the things that we probably do as good, if not better than anyone else
    0:38:53 in the world.
    0:38:59 We have helped 29 people become New York Times, Wall Street Journal, or USA Today, national
    0:39:01 bestselling authors.
    0:39:02 We don’t game the list.
    0:39:04 We don’t let authors buy their own books.
    0:39:05 We’re not tricking the system.
    0:39:11 We just have really proven ways to get real humans to buy books.
    0:39:14 So we do that and then monetization strategy.
    0:39:22 So if I had to say, it’d be messaging and positioning, speaking, books, and then monetization
    0:39:26 strategy, we get into various components of that.
    0:39:31 But the single best piece of personal branding advice I’ve ever received, and this is not
    0:39:32 a Rory quote.
    0:39:37 I wish it was, but it came from a guy named Larry Wingett, and I heard Larry say this
    0:39:38 early in my career.
    0:39:47 He said, “The goal is to find your uniqueness and exploit it in the service of others.
    0:39:51 Find your uniqueness and exploit it in the service of others.”
    0:39:54 The first time I heard Larry say that, I was like, “God, that is it.
    0:39:55 That is brilliant.
    0:39:56 That’s exactly what it is.”
    0:40:01 Now, the thing was, he never had a business teaching people or helping people find their
    0:40:06 uniqueness, so we developed a methodology, a process that we take people through.
    0:40:07 It’s a two-day experience.
    0:40:09 It’s this whole set of introspective questions.
    0:40:14 We could touch on some of them now if you want to help people figure out what is the
    0:40:18 thing that only you can do?
    0:40:20 What is the divine calling on your life?
    0:40:22 What is your uniqueness?
    0:40:29 And once we help people find that, that’s a huge, huge part of everything else falling
    0:40:30 in place.
    0:40:35 Why is it so important for somebody to focus on one thing, one expertise?
    0:40:37 Why is that so important?
    0:40:38 Great question.
    0:40:43 It’s because of a concept that we refer to as Sheehan’s Wall.
    0:40:49 I named this concept after a colleague of mine named Peter Sheehan, who showed me a model
    0:40:52 that we have since adapted to personal brands.
    0:40:58 He works more in the corporate space, but I saw his model, and here’s how it works.
    0:41:03 In any industry, in any vertical, in any market, on any platform, there’s two groups of people.
    0:41:06 There are those who are unknown.
    0:41:08 They’re living in obscurity.
    0:41:13 They’re yet to be discovered or found or popularized.
    0:41:16 And then there is a group of people who are well-known.
    0:41:17 They don’t have obscurity.
    0:41:18 They have notoriety.
    0:41:20 They have trust.
    0:41:21 They have recognition.
    0:41:22 They have reputation.
    0:41:28 Well, in between being unknown and well-known, between obscurity and notoriety is this huge
    0:41:31 invisible wall that we call Sheehan’s Wall.
    0:41:36 What most people do who are living in obscurity is they look at the people in notoriety.
    0:41:41 They look at Tony Robbins or Gary Vaynerchuk or whoever, and they look at what they’re
    0:41:46 doing, Oprah, The Rock, and they go, “I want to do the things that they do.”
    0:41:50 And so they go, “Well, Tony Robbins has all these different topics, like he talks about
    0:41:55 money and he talks about health and he talks about unleashing the power with wind and date
    0:41:57 with destiny and relationships and spirituality.”
    0:41:58 Well, I have all these topics.
    0:42:01 So they talk about lots of different topics.
    0:42:05 And then they are like, “Oh, I got to be on lots of different platforms, right?”
    0:42:08 The whole thing is you got to be on LinkedIn and you got to be on TikTok and you got to
    0:42:11 be on Instagram and YouTube and X, Twitter, whatever.
    0:42:14 And then every time they go on Facebook or something, they see a new ad for a new business
    0:42:15 model.
    0:42:18 And it’s like, “Oh, the way to get rich is doing webinars.
    0:42:19 No, it’s live events.
    0:42:20 No, you should publish your own book.
    0:42:21 No, you should become a speaker.
    0:42:22 No, you should do masterminds.
    0:42:23 No, you should do retreats.
    0:42:27 No, you should do one-on-one coaching and all these different business models.”
    0:42:29 And then they have all these audiences, right?
    0:42:32 And it’s like, “Well, I’m really passionate about talking to stay-at-home moms, but I
    0:42:37 want to help kids who are like high school and college age, but I kind of live in the
    0:42:41 corporate world and also sort of entrepreneurial.”
    0:42:46 So they have too many audiences, too many messages, too many platforms, too many business models.
    0:42:51 And what happens is they bounce off the wall.
    0:42:57 And the reason that they bounce off the wall is because if you have diluted focus, you
    0:43:01 get diluted results, period.
    0:43:05 If you have diluted focus, you get diluted results.
    0:43:09 And so if you look at Lewis Howes as an example, so he was our very first client.
    0:43:11 I had met him at our former company.
    0:43:13 We had been friends.
    0:43:15 I had casually helped him with his first book launch.
    0:43:19 And then when we sold our first company, Lewis and I reconnected.
    0:43:23 He actually called us and said, “Hey, I’d love your brain on my business.”
    0:43:26 And he’s the whole reason we started Brand Builders Group because we weren’t planning
    0:43:28 on doing this.
    0:43:32 And we didn’t teach Lewis podcast tactics to grow his show.
    0:43:35 We didn’t teach him any of that stuff.
    0:43:40 What happened was we took him through this process and we found that he had 17 revenue
    0:43:41 streams.
    0:43:45 And he had always been told by his friends and community, like, “Multiple streams of
    0:43:46 income.”
    0:43:49 Well, multiple streams of income is crappy advice.
    0:43:54 It is terrible advice when you’re just first starting out.
    0:43:59 Nobody who got super rich got super rich from multiple streams of income.
    0:44:02 They got super rich by being amazing at one thing.
    0:44:05 What you need is not multiple streams of income.
    0:44:12 You need one freaking amazing stream of income, one brilliant stream of income, one thing
    0:44:16 that you monetize the crap out of that does really, really well.
    0:44:18 That’s how you break through the wall.
    0:44:22 Once you’re sitting on a pile of money, then you diversify.
    0:44:23 Sarah Blakely didn’t have multiple streams of income.
    0:44:25 It’s not how she got rich.
    0:44:29 Even Warren Buffett, even though he invested in a lot of things, investing is the only
    0:44:31 thing he does.
    0:44:36 You look at athletes, all of these people, they had one stream of income.
    0:44:38 Well, Lewis had 17.
    0:44:42 One of the exercises we take people through is called the revenue streams assessment.
    0:44:45 We just look at how long have you been doing them?
    0:44:46 What’s the total revenue?
    0:44:48 How much stress is it causing you?
    0:44:52 How much natural momentum does it have for growth in the future?
    0:44:54 It’s like the scoring system.
    0:44:58 He had this podcasting thing, which at the time was like a side hustle for him.
    0:45:00 He was really a course company.
    0:45:02 Most of his money was selling courses.
    0:45:08 We said, “Well, this little exercise says that podcasting is the thing that is most
    0:45:12 taking off with the least amount of energy, causing you the least amount of stress that
    0:45:16 is the most fun and has the biggest opportunity for future growth.”
    0:45:24 What would happen if we shut everything else down and just went all in on this one thing?
    0:45:29 He’s been so generous about his praise of us, but really, that’s pretty much the only
    0:45:31 thing we ever did.
    0:45:34 He’s been through, I think, nine of our 14 curriculums, so we have worked a lot with
    0:45:35 their team.
    0:45:40 Like the main thing was just going, “If you’re a small business, just think about it.
    0:45:44 If you’re a small business and you have limited resources, you don’t have hundreds of employees.
    0:45:46 You don’t have millions of dollars.
    0:45:52 If you just have those few resources spread across 20 things, what’s the likelihood that
    0:45:56 any of them is going to take off versus going, “If you take those resources and you put them
    0:46:00 all in on one thing, the success is inevitable.”
    0:46:02 It almost doesn’t matter what the one thing is.
    0:46:05 It just matters that there’s one thing.
    0:46:09 This is where too many people try to make the right decision, and what ultra performers
    0:46:12 do is they make a decision, and then they make it right.
    0:46:17 This is so, so smart, and I feel like it’s reminding me a lot about social media strategy
    0:46:18 too.
    0:46:21 You don’t see somebody blow up on social media where they’re blowing up on every channel
    0:46:23 at once.
    0:46:27 Somebody blows up on LinkedIn or somebody blows up on YouTube or Instagram or TikTok.
    0:46:28 Then they move on to other platforms.
    0:46:33 It’s like you also have to build leverage on the social platforms as well, not just the
    0:46:34 revenue stream.
    0:46:39 So, I think going deep and not too wide is the key when you’re first starting out.
    0:46:40 Yeah, you’re breaking through the wall.
    0:46:43 Gary Vaynerchuk’s my favorite example.
    0:46:48 Everyone says, “Rory, I think your whole finding uniqueness is stupid because Gary talks about
    0:46:49 a million things.”
    0:46:50 Yeah, Omni Channel.
    0:46:51 Yeah, Omni Channel.
    0:46:52 Yeah, Omni Channel.
    0:46:56 He talks about rap music and sports and Web 3 and social and business and whatever advertising
    0:46:59 and all this stuff.
    0:47:01 He tells people, “Talk about all the things you’re passionate about.”
    0:47:06 Yeah, except that’s not how he got there.
    0:47:09 You can’t look at what those people are doing today.
    0:47:12 Look at how he got there.
    0:47:20 Gary Vaynerchuk in the beginning talked about one thing on one channel, Wine on YouTube.
    0:47:22 So, I love Gary.
    0:47:24 I don’t know him personally.
    0:47:25 I have so much respect for him.
    0:47:26 I’ve learned so much.
    0:47:30 But I go, “He did not get there by doing what he’s doing now.
    0:47:33 You can’t get to where he is by doing what he’s doing now.
    0:47:37 You have to look at what he did and you break through the wall on that one thing, on one
    0:47:41 channel, one topic and just go, “What’s the likelihood of success?”
    0:47:45 Talking on YouTube and TikTok and Podcast and LinkedIn and Instagram about 25 different
    0:47:51 things or going, “I’m going to dominate the topic of Wine on YouTube.”
    0:47:55 We’ll be right back after a quick break from our sponsors.
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    0:49:06 Let’s talk about why personal branding is not just for influencers.
    0:49:11 Why is personal branding something that’s important for anybody who’s in business?
    0:49:15 I’ll start with the common sense part first.
    0:49:19 The reason that it applies to everybody is because when people hear the word personal
    0:49:23 brand or personal branding, they think the wrong things.
    0:49:29 They think social media, they think it means podcasting or social media or speaking or
    0:49:34 writing books or creating a course, but that’s not how we think of it.
    0:49:35 That’s not how we define it.
    0:49:40 To us, personal branding is not a new concept.
    0:49:43 It’s a new expression of an old concept.
    0:49:48 Personal branding is simply the digitization of reputation.
    0:49:56 The reputation’s been around since the dawn of time.
    0:50:00 What do people know you for and what do they know about you in real life and do they trust
    0:50:01 you?
    0:50:06 All we’re doing with personal branding is digitizing that and automating trust at scale.
    0:50:08 I’m not saying those things aren’t valuable.
    0:50:09 They’re super valuable.
    0:50:14 They’re super valuable, but many of the most influential people you meet and many of the
    0:50:20 most influential relationships also will come offline, not online.
    0:50:23 Even you and I, you’ve got this great following.
    0:50:25 I’ve never had a huge social media following.
    0:50:28 We’ve always been offline people and we’re a coaching company.
    0:50:32 Even the service we provide in the world is very human.
    0:50:37 It’s one-on-one human-to-human kind of thing, but I met you because Julie Solomon introduced
    0:50:42 you to me and then I recognized Jenna and Amy and a lot of our other friends.
    0:50:47 It was your offline reputation that really caught my attention and then supplemented
    0:50:51 by your online reputation, which is clearly super impressive.
    0:50:56 I think the reason it matters in business, I mean, the reason I know it matters in business
    0:50:59 is because reputation matters in business.
    0:51:05 Today, reputation is determined at least as much by what your online reputation is, is
    0:51:06 your offline one.
    0:51:10 If you don’t have one, it’s just like going, “Well, would you want to not have an offline
    0:51:11 reputation?”
    0:51:16 You would never say, “I don’t need a reputation and I don’t need people to say good things
    0:51:18 about me or to know about me.”
    0:51:19 That’s vain.
    0:51:23 You would never say that about an offline reputation, but those are the things we sort
    0:51:28 of erently say about personal branding online just because it’s newer and we don’t understand
    0:51:33 it and because business people don’t want to point and dance and do trending songs and
    0:51:36 spend their whole day trying to deconstruct an algorithm.
    0:51:41 That’s not how they spend their time, but it doesn’t change the fact that it’s super
    0:51:44 important and becoming more and more and more critical.
    0:51:46 That’s the common sense part.
    0:51:51 If you look at the data, if you’re going to talk about business people, we’re very, very
    0:51:53 data-driven as a company.
    0:51:57 Part of why we do the various things we do is because it’s data.
    0:52:04 One of the things that we led, a PhD-led academic research study weighted to the US Census,
    0:52:08 it’s a statistically valid and it’s a national to the US.
    0:52:12 We didn’t do it for the whole world, but we spent tens of thousands of dollars on this.
    0:52:20 In fact, if you want to go download the study, if you go to freebrandstudy.com/profiting,
    0:52:23 you can download a copy of the full study.
    0:52:28 One of the things that we found is that 74% of Americans say they are more likely to
    0:52:32 trust somebody who has an established personal brand.
    0:52:37 That’s across all ages, income ranges.
    0:52:40 We trust people who have an established personal brand.
    0:52:45 When you look at the professions, one of the things that we asked, so one of the questions
    0:52:50 is, “How important is it to you that each of the following people have an established
    0:52:51 personal brand?”
    0:52:58 We asked the general public, “Which careers, which professions, does it most matter to you
    0:53:01 that your provider has a personal brand?”
    0:53:08 The top ranked spot, 61% of people said they want their doctor to have a personal brand.
    0:53:12 58% of people said they want their lawyer to have an established personal brand.
    0:53:17 55% of people say they want their financial advisor, their banker, their business consultant
    0:53:19 to have a personal brand.
    0:53:22 53% said they want their insurance agent to have a personal brand.
    0:53:26 52% said they want their real estate agent to have a personal brand.
    0:53:28 This goes on and on and on.
    0:53:30 Here’s what we found.
    0:53:36 The higher the requirement for trust, the more the general population cares that you
    0:53:39 have a personal brand.
    0:53:42 The question is, “How much does trust matter in your business?”
    0:53:48 If it matters a lot, you probably need to take this thing seriously because reputation
    0:53:52 precedes revenue.
    0:53:56 That’s why it matters to business people and some of them have caught onto it, right?
    0:54:02 Ed Milette, Jamie Kern Lima, Elon Musk, like Richard Branson.
    0:54:05 These people have caught onto it early, and it’s made a big impact.
    0:54:09 Other people have not yet, and they’re falling behind.
    0:54:13 As you’re talking, what I keep hearing is the opportunity for people in professions
    0:54:18 like doctors, lawyers to really step in and dominate their niche.
    0:54:21 There’s really not that many people in those types of professions.
    0:54:26 You do see the people that do have a personal brand, they’re traditionally on billboards
    0:54:27 or buses.
    0:54:30 I feel like they probably make way more money than the average person who’s not doing those
    0:54:31 sorts of things.
    0:54:35 Imagine if they just built their personal brand on social media because I’m getting
    0:54:39 more and more like doctors wanting to be on LinkedIn, so I am seeing this as a really
    0:54:40 big trend.
    0:54:43 You brought up trust.
    0:54:49 Why is trust so important and what are the tangible ways that people can build trust online?
    0:54:53 In order to answer that question, you’ll see this recurring theme in what we do.
    0:54:57 To answer the question, how do you best build trust online, we would say, how do you best
    0:55:00 build trust offline?
    0:55:06 If you made a list of the top 10 people you trust in your life, like with trust with your
    0:55:12 life or with your kids, like I’ve got two toddlers, so if you go, who would you trust?
    0:55:16 There’s a good chance that the people on that list, like you would trust with your banking
    0:55:22 information or that kind of stuff, there’s a good chance you know those people intimately.
    0:55:25 You know where they eat.
    0:55:27 You know where they live.
    0:55:28 You know about their families.
    0:55:30 You know where they went to college.
    0:55:31 You know where they grew up.
    0:55:33 You know about their siblings.
    0:55:35 You know maybe some of their fears.
    0:55:37 You know some of their mistakes.
    0:55:40 You know those people intimately.
    0:55:43 When I first got on social media, I was like, “Oh my gosh, this is so stupid.
    0:55:46 Why is everyone posting pictures of what they ate?”
    0:55:55 Then I realized, “Oh, because we trust people that we know intimate details about their
    0:55:56 life.”
    0:56:00 Now, that doesn’t mean you have to post pictures of your kids, right?
    0:56:05 There’s a lot of reasons why not to and a lot of fears why not to.
    0:56:07 AJ and I happen to do it a lot.
    0:56:12 AJ is my wife and she’s also my co-founder and the CEO of Brand Builders Group, by the
    0:56:13 way.
    0:56:16 We were business partners in our former company that we sold and then we started Brand Builders
    0:56:17 Group just the two of us.
    0:56:20 She’s the CEO and I’m the CMO and we’re married, right?
    0:56:22 We got two kids, so we post.
    0:56:26 We happen to share those things occasionally.
    0:56:29 We trust people that we know details about their life.
    0:56:32 If I see someone walking down the alley, I’ve never seen them before.
    0:56:34 I don’t know anything about the person.
    0:56:39 If it’s dark and it’s an alley and I’ve never seen the person before, my spidey senses go
    0:56:40 up.
    0:56:43 I’m in an alley with a stranger.
    0:56:44 That’s how it is, right?
    0:56:45 Who’s going to buy from a stranger?
    0:56:46 Nobody.
    0:56:48 They got to know something about you.
    0:56:50 Who else do we trust in real life?
    0:56:53 Well, we tend to trust people who we learn from.
    0:56:55 We trust pastors.
    0:56:56 We trust lawyers.
    0:56:57 We trust accountants.
    0:56:58 We trust doctors.
    0:57:00 We trust experts.
    0:57:01 We trust teachers.
    0:57:02 We trust mentors.
    0:57:04 We trust counselors.
    0:57:07 We trust people who teach us things.
    0:57:09 Who else do we trust in real life?
    0:57:12 We tend to trust people who entertain us.
    0:57:14 They make us laugh.
    0:57:16 They make us inspired.
    0:57:19 They’re musical or they’re entertaining.
    0:57:20 We see them on movies.
    0:57:21 I mean, think about that.
    0:57:26 We trust movie stars who we’ve never met, but we see them a lot.
    0:57:28 Who else do we trust in real life?
    0:57:32 We tend to trust people who encourage us in our darkest moments.
    0:57:36 The people who were there when you had your heartbreak, when you didn’t get into that
    0:57:42 school or you didn’t get that job or the relationship fell apart or you lost money on that deal.
    0:57:45 The people who were there to encourage us in that moment.
    0:57:48 Those are the people we trust because it’s like we’ve been through the fire.
    0:57:49 I know you.
    0:57:51 You got my back.
    0:57:56 When you roll that forward to online, we have three simple strategies that we teach.
    0:57:59 We call them the three E’s for content marketing.
    0:58:03 First of all, educate, encourage, and entertain.
    0:58:06 Educate, encourage, and entertain.
    0:58:11 We typically say your feed should be more of what you do and it should educate, encourage,
    0:58:14 or entertain because strangers don’t care about your cat.
    0:58:20 The only people who care about your cat typically are going to be, once they’re intrigued by
    0:58:24 you and they want to really vet you out, that’s where they go, “Who are you really?”
    0:58:27 I’m a hardcore Bible thump and Jesus freak.
    0:58:33 I post Bible verses every day in my stories because I read the Bible every day.
    0:58:39 I started a whole podcast just looking at the academic and logical scrutiny for the
    0:58:41 evidence of Jesus of Nazareth.
    0:58:42 It’s called Eternal Life.
    0:58:43 This was a huge side project.
    0:58:44 I make no money for it.
    0:58:46 It’s not associated with any churches.
    0:58:49 There’s no sponsors or anything, but it was a huge personal project that I did.
    0:58:52 I shared all of that in my stories.
    0:58:54 Occasionally, you see it in my feed.
    0:58:58 Occasionally, you see me talk about my kids in my feed.
    0:59:03 Most of my feed is education and encouragement because I’m not that entertaining, but if
    0:59:07 I was, I’d be entertaining on that feed too.
    0:59:09 This is such great advice.
    0:59:12 I align with everything that you say, and I think the biggest takeaway that I had from
    0:59:17 what you just talked about was the fact that we trust people that we know personal details
    0:59:18 about.
    0:59:19 I get a lot of clients.
    0:59:22 I do social media for folks, and a lot of people are really like, “I don’t want to talk
    0:59:23 about my kids.
    0:59:24 I don’t want to talk about private life.
    0:59:25 I don’t want to talk about politics.
    0:59:28 I don’t want to talk about this, that,” and I’m like, “Well, we’re going to need to talk
    0:59:34 about something that’s personal to you so that people feel connected to you and can relate
    0:59:36 to you and feel like they know you.”
    0:59:40 I’m so aligned with everything that you’re saying.
    0:59:42 One of my last questions for you on personal branding, and we’re going to start to close
    0:59:47 out this interview, is what are the common mistakes that you see people make with their
    0:59:48 personal brand?
    0:59:52 The number one mistake we already talked about is diluted focus, diluted results.
    0:59:57 Too many messages, too many audiences, too many platforms, too many monetization streams,
    1:00:01 just too much stuff, you need to find one thing.
    1:00:05 If you think about breaking through the wall, literally think about trying to knock down
    1:00:07 a concrete wall.
    1:00:11 Even if you took a sledgehammer, if you hit all different spots on that wall, you’re not
    1:00:13 doing anything to it.
    1:00:19 The only way is to hit the same spot over and over and over and over, and eventually it
    1:00:20 would be frustrating at first, right?
    1:00:23 It would feel like nothing’s happening, but it would chip a little bit, and then it would
    1:00:27 chip a little more, and you hit it over and over and over, and it’s like, “This is how
    1:00:28 it is.
    1:00:33 You’re doing it a consistent, consistent, consistent, same message, really dominating
    1:00:38 your niche,” and then eventually you would crack through the wall, and once that first
    1:00:42 hole opened up, then the whole wall would collapse.
    1:00:44 The mistake is they’re doing too many things.
    1:00:46 They don’t have focus.
    1:00:52 Our entire methodology, our entire curriculum, is actually 14 different two-day experiences.
    1:00:56 That’s like our full, like if you did the full everything we do, there are 14 different
    1:00:57 two-day experiences.
    1:01:04 Well, the very first question in the first experience is a super simple question which
    1:01:11 almost nobody can answer, and it is, “What problem do you solve in one word?
    1:01:15 What problem do you solve for the world in one word?”
    1:01:18 Most people cannot answer that question.
    1:01:21 If you cannot answer that question in one word, there’s no way your audience is ever
    1:01:24 going to be able to answer that question, so how are they going to refer you?
    1:01:26 We buy solutions to problems, right?
    1:01:31 I get a flat tire, I have a flood in the house, and I call a plumber, right?
    1:01:33 We buy solutions to problems.
    1:01:35 You have to be able to articulate the problem you solve.
    1:01:38 If you can’t articulate the problem you solve in one word, this game is over before you
    1:01:40 even started.
    1:01:41 That’s the thing.
    1:01:42 It’s just too much.
    1:01:47 Honestly, that’s the only mistake, Hala, that really matters.
    1:01:49 Probably that and consistency, right?
    1:01:55 Once you get it, everything else is a tactic that can be tweaked or figured out or somebody
    1:02:00 brilliant like you has got the answer for how to do it, you just got to find it.
    1:02:02 You are like a wealth of information.
    1:02:05 First of all, I want to invite you to my mastermind to talk about branding.
    1:02:09 I talk a lot about branding, but I feel like you know so much, so I’d love to invite you
    1:02:10 to my mastermind.
    1:02:13 I know that you actually do free coaching calls at your company.
    1:02:15 Can you tell us about that?
    1:02:16 Yeah, totally.
    1:02:23 We, as I mentioned, we’re very human experience, so we do the first call with everybody for
    1:02:24 free.
    1:02:28 Free brand call dot com forward slash profiting.
    1:02:31 Free brand call dot com forward slash profiting.
    1:02:34 I mentioned freebrandstudy.com forward slash profiting.
    1:02:38 If you just want to download the study, you can go just get the data, but freebrandcall.com
    1:02:43 slash profiting, you can fill out a form and we will do the first call for free with
    1:02:45 everybody.
    1:02:46 We just want to hear your story.
    1:02:50 We want to hear who you are and what you’re about.
    1:02:52 Most of the clients we work with are not the celebrities.
    1:02:57 A lot of my private clients like you are people that are pretty well known, but our company,
    1:03:02 we work with people just starting out to intermediate, to like advance, but all the above.
    1:03:07 But if there’s a shortcut to finding your uniqueness, here’s the pattern that we noticed.
    1:03:09 We didn’t know this when we started the company.
    1:03:12 We figured this out after about like 1500 clients.
    1:03:19 You are always most powerfully positioned to serve the person you once were.
    1:03:26 Your most powerfully positioned to serve the person you once were.
    1:03:30 On our first call, that’s what we usually ask about is who are you?
    1:03:31 Who have you been?
    1:03:32 What challenge have you conquered?
    1:03:34 What setback have you survived?
    1:03:36 What obstacle have you overcome?
    1:03:38 What tragedy have you triumphed over?
    1:03:39 We want to hear your story.
    1:03:44 We want to know about you because we know that if we can really understand your story,
    1:03:49 put a little strategy behind it, then we can set you on a path and reconnect you with
    1:03:54 people like Hala that can give you more and more of the tactics, and you’re going to
    1:03:57 blow up, but we got to find your uniqueness.
    1:04:00 We got to know what is the divine design of your life?
    1:04:02 What is the calling?
    1:04:03 Why are you here?
    1:04:08 And for most of us, at least for our audience of mission-driven messengers, it’s not to
    1:04:09 be famous.
    1:04:14 It’s about serving and serving the person that you once were, your most powerfully positioned
    1:04:16 to serve the person you once were.
    1:04:19 For Young Improfiters, I think you should definitely take Rory up on his offer.
    1:04:21 We’re going to stick all those links in the show notes.
    1:04:23 You should book a free coaching call.
    1:04:27 Rory, I, and my show with two questions that I ask all my guests.
    1:04:32 The first one is, what is one actionable thing our Young Improfiters can do today to become
    1:04:34 more profitable tomorrow?
    1:04:39 Other than requesting a call with us, which is an actionable thing you can do, I would
    1:04:46 ask you specifically when it comes to making money, I would say, look at your business and
    1:04:50 your life, and go, where do you have the most natural momentum?
    1:04:55 Where are you winning the most while trying the least?
    1:05:01 The more that you can lean into that, the faster you will make money.
    1:05:05 Oftentimes, it’s doing the thing you’re already doing, but doing it better and letting go
    1:05:07 of the other stuff.
    1:05:12 It often is serving your current customer in a deeper way.
    1:05:18 And so consumed with millions of followers and more people and more reach, they’re overlooking
    1:05:20 the people that are right in front of them.
    1:05:26 Most of us do not need millions of customers to double our income.
    1:05:33 Most of us would double our best year ever with a couple dozen of our perfect clients.
    1:05:37 So you don’t have to chase the quantity of everything.
    1:05:39 Serve the people who are in front of you.
    1:05:42 Look at where you have the most natural momentum.
    1:05:49 Double down on that and say no, at least temporarily, procrastinate on purpose to everything else.
    1:05:50 So good.
    1:05:52 Such great advice, Rory.
    1:05:54 Very impressed with your interview today.
    1:05:58 My last question for you is, what is your secret to profiting in life, and this can
    1:05:59 go beyond business?
    1:06:00 It’s interesting.
    1:06:04 So I mentioned my wife, AJ, who’s now been my business partner since 2006.
    1:06:10 So she took a spiritual assessment, like your spiritual gifts one time, and she found out
    1:06:13 that her spiritual gift is making money.
    1:06:16 And I’m like, yes, that’s what I’m talking about.
    1:06:21 I want to be a kept man, you know, high role and wifey.
    1:06:31 But in all seriousness, I think that a huge key in someone’s ability to attract money is
    1:06:38 for them to develop a healthy relationship that includes a comfortable separation from
    1:06:39 money.
    1:06:45 People who think of money as a shield or a defense or something that they have to hold
    1:06:49 tightly onto, they never get much more than they have.
    1:06:50 It’s sort of like a closed fist, right?
    1:06:53 You get to keep what’s in your hand, but you’re never going to get more than what’s in there
    1:06:56 because nothing can get out, but nothing can get in.
    1:07:01 The people who have the most money think of money not as like a shield, but as a tool,
    1:07:07 a tool to invest and to use and predominantly to give.
    1:07:11 The reason why as a Christian, I want to make loads and loads of money.
    1:07:15 I don’t need private jets and private islands and all that sort of stuff.
    1:07:21 For me, there is some amount of money that I needed first to get debt free, then to have
    1:07:25 the lifestyle that I wanted to have, which mostly included hiring the staff to do all
    1:07:30 the things that I wanted to do so that I didn’t have to do them.
    1:07:35 After that, you find that that much more money is not really going to satisfy you.
    1:07:44 The truth is, peace is the new profit and giving money and using your money to help
    1:07:50 other people or investing money into your platform in a way that serves people.
    1:07:55 That’s what’s really going to give you peace, not some number in a bank account.
    1:07:56 It just won’t.
    1:08:00 I mean, we had four billionaire clients with a B last year.
    1:08:05 We work with a lot of really wealthy people and I’m telling you, it’s not the amount
    1:08:06 of money.
    1:08:09 They’re all chasing peace and more money won’t give you peace.
    1:08:11 More fame won’t give you peace.
    1:08:16 For me, the greatest source of happiness and peace is service.
    1:08:18 As a Christian, it’s love God and love others.
    1:08:19 That’s the whole message.
    1:08:20 It’s service.
    1:08:23 That’s where you’ll find peace and peace is the new profit.
    1:08:24 So beautiful.
    1:08:25 Peace is new profit.
    1:08:26 I love it.
    1:08:27 Okay.
    1:08:29 So where can everybody learn more about you?
    1:08:32 I know that you’ve got a podcast.
    1:08:33 Remind us about the call.
    1:08:34 Let us know.
    1:08:38 Honestly, if you’re interested in learning about us, I would just say go to one of the
    1:08:46 two places I mentioned, freebrandstudy.com/profiting or freebrandcall.com/profiting.
    1:08:49 Whether you, if you want the study or the call or you know, you could do both, but I
    1:08:50 would just say go there.
    1:08:51 You can learn all about us.
    1:08:52 You can learn about our clients.
    1:08:56 That’ll point you back to me and other places.
    1:08:59 So I would just say go there and let’s be friends.
    1:09:00 Awesome.
    1:09:03 Rory, thank you so much for joining us on Young and Profiting Podcast.
    1:09:05 Hala, thank you so much for having me.
    1:09:10 I’m so impressed by you and thus very, very honored to be a part of this.
    1:09:11 So appreciate it.
    1:09:21 [Music]
    1:09:23 (upbeat music)
    1:09:32 [BLANK_AUDIO]

    When New York Times bestselling author and entrepreneur Rory Vaden wanted to get better at public speaking, he went out and spoke 304 times… for free. It was perhaps the best investment he could have made in himself and his abilities. In this episode, Rory will explain how to communicate effectively and show off your authentic self while building trust. 

    In this episode, Hala and Rory will discuss:

    (00:00) Introduction

    (02:54) Rory Vaden’s Journey to Success

    (05:21) The Power of Public Speaking

    (09:40) Building a Personal Brand

    (24:44) Overcoming Procrastination and Time Management

    (32:04) The Concept of Multiplying Time

    (36:32) Personal Branding Strategies

    (38:01) Mastering Book Launches and Monetization Strategies

    (38:38) The Key to Personal Branding

    (39:53) Breaking Through to Notoriety

    (46:20) The Power of Focus

    (51:13) The Importance of Personal Branding for Professionals

    (57:00) The Three E’s Strategy

    (01:01:50) Common Mistakes in Personal Branding

    Rory Vaden is the New York Times bestselling author of Take the Stairs and Procrastinate on Purpose. He is an 8-figure entrepreneur and a Hall of Fame speaker with a TEDx talk that has more than 5 million views. Today, Rory and his wife serve as the co-founders of Brand Builders Group, where they teach mission-driven messengers to become more well-known and to build and monetize their personal brand. Their clients include people like Lewis Howes from The School of Greatness, Eric Thomas “ET Hip Hop Preacher”, Tom and Lisa Bilyeu from Impact Theory, New York Times bestselling author Luvvie Ajayi Jones, and #1 Wall Street Journal bestselling author Ed Mylett.

    Sponsored By:

    Shopifyyoungandprofiting.co/shopify

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    Rocket Moneyrocketmoney.com/profiting

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    Reviews – ratethispodcast.com/yap 

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    Social + Podcast Services – yapmedia.com  

    Transcripts – youngandprofiting.com/episodes-new 

    Entrepreneurship, entrepreneurship podcast, Business, Business podcast, Self Improvement, Self-Improvement, Personal development, Starting a business, Strategy, Investing, Sales, Selling, Psychology, Productivity, Entrepreneurs, AI, Artificial Intelligence, Technology, Marketing, Negotiation, Money, Finance, Side hustle, Startup, mental health, Career, Leadership, Mindset, Health, Growth mindset. 

  • Adam Schafer: The #1 Organic Sales Strategy Entrepreneurs Overlook on Social Media | E339

    AI transcript
    0:00:06 Today’s episode of YAP is sponsored in part by Rakuten, Factor, Robinhood, Airbnb, Shopify,
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    0:00:43 To receive your 3% boost on annual IRA contributions, sign up at robinhood.com/gold.
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    0:00:52 Find yourself a co-host at Airbnb.com/host.
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    0:01:01 Sign up for a $1 per month trial period at Shopify.com/profit.
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    0:01:12 Sign up for free at RocketMoney.com/profit.
    0:01:15 Attract interview and hire all in one place with Indeed.
    0:01:19 Get a $75 sponsored job credit at Indeed.com/profit.
    0:01:21 Terms and conditions apply.
    0:01:28 As always, you can find all of our incredible deals in the show notes or at youngandprofiting.com/deals.
    0:01:32 I had people banging down my door asking to advertise, but we agreed that we may never
    0:01:33 take advertising.
    0:01:38 Adam Schaefer, co-founder of Mind Pump Media and one of the co-hosts of the popular Mind
    0:01:39 Pump podcast.
    0:01:43 And they’ve built multiple seven and eight figure businesses within Mind Pump.
    0:01:48 We have a lot of brands that we are their number one advertising partner over Joe Rogan.
    0:01:52 And that’s because those 40,000 people that have listened to us more than anything else
    0:01:55 on their pockets, they buy almost anything that we recommend.
    0:01:57 And so we were very careful to protect that.
    0:02:02 We wrote a multi-million dollar business before Instagram even hit 50,000 followers.
    0:02:08 You do not need millions of people looking at you on Instagram or YouTube or whatever.
    0:02:08 What you need to do is.
    0:02:30 Yeah, fam, last week I had one of the best conversations of the year where I spoke with
    0:02:33 Adam Schaefer, the co-founder of Mind Pump.
    0:02:38 We ended up talking for nearly two hours and that’s because he was just such a wealth
    0:02:38 of knowledge.
    0:02:40 I loved learning from him.
    0:02:41 I loved hearing his stories.
    0:02:44 And if you haven’t heard part one yet, go back and check that out now.
    0:02:50 We talk about his rags to riches story and the way that he didn’t let himself be a
    0:02:52 victim, even though he grew up with so much adversity.
    0:02:57 He was able to push himself and become the incredible entrepreneur that he is today.
    0:03:01 In part two of this episode, we’re really focused on the Mind Pump business.
    0:03:04 Now, Adam is really the business guy in Mind Pump.
    0:03:07 And although they talk a lot about fitness advice, he’s actually one of the
    0:03:12 most accomplished and knowledgeable entrepreneurs that I’ve ever come across.
    0:03:15 And we talk about everything in this episode, their marketing message,
    0:03:17 how they work together as partners.
    0:03:22 We talk about how they approach social media versus podcast versus email.
    0:03:24 We even talk about sponsorships.
    0:03:26 I love the content in this episode.
    0:03:27 It’s so interesting.
    0:03:30 If you’re a creator entrepreneur, which so many of us are right now,
    0:03:35 we all need to have some sort of way to connect with our audience online.
    0:03:37 You are not going to want to miss this episode.
    0:03:42 Without further delay, here’s my incredible conversation with Adam Schafer.
    0:03:45 Adam, welcome to Young and Profiting Podcast.
    0:03:45 Thank you.
    0:03:46 I’m excited to be here.
    0:03:50 So I want to talk about marketing and your marketing message,
    0:03:53 because I know that one of the ways that you differentiate in the fitness industry
    0:03:57 is by telling the truth, at least how you started.
    0:04:02 So talk to us about how intentional you are about your marketing messaging
    0:04:06 and how you think about the way that you communicate with your audience
    0:04:07 and the things that you tell them.
    0:04:12 I think that we were so intentional about it that I think it was nine years ago
    0:04:16 when I bought the trademark, Stay Authentic for our clothing line.
    0:04:20 What we saw when we got into this space was how fake a lot of it was.
    0:04:22 It’s gotten better, but it still is.
    0:04:27 I’m sure you know how many people are fake successful, fake fit.
    0:04:29 It’s just so much of that.
    0:04:31 And we quickly saw it right away.
    0:04:34 And we’re like, man, this may be working for these people right now,
    0:04:36 but eventually they’re going to be found out.
    0:04:39 Eventually the customer will get smarter.
    0:04:43 And eventually the messaging will be about authenticity, about being yourself.
    0:04:45 And that will be the only way to win.
    0:04:47 So much that we decided to go out and trademark, Stay Authentic,
    0:04:51 because we believe that that wasn’t a buzz term when we trademarked that almost 10 years ago.
    0:04:54 It was, we believe that that was the direction, that comment.
    0:04:55 And you hear that now everywhere.
    0:05:00 Anybody who’s successful like yourself in here that communicate things that are important.
    0:05:02 I’ve heard you say it on your show multiple times too.
    0:05:05 Authenticity is so, so important to the brand.
    0:05:06 That’s what we led with.
    0:05:08 We really did that from the very beginning.
    0:05:12 And it was a slower game because it’s not as sexy.
    0:05:13 It’s not as cool.
    0:05:13 It’s not as trendy.
    0:05:16 It doesn’t go viral, but it’s authentic.
    0:05:17 It’s real.
    0:05:22 And I think that there’s a big mistake in the social media game that people make that,
    0:05:24 again, we were lucky that we did brick and mortar first.
    0:05:28 And I use the analogy of, if I had just started my brick and mortar gym,
    0:05:30 and I’d turn the lights on, it’s day one.
    0:05:34 And five customers, well, potential customers walked in.
    0:05:35 How would I treat them?
    0:05:36 And how would I be?
    0:05:37 What would I be like?
    0:05:37 And what would I do?
    0:05:41 Oh man, first five people paid attention to my big, like,
    0:05:44 I’m over there greeting them and talking to them and excited.
    0:05:45 I mean, I found out all about that.
    0:05:48 I’m making those five people my best friends because I got all the time in the world.
    0:05:49 I got no customers.
    0:05:51 He was the only five potential customers I have.
    0:05:55 And so it’s wild to me because that’s like, that’s like rules of business.
    0:05:58 Like any good business person 20, 30 years ago would say, of course,
    0:05:59 of course you would do that.
    0:06:02 Well, then why do so many people treat it differently on social media?
    0:06:05 Why are they looking for so much, so many eyeballs?
    0:06:08 They want to go viral and have a million people paying attention to them.
    0:06:13 But then they don’t even respond to the one comment or they don’t DM and talk to the people.
    0:06:16 It was like, so I think the strategy that people were doing early on to get famous
    0:06:20 and get attention was a terrible strategy for a long-term business.
    0:06:23 And there was kind of this, what’s the term I’m looking for?
    0:06:27 Where they get their, it was, it’s a false perception of what reality is for them.
    0:06:30 Like meaning they had a million followers.
    0:06:33 And if you’ve got a million eyeballs on you, I guess you could start a t-shirt line
    0:06:36 and by default you could make a few hundred thousand dollars initially,
    0:06:39 just because you got a million eyeballs.
    0:06:40 But that’s not a really successful business.
    0:06:43 Like it’s just because you have that many and by default,
    0:06:46 one, a half a percent of them bought something from them.
    0:06:48 It’s like, that’s not, and we weren’t looking for that.
    0:06:50 And we knew that and we didn’t want to get into that game.
    0:06:54 We were like, I don’t want to try and compete with all these people doing that.
    0:06:55 Let’s go help five people.
    0:06:57 Let’s go change five lives.
    0:07:01 And this is again, something that we were taught in building a trainer business
    0:07:06 was I realized how powerful, now granted, it’s great to get leads.
    0:07:09 It’s great to get all these potential customers looking at you
    0:07:11 or coming into your gym or anything like that.
    0:07:14 But nothing was more powerful than changing that one life.
    0:07:16 I changed that one life.
    0:07:19 And that lady, 20 years later, is still talking about me.
    0:07:23 And I still get people that find me from her 20 years ago
    0:07:24 because I changed her life.
    0:07:28 Like, holy, the ROI on that is crazy.
    0:07:33 How many people has she turned on to me and what I do because I put so much in.
    0:07:36 And so we approached even the social media game the same way.
    0:07:39 Let’s not try and over complicate this and try and go viral
    0:07:41 and figure out what all the trendy stuff is.
    0:07:43 Let’s go change five lives.
    0:07:46 Let’s go find our people that need our help and just really focus.
    0:07:49 Because none of us knew what the hell we were doing in the marketing space
    0:07:49 of social media.
    0:07:52 Like we didn’t know, but we knew that about business.
    0:07:54 We knew the power and the value of that.
    0:07:57 And we just looked at it as like, oh, this is cool that we’re in this place
    0:08:01 where this is this ability to do it for free and people could find us online.
    0:08:04 Like that’s a really powerful, unique tool.
    0:08:08 But let’s not over complicate it with and measure it by how many followers
    0:08:10 we have is this business itself.
    0:08:15 And we were a multi-million dollar business before Instagram even hit 50,000 followers.
    0:08:19 And so I tell this to people all the time, you do not need hundreds of thousands,
    0:08:24 definitely not millions of people looking at you on Instagram or YouTube or whatever.
    0:08:25 You don’t.
    0:08:28 What you need to do is go find your thousand loyal customers.
    0:08:31 And I forget what book that is or who wrote that.
    0:08:32 That’s a great read.
    0:08:33 Seth Godin.
    0:08:34 Yes.
    0:08:34 Thank you.
    0:08:36 Your thousand tribe or whatever, right?
    0:08:39 So once you, and so that was it was like, we’re on this mission.
    0:08:42 Let’s go find a thousand people that we can.
    0:08:46 And I think that’s such a, it’s such a good number because I really did think
    0:08:49 I felt right around a thousand loyal customers.
    0:08:51 It was like the business was rocking and rolling.
    0:08:55 I mean, it was just, because at that time, once you reach that point where you’ve changed
    0:08:59 a thousand, you’ve got a thousand people out there marketing and advertising for you.
    0:09:02 And let’s say obviously not all thousand people are out there walking with signs
    0:09:04 saying, listen to my public, of course not.
    0:09:07 But there’s enough of them at all times always doing that.
    0:09:13 They are constantly talking to a family or a friend and that lead is so much more valuable
    0:09:17 than any paid lead you could ever potentially get in this game.
    0:09:21 And I’ve, I’ve spent tens of thousands, probably hundreds of thousands of dollars now
    0:09:26 in all the different ways that we can advertise on Google and Facebook and Instagram.
    0:09:28 And we’ve always ran these campaigns.
    0:09:31 And then at the end of the day, we come back to organic traffic
    0:09:37 because those customers are so much better than the lead that I paid all this money to
    0:09:41 get them to convert right away who don’t have a relationship with me.
    0:09:45 Don’t know who I am, but because they got hit with this ad or whatever they converted.
    0:09:47 Like those actually end up being the worst customers.
    0:09:49 They’re the most difficult to deal with.
    0:09:53 A lot of times if you have any sort of refunds or cancels, it’s coming from those people.
    0:09:54 They complain the most.
    0:09:57 Like they are the hardest customer and it costs me so much to get them.
    0:10:03 Versus if I put out a good piece of content with the intent of helping somebody for free
    0:10:08 and giving them something super valuable that I learned over my decades of training clients.
    0:10:13 If I can impact them with one piece of content that goes out and helps like five people,
    0:10:18 those five people that I help for free on that Instagram post or that YouTube clip
    0:10:20 or that podcast episode, those five potential leads.
    0:10:26 Oh my God, those people are so much more valuable than the thousand people I just added
    0:10:30 on Instagram because I paid for some post to go to be pushed out there to a bunch.
    0:10:33 And I just don’t think a lot of people realize that.
    0:10:37 I don’t think they think that the game is volume and it’s like, no.
    0:10:41 And in fact, I actually think that that sometimes can convolute what you’re doing really well
    0:10:44 because you might be getting all this attention.
    0:10:46 And so you get this idea like, oh, we’re doing really good.
    0:10:49 But it’s like, you’re not even attracting your true customers.
    0:10:51 You’re just getting eyeballs and random people.
    0:10:53 And that just causes more headaches and confusion.
    0:10:56 So yeah, the people that are, you might be doing the right things in your business
    0:10:58 because you’re so focused on attention.
    0:11:01 You’re getting steered in these wrong directions because you have a bunch of random
    0:11:04 malooki loose who don’t even know who you are to, oh, that sucks.
    0:11:05 Or I don’t like that.
    0:11:06 Or why don’t you do more of this?
    0:11:07 And then you start, we had to be careful of this.
    0:11:13 So remember early on, like not allowing that noise to steer our mission.
    0:11:14 Like we know what the goal is.
    0:11:15 We know what the mission is.
    0:11:17 Like of course, there’s going to be some haters or some people who don’t know us
    0:11:18 that are going to hop in there.
    0:11:20 You’re just going to make some comment about us.
    0:11:22 Like you can’t let that deter your mission.
    0:11:26 And so I do think that’s the problem with a lot of entrepreneurs
    0:11:30 that are trying to build on these social platforms is they get so hung up
    0:11:31 in the race to followers game.
    0:11:36 And it’s like, no, you can build a million dollar plus business off of thousand people.
    0:11:40 You do not need tens of thousands or hundreds of thousands to build.
    0:11:43 And those people, the lifetime value of those customers.
    0:11:47 Like, and so that’s kind of like, even how we’ve scaled this business
    0:11:51 and with all these arms, what we look at is our best customers.
    0:11:55 And then we ask ourselves, what are those 10,000 people have in common?
    0:11:58 What are other things that we can serve them, that community?
    0:12:02 Because we’ve already, we’ve already won them over on the value.
    0:12:03 We’ve already provided them.
    0:12:06 I bet you there’s something in common with those 10,000 people.
    0:12:08 And what are we not doing to provide that?
    0:12:11 Because they’re already bought into us and what we’re doing.
    0:12:14 If I can now find a way to service the most common thing,
    0:12:16 those 10,000 people have to service them, I’ve got another business.
    0:12:21 And so that’s kind of how we’ve continued to stack the business is looking at our customers.
    0:12:25 And we started that way, even when there’s just a handful of them of,
    0:12:28 what are these five people have in common that we can give to them
    0:12:31 and then build and letting that steer the direction of the company.
    0:12:36 And even though we had that one program, and that was initially how we monetized
    0:12:39 every program thereafter and every revenue stream thereafter
    0:12:41 has really been steered by the consumer.
    0:12:44 It’s never been, and I always tell people that are trying to build a business like,
    0:12:47 it’s important that you, you love your ideas.
    0:12:50 And because it’s important to be passionate about your ideas,
    0:12:53 but don’t marry them and be okay with pivoting.
    0:12:58 And I do think that that is some of the most common traits of really, really successful people
    0:13:03 is their, their speed and their ability to pivot and to not hold on to a bad idea
    0:13:05 or a bad direction because that’s what they wanted to do.
    0:13:08 It’s like, okay, I think this is what everybody wants.
    0:13:09 Let me go put it out there and test it.
    0:13:10 It’s like, oh, shit, nobody cares about that.
    0:13:13 It’s like, okay, how quick can I let go of that
    0:13:15 and move in the direction that I think they all want?
    0:13:17 Like that’s a, that’s an important skill set.
    0:13:20 And really most of all the revenue streams after the very first product
    0:13:24 have been steered that way of us listening to our already customers
    0:13:28 and finding how can we continue to add value and serve them,
    0:13:30 let allow the business to come to us like that.
    0:13:33 – Oh my gosh, you just dropped so many gems.
    0:13:35 There’s a couple of things that I want to add to this.
    0:13:41 So I interviewed Gary Vee in person, Mel Robbins in person.
    0:13:45 And those are two extremely, extremely successful people
    0:13:49 and they are of the same mindset of you, speak to one person.
    0:13:53 They’re not only kind to their following and want to provide value.
    0:13:55 And like that’s their main concern is like providing value
    0:13:57 and helping people live better lives.
    0:14:00 Even in person, they’re shaking the videographers hand,
    0:14:02 they’re thinking everybody, they’re kind.
    0:14:05 The most successful people that I’ve met are kind
    0:14:06 and they want to help other people.
    0:14:08 They didn’t get to where they are
    0:14:10 by being an asshole to everyone, right?
    0:14:11 They actually want to help people
    0:14:14 and you can see that in all their content
    0:14:15 and everything that they do.
    0:14:17 So I feel like it’s so smart that you were like,
    0:14:19 let’s just focus on five people.
    0:14:21 So you were able to sort of niche down
    0:14:24 who the perfect client would be for you.
    0:14:26 And then you listen to them, what do they want?
    0:14:27 What do they want from you?
    0:14:30 How can I add more value, grow the LTV,
    0:14:32 the lifetime value of this customer?
    0:14:34 So they buy a course and then maybe they do something
    0:14:36 more expensive and then they tell their friends.
    0:14:38 And it’s this like flywheel effect
    0:14:39 that you’ve basically created with your audience.
    0:14:41 So I think that’s just so super cool.
    0:14:44 My question for you is you’ve got this podcast,
    0:14:48 you’ve got social, you guys have an incredible email list.
    0:14:52 I heard you say that your podcast and email subscribers
    0:14:55 are way more valuable than your social followers.
    0:14:57 Oh, by far, we could shut off.
    0:15:00 We can, when we tested this back when Sal got kicked off.
    0:15:03 So this was about two years ago.
    0:15:05 It was right in the heart, like right in the thick
    0:15:07 of the COVID stuff that was going on.
    0:15:10 And Sal sometimes can say stuff politically.
    0:15:13 And at that time, that was a very dangerous thing
    0:15:14 to do on social media.
    0:15:16 He has the, I don’t give a shit attitude.
    0:15:18 And so do all of us who were like, go for it.
    0:15:19 Say what you want to say, do what you want to do.
    0:15:21 And he was removed.
    0:15:22 So he was kicked off of Facebook or Facebook
    0:15:25 and Instagram multiple times.
    0:15:29 And we had our best revenue run at that time.
    0:15:31 We didn’t feel an ounce of that.
    0:15:33 He had the biggest Instagram page.
    0:15:34 He had the most engagement.
    0:15:37 So he had the most powerful Instagram out of all of us
    0:15:37 at that time.
    0:15:41 And he was completely removed off of it for six months,
    0:15:42 eight months, something like that.
    0:15:45 And we continued to scale during that entire time.
    0:15:49 And so it was, it really made us realize that these assets
    0:15:51 are good and are powerful and a tool,
    0:15:55 but they’re not necessary for us because we had a very strong
    0:15:58 foundation from the podcast, from the email list,
    0:15:59 from building these customers.
    0:16:01 This whole conversation you and I have been having,
    0:16:04 if you truly change the lives of a thousand people like that,
    0:16:05 they’ll follow you.
    0:16:06 They’ll find you.
    0:16:07 They will.
    0:16:10 You could shut down all, and I believe that from us right now.
    0:16:11 We could turn everything off,
    0:16:13 go to some other random platform no one’s ever heard of.
    0:16:17 And maybe not everybody, but a good portion of people,
    0:16:18 they will find us.
    0:16:21 I mean, we just did the Spotify raps that come out,
    0:16:22 and that just came out.
    0:16:24 I love when those come out because it gives me,
    0:16:26 I get to peer into some more insight that I don’t get to see,
    0:16:28 and I love data, numbers like that.
    0:16:33 And for 40,000, over 40,000 people,
    0:16:37 we were the number one thing they listened to all year on Spotify.
    0:16:38 And that’s just Spotify.
    0:16:40 And that’s one of our smallest platforms.
    0:16:43 We are significantly bigger on iTunes,
    0:16:46 and about the same in the podcast on YouTube.
    0:16:50 And so to think that 40,000 people for an entire year
    0:16:53 listened to Mindput more than anything else in their ears
    0:16:54 is crazy to think that.
    0:16:56 And I confidently believe that,
    0:16:59 so at least 40,000 of those people would find us
    0:17:00 no matter where we’re at.
    0:17:02 And 40,000 people listening to me every single day
    0:17:04 is more than enough people to build a livelihood
    0:17:06 for all of us here, right?
    0:17:10 So social, I think, is a great tool to have,
    0:17:13 and a compliment, another way to connect with your audience,
    0:17:15 another way to tell your story,
    0:17:18 kind of like a little bit of a business card, too.
    0:17:20 Like, so it has its place and it’s valuable,
    0:17:23 but we don’t place a lot of value on a single thing.
    0:17:25 And this was, again, intentful, right?
    0:17:29 Like, we always agreed that we wanted to own our audience.
    0:17:30 Like, we didn’t want to,
    0:17:32 because I had never heard of horror stories
    0:17:34 of people that I knew that were making really big money
    0:17:35 on Facebook or Snapchat.
    0:17:37 And then all of a sudden, the algorithm changed,
    0:17:39 and they were losing tens of thousands of dollars,
    0:17:40 like overnight.
    0:17:41 And we knew that early on.
    0:17:42 So we were always like,
    0:17:45 “Listen, we have to find ways to connect to our people
    0:17:47 “on so many different platforms
    0:17:49 “and build a relationship so well
    0:17:51 “that it didn’t matter if these platforms got weird
    0:17:52 “or shut down or like that.
    0:17:54 “Like, we want to control.”
    0:17:56 And so we were mindful of that early.
    0:17:57 And so we built it.
    0:17:59 Although I will admit that I was naive,
    0:18:02 and for the first two years, did not build an email list,
    0:18:04 I’d say this is the biggest regret
    0:18:06 or mistake that Mindplum ever made,
    0:18:08 and I’m responsible for this.
    0:18:11 I actually thought, and this was a learning curve for me,
    0:18:14 I thought that social media replaced email marketing.
    0:18:17 I thought that that was what we were seeing happening.
    0:18:18 I couldn’t have been further from the truth.
    0:18:21 What I have realized over all these years of doing this now
    0:18:22 is that they’re different.
    0:18:25 They’re different monsters, and every medium is that way too.
    0:18:27 So for the people that are entrepreneurs that are listening,
    0:18:31 it’s very, very clear that I have a Spotify audience,
    0:18:33 I have a YouTube audience, I have an Instagram audience,
    0:18:35 I have an email audience.
    0:18:37 Now, there is definitely a crossover
    0:18:38 on all of these platforms.
    0:18:40 There’s a problem, and if I had to put a number on it,
    0:18:42 I’d say five or 10% of these people
    0:18:44 maybe crossover all platforms.
    0:18:47 But for the most part, most people stick to the platform,
    0:18:49 they consume all their content out,
    0:18:51 and that’s, they would consider themselves a YouTube person
    0:18:53 or an Instagram person.
    0:18:57 And so it’s important to learn your voice on each platform
    0:18:59 and know how you communicate on email
    0:19:01 is a little bit different than how you communicate on the podcast.
    0:19:03 I remember when we first learned this mistake,
    0:19:04 when we started the YouTube channel,
    0:19:07 we’d already been doing pretty well with the podcast.
    0:19:10 We weren’t on YouTube yet because we kind of thought,
    0:19:14 who the hell wants to watch three idiots talk in a chair,
    0:19:15 fitness for an hour and a half?
    0:19:17 So we were like, that’s ridiculous, we won’t do that.
    0:19:19 But we did go, well, we are personal trainers,
    0:19:21 and so we can give out exercise videos.
    0:19:23 That and that add value, right?
    0:19:24 How do we add value to our listeners already?
    0:19:27 Let’s teach them visually like exercises.
    0:19:29 That’s a good way to bolster the business, agreed.
    0:19:30 Okay, we all did.
    0:19:31 Well, this worked for the podcast,
    0:19:33 so let’s do this on the YouTube channel.
    0:19:35 So if you go back on our YouTube channel,
    0:19:38 you’ll see how we used to start every YouTube episode
    0:19:40 on the exercise channel.
    0:19:43 And it was literally the three of us making jokes
    0:19:46 and talking all silly and goofy and being ourselves,
    0:19:47 and Doug would swoop in with the camera.
    0:19:51 And the first, I don’t know, two minutes of the YouTube video,
    0:19:54 which is supposed to be exercise tutorial videos,
    0:19:57 was us joshing each other and having fun and teasing
    0:20:00 and kind of like talking, telling a story.
    0:20:02 And then we would get into the exercise demo.
    0:20:04 And we just thought, because that was the formula
    0:20:06 for the podcast, that okay, it’ll work on YouTube.
    0:20:08 It kept falling on its face.
    0:20:11 And people were commenting like crazy, this is stupid.
    0:20:12 Who are these idiots?
    0:20:13 I don’t get to the exercise.
    0:20:14 Tell us how to do this.
    0:20:17 And we kind of ignored that for a while.
    0:20:18 And it took a while before we realized like,
    0:20:20 oh, wait a second.
    0:20:21 It was funny because when I look back,
    0:20:22 it was so obvious, right?
    0:20:24 It’s like, how do I use YouTube?
    0:20:26 If I want to learn how to bake a cake,
    0:20:28 and I YouTube that recipe,
    0:20:30 do I want the person to be talking five minutes
    0:20:32 about jokes and their personal life before they get to it?
    0:20:34 I’m going to skip and I’m going to go right,
    0:20:35 give me the guy or the girl.
    0:20:37 It gets right to the recipe and teaches me.
    0:20:38 That’s why I searched for this.
    0:20:40 What are these idiots doing talking?
    0:20:41 And why do I need all three of them?
    0:20:43 Like, I mean, looking back, I go like, oh, of course.
    0:20:44 But we didn’t know that.
    0:20:46 And I didn’t know that until we tried that.
    0:20:48 And we realized like, oh, okay.
    0:20:50 Wow, these platforms are really different.
    0:20:53 And everybody uses it in different ways.
    0:20:56 And so learning how to take your overall
    0:20:59 arching mission and voice and shape it
    0:21:02 into whatever medium that you are using,
    0:21:05 how we write long form content like white papers
    0:21:08 is so different to how we do short form emails
    0:21:11 is so different to how we do one minute reels
    0:21:14 is so different to how we do hour and a half long podcasts.
    0:21:17 And it took a while to kind of really figure out
    0:21:21 how we change those, but yet stay on brand authentic
    0:21:23 to who we are and continue to communicate
    0:21:24 the message that we’re trying to do.
    0:21:27 But understanding that on each platform,
    0:21:29 we’re speaking from a different voice.
    0:21:31 But to this day, the email marketing,
    0:21:33 which I thought was dead is responsible
    0:21:37 for about 40% of Maps Fitness products revenue
    0:21:39 every single month, which is hundreds of thousands
    0:21:42 of dollars every single month that I thought was dead.
    0:21:44 And so we were a little bit behind
    0:21:47 when we started actually capturing emails.
    0:21:49 – Yeah, I love email so much.
    0:21:51 I’m like obsessed with writing newsletters.
    0:21:53 And I just feel like it’s such a great tool.
    0:21:57 I think it has like 30 times more ROI than social media.
    0:21:59 So I think that you’re smart.
    0:22:02 Let’s hold that thought and take a quick break
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    0:26:29 I relate to audio being so much different to YouTube
    0:26:30 because YouTube,
    0:26:32 every video is sort of like its own thing.
    0:26:34 Like it could go off by itself,
    0:26:35 people can find a random video,
    0:26:37 and so they’re not your fans.
    0:26:39 And so they’re a lot meaner in the comments,
    0:26:41 whereas like my reviews on my podcast,
    0:26:42 everybody loves it.
    0:26:43 “Oh, how it changed my life.
    0:26:44 I love her so much.”
    0:26:45 On YouTube, it’s like,
    0:26:46 “Do you hear your own voice?
    0:26:48 You have the worst voice.”
    0:26:50 They’re like, “Stop wearing so much lip gloss.”
    0:26:51 I’m like, “These are not my fans.”
    0:26:54 YouTube is, I tell people like,
    0:26:56 before you get into YouTube,
    0:26:57 you better have some thick skin
    0:27:01 because it’s a bunch of teenage boys on there.
    0:27:02 That’s like 80% of the platform.
    0:27:04 It’s about the teenage mean ass boys
    0:27:06 sitting at home in their basement with their mom,
    0:27:08 just trying to talk shit and troll people.
    0:27:09 So I tell people like,
    0:27:10 before you get on YouTube,
    0:27:11 you better have thick skin
    0:27:13 because it is just like you.
    0:27:13 We had like,
    0:27:15 if I want to get emotional
    0:27:17 and feel really good about what we’re doing,
    0:27:19 I’ll go on and I’ll read iTunes reviews.
    0:27:21 Exactly, Apple reviews.
    0:27:22 They’re so nice.
    0:27:25 Oh yeah, we have thousands of reviews
    0:27:27 that will bring a tear to your eye,
    0:27:29 the stuff that people say about us.
    0:27:33 And I mean, it’s literally like 99.99% five star.
    0:27:35 That’s like how awesome the podcast reviews are.
    0:27:36 So I used to go on there all the time
    0:27:37 when I want to feel good about myself,
    0:27:39 like, “Oh, I’ll read those reviews for the day.”
    0:27:40 YouTube, complete opposite.
    0:27:43 Like, if I want to ruin my day and be upset,
    0:27:45 all I got to do is go to the latest YouTube video
    0:27:46 and just read comments
    0:27:48 because rarely ever are those comments
    0:27:50 even close to what the comments we get.
    0:27:51 So it is true.
    0:27:53 You have to learn the mediums
    0:27:54 and how people use them
    0:27:56 and understand what the game you’re kind of playing
    0:27:57 with those people.
    0:27:59 And so, and you can’t let it bother you.
    0:28:01 You really have to be okay with like,
    0:28:02 that’s just the nature of the beast is,
    0:28:04 I’m communicating this to people
    0:28:06 that aren’t necessarily the people that I’ve,
    0:28:08 I’ve put a lot of work into building value with.
    0:28:11 These are people that literally just randomly found me today,
    0:28:12 have no idea who I am.
    0:28:13 They don’t know my character.
    0:28:15 They don’t know where I come from.
    0:28:16 They don’t know any of that stuff.
    0:28:18 And they’re just going to say shit to say shit.
    0:28:19 So you got to be careful
    0:28:20 if you let those things get to you.
    0:28:21 – Totally.
    0:28:24 So as we’re talking about all this,
    0:28:25 and you’re saying, you know,
    0:28:28 we got to figure out how we sound like on Instagram
    0:28:31 versus email versus YouTube versus podcast.
    0:28:32 As an entrepreneur nowadays,
    0:28:34 you really got to be online.
    0:28:36 Like, you really can’t do it,
    0:28:37 especially if you’re an online entrepreneur, right?
    0:28:39 You’ve got to have some sort of personal brand,
    0:28:40 some sort of presence.
    0:28:42 We’re also running companies.
    0:28:45 If somebody’s overwhelmed,
    0:28:46 where do they start?
    0:28:48 What advice do you have for them?
    0:28:48 – Great question.
    0:28:50 And I love to answer this question
    0:28:53 because I do think that it can be overwhelming at first.
    0:28:55 Like, oh my God, everyone’s telling me,
    0:28:56 Gary Vee has a good saying too,
    0:28:59 of like looking at like real estate assets
    0:29:00 and you just want to start,
    0:29:01 you want to acquire all these things
    0:29:03 and allow it to organically grow over time.
    0:29:06 And, but like, it could still be like daunting of like,
    0:29:06 where do I start?
    0:29:07 What do I do?
    0:29:10 The advice that I give is most people,
    0:29:12 hopefully, especially if you’re an entrepreneurship,
    0:29:13 know this about yourself,
    0:29:17 enough to know that what you like doing the most,
    0:29:18 meaning like,
    0:29:21 so I can’t put three sentences together.
    0:29:24 Grammatically, I just am the worst of all of us.
    0:29:25 So I do not touch copy.
    0:29:27 I do not write emails.
    0:29:28 Like, I would be the worst for that.
    0:29:30 So being an E like,
    0:29:32 I would be a horrible person to write our emails.
    0:29:33 I would be a horrible person
    0:29:35 to write our 5,000 word documents
    0:29:36 that we give out for free.
    0:29:38 Like, I can’t, that would be a term.
    0:29:40 And if I was doing this all by myself,
    0:29:41 that’s not the first place I would,
    0:29:42 I would go to.
    0:29:43 And eventually what I’d probably do
    0:29:45 is build the other businesses up
    0:29:47 and then hire somebody
    0:29:49 who is that skill set better than me.
    0:29:51 So I tell people to lean into
    0:29:53 what you like doing best
    0:29:54 or what you know that you do best.
    0:29:56 And so you might not know what you do best yet,
    0:29:58 but probably that’s going to be where you like,
    0:29:58 where you like.
    0:30:00 So if you, if you do really well
    0:30:02 with talking for an hour and a half
    0:30:03 and you have a lot to say
    0:30:05 and you have a lot of experience in that,
    0:30:07 I think podcasting is really good,
    0:30:08 but podcasting will kill you
    0:30:10 if you’re relatively new,
    0:30:12 you don’t have a lot of information,
    0:30:13 you don’t articulate really well,
    0:30:15 you can’t story tell.
    0:30:16 If you can’t do those things
    0:30:18 and like podcasting is a surefire way
    0:30:20 for you to tank right away.
    0:30:22 Maybe you’re really good
    0:30:24 at like very poignant things.
    0:30:25 One minute I can,
    0:30:27 I can drop some knowledge on somebody
    0:30:28 in one minute or give them a tip
    0:30:29 that’s super valuable.
    0:30:31 Oh, then maybe like Instagram Reels
    0:30:33 or TikTok is a really good place
    0:30:34 for you to start.
    0:30:35 Maybe you’re somebody who’s like
    0:30:37 really good with like a camera
    0:30:38 and you understand lighting
    0:30:40 and you take really aesthetically pleasing pictures
    0:30:42 and, you know, you can write witty captions
    0:30:43 and you’re really good at like
    0:30:45 tying like something that’s fun
    0:30:46 and informative like it together
    0:30:48 and you can write an Instagram caption.
    0:30:49 Maybe Instagram is the place
    0:30:50 that you lean into, right?
    0:30:52 So maybe you’re really good
    0:30:53 about talking one-on-one
    0:30:56 to a camera vlog style on YouTube.
    0:30:58 And so you do like vlogging on YouTube.
    0:31:00 But I would, my recommendation is,
    0:31:02 is decide what that is for you,
    0:31:04 whether you, you try it all out
    0:31:04 and kind of figure out,
    0:31:05 oh, this is what I’m better at
    0:31:07 or you already know that about yourself.
    0:31:10 Like I obviously knew I’m not the person to write.
    0:31:11 I didn’t need to go try that.
    0:31:12 It was just like, that I’m not good.
    0:31:12 That’s not a strength.
    0:31:14 Let’s lean, let’s go somewhere else.
    0:31:17 So my advice is to lean into the thing
    0:31:18 that you feel most comfortable with
    0:31:20 because every one of those mediums,
    0:31:20 like I said before,
    0:31:22 is like a different business for us.
    0:31:24 So you can be successful
    0:31:26 at whatever it is that you have to offer
    0:31:27 on any one of those mediums.
    0:31:29 And you’re most likely to be successful
    0:31:31 on the one that you like doing
    0:31:32 and that you’re good at.
    0:31:35 And so instead of like spreading yourself thin
    0:31:37 and trying to do a little bit of all of it
    0:31:39 and kind of being like a jack of all trades
    0:31:39 instead of an ace of one,
    0:31:42 like literally hone in on the one
    0:31:44 or two things that you communicate best on
    0:31:48 and really double and triple down on figuring that out
    0:31:50 because I think you could build a sustainable business
    0:31:50 on one platform.
    0:31:52 Although I think there’s tremendous value
    0:31:54 in being on all of them.
    0:31:55 Stay in your lane first,
    0:31:56 get really good at it.
    0:31:59 And then if you are like me,
    0:32:01 you learn to outsource and you outsource that
    0:32:03 or you learn those other platforms over time
    0:32:05 and you’ll learn a lot
    0:32:08 just by growing a community on one of them first.
    0:32:10 So that’s typically what I recommend to people.
    0:32:11 Such good advice.
    0:32:13 Last question on business.
    0:32:16 I know that there’s a lot of creator entrepreneurs
    0:32:17 out there right now.
    0:32:18 This is the world that we live in.
    0:32:21 So a lot of entrepreneurs also have a large following
    0:32:23 which means that they’re probably getting brands
    0:32:25 approaching them for sponsorships.
    0:32:27 So would love to understand
    0:32:29 if you guys are taking sponsorships
    0:32:32 and how you go about thinking about
    0:32:34 the brand partnerships that you go with.
    0:32:36 I love that we got here
    0:32:39 because one of the things I’m most proud of
    0:32:41 that we did was I think we really disrupted
    0:32:44 the advertising space on podcast.
    0:32:46 So 10 years ago when we came in this,
    0:32:47 this is relatively new.
    0:32:50 No big brands are advertising on podcast yet.
    0:32:53 Very few people realize what a powerful medium it is.
    0:32:55 So the companies are pretty sparse.
    0:32:56 Although in the fitness space,
    0:32:58 there was a lot of like supplement companies
    0:33:00 and a lot of these companies were there.
    0:33:02 They were figuring this out early on.
    0:33:04 And what was really good was that
    0:33:07 we were so protective of the brand
    0:33:10 and our branding and our voice
    0:33:12 that we didn’t want to convolut it with
    0:33:15 other brands and other people’s voice
    0:33:16 and direction and vision.
    0:33:19 So we agreed that we may never take advertising.
    0:33:20 So we said that early on.
    0:33:21 We said, you know what?
    0:33:22 We can build a successful business
    0:33:24 and we don’t need to take on
    0:33:26 advertising sponsorship money from any.
    0:33:28 And it obviously is when we hit new and noteworthy
    0:33:29 and we were getting out there,
    0:33:30 we are getting approached right away.
    0:33:32 And of course there’s a temptation
    0:33:34 when you’re making no money and someone says,
    0:33:36 I’ll give you $1,000 to do a commercial
    0:33:37 on your show every day or what like that.
    0:33:39 Would you take it like, oh wow, 1,000 bucks.
    0:33:40 We’re making no money.
    0:33:41 That’s money.
    0:33:41 Like let’s do it.
    0:33:42 It’s reoccurring.
    0:33:43 But we agreed no way.
    0:33:45 Like this is not an end.
    0:33:47 And we did that for several years.
    0:33:49 So we were getting actually kind of bombarded
    0:33:49 by a lot of company.
    0:33:51 I mean, it’s not like Nike was coming up to us
    0:33:53 and these brands and we’d be like,
    0:33:53 I mean, if that would have happened,
    0:33:55 I’m sure we would have been over the moon.
    0:33:55 But that ain’t happening.
    0:33:56 If you’re just building your business
    0:33:58 and you’re just getting started,
    0:34:00 those huge companies are not going after
    0:34:02 the small entrepreneur
    0:34:03 that’s getting their first thousand listeners.
    0:34:06 What you’re getting is a lot of other startup companies,
    0:34:07 a lot of their supplement companies,
    0:34:09 small brands that know
    0:34:11 that they could probably offer you a couple hundred bucks
    0:34:12 because to you that’s a lot of money
    0:34:13 because you’re just getting started.
    0:34:15 And so it’s appealing and it’s great for them
    0:34:17 because if they can spend a couple hundred bucks
    0:34:20 to get a thousand or a few thousand people
    0:34:21 to hear about their brand,
    0:34:22 it’s great ROI for them.
    0:34:24 So it is very selfish on there.
    0:34:25 And it’s a completely motivated by that.
    0:34:26 It’s a numbers game.
    0:34:27 Plus at that time,
    0:34:30 so I was here before people realized
    0:34:31 how powerful podcasting was.
    0:34:32 And I’ve been here after,
    0:34:34 the companies were really taking advantage
    0:34:35 of a lot of the podcasting.
    0:34:37 And I actually, luckily,
    0:34:39 I had enough of business acumen
    0:34:40 to recognize that right away.
    0:34:41 Wait, wait, wait a second.
    0:34:44 You’re going to pay me just based off of listens?
    0:34:45 The same.
    0:34:46 So let me get this straight.
    0:34:50 You have three guys have a marketing sales background.
    0:34:52 We pride ourselves on being really good at that.
    0:34:54 We’ve built an incredibly community.
    0:34:55 Our community might be small.
    0:34:56 It might only be 5,000 people right now.
    0:34:58 But you’re going to pay me the exact same amount of money
    0:35:00 as this other just random person
    0:35:02 who might not have a relationship,
    0:35:03 might not have any sales skills.
    0:35:05 The same just based off of CPMs.
    0:35:06 Just off of downloads.
    0:35:09 That’s how you decide how much you’re like, no way.
    0:35:10 No way.
    0:35:13 I know how valuable even my five customers are
    0:35:14 because those five customers,
    0:35:15 they’ll go do,
    0:35:16 they’ll go buy anything I tell them to
    0:35:18 because I’ve already built that relationship with them.
    0:35:21 So you can use for the audience.
    0:35:23 Let me tell you how important and powerful this is.
    0:35:25 We have a lot of brands that we work with,
    0:35:27 that work with someone like Joe Rogan.
    0:35:30 And Joe Rogan obviously is way bigger than us.
    0:35:34 We are their number one advertising partner over Joe Rogan.
    0:35:38 And that’s not because we’re anywhere close to as big as he is,
    0:35:40 but it’s because the relationship that we have built
    0:35:41 with our community,
    0:35:44 those 40,000 people that have listened to us
    0:35:46 more than anything else on their pockets,
    0:35:48 those are like real customers.
    0:35:50 They buy almost anything that we remember.
    0:35:52 And so we were very careful to protect that.
    0:35:55 We didn’t want to just to make a couple extra bucks here or there.
    0:35:57 We didn’t want to take advantage of that.
    0:36:00 So, and we actually told that story on the podcast
    0:36:01 while we were growing.
    0:36:03 So if you go back far enough,
    0:36:05 you can hear me share on the podcast,
    0:36:07 oh yeah, this company tried to get us to sponsor them
    0:36:09 and we would talk about it on the show.
    0:36:10 And we tell them, no way.
    0:36:12 We’re not going to send our people that way and this and that.
    0:36:14 And oh, you’re just another supplement company doing this.
    0:36:15 And we vetted them and they’re,
    0:36:18 and we would like openly talk about
    0:36:19 potentially taking on advertisers
    0:36:22 and saying no to people for a very long time.
    0:36:25 So the small audience that got to hear that
    0:36:28 and the ones that were coming on could hear it for a long,
    0:36:30 and then when we started to take partnerships on,
    0:36:32 they weren’t people that were reaching out to us.
    0:36:35 I began to go after companies that I was interested in.
    0:36:37 If it was a product or a clothing line
    0:36:39 or something that I liked,
    0:36:41 I used the guys all love.
    0:36:42 I’m like, you know what, let me reach out to them.
    0:36:43 They don’t know who we are.
    0:36:45 We’re not big enough for them to be on their radar.
    0:36:47 But let me get on the phone with them.
    0:36:48 And so I would reach out to these companies
    0:36:51 and the initial conversation would be like,
    0:36:52 “Oh, who are you? What do you do?”
    0:36:55 And I’d have to sell them on how big our audience is,
    0:36:57 even though it was still pretty small at that time
    0:36:59 and what we do and our mission.
    0:37:02 And most would be, “Okay, we’d hit it off relationship-wise.”
    0:37:03 And then it’d come down to money, like,
    0:37:05 “Wait, I don’t know if we’re going to pay you guys that much.
    0:37:07 We don’t know what the ROI on that is.”
    0:37:09 And so if it was a brand that I believed in,
    0:37:11 that I liked, that I wanted a partnership,
    0:37:13 one of the ways that I would lead with them is to say,
    0:37:14 “Hey, listen, this is my commitment to you.
    0:37:16 I like your brand so much.
    0:37:19 I don’t want just an advertising deal with you guys.
    0:37:21 I want to build a partnership and a relationship.”
    0:37:24 So we don’t do advertising, affiliate-type deals.
    0:37:26 We build partnerships and relationships.
    0:37:29 And this is how much I’m committed to that with you.
    0:37:31 So we have the podcast, which is our biggest medium,
    0:37:33 where we get probably the best ROI.
    0:37:36 And also, this is how much I think our commercials are worth.
    0:37:38 And if you do not make that money back,
    0:37:39 I will guarantee you to get it.
    0:37:41 Because what I’ll do is I’ll use my email list.
    0:37:43 I’ll use my Instagram.
    0:37:44 I’ll use Facebook.
    0:37:47 I’ll use all my other platforms to make good on that deal.
    0:37:48 And they were like, “Really?”
    0:37:50 I said, “Yeah, so it’s zero risk for you.
    0:37:52 You spend $5,000 with me.
    0:37:54 I will guarantee you $5,000 back.”
    0:37:55 I think the podcast will do it.
    0:37:58 But if the podcast doesn’t, you communicate with my team.
    0:38:00 Weekly, I have a person on point who does this.
    0:38:02 Every Monday, you talk to her.
    0:38:03 You let her know.
    0:38:05 If we’re underperforming on numbers,
    0:38:07 then our job will be then to make sure
    0:38:09 that we bring those up using our other social media platforms.
    0:38:12 So we never sold any other medium.
    0:38:13 We only sold the podcast.
    0:38:17 And then I would agree to them that I will deliver on our ROI.
    0:38:18 We built a reputation around that.
    0:38:20 And then before long, we were the podcast
    0:38:22 that everybody was like, “Go work with Mind Pump
    0:38:24 ’cause you’re guaranteed not to lose.”
    0:38:27 And so then I had people banging down my door,
    0:38:28 asking to advertise.
    0:38:30 And so then I got to be very picky and choosy
    0:38:32 with the brands that aligned that I love,
    0:38:34 that I wanted to work with.
    0:38:36 And it was less about the exact dollar amount.
    0:38:38 It was more about building that relationship
    0:38:39 with brands that align with us
    0:38:41 and that our customers we thought would like.
    0:38:44 And so at first, what do we do the first year?
    0:38:48 $60,000 or something in advertising, something like that.
    0:38:51 It’ll do over $5 million in advertising now.
    0:38:53 But it started as this small revenue stream
    0:38:55 that we didn’t need that we said,
    0:38:57 “Hey, let’s go build it this way.”
    0:38:59 And I didn’t see anybody else
    0:39:01 making promises like that in the space.
    0:39:03 The conversations I had were awesome.
    0:39:05 They would go, “Oh my God, like nobody is doing that.
    0:39:06 You guys are gonna guarantee it.”
    0:39:07 I said, “Yeah, I’m gonna guarantee you.”
    0:39:10 Because my goal is to present you a price
    0:39:13 that I’m pretty confident that we can deliver on the podcast.
    0:39:14 And my goal is to not use it
    0:39:17 ’cause I don’t want to convolut my message on social media.
    0:39:19 So if you go through my social media,
    0:39:21 you won’t see any brands, you won’t see any promotion.
    0:39:23 I don’t do any of that stuff, especially on my personal page.
    0:39:25 None of that stuff happens because I don’t want to do that.
    0:39:27 But I care enough about the relationship
    0:39:29 that if I needed to bring that brand up
    0:39:33 to show them to make good on a deal like that, then I would.
    0:39:35 And so now when you fast forward,
    0:39:37 what is it, seven years or so later when we start them,
    0:39:41 I go into 2025, by August of this year,
    0:39:45 we have all advertising locked out completely for 2025.
    0:39:49 Contract signed, there’s no opt-out, there’s no negotiation,
    0:39:50 there’s no minimum marks, there’s no nothing.
    0:39:54 It’s, this is what it costs, this is where the spots are,
    0:39:56 you’re paid for the year, and then we deliver.
    0:40:00 And so we’ve built that reputation with brands that,
    0:40:02 it’s cool now, it was work, the beginning,
    0:40:04 it was a lot of work to build those relationships,
    0:40:06 to find those companies, to prove that to them.
    0:40:08 But now we have a reputation.
    0:40:09 We have a reputation in the space
    0:40:10 that you want to work with us.
    0:40:13 And so now it’s cool, like I had a last year,
    0:40:15 I don’t know if you’re familiar with the brand,
    0:40:18 Chile or Ulurs, they’re their sleep bedpads, whatever.
    0:40:19 That business went under last year,
    0:40:22 we were partners with them for like two or three years,
    0:40:25 working with that company, and we found out,
    0:40:27 we didn’t know that their business was going under.
    0:40:30 The way we found out was through their competitor,
    0:40:33 Aidsleep, had been wanting to work with us for so long,
    0:40:35 had been watching the market,
    0:40:37 knew that that company was going under,
    0:40:38 before we knew they were going under,
    0:40:39 they were still under contract with us
    0:40:40 and still paying their bills.
    0:40:41 So we didn’t, we weren’t the wiser,
    0:40:43 but they were about to go under,
    0:40:44 they reach out to us and say,
    0:40:46 “Hey, they’re not going to be able
    0:40:47 “to continue sponsorship next year.
    0:40:49 “We know how long of a wait list you guys have,
    0:40:50 “we want in on next year.
    0:40:52 “We’re willing to put money down right now
    0:40:55 “to guarantee that we can advertise with you guys,
    0:40:56 “because we know that you’re not going to be able
    0:40:56 “to sponsor to them.
    0:40:58 “We’re a better product, we’ll send you,
    0:41:00 “let us send you a couple mattresses right now
    0:41:02 “so you can try the product ahead of time.”
    0:41:03 That’s the type of relationship building
    0:41:04 that we’ve done with partners,
    0:41:06 and that’s how bad people want to work with the company.
    0:41:08 But it wasn’t built overnight,
    0:41:11 it was built over years of building relationships.
    0:41:14 And being very careful and meticulous
    0:41:16 about who we work with as a sponsorship
    0:41:19 and a partnership on the show.
    0:41:20 And if you chase the,
    0:41:22 the a little bit of initial money you might get,
    0:41:25 it could really tarnish a brand
    0:41:27 and a relationship that you have with your customers.
    0:41:29 Whereas now, because our,
    0:41:32 and we took our audience along with that journey,
    0:41:33 they know, like if we,
    0:41:34 if there’s a new company we’re working with
    0:41:36 and we drop it, like people go run and buy it
    0:41:38 before they even think twice about it.
    0:41:40 They don’t, they know that we did all that vetting
    0:41:43 and they know we wouldn’t represent them
    0:41:45 if they weren’t a brand that’s awesome
    0:41:47 or that aligns with our community.
    0:41:50 And so that’s really served us today.
    0:41:52 And now it’s one of the most powerful revenue streams
    0:41:54 that we have that we didn’t intend on having.
    0:41:57 I love to hear about this
    0:41:59 because this is what I do for a living.
    0:42:01 I own a podcast network.
    0:42:03 So I represent like Jenna Kutcher
    0:42:05 and Amy Porterfield and John Lee Dumas
    0:42:07 and all these top business podcasts.
    0:42:08 And I get them sponsorships.
    0:42:10 And so it’s just so cool to hear from like somebody
    0:42:13 who’s been in the game for even longer than me
    0:42:14 and it has like pioneered.
    0:42:17 We’re doing, we have a lot of similarities
    0:42:19 in the terms, in terms of like how we sell,
    0:42:21 the fact that you were including other channels
    0:42:23 to guarantee and all that cool stuff.
    0:42:25 So for me, that was awesome to just hear somebody
    0:42:27 like you share all that insight.
    0:42:28 So thank you so much.
    0:42:31 We’ll be right back after a quick break
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    0:47:06 Before we go, one question about fitness.
    0:47:07 We didn’t talk about fitness at all
    0:47:09 because you have so much business acumen.
    0:47:12 You’re the business guy of Mind Pump.
    0:47:13 What is one piece of fitness advice
    0:47:16 that you could give to entrepreneurs specifically?
    0:47:19 I think in this, and this goes for entrepreneurs
    0:47:23 and just people in general when it comes to working out
    0:47:25 and fitness is that we over complicate it
    0:47:28 because there’s so much noise and what’s the best
    0:47:29 exercise program?
    0:47:30 What’s the best diet?
    0:47:30 What’s the best this?
    0:47:33 And it’s like, honestly, if you lift weights
    0:47:37 two hours to three hours tops a week, that’s it.
    0:47:41 Strength train, focus on the big lifts, squat,
    0:47:43 deadlift, bench, overhead press.
    0:47:47 That by itself and approach working out, like a skill,
    0:47:49 not a punishment.
    0:47:52 You don’t go into your workout trying to get a crazy sweat.
    0:47:54 You’re not trying to chase being super sore.
    0:47:56 Go in, practice those movements, get good at them,
    0:47:59 get strong and slowly do that.
    0:48:02 Just and consistency matters more than anything else.
    0:48:05 That’s the first thing related to like what to do exercise wise.
    0:48:08 Don’t over complicate it, focus on those things.
    0:48:09 Exercise is not a form of punishment.
    0:48:12 The biggest mistake people make is over applying intensity
    0:48:13 and volume.
    0:48:16 It takes very little to elicit that change
    0:48:19 and to get the body adapting to want to build muscle
    0:48:20 and then feed it properly,
    0:48:21 would make sure you’re hit your protein intake.
    0:48:23 That’s the simple advice.
    0:48:25 Why you want to do this as an entrepreneur?
    0:48:28 And I’m reminded of this every time I fall off the wagon
    0:48:31 or I’m on an off streak of say 30 days
    0:48:32 where I might not have lifted or something like that
    0:48:33 because I’m busy.
    0:48:35 And I tell myself this, the same excuse like,
    0:48:37 “Oh my God, I’m so busy.
    0:48:39 I can’t get to my working workout.”
    0:48:40 Or, “Oh, I don’t have time at this time.
    0:48:41 I’ve got all this going this and that.”
    0:48:46 It is wild how much more time you get when you work out.
    0:48:48 You are a, you’re a better husband.
    0:48:49 You’re a better wife.
    0:48:50 You’re a better business partner.
    0:48:51 You’re a better entrepreneur.
    0:48:53 You have more energy.
    0:48:54 You have more stamina.
    0:48:55 You sleep better.
    0:48:55 You’re sharper.
    0:48:57 You have more cognitive.
    0:48:59 I mean, you are just better
    0:49:01 when you are a healthier version of yourself.
    0:49:04 So if you really care about being very successful
    0:49:07 in entrepreneurship and you, which the skill sets are,
    0:49:10 speed, stamina, like your acumen,
    0:49:11 your cognitive function,
    0:49:13 like these things all matter
    0:49:14 when you want to be successful.
    0:49:16 The healthier, stronger version of you
    0:49:19 is better on all those attributes.
    0:49:20 All of them, they all come up.
    0:49:23 And you even get more time in the day.
    0:49:24 I know that sounds weird.
    0:49:25 Like, wait, how does that make sense?
    0:49:26 You’re telling me that I work out for an hour
    0:49:29 and I get more, yes, because it’s wild what happens.
    0:49:32 Like, and then why that is is because every minute
    0:49:34 of your day is slightly more productive
    0:49:36 than it would be if you’re not working out.
    0:49:38 And those minutes in the day or the entire day
    0:49:40 add up way more than the 50 minutes
    0:49:42 that you committed to that workout.
    0:49:43 And so do it.
    0:49:46 Your future successful entrepreneurial self
    0:49:49 will thank you because you’ve made time to do that.
    0:49:50 And you will get the time back
    0:49:53 and you’ll get the return on investment 10 fold,
    0:49:55 being a healthier, stronger version of yourself.
    0:49:56 So good.
    0:49:58 Adam, this has been an incredible conversation.
    0:50:00 I really, really enjoyed it.
    0:50:02 I usually don’t go almost two hours as my guest.
    0:50:04 So thank you for your time.
    0:50:06 It’s been an hour and 45 minutes, but it’s been awesome.
    0:50:10 You are like so knowledgeable, just so impressed with you.
    0:50:11 I end my show with two questions.
    0:50:13 We can be quick with them.
    0:50:16 What is one actionable thing my young and profitors can do today
    0:50:18 to become more profitable tomorrow?
    0:50:20 To become more profitable.
    0:50:21 Here’s what I’m going to lean into.
    0:50:24 And that because it didn’t hit me till I was 26.
    0:50:27 And that was the pursuit of daily growth.
    0:50:30 I wasn’t, I didn’t come from a big family of reading.
    0:50:33 And I didn’t think of that as something as something
    0:50:34 that would return on my investment.
    0:50:36 But holy crap is that.
    0:50:39 And I know that Alex Hermosi, right, says this a lot too,
    0:50:41 talks about like, I love the way he talks about
    0:50:44 when someone asks him how to invest $10,000.
    0:50:46 When they would, you know, how do I do this?
    0:50:47 I’m 20 years old, I have $10,000.
    0:50:49 And he’s like, reinvest in yourself.
    0:50:52 Go grow your skill sets in the marketplace
    0:50:55 because nothing is going to give you a greater return
    0:50:58 on your investment than improving who you are.
    0:51:00 Get better, get growing.
    0:51:03 And hold yourself accountable that on a daily, on a daily.
    0:51:05 Like go ask yourself at the end of every day,
    0:51:07 what did I learn today?
    0:51:09 How did I get better at my craft?
    0:51:11 How did I become a better person?
    0:51:12 What did I read and learn?
    0:51:14 And if you are, you’re stringing days together
    0:51:16 where you don’t have an answer to that,
    0:51:18 that’s your first thing to go do right now
    0:51:21 is don’t let a day go by that you’re not growing
    0:51:23 and learning and improving yourself
    0:51:25 because that shit starts to compound.
    0:51:27 And when you’ll look back five years later,
    0:51:29 and boy, will you be so much more valuable
    0:51:31 in the marketplace five years later
    0:51:33 of doing that every single day.
    0:51:35 Then if you just kind of half-hazardly go about it.
    0:51:37 So true.
    0:51:39 And what is your secret to profiting life?
    0:51:41 This can go beyond business, beyond finance,
    0:51:43 can go beyond what we even talked about today.
    0:51:45 So the single best piece of advice
    0:51:47 that was ever given to me changed my life.
    0:51:49 I’ll tell you the short version of it.
    0:51:54 I had just finished crushing goal at my gym, 110% of goal.
    0:51:56 The boss came in, I was proud of myself, I was excited.
    0:51:58 I thought he was coming in to tell me how great I was.
    0:52:00 And he came in and he picked me apart,
    0:52:02 told me I was all the things I was doing wrong
    0:52:04 unless that it just, it broke my heart inside.
    0:52:05 But that’s not who I am.
    0:52:06 What did I do?
    0:52:07 Work harder.
    0:52:08 So I was in the back just working all these things,
    0:52:09 getting my paperwork work,
    0:52:11 being better of all the things that he said.
    0:52:14 And my later on, who became a best friend of mine,
    0:52:15 who was the manager at that time,
    0:52:17 comes back and he sees me on the desk working on stuff.
    0:52:19 He goes, what the eff are you doing?
    0:52:20 He wipes everything on the table.
    0:52:22 And I looked at him and the boss came in,
    0:52:23 he told me I’m not doing this.
    0:52:25 He says, Adam, listen, you’re in the position that you’re in
    0:52:27 at this young of an age for a reason.
    0:52:30 Stop focusing on the things that you’re not good at.
    0:52:33 Focus on what you’re good at and be fucking great.
    0:52:34 And that just hit me like a ton of bricks.
    0:52:37 And it’s just like, he’s like, go be great at what you’re at.
    0:52:39 And so I tell people, like, don’t get hung up
    0:52:42 on your weaknesses and the things that you’re not so good at.
    0:52:45 Lean into the things that you love and that you’re good at
    0:52:48 and become an expert and become great at those things.
    0:52:49 That will serve you so much more.
    0:52:51 Such a good story.
    0:52:53 Adam, where can everybody learn more about you
    0:52:54 and everything that you do?
    0:52:56 Look up Mind Pump.
    0:52:58 I love to send people to mindpumpfree.com
    0:53:01 because that’s a lot of where our free resources are.
    0:53:05 You can find the show on any platform out there.
    0:53:06 Don’t buy anything from me.
    0:53:09 Go listen to all the free, valuable content I have first
    0:53:10 and then hopefully become a listener too.
    0:53:14 Amazing. Adam, you are welcome back whenever you’d like.
    0:53:17 Thank you so much for joining us on Young and Profiting Podcast.
    0:53:17 Thank you, Hala.
    0:53:26 Well, that wraps up my two-part interview with Adam Schaefer.
    0:53:28 And there was so much here to take away from his approach
    0:53:30 to marketing and audience building.
    0:53:32 It was a masterclass.
    0:53:36 And I think the one big thing that I really took away
    0:53:39 from this conversation is that so many entrepreneurs
    0:53:42 and businesses, they’re chasing followers.
    0:53:45 They’re chasing trends on social media.
    0:53:49 And it ends up that they lose sight of their true audience.
    0:53:52 It becomes just like a pure numbers game.
    0:53:55 But remember that getting eyeballs is way different
    0:53:57 than getting customers.
    0:53:59 And if you focus too much energy
    0:54:01 on getting people’s attention online
    0:54:04 by going viral and following algorithms and trends,
    0:54:07 you could get steered in the wrong direction
    0:54:09 and away from actually helping people
    0:54:12 and the people that need your help the most.
    0:54:14 So if you’re getting started
    0:54:18 and you feel overwhelmed by the world of online marketing,
    0:54:19 then do what Adam did.
    0:54:23 Go help that one person who values your particular expertise,
    0:54:25 skill, or product.
    0:54:27 Help them change their life for the better.
    0:54:31 Then once you help that person, go help five other people.
    0:54:33 Like Adam said, the return on investment
    0:54:35 from changing a life is worth so much more
    0:54:38 than views, clicks, or paid advertising.
    0:54:41 And if you build that loyal following organically,
    0:54:46 break by brick, follower by follower by providing value,
    0:54:51 then that audience will follow you across platforms
    0:54:53 and to other products and services.
    0:54:57 You’ve built yourself an audience-based business.
    0:55:00 And if one platform changes its algorithm,
    0:55:02 you won’t be stuck trying to rebuild
    0:55:04 or relocate your audience.
    0:55:08 Thank you for being a loyal follower of this podcast.
    0:55:11 If you listen, learned, and profited from this conversation,
    0:55:12 then help us spread the word
    0:55:14 about Young and Profiting Podcast
    0:55:16 and share this episode with somebody else.
    0:55:19 And if you did enjoy the show and you learned something
    0:55:22 and you’re a loyal listener, a loyal subscriber,
    0:55:25 then drop us a five-star review on Apple Podcast.
    0:55:27 If you’re a new listener, let me know what you thought
    0:55:29 about the show and make sure you don’t forget
    0:55:32 to subscribe so you never miss an episode.
    0:55:34 If you want to watch all of our podcasts on videos,
    0:55:36 you can find us on YouTube.
    0:55:39 My YouTube channel is growing really fast.
    0:55:40 I think you guys are going to love it.
    0:55:44 You can also find me on Instagram @yappathala
    0:55:45 or LinkedIn by searching my name.
    0:55:46 It’s Halla Taha.
    0:55:48 And of course, I got to take a moment
    0:55:53 to thank my Young and Profiting Podcast team at Yapp Media.
    0:55:55 You guys are absolute rock stars.
    0:55:57 It takes a whole village to put on this show.
    0:56:00 We’ve got producers, video editors, audio editors,
    0:56:03 bookings team, sponsorship coordinators.
    0:56:05 You guys are so amazing.
    0:56:08 You make this podcast an incredible show.
    0:56:10 And it’s really thanks to all your hard work.
    0:56:11 I couldn’t do it without you.
    0:56:13 This is your host, Halla Taha,
    0:56:16 aka the Podcast Princess, signing off.
    0:56:19 (upbeat music)
    0:56:21 (upbeat music)
    0:56:24 (upbeat music)
    0:56:27 (upbeat music)
    0:56:29 (upbeat music)
    0:56:38 [BLANK_AUDIO]

    When Adam Schafer launched Mind Pump, the fitness space on social media was flooded with fake success and viral fame. But he chose loyalty over hype by helping a few people deeply, replying to every DM, and turning down quick brand deals to protect his audience’s trust. That approach built Mind Pump into a multi-million-dollar business, with brands now lining up to work with them. In this episode, Adam shares his top social media marketing tips for entrepreneurs and content creators, why organic sales win, and how putting your audience first drives lasting business growth.

    In this episode, Hala and Adam will discuss: 

    (00:00) Introduction

    (01:00) The Power of Authentic Marketing

    (02:12) Building Loyalty on Social Media

    (05:29) Why Organic Sales Beat Paid Ads

    (08:49) Scaling by Listening to Customers

    (11:54) Email vs. Social Media Marketing

    (15:39) Tailoring Content for Every Platform

    (19:14) Surviving YouTube’s Tough Audience

    (21:20) Online Growth Strategies for Entrepreneurs

    (25:03) Why Mind Pump Refused Sponsors at First

    (28:13) Building Trust and Value in Advertising

    (32:11) Protecting Your Brand in Online Marketing

    (35:18) Boosting Productivity with Fitness

    Adam Schafer is the co-founder of Mind Pump Media, a multi-million-dollar fitness brand and podcast. Growing up with childhood trauma, including the loss of his biological father to suicide, Adam developed resilience and leadership early on. Starting with a lawn-mowing business and later working as a fitness trainer, he co-founded Mind Pump, growing it into one of the top fitness podcasts and companies from the ground up.

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    Entrepreneurship, Entrepreneurship Podcast, Business, Business podcast, Self Improvement, Self-Improvement, Personal development, Starting a Business, Strategy, Investing, Sales, Selling, Psychology, Productivity, Entrepreneurs, AI, Artificial Intelligence, Technology, Marketing, Negotiation, Money, Finance, Side hustle, Mental Health, Career, Leadership, Mindset, Health, Growth Mindset, SEO, E-commerce, LinkedIn, Instagram, Digital Marketing, Storytelling, Communication, Video Marketing, Social Proof, Marketing Trends, Influencers, Influencer Marketing, Marketing Tips, Digital Trends, Content Marketing, Marketing Podcast.

  • YAPClassic: Lori Harder on Pivoting in Business and Reinventing Your Mindset for Success

    AI transcript
    0:00:02 Today’s episode is sponsored in part by Factor,
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    0:00:36 with Airbnb’s new co-host network.
    0:00:39 Find yourself a co-host at Airbnb.com/host.
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    0:00:44 that helps you grow your business.
    0:00:46 Sign up for a $1 per month trial period
    0:00:49 at Shopify.com/profiting.
    0:00:51 Rocket Money helps you find and cancel
    0:00:54 your unwanted subscriptions, monitors your spending,
    0:00:56 and helps lower your bills.
    0:01:00 Sign up for free at rocketmoney.com/profiting.
    0:01:03 Attract, interview, and hire all in one place with Indeed.
    0:01:08 Get a $75 sponsored job credit at indeed.com/profiting.
    0:01:10 Terms and conditions apply.
    0:01:12 As always, you can find all of our incredible deals
    0:01:17 in the show notes or at youngandprofiting.com/deals.
    0:01:19 (gentle music)
    0:01:22 (gentle music)
    0:01:29 – What’s up, YAP Gang?
    0:01:31 In this episode of YAP Classic,
    0:01:33 we’re revisiting an episode from last year
    0:01:37 with one of my most inspiring friends, Lori Harder.
    0:01:40 We talk about a super important topic for entrepreneurs,
    0:01:42 which is the art of pivoting.
    0:01:45 Entrepreneurship is all about embracing pivots,
    0:01:48 and nobody knows that more than Lori.
    0:01:49 Lori is a serial entrepreneur
    0:01:52 to the host of the Forbes 11 Business Podcast,
    0:01:54 Earn Your Happy, which is in my podcast network,
    0:01:58 and the bestselling author of a tribe called Bliss.
    0:02:00 Lori has had to reinvent herself
    0:02:01 at several points in her life.
    0:02:05 She went from being a chubby kid with anxiety issues
    0:02:07 to then gracing the covers of fitness magazines
    0:02:11 and becoming a three-time fitness world champion.
    0:02:13 Then she built a successful fitness brand
    0:02:16 and made it big with a network marketing business.
    0:02:19 By 32, she had made her first million.
    0:02:21 In this episode, Lori shares her journey
    0:02:24 of reinventing herself time and time again,
    0:02:26 including lessons on rebounding from failure
    0:02:28 and pivoting in business.
    0:02:30 So get ready for an inspiring conversation
    0:02:33 about turning setbacks into stepping stones
    0:02:35 and discovering your true potential.
    0:02:41 Lori, welcome to Young and Profiting Podcast.
    0:02:43 – I’m so excited to be here.
    0:02:45 I can’t wait to chat with you.
    0:02:48 Likewise, I love chatting with my girlfriends.
    0:02:51 And Lori, I thought I knew a lot about you,
    0:02:53 but it turns out I didn’t know much about you
    0:02:57 once I started studying all your work and your life.
    0:03:01 And I found out that when you were a child,
    0:03:03 you were actually pretty overweight.
    0:03:05 And that was so surprising to me
    0:03:08 because I’ve always known you as somebody who’s super fit.
    0:03:10 You’ve been a fitness model in the past.
    0:03:15 And I just had no idea that you had this transformation.
    0:03:18 So I’d love to understand what was it like for you as a kid.
    0:03:20 How did that actually shape who you are
    0:03:21 as an entrepreneur today?
    0:03:24 – Oh my gosh, coming from a family
    0:03:27 that it really stemmed from all of our joy
    0:03:29 came from connecting over food.
    0:03:32 It was just as far as I can remember back
    0:03:36 all of our extracurricular time when we were sad,
    0:03:39 when we were happy, when we were bored,
    0:03:40 we connected over food.
    0:03:45 And I remember having a really loving childhood
    0:03:48 as far as family and parents go,
    0:03:50 but also there was a lot of pain
    0:03:54 that’s connected to when you use food as a crutch.
    0:03:56 Because when I think about my mom, my sister,
    0:04:00 and all of my mom’s sisters who she had four sisters,
    0:04:01 there was a lot of anxiety.
    0:04:03 There was a lot of depression.
    0:04:05 There was a lot of health issues.
    0:04:08 There was a lot of self-loathing.
    0:04:10 So it was kind of a mix of everything.
    0:04:14 And for me, having those moments as a young kid,
    0:04:16 I remember when I was eight or nine years old,
    0:04:19 it was the first time I realized,
    0:04:21 oh, this is gonna be a little bit painful
    0:04:23 being in this body.
    0:04:27 I got invited to a pool party with a bunch of friends
    0:04:28 in my church.
    0:04:32 And I remember having such a massive crush on this one kid.
    0:04:36 I was that kid who was so outgoing before this,
    0:04:38 even before this moment, which we’ll chat about in a second,
    0:04:42 but I was always, oh my gosh, look at my dance moves,
    0:04:44 look at this dance I made up, record me,
    0:04:46 somebody put a camera on me.
    0:04:49 This is who my personality was at the core.
    0:04:51 And so I remember going to this pool party
    0:04:53 and I got this new swimsuit
    0:04:55 because the love of my life was gonna be there.
    0:04:57 And I could not wait to go up on this diving board
    0:05:01 and show it off and do this pool flip.
    0:05:04 And I remember walking up one of my best friends
    0:05:06 at the time, she was super skinny.
    0:05:08 She was climbing up the ladder in front of me
    0:05:10 and looking at her legs going, oh my God,
    0:05:14 being that young going, oh, I wish I could be that thin.
    0:05:16 And all the boys liked her.
    0:05:18 And I get up on the diving board
    0:05:22 and I can hear the kids, my friends chanting something.
    0:05:27 And they’re saying whale over and over and over again.
    0:05:31 And I just remember standing on the edge of the diving board
    0:05:34 and having that moment of I wanna hide.
    0:05:38 And so I went from this really outgoing,
    0:05:40 look at me, can’t wait to perform.
    0:05:42 I wanna sing, I wanna dance, I wanna be your friend
    0:05:45 to starting to hide because of my body.
    0:05:47 And I remember being under the water though
    0:05:51 and thinking literally, I’m not gonna let this happen to me.
    0:05:54 And so even though I was really young,
    0:05:57 I started thinking, is there a way
    0:06:01 that I could have this not be my destiny?
    0:06:06 So fast forward to being about 11 or 12 years old,
    0:06:07 I was sitting at the table with all of my aunts.
    0:06:10 And again, a really loving family,
    0:06:13 but a lot of struggle around weight,
    0:06:15 thinking that this was our genetics.
    0:06:17 And we were all sitting around eating
    0:06:19 at a family get together.
    0:06:21 And they had known that I started working out
    0:06:22 just doing some exercising at home,
    0:06:24 doing exercise videos.
    0:06:27 And they’re like, just wait, you’ll be fat just like us,
    0:06:29 no matter what you do.
    0:06:32 And in that moment, I remember rejecting it again,
    0:06:36 like, no, this can’t be genetics
    0:06:37 because what they’re saying to me
    0:06:40 is this is just how you are and it’s who you are.
    0:06:43 And it just led me on this lifelong journey
    0:06:46 of searching for other people
    0:06:49 to learn how they were being healthy and fit.
    0:06:52 And as a teenager, I would beg my mom
    0:06:53 to buy me fitness magazines
    0:06:55 when we’d go to the grocery store.
    0:06:56 And those were the first times
    0:07:00 that I was able to understand
    0:07:04 that I’m reading what they eat and how they live
    0:07:05 ’cause they would post their schedules
    0:07:07 and things in these different magazines.
    0:07:10 And I was like, we’re not doing that.
    0:07:14 So that was the moment for me of, wow,
    0:07:16 certain ways of living get certain results.
    0:07:19 And our way of living is getting one result,
    0:07:22 but it was this moment of the work is hard.
    0:07:24 It’s challenging to be healthy
    0:07:26 and get the things that you want.
    0:07:29 And so that was the catalyst
    0:07:31 for all of that in the fitness world.
    0:07:32 – It’s so amazing.
    0:07:35 And I love what you’re saying in terms of the fact
    0:07:36 that when you were younger,
    0:07:40 before you got this external feedback from your peers,
    0:07:42 you were who you are today.
    0:07:44 An outgoing girl who loves to be on stage,
    0:07:47 who loves the shine, who loves the attention,
    0:07:48 you get the external feedback
    0:07:51 and suddenly you’re like a shell of yourself.
    0:07:53 So talk to us about the things that you did
    0:07:56 when you were a child that isolated you
    0:07:58 and then how once you were a teen
    0:08:00 and got out of the house
    0:08:03 that you were able to pull yourself out of that.
    0:08:04 – Well, I think there were a couple other reasons
    0:08:05 for isolating as well.
    0:08:07 So I had that and then I grew up
    0:08:09 in a more restrictive religion.
    0:08:11 So we weren’t allowed to associate
    0:08:13 with anyone outside of our religion.
    0:08:14 So take a small town.
    0:08:15 I’m from Upper Michigan.
    0:08:16 I’m from Market, Michigan.
    0:08:19 It’s a fairly small town in Upper Michigan.
    0:08:20 You’re surrounded by the woods.
    0:08:23 Anything close to that really resembles a city
    0:08:25 is about three hours away.
    0:08:28 So taking a small town and making it smaller
    0:08:30 by only being allowed to associate with people
    0:08:32 in your congregation, in your religion,
    0:08:35 we had approximately around 110 people
    0:08:36 in our church growing up.
    0:08:39 So I wasn’t allowed to do any extracurriculars
    0:08:41 and I wasn’t allowed to do anything with anyone in school
    0:08:43 or quote unquote, “worldly people.”
    0:08:46 So for me, I think the hiding also started
    0:08:47 because I was going to school,
    0:08:50 in elementary school and middle school,
    0:08:53 but because there wasn’t a whole lot of different kids
    0:08:54 in Upper Michigan,
    0:08:56 like there wasn’t a lot of diversity up there.
    0:09:00 I remember one African-American student
    0:09:03 in my entire school career.
    0:09:05 And so it’s like you’re also abnormal
    0:09:07 if you’re not celebrating holidays
    0:09:09 and you can’t do the art projects in art
    0:09:12 and you can’t date and you can’t go
    0:09:13 and spend the night at people’s house
    0:09:15 and you can’t go to their house after school.
    0:09:17 And so I got made fun of a lot in school
    0:09:19 and I started to get panic attacks.
    0:09:23 So then I labeled myself
    0:09:25 because my mom was also experiencing these things
    0:09:28 and I labeled myself as someone who has panic attacks
    0:09:31 and I labeled myself as an anxious person.
    0:09:34 And I just started isolating more and more and more
    0:09:38 and it became a much bigger challenge for me
    0:09:41 as I was older to try to work through those things
    0:09:43 because you gain an awareness
    0:09:45 that once you’re out in the real world,
    0:09:47 you’re not gonna function well
    0:09:50 if you can’t connect with other people.
    0:09:54 And so my entire life’s work has been
    0:09:58 how does a girl who came from a restrictive religion
    0:09:59 who isn’t allowed to associate with anyone else
    0:10:01 who did not have any other network
    0:10:05 because I ended up leaving that religion at 18
    0:10:07 into a world of no friends, really.
    0:10:10 I had a couple from my religion who also left
    0:10:13 but that didn’t go well for that more us either.
    0:10:15 When you’re held like a spring and you let go,
    0:10:18 it’s like we had a disastrous life for a few years there.
    0:10:20 It was the drinking and partying
    0:10:22 and it just was not a great experience.
    0:10:25 So how do you build a network?
    0:10:27 How do you overcome anxiety?
    0:10:28 How do you even start to dream
    0:10:31 when you’ve never seen the possibility
    0:10:34 in your social circle of what is possible for you
    0:10:37 because it’s never been in your social circle?
    0:10:39 And how do you create an entirely new identity
    0:10:41 outside of this woman that I used to be
    0:10:43 or girl that I used to be
    0:10:45 who was very much like,
    0:10:49 okay, we need to make sure we just preach about the Bible.
    0:10:52 And if you struggle, that must be righteous
    0:10:55 and really challenged money story,
    0:10:59 challenged with my weight and all of those different things.
    0:11:01 So that’s why I love what I do now
    0:11:05 because I feel like I’m a bit of like an excuse eliminator
    0:11:07 ’cause when I hear things I’m like, oh no,
    0:11:10 yeah, you can do this, like I did it, let me show you.
    0:11:12 So it’s funny on podcasts,
    0:11:14 it’s like, oh, we got to go back to the beginning again
    0:11:16 but the beginning is so important.
    0:11:18 It’s so important to see where we all came from
    0:11:20 to know like, you can do it too.
    0:11:22 This is so possible for you.
    0:11:26 – Totally, and now you’re on stages with 15,000 people,
    0:11:28 you always have these awesome events,
    0:11:31 so you’ve got amazing companies.
    0:11:33 So you’ve totally transformed yourself.
    0:11:37 So you became a fitness influencer essentially,
    0:11:38 you became a fitness model,
    0:11:41 you were a three-time world champion.
    0:11:46 Talk to us about the first real entrepreneurship experience
    0:11:48 that stemmed from that.
    0:11:51 – My very first entrepreneurship experience
    0:11:54 was because our back was up against the wall.
    0:11:58 So I will say, I think that life offers us
    0:12:03 the perfect challenge in order for us to use it
    0:12:06 to find our gifts and to find our purpose.
    0:12:10 And so I got married at a really young age.
    0:12:14 I met my husband when I was at the end of 20, almost 21
    0:12:19 and we were those people who just knew fairly quickly
    0:12:21 that we were gonna be together.
    0:12:24 And he had the same, you know, he was a big dreamer,
    0:12:25 he was into fitness too.
    0:12:29 And so when I married him, we were able to go,
    0:12:31 okay, what are the big dreams that we want?
    0:12:34 Except I was more supporting him
    0:12:37 because what I also haven’t shared is that
    0:12:39 because I was homeschooled through high school
    0:12:41 and there was just a whole lot going on with my parents,
    0:12:44 I never graduated, I have never gotten my GED,
    0:12:46 I’ve gone back to try to get it when I was younger
    0:12:48 and still failed it.
    0:12:50 And I just was terrible at math and testing,
    0:12:51 come to find out much later
    0:12:54 as I just had never learned how to test.
    0:12:56 – Yeah, he knows. – Crazy testing guide.
    0:12:58 So when I married my husband,
    0:13:02 he was on an amazing trajectory in his career.
    0:13:04 When I met him, he was fairly successful,
    0:13:08 but when we got married and we just put fitness
    0:13:11 in each other and this dream of him building this career
    0:13:14 and me supporting this dream, it started to take off.
    0:13:18 But his career was in mortgage and finance.
    0:13:23 And in 2008, which was not long after we got married,
    0:13:26 there was a recession, which mortgage and finance,
    0:13:31 that whole industry essentially got erased for a while.
    0:13:33 Not just oh, it’s struggling,
    0:13:35 like oh, it’s going down the toilet.
    0:13:38 Like it’s literally got completely erased,
    0:13:42 which means there was no really great place for him to go.
    0:13:43 And so we ended up losing everything
    0:13:48 because as young kids do, when his career was taking off,
    0:13:52 24 and 26, when his career was really starting to take off,
    0:13:54 we spent it all and lived way beyond our means.
    0:13:58 And at the time, I wasn’t even like into the finances.
    0:14:00 So it didn’t come as a total surprise,
    0:14:03 but when the recession hit, it was like,
    0:14:06 oh, we’re losing our house, we’re losing our cars
    0:14:09 and we are $300,000 in debt
    0:14:12 and we have to borrow money from his parents
    0:14:14 to even go and get another place.
    0:14:17 And so we borrowed their retirement fund,
    0:14:20 essentially wiped out their entire retirement fund,
    0:14:23 which doesn’t feel very good when you are,
    0:14:25 every decision that you make,
    0:14:27 you feel like someone is looking at
    0:14:28 because you owe them money.
    0:14:30 And that’s not what they were saying by any means,
    0:14:31 but it’s how it feels.
    0:14:34 It feels like you’ll never get out of that hole.
    0:14:38 And so my first entrepreneurship experience
    0:14:40 was because my back was up against the wall.
    0:14:43 And when that happened, and when Chris came to me,
    0:14:44 who’s my husband and he’s like,
    0:14:47 we’ve lost everything, I don’t have anywhere to go.
    0:14:49 I wasn’t the breadwinner.
    0:14:53 I was working random retail jobs, making hardly anything.
    0:14:57 And I had started at LA Fitness not long before this.
    0:14:59 And I had started personally training.
    0:15:01 And I had heard somebody say,
    0:15:05 probably like three months prior to this
    0:15:09 to make sure that you proclaim your dreams to people.
    0:15:11 So I had started as a personal trainer,
    0:15:13 talking to my clients, ’cause you end up having
    0:15:16 these great relationships with a lot of your clients.
    0:15:18 I told them about my dream to own a gym
    0:15:21 and be like a Jillian Michaels at the time.
    0:15:24 I didn’t have an example of what does it look like
    0:15:26 to be like a famous fitness person?
    0:15:28 And there was like biggest loser stuff.
    0:15:30 And that was about it and being on covers.
    0:15:32 So I told them I want to be on covers
    0:15:34 because that’s what inspired me when I was young.
    0:15:36 I used to carry these fitness magazines around
    0:15:39 and they were dog-eared and they were my icons.
    0:15:42 I just followed everything that these women did.
    0:15:44 And so I was telling this woman that I wanted to have
    0:15:46 my own gym and et cetera.
    0:15:49 And she had said to me right after this had happened,
    0:15:52 right after we were kind of struggling,
    0:15:54 not kind of struggling, really struggling.
    0:15:58 Yeah, she was 28, I think I was 26 at the time.
    0:16:02 And she said, I’m opening my own chiropractic studio.
    0:16:05 How cool is that at 28 in the Midwest too?
    0:16:06 I’m like, wow, that’s amazing.
    0:16:10 And she said, if you want to come and train me in trade
    0:16:12 for free, train me three times a week,
    0:16:14 you can work out at the lower level
    0:16:17 of this chiropractic center until you can pay me.
    0:16:21 And two weeks later, I literally said yes on the spot.
    0:16:22 I didn’t know what that would look like.
    0:16:24 I was like, I’m pretty sure I have a non-compete
    0:16:26 in this year of studios two blocks away,
    0:16:29 but we’re just gonna work this out and lie about it.
    0:16:30 (laughs)
    0:16:35 So I had said yes and also realized,
    0:16:37 which didn’t even care,
    0:16:39 the lower level to her chiropractic studio
    0:16:41 was completely unfinished.
    0:16:44 And I did not have the money to finish it.
    0:16:46 So it was studs and wires
    0:16:48 and there was no workout equipment down there.
    0:16:50 There was no mirrors, there was no nothing.
    0:16:54 So I’m like, okay, how’s a girl go and figure this out?
    0:16:57 And I remember my husband and I went to a Walmart
    0:16:58 and we got the flooring,
    0:17:00 the flooring you put in like a toddler’s room,
    0:17:03 like the square you piece together.
    0:17:05 We put that down on the ground.
    0:17:08 We found black, thankfully it wasn’t all different colors.
    0:17:10 We put that down on the ground
    0:17:12 and I bought a couple sets of weights,
    0:17:14 but because they’re expensive at the time for me,
    0:17:17 I bought a lot of those straps that bust and pop
    0:17:20 in your face, you know, like the rubber bands.
    0:17:22 So I was like, I don’t normally train with bands,
    0:17:24 but girl’s gonna learn how to train with bands.
    0:17:26 And then I bought those mirrors
    0:17:28 that you put on the back of your door,
    0:17:30 like as a teenager, the sticky mirrors.
    0:17:31 And I bought three of them.
    0:17:33 It’s like all I could afford.
    0:17:35 And I remember this woman coming down
    0:17:39 ’cause she had answered an ad that we had put out there.
    0:17:41 And she pulls up in a Range Rover
    0:17:44 and I didn’t really know what a Range Rover was at the time,
    0:17:46 but I was like, I know they’re expensive.
    0:17:48 And I was like, oh, shit.
    0:17:51 She’s about to walk down to this, you know, dungeon.
    0:17:54 And I was like, I’m gonna go to the dungeon.
    0:17:56 And I was like, I’m gonna go to the dungeon.
    0:17:59 And I was like, I’m gonna go to the dungeon.
    0:18:01 And I was like, I’m gonna go to the dungeon.
    0:18:03 And I was like, I’m gonna go to the dungeon.
    0:18:05 And I was like, I’m gonna go to the dungeon.
    0:18:07 And I was like, I’m gonna go to the dungeon.
    0:18:09 And I was like, I’m gonna go to the dungeon.
    0:18:11 And I was like, I’m gonna go to the dungeon.
    0:18:13 And I was like, I’m gonna go to the dungeon.
    0:18:15 And I was like, I’m gonna go to the dungeon.
    0:18:17 And I was like, I’m gonna go to the dungeon.
    0:18:19 And I was like, I’m gonna go to the dungeon.
    0:18:20 And I was like, I’m gonna go to the dungeon.
    0:18:25 ‘Cause the biggest, most beautiful things start really small.
    0:18:30 And you’ll gain your deepest insights there for everything.
    0:18:33 – Let’s hold that thought and take a quick break
    0:18:34 with our sponsors.
    0:18:36 – Yeah, fam.
    0:18:38 When I first started this podcast, believe it or not,
    0:18:41 I had an all volunteer team to help me out.
    0:18:42 But as my business took off,
    0:18:46 I needed to hire a lot of new people and fast.
    0:18:47 It soon became overwhelming.
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    0:23:02 – I love this story.
    0:23:05 It just shows so much how you really grew it
    0:23:07 from the ground up.
    0:23:09 And I love the story of you and Chris.
    0:23:11 I had no idea that you guys met so young
    0:23:16 and now you guys are just this amazing power couple
    0:23:18 that’s always doing these awesome events.
    0:23:19 And it’s just really inspiring, honestly,
    0:23:23 to hear the story about how you guys grew together
    0:23:23 and did this all together
    0:23:26 and how he supported you and helped you.
    0:23:30 So at what point did you take this and scale it online?
    0:23:31 What was that like?
    0:23:34 – With the in-person personal training,
    0:23:36 you kind of have a realization
    0:23:38 that you are trading time for money
    0:23:40 because I wanted to make more
    0:23:43 because of this number that we were in debt.
    0:23:47 And so my head and my husband’s head starts doing the math
    0:23:49 on how long is this gonna take us.
    0:23:51 And you realize you’ll be like 80 years old
    0:23:53 and try to pay this off.
    0:23:58 So we’re like, okay, can’t just trade in-person stuff
    0:23:59 because we’ll never pay this off
    0:24:02 and we’ll never be in the positive, essentially,
    0:24:04 the way that we wanna live life at all.
    0:24:09 So at that time I was starting to do fitness competitions
    0:24:12 and the woman that I had found through a fitness magazine
    0:24:14 and I had gone to her camp
    0:24:17 had an online training membership.
    0:24:20 But the membership was for fitness competitions
    0:24:22 if you wanted to compete.
    0:24:25 So it would be the workouts, it’d be the competition diet,
    0:24:28 all of those things, group calls, group recognition.
    0:24:31 And I was like, wait, this is freaking amazing.
    0:24:33 Why wouldn’t I do this for just the people
    0:24:35 who can’t train with me?
    0:24:39 ‘Cause I had slowly started building a Facebook presence
    0:24:42 and I built it simply by every single day
    0:24:44 I would show up and write something that I was going through
    0:24:46 or something that I was reading
    0:24:48 and something that I was doing to move through it.
    0:24:50 And it became like an online journal for me.
    0:24:53 And somehow I didn’t even realize what I was doing.
    0:24:55 I was obviously growing a personal brand.
    0:24:58 And so I would have people all the time
    0:24:59 ’cause I’d talk about my workouts that day.
    0:25:01 I’d post them online and I’d have people who’d be like,
    0:25:03 God, I wish I could train with you.
    0:25:05 I wish we could do this together.
    0:25:07 And so I knew that there would be some people.
    0:25:09 I didn’t know how many there would be,
    0:25:11 but I’m like, oh, I think I can count like five
    0:25:13 who would join this thing.
    0:25:14 And so in the beginning,
    0:25:16 I gave my in-person clients
    0:25:18 who couldn’t train with me more than a day.
    0:25:22 I gave it to them for free to start, to give me feedback.
    0:25:25 And one of the women who I gave it to, mind you,
    0:25:27 your girl didn’t graduate.
    0:25:31 So it was this typed out horrible PDF version.
    0:25:35 It’ll look fine, but it certainly didn’t look great.
    0:25:37 So one of the women that I gave it to,
    0:25:39 she’s like an editor for this big company
    0:25:43 that she works for and she loved me and I loved her.
    0:25:46 She was like, Lori, I love that you’re doing this,
    0:25:49 but I’m gonna help you format all of this for free
    0:25:51 because you’re giving it to me for free.
    0:25:54 And so that was my first experience.
    0:25:55 She helped me level up my brand
    0:25:59 and also this experience of go look and trade.
    0:26:01 If you’re great with the workouts,
    0:26:02 but you’re not great with this,
    0:26:04 go and try to find people that you can barter with
    0:26:05 or trade with.
    0:26:08 And so that’s really how I started doing
    0:26:09 a lot of different things.
    0:26:12 I had that moment of, wait, if this is working for this,
    0:26:14 why couldn’t I go barter for this
    0:26:15 or barter for that for now
    0:26:18 until we can really get this thing off the ground?
    0:26:21 And so that’s how the online fitness membership started.
    0:26:23 We had that for like nine years.
    0:26:25 We did challenges to get people in there.
    0:26:27 First it started with a 30 day challenge.
    0:26:30 Then as people’s attention started to deplete,
    0:26:31 we did a 14 day challenge.
    0:26:34 Then a seven day challenge ultimately was our challenge
    0:26:35 that really, really crushed,
    0:26:37 that just did really well and brought a lot of people in.
    0:26:41 So we always hovered from like 1,000 to 2,500 members
    0:26:43 paying around $89 a month.
    0:26:47 And it was a great, great membership that I loved
    0:26:50 until I did it, until I decided to pivot.
    0:26:53 And I remember when I made that decision
    0:26:54 ’cause we were doing some other things too.
    0:26:57 We had really gotten into business and entrepreneurship
    0:26:59 and my husband couldn’t understand
    0:27:02 why I would quit something that was making really great money.
    0:27:03 That is a whole other conversation.
    0:27:07 But when you grow into something after nine years,
    0:27:09 so different and I was so thoroughly enjoying
    0:27:12 the entrepreneurship world and events
    0:27:15 and being in that energy and helping those people,
    0:27:16 it’s weird.
    0:27:19 It’s like your soul can’t even do the other thing anymore.
    0:27:22 And identifying as a fitness person anymore.
    0:27:25 I was identifying as me being a person who loved fitness,
    0:27:29 but I wasn’t identifying with me wanting to help people
    0:27:31 necessarily on their fitness journey.
    0:27:35 I really wanted to do a full pivot into helping people
    0:27:39 with their business and money in big dream journey.
    0:27:41 – Well, that makes sense because I feel like
    0:27:44 the easiest way to start as an entrepreneur
    0:27:47 is to scale something out that you’re really good at, right?
    0:27:50 So you were really good at fitness.
    0:27:54 You didn’t dream about becoming a fitness teacher.
    0:27:55 That wasn’t your ultimate dream,
    0:27:58 but that was what you could when you had no money,
    0:28:01 a way for you to make a lot of money, right?
    0:28:04 It reminds me of starting my social agency.
    0:28:06 I never wanted to have a social agency,
    0:28:07 but I was really good at it.
    0:28:08 So it was my first business.
    0:28:09 And so I just did that.
    0:28:11 Now I’m passionate about my network.
    0:28:16 My agency is doing great, but that’s not really my passion.
    0:28:19 I always wanted to have a podcast network, right?
    0:28:23 So it’s so cool that you were able to realize that
    0:28:25 for everybody out there right now
    0:28:27 who wants to be an entrepreneur,
    0:28:31 often I say, think about who you needed
    0:28:32 back when you weren’t an entrepreneur.
    0:28:34 And I feel like that’s the business you created.
    0:28:37 You created a business for the little girl
    0:28:39 that grew up overweight.
    0:28:41 Can you talk to us about what you saw in the community
    0:28:45 that you built in terms of the women’s that you served
    0:28:47 and how that made you feel in terms of your purpose
    0:28:49 and everything like that?
    0:28:53 Looking back, I think that people’s first,
    0:28:57 almost like spiritual cracking open
    0:29:01 or first experience with,
    0:29:06 oh, there’s more or I’m here for a reason
    0:29:08 can happen through fitness.
    0:29:12 And I think that that is because
    0:29:15 when you find wellness or fitness,
    0:29:17 maybe you’re not sleeping well.
    0:29:19 Maybe you’re not treating your body very good.
    0:29:20 Maybe you’re not eating very well.
    0:29:21 You’re not moving.
    0:29:24 And I think that in order to be the vessel,
    0:29:27 which is what I believe we’re here to do is be the vessel
    0:29:31 in which we get to live out our dreams and our purpose.
    0:29:34 And in order to get those messages,
    0:29:36 you have to be fairly healthy.
    0:29:37 You need to move your body.
    0:29:38 You need to eat well.
    0:29:39 You need to be sleeping.
    0:29:42 And then later on, you learn that there’s levels
    0:29:44 to these cracking open.
    0:29:45 I’m just gonna use those words of,
    0:29:47 oh, your next level, so on and so forth.
    0:29:50 And your next level after fitness
    0:29:52 is gonna require community.
    0:29:53 And your next level after that
    0:29:56 is gonna require a community that stretches you
    0:29:58 or some big challenges.
    0:30:00 So what I noticed in the fitness world
    0:30:04 is that women would come thinking they wanted the abs.
    0:30:06 And what would end up happening
    0:30:09 is that they would realize that it was never about that.
    0:30:11 It was about a bigger purpose.
    0:30:13 And the more that they would eat better
    0:30:15 and move better and feel better,
    0:30:16 the more they would go,
    0:30:19 oh my God, I think there’s more for me.
    0:30:21 And then not just more,
    0:30:24 they also wanted to make money.
    0:30:27 Because money allows you to walk out of situations
    0:30:29 that you don’t wanna be in.
    0:30:31 That is what I noticed.
    0:30:34 And that is where my heart started to be so pulled.
    0:30:36 I realized I was training a whole lot of women
    0:30:39 who were in situations that were not necessarily chosen,
    0:30:41 but they felt trapped.
    0:30:43 And I’m not even talking about necessarily
    0:30:44 just marriages or relationships,
    0:30:46 but that would come up a lot.
    0:30:50 But jobs, jobs, family dynamics,
    0:30:52 like very interesting things that they felt
    0:30:55 they were stuck in due to financial situations
    0:30:56 and circumstances.
    0:31:00 – Did you actually just shut down the fitness business?
    0:31:02 – One of the things I had left out
    0:31:07 is that along there when we were rebuilding
    0:31:09 and I had that studio,
    0:31:12 the gym in the chiropractics center,
    0:31:15 I got a client who had worked with my husband
    0:31:17 in the mortgage industry.
    0:31:20 And she was like, “Hey, Chris, does your wife still train?
    0:31:21 “Can I train with her?
    0:31:22 “I wanna lose 100 pounds.”
    0:31:23 So I was super excited
    0:31:25 because I’d met her a couple of times
    0:31:26 and I really liked her.
    0:31:27 And I started training with her
    0:31:29 and she would always talk about these supplements
    0:31:31 she was taking and at the time
    0:31:33 because I was in the fitness world
    0:31:36 and working with a coach who was like an all natural,
    0:31:38 not like drugs or anything, but food only.
    0:31:40 She didn’t want shakes, she didn’t want supplements.
    0:31:43 She was like, “Get your nutrition through food.”
    0:31:46 Really, really clean coach.
    0:31:48 And because I was working with her
    0:31:50 when someone would talk about shakes and supplements,
    0:31:51 I was like, “No, no, you should do food.”
    0:31:53 And she’s like, “I’m a busy woman.
    0:31:57 “I can’t be cooking these five meals that you’re telling me
    0:31:58 “because at the time I’m young,
    0:32:00 “I’m not thinking of people with kids or busy lives.”
    0:32:02 I’m like, “No, you need to make five meals a day.”
    0:32:05 Like, I learned later.
    0:32:07 I’m like, “Wow, was I crazy to ask that of women?”
    0:32:08 Okay, got it.
    0:32:11 So she’s telling me about these things that she’s taking.
    0:32:13 I’m like, blah, blah, blah, don’t take them.
    0:32:15 You need to just eat these five meals
    0:32:17 I’m giving you this meal plan.
    0:32:19 And so fast forward six months,
    0:32:22 she loses almost 100 pounds.
    0:32:25 And as great of a trainer as I was,
    0:32:27 I was not getting those results with other people.
    0:32:30 So I was like, “What on earth are you doing now?”
    0:32:32 She had entered a challenge
    0:32:35 and she was obviously sticking really closely to it
    0:32:36 and working out or whatever.
    0:32:38 But she felt great every day.
    0:32:41 This girl was in the best mood.
    0:32:43 She started lifting heavier than me,
    0:32:44 which was just a moment of,
    0:32:47 “Wait a minute, you’re lifting heavier weights
    0:32:48 while you’re losing weight,
    0:32:51 which is normally really counterintuitive.
    0:32:53 Normally, you’re really tired.
    0:32:56 You can lose muscle when you’re losing all that weight.”
    0:33:00 And so I was like, “Bring me that shake that you’re on.”
    0:33:01 (laughs)
    0:33:03 Six months in and I had said no for that long
    0:33:05 ’cause it was network marketing.
    0:33:07 And so that was my breakdown moment
    0:33:09 is I was struggling with my diet and I was competing
    0:33:11 and I was not feeling good.
    0:33:14 I was feeling depressed ’cause the food was just like,
    0:33:17 “Blah, I wasn’t eating great.”
    0:33:18 And that was it for me.
    0:33:20 I was like, “Okay, let me try this.”
    0:33:22 And I tried it.
    0:33:23 Two weeks later, I had never felt better.
    0:33:27 I actually ended up two months after going and competing
    0:33:30 and sweeping two national titles
    0:33:34 that have never ever been swept in the same year ever.
    0:33:36 Still has never happened
    0:33:38 ’cause I just had never felt so good in my life.
    0:33:41 And so I got into network marketing
    0:33:46 and we went from zero to a million dollars
    0:33:48 in about 13 months.
    0:33:50 Wow, ’cause I was so passionate.
    0:33:52 My back was up against the wall.
    0:33:54 I needed to pay off my in-laws.
    0:33:55 That was hovering over my head.
    0:33:59 I felt like I couldn’t buy anything without feeling awful.
    0:34:01 And I had gone bankrupt as a teenager.
    0:34:02 Well, I hadn’t, but my parents had.
    0:34:05 And I was like, “I am not repeating this story.”
    0:34:08 We were listening to secrets of the millionaire mind.
    0:34:09 We had started in network marketing,
    0:34:12 which that company in particular that we were in,
    0:34:14 it was called Isagenix.
    0:34:15 We’re actually still in it,
    0:34:19 but it was more of a personal development company
    0:34:20 than even a network marketing company.
    0:34:24 So we had gotten so deep into money mindset,
    0:34:25 learning about being abundant
    0:34:26 and all of those different things.
    0:34:28 So the reason I’m telling you that
    0:34:30 is because when you said, “What did you do with the gym?”
    0:34:33 That was doing so well along with the membership
    0:34:35 that I actually gifted it to one of my best friends
    0:34:37 and she took it over for a year.
    0:34:40 So I just handed her the keys with all of the equipment,
    0:34:42 all of the clients.
    0:34:43 And I said, “Here you go.”
    0:34:44 I knew that she wanted to start a business.
    0:34:47 She had just left her husband
    0:34:49 and had an amazing business for a year
    0:34:52 and got to take all of my clients, which was a gift to me
    0:34:55 because I didn’t want to give them to someone I didn’t trust.
    0:34:58 And so that was my first big,
    0:35:00 “Oh my God, this is what money can do.”
    0:35:01 That’s exciting.
    0:35:02 – So awesome.
    0:35:05 So you have a huge podcast
    0:35:08 which has just recently joined our YAP Media Network
    0:35:10 which I’m so excited about.
    0:35:11 – I love it.
    0:35:15 – And Lori, you’re a legendary business female podcaster.
    0:35:18 I remember when I thought of Lori Harder,
    0:35:19 I thought podcast first.
    0:35:21 I don’t know if it’s just ’cause I’m biased
    0:35:22 I’m in the podcast industry,
    0:35:25 but I always knew you as a podcaster
    0:35:27 and like a big podcaster.
    0:35:28 So at what point where you’re like,
    0:35:31 “All right, I’m starting this podcast.”
    0:35:32 – Oh man.
    0:35:34 Okay, I had listened to podcasts.
    0:35:36 That’s where it all started from, number one.
    0:35:39 I was such a podcast junkie.
    0:35:42 I was a huge Lewis Howes podcast fan
    0:35:45 and then I joined his mastermind
    0:35:50 because I would listen to podcasts and I had messaged him.
    0:35:51 I would tag him and message him
    0:35:54 and just give like takeaways from the podcast.
    0:35:55 Like, “Thank you so much, oh my God.”
    0:35:57 ‘Cause I was a big runner.
    0:36:00 So when I would run three to four times a week,
    0:36:03 I was doing six miles each time.
    0:36:04 That’s a full podcast.
    0:36:05 That’s like an hour podcast.
    0:36:10 And so I was just consuming these podcasts while in state.
    0:36:11 When you’re running and you’re working out
    0:36:14 or you’re walking, walking is huge.
    0:36:17 You’re just in a state where you’re gonna absorb,
    0:36:20 you’re gonna crack open, you’re gonna get more ideas.
    0:36:22 So podcasts completely changed my life.
    0:36:25 They were my running and walking mentors.
    0:36:27 They would change my mindset.
    0:36:29 They would help with my anxiety.
    0:36:31 It was everything for me.
    0:36:33 And so when I joined Lewis Howes mastermind
    0:36:36 after messaging, he had talked about it on his podcast.
    0:36:38 I would have never found it if it wasn’t for that.
    0:36:40 So I messaged and he was like, “You should join it.”
    0:36:42 And I was like, “Me?
    0:36:43 I should join this?
    0:36:45 That feels really scary and crazy.”
    0:36:47 And it was a big price tag.
    0:36:48 And I brought it home to my husband
    0:36:49 and he’s like, “We should join this.”
    0:36:50 And so we joined it.
    0:36:53 And I think being in that and really just hearing,
    0:36:57 he made it more accessible, like impossible.
    0:37:00 And so I just decided, “Okay, I’m gonna start this.”
    0:37:04 And I also was feeling that I wanted a way
    0:37:07 to deeply connect with my audience more.
    0:37:11 I was feeling like the captions
    0:37:14 or just the little bit that you get to post on social
    0:37:15 does not tell the story.
    0:37:18 And I’m like, “I’ve got a story to tell.”
    0:37:20 It’s very different to feel like you have a story to tell
    0:37:22 than to put yourself in a room for the first time,
    0:37:24 turn on a mic and go,
    0:37:26 “What the hell do I have to say?
    0:37:28 I’m a big dummy.”
    0:37:29 (laughing)
    0:37:31 That’s how that can feel in the beginning.
    0:37:33 Oh, here’s a tip.
    0:37:34 If you want to start a podcast,
    0:37:37 please go back to your favorite podcasters,
    0:37:38 pick three to five of them,
    0:37:40 go back to their first three episodes.
    0:37:43 And I promise you, you’ll feel so empowered to start,
    0:37:44 you’ll have no problem.
    0:37:45 (laughing)
    0:37:49 I listen to mine and I’m like, “Oh my God, it’s so loud.”
    0:37:51 And I’m so proud of that girl.
    0:37:54 Like I’m so proud of the people who start
    0:37:55 because it’s not easy,
    0:37:57 but that’s how the podcast started is.
    0:38:00 I was like, “There’s such deeper stories to tell.”
    0:38:01 It was like fitness.
    0:38:03 Fitness transformed my life, I want to teach it.
    0:38:06 Podcasting transformed my life, I want to do it.
    0:38:07 – Yeah, it seems like our type of person
    0:38:09 who just loves to give back,
    0:38:10 once you level up, you’re like,
    0:38:12 “Okay, how do I teach this to other people now
    0:38:14 that I’ve learned it?”
    0:38:15 – It’s partly selfish too.
    0:38:16 Like I want people hearing like,
    0:38:21 “Yes, I love giving back more than I can possibly tell you.”
    0:38:24 But the love of giving back has grown for me
    0:38:25 through the years,
    0:38:29 it started as teaching just felt really good,
    0:38:31 but teaching helps me learn.
    0:38:33 They say that if you really want to learn,
    0:38:38 you’ll start to teach on the subject that you love,
    0:38:39 even in fitness.
    0:38:42 A crazy story is outside of finding
    0:38:43 the network marketing company
    0:38:47 and then winning those national titles that year,
    0:38:49 what had changed for me before those competitions?
    0:38:51 ‘Cause I had been competing
    0:38:53 for almost five years at that point
    0:38:55 without winning the first,
    0:38:57 but what changed for me that year
    0:39:00 is that was the year that I really dove into teaching people
    0:39:02 how to be on stage and stage presence.
    0:39:06 So I had started camps in person on the weekends
    0:39:07 where every Sunday,
    0:39:09 and it was based off of that woman’s training,
    0:39:11 that membership I was a part of,
    0:39:13 but I became an ambassador.
    0:39:15 And so every Sunday I was teaching women how to pose,
    0:39:16 how to walk.
    0:39:18 I was helping them with their fitness routines,
    0:39:21 all the run-throughs they’d practice at my studio.
    0:39:24 And it was the observation of others
    0:39:26 and getting so granular to the point
    0:39:29 of wanting to improve them so much that you improve.
    0:39:32 And so that was the year that I can tell you,
    0:39:33 everything changed for me
    0:39:36 because I was so in the teaching, you embody it.
    0:39:40 – We’ll be right back after a quick break from our sponsors.
    0:39:44 – What’s up, busy young and profitors?
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    0:41:22 That is such a life hack.
    0:41:25 I totally agree with that.
    0:41:27 Every time I’m putting out a new course
    0:41:29 or some sort of new training,
    0:41:32 I end up doubling my expertise on the topic
    0:41:33 ’cause it makes you think about,
    0:41:34 well, I don’t know about this
    0:41:36 or I need to learn more about that.
    0:41:39 You learn it and you relearn everything you already learned.
    0:41:42 Suddenly you’re like a better expert than you were.
    0:41:43 That is such a life hack
    0:41:47 to teach other people to become a better expert.
    0:41:50 So a really cool story that I heard
    0:41:51 that’s very different from us.
    0:41:53 I’ve bootstrapped my companies.
    0:41:55 I’ve never raised money.
    0:41:58 And I heard that you got a lot of your investors
    0:42:03 for your first company, Light Pink, from your podcast.
    0:42:05 So I think that’s really cool to go into
    0:42:07 because a lot of people think that podcasts
    0:42:11 can only be an opportunity to make money via sponsorships
    0:42:14 but you can get clients for your business
    0:42:16 and something I never really thought about
    0:42:18 is you can get investors for your business.
    0:42:21 So talk to us about moving into a product business
    0:42:24 and how you decided to start raising money
    0:42:26 and how you got your investors.
    0:42:28 – Oh my gosh, people are like,
    0:42:29 how do you get investors from a podcast?
    0:42:34 Well, a podcast is such an intimate way to connect
    0:42:37 and you won’t necessarily connect with everyone in that way.
    0:42:39 I’ve absolutely had podcasts,
    0:42:41 hundreds of them at this point where I get off
    0:42:43 and I’m like, okay, no connection, but thanks.
    0:42:44 – See you later.
    0:42:45 – See you later.
    0:42:46 – See you later.
    0:42:47 – See you later.
    0:42:48 (laughs)
    0:42:51 – That was a rough one (laughs)
    0:42:53 Absolutely, for sure.
    0:42:55 But then you have these podcasts
    0:42:58 where it’s like right now, right?
    0:43:00 We’re laughing, we’re understanding each other.
    0:43:02 We’re like, oh my God, or there’s a similarity there
    0:43:04 or you just can really drop in
    0:43:06 and you’re enjoying the conversation
    0:43:09 and it creates a relationship.
    0:43:11 So when you’re raising money,
    0:43:12 it’s all about who’s in your network
    0:43:14 and who you have a relationship with.
    0:43:17 And so a podcast may not be like,
    0:43:19 “Oh, I’m gonna ask this person to invest immediately.”
    0:43:22 But what it does is it creates a relationship
    0:43:23 that came from the podcast.
    0:43:26 Now I did have one experience like that, actually,
    0:43:28 where we did one podcast.
    0:43:30 She was referred to me by someone.
    0:43:33 So already there was some mutual trust there.
    0:43:35 And she had a book that was coming out
    0:43:38 all about business and going for it.
    0:43:40 And so in the middle of the podcast,
    0:43:41 I knew that I wanted this woman
    0:43:44 not only as I would love to be able to just have her
    0:43:46 in my network, I’m like, oh,
    0:43:49 to be able to bounce one or two questions off her once in a while
    0:43:51 would be huge for me.
    0:43:54 So I strategically in the middle knew that
    0:43:56 ’cause I had read her book, I was like,
    0:43:58 “I’m gonna tell her about my company
    0:44:00 “and what I’m doing, what I’m launching.”
    0:44:02 And so in the middle of it, there was an opportunity
    0:44:05 to be like, “Oh, this is amazing.
    0:44:06 “I can understand this struggle
    0:44:08 “because right now I’m trying to raise money
    0:44:09 “and blah, blah, blah.”
    0:44:10 And I’d mentioned it
    0:44:13 and I’d mentioned a little bit about the company.
    0:44:15 And then afterward, I had said to her,
    0:44:17 “This is huge, huge key.”
    0:44:20 I had said to her, “What else can I do for you?
    0:44:22 “How can I get this book out more?
    0:44:24 “What’s the biggest thing that would help you
    0:44:26 “that I could do for my audience?”
    0:44:29 And so she tells me and I’m like, “Great, I’m gonna do it.
    0:44:32 “What happens is people want to reciprocate.”
    0:44:34 Now, did she have to reciprocate?
    0:44:36 Absolutely not, but people want to.
    0:44:38 And so she was like, “Hey, is there anything
    0:44:39 “I can do for you?”
    0:44:41 And I was like, “I would love for you to just look
    0:44:44 “at this deck if you wanna give me any critiques,
    0:44:48 “if you know anyone who I could talk to about investing.”
    0:44:50 And the next day she was like, “I’m going to invest
    0:44:55 “and I’m sending this to 15 other women
    0:44:57 “and I’m letting them know about it.”
    0:44:59 And then one of the people she sent it to also invested,
    0:45:00 who was a celebrity.
    0:45:04 She sent a list of celebrities and copied me on it.
    0:45:08 And I was like, “Oh my God, I’m so glad I asked
    0:45:10 “because I almost didn’t.
    0:45:12 “I was so intimidated.”
    0:45:14 And I almost didn’t ask.
    0:45:16 So that’s crazy.
    0:45:17 – That’s amazing.
    0:45:21 So you ended up getting sponsors for this light pink brand.
    0:45:23 Can you tell us a bit about this brand?
    0:45:25 And we’ll talk about how you transitioned and everything.
    0:45:30 – This was 2019, 2020, just turned 2020,
    0:45:32 but 2019 was the initial idea.
    0:45:34 That’s when I was getting the deck together
    0:45:36 and the idea and doing all the things,
    0:45:37 formulation, all that stuff.
    0:45:42 It was a non-alcoholic rosé and a light rosé wine spritz.
    0:45:46 So at the time, this is when Gary Vee had just launched
    0:45:49 his wine and then canned wine, empathy wines.
    0:45:52 And then also white claw had just come out,
    0:45:55 spritz were taking over.
    0:45:57 And I was like, “Wait, this industry is huge.
    0:46:00 “I’m a wellness and fitness person, but I love wine,
    0:46:01 “but I want something lighter.
    0:46:03 “And I also want something for non-alcoholic days
    0:46:06 “and they don’t have anything that’s good right now.”
    0:46:08 It was like, “Oh, here’s your sparkling water.”
    0:46:10 There wasn’t really anything good.
    0:46:14 Now it’s like freaking loaded with non-alcoholic options.
    0:46:17 And direct to consumer had started to go bananas
    0:46:18 in this world.
    0:46:20 And I was like, “This is a huge opportunity.”
    0:46:23 And so I had started raising the 2 million for that.
    0:46:26 Now, we did not see COVID coming.
    0:46:27 – Yeah.
    0:46:30 – What happened is it had stalled so many
    0:46:32 of what we were trying to do
    0:46:36 because the manufacturers, co-packers, warehouses,
    0:46:39 nobody wanted to take on a new person
    0:46:41 because all the new people were tanking
    0:46:42 because they didn’t have the runway.
    0:46:44 We didn’t have the money.
    0:46:45 There were so many other reasons,
    0:46:48 but they were like, “No, we’re not taking anyone new.”
    0:46:51 So on top of legal fees, which for alcohol,
    0:46:54 which by the way, please, if you’re gonna start a business,
    0:46:55 I would highly recommend looking
    0:46:57 at what has the most red tape.
    0:47:00 That’s gonna be the most expensive legally.
    0:47:03 Just ran through so much money with legal fees and formulation
    0:47:05 and trying to hang on and get out there,
    0:47:08 but had half the money left and decided a year and a half
    0:47:11 later when we just could not get this thing to the finish line,
    0:47:13 I had a girlfriend be like,
    0:47:15 this happens all the time to men
    0:47:17 ’cause she was in that world.
    0:47:19 She goes, “Why don’t you just pivot?
    0:47:22 You have so many other things you could do.”
    0:47:24 And I had already had another idea for an upsell
    0:47:26 ’cause I was like, “Oh man, we’re gonna need
    0:47:27 to make more money than this
    0:47:31 ’cause I don’t know how we’re gonna go out into market
    0:47:33 and get the money that we need.”
    0:47:36 So I had started thinking of, “Ooh, I love hydration.
    0:47:38 I love hydration packets, but I don’t love what’s in them
    0:47:40 and I wish they did more.”
    0:47:43 And so that was already in the back of my mind as an upsell.
    0:47:46 And so when this happened and she gave me full permission,
    0:47:47 this was a girlfriend who literally
    0:47:50 just so insanely successful.
    0:47:54 And it was such freedom, her going, “Just do this.
    0:47:56 This is not abnormal.
    0:47:58 Let me show you all the companies who have done this.”
    0:48:00 Most companies that you see right now
    0:48:02 never started as the company that you see.
    0:48:04 And in that moment, it was such freedom
    0:48:07 because what I was feeling before that was
    0:48:08 the worst anxiety of my life.
    0:48:09 I felt like a failure.
    0:48:11 I felt like I can’t believe I have to go
    0:48:14 into all these investors that we used all this money
    0:48:16 and we still don’t have this idea that’s gonna get out.
    0:48:19 And I feel like such an absolute failure loser.
    0:48:22 Everything that I had worked up to right now
    0:48:23 has just been halted.
    0:48:24 I went through it.
    0:48:27 I had an investor who was like, “Oh my gosh.
    0:48:30 I can’t believe that I invested in this.
    0:48:32 This is essentially a stupid idea.”
    0:48:34 And you conned me into it.
    0:48:37 And I’m like, “Oh no.”
    0:48:40 It was not a great experience and time for me,
    0:48:45 but I also am so clear that my soul called in all of that
    0:48:50 so that I could learn and understand
    0:48:52 and be able to have this conversation literally right now
    0:48:54 for someone who’s listening
    0:48:56 because they’re going through it too.
    0:48:59 And I just think podcasting and storytelling
    0:49:03 is the most important thing that we will ever do for people
    0:49:05 to help them reach their dreams
    0:49:07 and know what it really looks like.
    0:49:09 Because how would I have known that this is normal?
    0:49:11 How would I have known that even commentary like that
    0:49:14 from people was totally normal in a part of the journey
    0:49:17 because you don’t know until you talk to people
    0:49:19 who have gone through what you’ve gone through.
    0:49:21 – Totally.
    0:49:24 So service-based business is so natural and organic
    0:49:27 because you’re basically just scaling yourself, right?
    0:49:28 When you have a product,
    0:49:30 there’s a whole slew of different issues.
    0:49:32 And no wonder you had to bootstrap
    0:49:35 because it’s very expensive to launch a product.
    0:49:37 So what were some of the things that you had to think through
    0:49:38 and what were some of the bigger challenges
    0:49:42 for anybody who’s interested in launching DTC products?
    0:49:45 – The first one, like I said is go find someone
    0:49:48 who’s done it before and map out the pricing of everything.
    0:49:52 Like where could we really lose our rear ends on this?
    0:49:53 Where could this go wrong?
    0:49:55 So what do I need to plan for?
    0:49:58 Like, oh, okay, that’s interesting.
    0:50:01 You could lose a whole lot of product in the beginning,
    0:50:04 especially if you don’t really know your co-packer yet.
    0:50:07 You need to understand what insurances you need
    0:50:10 because let’s say you just bought hundreds of thousands
    0:50:11 of product and it’s at the warehouse
    0:50:14 and you didn’t ask about who pays for the product
    0:50:14 if something goes wrong
    0:50:17 and you signed the wrong paperwork so that it’s on you
    0:50:20 and now you have no money to make up that product
    0:50:20 and you can’t sell it.
    0:50:24 There are so many little things that can go wrong
    0:50:25 when you’re doing a product
    0:50:30 because unlike a service-based business or a digital product,
    0:50:34 it’s usually tech that can go massively wrong
    0:50:35 but can be fixed, right?
    0:50:37 If you have a launch and your tech doesn’t work,
    0:50:39 that really sucks,
    0:50:41 but you can still fairly recover
    0:50:43 without a ton of overhead cost.
    0:50:45 In the product world,
    0:50:48 there’s a shipping company that can go wrong.
    0:50:50 They can get all your packages messed up.
    0:50:52 There is a co-packer that could go wrong.
    0:50:54 They can completely mess up your formulation.
    0:50:56 There is packaging that can go wrong.
    0:50:58 They can mess up all your boxes.
    0:51:03 There’s so many touch points that are not in your control.
    0:51:08 You have to have a very high tolerance for risk
    0:51:11 and you also have to have a lot of grace
    0:51:14 and you also have to have a backbone
    0:51:16 to be able to hold people accountable.
    0:51:17 That’s been one of the hardest things
    0:51:19 is holding people accountable
    0:51:21 when something truly is someone’s fault
    0:51:24 because it’s very easy for people to dance around things
    0:51:26 or say it was this or it was that
    0:51:27 and they’re good people
    0:51:30 but you’re running a business at the end of the day.
    0:51:32 So it’s been the biggest learning lessons for me
    0:51:33 and the biggest challenge,
    0:51:36 but I also, I love it so much.
    0:51:39 I am obsessed with physical products now.
    0:51:40 – I love it.
    0:51:44 Well, what is a skincare brand called and what does it do?
    0:51:45 – It’s a skin routine you can drink.
    0:51:48 It’s called Glossy Skin and Gut
    0:51:51 and it’s a daily beauty supplement.
    0:51:54 And it is all about glowing from the inside out
    0:51:58 because without good gut health and good digestion,
    0:52:00 you can’t have great skin
    0:52:02 because really what you’re seeing on the outside
    0:52:04 is what’s happening on the inside
    0:52:05 and what you’re feeding yourself,
    0:52:06 especially as we get older,
    0:52:08 that starts to show like what you’ve been eating
    0:52:10 through the years or how you’ve been digesting.
    0:52:13 So it really is about de-blow and glow
    0:52:15 and those were the two things that I’m like,
    0:52:17 if I could solve two things,
    0:52:20 I’d want to solve feeling light.
    0:52:22 I wanna feel light in my body.
    0:52:24 I don’t wanna feel bloated.
    0:52:25 I wanna feel really good.
    0:52:26 I wanna have good digestion
    0:52:29 and I wanna have great skin.
    0:52:32 I wanna feel like I’m doing something really great
    0:52:35 for my skin, especially as I get older.
    0:52:37 So that’s why this product was formulated
    0:52:41 is because no matter what, if you just drink water,
    0:52:43 you’re doing something good for yourself.
    0:52:47 And so the fact that this is helping you drink water
    0:52:48 was what it was all about.
    0:52:50 It’s like, okay, if you’re like me and you’re a toddler
    0:52:52 and you want something flavored,
    0:52:56 but you wanna know it’s doing something really good for you.
    0:52:58 Our probiotic has 30 clinical studies on it.
    0:53:02 And I wanted to make sure that the ingredients in there
    0:53:05 were gonna do the thing that we wanted them to do.
    0:53:07 So that’s why we went with number one,
    0:53:09 the probiotic that has studies on it.
    0:53:11 And then number two, having the amounts
    0:53:14 that are going to help you get the results that you want.
    0:53:17 – It obviously sounds like a great idea.
    0:53:18 I wanna try it.
    0:53:20 I love skincare.
    0:53:23 Something I’m super, super passionate about.
    0:53:27 What was it like having to convince your investors
    0:53:31 and externally communicate the pivot?
    0:53:32 What was that like for you?
    0:53:35 How did you go about doing it in an empowered way?
    0:53:38 – I had a moment with my husband
    0:53:43 where I had had one of the investors who was like, I want out.
    0:53:46 Number one, in the particular way they invested,
    0:53:48 once you invest, you can’t get out of investment.
    0:53:50 That’s why investments are what they are.
    0:53:52 That’s why you can win big and investments.
    0:53:54 That’s why you lose big and investments.
    0:53:58 So I was like, oh my gosh, what do I do?
    0:54:00 It was just making me feel even worse.
    0:54:05 And he’s like, be a leader and go tell her
    0:54:08 why she needs to be on board for this next company
    0:54:09 because it’s gonna take off
    0:54:11 and she’s not gonna wanna miss it.
    0:54:14 And I was like, he is right.
    0:54:17 It is my job to always paint the vision.
    0:54:20 It is a leader and founders job
    0:54:22 to consistently paint the vision
    0:54:25 even when you can’t even see it.
    0:54:28 And by painting that vision, I promise you
    0:54:30 it will paint it for yourself.
    0:54:32 And so it was a really powerful moment for me
    0:54:35 where I really wanted to tell this person off.
    0:54:36 Like, oh, so fun.
    0:54:38 You wanna ride the train when it’s doing well,
    0:54:41 but when it’s not and I need advocacy,
    0:54:42 it was a painful experience.
    0:54:45 And I’m so grateful for this human and that this happened
    0:54:46 because I think it was one of the biggest lessons
    0:54:49 that I’ve ever experienced, ever.
    0:54:52 And it reminded me, number one, they weren’t wrong.
    0:54:54 Of course they’re gonna feel that way.
    0:54:56 Of course they’re gonna feel like, was this smart?
    0:54:58 Oh my gosh, it was exciting.
    0:55:01 And I think I was just in on the excitement.
    0:55:02 Yes, that’s what it is.
    0:55:07 And also repainting, hey, this is actually a better fit
    0:55:08 for you.
    0:55:10 I know who you are, I know who your audience is.
    0:55:13 This 100% is not just a better fit for you
    0:55:15 and your audience, but for you.
    0:55:18 Like it’s so much more in alignment with who you are.
    0:55:20 It’s way more in alignment with where the world is,
    0:55:22 where our community is.
    0:55:23 This is something that, you know,
    0:55:25 it’s at the beginning of the market.
    0:55:26 People are starting to trend this way.
    0:55:29 It’s getting really exciting and we can be some of the first
    0:55:30 and we can be an amazing product
    0:55:33 that doesn’t have fillers in it.
    0:55:34 And at the end of the call,
    0:55:38 we were both just in such a beautiful, amazing state
    0:55:39 and she was excited.
    0:55:43 And I was like, she was so sent to me
    0:55:46 to remind me of why I’m doing it.
    0:55:48 To rebuild my belief,
    0:55:52 because we don’t get to really build our belief muscle
    0:55:54 until it’s tested.
    0:55:56 And that tested me with her saying those things.
    0:55:58 I was like, are these true?
    0:55:59 Are these things true?
    0:56:00 Right?
    0:56:01 And so in that moment,
    0:56:02 it was you get to show up as a leader
    0:56:06 even though you want to cry or say something else.
    0:56:08 And then it was the greatest gift
    0:56:10 that I could have ever gotten.
    0:56:11 – And as you’re telling me stories,
    0:56:15 it’s so obvious that so many people have helped you
    0:56:16 along the way.
    0:56:21 And you’ve also helped other people on your journey.
    0:56:23 And I know you have a book that is called
    0:56:25 A Tribe Called Bliss.
    0:56:28 Can you talk to us about what a bliss tribe is?
    0:56:31 – At the time I was doing an event called the Bliss Project.
    0:56:34 It was a three day event about empowering yourself
    0:56:37 and just creating a life that you love.
    0:56:38 And essentially in the book,
    0:56:42 I define bliss as more of a place that you create
    0:56:43 for yourself.
    0:56:46 It’s not external, it’s all internal.
    0:56:48 It’s what you decide in your life,
    0:56:50 you can experience bliss right now.
    0:56:52 And in order to create and build a life
    0:56:53 that you want even more,
    0:56:55 I’m not saying you shouldn’t have the things or have it all
    0:56:57 ’cause I do believe you should,
    0:57:00 but you have to find that place within yourself.
    0:57:02 And so the book was based off of the event
    0:57:05 ’cause I put a lot of the exercises that we did
    0:57:08 in the event into the book.
    0:57:12 And the book is about breaking through superficial
    0:57:15 relationships and finding your purpose.
    0:57:16 And that’s what the event essentially was about too
    0:57:18 ’cause we broke everyone out.
    0:57:20 It was so many group exercises
    0:57:23 and I was just for watching these women transform,
    0:57:26 finding and connecting to these other groups
    0:57:27 of like-minded women.
    0:57:31 And so the book essentially is the four agreements book
    0:57:32 that I absolutely love.
    0:57:34 That’s the four agreements to having a great life.
    0:57:36 I think that there’s agreements
    0:57:37 to having great relationships.
    0:57:41 And I think your relationships are your life.
    0:57:44 You can’t only have a great life without great relationships
    0:57:45 ’cause even if you’re doing okay alone,
    0:57:48 you eventually feel so lonely and isolated
    0:57:50 that it’s painful.
    0:57:52 And we know that now loneliness, all the studies
    0:57:54 is worse than smoking.
    0:57:56 It’ll kill you faster than smoking.
    0:57:57 We need relationships.
    0:57:59 I think our lives are defined by relationships,
    0:58:01 but I also think that there’s agreements to relationships.
    0:58:04 So in the book, it goes over the seven agreements
    0:58:07 of relationships and it’s essentially really self-work
    0:58:11 that you can do within other relationships as well.
    0:58:14 And being an entrepreneur is one of the loneliest
    0:58:16 career journeys that you can have.
    0:58:19 And entrepreneurs really experience a lot of loneliness
    0:58:21 and depression because of that loneliness.
    0:58:25 And you’re somebody who often brings entrepreneurs together.
    0:58:28 I would say another superpower that you have
    0:58:31 is you’re like the queen of live events,
    0:58:34 especially in this female entrepreneurship space.
    0:58:36 I’d love for you to talk to us about
    0:58:37 why you love putting on these events
    0:58:40 and also what is the business opportunity here?
    0:58:43 What’s the business model of events
    0:58:45 for people who are interested in starting that?
    0:58:47 – You really wanna know why you’re doing events
    0:58:49 because they can be lucrative,
    0:58:51 but they’re typically barely expensive
    0:58:56 if you’re just looking at this event, right?
    0:58:58 You have to know your intention of the event.
    0:59:01 I love live events because my life changed at them.
    0:59:02 I told you I listened to podcasts
    0:59:04 and then when my life really changed,
    0:59:05 it was when I joined a mastermind.
    0:59:10 I initially had gone to an event called Landmark Forum
    0:59:13 and that was my very, very, very first event ever.
    0:59:14 That changed my life.
    0:59:15 Then I went to personal development events.
    0:59:18 Then I went to Tony Robbins events multiple times.
    0:59:21 Then I joined Jack Canfield events
    0:59:25 for huge commitments like events that were like three weeks
    0:59:28 spread throughout the year, very intensive events.
    0:59:31 And I think that they are the quickest way
    0:59:33 to change your life and to build your network
    0:59:35 and your network has all of your answers.
    0:59:36 Like I said, you know, the friend who was like,
    0:59:37 “Hey, why don’t you just pivot?”
    0:59:41 That was by way of someone else who was a part of my network.
    0:59:44 And so we get these big life-changing answers
    0:59:48 or like the investor who felt challenging to me.
    0:59:50 That was a life-changing event
    0:59:52 that really turned me into someone who can handle a lot.
    0:59:56 These are all people that came by way of events
    0:59:58 or networks or someone else.
    1:00:01 And so I believe in them more than I can possibly tell you
    1:00:03 ’cause I see it, we put them on.
    1:00:06 I get to hear the crazy transformations that happen.
    1:00:08 Even if it’s not right away, it’s two years down the road.
    1:00:11 Oh my God, this person that I met at the event,
    1:00:15 they just became an investor or a business partner.
    1:00:17 It’s crazy, it’s the long game.
    1:00:19 So that’s why I’m passionate about events.
    1:00:24 The event model is typically either massive brand awareness
    1:00:26 ’cause you’re not gonna make a whole lot of money
    1:00:29 off of an event unless you’re really bare bonesing it.
    1:00:31 And then that’s tough ’cause people don’t love
    1:00:33 a bare bones event necessarily,
    1:00:36 but it’s gonna be selling off the backend
    1:00:39 or making sure that you,
    1:00:42 if that’s gonna be your top of funnel brand awareness,
    1:00:47 that you are utilizing that content from the event
    1:00:49 or you’re utilizing something from there
    1:00:51 to sell something else.
    1:00:52 – That makes a lot of sense.
    1:00:54 And then maybe getting sponsors for your event
    1:00:55 if it’s big enough.
    1:00:59 – Sponsors for sure can be a great way for events,
    1:01:03 but even with sponsors, I find you can make money from it,
    1:01:05 but it’s not gonna be life-changing money
    1:01:08 compared to what it costs to run an event.
    1:01:08 – Got it.
    1:01:11 So you’re doing it a lot for just awareness, for content,
    1:01:13 that’s so interesting.
    1:01:14 – It depends.
    1:01:17 If it’s like a mastermind event, that’s very different.
    1:01:19 That’s a great event to monetize.
    1:01:21 – Got it, ’cause that’s a lot more like high ticket,
    1:01:24 less people, that makes a lot of sense,
    1:01:26 but still very valuable for the people that are in it.
    1:01:28 I’m actually considering to join
    1:01:30 some entrepreneurship masterminds.
    1:01:33 I’m going to your girlfriends and business event
    1:01:35 in September, which I’m so excited.
    1:01:36 – So excited about,
    1:01:38 is that something that people can sign up for,
    1:01:40 or how does it work?
    1:01:42 – I think we have like three tickets left.
    1:01:43 – Oh, okay, nevermind.
    1:01:45 Sorry, bring it, I mean, maybe it’ll still be there,
    1:01:46 you never know.
    1:01:47 So it’s girlfriendsandbusiness.com,
    1:01:49 but you can check it out at the website.
    1:01:51 – Amazing, yeah, maybe the next time, guys,
    1:01:52 if you didn’t get to make it.
    1:01:54 So Lori, this was such an awesome conversation.
    1:01:57 I really wanted to just dig deep on your personal story
    1:01:59 and get all the lessons that we could
    1:02:01 from you creating all these different businesses
    1:02:02 and communities.
    1:02:03 Thank you so much for sharing.
    1:02:06 I end my show with two questions that I ask all my guests.
    1:02:09 What is one actionable thing our young and profitors
    1:02:12 can do today to become more profitable tomorrow?
    1:02:16 – Join something where people are a bit ahead of you.
    1:02:20 So I love that quote about get in the rooms
    1:02:23 where your dreams are people’s realities.
    1:02:25 That’s been the thing that has changed the most for me.
    1:02:26 You can listen to all the podcasts,
    1:02:27 they’re going to change your life,
    1:02:29 but when you’re ready to take the leap
    1:02:32 and really accelerate, get in a room with those people.
    1:02:35 – So good, and what is your secret to profiting in life?
    1:02:37 – This is such a good question.
    1:02:39 My secret to profiting in life
    1:02:44 is to really work on yourself.
    1:02:45 Because again, everything is going to come
    1:02:49 through relationships and it takes an extreme level
    1:02:51 of awareness and grace and forgiveness
    1:02:55 in order to work through all of the relationships
    1:02:57 that you are going to have on your way
    1:02:59 to your goals in business.
    1:03:00 – I love that.
    1:03:01 Lori, where can everybody find you
    1:03:03 in everything that you do?
    1:03:05 – Well, the main thing for me right now is Glossy
    1:03:08 and that is the skin routine you can drink.
    1:03:14 And you can go to getglossy, G-E-T-G-L-O-C-I dot com
    1:03:15 and you can go and check it out there.
    1:03:17 – Amazing, we’ll put that link in the show notes.
    1:03:19 Lori, thank you so much for joining us
    1:03:21 on Young and Profiting Podcast.
    1:03:23 – Thank you for having me, this was so much fun.
    1:03:26 (upbeat music)
    1:03:28 (upbeat music)
    1:03:31 (upbeat music)
    1:03:33 (upbeat music)
    1:03:36 (upbeat music)
    1:03:46 [BLANK_AUDIO]

    At a pool party, little Lori Harder got up on the diving board only to hear her peers chanting “Whale!” And just like that, she went from a bubbly child to one who hid because of her body. Refusing to accept that her size was genetic, she threw herself into the world of fitness. Through relentless hard work, she became a 3-time fitness world champion, gracing the covers of fitness magazines. But she didn’t stop there. She built a successful fitness brand and has since excelled at other businesses. In this episode, Lori shares her journey of reinventing herself time and time again, including lessons on rebounding from failure and pivoting in business.

    In this episode, Hala and Lori will discuss:

    (00:00) Introduction

    (03:11) Mindset Shifts from Childhood Struggles

    (08:16) Finding Motivation Through Hard Times

    (12:02) First Steps into Entrepreneurship

    (19:17) Scaling her Fitness Business Online

    (26:51) Selling Success in Network Marketing

    (30:53) Launching a Successful Podcast

    (32:55) Opportunities Unlocked with Podcasting

    (33:21) Joining Lewis Howe’s Mastermind

    (33:51) Starting a Podcast: Tips and Challenges

    (35:10) Teaching to Learn: The Ultimate Life Hack

    (37:02) Raising Money Through Podcasting

    (40:38) Pivoting for Business Growth in COVID

    (50:24) The Importance of Relationships in Business

    Lori Harder is a serial entrepreneur, top podcast host, and bestselling author known for her expertise in personal transformation, mindfulness, and entrepreneurship. She is also the founder of Glōci, a skin routine you can drink. A former 3-time fitness world champion, Lori turned her passion for fitness into a thriving career in network marketing and coaching. She hosts the Earn Your Happy podcast, a Forbes Top 11 business podcast. Through her events, podcast, books, and courses, she helps women connect with their like-minded tribes, take bold leaps in business, and live out their entrepreneurial dreams.

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    Factor – Get 50% off your first box plus free shipping when you use code FACTORPODCAST at factormeals.com/profiting50off  

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    Transcripts – youngandprofiting.com/episodes-new 

    Entrepreneurship, entrepreneurship podcast, Business, Business podcast, Self Improvement, Self-Improvement, Personal development, Starting a business, Strategy, Investing, Sales, Selling, Psychology, Productivity, Entrepreneurs, AI, Artificial Intelligence, Technology, Marketing, Negotiation, Money, Finance, Side hustle, Startup, mental health, Career, Leadership, Mindset, Health, Growth mindset, Career, Success, Entrepreneurship, Productivity, Careers, Startup, Entrepreneurs, Business Ideas, Growth Hacks, Career Development, Money Management, Opportunities, Professionals, Workplace, Career podcast, Entrepreneurship podcast

  • YAPCreator: Future-Proof Your Content and Business with AI | Presented by OpusClip

    AI transcript
    0:00:02 Today’s episode is sponsored in part by Factor,
    0:00:06 Robinhood, Airbnb, Shopify, Rocket Money, and Indeed.
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    0:00:36 with Airbnb’s new co-host network.
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    0:00:54 your unwanted subscriptions, monitors your spending,
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    0:01:08 Get a $75 sponsored job credit at indeed.com/profiting.
    0:01:10 Terms and conditions apply.
    0:01:12 As always, you can find all of our incredible deals
    0:01:17 in the show notes or at youngimprofiting.com/deals.
    0:01:19 (gentle music)
    0:01:22 (gentle music)
    0:01:30 – Hello, young and profitors.
    0:01:32 Welcome to the sixth and final episode
    0:01:36 of the Yap Creator series presented by Opus Clip.
    0:01:38 In this series, we’re diving deep into the art
    0:01:40 and science of content creation,
    0:01:44 how to create, connect, and thrive as a modern day creator.
    0:01:46 We’re finishing up this series with a look
    0:01:49 into the brave new world of AI content creation.
    0:01:52 In this episode, we’ll dive into some practical AI strategies
    0:01:55 that can help you unlock your creative potential.
    0:01:58 And you’ll hear from Yap guests like Dean Graziozzi,
    0:02:01 Tom Billu, Jen Gottlieb, and Reid Hoffman
    0:02:04 about how they think AI will remake content creation
    0:02:06 and entrepreneurship in the future.
    0:02:11 Let’s start off with this hard truth.
    0:02:13 If you want to be an entrepreneur
    0:02:15 and a content creator in 2025,
    0:02:18 you have to learn how to use AI tools.
    0:02:20 It’s no longer an optional feature
    0:02:22 or nice to have capability.
    0:02:24 You need to know how to use AI
    0:02:28 and how to figure out how it can best help your business.
    0:02:31 AI has already transformed entrepreneurship in recent years.
    0:02:34 Today, AI and other online technologies
    0:02:36 have made it possible for people to start a business
    0:02:40 in a matter of hours with minimal upfront costs.
    0:02:43 Dean Graziozzi, the iconic entrepreneur, business expert,
    0:02:47 and co-founder of Mastermind reminded me recently
    0:02:49 of how far we’ve come as entrepreneurs
    0:02:51 over just this current century.
    0:02:58 – When I started 27 years ago, listen to this, Hala,
    0:03:00 I had to produce an infomercial
    0:03:01 ’cause there was no internet.
    0:03:02 People are like, “Why’d you do infomercials?
    0:03:03 “Like, ’cause I’m old.”
    0:03:04 Like, there was no internet.
    0:03:08 So I had to produce an infomercial, which was $150,000.
    0:03:10 And I used credit cards to get half that done.
    0:03:12 I had to get product built.
    0:03:16 This was when there was DVDs and cassette tapes and booklets.
    0:03:18 I had to get product printed and I had to put it
    0:03:20 in the warehouse and tapes and DVDs.
    0:03:22 I had to hire a company to ship it.
    0:03:27 Then I had to pay $50,000 in TV media just to get a test.
    0:03:30 So I was in over $200,000
    0:03:32 and I was selling a $37 course.
    0:03:34 Like, my family’s like, “You’re an idiot.”
    0:03:37 Like, how many of those $37 courses do you have to sell
    0:03:38 just to get your money back?
    0:03:40 All of that had to happen.
    0:03:42 Fast forward today.
    0:03:46 You could literally use AI to help you unlock
    0:03:49 your life experience, to turn it into a coaching program
    0:03:52 or a course or a workshop or a monthly membership.
    0:03:56 You literally could do that in hours, right?
    0:03:58 You could get the framework of what you do.
    0:03:59 I would love to know your entrepreneurial journey.
    0:04:01 When I met you, you wanted to be an entrepreneur.
    0:04:04 Now you got 60 or 80 employees and a thriving business.
    0:04:05 I would pay anything.
    0:04:07 I wanna know your story.
    0:04:08 If you were 27 years ago,
    0:04:09 you’d have to do all things I did.
    0:04:12 Right now, you literally could go to AI for a day,
    0:04:14 lay it out, film on your phone
    0:04:18 and plug into a system where by the end of the week
    0:04:22 for the cost of like five cups of coffee,
    0:04:25 you could be online targeting your ideal client
    0:04:26 and making sales.
    0:04:28 So if you look at why it’s been easier,
    0:04:32 things are getting exponentially easier every single day.
    0:04:34 People say to me, “Is AI gonna take my job?”
    0:04:35 I’m like, “No.”
    0:04:38 People who use AI the right way will take your job
    0:04:39 or take your career.
    0:04:40 That’s all it is.
    0:04:42 It’s not stealing your job.
    0:04:45 And everything new, maybe not for a younger generation,
    0:04:47 but everything new for a little bit older generation
    0:04:49 thinks it’s the end of the world.
    0:04:56 Like Dean said, AI is making some things exponentially easier.
    0:04:58 And if you aren’t going to take advantage
    0:04:59 of that in your business,
    0:05:01 then you can bet that other entrepreneurs out there
    0:05:03 will be using it in theirs.
    0:05:05 And because AI, along with the internet,
    0:05:08 cloud computing and access to data
    0:05:09 have made it easier than ever
    0:05:11 for people to start businesses,
    0:05:14 you can expect a jump in the number of solopreneurs
    0:05:17 and entrepreneurs in the years ahead as well.
    0:05:20 Peter Norvig, the former head of search at Google
    0:05:23 and an AI expert told me about some of the advantages
    0:05:25 that he thinks AI savvy entrepreneurs
    0:05:27 will have in the years ahead,
    0:05:29 including an unprecedented opportunity
    0:05:31 to challenge much larger competitors
    0:05:33 and established brands.
    0:05:38 So this conversation made me realize
    0:05:41 that there really is no better time to be an entrepreneur,
    0:05:43 because as we were talking about,
    0:05:48 a lot of jobs might get replaced by AI.
    0:05:49 And when you’re an entrepreneur,
    0:05:50 when you own the business,
    0:05:53 you’re sort of in control of all those decisions.
    0:05:55 And you’re the one who might end up benefiting
    0:05:59 from the cost savings of replacing a human with AI.
    0:06:02 So do you feel like AI is going to generate
    0:06:06 a lot more entrepreneurs and solopreneurs in the future?
    0:06:07 Absolutely.
    0:06:08 And I think it’s a combination.
    0:06:10 So I think AI is a big part of it.
    0:06:14 I think the internet and access to data was part of it.
    0:06:20 The cloud computing was a big part of it.
    0:06:24 So it used to be, if you were a software engineer,
    0:06:27 the hardest part was raising money
    0:06:29 because you had to buy a lot of computers
    0:06:31 and just to get started.
    0:06:37 Now all you need is a laptop and a Starbucks card.
    0:06:40 And you can sit there and start going
    0:06:44 and then rent out the cloud computing resources
    0:06:46 as you need them and pay as you go.
    0:06:51 And so I think AI will have a similar type of effect.
    0:06:55 You can now start doing things much more quickly.
    0:06:57 You can prototype something
    0:07:00 and go to a release product much faster.
    0:07:06 And it’ll also make it more widely available.
    0:07:10 So I live in Silicon Valley,
    0:07:13 so I see all these notices going around
    0:07:18 of saying looking for a technical co-founder.
    0:07:20 So there’s lots of people that say,
    0:07:22 well, I have an idea, but I’m not enough of a programmer
    0:07:26 to do it, so I need somebody else to help me do it.
    0:07:27 I think in the future, a lot of those people
    0:07:29 will be able to do it themselves.
    0:07:34 So I had a great example of a friend who’s a biologist
    0:07:38 and he said, I’m not a programmer.
    0:07:42 I can pull some data out of a spreadsheet and make a chart,
    0:07:44 but I can’t do much more than that.
    0:07:46 But I study bird migrations
    0:07:49 and I always wanted to have like this interactive map
    0:07:51 of where the birds are going and play with that.
    0:07:53 And he said, and I knew a real programmer could do it,
    0:07:55 but it was way beyond me.
    0:07:57 But then I heard about this co-pilot
    0:07:59 and I started playing around with it
    0:08:01 and I built the app by myself.
    0:08:03 And so I think we’ll see a lot more of that
    0:08:08 of people that are non-technical or semi-technical
    0:08:10 who previously thought, here’s something
    0:08:11 that’s way beyond what I could ever do.
    0:08:13 I need to find somebody else to do it.
    0:08:14 Now I can do it myself.
    0:08:17 – Yeah, I totally agree.
    0:08:20 And we’re seeing it first with like the arts.
    0:08:23 For example, now you can use Dolly
    0:08:24 and be a graphic designer.
    0:08:26 You can use ChatGBT and be a writer.
    0:08:28 So so many of the marketing things
    0:08:31 are already being outsourced by AI.
    0:08:32 It’s only a amount of time
    0:08:33 where some of these more difficult things
    0:08:35 like creating an app like you were saying
    0:08:37 is gonna be able to be done with AI.
    0:08:39 – Absolutely.
    0:08:42 – Cool, so what are the ways that you advise
    0:08:45 that entrepreneurs use AI in the workplace right now?
    0:08:53 – I guess so, you could help build prototype systems
    0:08:56 like that, you can do research.
    0:09:01 You can ask, give me a summary of this topic.
    0:09:02 What are the important things?
    0:09:04 What do I need to know?
    0:09:08 As you said, creating artwork and so on,
    0:09:10 if that’s not a skill you have,
    0:09:12 they can definitely help you do that.
    0:09:18 Looking for things that you don’t know is useful.
    0:09:23 And so I think just being aware of what the possibilities are
    0:09:28 and having that as one of the things that you can call upon.
    0:09:29 It’s not gonna solve everything for you,
    0:09:32 but it just makes everything go a little bit faster.
    0:09:33 – Yeah.
    0:09:38 Do you think that AI is gonna help accelerate inequality?
    0:09:43 – I think it’s kind of mixed.
    0:09:49 So any kind of software, any kind of goods
    0:09:54 with zero marginal cost,
    0:09:58 tends to concentrate wealth in the hands of a few.
    0:10:02 And so that’s definitely something to be worried about.
    0:10:04 With AI, we also have this aspect
    0:10:09 that the very largest models are big and expensive.
    0:10:12 They require big capital investments.
    0:10:15 And if you’d asked me two years ago,
    0:10:19 I would have said, oh, all the AI is gonna migrate
    0:10:22 to the big cloud providers
    0:10:23 ’cause they’re gonna be the only ones
    0:10:27 that can build these large state-of-the-art models.
    0:10:31 But I think we’re already going past that.
    0:10:36 So we’re now seeing these much smaller open-source models
    0:10:37 that are almost as good
    0:10:42 and that don’t impose a barrier of huge upfront costs.
    0:10:47 So I think there’s an opportunity.
    0:10:52 Yes, the big companies are gonna get bigger because of this,
    0:10:53 but I think there’s also this opportunity
    0:10:57 for the small opportunistic entrepreneur
    0:10:59 to say, here’s an opening
    0:11:02 and I can move much faster than I could before
    0:11:06 and I can build something and get it done
    0:11:08 and then have that available.
    0:11:12 – As AI continues to advance,
    0:11:14 those who fail to adopt risk
    0:11:17 will fall behind their more tech-savvy competitors.
    0:11:20 But those who can figure out how to leverage AI effectively
    0:11:23 will have a major competitive advantage.
    0:11:25 Sal Khan, the founder of the Khan Academy,
    0:11:28 who’s working with OpenAI to develop AI tools
    0:11:29 for teaching students,
    0:11:32 told me that AI is going to fundamentally
    0:11:33 change the nature of work.
    0:11:36 And he believes that those who can level up their skills
    0:11:39 to keep up with that pace of change will rise to the top.
    0:11:44 A lot of the times when we’re thinking about AI,
    0:11:48 we’re thinking about how it replaces something.
    0:11:51 But this is really all about how it’s supporting students.
    0:11:53 How do you think that this could also translate
    0:11:56 in the workplace or in the private sector?
    0:11:59 – Yeah, I think it is a big interesting question
    0:12:04 on what AI is going to do to the labor force broadly.
    0:12:09 I think the meme that has been going around
    0:12:11 over the last year, year and a half
    0:12:13 has been you won’t get replaced by an AI,
    0:12:16 you’re going to get replaced by a human using an AI.
    0:12:18 And so I think the imperative is,
    0:12:21 is that almost in any industry,
    0:12:24 if you learn to leverage these tools to be more productive,
    0:12:27 you’re going to be in a good place
    0:12:30 and maybe be more productive in more domains as well.
    0:12:35 So I think that’s where the education system needs
    0:12:38 to make sure that students can leverage these tools one
    0:12:40 to enhance their own learning.
    0:12:45 At the end of the day, if you want to be,
    0:12:49 people say how AI can do writing well,
    0:12:51 how it can do software engineering well.
    0:12:54 The reality is you’re still going to need people
    0:12:56 to be able to put those pieces together.
    0:12:59 So instead of being the person writing the basic code,
    0:13:01 you’re going to be more of the software architect
    0:13:02 or the project manager.
    0:13:05 Instead of being the entry level writer,
    0:13:06 the world is going to need more editors,
    0:13:08 more people who can put things together.
    0:13:12 But no one wants an editor or a software architect
    0:13:15 who can’t write or code as well as the junior writers
    0:13:17 or the junior software engineers.
    0:13:19 So I think it’s still an imperative for people
    0:13:22 to learn their traditional academic skills.
    0:13:24 This, in fact, may be better than in the past
    0:13:29 and maybe the AI can help there and then be able
    0:13:34 to leverage these tools in whatever they’re actually doing.
    0:13:39 So let’s dig more into how AI tools can help you
    0:13:43 raise your content creation game or just get it started.
    0:13:45 Content creation can be a demanding process
    0:13:48 and one of the biggest challenges that new creators face
    0:13:51 is coming up with fresh, engaging ideas.
    0:13:54 This is where AI can become your brainstorming buddy
    0:13:55 and your new best friend.
    0:13:58 AI can help content creators generate ideas
    0:14:01 from podcast topics and episode names
    0:14:04 to social media posts and catchy opening lines.
    0:14:06 Jen Gottlieb, who’s helped countless of entrepreneurs
    0:14:10 get their message out, told me how she envisions AI
    0:14:12 as every entrepreneur’s personal assistant
    0:14:14 when it comes to content creation.
    0:14:17 (air whooshing)
    0:14:18 – When I went on your website,
    0:14:21 I noticed like your big message point right now is AI.
    0:14:24 We help you leverage AI to grow your brand,
    0:14:25 to build communities.
    0:14:26 Can you give us some examples
    0:14:29 of how you guys are actually leveraging AI to do that?
    0:14:30 – Yeah, it’s so cool.
    0:14:33 So, Hala, have you started playing with it at all yet?
    0:14:36 – Of course, I’m like, I’m doing all these different things.
    0:14:38 I’m trying to like regenerate my voice
    0:14:40 so I don’t have to record commercials
    0:14:41 and doing all this kind of stuff.
    0:14:42 – Yes, we’ve been doing that too.
    0:14:45 So there’s so much, it’s a little overwhelming
    0:14:47 at how much and how fast it’s happening.
    0:14:51 But there is so many amazing tools out there right now,
    0:14:53 even just using chatGPT.
    0:14:55 Forget all the hundreds, thousands of tools
    0:14:58 that there are to generate voice, generate images,
    0:15:01 repurpose content, generate video.
    0:15:04 There’s so many tools, but really chatGPT alone
    0:15:09 can help you create so much content at scale.
    0:15:11 So for people, and the biggest excuse that I hear
    0:15:13 that people give me on a regular basis
    0:15:15 is to why they’re not posting and why they’re not sharing
    0:15:17 is because they don’t know what to say,
    0:15:20 they don’t have any ideas, they don’t know what to talk about.
    0:15:22 I’m like, you no longer have that issue.
    0:15:25 You no longer have that issue because you have chatGPT for.
    0:15:27 And you can literally just go in there
    0:15:29 and have it act as your personal content creator assistant.
    0:15:31 And it doesn’t mean that it needs to write
    0:15:32 all of your stuff for you,
    0:15:33 but you can have it as your assistant,
    0:15:35 help you come up with ideas,
    0:15:38 help you come up with podcast ideas, names of episodes,
    0:15:39 different posts that you can do.
    0:15:42 It can, we use all kinds of different apps to crop our videos
    0:15:45 and make our reels and give us scripts for YouTube videos
    0:15:46 and YouTube ads and Facebook ads.
    0:15:48 The opportunities are endless.
    0:15:51 So we’re doing actually monthly challenges
    0:15:53 where we’re teaching just beginner-beginners
    0:15:55 how to understand these technologies
    0:15:58 so they can slowly start to implement them into our business
    0:16:00 because we’re still early.
    0:16:03 The most of the world still doesn’t understand this
    0:16:04 or know how to use it.
    0:16:07 And so if you could just get on board early,
    0:16:10 your business is going to skyrocket way faster
    0:16:11 than all the other ones that are gonna eventually
    0:16:13 have to get on board because it’s not going anywhere.
    0:16:15 In fact, the CEO of Google, did you hear this,
    0:16:20 said that AI is more profound than fire and electricity.
    0:16:20 – Wow.
    0:16:24 – So it’s pretty awesome.
    0:16:26 I get that it’s scary for some people,
    0:16:28 but also what’s really important to remember
    0:16:31 is that AI is not necessarily gonna take your job.
    0:16:33 However, maybe somebody that understands
    0:16:36 and knows how to use AI might.
    0:16:38 So it’s important for everyone to start just learning,
    0:16:39 just playing.
    0:16:40 All you gotta do is start playing with it.
    0:16:41 You don’t have to become an expert right away,
    0:16:44 but just familiarize yourself with it.
    0:16:47 And if it can help you create content
    0:16:50 and take that fear out of the way of not knowing what to say
    0:16:51 and not knowing what to write,
    0:16:53 it can really be an amazing sidekick for you.
    0:17:00 – I love how Jen describes AI as an amazing sidekick.
    0:17:02 The key then is not to view AI
    0:17:04 as a replacement for human creativity,
    0:17:05 but as a collaborative partner
    0:17:07 that can spark your inspiration
    0:17:10 and unleash your own imaginative potential.
    0:17:14 Sal Khan also believes that AI will enhance creativity,
    0:17:15 not destroy it.
    0:17:18 And he imagines a future in which more people
    0:17:21 will be able to generate and test ideas than ever before.
    0:17:26 So I know one thing that you talked about in your book
    0:17:29 is how AI can potentially supercharge human creativity.
    0:17:31 Can you talk to us about some of the ways
    0:17:33 that you imagine it can do that?
    0:17:36 – Yeah, I mean, this is the other fear that folks have
    0:17:40 is that, I mean, I could go onto any of these generative AI
    0:17:42 and say, hey, write a screenplay for me
    0:17:47 or create an art piece in the style of whatever.
    0:17:48 And it’ll bam, it was just there.
    0:17:50 And so everyone’s afraid, like, oh my God,
    0:17:53 this is the end of creativity.
    0:17:54 I’ll say a couple of things.
    0:17:55 One, this isn’t the first time in history
    0:17:56 something like this has happened.
    0:17:58 And I write about this in my book, Brave New Words,
    0:18:02 is in the 19th century, when the camera came out,
    0:18:06 I am sure a lot of portrait artists said, oh my God,
    0:18:09 this is cheating, this thing, you just press a button
    0:18:12 and it does essentially a real life picture of it.
    0:18:15 And, but all of the artistry is gone.
    0:18:18 Now we know on one level that didn’t happen,
    0:18:21 maybe the people hiring a portrait artist
    0:18:22 to paint a portrait of them,
    0:18:24 maybe that market has declined a little bit
    0:18:27 because of the camera, but it didn’t get rid of creativity.
    0:18:30 In fact, a whole new field, a new creative field,
    0:18:34 not only existed, but it democratized art in some ways
    0:18:37 where more people could do artistic things.
    0:18:39 I think you’re going to see something very similar
    0:18:40 happening with AI.
    0:18:43 And the other thing I emphasize is creativity
    0:18:45 isn’t a zero sum game.
    0:18:48 It’s not that like, let’s say you and I,
    0:18:50 let’s consider ourselves creative people,
    0:18:54 each of us by ourselves can be reasonably creative.
    0:18:56 But if you and I are able to chat about things
    0:18:59 and brainstorm together and rift together,
    0:19:02 I think we’re each going to become more creative, not less.
    0:19:04 I’m not just gonna say, oh, Hala has got good ideas.
    0:19:06 I’m just gonna check out.
    0:19:08 I’m gonna say, oh, I love Hala’s idea there.
    0:19:09 And well, what if we did this too?
    0:19:12 I think any of us who consider ourselves reasonably creative
    0:19:15 recognize that our most creative times in our life
    0:19:17 were when we were around other creative people.
    0:19:21 And so I think AI is going to democratize that,
    0:19:24 where there could be a young girl in Afghanistan someplace
    0:19:25 and she’s not even allowed to go to school.
    0:19:28 But if she has access to this, she could brainstorm.
    0:19:29 She could riff ideas.
    0:19:31 She could test ideas.
    0:19:33 Now, it’ll be even better if it could be with the AI
    0:19:36 and other people around, but you might not have that.
    0:19:39 And so I think AI is going to actually be an enhancer
    0:19:40 for creativity.
    0:19:43 I also think it’s going to lower if today you are,
    0:19:46 I didn’t even allow myself to think that I might be,
    0:19:49 be able to become a filmmaker one day.
    0:19:51 And I was like, who gets to make a film?
    0:19:54 They cost tens, if not hundreds of millions of dollars.
    0:19:56 You got to know the right people, et cetera, et cetera.
    0:19:59 But now AI is going to make that much more accessible
    0:20:04 where you can start to do movie quality production
    0:20:07 for a hundredth or a thousandth of the cost
    0:20:09 that you might have before.
    0:20:10 Now, once again, I don’t think it’s gonna put creatives
    0:20:11 out of work.
    0:20:14 It’s going to allow more people to have creative expression
    0:20:16 and that the good stuff is going to surface.
    0:20:18 In fact, it’s a lot like podcasts or YouTube.
    0:20:20 These were both democratizing.
    0:20:23 And yeah, they have in some ways threatened
    0:20:25 the traditional media establishment,
    0:20:26 but they’ve been good overall
    0:20:27 because there’s a lot of creative people
    0:20:30 who couldn’t break into the traditional media establishment
    0:20:33 before, but now they can self-publish on a podcast
    0:20:35 or self-publish on YouTube and the world discovers them.
    0:20:40 – But of course, AI is not just helpful
    0:20:42 for generating ideas.
    0:20:43 It can do so much more.
    0:20:47 As I discussed with the video marketing expert, Ken Okazaki,
    0:20:50 AI can also generate multiple title and hook options
    0:20:52 for improved content performance.
    0:20:55 (whoosh)
    0:20:58 – So for hooks lately, I’ve been using chat GBT
    0:21:01 for anything that I have to come up with some sort of title.
    0:21:04 I’m like, say this in 10 different ways, right?
    0:21:06 Have you been using chat GBT for that kind of thing?
    0:21:08 – We have this one-on-one coaching with our clients
    0:21:12 ’cause a lot of agencies, they actually provide all the tools.
    0:21:13 They say, just send us the video
    0:21:14 and we’ll do everything else for you.
    0:21:15 Send us the podcast, we’ll do everything
    0:21:16 or we’ll give you all the gear.
    0:21:20 And the gap in the market is actually someone to show up
    0:21:23 and live direct and coach people.
    0:21:24 A lot of people, they don’t create it
    0:21:27 because they don’t have the time, their schedule’s too full
    0:21:30 or they get set up and then their hour turns into 15 minutes
    0:21:33 because of all the other stuff they have to take care of
    0:21:33 but the accountability.
    0:21:36 So our coaches actually now, using some AI,
    0:21:39 using their own experience as marketers
    0:21:41 will create all of the content plans.
    0:21:43 And that’s the hook, whether it’s a question yes
    0:21:46 and that they can answer, whether it’s finish the sentence,
    0:21:49 whether it’s a framework, I have a few frameworks
    0:21:51 like what I just showed you the number
    0:21:53 and the emotional word, there’s 100 others
    0:21:55 but we’ll get them all planned out
    0:21:56 and then we’ll have a conversation for an hour
    0:21:59 and shoot anywhere from 10 to 30 videos within that hour.
    0:22:00 And that’s the short form content.
    0:22:04 So the hooks nowadays using chat GPT
    0:22:05 does help us get there faster.
    0:22:10 It’s like, I can’t think of an analogy here
    0:22:12 but it just gets us there faster.
    0:22:14 So we’re no longer starting from zero,
    0:22:15 we’re starting from maybe 60 or 70
    0:22:19 and then our coaches will finish the rest.
    0:22:20 – Yeah, I love that.
    0:22:26 – AI can also help you repurpose your content
    0:22:29 across different platforms, maximizing its reach and impact.
    0:22:33 For example, AI can help you take an audio podcast content
    0:22:36 and create text-based content, social media clips,
    0:22:37 videos and more.
    0:22:40 And according to the online marketing guru Neil Patel,
    0:22:42 this kind of content repurposing
    0:22:45 can be a game changer for marketing purposes.
    0:22:47 (air whooshing)
    0:22:50 – What are the biggest trends that you see this year
    0:22:51 in marketing?
    0:22:53 – The biggest trend that we’re seeing this year
    0:22:57 right now in marketing is podcasting.
    0:23:00 So people look at podcasting, we surveyed over 8,000 companies
    0:23:06 and we found that the two big trends were podcasting and AI.
    0:23:07 And here’s what I mean by that.
    0:23:10 When we look at the total number of blogs out there,
    0:23:10 it’s over a billion.
    0:23:12 When you look at the total number of podcasts out there,
    0:23:14 it’s less than 10 million.
    0:23:16 It’s a wide open ocean.
    0:23:18 And then people are starting to repurpose that content
    0:23:19 and use it all over the place.
    0:23:21 Because you can use a podcast content
    0:23:23 to turn it into text-based content.
    0:23:26 You can use it to turn it into social media clips,
    0:23:29 whether it’s shorts or long-form video.
    0:23:31 And what’s really cool is when you do podcasts,
    0:23:33 a lot of times people are doing them with other people
    0:23:36 like you and I are, and we’re both gonna push this
    0:23:37 on all the social profiles
    0:23:39 and we’re both gonna get played from this.
    0:23:41 So it’s actually a really amazing
    0:23:43 win-win strategy for both of us, right?
    0:23:45 So companies are really pushing hard on podcasting
    0:23:48 and they’re pushing really hard on AI.
    0:23:49 What can they automate?
    0:23:51 And most people look at AI like,
    0:23:55 oh, I can use open AI to help write content
    0:23:59 and I can use them to figure out how to create images.
    0:24:01 But there’s much more to AI
    0:24:03 from when we interviewed companies.
    0:24:06 A big portion of what they’re looking to use AI
    0:24:09 from in a marketing standpoint is analytics.
    0:24:11 How can you have AI analyze your analytics
    0:24:13 on a daily basis and tell you where the wastage is
    0:24:15 within your marketing campaigns
    0:24:17 and where you can cut costs and reallocate money?
    0:24:20 Because if you look at the biggest expense in marketing,
    0:24:22 it’s not services.
    0:24:24 It’s not writing a piece of content.
    0:24:26 It’s actually spending money on paid advertising.
    0:24:29 Look at the revenue that Google is generating
    0:24:30 and Facebook is generating.
    0:24:32 I think Google still is like a trillion dollar company
    0:24:35 or somewhere around there depending on the month you’re in.
    0:24:38 And Facebook’s still a massive company.
    0:24:40 We spend so much money on ad dollars.
    0:24:43 Imagine if analytics were analyzed by AI
    0:24:46 and it told us quicker when to cut our losses.
    0:24:51 – Another area where AI can help you magnify your reach
    0:24:53 is in public relations.
    0:24:54 Here’s Jen Gottlieb again,
    0:24:57 talking about paid versus earned PR
    0:24:59 and the difference that AI can make.
    0:25:04 – Okay, let’s talk about paid.
    0:25:05 Okay, paid versus earned.
    0:25:07 Earned is always the best.
    0:25:10 Always the best because it’s earned media, right?
    0:25:12 They chose you to be on their platform.
    0:25:13 They chose you.
    0:25:14 So it’s always gonna be the most organic.
    0:25:15 It’s always gonna feel the best.
    0:25:17 It’s always going to actually elevate your brand.
    0:25:20 Some forms of paid media you can actually tell it was paid
    0:25:22 and so that it can actually kind of make your brand
    0:25:25 look a little shitty, excuse my language.
    0:25:27 It can do that, but here’s the thing.
    0:25:30 Sometimes, sometimes I have seen clients
    0:25:32 that have maybe done a paid sponsorship on a big show
    0:25:35 or strategically did some paid media
    0:25:38 where they were prepared to amplify it in a way
    0:25:40 that was going to create more credibility,
    0:25:42 influence and authority in a big way.
    0:25:44 So as long as you know that you’re gonna,
    0:25:45 like let’s say you do a paid sponsorship,
    0:25:47 you’ve got a product.
    0:25:48 Let’s say it’s a food product
    0:25:50 and I know that the Today Show, Good Morning America,
    0:25:52 sometimes they’ll have sponsors.
    0:25:54 I know that I think some of the other daytime shows
    0:25:56 like Drew Barrymore, like you can pay
    0:25:57 to get your product on that show.
    0:25:59 So if you go into it, not like, okay,
    0:26:01 all the people on the show are gonna watch and see it,
    0:26:04 that’s amazing, but how am I gonna take this actual segment,
    0:26:06 this clip that I have or this photo of me
    0:26:08 and my brand on this show
    0:26:10 and amplify it, send it out in emails,
    0:26:13 put it on my website, make 85,000 Reels out of it,
    0:26:15 make an entire podcast out of it,
    0:26:18 use AI to take the actual content,
    0:26:21 repurpose the transcript of the entire interview
    0:26:24 and make so many posts and tweets and threads.
    0:26:26 You could take one segment
    0:26:28 and you could make a year’s worth of content
    0:26:30 out of that one segment.
    0:26:32 If you do it that way, I don’t care what you do.
    0:26:34 If you pay or if it’s earned,
    0:26:35 obviously it’s always better earned,
    0:26:37 but it’s what you do with it that counts.
    0:26:40 (air whooshing)
    0:26:43 AI can make content generation and deployment so easy
    0:26:46 at times that you can lose sight of your own role
    0:26:47 in the finished product.
    0:26:50 The networking expert, Michelle Tillis-Letterman,
    0:26:53 cautions that while AI can automate some tasks for us,
    0:26:56 it’s important to maintain a human touch
    0:26:58 and authenticity in your content.
    0:27:01 (air whooshing)
    0:27:03 I think AI is really gonna help people
    0:27:05 with technical skills, right?
    0:27:08 And these hard skills that we once used to need
    0:27:10 to go to school for and train for and memorize,
    0:27:12 we no longer are gonna need to do that
    0:27:15 because AI is gonna handle the hard skills for us.
    0:27:17 But what it can’t do is the soft skills
    0:27:19 and that’s what makes connectors so special, right?
    0:27:21 And so I think being a connector
    0:27:23 is gonna be actually more valuable
    0:27:25 and a skill that more hiring managers
    0:27:28 and people are gonna desire as time goes on
    0:27:30 and as AI starts to take more precedent in the workplace,
    0:27:34 I think being a connector is gonna even be more valuable.
    0:27:39 I do worry about AI kind of removing the authenticity
    0:27:40 from our communications
    0:27:42 because one of the things that AI does for us
    0:27:45 is it helps us draft communications really quickly
    0:27:46 and then we might edit.
    0:27:49 But we might be sending things
    0:27:51 without really putting ourselves into them.
    0:27:53 And that’s where that authenticity
    0:27:54 and that connection can get lost.
    0:27:59 So use it for what it does, which is speed us up,
    0:28:02 but make sure that you kind of bookend it
    0:28:04 with the essence of you.
    0:28:07 (whooshing)
    0:28:09 If you wanna create high quality content
    0:28:10 at lightning speed,
    0:28:13 Opus Clip is the AI tool you need in your corner.
    0:28:16 Whether you’re a seasoned creator or just starting out,
    0:28:19 Opus Clip helps you unlock the full potential
    0:28:22 of your content by transforming long form videos
    0:28:25 into impactful short clips that engage your audience.
    0:28:27 At YAP Media, we’re using Opus Clip’s AI features
    0:28:30 as a growth hack to streamline our content production
    0:28:32 and scale faster.
    0:28:33 By leveraging Opus Clip,
    0:28:36 we can quickly extract the most engaging moments
    0:28:37 from our long form podcasts
    0:28:40 and then turn them into bite-sized shareable clips
    0:28:42 perfect for social media.
    0:28:44 This has allowed us to consistently create content
    0:28:46 that resonates with our audience
    0:28:49 while saving valuable time and resources.
    0:28:51 With Opus Clip, we can maximize the reach
    0:28:53 of every piece of content we produce,
    0:28:55 ensuring that it’s optimized for platforms
    0:28:58 like Instagram, TikTok, and YouTube Shorts.
    0:29:00 It’s not just about saving time,
    0:29:02 it’s about boosting our content strategy
    0:29:04 and staying ahead of competition.
    0:29:06 So if you’re looking to take your content creation
    0:29:07 to the next level,
    0:29:10 Opus Clip is the AI hack that will help you create,
    0:29:13 share, and thrive as a modern-day creator.
    0:29:19 Finally, I wanted to take a step back
    0:29:22 and sketch out a future where AI is at the core
    0:29:23 of content creation
    0:29:26 and what it means to be an online entrepreneur.
    0:29:28 First, I want you to hear from Tom Billu,
    0:29:30 who told me that the world as we know it
    0:29:33 as a content creator will end in the next two years.
    0:29:35 Here’s his thoughts about increased competition
    0:29:36 as a creator with AI
    0:29:40 and how he thinks we should try to manage all this change.
    0:29:45 So one of the things that I read
    0:29:48 is that you say that content creation
    0:29:49 is going to completely change.
    0:29:50 You say the world as you know it
    0:29:53 as a content creator will end in two years.
    0:29:56 Now, as a content creator, that’s very scary
    0:29:57 why do you believe that?
    0:30:01 So AI tools will make it such that
    0:30:04 all of the things that we use as a moat
    0:30:05 are gonna go away.
    0:30:09 So it takes a while to master all the tools.
    0:30:11 It takes a while to get all the different people
    0:30:13 on your podcast, all that stuff.
    0:30:15 What’s going to end up happening
    0:30:18 is all of this information is gonna fracture,
    0:30:19 like hyper fracture,
    0:30:21 and somebody will be able to have an idea
    0:30:23 for a video with or without a guest.
    0:30:25 I mean, you could post videos of like,
    0:30:26 here’s my conversation,
    0:30:28 my imagined conversation with Elon Musk,
    0:30:29 stuff like that,
    0:30:31 and instead of actually needing to get that person
    0:30:34 on your podcast, you just have the AI spin up,
    0:30:36 his personality, you ask a bunch of questions,
    0:30:38 and if you do it in a way that the audience
    0:30:40 finds more interesting than the next person,
    0:30:42 then that’s gonna be what it’s gonna be.
    0:30:44 So what’s gonna end up happening is right now,
    0:30:47 it’s already changed so much, you’re so young,
    0:30:48 you probably don’t have a sense
    0:30:50 of just how much it’s already changed.
    0:30:52 But like when I was growing up,
    0:30:54 there was, you know, whatever five channels,
    0:30:56 and that was it, and they controlled the narrative.
    0:30:59 And we didn’t even realize the narrative was being controlled.
    0:31:03 And then as things have gone to social,
    0:31:05 now you start seeing things break apart.
    0:31:07 Now, when I started podcasting,
    0:31:09 people literally like, Tom, why are you doing this?
    0:31:12 It’s already played out, all the players that are there
    0:31:14 that are gonna be there, it’s already decided, man,
    0:31:15 it’s too late.
    0:31:17 When I started, there were 400 podcasts.
    0:31:20 There’s now six million podcasts.
    0:31:25 So it is just insane how many more podcasts,
    0:31:29 and I may have said 400,000 podcasts.
    0:31:33 So the world has just changed absolutely dramatically,
    0:31:34 and that’s gonna keep happening,
    0:31:37 where the format of a podcast itself
    0:31:41 is gonna get disrupted by somebody alone with an AI,
    0:31:44 doing things that nobody’s ever thought of before,
    0:31:48 and the difficulty of production,
    0:31:50 the friction of going from idea to execution
    0:31:52 is the current mode.
    0:31:53 That’s gonna go away,
    0:31:55 which means this will be more like TikTok.
    0:31:59 So instead of there being a person that has a podcast,
    0:32:01 take a Rogan or something like that,
    0:32:04 instead of that person dominating the landscape,
    0:32:05 you’re gonna have like,
    0:32:08 oh, one of his episodes might pop off,
    0:32:10 but somebody else is gonna release something else
    0:32:12 that’s a totally unique format that nobody saw coming,
    0:32:14 and it’ll just be like that,
    0:32:15 and people will just be scrolling onto the next,
    0:32:17 onto the next, onto the next,
    0:32:19 and that’s gonna happen across everything.
    0:32:21 It’s gonna happen across video game production,
    0:32:24 which I trust may have just as much anxiety as you.
    0:32:29 But the key is to adopt AI faster than the competition.
    0:32:32 And then just remember that one,
    0:32:35 we’re moving towards an abundance reality
    0:32:40 where if AI does all of the wildly disruptive stuff
    0:32:43 that people think it’s gonna do over the next, say, 10 years,
    0:32:46 it’s also gonna be dropping the cost of virtually everything.
    0:32:48 So everything is just getting cheaper.
    0:32:52 Now this takes you into a post-capitalistic society,
    0:32:55 and there are big questions around what that looks like,
    0:32:58 but people will have access to the things
    0:33:00 that they want for far, far, far cheaper.
    0:33:02 Now that doesn’t mean people won’t find a way to peacock
    0:33:04 through other means, because we will,
    0:33:08 but especially when you throw in the mix
    0:33:10 brain-computer interfaces,
    0:33:13 this is all gonna get real weird.
    0:33:15 There are already people that can play video games,
    0:33:17 like proper video games,
    0:33:19 using just their brain-computer interface.
    0:33:20 – Oh my God.
    0:33:21 – It’s nuts.
    0:33:24 – That is so nuts.
    0:33:26 And you were just saying when you first started,
    0:33:30 400,000 podcasts, and everyone was telling you,
    0:33:32 there’s no chance, it’s already saturated.
    0:33:35 AI’s gonna make things even more saturated.
    0:33:39 So what is your perspective about the increased competition
    0:33:42 and if there’s even a point to participate
    0:33:45 if there’s gonna be that much competition?
    0:33:47 – So I think people make a mistake
    0:33:50 when they do preemptive quitting or preemptive strikes.
    0:33:51 The reality is you wanna pay attention,
    0:33:53 you wanna be at the cutting edge,
    0:33:54 you wanna be integrating AI.
    0:33:57 Right now, AI is a phenomenal tool,
    0:33:58 and it is a terrible master.
    0:33:59 So it’s not gonna be able to do things
    0:34:01 without humans yet.
    0:34:03 So people should be excited right now for this phase.
    0:34:05 It’s going to allow you to do more with less.
    0:34:07 And so if you’re somebody like you
    0:34:09 that’s paying attention, you’ve got a whole thesis,
    0:34:11 you know what you’re moving towards,
    0:34:13 AI is gonna help you keep costs down,
    0:34:15 it’ll help you stay really nimble.
    0:34:18 Now, if AI starts changing the landscape,
    0:34:19 then just pay attention.
    0:34:21 Like, okay, what do we need to do to stand out?
    0:34:23 How do we add value?
    0:34:24 And yes, it’s going to change things.
    0:34:26 And yes, some people are going to get smashed
    0:34:28 into little pieces.
    0:34:30 But if you’re really paying attention,
    0:34:35 and if you continue to look at where’s the puck going to go,
    0:34:36 then you’ll be in better shape.
    0:34:39 Now, I’ve often made the quip that, yes,
    0:34:41 you should always skate to where the puck is going to go,
    0:34:42 but it’s getting a little hard now
    0:34:44 ’cause the puck is teleporting.
    0:34:47 But it’s still, it’s the right idea.
    0:34:51 You wanna pay attention to, okay, predictive engine.
    0:34:52 Where is this going?
    0:34:53 What does this mean for content creation?
    0:34:56 I think there is gonna be that hyperfragmentation.
    0:34:58 I think this is really gonna be about deep communities.
    0:35:01 So part of the reason that I’m on Twitch now
    0:35:03 doing my video game streaming is that, yes,
    0:35:04 I’m building a video game,
    0:35:07 so I need to build a community around that.
    0:35:10 But also historically, I built audiences, not communities.
    0:35:13 And so this is a chance for me to really build
    0:35:16 a deep community where the interactions are very different.
    0:35:19 And that’s gonna be something that AI will have a hard time with
    0:35:21 just because people know on the other side of this
    0:35:22 is not a person, it’s AI.
    0:35:24 And so I think there will be some things
    0:35:27 that people just have a weird resonance
    0:35:30 when it’s AI versus when it’s a real person.
    0:35:33 So I’ll be looking for opportunities like that.
    0:35:35 I’ll be looking for places where I wanna lean into
    0:35:37 the humanity of it all.
    0:35:38 And I’ll be looking for places where I wanna lean
    0:35:40 into the AI of it all.
    0:35:42 But because I don’t push back
    0:35:45 on the way the world actually is, AI is here.
    0:35:47 AI will keep getting better.
    0:35:51 AI may slow down, but I don’t think it’s gonna stop.
    0:35:54 So I’m just paying attention to where it’s at
    0:35:56 and how I can leverage it for now.
    0:36:00 While it’s scary to think that AI
    0:36:03 is going to change everything, we can’t just be scared.
    0:36:05 We’ve gotta do something about it.
    0:36:07 And nobody’s gonna be more equipped
    0:36:10 to take on these challenges than entrepreneurs.
    0:36:13 We’re creative, we’re innovative, we’re flexible.
    0:36:14 And we know how to manage people
    0:36:17 and eventually manage AI agents.
    0:36:20 In fact, Reid Hoffman told me in the near future,
    0:36:24 we’re going to have AI agents on our phones, devices,
    0:36:26 that become our personal assistants, tutors, drivers,
    0:36:30 advisors, and things that we can’t even imagine yet.
    0:36:33 For the creative and innovative minds, AI won’t be a threat.
    0:36:36 It’s going to be a powerful amplifier.
    0:36:38 It will dramatically enhance our abilities,
    0:36:41 expanding the scope and impact of their ideas.
    0:36:44 In essence, AI will become a force multiplier
    0:36:46 for human ingenuity.
    0:36:49 Here’s a clip from my conversation with Reid Hoffman,
    0:36:51 the co-founder of LinkedIn and an early investor
    0:36:54 in open AI on AI agents, content creation,
    0:36:57 and the wild feature that he predicts for us.
    0:37:03 So part of what freaks people out a little bit is like,
    0:37:06 you know, we are going to this agentic universe
    0:37:09 where all of a sudden we’re supposed to having phones
    0:37:12 and PCs, which we’ll still have, we’ll have agents.
    0:37:14 And by the way, we’ll have more than one.
    0:37:15 We may have one that we’re, you know,
    0:37:18 it’s particularly the hollow Reid, you know,
    0:37:21 ongoing companion always, you know, always around us
    0:37:23 and helping us with things.
    0:37:26 But there’s going to be a suite of them, you know,
    0:37:27 with kind of different specialties
    0:37:28 and different engagements.
    0:37:31 And by the way, you know, your office is going to have one,
    0:37:33 your working group is going to have one,
    0:37:36 and you know, probably your podcast is going to have one,
    0:37:36 you know, et cetera.
    0:37:38 And we hear fairly soon and people say,
    0:37:41 well, if they’re agentic, does that take my agency away?
    0:37:42 And the answer is no.
    0:37:44 The same way that when you work with colleagues
    0:37:47 and you work with employees and everything else,
    0:37:49 that doesn’t actually, that expands your agency.
    0:37:50 That doesn’t take it away.
    0:37:54 And by the way, you know, these agents will be making predictions
    0:37:58 off all the data, which is a lot more than any of us have
    0:37:59 about what things will be really good for us.
    0:38:00 – Yeah.
    0:38:05 I mean, I have to say, thinking about agents is so mind blowing.
    0:38:10 And when I think about AI and all the talks that I’ve had,
    0:38:13 a lot of people talk about it as being like a great equalizer.
    0:38:15 And we were just talking about how humans are not going to work
    0:38:17 and everything like that, but I’m competitive, right?
    0:38:20 So like as I’ve been going through these conversations,
    0:38:21 I’ve been thinking about like, well, how am I going to be
    0:38:23 like the best version of me?
    0:38:27 How am I going to be like a better entrepreneur and compete?
    0:38:30 But now as I’ve thought about it more, I realized that it’s like,
    0:38:32 you have to be the best trainer of the AI.
    0:38:35 Like I kind of imagine everybody being an entrepreneur,
    0:38:40 having agents that work at their personal company, basically.
    0:38:44 And you basically have to be the best at coordinating your agents
    0:38:48 and figuring out how to like mobilize all that AI
    0:38:50 and all your AI support.
    0:38:52 And so smart people are going to be smarter at that, right?
    0:38:55 And creative and innovative people are going to be more creative
    0:38:58 and innovative when it comes to their own agents.
    0:39:00 And so I just feel like a lot of people are probably worried
    0:39:03 that like, you know, there’s not going to be any room for them
    0:39:04 to your point as humans.
    0:39:08 But I really think it’s going to be how you manage your AI.
    0:39:13 In addition to training, it’s also deploying, organizing, executing,
    0:39:17 you know, strategizing all of the above.
    0:39:20 And that’s part of the reason why, you know, kind of with super agency
    0:39:23 and the other kind of content that I’ve been trying to get out there
    0:39:25 and people say, it’s like, start playing with it, start exploring
    0:39:28 because you want to start building the muscles
    0:39:30 and getting engaged with it is really important.
    0:39:32 And that’s that’s the most central thing.
    0:39:35 And again, part of reason I called it agency, because it’s like, you know,
    0:39:37 own your agency and go do it.
    0:39:41 And part of the super agency is when millions of us all start doing that,
    0:39:46 it benefits all of us much more than just even the technology benefits
    0:39:49 each of us individually by ourselves.
    0:39:52 So one of the things that I wanted to talk to you about was trust
    0:39:55 when it comes to AI, because I feel like a lot of people are worried
    0:39:59 about misinformation, there’s so many deep fakes out there.
    0:40:02 And people are just worried about trust when it comes to AI.
    0:40:06 So what are your thoughts around that?
    0:40:12 So trust is in, unfortunately, short supply these days.
    0:40:19 Generally, not just for the AI, trust in institutions, trust in, you know,
    0:40:24 democracies, voting systems, other people’s intent, you know, other kinds of things.
    0:40:27 So so trust is challenging.
    0:40:32 Now, the way that you that I think it’s going to be very important
    0:40:36 to build and maintain trust of the AI is for the people who are building it
    0:40:42 to be very clear about like what their what their goals are, what they’re doing,
    0:40:45 what they’re doing to try to build and maintain trust.
    0:40:49 You know, part of the reason why, of course, you know, my encouragement
    0:40:53 with super agency is for people to go try it because as they begin to try it
    0:40:57 and learn what kinds of good things they can do, what kinds of things are going to be empowered,
    0:41:01 that will be the kind of thing that builds the kind of positive trust
    0:41:02 in these kinds of circumstances.
    0:41:08 And, you know, my my advice to individuals, you know, encountering these things,
    0:41:10 like, you know, a classic suspicion and say, well, big tech companies
    0:41:13 who are trying to make a lot of money or building these things and they’re trying
    0:41:14 to make money from you.
    0:41:17 And I was like, well, by the way, trying to make money from you is usually offering
    0:41:20 you a product and service you really like that really is something
    0:41:22 that you come back for that you keep using.
    0:41:23 That’s good for you.
    0:41:26 That’s the goodness of modern business.
    0:41:30 So you go, OK, so which thing should I trust these AIs on?
    0:41:31 And which thing should I not?
    0:41:36 And the answer is, well, if you generally shouldn’t, you should understand
    0:41:41 that company is trying to have you as a lifelong loyal customer.
    0:41:45 But that generally speaking, most of them are smart about doing that.
    0:41:47 So they’re going to try to make it good.
    0:41:51 If it’s if it’s something that’s particularly important to you, cross checking,
    0:41:55 it’s important, like, you know, when I go to GBD4 and get a prompt and I go,
    0:41:58 you know, huh, that doesn’t really make full sense to me.
    0:42:02 I’m going to go look at this a little bit more, you know, because it’s like, OK,
    0:42:05 you know, if it said something about like, yeah, your lab, your, you know,
    0:42:07 your black lab can eat that mushroom.
    0:42:09 It’s like, no, I really want to know.
    0:42:12 Yeah, double check that, you know.
    0:42:14 So and so, you know, that kind of thing.
    0:42:19 And by the way, over time, these will get better and better for, you know,
    0:42:20 kind of how it operates.
    0:42:23 And so I think that’s that’s the kind of thing.
    0:42:27 But I think that’s the only by engaging and using having dialogue,
    0:42:32 having that dialogue match our experience over time, you know,
    0:42:36 being accountable as creators and companies for, you know,
    0:42:40 here are the things that we want in the use and here are the things that are
    0:42:45 still under development and being clear about that so that people have a sense of,
    0:42:48 OK, I understand it’s not perfect, but it could be really good for me.
    0:42:50 We were talking about deep fakes before.
    0:42:56 And I came across this interview of you interviewing your own AI on your YouTube.
    0:43:01 You call it read AI and it’s an AI video avatar of you.
    0:43:04 Talk to us about how you felt in that interview.
    0:43:05 Did you learn anything from it?
    0:43:06 Did you did it?
    0:43:09 Did you help you realize anything about AI in the future?
    0:43:14 Well, so it came about primarily because I was like, look,
    0:43:17 here’s a technology that everyone’s so skeptical about.
    0:43:19 Our name for it is Deep Fakes.
    0:43:25 It’s kind of like, like if your name was disaster, OK.
    0:43:30 You know, so it’s like, OK, but actually it was more interesting
    0:43:33 as kind of a palette and exploration.
    0:43:36 Like you said, well, I only want to talk to readers.
    0:43:37 Absolutely not.
    0:43:41 But what I want to talk to read AI sometimes and doing these things and have
    0:43:46 that as a way of kind of having a dialogue with myself and also showing
    0:43:49 kind of what’s good at because once I did that, one of the things I realized
    0:43:54 is I was after I made that I was off to go give a speech at the University
    0:43:57 of Perugia in kind of defensive and honorary doctorate.
    0:44:00 And I sort of wrote out the speech and then I went, you know,
    0:44:05 I could actually have AI read AI, give this speech in all.
    0:44:09 I’m only really fluent in English and all of these other languages,
    0:44:13 you know, ranging from Hindi to Chinese to Arabic to all these things.
    0:44:17 And to give the speech in those languages where people are much like
    0:44:25 it was bizarre listening to me, my voice, speaking Hindi or Chinese fluently.
    0:44:26 It’s like, well, I would.
    0:44:30 Well, what I sound like if I were speaking Chinese anyway.
    0:44:34 So but it was like it was humanizing was with the things I thought I would.
    0:44:38 I thought I would really dislike it and it was humanizing.
    0:44:42 And it started making me realize just like any just just as I say to other people,
    0:44:45 hey, you should use the technology to get a sense of it and control
    0:44:51 and to kind of, you know, give you to reinforce your own agency with the technology.
    0:44:53 It was like that was me doing that with that.
    0:44:56 And, you know, we continue to do new things with read AI.
    0:44:57 Yeah, it’s so cool.
    0:45:00 I feel like in terms of content creation,
    0:45:02 I’ve got a lot of creator entrepreneurs that listen to the show.
    0:45:05 I feel like AI is totally going to change the game.
    0:45:07 Like even with me, I have my voice.
    0:45:15 If I’m sick or if I’m like if I miss a commercial, we can use my voice as like an intermediate step.
    0:45:18 Like I’ll always rerecord it usually, make sure that it’s me.
    0:45:20 But it’s really close to my voice.
    0:45:23 Like people really can’t tell and we’re working on my video.
    0:45:27 And to your point, like people probably think I’m crazy, creating my own deep bank.
    0:45:31 But I want to be able to scale myself and this is the future.
    0:45:34 And you just gave me such a great idea in terms of the translations.
    0:45:36 You know, people love to watch content all over the world.
    0:45:38 And not everybody speaks English.
    0:45:43 So one last question for you on the future of AI.
    0:45:45 So you’re obviously at the forefront of this.
    0:45:46 You’ve thought a lot about it.
    0:45:48 You’ve written books on AI.
    0:45:52 So I just want you and you can take your time with this because I think it’s very interesting.
    0:45:57 How do you imagine our world to be five, 10, 20 years in the future with AI?
    0:45:58 What do you imagine the world to be like?
    0:46:04 Well, one of the things that’s a great way to look foolish in the future is make
    0:46:11 overly specific predictions, partially because, you know, the usual principle
    0:46:14 I used to say in this is the future is sooner and stranger than you think.
    0:46:19 And so, you know, people thought in the 80s, we’re going to get AI, but we didn’t get AI.
    0:46:20 We got the internet, we got mobile phone.
    0:46:21 Well, maybe now we’re going to get AI.
    0:46:25 I mean, you know, we’re going to get what shape of AI is the interesting question.
    0:46:34 And so if you said, you know, what I think is kind of the minimum guarantee
    0:46:39 is there’s going to be like, as opposed to like computer interfaces or phone
    0:46:40 interfaces, we’re going to have agents.
    0:46:47 And agents are going to be the primary mode of kind of navigation.
    0:46:51 What we describe in super agency is an informational GPS.
    0:46:56 So in this entire informational digital world, we’ll do that.
    0:47:02 And there will be more agents than there are people, especially when you consider
    0:47:06 the, even though there might be just one agent pie, that’s kind of then
    0:47:11 instantiated with what remembers out of its conversations and interaction with
    0:47:14 the HALA, what it understands, remembers in its conversation, interactions with
    0:47:15 read, et cetera, et cetera.
    0:47:19 There’s kind of this, this, this, this, this, this flow of agents.
    0:47:22 Now, one of the things that I think people haven’t really fully tracked yet,
    0:47:25 but I think what would be interesting is how agents end up talking to each other.
    0:47:29 Because when we have that many agents, you know, part of how you and I are
    0:47:32 going to coordinate, like we say, Hey, what should we talk about in the podcast?
    0:47:35 Well, one of our preps will be your agent.
    0:47:36 We’ll talk to my agent.
    0:47:41 And they’ll kind of go, well, you know, these topics will be really good.
    0:47:44 And, you know, hey, when you, when you ask a question this way, it’ll be great.
    0:47:45 And when you answer it this way, it’ll be great.
    0:47:48 You know, and da, da, da, da, and you know, that kind of thing.
    0:47:50 Or this could be a really new, interesting thing to try.
    0:47:54 And that will be part of the world that we will be in.
    0:48:03 And I think that, you know, part of that will then make, you know, like the premium
    0:48:06 on thinking creatively, thinking differently.
    0:48:09 You know, as you mentioned, we’ll be much higher.
    0:48:19 The notion that, you know, what we, you know, kind of like my guess is, like,
    0:48:24 for example, if you go back 30 years and you told someone there
    0:48:28 would be these jobs called web designer, data scientist, other things, they go,
    0:48:30 what are you talking about?
    0:48:32 You know, crazy person from the future.
    0:48:36 And I think that’s another thing that we’re going to see even more of,
    0:48:40 which is like, oh, didn’t realize that was going to be the job.
    0:48:42 And that’s cool.
    0:48:46 And, and so I think that’s the, you know, those are some of the things.
    0:48:52 But, you know, I try not to make overly specific predictions because usually
    0:48:55 there may all put it this way, William Gibson, science fiction author has
    0:48:58 a really good quote, which is, the future is already here.
    0:48:59 It’s unevenly distributed.
    0:49:04 And, you know, he’s been a great, you know, Neuromancer was the internet,
    0:49:04 everything else.
    0:49:10 Now he was being asked in an interview, like, well, how did you see the future?
    0:49:14 And it’s like, look, thank you for, for the compliment.
    0:49:18 But by the way, if you read Neuromancer, sure, I got AI right.
    0:49:19 I got the internet right.
    0:49:21 I missed the mobile phone.
    0:49:30 And so that’s the kind of thing that, you know, we’re always looking for
    0:49:32 is that surprise and delight moment.
    0:49:36 Well, yeah, fam.
    0:49:40 That’s it for episode six, the final episode of the Yaff creator series.
    0:49:44 As we’ve heard it in the series, creating content isn’t just about algorithms and views.
    0:49:49 It’s about connections, storytelling and sharing your unique voice with the world.
    0:49:53 And remember, if you’re eager to get started with using AI to take your content
    0:49:55 to the next level, then try OpusClip.
    0:50:00 OpusClip uses advanced AI to help you extract the most authentic, engaging
    0:50:04 moments from your content, whether it’s a heartfelt story or a quirky
    0:50:06 interaction or an insightful tip.
    0:50:10 OpusClip makes it easy to transform those moments into shareable clips
    0:50:13 that truly connect with your audience and drive engagement.
    0:50:17 You can try OpusClip today at opus.pro/clipanything.
    0:50:22 Thank you so much for tuning into this episode and the entire Yaff creator series.
    0:50:27 I hope you’re now equipped with the tools and knowledge to thrive in your creator journey.
    0:50:30 This is your host, Hala Taha, signing off.
    0:50:44 [Music]
    0:50:54 [BLANK_AUDIO]

    27 years ago, entrepreneur Dean Graziosi had to max out his credit cards and spend over $200,000 just to get his product on TV. Today, AI can help you launch a business in a matter of hours, for the cost of a few cups of coffee. In the sixth and final episode of the YAPCreator Series, Hala explores how AI is revolutionizing content creation and entrepreneurship. She also dives into practical AI strategies that can help you unlock your creative potential. You’ll hear from some of the brightest minds in business and tech, including Reid Hoffman, Tom Bilyeu, and Jen Gottlieb, who help to unpack the future of content creation in the age of AI.

    In this episode, Hala will discuss: 

    (00:00) Introduction

    (01:15) Dean Graziosi on the Evolution of Entrepreneurship

    (03:46) AI’s Role in Lowering Barriers for Entrepreneurs

    (12:20) AI as a Personal Assistant for Content Creation

    (15:54) AI’s Impact on Creativity and the Future of Work

    (19:22) Leveraging AI for Marketing and Public Relations

    (24:45) Maximizing Content with AI

    (25:23) The Human Touch in AI Content

    (28:00) Tom Bilyeu on AI and Content Creation

    (35:01) Reid Hoffman on AI Agents

    (38:32) Future Predictions and Trust in AI

    Try OpusClip for FREE:

    Visit https://www.opus.pro/clipanything 

    Resources Mentioned:

    YAP E254 with Jen Gottlieb: youngandprofiting.co/4324ayp

    YAP E291 with Gary Vaynerchuk: youngandprofiting.co/41DRxcd

    YAP E252 with Harley Finkelstein: youngandprofiting.co/4i2IYN5

    YAP E230 with Ken Okazaki: youngandprofiting.co/3Ervwnx

    YAP E226 with Neil Patel: youngandprofiting.co/4gqjng0

    YAP E316 with Kat Norton: youngandprofiting.co/40I34q4

    YAP E155 with Kelly Roach: youngandprofiting.co/4h1LfrD 

    Active Deals – youngandprofiting.com/deals 

    Key YAP Links

    Reviews – ratethispodcast.com/yap 

    YouTube – youtube.com/c/YoungandProfiting

    LinkedIn – linkedin.com/in/htaha

    Instagram – instagram.com/yapwithhala

    Social + Podcast Services: yapmedia.com 

    Transcripts – youngandprofiting.com/episodes-new 

    Entrepreneurship, entrepreneurship podcast, business, business podcast, self-improvement, personal development, starting a business, strategy, investing, sales, selling, psychology, productivity, entrepreneurs, AI, artificial intelligence, technology, marketing, negotiation, money, finance, side hustle, startup, mental health, career, leadership, mindset, health, growth mindset. 

  • Adam Schafer: Mind Pump Co-Founder on The Mindset That Separates Entrepreneurs Who Win | E337

    AI transcript
    0:00:02 Today’s episode is sponsored in part by Factor,
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    0:01:10 Terms and conditions apply.
    0:01:12 As always, you can find all of our incredible deals
    0:01:16 in the show notes or at youngimprofiting.com/deals.
    0:01:19 – I’ve watched both my parents be holed off
    0:01:22 by the cops many times, but I thank them
    0:01:24 and I love them for the drama and the adversity
    0:01:27 that we went through because I really do believe
    0:01:29 it is what laid the foundation for the skills
    0:01:31 that I built later on in life.
    0:01:34 – Adam Schaefer, co-founder of Mind Pump Media
    0:01:37 and one of the co-hosts of the popular Mind Pump podcast.
    0:01:39 Extraordinary entrepreneur.
    0:01:41 He had a really traumatic childhood,
    0:01:43 but he didn’t stay the victim.
    0:01:45 – Ain’t nobody gonna work as hard as I’m gonna work
    0:01:47 at getting good at it or figuring it out
    0:01:49 and that’s a superpower.
    0:01:51 Entrepreneurship is hard and it’s a lot of failure
    0:01:52 and you get beat up.
    0:01:54 When someone makes a decision to buy,
    0:01:57 it really comes down to two things, value and price.
    0:01:59 Go prove to your audience first
    0:02:01 that you have something valuable enough
    0:02:02 that they’ll listen.
    0:02:05 – Mind Pump has multiple eight-finger businesses.
    0:02:06 How did you guys start Mind Pump?
    0:02:08 – It’s kind of wild because…
    0:02:15 (gentle music)
    0:02:18 (gentle music)
    0:02:25 – Yeah, fam.
    0:02:27 What does it take to turn personal adversity
    0:02:30 into a thriving career in business and media?
    0:02:32 Today, I’m excited to welcome Adam Schaefer,
    0:02:34 co-founder of Mind Pump Media
    0:02:38 and one of the co-hosts of the popular Mind Pump podcast.
    0:02:41 Now, Adam Schaefer is an extraordinary entrepreneur.
    0:02:45 I ended up speaking with him for over an hour and 40 minutes
    0:02:47 and I do this with anyone who I feel like
    0:02:50 just has so much information that I need to extract
    0:02:52 from my listeners.
    0:02:54 Adam definitely did not disappoint.
    0:02:57 He gave so much amazing information
    0:02:58 and in part one of this episode,
    0:03:01 we’re really focusing on his challenging childhood.
    0:03:03 He had so much adversity.
    0:03:06 His dad committed suicide when he was younger.
    0:03:09 His mom was in an abusive relationship
    0:03:12 and he had a really traumatic childhood
    0:03:13 but he didn’t stay the victim.
    0:03:17 So he discusses how he stopped playing victim
    0:03:19 and drove towards success.
    0:03:22 We also discuss how he first started Mind Pump
    0:03:25 which is just such an amazing organic story.
    0:03:28 In part two, we talk about the business of Mind Pump.
    0:03:29 How do they make their money?
    0:03:32 How do they deal having four business partners?
    0:03:34 How do they all work together?
    0:03:37 How do they think about social versus email versus podcast?
    0:03:39 How do they acquire audiences?
    0:03:41 What is their marketing messaging like?
    0:03:42 And we even talk about sponsorship.
    0:03:44 So this is literally a masterclass
    0:03:47 for all my creator entrepreneurs out there,
    0:03:49 for all my content creators and entrepreneurs
    0:03:51 which is basically all of us.
    0:03:53 I’m so excited for this conversation.
    0:03:55 I think you guys are gonna get so much value from it.
    0:03:59 Here is part one of my conversation with Adam Schaefer.
    0:04:02 Adam, welcome to Young and Profiting Podcast.
    0:04:04 – Thank you, I’m excited to be here.
    0:04:06 – I’m so excited for this conversation.
    0:04:08 I can’t wait to pick your brain about fitness,
    0:04:10 about business.
    0:04:12 And when I was studying for this interview,
    0:04:14 I found out that you’ve been an entrepreneur
    0:04:15 for a really long time.
    0:04:17 You started a lawn mowing business
    0:04:19 before you could even drive.
    0:04:23 And so I wanna know where did this entrepreneurial spirit
    0:04:27 come from and why have you always been Young and Profiting?
    0:04:29 – I don’t think it’s a very sexy story
    0:04:32 because it was more out of necessity.
    0:04:35 I grew up in a home, I’m the oldest of five.
    0:04:38 My parents weren’t very financially successful.
    0:04:39 We struggled, we moved around a lot.
    0:04:42 I lived in nine different homes growing up
    0:04:44 and that was because many times we couldn’t afford
    0:04:46 to live in that house or we’re being evicted.
    0:04:50 And so if I wanted something as a kid, I had to go get it.
    0:04:52 It wasn’t like I grew up with this fire to,
    0:04:54 oh, I wanna build a business when I get old.
    0:04:56 It was like, hey, if I want those new sneakers
    0:04:59 that all my friends have or the new starter jacket,
    0:05:01 dating myself a bit there, like that was really cool.
    0:05:04 Like I better go find a way to make money and do that.
    0:05:09 And so being 15 years old, one of the things I could do
    0:05:10 was mow a lawn.
    0:05:12 I was been mowing my lawn for a very long time.
    0:05:14 I know there was people that needed it.
    0:05:16 In the town I grew up in, there was definitely
    0:05:19 one side of the tracks, which is where I lived.
    0:05:20 And then there was like the rich people
    0:05:21 that lived on the other side of the tracks
    0:05:22 and where the golf course was.
    0:05:26 And so my buddy and I, when we were 15 years old,
    0:05:29 I had our parents drop us off in the rich neighborhood
    0:05:33 and we made little flyers that said A and J lawn mowing
    0:05:36 and we went door to door just knocking on people’s door
    0:05:38 and asking if they wanted their lawns mowed.
    0:05:41 And it turned into not only mowing lawns,
    0:05:44 but we ended up being like a little handyman for anybody.
    0:05:47 And I mean, I did staining and painting.
    0:05:50 And I mean, but make fence posts up.
    0:05:53 I mean, whatever they were willing to give me,
    0:05:54 I was willing to take it.
    0:05:56 And so it started off with that.
    0:05:59 And back then the idea of A and J lawn mowing service
    0:06:02 was so I would be in the front of the yellow pages,
    0:06:03 which I never even got to,
    0:06:05 but that was the thought process of,
    0:06:07 what are we gonna name this business?
    0:06:09 And it was, it was mildly successful.
    0:06:12 I mean, for my age and what I was doing, it was perfect.
    0:06:17 I worked the weekends, it gave me enough money in my pocket
    0:06:20 to keep up with my friends that had wealthier parents
    0:06:22 and that could buy the sneakers and the stuff.
    0:06:25 And so that’s really how it started for me.
    0:06:28 The next like venture or job that I did
    0:06:29 was working in a dairy.
    0:06:33 So I was a bovine mammary extraction technician,
    0:06:37 which is a fancy term for I milked cows,
    0:06:39 but I got to work for a couple
    0:06:41 that had built this business from the ground up
    0:06:45 and really got to peer into what I think is like
    0:06:49 a lot of real entrepreneurship and not the sexy side,
    0:06:52 the side that is hard work and no vacations
    0:06:55 and seven days a week, twice a day, you have to milk cows.
    0:06:57 And I got to know the family really well
    0:06:59 after four years of working there.
    0:07:02 And I actually was turned off by entrepreneurship
    0:07:05 once I found how little they made and how difficult
    0:07:07 it was for them to have success.
    0:07:09 They were considered successful
    0:07:10 ’cause they built their livelihood.
    0:07:12 They had a home and a family and fed their family,
    0:07:16 but they struggled and they worked really, really hard.
    0:07:17 And so that kind of turned me off a little bit
    0:07:20 about entrepreneurs, man, this is gonna be really easy.
    0:07:22 And it’s not one of those things
    0:07:24 where you just start a business and you make a lot of money.
    0:07:26 And that’s actually kind of how I was going to school
    0:07:28 for kinesiology.
    0:07:31 And I moved to San Jose to go finish my degree,
    0:07:33 moved in with my grandmother,
    0:07:36 and I walked across the street to go get a gym membership.
    0:07:39 And they saw that I was studying for kinesiology,
    0:07:41 kind of offered me a job in the spot.
    0:07:43 I was like, no, I’m not looking for a job.
    0:07:45 I’m actually coming over here just to finish school.
    0:07:47 They said, oh, well, you can work part-time
    0:07:49 and you can actually go through our school
    0:07:51 and we can teach you and educate you.
    0:07:53 And took a part-time job as a personal trainer
    0:07:56 and actually started to fall in love
    0:07:57 with entrepreneurship again.
    0:08:00 Because even though I worked for a company,
    0:08:02 building your business as a personal trainer
    0:08:05 is very much so like building your own business.
    0:08:08 Now I had the beautiful luxury of a mega company
    0:08:10 that paid for advertising and marketing
    0:08:13 and kept the lead traffic and stuff like that coming through.
    0:08:15 And so it made building my business easier
    0:08:17 than it would have been by myself.
    0:08:21 That was the first real taste of leadership
    0:08:22 and building a business I think
    0:08:24 that I ever really had.
    0:08:26 And that’s what gave me the skills I’d say
    0:08:29 that I started to put into play later on in life
    0:08:31 was going to work for that company.
    0:08:33 And they did a really good job.
    0:08:37 That time, 24 Hour Fitness was a multi-billion dollar company,
    0:08:39 largest health and fitness business in the world at the time.
    0:08:42 And they had all this data and analytics.
    0:08:46 Like, and so I worked up my way up as a trainer
    0:08:48 within a short period of time into management.
    0:08:50 And so by 21 years old,
    0:08:52 I was managing a team of 20 trainers
    0:08:55 that were all more educated, more experienced
    0:08:57 and older than I was.
    0:09:00 And so I was kind of thrusted into this leadership role
    0:09:03 running this business at a very young age,
    0:09:05 not really knowing what I’m doing,
    0:09:07 but passionate about it, loved it
    0:09:09 and had a lot of tools from the company.
    0:09:12 We had all these daily production reports that came in.
    0:09:15 So I could, I learned about lead generation
    0:09:18 and conversion and closing and all the things
    0:09:21 that really help you develop things as skills
    0:09:23 that you need to build a successful business.
    0:09:27 And so I really attribute a lot of my success today
    0:09:29 off of the school of hard knocks
    0:09:30 of working for a company like that.
    0:09:32 I was really blessed.
    0:09:34 – I love your story because first of all,
    0:09:37 I’ve realized that a lot of the most successful entrepreneurs
    0:09:38 are like you.
    0:09:40 You’ve been working since you were a young age.
    0:09:41 I was the same.
    0:09:43 I had a job since I was 13 years old.
    0:09:45 And so by the time I was in my 20s,
    0:09:46 getting my first real job,
    0:09:50 I had so much more experience than some of the other people.
    0:09:51 And I was able to like shine
    0:09:54 because I had sales skills from working at the mall.
    0:09:57 And even if my intentions for working was just like you
    0:10:01 to just have cool clothes like everybody else,
    0:10:03 you learned so many skills doing that.
    0:10:06 I do want to kind of go back to your childhood a bit
    0:10:09 and dig into it because I know that you had a lot
    0:10:13 of adversity and I know that you had a lot of setbacks
    0:10:17 and other people may have stayed a victim
    0:10:18 for a very long time.
    0:10:20 But somehow you were able to kind of heal
    0:10:22 through a lot of the things that you went through
    0:10:25 or maybe you didn’t and you poured yourself into work.
    0:10:26 But I want to hear about it.
    0:10:28 Tell us if you feel comfortable,
    0:10:30 some of the things that happened in your childhood
    0:10:33 and then how you were able to not just be a victim
    0:10:34 for the rest of your life.
    0:10:37 – I’m definitely not somebody who announces
    0:10:39 like this is what I went through
    0:10:42 ’cause I don’t believe in being a victim
    0:10:44 and feeling that way or you may feel that way
    0:10:48 but that goes nowhere if I focus on that.
    0:10:51 And I do think that that has a lot to do with the success
    0:10:54 of me as an adult was the childhood adversity.
    0:10:56 So my father, when I was seven years old,
    0:10:59 committed suicide, my mom then remarried
    0:11:01 into an abusive relationship.
    0:11:03 And then we obviously struggled financially also.
    0:11:08 So that was a typical day in my house was I’ve watched
    0:11:12 both my parents be hauled off by the cops many times.
    0:11:14 I was the oldest so I was in the middle
    0:11:18 of a lot of that fighting and went through that a lot
    0:11:18 growing up.
    0:11:23 Now I look back now and feel blessed because of all that.
    0:11:26 And I wouldn’t change a thing about my childhood
    0:11:29 as crazy as that it sounds because I really do believe
    0:11:32 it is what laid the foundation for the skills
    0:11:34 that I built later on in life.
    0:11:36 And the main one of those being that entrepreneurship
    0:11:39 is hard and it’s a lot of failure and you get beat up.
    0:11:41 And I didn’t know this was my superpower
    0:11:43 until I started to get older and then was reflecting
    0:11:46 on like, what is it that, why am I doing better
    0:11:48 than a lot of these of my peers?
    0:11:51 I think it was the resiliency that I had
    0:11:54 from all the adversity as a kid just gave me that.
    0:11:56 And the way I think I looked at it when I was 20
    0:11:59 and I hit a hardship or a challenge was like,
    0:12:02 this is nothing compared to what I dealt as a nine year old
    0:12:05 and a 10 year old, 12 year old in my home.
    0:12:09 My home felt way scarier and more difficult getting
    0:12:10 through that.
    0:12:14 But I really think it’s what gave me the skills
    0:12:17 and the practice of adversity and working through it.
    0:12:20 ‘Cause when you’re a kid and you live in that home,
    0:12:21 you don’t have a lot of options.
    0:12:23 It’s not like, if you work in a bad job
    0:12:25 or you do something you don’t like as an adult,
    0:12:26 you got to eff it.
    0:12:27 I don’t want to do this anymore.
    0:12:29 I move on, go somewhere else.
    0:12:31 I didn’t choose the family that I was born into
    0:12:33 and until you’re 18 years old,
    0:12:35 you don’t got a lot of options as a kid.
    0:12:39 And so I had to learn to work through it and deal with it.
    0:12:42 And it was no good staying home
    0:12:43 and crying and feeling sorry for myself.
    0:12:46 That definitely was not going to help me anywhere in life.
    0:12:49 And I didn’t learn that quickly as a kid.
    0:12:51 And so that same attitude,
    0:12:52 I think I carried over into adulthood.
    0:12:56 So when I’m trying to build my business as a personal trainer
    0:12:58 and people are telling me, no, after no, after no,
    0:13:00 and it’s hard and like you have a deal
    0:13:01 you think you’re gonna get through
    0:13:02 and then it doesn’t go through
    0:13:04 and you’re working a client at five in the morning
    0:13:05 and then another one at noon
    0:13:07 and then another one at eight o’clock at night
    0:13:10 and they’re all day just to make three hours with the income.
    0:13:12 Those were all like hard things,
    0:13:15 but it didn’t feel hard for me.
    0:13:16 That’s life is hard.
    0:13:19 I think I had accepted that life is difficult
    0:13:22 and it presents all these different challenges.
    0:13:23 And hey, if it didn’t kill me,
    0:13:25 I can get up tomorrow and do it again
    0:13:27 and figure a better way out.
    0:13:29 And so I think I was just built different.
    0:13:31 And I think that really served me in business
    0:13:35 because as you know, I mean, 80% of people fail.
    0:13:37 And even the ones that are successful
    0:13:40 only make it a few years and then they fail.
    0:13:42 And then even fewer make it to like the big leagues
    0:13:43 and making millions of dollars.
    0:13:46 And so when percentage and the chance of me doing,
    0:13:47 well, it was very, very slim,
    0:13:50 but I felt that way from the start as a kid.
    0:13:52 Yeah, I think I had a chip on my shoulder.
    0:13:56 And I was so excited as an adult to actually have control.
    0:13:59 I think when I was a kid at going through those things,
    0:14:01 probably the thing that was the most traumatizing
    0:14:04 or challenging was that I was in this situation
    0:14:05 that I couldn’t control.
    0:14:08 I woke up and went to school and did my thing
    0:14:10 every single day in a home that I had to be in.
    0:14:14 In fact, I didn’t even know how much I wasn’t in control
    0:14:18 until I ran away when I was 17 years old.
    0:14:19 And I ran away when I was 17 years old
    0:14:23 because my grandmother bought a car from me
    0:14:25 to help me get to my job that I used to go to
    0:14:27 at four o’clock in the morning before school.
    0:14:29 And I was grounded for something.
    0:14:31 I think I was late to coming home from a curfew
    0:14:33 or something one time and my parents grounded me
    0:14:36 and they took my wheels, they took the car,
    0:14:39 the family car that I had away from me
    0:14:40 and my grandmother was pissed.
    0:14:43 My grandma, I cannot believe your parents did that
    0:14:45 and that’s your job and that’s so irresponsible
    0:14:46 to do that to you.
    0:14:47 And of course, as a young teenage boy,
    0:14:48 they’re like, yeah, right, grandma, right?
    0:14:51 And so I asked her, I said, hey, I have,
    0:14:52 I’ve saved a little bit of money.
    0:14:55 Will you come down and co-sign for a car for me
    0:14:56 to help me get to and from her?
    0:14:58 So it’s my car and my parents can’t take it from me
    0:14:59 and I can go to my own job.
    0:15:01 Grandma said, yeah, absolutely.
    0:15:03 And she came down and she bought a car for me
    0:15:06 and I came home with that car later on that day
    0:15:08 and my parents looked at me and said, no,
    0:15:09 you can’t have that.
    0:15:10 It’s not fair to your siblings,
    0:15:12 even though none of them were driving yet,
    0:15:13 you can’t have that car.
    0:15:15 Either you leave and you keep your car
    0:15:18 or you give your car back and you stay at this home.
    0:15:22 And as a cocky 17 year old, I said, okay, pack my bag
    0:15:23 and I’ll go live in my car.
    0:15:25 And because that is a better situation,
    0:15:27 I thought it was a better situation, right?
    0:15:30 They called the cops on me and had me arrested
    0:15:34 and I realized that when I’m under 18,
    0:15:36 I pretty much have no rights at all.
    0:15:39 And I remember the cop basically lecturing me
    0:15:42 and I’m crying and telling, but I bought this
    0:15:44 and I paid for these things and he says, son,
    0:15:47 until you were 18 years old, none of that shit is yours.
    0:15:49 In fact, your parents could light it on fire
    0:15:51 and there’s not a damn thing that you can do about it.
    0:15:53 And that just hit me like a ton of bricks.
    0:15:55 Like, oh my God, I have no rights.
    0:15:58 So I think when I got older and I actually had the power
    0:16:01 to control the situations I was in, it just,
    0:16:04 I don’t know, nothing felt that hard to me.
    0:16:07 Even the hardest of things that I went through in business,
    0:16:11 it’s like no one’s screaming and yelling and cops and tears.
    0:16:12 I mean, none of that was happening.
    0:16:13 It was like, yeah, sure, it’s hard.
    0:16:15 I got to work longer or I got to get up earlier
    0:16:17 or I got to go through 20 nos before I get one.
    0:16:21 Yes, but I think that I was just built different
    0:16:23 because of my childhood adversity.
    0:16:27 And of course, in my early teens and even early 20s,
    0:16:30 I probably harbored some animosity and resentment
    0:16:32 towards my parents.
    0:16:34 As I got older and more mature, I realized, wow,
    0:16:37 they gave me a superpower that didn’t even realize
    0:16:38 they did by putting me through all that shit.
    0:16:41 And so my relationship with them today is incredible.
    0:16:43 I mean, I thank them and I love them for the drama
    0:16:45 and the adversity that we went through.
    0:16:47 And my biggest fear as a father today,
    0:16:50 I have a young son who’s five years old,
    0:16:52 is that he won’t have as much adversity as you.
    0:16:54 So I talk to my wife all the time about,
    0:16:56 we’ve got to manufacture adversity in his life.
    0:16:58 It was so important to my development.
    0:17:01 I don’t want my son to have it so easy.
    0:17:03 He doesn’t build these great characteristics about him
    0:17:05 and he doesn’t build that armor.
    0:17:06 We’ve got to find a way.
    0:17:10 And so as a father today, I fear not having enough adversity
    0:17:13 for my son because I think it was so important
    0:17:17 to my development as a leader and as an entrepreneur.
    0:17:19 – Something that I just want to stick on here
    0:17:22 and kind of call out is that we are the stories
    0:17:23 that we tell about ourselves, right?
    0:17:26 Another person might have been like, you know what?
    0:17:29 I’m weaker because of all this stuff that happens to me.
    0:17:31 I have a disadvantage,
    0:17:34 but you decide to kind of reframe your past
    0:17:35 and then put a positive spin on it.
    0:17:37 Hey, all this stuff did happen to me.
    0:17:38 I’m honest about it.
    0:17:41 I’m not denying the fact that all this stuff happened to me,
    0:17:44 but here’s my like positive twist on it.
    0:17:47 And that’s the story that you told yourself,
    0:17:48 which allowed you to just like move forward
    0:17:50 towards like a positive future.
    0:17:53 And I think that’s really important for anyone tuning in.
    0:17:55 Like if something bad happened to you,
    0:17:59 try not to just tell the story in a way that keeps you weak.
    0:18:03 Try to figure out, okay, what about this is actually positive?
    0:18:06 And how do I tell this story, not only to myself,
    0:18:09 but when I tell the story to other people,
    0:18:11 how do I say this in a way that doesn’t position myself
    0:18:15 as a victim and kind of sets me up for the future?
    0:18:16 – 100%.
    0:18:18 Whether you think you can or can’t, you’re probably right.
    0:18:20 – Another thing about your childhood
    0:18:23 is that you did have one positive influence
    0:18:25 and that was sports.
    0:18:29 So how did sports help you
    0:18:32 when so many parts of your childhood were kind of upside down?
    0:18:34 What did sports do for you?
    0:18:37 – The funny part is there’s a little bit of parallel there too.
    0:18:41 What I loved about sports so much as far as what it taught me
    0:18:43 is because I wasn’t very good,
    0:18:45 or at least I wasn’t naturally really good.
    0:18:47 But what I quickly found out,
    0:18:49 just like the work and the adversity thing.
    0:18:51 And I think the childhood thing played into me
    0:18:53 actually being pretty good in sports.
    0:18:55 I wouldn’t think, I don’t think I was great.
    0:18:56 I definitely don’t think I was gifted.
    0:18:59 But I quickly found too, most people quit.
    0:19:00 Most people give up.
    0:19:02 Most people aren’t gonna get up at four o’clock in the morning
    0:19:04 and train and practice.
    0:19:06 Most people are told they’re not good
    0:19:07 or they have to ride the bench.
    0:19:10 And then they just get like, I was the opposite.
    0:19:14 I had this attitude of I can, I will, I’ll figure it out.
    0:19:17 I had to scratch and claw for every playing time minute
    0:19:20 that I wanted to, which I was that guy in practice
    0:19:22 that the rest of the teammates couldn’t stand
    0:19:24 because I was running at full speed.
    0:19:27 Everything I had, every single time I was on the court
    0:19:30 to prove to the coaches that I belonged
    0:19:31 or that I should play more.
    0:19:33 And, you know, and I did, I got to play.
    0:19:34 I got to play quite a bit.
    0:19:37 Now I wasn’t the star player ever.
    0:19:40 Maybe when I was really young, I was pretty good in soccer.
    0:19:44 But I don’t think I ever felt like I was this great athlete.
    0:19:45 I loved competition.
    0:19:49 I love sports, both watching them and playing them.
    0:19:51 And so I wanted to, and that’s where all of my friends,
    0:19:53 all of the kids that I wanted to hang out with
    0:19:54 and be friends, they all put, they were all athletes.
    0:19:57 They all played sports and I wanted to have friends.
    0:19:58 I want to know those things.
    0:20:00 And so, hey, if I wanted to fit in in school
    0:20:03 when you’re younger, fitting in in the sport group
    0:20:04 means you got to play.
    0:20:05 You got to be, and you got to play all right.
    0:20:06 You got to be pretty good at it.
    0:20:08 And I was just willing to do the things
    0:20:10 that nobody else was willing to do.
    0:20:13 I was willing to work harder and get back up.
    0:20:15 And so it varies, it’s very similar.
    0:20:18 Those same skill sets serve me there.
    0:20:21 And I think, again, back to the adversity at home,
    0:20:24 having a hard practice or failing
    0:20:26 didn’t seem like it was that scary or that bad.
    0:20:28 It was hard, but it didn’t, it didn’t deter me.
    0:20:30 It was just like, okay, this is,
    0:20:31 I’m going to have to work harder.
    0:20:33 I’m going to have to shoot more times.
    0:20:33 I’m going to have to get up early.
    0:20:34 I’m going to have to work more days.
    0:20:37 I have to make more sacrifices in my life
    0:20:39 than the average kid that could probably play video games
    0:20:41 all day, pick up the ball and just go play.
    0:20:42 And he was better than everybody.
    0:20:43 I wasn’t that kid.
    0:20:45 I had to put the work in.
    0:20:49 And so I really think that was another thing as a child.
    0:20:52 Again, not knowing it when you’re going through it,
    0:20:54 I think at that time it’s more survival for me, right?
    0:20:57 I’m not, I wish I could say that I was that wise
    0:21:00 that the way I’m articulating it right now, I knew.
    0:21:02 And so I was just, no, I didn’t.
    0:21:03 I was just trying to survive.
    0:21:05 I just wanted to have friends.
    0:21:07 I just wanted to be good at what I did.
    0:21:10 And the stuff that I think I cried about
    0:21:12 and I had a really hard time with at home
    0:21:16 was way scarier and way different than these obstacles
    0:21:19 that I was being presented in work and in sports.
    0:21:21 And so, yeah, I just, I leaned into that.
    0:21:24 And then I think as I started to get later in my teens
    0:21:27 and obviously into adulthood, I started to recognize
    0:21:30 that that was my superpower, was that, okay,
    0:21:34 I have this level to me that most people don’t want to go.
    0:21:37 And even though I’m not as talented, I’m not as smart,
    0:21:41 I can lean into that and that’s what I’m going to do.
    0:21:46 And so it started to slowly build this confidence in me
    0:21:50 that, okay, like, yeah, this is gonna be hard,
    0:21:53 but ain’t nobody gonna work as hard as I’m gonna work
    0:21:55 at getting good at it or figuring it out.
    0:21:58 And that’s a superpower and I’m gonna lean into that.
    0:22:01 And so sports absolutely gave the same skills
    0:22:03 or developed that same skill for me.
    0:22:06 – Let’s hold that thought and take a quick break
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    0:23:12 What’s up busy young and profitors?
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    0:24:49 Yeah, fam, do you ever wonder why some businesses
    0:24:51 do incredible and skyrocket with their sales
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    0:24:57 Well, I can think of some common denominators
    0:24:59 of the successful businesses that grow sales
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    0:25:02 such as festivals by Mr. Beast
    0:25:05 or even a legacy business like Mattel.
    0:25:07 They both have a desirable product.
    0:25:09 They both have a strong brand identity
    0:25:12 and influencer driven marketing, which is the future.
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    0:25:17 and that’s not talked about often enough
    0:25:20 is the magic that happens behind the scenes
    0:25:22 with the business behind the business.
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    0:26:33 Now, I know that it took you a while
    0:26:35 to like fully feel confident,
    0:26:37 even when you were a personal trainer
    0:26:40 and doing well and fit and everything like that,
    0:26:43 you still had insecurities from your childhood.
    0:26:45 What do you think eventually got you over that hump
    0:26:47 where you were like fully confident?
    0:26:48 – You know, that’s a good question
    0:26:51 because I was even confident when I was young.
    0:26:53 Like fully confident were,
    0:26:55 I didn’t have the same level of confidence.
    0:26:58 I think insecurities were presented in different ways.
    0:27:01 Like there’s always been things like I was insecure
    0:27:02 because I wasn’t as smart as everybody was else.
    0:27:05 I was a little insecure ’cause I wasn’t as an athlete,
    0:27:07 but quickly I learned that if I put the extra work in
    0:27:10 that I could be as good as anybody else
    0:27:11 if I were to do that.
    0:27:14 So I had physical insecurities, probably the longest.
    0:27:16 So I was very skinny growing up.
    0:27:18 Like you could see my rib cage so skinny
    0:27:20 and I’m tall and I get taller and lanky.
    0:27:24 And so then I got teased like a lot of kids did in school.
    0:27:28 Again, none of that really, that didn’t hit me hard,
    0:27:30 not like how some kids that can be traumatic for them.
    0:27:32 Again, like the stuff that I went through,
    0:27:33 that was way harder.
    0:27:34 So getting teased and a little bit of,
    0:27:35 I went through, people bullied me.
    0:27:36 I went through all that stuff,
    0:27:38 but I still didn’t think that was that big of a deal.
    0:27:41 But it did cause a little bit of insecurity
    0:27:43 and it did drive me to fitness.
    0:27:45 It was just like, okay, again, I can solve this.
    0:27:46 I can figure this out.
    0:27:48 Like I’m skinny, people are making fun of me for that.
    0:27:50 Okay, well, what can I do?
    0:27:52 Oh, I can go to the gym and start lifting weights
    0:27:53 and build muscle.
    0:27:55 Oh, wow, this is really hard, takes a long time.
    0:27:56 That’s okay.
    0:27:58 That’s my superpower leaning into that.
    0:28:01 It took a while before I think I started
    0:28:04 to build the confidence about what I looked like.
    0:28:07 I think that probably of all the things
    0:28:09 that I was insecure about as a kid,
    0:28:11 that one probably hung around the longest,
    0:28:16 which by the way has probably what fed a lot of the success
    0:28:17 in the business that we’re currently in right now.
    0:28:20 My co-hosts openly talk about this too, right?
    0:28:23 We’re very authentic and transparent
    0:28:25 and we lead with those things, right?
    0:28:29 So when we built the podcast, a lot of the conversations,
    0:28:31 we didn’t share from a place of authority,
    0:28:33 like we’re telling you what to do.
    0:28:35 It was more like a sharing from,
    0:28:38 hey, I too know what it’s like to be insecure about our body.
    0:28:41 And it drove a lot of the behaviors
    0:28:43 and the mistakes that I made in my 20s.
    0:28:45 And here’s what I’ve learned through that process.
    0:28:47 And I’m still learning through that process.
    0:28:49 So we really presented our information
    0:28:51 on the podcast from that, even though we all had
    0:28:55 the national certs and education and experience to say
    0:28:57 to people, hey, you should do this, don’t do that.
    0:28:58 We didn’t lead with that.
    0:29:00 We led with vulnerability.
    0:29:03 And this is where we struggle.
    0:29:04 This is where we were weak.
    0:29:06 This is how I’m working on those things.
    0:29:11 I don’t even know if I think we even did that strategically.
    0:29:13 I think it kind of organically happened.
    0:29:16 And that’s just kind of who all of us are character-wise.
    0:29:18 I think we learned that as personal trainers.
    0:29:21 And so that conversation of being vulnerable with people,
    0:29:23 it really serves you as a personal trainer.
    0:29:25 Like if you work with people,
    0:29:27 and we’ve been doing this for over two decades,
    0:29:29 where I work with people one-on-one,
    0:29:32 and most people that hire you as a personal trainer
    0:29:33 are very insecure about their bodies.
    0:29:36 They’re 40, 50 pounds overweight,
    0:29:38 or they’re skinny or whatever it is,
    0:29:41 but most of them are insecure about how they look.
    0:29:43 And that’s what initially drove them
    0:29:44 to try and fix that in the gym.
    0:29:46 And then ultimately hire you.
    0:29:49 And then here you are, this fit, young, buff trainer.
    0:29:52 Like that just makes them shell up even more.
    0:29:53 And so over trial and error,
    0:29:56 I realized like, man, I have to really,
    0:29:58 I have to be very vulnerable with these people
    0:29:59 and humanize myself.
    0:30:01 ‘Cause they think, even though I don’t think
    0:30:03 I’m a super human or what,
    0:30:06 they think of you like that, or they see you like that.
    0:30:09 And they’ll hold in a lot of this personal stuff,
    0:30:11 and a lot of the stuff that’s going on inside of them,
    0:30:14 which you need to learn how to solve as a good trainer.
    0:30:16 And if I wasn’t gonna get that out of them,
    0:30:17 I too needed to be vulnerable.
    0:30:20 They needed to see that I too have struggled
    0:30:23 and have insecurities and didn’t have it easy.
    0:30:25 And so I think I learned that skill
    0:30:28 as developing my skills as a personal trainer.
    0:30:30 And I think you hear that in the podcast
    0:30:32 when we communicate to the masses,
    0:30:34 because that was how we talked to our clients,
    0:30:36 was we had to learn to,
    0:30:38 and I do think that this is what hurts
    0:30:40 even some of the smartest trainers
    0:30:43 that are out there on social media and on podcasts,
    0:30:48 is when you come off as this authority where you know all
    0:30:50 and you’re so smart and you’re touting study after study
    0:30:52 to prove to people how much you know,
    0:30:54 you don’t make that connection with those people.
    0:30:58 And if you want behavioral change to happen in a client,
    0:31:00 you’ve got to make a connection with them.
    0:31:02 And that becomes more important
    0:31:05 than how many studies you can regurgitate.
    0:31:07 And we learn that as personal trainers.
    0:31:10 And so I think that part of me,
    0:31:11 like I’m always looking for my insecurities,
    0:31:13 I’m always looking for my vulnerability,
    0:31:16 not only to share, but also that’s how I work through it.
    0:31:18 So working through it is being okay,
    0:31:21 confident in talking about these things that I too,
    0:31:23 I’m weakened and together trying to solve that
    0:31:25 and coming from that perspective.
    0:31:27 And so I mean, I don’t think I’ve solved every insecurity,
    0:31:30 but the body one was probably the last one.
    0:31:32 And again, that’s probably the communicating of that
    0:31:34 on the show is probably what has resonated
    0:31:36 with a lot of people.
    0:31:38 – I love that you’ve tied that into kind of the sales
    0:31:41 experience that you gained as a trainer.
    0:31:45 And we had another fitness expert turned entrepreneur,
    0:31:46 Alex Ramosy on the show.
    0:31:49 And it reminds me a lot of what he was telling me,
    0:31:53 how he learned about value creation
    0:31:55 and making sure that you’re speaking in outcomes
    0:31:58 to sell your fitness clients.
    0:32:00 He learned about having to understand their challenges
    0:32:02 and their objections.
    0:32:04 And he learned about offering discounts and bundles
    0:32:06 and offer development.
    0:32:07 So he learned so much
    0:32:10 and then became this like incredible entrepreneur.
    0:32:13 I’d love to hear some of your experiences
    0:32:15 in terms of like sales, even leadership
    0:32:17 and what you learned as a trainer
    0:32:20 that you’ve now brought into entrepreneurship.
    0:32:23 – Someone told me that when someone makes a decision to buy,
    0:32:25 it really comes down to two things, always.
    0:32:27 Value and price.
    0:32:29 Everyone will have excuses, oh, I can’t afford it
    0:32:31 or I’m making all these, that’s all noise.
    0:32:34 It really comes down to how much they value that thing
    0:32:37 and what the price is in relation to that thing.
    0:32:39 And that resonated so much with me
    0:32:42 because I began looking at every deal
    0:32:45 that I didn’t close or every client that didn’t resign
    0:32:47 as I didn’t provide enough value.
    0:32:50 They decided that I wasn’t worth that investment to them
    0:32:52 and that falls on me.
    0:32:55 It’s not because something came up financially
    0:32:58 or no, if I was so valuable,
    0:33:00 they would find a way to pay for it.
    0:33:02 And that had been confirmed me to,
    0:33:05 I had watched clients take a he lock out on their home
    0:33:07 just so they could pay for their personal training with me.
    0:33:10 Like, when you figure that piece out,
    0:33:12 again, reframing this, every time I went into
    0:33:14 any sort of sales deal of Adam,
    0:33:17 it always comes down to two things, value and price.
    0:33:19 They didn’t buy, okay, I’m not even gonna listen
    0:33:22 to their excuse, it falls back on me
    0:33:23 that I didn’t provide enough value.
    0:33:27 And it’s literally how we built this was when we came out,
    0:33:29 like none of us had any sort of media experience.
    0:33:31 So none of us were like, oh, we’re gonna be so great
    0:33:33 at podcasting and talking on YouTube.
    0:33:34 Like, I was terrified of all that stuff.
    0:33:36 It’s definitely had a character for me.
    0:33:37 It’s not something I wanted to do.
    0:33:39 I don’t think it’s natural at all.
    0:33:41 I still this day can’t stand making YouTube videos
    0:33:44 even after doing it for over a decade, don’t like it.
    0:33:47 What I do know is that, or what my goal is,
    0:33:49 is to provide value.
    0:33:52 All I think about whenever we’re creating content
    0:33:55 or whenever we’re helping people is value, value, value.
    0:33:58 And if they don’t become customers,
    0:33:59 I didn’t find a way to provide enough value to that.
    0:34:02 Now, that becomes a little more unique
    0:34:03 when you’re talking about you’re communicating
    0:34:06 to a million people and like, how do you give them all value?
    0:34:07 Well, that’s, you know, that’s learning how to speak
    0:34:10 to each platform and content creation
    0:34:12 for your exact demographic or your target
    0:34:13 that you’re going for.
    0:34:16 And there’s a little bit of a learning curve to that too.
    0:34:19 But it really comes down to providing value.
    0:34:21 And then always looking back at yourself for,
    0:34:23 I mean, just like the other stuff that we talked about,
    0:34:25 people are so quick to point the finger
    0:34:26 at the other people, right?
    0:34:28 The victim like, oh, well, they can’t afford it.
    0:34:29 Oh, they’re not the right customer.
    0:34:31 Oh, it’s like, no, we,
    0:34:32 none of us ever look at it like that.
    0:34:35 Like if something is not working in the business
    0:34:36 or we’re not being successful,
    0:34:38 it’s like, what are we doing?
    0:34:41 What are we not doing to give that customer enough value
    0:34:43 that they don’t even hesitate to spend that?
    0:34:45 That’s when we started the podcast,
    0:34:48 we actually had the product ready to sell.
    0:34:51 So Maps Fitness Products is the foundation
    0:34:53 of what scaled and built this business originally.
    0:34:55 That’s what brought us into the millions of dollars
    0:34:58 was the digital programs that we sell online.
    0:35:01 And we had that before the podcast even started,
    0:35:03 but we agreed not to sell it
    0:35:06 until people were begging for something from us.
    0:35:08 We didn’t want to go in and already try and monetize.
    0:35:11 It was like, let’s go first, since we’re not media guys,
    0:35:15 let’s go first prove that we can provide so much value
    0:35:18 on this podcast that it organically grows.
    0:35:20 We didn’t want to spend any money on advertising.
    0:35:22 We weren’t trying to do all of the Instagram,
    0:35:23 social media hacks.
    0:35:25 It was like, lean into the value thing.
    0:35:27 Let’s go put out something that is so valuable
    0:35:29 that people are willing to share it.
    0:35:31 And then listen, if I can’t prove that
    0:35:33 before I’m even trying to sell anything,
    0:35:36 I would be a fool to try and sell something first.
    0:35:38 This is what I give advice to coaches and trainers
    0:35:40 that are trying to duplicate what we’ve done.
    0:35:42 It’s like, you’re already trying to think about the product
    0:35:43 or the thing you want to sell.
    0:35:45 You haven’t even proven that people want to hear
    0:35:47 what you want to give them for free.
    0:35:49 Go prove to your audience first
    0:35:51 that you have something valuable enough
    0:35:55 that they’ll listen or and/or share with other people.
    0:35:56 Go solve that equation
    0:35:59 before you figure out your price point of your product
    0:36:01 or your thing you want to sell
    0:36:03 and allow them to dictate what product
    0:36:05 or what service you come up with.
    0:36:08 But that’s the first problem in this equation
    0:36:09 that you need to solve is,
    0:36:13 can I provide enough value to a specific audience
    0:36:14 that they’re going to listen?
    0:36:16 And what’s beautiful in this day and age is that
    0:36:19 the entry to, or the level of entry or money
    0:36:23 to come into a podcasting, YouTube, Instagram
    0:36:26 is so low that anybody can do it.
    0:36:28 And so it’s so nice that you don’t have to invest
    0:36:32 all this money to try what you believe to be valuable.
    0:36:34 Go do it and keep practicing it until they do that.
    0:36:37 Then once you start to prove that, okay,
    0:36:39 now you potentially have a business on your hand.
    0:36:42 And so what we waited for was over a year,
    0:36:46 we had done over 240 episodes already of podcast episodes,
    0:36:47 which is a lot.
    0:36:49 And I don’t know how many hundreds of YouTube videos
    0:36:50 we’d already created by that time
    0:36:52 with the product just sitting there.
    0:36:53 And we kept telling each other, like,
    0:36:55 we’re not going to sell, we’re not going to sell
    0:36:57 until we feel like we have to or we need to
    0:36:59 or people are begging for it.
    0:37:00 And I remember the day, like yesterday,
    0:37:03 we came into the studio, this was our very first studio
    0:37:06 we were in, this little tiny 400 square foot room
    0:37:08 that we were renting, not making any money.
    0:37:10 We’re all still working full time and other jobs,
    0:37:12 we’re hustling this on the side, we believe in it.
    0:37:16 The guys all come in and everybody had like a story
    0:37:18 to tell about somebody reaching out to them.
    0:37:21 So I think Sal was just like, dude, I got two DMs
    0:37:23 of people that are trying to just give me money.
    0:37:25 They’re like, what can I buy from you
    0:37:26 because you guys have helped me so much?
    0:37:27 I’m like, oh, that’s crazy.
    0:37:29 I got an email, someone asking me about Patreon
    0:37:31 and do we have it because they want to give us money
    0:37:32 and support our cause.
    0:37:34 I don’t even know what Patreon is, Justin saying things.
    0:37:36 So all of us were starting to get bombarded
    0:37:38 with people just trying to give us money.
    0:37:41 We had already given them so much free valuable content
    0:37:43 that we were already starting to create
    0:37:45 this loyal fan base of people that are going like,
    0:37:48 man, I took their advice and it changed my life
    0:37:49 and I lost all this weight and it helped my marriage.
    0:37:51 I was like, this stuff was starting to pour in.
    0:37:53 And then we all looked at each other and said, okay,
    0:37:54 I think it’s time.
    0:37:56 I think it’s time now to present to everybody
    0:37:58 that we have this digital fitness program to help them out.
    0:38:01 And it didn’t sell thousands right away.
    0:38:03 We sold probably a couple hundred,
    0:38:04 which was really good for us.
    0:38:06 And then we were doing nothing before.
    0:38:09 And the thing that I think that stuck with me the most
    0:38:12 was that a good portion of those people bought it
    0:38:14 and said things like,
    0:38:15 I’m already following another program,
    0:38:18 but I just wanted to support what you guys are doing.
    0:38:19 Or I don’t even need it.
    0:38:21 I’ve been wanting to give you guys like,
    0:38:23 that was like half of the people were just,
    0:38:25 they weren’t buying it because they thought,
    0:38:27 you know, I think we’re incredible program writers.
    0:38:29 I think that’s part of our expertise.
    0:38:32 But what I realized was the power of community,
    0:38:34 building a relationship, staying authentic,
    0:38:37 all those things really all came to full circle for me.
    0:38:39 And to see that in the digital world
    0:38:40 was a really powerful moment.
    0:38:43 Like, oh wow, like that is more important
    0:38:45 than even the product that you’re going to deliver
    0:38:49 is can you build a relationship with your audience
    0:38:50 and your potential customers?
    0:38:53 That is so powerful that the value is here.
    0:38:56 So anything that you drop in their price was there,
    0:38:57 they were going to buy.
    0:38:59 That is really what set the tone
    0:39:01 because we made so many business mistakes
    0:39:04 and didn’t know what we were doing in media for so long.
    0:39:06 We stumbled to all that success.
    0:39:07 But what we did know
    0:39:09 because we’d been building businesses,
    0:39:11 all of us our whole lives was,
    0:39:12 hey, we value price thing.
    0:39:13 That was it.
    0:39:15 That was kind of like our North Star was keep putting out
    0:39:18 stuff until it’s so valuable
    0:39:20 that people are willing to spend X amount of dollars
    0:39:22 with us and that was the beginning.
    0:39:24 That was the beginning of the rocket ship
    0:39:26 and then it hasn’t stopped for 10 years.
    0:39:27 It’s been a ride.
    0:39:30 – It makes me feel excited just hearing about it.
    0:39:33 And I feel like you guys approached it in such a smart way,
    0:39:35 the fact that you just gave and gave value
    0:39:37 and it’s the law of reciprocity.
    0:39:38 You give and you give and you give
    0:39:41 and people feel like they owe you.
    0:39:43 And to your point, people wanted to buy it
    0:39:44 even though they didn’t need it.
    0:39:47 And the other thing is that the more value you give
    0:39:49 and the longer you wait, like I did the same thing.
    0:39:51 I’m like one of the top influencers on LinkedIn
    0:39:53 and I waited like three years
    0:39:55 before I ever put out a course.
    0:39:56 And I just wanted to help people
    0:39:58 because I had no intention of even putting out a course
    0:40:01 but eventually so many people ask you
    0:40:03 and then you can make a bigger ask
    0:40:05 where other people put out a $30 course.
    0:40:08 I got to put out a $2,000 course that people bought.
    0:40:11 And because they were clamoring for it,
    0:40:13 I didn’t have to do much promotion.
    0:40:14 I put out a post and everybody bought.
    0:40:16 I put out some DMs everybody bought.
    0:40:18 But then as time goes on,
    0:40:21 you need to get more creative with your legions
    0:40:23 and pulling in new audience members and warming them up.
    0:40:25 So I definitely want to talk to you
    0:40:27 about how you get customers now.
    0:40:29 But before we do that, what’s the origin story?
    0:40:30 Like first of all, how did you guys start Mind Pump?
    0:40:32 How did you meet your co-host?
    0:40:35 – It’s kind of wild because the four of us
    0:40:36 collectively didn’t know each other.
    0:40:40 So Justin, okay, was a kid that I hired
    0:40:41 straight out of college.
    0:40:43 This was when I told you I was managing trainers
    0:40:45 at the gym at 24 Fitness.
    0:40:46 I hired him fresh out of college
    0:40:48 out of his kinesiology degree to work for me
    0:40:49 as a personal trainer.
    0:40:52 And what’s unique about our relationship
    0:40:54 was we’re so different.
    0:40:57 He represents a really important time in leadership for me
    0:40:59 when I was still at that time in my career
    0:41:02 looking for more me’s.
    0:41:03 I thought the key would be,
    0:41:05 man, if I could just find 10 more of me,
    0:41:06 we’re gonna be hella successful.
    0:41:08 And so I was on this mission to find that.
    0:41:10 And he was like, not, it was nothing like me.
    0:41:11 We were so different.
    0:41:13 He’s very introverted, his style of training,
    0:41:15 his way he communicates,
    0:41:17 but boy, we paired really well.
    0:41:19 And he was really successful as being a pro.
    0:41:21 And it really opened my eyes to,
    0:41:22 maybe this is not what I want.
    0:41:24 Maybe I don’t want to look for me.
    0:41:26 Maybe I need to look for people that fill the gaps
    0:41:28 and has strengths where my weaknesses are, right?
    0:41:30 And so we’re very different that way.
    0:41:33 So he quickly became my right-hand man, my assistant.
    0:41:35 And he was for several years.
    0:41:36 And then he went off to do other things,
    0:41:37 but we always remained in contact.
    0:41:39 We became good friends.
    0:41:41 And so, and he would always come knocking at my door
    0:41:43 every few years trying to get me to do something with him.
    0:41:44 “Oh, Adam, I’m building this thing.
    0:41:46 I’m building this app or I’m doing this business.
    0:41:47 Come work with me.”
    0:41:49 And I was always busy doing something to myself.
    0:41:52 And then finally this opportunity presented itself
    0:41:54 for us to develop this fitness app together.
    0:41:56 And I was kind of the finances behind it.
    0:41:58 He was the brains and the one who was coordinating
    0:42:01 like all the designer app developer and all that stuff.
    0:42:04 And so we began kind of like actually intentionally
    0:42:06 working together to build this app.
    0:42:08 So we’re kind of doing that on the side communicating
    0:42:10 while we’re all doing our own businesses.
    0:42:14 Sal is a personal trainer, has his own studio,
    0:42:18 and Doug, our producer, is a client of his.
    0:42:19 So he’s training him.
    0:42:21 So at the same time, Jess and I, and now mind you,
    0:42:22 we don’t all know each other at this time.
    0:42:25 We just, this is what we’re doing in our lives at that time.
    0:42:29 And Sal and I, we have a lot of mutual friends.
    0:42:31 And because we came from the same company,
    0:42:33 we all worked, but 24 Fitness was huge, right?
    0:42:35 Thousands and thousands of employees.
    0:42:37 So we had never met each other,
    0:42:41 but we had a lot of friends that would always talk to us,
    0:42:43 mutual friends that we didn’t find this out till later,
    0:42:45 by the way, this was something that we found out
    0:42:47 after we got connected, was we had these friends
    0:42:49 that would be like, man, you gotta meet Sal.
    0:42:50 Have you ever met Sal?
    0:42:52 You and him would just, you guys gotta meet each other.
    0:42:53 You guys gotta meet each other.
    0:42:53 You’re great, you’re great.
    0:42:55 And he would hear the same thing about me.
    0:42:57 And we didn’t, and this was for like years before,
    0:42:58 not knowing it.
    0:43:00 Now we were both top performers at 24 Fitness.
    0:43:02 So I seen his name, right?
    0:43:04 So in his rank, ’cause you get ranked
    0:43:05 and you just get trophies.
    0:43:07 And so if you were like a top producer,
    0:43:09 you won all the Hawaii trips and he’d done stuff like that.
    0:43:11 And so I’d seen him like in passing
    0:43:15 and like knew his name on like the production report,
    0:43:17 but we never even had said hi to each other.
    0:43:18 So we didn’t know each other.
    0:43:22 Him and Doug, his client, start working on a digital product.
    0:43:24 They start working on Maps Fitness Products,
    0:43:26 which is a product I was telling you that we already had.
    0:43:28 The reason why we already had it was they built it
    0:43:28 before we even met.
    0:43:31 And Doug has a background in,
    0:43:33 he used to sell insurance
    0:43:35 and he was getting into digital marketing.
    0:43:37 He was, as a kind of a hobby,
    0:43:38 not like he was professional in it whatsoever.
    0:43:39 It was like a hobby.
    0:43:41 He was interested in the space.
    0:43:43 So he had like the equipment
    0:43:44 and he had done some of the seminars
    0:43:46 and he had done stuff like that.
    0:43:49 And he kept telling Sal, like, man, you were made for this.
    0:43:51 You like, you should think about making a digital product.
    0:43:53 And Sal was like, okay, well, I mean, if you lead the way,
    0:43:56 ’cause Sal’s like me, we can barely turn our computer on.
    0:43:59 So he’s like, I’m good at communicating health and fitness,
    0:44:00 but I don’t know anything
    0:44:02 about the digital marketing side at all.
    0:44:04 And Doug’s like, well, I can do that, I’ll do that for you.
    0:44:08 So they built that together, or we’re working on it.
    0:44:10 Justin and I are kind of working on this app.
    0:44:11 Sal and I have these mutual friends
    0:44:14 that I talk about, Sal finishes his digital product.
    0:44:17 And because so many people had told him about me
    0:44:19 and like my business acumen, he’s like, you know what?
    0:44:21 And we had like passed each other on Facebook one time.
    0:44:23 We had just added each other on Facebook
    0:44:24 and we were following each other.
    0:44:28 He slides into my DMs and it’s like, hey, blah, blah, blah,
    0:44:29 kind of reintroduces who he is.
    0:44:30 I’m like, yeah, I know who you are.
    0:44:33 And he’s just like, I wanted to show you something.
    0:44:35 I’ve heard so much about you and your business acumen.
    0:44:37 I want to know what you think about this product,
    0:44:38 this thing.
    0:44:40 And he sends me over kind of the sizzle reel
    0:44:42 to this digital product they make.
    0:44:44 And it was interesting because at that time
    0:44:45 we’re building this app up.
    0:44:48 And I know that Justin and I are about to finish
    0:44:51 this fitness app and I don’t have anybody to sell it to.
    0:44:53 I don’t have Instagram, I don’t have Facebook,
    0:44:54 but it’s like family, friends.
    0:44:55 I’m not doing anything on it, right?
    0:44:59 I’m not actively building a social media platform.
    0:45:01 And but I realized that I’m going to have to move in that,
    0:45:03 in that direction at some point.
    0:45:06 He sends that over to me and I’m like, oh, let’s, let’s meet.
    0:45:07 I’d like to talk to you.
    0:45:09 And I’m big, you know, one of the things,
    0:45:10 I know we haven’t talked about,
    0:45:13 but if I were to hang my hat on one of the most important
    0:45:16 things in being successful for me, it’s been relationships.
    0:45:20 So on the guy, my wife still teased me this day where,
    0:45:21 no matter how busy I am to that,
    0:45:25 I’ll take a cup of coffee with somebody for a meeting
    0:45:27 for a potential new relationship.
    0:45:30 And I mean, I waste a lot of hours doing that, a lot.
    0:45:32 But every once in a while it ends up being a mess.
    0:45:34 And so it was kind of one of those situations.
    0:45:36 I was busy doing this stuff out, but saw what he was doing,
    0:45:38 interested, I’d heard enough people talk about it.
    0:45:40 I was like, I need to meet with this guy.
    0:45:43 And let’s just see no expectations of what we’re going to do.
    0:45:45 And he says, hey, can I bring my, my buddy Doug?
    0:45:47 And I’m like, sure, I wanted to bring my buddy Justin.
    0:45:48 We’ll all get together.
    0:45:51 So we all just first time meet each other.
    0:45:54 We get into my living room and we like didn’t shut up
    0:45:55 for like four hours.
    0:45:58 And it was like lots of passion and energy and talking
    0:46:00 about what we think is wrong with the space
    0:46:02 and where we think this whole digital media thing is going.
    0:46:04 And this is like 12 years ago.
    0:46:06 So we’re talking about YouTube and Instagram
    0:46:09 and the podcast space and like all these things
    0:46:11 that we’re paying attention to and we’re curious about,
    0:46:13 and we’re all these brick and mortar business guys.
    0:46:17 And, but we’re curious about where social media is going
    0:46:20 and where the future of health and fitness is.
    0:46:22 And it was like, I don’t know, like almost four hours
    0:46:23 of nonstop talking.
    0:46:26 My wife, who was my girlfriend at the time, Katrina
    0:46:28 was in the kitchen and I didn’t even know this,
    0:46:30 but she actually hit record and recorded
    0:46:31 a lot of the conversation.
    0:46:34 And after we were all done basically meeting each other
    0:46:36 and realizing, oh, we all really liked each other,
    0:46:39 she goes, that was an incredible conversation to listen to.
    0:46:40 And I was like, really?
    0:46:42 She’s like, oh my God, that was so interesting
    0:46:44 and that was so good.
    0:46:46 And so we ended up meeting a second time.
    0:46:49 And the second time we met, Doug was the one who piped in
    0:46:52 and said like, hey, why don’t we put this on a podcast?
    0:46:54 Let’s, the stuff that we’re talking about together,
    0:46:55 why don’t we just put it out there
    0:46:57 and see if somebody wants to listen to it.
    0:46:59 The rest of us have no idea what that looks like.
    0:47:01 I’m like, do we have to get like a radio sponsor
    0:47:03 or like, how does that work?
    0:47:05 And Doug’s like, no, it’s really easy.
    0:47:06 Like we can record it in our home,
    0:47:08 we could put it out there,
    0:47:10 cost us virtually nothing to do it.
    0:47:12 All of us were like, okay, let’s go do it.
    0:47:14 Let’s go put this out there.
    0:47:17 And again, this is, it started on the foundation of
    0:47:19 if my girlfriend or my wife,
    0:47:21 or a girlfriend at the time, my wife now was like,
    0:47:22 oh, it was so incredibly awesome.
    0:47:25 We love the dynamic of the conversation.
    0:47:27 We know we had a lot of good information
    0:47:28 to provide people.
    0:47:30 One of the things we all agreed upon at that time,
    0:47:34 no disrespect to any of the OG trainers or fitness people
    0:47:35 that were blowing up back on social media.
    0:47:38 But we really felt like the most popular people
    0:47:40 on social media at that time
    0:47:44 really got there for not necessarily the right reasons.
    0:47:45 And what I mean by that,
    0:47:47 they were some of, they were just first adopters.
    0:47:49 They were really attractive.
    0:47:51 They did a lot of the before and after
    0:47:53 and look how sexy I look type of stuff.
    0:47:54 And, or they were just cool,
    0:47:57 or they really understood algorithms
    0:47:57 and how to hack.
    0:48:00 And so a lot of these young kids
    0:48:02 were making millions of dollars already
    0:48:04 on YouTube and Instagram.
    0:48:07 And we were going like, listen,
    0:48:10 I may not be as good looking or as talented
    0:48:12 as some of these kids that are at the top
    0:48:13 of the fitness space.
    0:48:15 But I definitely know the information I have to provide
    0:48:16 is way better.
    0:48:19 ‘Cause I used to think like that too when I was 24,
    0:48:22 but I’ve learned over decades of training people like,
    0:48:23 that’s not the best way to communicate that.
    0:48:26 I’ve learned that already through being in the trenches
    0:48:27 for so long.
    0:48:28 And we all agreed that, oh yeah,
    0:48:31 I can’t believe this person and that person is doing so.
    0:48:32 It’s like, man, that’s, that’s not right.
    0:48:33 They should be saying this.
    0:48:35 And say, hey, let’s go put it on the pocket.
    0:48:36 If we really believe that,
    0:48:37 we really believe we’re that smart
    0:48:38 and we have that much better information.
    0:48:40 We have that much more value to give
    0:48:42 than these people that are making millions of dollars.
    0:48:43 Let’s go prove it.
    0:48:46 And that was literally how we started it was,
    0:48:47 let’s put this podcast together.
    0:48:50 Let’s go give all this information that we believe
    0:48:52 is better information than the top people
    0:48:53 in fitness were at that time.
    0:48:56 And just give it for free and prove
    0:48:58 that’s as good and as valuable as we say it is.
    0:49:00 And that was the first litmus test to,
    0:49:01 do we have a business?
    0:49:04 We didn’t over-complicate whose role is what,
    0:49:05 what’s the partnership look like?
    0:49:07 What’s the financial split?
    0:49:08 What we’re gonna sell yet?
    0:49:09 None of that.
    0:49:12 It was, we really believe the information we had to give
    0:49:15 to people was better than what was out there.
    0:49:17 And so let’s go prove that first.
    0:49:19 And then we started recording the podcast.
    0:49:23 And our strategy, the only strategy we had that time was,
    0:49:24 kind of going back to my childhood,
    0:49:26 this is what I love about Justin and Sal.
    0:49:28 This is probably the thing that, and even Doug,
    0:49:29 we all have in common.
    0:49:32 We all kind of have that attitude of,
    0:49:33 we will outwork the next guy.
    0:49:37 Just, we will just bury somebody in work ethic.
    0:49:39 And we don’t, none of us are cocky
    0:49:41 and think we’re the most talented at anything,
    0:49:43 but we do believe that’s a superpower that we all have.
    0:49:46 So that was a very important thing that connected all of us.
    0:49:48 And so that was the strategy was like,
    0:49:50 let’s just drop podcasts every day.
    0:49:54 Let’s just put out so much and just keep reinventing ourselves
    0:49:55 as it comes back.
    0:49:57 Oh, only 10 people listen.
    0:49:58 What do they like about that?
    0:50:00 Oh, wow, this one did, got 20 people listening.
    0:50:00 What are we doing?
    0:50:01 What do we do different in that?
    0:50:04 And then unpacking it and going, okay, they want more of this.
    0:50:04 Or what are we doing?
    0:50:07 And reading the comments and not getting offended
    0:50:10 by all the negative stuff that you’re going to attract
    0:50:11 when you first start.
    0:50:13 And instead going like, and listening.
    0:50:16 Like, wow, a lot of people think this is a terrible idea.
    0:50:17 So why are we continuing to do it?
    0:50:18 Let’s shift this way.
    0:50:22 And so that was like really the impetus of the podcast
    0:50:24 was just the four of us getting together,
    0:50:27 having belief that we had more valuable information to give.
    0:50:29 And then starting with the business plan of,
    0:50:30 let’s go prove it.
    0:50:34 Let’s go see if we can give so much free valuable content
    0:50:35 that it grows.
    0:50:38 And I think when we knew that was,
    0:50:41 I don’t remember how many episodes deep we were,
    0:50:43 but it was for sure in the first eight weeks,
    0:50:45 because in the first eight weeks of podcasting,
    0:50:47 you have an opportunity to follow in the,
    0:50:49 what’s called the new and noteworthy category,
    0:50:50 the first eight weeks.
    0:50:52 And in the first eight weeks,
    0:50:54 you were only competing against other people
    0:50:55 that are in their first eight weeks.
    0:50:58 And it gives you an opportunity on iTunes
    0:51:00 to get populated right there on the front screen.
    0:51:03 If you can just, and we also saw that as a huge advantage.
    0:51:05 We, Doug had read this, he knew that going into it.
    0:51:07 We’re like, okay, let’s go.
    0:51:10 We’re like, we’re not competing against the Joe Rogan
    0:51:11 who’s been there forever.
    0:51:12 We’re competing against other people who are starting
    0:51:14 right now and we believed in ourselves
    0:51:15 and our work ethic and what we had to give was like,
    0:51:16 let’s go do that.
    0:51:18 And I remember when we reached, you know,
    0:51:20 number one in new and noteworthy
    0:51:23 and we were there for several weeks of the first eight weeks
    0:51:27 and that really catapulted the first initial wave of people.
    0:51:30 That paired with what I was doing at Orange Theory,
    0:51:32 which is a whole nother side story
    0:51:34 that we can get into sometime is like,
    0:51:35 I was out there on the ground
    0:51:38 getting a building community in person.
    0:51:40 That was what I was like, I know I can control that.
    0:51:43 I didn’t know if I could control the new and noteworthy thing
    0:51:44 and get popular on social media,
    0:51:46 but I knew I was good at what I did
    0:51:48 and I could build community in person.
    0:51:51 And if I could just get a few hundred people
    0:51:52 in my community in person,
    0:51:54 I would have a couple hundred listeners
    0:51:55 that would listen to my podcast
    0:51:57 and then maybe it would grow from there.
    0:52:00 So I was kind of simultaneously also doing that.
    0:52:01 And so I think the combination of
    0:52:04 we were actually doing okay on the podcast
    0:52:05 and got ranked a new and noteworthy
    0:52:08 combined with what I was doing in person with community
    0:52:12 really gave us the first foundation of the first few hundred
    0:52:15 or thousand listeners, it just snowballed.
    0:52:19 We’ll be right back after a quick break from our sponsors.
    0:52:23 Yeah, fam, when I first started this podcast,
    0:52:24 believe it or not,
    0:52:26 I had an all volunteer team to help me out.
    0:52:28 But as my business took off,
    0:52:31 I needed to hire a lot of new people and fast.
    0:52:33 It soon became overwhelming.
    0:52:35 I had to sort through piles and piles of resumes,
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    0:54:05 So I started as an entrepreneur.
    0:54:06 Now I have a business
    0:54:09 that’s about to hit eight figures next year.
    0:54:10 I run media.
    0:54:11 It’s a social agency.
    0:54:12 I have a podcast network.
    0:54:14 It’s the number one business podcast network.
    0:54:16 When I first started my business,
    0:54:18 I was 100% owner.
    0:54:19 And it was great.
    0:54:21 I had a team, but it gets lonely.
    0:54:24 And now you just met one of my business partners, Jason.
    0:54:27 He’s got 20% of the business and he’s my best friend.
    0:54:29 And it is so much more fun.
    0:54:32 And like just work is so much more fun.
    0:54:35 It’s so much better to like have somebody to lean on.
    0:54:37 And so what is your advice to people
    0:54:41 who are kind of like holding their equity to their belt
    0:54:43 and just they don’t have a partner?
    0:54:46 Like what’s your perspective on that?
    0:54:48 – Yeah, this is an interesting conversation
    0:54:50 ’cause I would tell you that my advice normally
    0:54:53 is to people is don’t get a partnership.
    0:54:54 Don’t do it.
    0:54:57 And I think a lot of that is because I recognize
    0:55:01 how blessed I am to have met three other guys
    0:55:03 that align so much with each other.
    0:55:07 It’s probably the most interesting thing about this.
    0:55:11 I mean, we haven’t got into all the things that we’ve built,
    0:55:14 but we’ve got multiple seven, eight figure businesses.
    0:55:15 We invest in real estate together.
    0:55:18 We own 15 homes together, even partnership.
    0:55:19 We have angel investing together.
    0:55:21 We have a stock portfolio together.
    0:55:24 And we are evenly split on everything.
    0:55:25 We do think, Sal wrote a book.
    0:55:28 He was published by Hachette and wrote a book.
    0:55:30 I made royalties from that book.
    0:55:33 I didn’t spend a single minute doing anything to do that book,
    0:55:35 but I make royalties.
    0:55:37 I do business coaching for people on the side
    0:55:39 on my own time at home with that.
    0:55:42 I give that portion to my, it goes right into the pot.
    0:55:45 We have just agreed that everything we build
    0:55:47 and we do together is an equal four-way split
    0:55:50 no matter what time and effort each guy puts into.
    0:55:53 And that is fricking very, very unique
    0:55:54 and very, very special.
    0:55:56 And I’m very, very blessed that we have that.
    0:55:59 A lot of that has to do with ego.
    0:56:02 And this is the other thing that probably connects us
    0:56:03 really well.
    0:56:04 We all have that kind of work ethic thing.
    0:56:07 And the other thing is that we all met each other
    0:56:09 at a place in our life where we had the opportunity
    0:56:13 to all be leaders and to work with teams long enough
    0:56:17 to know like the power of team over the individual.
    0:56:21 And we all are so competitive that we want to win more
    0:56:24 than any of us care about any sort of individual accolades
    0:56:27 or who gets the credit or who gets more money
    0:56:29 or a split that way.
    0:56:33 And ultimately we knew if we positioned ourselves
    0:56:34 that way in the business like that
    0:56:36 that we would have abundance everywhere.
    0:56:40 And everybody in the business makes way more money
    0:56:42 than I think they ever dreamed or thought they would make.
    0:56:44 And so it’s easy now.
    0:56:47 Like at this point, it’s like the revenue has got two places
    0:56:49 where everybody’s so comfortable and stuff like that.
    0:56:51 It’s actually not that big of a deal.
    0:56:54 But early on, that was really unique and special
    0:56:57 to have four guys like that.
    0:56:58 And I think it’s difficult.
    0:57:01 So we talk about it a lot that it’s marriage.
    0:57:04 I honestly think that I think my marriage is easier
    0:57:05 than my business partnership.
    0:57:07 I think being in a business,
    0:57:08 because you love that person, right?
    0:57:10 You love that person, you’re attracted to that person.
    0:57:11 You sleep together every day.
    0:57:13 Like you chose that person to do life with.
    0:57:16 Like so I actually think marriage is easier
    0:57:17 than business partnerships.
    0:57:18 I think business partnerships are like,
    0:57:20 a lot of people get into them because they see like,
    0:57:23 oh, you’re talented in this, I’m talented in that.
    0:57:24 We would make a good team.
    0:57:25 Let’s go build this business.
    0:57:26 But it’s like being married.
    0:57:31 So you better be on the same page in a lot more than just,
    0:57:31 oh, you have that skill.
    0:57:34 I have the skill and that makes a good business idea.
    0:57:37 I know you need to court people.
    0:57:39 If you’re gonna go into business with someone,
    0:57:42 you need to court them as if you were going to marry them.
    0:57:44 ‘Cause it gets, I think arguably more ugly
    0:57:46 when you get hundreds of thousands
    0:57:50 or millions of dollars involved and you have this split.
    0:57:53 I mean, that really puts an added pressure to the relationship.
    0:57:55 Aside from you gotta work with them,
    0:57:58 you have to steer a company or companies
    0:58:00 towards these core values.
    0:58:02 Do all of your core values aligned?
    0:58:03 Does your ideologies align?
    0:58:06 Like these things all really matter in partnership.
    0:58:09 And so that’s the only way I ever recommend it to someone
    0:58:12 is if you feel like you’ve really vetted the person,
    0:58:13 you’re potentially gonna go to a partnership.
    0:58:15 Like you were gonna marry them
    0:58:17 and you could be okay with living with them
    0:58:18 for the rest of your life.
    0:58:20 I just think that’s so important.
    0:58:23 And I think we’re such a bad example of,
    0:58:26 I think for individual partners,
    0:58:28 I mean, name me another company where you know that,
    0:58:31 where there’s an even 25 split in all aspects
    0:58:33 of all investments of all businesses,
    0:58:35 that we’re like an anomaly.
    0:58:37 So I never give people that advice of like,
    0:58:40 oh, try and find three other dudes that you’re into like,
    0:58:42 that’s probably, I mean, this is like we all,
    0:58:45 we believe that there’s something greater going on
    0:58:48 besides us that we weren’t in control of this.
    0:58:50 It was very serendipitous the way it all played out.
    0:58:52 And so the advice I normally give
    0:58:56 is that do not underestimate the stress
    0:58:58 and the challenge of partnership.
    0:59:00 And so if you’re going to do a partnership,
    0:59:01 you need to vet that person
    0:59:03 as if you were going to be marrying that person
    0:59:07 because you are, you’re marrying them in business.
    0:59:09 And let me tell you, we have all out fights.
    0:59:12 In fact, we just had one two days ago
    0:59:14 and literally I should read the text to you
    0:59:16 what I said, I said back to the guys
    0:59:18 because there was two different things
    0:59:20 that we got into in the same morning.
    0:59:22 Like it was like, it wasn’t even 10 o’clock
    0:59:25 and we had already like fought each other,
    0:59:27 we were yelling at each other back and forth.
    0:59:29 And I sent a text later on that night.
    0:59:30 Oh, here we go.
    0:59:33 I was just reflecting on today and how much I love you guys
    0:59:35 from the jump, getting frustrated at Doug
    0:59:38 to fighting with Sal over copy on a landing page
    0:59:40 makes me chuckle out loud.
    0:59:42 There’s no one else in the world I’d rather fight with.
    0:59:42 It’s very special.
    0:59:44 We can do that in a day
    0:59:45 and never break stride in our mission.
    0:59:47 Pretty fucking cool.
    0:59:49 And that is like, we have this ability to,
    0:59:52 I mean, get into it, like really get into it.
    0:59:54 But ego’s never involved.
    0:59:56 It’s never, I’m fighting with Sal
    0:59:58 because I want to be more right.
    1:00:00 I believe with all of my heart,
    1:00:02 this is the right direction for the business.
    1:00:03 And if he’s fighting with me,
    1:00:05 it’s not ego for him either.
    1:00:08 He believes this is the right direction for the business.
    1:00:10 And it’s ultimately not about us.
    1:00:13 That’s the secret sauce to that dynamic
    1:00:15 of being able to fight like that where it’s healthy.
    1:00:17 It’s not about ego, it’s not about being more,
    1:00:18 I don’t care about being more right.
    1:00:20 I care about what’s best for the business.
    1:00:22 And if I’m passionate about it,
    1:00:24 and I believe I’m right, I’m gonna fight to that.
    1:00:25 And we encourage that.
    1:00:27 And we encourage that with our team too.
    1:00:29 Like listen, just ’cause I’m the boss,
    1:00:31 if you think I’m wrong about something that we should do
    1:00:33 and you passionately feel that, you better speak up.
    1:00:35 You better step to me.
    1:00:37 You better argue with me and bring your best argument.
    1:00:39 And I want you to do that
    1:00:41 because that’s where the best stuff comes out.
    1:00:45 And then whatever we decide on and agree on, we all decide.
    1:00:47 So if Sal and I are getting into about the copy
    1:00:49 and we’re both passionate and we’re light
    1:00:52 and we decide, okay, we’re gonna try your way.
    1:00:53 And we’ll see.
    1:00:55 I’m not sitting back now measuring,
    1:00:57 oh, was it bad and mine was more?
    1:01:00 See, I told you, I was, no, it’s now my idea.
    1:01:02 If we decide to go with your idea,
    1:01:04 I no longer look at it as my idea.
    1:01:05 It’s our idea.
    1:01:07 And I’m all about it and I’m gonna do everything I can
    1:01:10 to make sure you’re right or we’re right in that situation
    1:01:12 because ultimately it’s about winning as a team
    1:01:14 and that’s what we care about.
    1:01:15 That’s special.
    1:01:18 It’s so special to find one other person
    1:01:20 that’s like that, much less three other people
    1:01:22 that are like that.
    1:01:24 And we have that in this team where,
    1:01:26 and nobody, none of us too, like,
    1:01:29 I think it’s unique when you get into this space
    1:01:32 where media and kind of the attention and fame comes,
    1:01:34 like none of us want that.
    1:01:35 Like one of the things that we were all,
    1:01:38 we were all very reluctant, resistant
    1:01:39 to the fame part of this.
    1:01:42 Like none of us are thirsty for that.
    1:01:43 None of us want that.
    1:01:46 And so it’s kind of neat that nobody wants to be the guy.
    1:01:49 Nobody cares to say like, I did this or blah, blah, blah,
    1:01:52 or want to be in the front of everything like that.
    1:01:53 We’re both are all like, ah, do you want to do it?
    1:01:54 I don’t want to do it.
    1:01:55 You do it.
    1:01:58 We have that kind of attitude with the limelight too.
    1:01:59 And I think that’s so important.
    1:02:02 Like nobody is thirsty for the attention
    1:02:04 from anybody at all.
    1:02:06 It’s ultimately about the business winning.
    1:02:08 And if you’re the right guy or girl for the job
    1:02:11 in that situation, I don’t care where you rank
    1:02:13 in superiority or whatever.
    1:02:15 It’s like, you’re the right guy or girl for the job.
    1:02:17 Go do it, go get it done, go make it happen.
    1:02:20 And so that’s special, that’s unique.
    1:02:22 I don’t think it happens to a lot of people.
    1:02:25 And so I think most people are probably better off
    1:02:26 building a business themselves
    1:02:29 and having like kind of full control of relationships
    1:02:30 and partnership with that.
    1:02:32 But if you do, it’s a very special thing.
    1:02:34 ‘Cause then now you have four of us
    1:02:36 that became another superpower
    1:02:38 is that we can divide and conquer.
    1:02:39 But it took a while to learn that too though,
    1:02:42 because early on, you know, we were so tight,
    1:02:44 we were so close and there wasn’t a lot going on
    1:02:46 when we were only had a few thousand listeners.
    1:02:47 We had one product.
    1:02:50 So it was like every decision in the business
    1:02:53 was all four of us talking, everything we did.
    1:02:55 I think it was about year three
    1:02:57 when we were really starting to like catch our stride
    1:03:00 and revenue was really cranking by that time.
    1:03:02 We started to realize, what are we doing?
    1:03:07 Why are we trust each other like family by this time?
    1:03:08 And we’re making decisions together
    1:03:10 and it is literally hurting us.
    1:03:12 What we thought might have been our superpower in the past
    1:03:15 where you have four great minds collectively
    1:03:17 arguing over our ideas, then we decided to go.
    1:03:19 Now it was slowing us down.
    1:03:21 Now it was getting to a point where it was bogging the business.
    1:03:23 We had too many things going on
    1:03:25 that we need to let go of stuff.
    1:03:26 And so that probably presented a,
    1:03:30 probably a year transition of challenge for us was,
    1:03:32 okay, now that we’ve got this place
    1:03:33 where we were all married together.
    1:03:34 We all like each other.
    1:03:37 We all see the benefits of all four of us arguing and being,
    1:03:40 okay, that’s great, but now how is it also hurting us?
    1:03:42 Oh, shit, it’s slowing us down
    1:03:43 when we need to make decisions.
    1:03:46 And speed is very important, I think, in business, right?
    1:03:48 To go test your ideas.
    1:03:51 And if we have to meet every time we want to try something
    1:03:54 or do something in business this big, this is killing us.
    1:03:56 And so it took about a year
    1:03:59 to like everyone kind of fall into their actual,
    1:04:03 in fact, by that time we still hadn’t decided our positions.
    1:04:06 Like we had never sat down and had a formal meeting of,
    1:04:07 Adam, you’re going to be the CEO.
    1:04:09 Sal, you’re going to be the CMO.
    1:04:10 Justin, you’re going to be the CTO.
    1:04:12 Like that didn’t happen until like year four.
    1:04:13 And we had already been,
    1:04:15 I remember we’re cranking in the millions of dollars
    1:04:18 and we don’t even have a structure.
    1:04:21 We don’t even have a structure to who’s in what position,
    1:04:23 but I really didn’t think it was that necessary
    1:04:26 until we had so many different revenue streams
    1:04:29 and departments and building a staff underneath us.
    1:04:31 Then it presented itself and we realized that
    1:04:34 it was a bit of growing pains for about a year.
    1:04:36 And then everybody kind of naturally fell
    1:04:37 into these positions.
    1:04:39 And because we have that solid foundation,
    1:04:40 the relationship marriage part of like,
    1:04:42 no, and this is, I think this is so important in a marriage.
    1:04:45 Like if your marriage is not going to last very long,
    1:04:49 if you are constantly measuring what you bring to the table,
    1:04:50 to what they bring to the table,
    1:04:52 and the time you spent on a thing compared to that,
    1:04:54 like that marriage ain’t going nowhere.
    1:04:56 If you’re, you and your wife are arguing over
    1:04:57 who did more of what,
    1:05:00 that’s quick recipe for that relationship.
    1:05:01 And the same thing goes in business.
    1:05:03 So I can’t sit there and go like,
    1:05:06 I worked seven days this week and I didn’t get any breaks
    1:05:08 this, then Justin, all you did was that one day you,
    1:05:11 like nobody, nobody even measures that.
    1:05:13 It’s like, you’re the best at that.
    1:05:15 You like doing that, lean into that, go handle that.
    1:05:17 Like you like doing that, you’re the best at that,
    1:05:18 go handle that.
    1:05:19 Oh, that stuff, you’re terrible at it.
    1:05:20 Don’t even worry about it.
    1:05:21 I got it.
    1:05:23 Like that’s how everything kind of unfolded
    1:05:24 and the positions that everybody is.
    1:05:27 We fell into the things that were our strengths
    1:05:28 and we doubled down on it.
    1:05:30 And the things that we recognize that were weaknesses
    1:05:32 in each other, we let go of those things.
    1:05:34 – So your example of partnerships,
    1:05:36 like you just said, very unusual.
    1:05:38 You don’t really recommend it.
    1:05:40 You feel like it was just like a magical,
    1:05:41 serendipitous thing.
    1:05:43 I’ll give a quick example to the listeners
    1:05:46 of how I found my business partners, right?
    1:05:50 So I have one girl, Kate who has 10%, Jason is 20%.
    1:05:53 Kate started as an intern when I first started my company.
    1:05:56 She was basically a volunteer who worked for free
    1:05:57 for a couple of years.
    1:06:00 And then she was by far like, for her age especially,
    1:06:02 she was just such a rock star.
    1:06:05 And it was so obvious that she was special.
    1:06:07 And she got to work for me
    1:06:09 and basically became a mini me.
    1:06:11 So she ended up getting 10% of the business
    1:06:12 as one of my business partners.
    1:06:14 Jason was an aqua hire.
    1:06:16 He had his own production company.
    1:06:19 I couldn’t focus on production anymore.
    1:06:20 So I brought him in.
    1:06:22 He turned the whole team around.
    1:06:24 He ended up, he was already entrepreneurial.
    1:06:25 He was an entrepreneur.
    1:06:28 And after like two years of working together,
    1:06:31 I then decided to put him on a vesting agreement.
    1:06:32 So it’s not just like, boom.
    1:06:34 Oh, I met you at a coffee shop.
    1:06:36 Wanna do a 50/50 split?
    1:06:38 Like, you know, it’s not that.
    1:06:40 You’ve got to really get to know somebody and decide,
    1:06:43 like, do I want to work with this person maybe forever
    1:06:45 until I retire?
    1:06:46 You quartered them.
    1:06:47 You quartered them for two years
    1:06:49 before you even consider doing that.
    1:06:51 I mean, that’s so important.
    1:06:52 Like, that’s why it’s like,
    1:06:54 it’s not fair for me to tell people don’t do it.
    1:06:57 But I think a lot of people think it’s gonna be easier.
    1:07:00 I think the fear, ’cause it’s scary, right?
    1:07:01 Most people fail.
    1:07:03 And so nobody wants to fail.
    1:07:05 And nobody wants to fail all by themselves.
    1:07:06 And so I think most people make the decision
    1:07:09 of a partnership out of this fear
    1:07:11 of failing by themselves.
    1:07:13 And then so they just search for somebody,
    1:07:13 oh, this person can bring,
    1:07:16 it’s like, that’s the wrong reason to do it.
    1:07:18 I think that’s what you got to be very careful of.
    1:07:20 But I think that’s a great strategy.
    1:07:21 I mean, we’ve done that now where
    1:07:23 because there’s so many different businesses
    1:07:24 and revenue streams,
    1:07:25 we’ve had people that just like that
    1:07:28 have been started off as an intern,
    1:07:29 worked their way up to a position,
    1:07:31 worked their way up to a leadership position,
    1:07:33 now get 10% of a revenue stream.
    1:07:36 Like, so we’ve had people in the business
    1:07:39 where we’ve brought in kind of an equity split
    1:07:40 or a rev split on some things,
    1:07:43 because they’ve earned that right to be
    1:07:44 more than just an employee.
    1:07:46 And we really want to do that for most people.
    1:07:49 But I think that looking for that right out the gates,
    1:07:51 I think that’s the mistake that most people make
    1:07:52 with when it comes to like partnerships.
    1:07:53 So totally agree.
    1:07:54 – Totally.
    1:08:01 – Well, Yap Gang, that’s the end of part one
    1:08:04 of my conversation with Adam Schaefer.
    1:08:06 There were so many pieces of his story
    1:08:07 and his entrepreneurial journey
    1:08:10 that really resonated with me.
    1:08:12 And the first was the value of starting to work
    1:08:13 at a young age.
    1:08:15 You’ve really got to get those reps in early
    1:08:18 when you’re in your teens and twenties.
    1:08:22 And a lot of us may not be in our teens and twenties anymore,
    1:08:25 but if you are, don’t underestimate the value
    1:08:28 of working in retail or service jobs.
    1:08:29 You might be surprised about how many skills
    1:08:32 you take later with you in life.
    1:08:34 And you may not be getting paid a lot now,
    1:08:37 but those skills will pay you a lot later
    1:08:39 from those experiences.
    1:08:42 And next, I really loved his thoughts
    1:08:43 about the importance of adversity
    1:08:46 and what you do with that adversity.
    1:08:49 Like Adam, you might have had a challenging childhood,
    1:08:52 but you can choose whether you let that experience
    1:08:54 be destructive or empowering.
    1:08:56 You can reframe your past
    1:08:58 and embrace the stronger, more resilient version
    1:09:01 of yourself that emerged from it.
    1:09:03 And finally, it was so inspiring to hear
    1:09:06 how it was Adam’s insecurities and his vulnerabilities
    1:09:08 and his willingness to confront them
    1:09:11 that really vaulted him ahead as a trainer,
    1:09:14 an entrepreneur, and as a content creator.
    1:09:17 His own insecurity about his body and self-image
    1:09:19 drove his expertise forward.
    1:09:21 And it also made it easier for him to relate
    1:09:25 to his clients as a trainer and later as an entrepreneur.
    1:09:28 Whether or not you have muscles as big as Adam’s,
    1:09:31 if you don’t showcase your vulnerabilities as well,
    1:09:35 your clients or audience may only see your polished version
    1:09:37 and that will make it harder to connect with them.
    1:09:39 But there’s something else that Adam told me
    1:09:41 that was so eye-opening.
    1:09:45 It’s what he and his Mind Pump co-founders leaned into
    1:09:48 that really catapulted their business forward.
    1:09:49 And we’ll get into all that juicy stuff
    1:09:52 in part two of our conversation.
    1:09:53 Thanks for listening to this episode
    1:09:55 of Young and Profiting Podcast.
    1:09:57 If you listened, learned, and profited
    1:10:00 from this conversation with the super fit Adam Schaefer,
    1:10:03 then please share this episode with your friends and family.
    1:10:06 And if you enjoyed this show and you learned something,
    1:10:09 then drop us a five-star review on Apple Podcasts,
    1:10:11 Spotify, Cast Box, Player FM.
    1:10:14 Wherever you listen to the show, I love to hear from you
    1:10:16 and your reviews mean so much to me.
    1:10:19 And if you wanna watch our podcast as videos,
    1:10:21 my YouTube channel is growing really fast.
    1:10:23 My videos have been going viral lately
    1:10:25 and it’s really fun to witness it all.
    1:10:27 If you wanna check us out on YouTube,
    1:10:30 you can go to Young and Profiting on YouTube.
    1:10:32 You can also find me on Instagram @yappwithhalla
    1:10:36 or LinkedIn, just search my name, it’s Hala Taha.
    1:10:38 I gotta say thanks to my YAP production team.
    1:10:39 You guys are amazing.
    1:10:41 Thank you for all that you do.
    1:10:43 This is your host, Hala Taha,
    1:10:46 AKA The Podcast Princess, signing off.
    1:10:48 (upbeat music)
    1:10:51 (upbeat music)
    1:10:54 (upbeat music)
    1:10:56 (upbeat music)
    1:11:06 [BLANK_AUDIO]

    Adam Schafer’s childhood was marked by poverty, the tragic loss of his father, and the presence of an abusive stepfather. At just 15 years old, he became an entrepreneur, mowing lawns to afford the life he wanted. By  21, he was already leading a team of fitness trainers despite having less experience. Years later, he co-founded Mind Pump Media, transforming it from a side project into a multi-million-dollar business. In this episode, Adam shares how childhood adversity built his growth mindset and how rejecting a victim mentality fueled Mind Pump’s organic growth and unstoppable success.

    In this episode, Hala and Adam will discuss:

    (00:00) Introduction

    (03:53) From Teen Entrepreneur to Team Leader

    (09:46) Turning Adversity into Fuel for Success

    (18:02) How Sports Shaped His Growth Mindset

    (21:55) Why Vulnerability Drives Business Growth

    (27:34) The #1 Sales Strategy: Value Selling

    (31:40) The Key to Monetizing Social Media

    (35:54) Launching Mind Pump with Total Strangers

    (42:52) Scaling Mind Pump with Free Content

    (48:20) The Secret to Lasting Business Partnerships

    (52:51) Managing Conflict with Partners

    (57:40) Building Partnerships on Trust and Time

    Adam Schafer is the co-founder of Mind Pump Media, a multi-million-dollar fitness brand and podcast. Growing up with childhood trauma, including the loss of his biological father to suicide, Adam developed resilience and leadership skills early on. Starting with a lawn-mowing business and later working as a fitness trainer, he co-founded Mind Pump, growing it into one of the top fitness podcasts and companies from the ground up.

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    Shopifyyoungandprofiting.co/shopify

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    Resources Mentioned:

    The Mind Pump Podcast: mindpumppodcast.com

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    Transcripts – youngandprofiting.com/episodes-new

    Entrepreneurship, Entrepreneurship Podcast, Business, Business Podcast, Self Improvement, Self-Improvement, Personal development, Starting a Business, Strategy, Investing, Sales, Selling, Psychology, Productivity, Entrepreneurs, AI, Artificial Intelligence, Technology, Marketing, Negotiation, Money, Finance, Side Hustle, Mental Health, Career, Leadership, Mindset, Health, Growth Mindset, Career, Productivity, Careers, Startup, Business Ideas, Growth Hacks, Career Development, Money Management, Opportunities, Professionals, Workplace, Career Podcast.

  • YAPClassic: Morgan Housel on Investing, Wealth, and Financial Freedom for Entrepreneurs

    AI transcript
    0:00:02 Today’s episode is sponsored in part by Factor,
    0:00:06 Robinhood, Airbnb, Shopify, Rocket Money, and Indeed.
    0:00:09 Eat smart and fuel your wellness goals with Factor.
    0:00:12 Get started at factormeals.com/factorpodcast
    0:00:15 with code Factor Podcast to get 50% off
    0:00:17 your first box plus free shipping.
    0:00:20 With Robinhood Gold, you can now enjoy the VIP treatment,
    0:00:24 receiving a 3% IRA match on retirement contributions.
    0:00:28 To receive your 3% boost on annual IRA contributions,
    0:00:31 sign up at robinhood.com/gold.
    0:00:33 Hosting on Airbnb has never been easier
    0:00:36 with Airbnb’s new co-host network.
    0:00:39 Find yourself a co-host at Airbnb.com/host.
    0:00:42 Shopify is the global commerce platform
    0:00:44 that helps you grow your business.
    0:00:46 Sign up for a $1 per month trial period
    0:00:49 at Shopify.com/profiting.
    0:00:51 Rocket Money helps you find and cancel
    0:00:54 your unwanted subscriptions, monitors your spending,
    0:00:56 and helps lower your bills.
    0:01:00 Sign up for free at rocketmoney.com/profiting.
    0:01:03 Attract interview and hire all in one place with Indeed.
    0:01:08 Get a $75 sponsored job credit at indeed.com/profiting.
    0:01:10 Terms and conditions apply.
    0:01:12 As always, you can find all of our incredible deals
    0:01:17 in the show notes or at youngimprofiting.com/deals.
    0:01:19 (gentle music)
    0:01:22 (gentle music)
    0:01:32 – Young Improfitors, money is a mind game.
    0:01:35 Our financial decisions are deeply intertwined
    0:01:39 with our emotions, more so than we often realize.
    0:01:42 That’s why recognizing the psychological aspects
    0:01:44 of our relationships to money
    0:01:48 can help us avoid some significant financial missteps.
    0:01:50 And there’s nobody who’s better at illuminating
    0:01:53 this connection between psychology and finance
    0:01:54 than Morgan Housel.
    0:01:57 Morgan is a former financial columnist
    0:01:59 for The Motley Fool and The Wall Street Journal.
    0:02:02 He’s the author of books like The Psychology of Money.
    0:02:06 And he was my guest earlier this week on the podcast.
    0:02:07 It was the second time on the show
    0:02:10 and he had so many wonderful insights
    0:02:12 that he couldn’t help but give you a second helping
    0:02:14 in this Yap Classic.
    0:02:16 In my first conversation with Morgan Housel,
    0:02:18 he talked about some of the emotional pitfalls
    0:02:22 related to money, the skiing accident that changed his life
    0:02:24 and why the biggest risks are the ones
    0:02:26 that you don’t see coming.
    0:02:29 He also shared some secrets for staying rich
    0:02:32 along with the underappreciated trait of Warren Buffett
    0:02:35 that he thinks we all should emulate.
    0:02:38 If you wanna find out what that is, let’s dive in.
    0:02:40 Here’s my interview with Morgan Housel.
    0:02:45 So I’m gonna cut straight to the chase.
    0:02:47 You are a master of many trades.
    0:02:49 You’re a best-selling author, investor,
    0:02:51 you’re even a podcaster.
    0:02:54 So how do you define what you do today?
    0:02:55 – It’s such a good question.
    0:02:56 I would say I don’t.
    0:02:59 I’ve never tried to put myself in a box
    0:03:01 and I think I’ve moved around over the years.
    0:03:04 I think if you asked me that question 10 years ago,
    0:03:07 I would have said I’m an investor who writes.
    0:03:08 And maybe if you asked me today,
    0:03:10 I would say I’m a writer who invests.
    0:03:13 Like I’ve just switched around what I enjoy doing.
    0:03:15 And it used to be that all of my emphasis
    0:03:18 and research and enjoyment was investing.
    0:03:21 I wanna scour the world and study investing history
    0:03:22 and whatnot, and I still love that.
    0:03:24 I’ll always do that.
    0:03:29 But the art of storytelling really bit me 10 or 15 years ago
    0:03:32 and that’s what I’ve really find joy in doing now.
    0:03:34 And that’s the craft that I wanna hone.
    0:03:35 And I think jumping around like that
    0:03:36 has been really important.
    0:03:41 If you just put yourself in a box and say I am a blank,
    0:03:42 you’re cutting off so much of the world
    0:03:44 that you might find enjoyment in
    0:03:46 and have some talent in doing.
    0:03:48 – Yeah, and when did you first get interested
    0:03:51 in finances as a young man?
    0:03:55 – I think I was 19 when I first stumbled across investing.
    0:03:58 I’ve told the story before, but it’ll always stick with me.
    0:04:02 When I was 18, my grandparents gave me $1,000
    0:04:04 and I put it in a CD at the bank,
    0:04:06 certificate of deposit where it earned interest.
    0:04:10 And I think I intuitively knew what interest was,
    0:04:11 but I didn’t really get it.
    0:04:14 And I remember I logged into my account the next day
    0:04:19 and the balance had grown from $1,000 to $1,000 in three cents.
    0:04:20 I earned three cents of interest
    0:04:22 and I remember jaw hitting the floor,
    0:04:25 being completely stunned that I just earned money
    0:04:27 for doing nothing just for waking up in the morning.
    0:04:28 Somebody paid me.
    0:04:31 I knew at that moment I was like, this is the thing.
    0:04:32 This is what I love doing.
    0:04:33 And so all throughout college,
    0:04:37 I wanted to be a hedge fund manager or an investment banker.
    0:04:39 I think in that era, like the mid 2000s,
    0:04:42 this was what everybody wanted to do in that field.
    0:04:45 And then I kind of stumbled haphazardly across writing.
    0:04:46 It was never part of the plan.
    0:04:48 I never wanted to become a writer.
    0:04:49 And even when I started doing it,
    0:04:52 I was a senior in college
    0:04:55 when I got a job at the Motley Fool writing about stocks.
    0:04:56 And I didn’t want to do it.
    0:04:59 I just needed a job, but I fell in love with it.
    0:05:01 So I think that in itself is a lesson,
    0:05:03 particularly for people in college,
    0:05:05 you might think you know what you want to do
    0:05:07 and you have a goal and you have a path in front of you,
    0:05:11 but so many people, including myself, probably you,
    0:05:13 stumble into what they actually love
    0:05:15 and want to do serendipitously.
    0:05:19 So I think it was great that I did not follow the path
    0:05:20 that I thought I had paved for myself
    0:05:23 and just stumbled into something else.
    0:05:25 – Yeah, and it sounds like you had an open mind
    0:05:28 to explore different skills and see what you were good at.
    0:05:31 And then you were able to merge finance and writing,
    0:05:33 which you didn’t expect to actually do
    0:05:36 into a career as an author, a bestselling author at that.
    0:05:38 Well, here’s what’s really interesting.
    0:05:40 I would not say I had an open mind about it.
    0:05:43 I graduated college in 2008 when the world was on fire
    0:05:45 and everything was burning down.
    0:05:47 The economy, like no one in finance was hiring.
    0:05:48 Everybody was laying people off.
    0:05:51 So I found a job at the Motley Fool as a writer
    0:05:54 and I took it because I had to, I had rent to pay.
    0:05:54 That was why I took it.
    0:05:55 I didn’t do it because I was like,
    0:05:57 oh, maybe I like writing.
    0:05:58 That’ll be fun.
    0:06:00 I took it because I was like, I need to paycheck today.
    0:06:03 And they were the only people in finance who were hiring.
    0:06:05 And so for the first six months,
    0:06:06 not only did I not really like it,
    0:06:07 I was kind of ashamed of it.
    0:06:09 I was like, I want to be a hedge fund manager
    0:06:11 and now I’m a blogger.
    0:06:12 What is this?
    0:06:14 After about a year, I started to really enjoy it
    0:06:16 and just love the craft of writing.
    0:06:18 – Yeah, and that makes sense because usually,
    0:06:21 if you don’t have experience, you’re bad at that thing.
    0:06:23 And then you feel demotivated
    0:06:24 ’cause you’re not that good at it.
    0:06:25 But over time, if you get better,
    0:06:27 you can enjoy it and find motivation,
    0:06:29 I’m sure, in what you’re doing.
    0:06:30 – I think if there was one thing
    0:06:32 that has really helped me in my career,
    0:06:34 it’s a combination of, for the first two or three years,
    0:06:37 I had to do that job because nobody else was hiring.
    0:06:39 And then after that, I think I’ve just been stubborn.
    0:06:41 I don’t know if it’s patience or stubbornness
    0:06:42 or a mix of the two,
    0:06:45 but I’ve been writing about behavioral finance
    0:06:47 every day for 17 years.
    0:06:49 And if you do anything for that long,
    0:06:51 you’ll gain some proficiency, no matter what it is.
    0:06:56 Anybody in any field, if they do it every day for 20 years,
    0:06:57 will get good at it.
    0:06:59 And so I think that’s been just like sticking with it
    0:07:01 has been what’s helped me the most.
    0:07:04 – Yeah, and I think something that also changed
    0:07:05 the way that you think about the world
    0:07:07 is actually an accident that happened
    0:07:09 when you were younger on ski slopes.
    0:07:11 It severely impacted you.
    0:07:13 It’s really, really traumatic and tragic.
    0:07:14 What happened?
    0:07:15 Can you tell us about that
    0:07:17 and how it shaped the way that you view the world?
    0:07:20 – Yeah, so I grew up as a competitive ski racer
    0:07:21 in Lake Tahoe, California.
    0:07:22 I was on the Squad Valley ski team
    0:07:26 and that was my life for my childhood and my teenage years.
    0:07:28 Skied six days a week, 10 months a year,
    0:07:30 all over the world racing.
    0:07:31 It was great.
    0:07:32 It was like such a cool experience.
    0:07:34 And there were about 12 of us on the Squad Valley ski team.
    0:07:36 And we were all best friends.
    0:07:38 We had been together since we were children,
    0:07:40 skiing six days a week all over the world.
    0:07:45 And so one day in February of 2001, I was 17 years old
    0:07:47 and I was skiing with my two best friends.
    0:07:48 We had grown up together.
    0:07:50 They were 17 as well.
    0:07:53 And we would ski down the backside of Squad Valley,
    0:07:56 which is out of bounds, which you’re not supposed to do.
    0:07:58 You duck under the ropes that say do not cross.
    0:08:01 But we did this ’cause we were young and rebellious
    0:08:02 and that’s where the best skiing is.
    0:08:03 It’s untracked.
    0:08:04 You have the place to yourself.
    0:08:06 Now, when you ski out of bounds like that,
    0:08:08 when you get to the bottom, there’s no chairlift
    0:08:09 because you went out of bounds.
    0:08:12 So it would spit us out on this back country road
    0:08:13 and we would hitchhike back.
    0:08:14 We love doing this.
    0:08:16 It was kind of a thrill like we got to hitchhike.
    0:08:19 It was all very rebellious thing that 17 year olds do.
    0:08:21 So the three of us ski this run.
    0:08:24 And as we’re skiing down, I very vividly remember,
    0:08:27 we triggered a small avalanche.
    0:08:29 And it’s like, it’s a feeling that you will never forget
    0:08:33 because rather than pushing on the ground with your skis
    0:08:34 to gain traction and control,
    0:08:36 all of a sudden the ground is pushing you.
    0:08:39 And avalanches are very powerful.
    0:08:40 You’ll be skiing down
    0:08:42 and then all of a sudden you have no control
    0:08:43 and it’ll push you 20 feet this way
    0:08:46 and then jolt you 30 feet that way.
    0:08:48 But it was pretty small and it ended pretty quickly.
    0:08:49 And the three of us ski down
    0:08:51 and we like high fived about it at the bottom.
    0:08:53 We were like, whoa, do you see that avalanche?
    0:08:54 Oh, so cool.
    0:08:55 We hitchhiked back.
    0:08:57 And Brendan and Brian, my two friends were with me.
    0:08:59 They said, hey, let’s do it again.
    0:09:00 That was great.
    0:09:01 Let’s go ski that run again.
    0:09:04 For whatever reason, I don’t really know.
    0:09:06 I said, I don’t want to do it again.
    0:09:07 But how about this?
    0:09:09 How about you guys go do it again?
    0:09:10 And rather than hitchhiking back,
    0:09:12 I’ll drive around to the side of the mountain
    0:09:14 and I’ll pick you up in my truck.
    0:09:15 So you don’t have to hitchhike.
    0:09:16 They said, great, let’s do it.
    0:09:17 We made that plan.
    0:09:18 We went our separate ways.
    0:09:19 They went skiing.
    0:09:22 I went back to get my truck to go get them.
    0:09:25 20 minutes later, I drive around to meet them
    0:09:27 at the pickup spot where I was gonna meet them
    0:09:28 and they weren’t there.
    0:09:30 And I really didn’t think anything of it.
    0:09:32 I thought that they had probably already hitchhiked back.
    0:09:33 And maybe I was late.
    0:09:35 It didn’t really bother me.
    0:09:36 And I went back to our locker room
    0:09:37 where I expected to find them
    0:09:39 and they were not there either.
    0:09:40 And nobody had seen them.
    0:09:43 At that point, I started to wonder what happened.
    0:09:45 But I really wasn’t worried at that point.
    0:09:48 Several hours later, Brian’s mom called me at home
    0:09:50 and she said, hey, Brian didn’t show up for work today.
    0:09:52 Do you know where he is?
    0:09:53 And I told her the truth.
    0:09:56 I said, yeah, we skied down the backside out of bounds
    0:09:58 and I was gonna pick them up, but they never showed up.
    0:09:59 And I think in that moment,
    0:10:03 she and I pieced together what probably happened here.
    0:10:04 Later that day, several hours later,
    0:10:07 we got the police involved, missing persons report.
    0:10:09 They eventually had turned into,
    0:10:10 we got search and rescue involved.
    0:10:12 Search and rescue went on the hill
    0:10:14 at about midnight to start looking for them.
    0:10:16 They had these giant portable floodlights
    0:10:19 and a team of search dogs, search and rescue dogs.
    0:10:21 And then later the next morning,
    0:10:23 after about nine hours of searching,
    0:10:26 when the search and rescue workers got to the area,
    0:10:28 the out of bounds area where I told them we’d skiing,
    0:10:31 they said it looked like half the mountain had been torn away
    0:10:33 from what was clearly a very fresh,
    0:10:36 just massive, enormous avalanche.
    0:10:38 And avalanches can be the equivalent of like a tsunami,
    0:10:41 just unbelievable amount of power.
    0:10:44 They can snap giant trees with their force.
    0:10:47 And it had clearly just been a massive avalanche here.
    0:10:49 The search dogs eventually homed in
    0:10:52 on a spot in the avalanche field where rescuers
    0:10:55 who had these giant propoles found Brandon and Brian dead
    0:10:58 in the avalanche that were buried about six feet under.
    0:11:00 So of course, I always have to say when I tell this story,
    0:11:02 I think you and everyone else listening
    0:11:04 has lost somebody dear to them.
    0:11:05 It’s not unique in that sense.
    0:11:07 I don’t want to pretend like it was unique
    0:11:08 that I had a friend who died.
    0:11:11 Most people have experienced some version of that.
    0:11:13 Of course, it had a really profound impact on me.
    0:11:15 And one of the reasons why,
    0:11:18 and it took me a while to really piece this together was,
    0:11:21 if I had gone with them on that second run,
    0:11:23 100% chance I would be dead.
    0:11:24 It was such a massive,
    0:11:26 it took out everything in its path.
    0:11:27 And so then I look back on it
    0:11:29 and it’s like the most important decision
    0:11:32 that I ever made in my life by far
    0:11:34 was not going on this second run.
    0:11:36 And I didn’t put any thought into that decision.
    0:11:38 I didn’t weigh the pros and cons.
    0:11:39 I didn’t do a risk analysis.
    0:11:41 It was just a brainless dumb decision.
    0:11:42 Why don’t you guys go do it?
    0:11:43 I’ll do something else.
    0:11:45 And nothing in my life has mattered more.
    0:11:48 And I think a lot of things in life are like that
    0:11:51 where in hindsight and only in hindsight,
    0:11:54 do you look back and you’re like the worst
    0:11:56 or the best thing that ever happened to me
    0:11:59 came about because of this dumb brainless decision.
    0:12:01 And maybe people listening to this today,
    0:12:05 if you left your house for work at 853 instead of 854,
    0:12:07 you may have died in a car accident.
    0:12:08 You know, I’m making this up,
    0:12:10 but there’s all these just random,
    0:12:14 like you understand how the world hangs by a thread
    0:12:15 of these decisions.
    0:12:16 And when you come to terms with that,
    0:12:18 I think it makes you much more humble
    0:12:20 in your ability and willingness
    0:12:22 to predict what’s going to happen in the future.
    0:12:24 When you see how fragile it is,
    0:12:27 you just realize you have no idea what’s coming next.
    0:12:29 – Yeah, and so you accomplished a lot at a young age.
    0:12:31 Like I said, I hopped on the column.
    0:12:32 It was like most people I interviewed
    0:12:35 are like 50, 60 years old or whatever.
    0:12:37 You’re definitely not that old, right?
    0:12:38 So you accomplished a lot in your life.
    0:12:41 Do you feel like it’s because you had this experience
    0:12:44 at 17 years old losing your two best friends
    0:12:46 and realizing how fragile life is?
    0:12:47 Like you better get at it.
    0:12:49 – I think that would be a small part of it.
    0:12:52 I think in a broader sense ski racing was so important
    0:12:55 because we were independent
    0:12:58 and treated as adults since we were like 14.
    0:13:00 And we would travel around with the coaches skiing,
    0:13:03 but the coaches, God bless them, would just go to bars.
    0:13:07 And then like we were out being adults for better or worse.
    0:13:09 But I think that created an incredible sense of independence
    0:13:12 and like forced you to grow up very fast.
    0:13:13 That had a big impact on me,
    0:13:16 but certainly losing my friends at that age
    0:13:18 made me realize how fragile life can be.
    0:13:22 And I think my perception of risk
    0:13:24 changed dramatically after that.
    0:13:26 And after that, I would not take risks
    0:13:28 that I would have before that
    0:13:31 because you see the consequences of your actions.
    0:13:33 – Well, yeah, when you’re that young, it’s inevitable.
    0:13:35 A lot of people at like 18, 19, 20,
    0:13:38 that’s when you’re doing the most drugs
    0:13:39 and like all this kind of stuff
    0:13:40 ’cause you just think you’re invincible.
    0:13:42 So I have a feeling you probably
    0:13:44 didn’t really do much of that at all.
    0:13:46 – I think even before that happened,
    0:13:49 I was always kind of, I had friends who were doing it
    0:13:51 more than I, I’m not gonna sit here and say,
    0:13:54 I did none of it, but okay, I’ll give you a specific example.
    0:13:55 I was telling my wife the other day,
    0:13:58 I remember when I was 18, one of my friends had cocaine
    0:14:00 and I was like, absolutely not,
    0:14:03 like not even in the slightest in a million years
    0:14:05 would I touch that stuff, never.
    0:14:06 But all my other friends are like, yeah, let’s give it a whirl.
    0:14:08 Let’s see how this works.
    0:14:10 So even at that age, I think just naturally,
    0:14:13 I had a risk assessment that was different for my friends.
    0:14:14 Yeah.
    0:14:16 – So you worked at Motley Fool, like you were saying,
    0:14:19 you got a job right out of college at Motley Fool.
    0:14:21 And you actually thought you were gonna stay there
    0:14:22 and work there forever.
    0:14:24 You bought a house near the headquarters
    0:14:25 and you thought you’d never leave.
    0:14:27 So what actually changed your mind
    0:14:29 to pivot your career a bit?
    0:14:32 – Yeah, it was one of the hardest decisions of my career
    0:14:34 ’cause I was really happy and comfortable at the Motley Fool.
    0:14:36 It was a great place to work, still is,
    0:14:38 filled with great people, I was happy there.
    0:14:41 Got in Craig Shapiro who runs a private equity firm
    0:14:43 called the Collaborative Fund, reached out to me in 2015.
    0:14:45 And he just said, hey, I like your work,
    0:14:46 why don’t you come to Collaborative Fund
    0:14:47 and just keep doing it.
    0:14:50 Keep doing exactly what you’re doing, but just do it here.
    0:14:51 And I said, hey, I’m flattered,
    0:14:53 but I’m really happy here, no thanks.
    0:14:55 My wife and I had just had our first kid
    0:14:57 who was two months old at the time.
    0:15:01 I was not prepared to just throw my career upside down.
    0:15:03 But he kept pushing and kept pushing and kept pushing.
    0:15:06 And I think what the decision for me eventually became was,
    0:15:09 if I stay at the Motley Fool forever,
    0:15:12 from the time I was in college until I retire in my 60s,
    0:15:15 will I regret never trying something different?
    0:15:17 And I think after a while I realized that the answer was,
    0:15:21 yeah, I think I might wonder what else was out there.
    0:15:23 So I finally joined Collaborative Fund in 2016.
    0:15:25 And it’s been amazing.
    0:15:27 That was before I had written books
    0:15:28 or done anything like that.
    0:15:32 And Craig was one of the only people I think in the world
    0:15:34 who would say, Morgan, just go do your thing.
    0:15:37 I’m not gonna tell you what to write or when to write.
    0:15:39 And I don’t write about what Collaborative Fund does.
    0:15:41 I feel like it’s just my own canvas
    0:15:44 to write about anything that I’m interested in.
    0:15:45 And so that was a really rare opportunity.
    0:15:48 Almost every professional writer at an organization,
    0:15:50 if you write for The Wall Street Journal or Reuters
    0:15:52 or CNN or something,
    0:15:53 you have an editor telling you what to write,
    0:15:55 how to write it, when to turn it in.
    0:15:58 And I think that just strips away the art of writing.
    0:16:01 It just turns it into a job instead of an art.
    0:16:04 So I’ve really enjoyed the artistic side of it.
    0:16:05 – At what point did you decide,
    0:16:10 hey, I wanna write actual books, not just for a blog?
    0:16:11 Was that a conscious decision
    0:16:13 or was that when you went to this new fund,
    0:16:16 they told you, hey, we want you to write books?
    0:16:17 – No, definitely not the latter.
    0:16:19 And it was a conscious decision for a long time
    0:16:20 to not write the books.
    0:16:22 I never saw the point in it.
    0:16:26 And I would always say, look, I blog twice a week.
    0:16:28 Why does it matter if it’s stuffed
    0:16:29 in between two pieces of cardboard?
    0:16:30 It’s the same thing.
    0:16:33 It’s the same words, like I’m still writing, so who cares?
    0:16:36 So that was why I pushed off writing books for years.
    0:16:40 A publisher came to me in 2014,
    0:16:42 maybe 2013 and said, hey, we want you to write a book.
    0:16:44 And I was absolutely, I’m not ready.
    0:16:46 I don’t wanna do it, it sounds hard.
    0:16:49 And so in hindsight, I’m so glad that I waited
    0:16:51 because I became a better writer.
    0:16:53 I had more content to use for the books.
    0:16:56 So the fact that I was so stubborn about doing it,
    0:16:58 it was so beneficial to me.
    0:17:01 In 2018, I wrote a very long blog post
    0:17:02 called “The Psychology of Money.”
    0:17:05 It was a 10,000 word blog post, which is very, very long.
    0:17:07 Most books are about 50,000 words.
    0:17:10 So it was one fifth of a book in a blog.
    0:17:12 It was the biggest blog post that I had ever written.
    0:17:14 It did really well, it was well received.
    0:17:17 And so that was when I was like, oh, people like this style
    0:17:19 and format and this substance.
    0:17:22 And it’s not gonna take me that much effort
    0:17:25 to expand what I already have into a book.
    0:17:27 And so that was when it was like, okay,
    0:17:29 like I’m finally gonna do this.
    0:17:30 My wife had convinced me.
    0:17:32 I don’t think I’ve ever told this story before,
    0:17:33 but I’ll tell it here.
    0:17:34 – Yeah, tell me.
    0:17:36 – An author named James Clear,
    0:17:38 who wrote a book called “Atomic Habits.”
    0:17:40 It’s the best selling and one of the best books
    0:17:42 of the last generation.
    0:17:44 It’s just an absolute gem of a book.
    0:17:47 And he published his book in 2018.
    0:17:50 And I think he was seeing the success of “Atomic Habits”
    0:17:52 that I was like, I want that.
    0:17:55 It was not jealousy, it was not envy, it was motivation.
    0:17:57 What James has, I wanna chase it.
    0:17:59 And James, as you will see when he comes on,
    0:18:04 is the nicest, most humble, politest guy you’ll ever meet.
    0:18:06 So the fact that not only had James had success in a book,
    0:18:08 but I was like, I wanna be James.
    0:18:10 And not just his success, I wanna be him.
    0:18:12 Was like a big motivator for me to be like,
    0:18:14 okay, like I really wanna write a book now.
    0:18:16 And James and I have become friends since then.
    0:18:17 It’s actually interesting.
    0:18:21 In the summer of 2018, I was in Omaha, Nebraska
    0:18:22 for the Berkshire Hathaway Shareholder Meeting.
    0:18:24 And we rented a house with like 10 friends.
    0:18:27 And this random guy came over to have dinner.
    0:18:28 I don’t know who invited him.
    0:18:30 No idea who he was.
    0:18:31 And he introduced himself.
    0:18:32 He said, hi, I’m James Clear.
    0:18:34 I’m writing a book called Atomic Habits.
    0:18:36 It’s gonna come out in a couple of months.
    0:18:38 And so we had no idea, but like in hindsight,
    0:18:41 looking back, it’s so funny that we saw that together.
    0:18:43 – Yeah, that book is huge.
    0:18:44 I think to this day, it’s still like
    0:18:46 on all the bestseller lists.
    0:18:49 So like you were saying, you wanted to become an author
    0:18:51 because you saw the opportunity
    0:18:53 and you were like, I want what James Clear has.
    0:18:56 How has being an author actually transformed your career?
    0:18:58 Like what opportunities have come about?
    0:19:00 I’m sure you like weren’t doing podcasts
    0:19:02 before you had a book, is that right?
    0:19:05 – I’d say, in some ways, nothing has changed.
    0:19:07 In some ways, everything has changed.
    0:19:09 Nothing has changed because I still write
    0:19:10 about the same topics.
    0:19:12 I still read the same topics.
    0:19:16 I still sit in the same chair and think the same way.
    0:19:18 My wife and kids don’t treat me any differently.
    0:19:20 In most ways, nothing has changed.
    0:19:23 What the book did to me, and it’s a very real thing,
    0:19:25 is it gave me independence,
    0:19:28 which is a big topic in psychology of money.
    0:19:30 What you want to use money and wealth for
    0:19:32 is to gain control over your time.
    0:19:33 And if I’m being honest with you,
    0:19:35 I feel like I’m really opening myself up
    0:19:36 in this podcast here.
    0:19:40 Before the book, I was always filled with career anxiety.
    0:19:41 What happens if I get laid off?
    0:19:42 What happens if this doesn’t work?
    0:19:45 And it really scared me, particularly as it became a father.
    0:19:46 I got mouths to feed.
    0:19:48 What happens if this doesn’t work?
    0:19:51 That’s the one thing that’s changed post books,
    0:19:53 a greater sense of financial independence.
    0:19:55 That means the world to me.
    0:19:57 And I also, my wife has pointed this out too.
    0:20:01 I think I’ve been in a better mental state post books
    0:20:03 than I have in my life.
    0:20:04 It didn’t make me happier,
    0:20:06 but I think it removed anxiety from my life.
    0:20:08 It’s interesting that in a way,
    0:20:10 that was what the book was about.
    0:20:11 But then because of writing the book,
    0:20:14 I got to experience it myself, which has been a cool thing.
    0:20:16 – And why do you think that freedom has come about?
    0:20:18 Is it because you’re getting speaking engagements,
    0:20:21 that you’re like pulling in extra revenue streams?
    0:20:23 Obviously book sales has some revenue streams,
    0:20:26 but book sales these days don’t really move the needle,
    0:20:28 right? Maybe your books do.
    0:20:29 But what do you think changed
    0:20:32 in terms of you feeling like you have more freedom?
    0:20:33 – It’s all the above.
    0:20:35 It’s book royalties, it’s speaking, it’s all the above.
    0:20:37 And we haven’t really changed our lifestyle
    0:20:38 to any meaningful degree.
    0:20:41 We live in the same house and drive the same car and whatnot.
    0:20:43 A lot of that is just accrued to net worth.
    0:20:45 This is what I write about in psychology money too.
    0:20:47 Wealth is what you don’t see.
    0:20:49 It’s not the cars that you buy.
    0:20:50 It’s not the house that you buy.
    0:20:52 Wealth is the money that you’ve saved
    0:20:54 that gives you independence
    0:20:56 that allows you to do whatever the heck you wanna do.
    0:20:58 And so that’s what it’s been for us.
    0:21:00 It’s like we’ve saved the vast, vast majority of it.
    0:21:02 And because of that,
    0:21:05 the anxiety that I had of what if back then
    0:21:07 has largely been stripped away.
    0:21:08 Now you will never get rid of what if
    0:21:12 because what if you get hit by a car?
    0:21:14 You’re never gonna remove risk.
    0:21:16 But a lot of the tangible career risks
    0:21:18 that I had five years ago has dissipated.
    0:21:20 – Let’s hold that thought
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    0:26:27 Okay, so your book, Psychology of Money came out in 2020
    0:26:28 was a huge hit.
    0:26:30 And you say in the book that money has little to do
    0:26:33 with how smart you are and a lot to do with how you behave.
    0:26:34 So let’s start there.
    0:26:36 I think it’s a good foundation of the book.
    0:26:38 Can you shed some more color on that
    0:26:40 and give us examples of how behavior
    0:26:43 can actually trump smarts?
    0:26:44 Well, here’s how I always define it.
    0:26:47 If you are the smartest financial mind in the world,
    0:26:49 you have a PhD in finance from Harvard,
    0:26:50 you know all the numbers,
    0:26:54 you won the Nobel Prize in economics,
    0:26:56 but you don’t have control over your behavior.
    0:26:59 You don’t have a control over your greed and fear
    0:27:00 or patience or temper.
    0:27:03 You can and very likely will go broke.
    0:27:06 And the flip side of that is if you have no financial
    0:27:08 education, you don’t know anything.
    0:27:09 You didn’t graduate high school.
    0:27:11 You’re a country bumpkin who knows nothing,
    0:27:15 but you do have control over your greed and fear
    0:27:17 and patience and temper.
    0:27:20 You have everything you need to become wealthy.
    0:27:22 Just yesterday, there was a news story that came out
    0:27:25 about this guy who lived in the middle of West Virginia
    0:27:28 or something like that and lived in a trailer.
    0:27:29 I heard this.
    0:27:32 He recently died and he left $4 million to his town.
    0:27:33 Yeah.
    0:27:34 That’s the perfect example.
    0:27:36 He does not have the pedigree.
    0:27:37 He does not have the degree from Harvard.
    0:27:39 He did not work at Goldman Sachs,
    0:27:43 but he was clearly patient, not greedy, et cetera, et cetera.
    0:27:45 And because of that, he became very wealthy.
    0:27:49 So there are very few fields in which that’s the case.
    0:27:51 If you did not go to medical school,
    0:27:54 you do not know how to perform open heart surgery, full stop.
    0:27:56 But it’s not like that in finance.
    0:27:58 You don’t need the education to do well
    0:28:00 as long as you have the behaviors.
    0:28:03 So because it’s one of the few fields that’s like that,
    0:28:06 it’s easy to overlook what you need.
    0:28:08 And most people, if they’re like,
    0:28:09 “I want to become a good investor,”
    0:28:10 they’re like, “Great.
    0:28:13 I’m going to go get a degree in finance.
    0:28:15 I’m going to memorize all the formulas.”
    0:28:17 And by and large, that’s not what you need.
    0:28:19 What you need is the behavior.
    0:28:20 Now, for a lot of people,
    0:28:23 that behavior is nature instead of nurture.
    0:28:25 They’re born understanding.
    0:28:27 Their brain is wired in a way that lets them do it.
    0:28:29 And some people are the opposite of that.
    0:28:31 But just understanding what you need
    0:28:32 and what you don’t is, I think,
    0:28:35 the most important thing of doing well with money.
    0:28:37 And just to dig in on what you said,
    0:28:38 you also say in your book
    0:28:42 that we learn traditionally about finance,
    0:28:43 like it’s physics, right?
    0:28:45 It’s rules, there’s laws.
    0:28:47 But you say we should look at it more like psychology
    0:28:49 with emotion and nuance.
    0:28:51 Can you dig deeper on that?
    0:28:52 – In math and in physics,
    0:28:54 there’s one right answer for everybody.
    0:28:56 So if I say, “What is two plus two?”
    0:28:58 It’s four, no matter who you are
    0:29:01 or where you’re from or where you live or how old you are.
    0:29:02 But in finance, it’s not like that.
    0:29:05 Because if I say, “How should you invest your money?”
    0:29:07 Well, what works for me might not work for you
    0:29:08 and vice versa.
    0:29:10 Everyone listening, we’re all gonna come
    0:29:11 to a different conclusion.
    0:29:13 Because our risk tolerance is different,
    0:29:15 our social aspirations are different,
    0:29:17 our time horizons are different, everything is different.
    0:29:21 So it’s much closer to like taste and music.
    0:29:23 And if I said, “What’s the best music?”
    0:29:24 There’s no one answer for that.
    0:29:26 It just depends who you are and what you like
    0:29:27 and how old you are.
    0:29:29 Music that I liked when I was 15
    0:29:30 would be atrocious to me now.
    0:29:32 So you’re gonna change throughout time.
    0:29:34 That’s most of the nuance in finance
    0:29:37 is just realizing that there is not one right answer.
    0:29:39 And I think the majority of the time in finance
    0:29:41 when people are arguing with each other
    0:29:43 about how should you spend your money?
    0:29:44 How should you invest your money?
    0:29:46 They’re not actually arguing.
    0:29:47 They’re not actually debating.
    0:29:49 It’s just people with different experiences
    0:29:52 and different risk tolerances talking over each other.
    0:29:54 And it’s the equivalent.
    0:29:56 If I think X and X is good for me,
    0:29:58 you might think X is terrible
    0:30:00 because it would be bad for you.
    0:30:03 That’s the biggest issue with financial debates.
    0:30:04 So this reminds me of something
    0:30:05 that you were just mentioning.
    0:30:08 The fact that you and your wife
    0:30:12 have basically stayed at the same goal post all these years.
    0:30:15 You drive the same car, you live in the same house.
    0:30:18 You haven’t really increased the amount of money
    0:30:19 that it costs to live your life,
    0:30:21 but you’ve both increased your incomes.
    0:30:23 You’re able to save more.
    0:30:25 Talk to us about this importance
    0:30:27 of knowing what your own goal post is
    0:30:28 and why that matters.
    0:30:30 – The first thing I think is important
    0:30:31 is like we live a great life.
    0:30:33 We live in a great house in a great neighborhood
    0:30:34 and we take great vacations.
    0:30:36 We are not the kind of people
    0:30:37 like the guy who’s living in the trailer
    0:30:39 and it’s like leaving all this money.
    0:30:41 There is obviously some balance to it.
    0:30:43 But I think the idea that
    0:30:46 if your expectations grow faster than your income,
    0:30:49 you will never ever be happy with your money
    0:30:50 is one of the most important
    0:30:53 and powerful realizations in finance.
    0:30:55 That there are hedge fund managers
    0:30:57 who make $100 million a year
    0:30:59 and feel like they’re falling behind
    0:31:01 because their buddies make 200 million a year.
    0:31:04 There is no cap to that.
    0:31:06 Elon Musk displaced Jeff Bezos
    0:31:07 as the richest man in the world.
    0:31:08 I don’t know this to be the case,
    0:31:11 but maybe that bothered Jeff Bezos
    0:31:13 because now he’s only worth a quarter of a trillion dollars
    0:31:16 while Musk was worth a third of a trillion dollars.
    0:31:18 There’s no end to financial comparison.
    0:31:21 And so, yes, it’s important if you wanna do well with money
    0:31:24 to grow your income, invest your money, grow your net worth.
    0:31:27 But it is equally important and very easy to overlook
    0:31:29 that you also need to go out of your way
    0:31:31 to manage your expectations.
    0:31:33 And just be happy with what you have
    0:31:35 knowing that if you get the bigger house
    0:31:38 or the nicer car, it’s gonna feel cool for like four minutes.
    0:31:40 And then you’re gonna get used to it
    0:31:41 and it’s not gonna feel any different.
    0:31:44 And so, look, we live in a nice house
    0:31:47 in a safe neighborhood, all of that checks all the boxes.
    0:31:49 But there is this thing of, yeah,
    0:31:51 but if we got a bigger house, we wouldn’t be any happier.
    0:31:55 And we might actually spoil the expectations of our kids
    0:31:58 who think that that bigger house is now the norm.
    0:32:00 So this is something that like we always battle with
    0:32:03 because even for us who believe this and live it,
    0:32:07 the expectation of, ah, maybe we should get a Range Rover.
    0:32:08 It’s always there.
    0:32:11 That feeling, that drive is always there.
    0:32:12 But then just taking a step back and be like,
    0:32:15 well, is there something else we could do with our money?
    0:32:17 Would the vacation make us happier?
    0:32:19 Would donating it make us happier?
    0:32:21 That battle is always there.
    0:32:22 But whenever we’ve experienced it,
    0:32:24 and when you go out of your way
    0:32:26 to keep your expectations low too,
    0:32:29 then your drive for a better life moves away from
    0:32:31 what’s the next car, what’s the next house?
    0:32:32 Actually, what makes us happier
    0:32:34 is spending more time with our kids,
    0:32:36 going for walks with my wife.
    0:32:38 So like, hey, can we use our money to do that?
    0:32:40 Use our money to free up our time
    0:32:42 so that we can spend more time with our kids
    0:32:43 and with each other.
    0:32:45 ‘Cause that’s definitely gonna make us happier.
    0:32:47 But the Range Rover probably won’t.
    0:32:49 That’s the debate that we always have in our heads.
    0:32:52 – Yeah, and as I get older and make more money,
    0:32:54 I feel like I’m actually becoming smarter
    0:32:56 about the way that I spend my money.
    0:32:59 ‘Cause I realized how much I have to work
    0:33:00 for a certain amount of things.
    0:33:02 This reminds me, it was Thanksgiving yesterday,
    0:33:03 so I saw my family.
    0:33:07 And my sister-in-law has never worked a day in her life
    0:33:09 just carrying a $6,000 bag.
    0:33:13 Meanwhile, my company made $5 million last year.
    0:33:16 And my most expensive bag is like $3,000.
    0:33:20 It made me realize how much different people’s priorities
    0:33:23 are and how people spend their money
    0:33:26 and manage their money is so varied
    0:33:30 in terms of what people believe success looks like,
    0:33:31 in terms of how much they want to save.
    0:33:35 And it’s so, so varied across the spectrum.
    0:33:36 – It’s so varied.
    0:33:39 And this is one thing that I’ve kind of tweaked my views on
    0:33:40 in the last couple of years,
    0:33:43 is that the $6,000 bag for your sister-in-law,
    0:33:45 maybe that is the best use of her money.
    0:33:46 – Yeah.
    0:33:47 – Maybe it’s not, but for some people, it would be.
    0:33:49 Even if for my wife and I, or maybe you,
    0:33:51 it would not be to each their own.
    0:33:55 And there are a lot of people who will look at how my wife
    0:33:56 and I spend our money,
    0:33:58 particularly the few of our friends who would know our income.
    0:33:59 And then look at how we spend it.
    0:34:00 We’d be like, what are you guys doing?
    0:34:02 Like you are missing out on so much.
    0:34:04 And I don’t think we are.
    0:34:06 I think we’re pretty cognizant of what we’re doing
    0:34:07 and how we spend it.
    0:34:10 And we’re doing the best thing for us,
    0:34:12 which to me, all that matters.
    0:34:16 I’ve never wanted to become the Manchin Lamborghini guy.
    0:34:18 I’ve always wanted to become the independent guy
    0:34:21 who can just do whatever he wants any day.
    0:34:24 And no one’s gonna tell me what to do or when to do it.
    0:34:27 I’m not like a, I’ve reject all authority kind of guy.
    0:34:29 I’m not like a hardcore libertarian,
    0:34:31 but for money stuff, for work stuff,
    0:34:34 I’m gonna have the most fun and do the best work
    0:34:35 if it’s on my own terms.
    0:34:38 So the fact that I can write what I want when I want.
    0:34:40 And the reason I can do that
    0:34:42 is because I have some sense of financial independence.
    0:34:44 I don’t need to work for the salaried company.
    0:34:47 That is the best use of money for me by far.
    0:34:49 – I want to talk a little bit more
    0:34:51 about the purpose of money.
    0:34:52 You’ve been alluding to it,
    0:34:56 but talk to us about why independence and autonomy
    0:34:58 is really the purpose of gaining wealth.
    0:35:00 – I think back to what we said of everyone’s different
    0:35:03 and maybe the $6,000 handbag is right for you,
    0:35:04 but not for me.
    0:35:07 But if there is one common denominator
    0:35:09 of which almost everybody from every culture
    0:35:13 and every age is gonna get benefit from, it’s independence.
    0:35:16 People by and large do not enjoy being told
    0:35:19 when to work, how to work and what work to do.
    0:35:21 They do that because they have to.
    0:35:23 They need the paycheck and that’s the way to do it.
    0:35:26 But when most people, the first taste of independence
    0:35:29 they have, they’re like, oh, that’s good.
    0:35:30 That’s the one I like.
    0:35:32 And even if you are working for a salaried company,
    0:35:35 if you have a boss and in a position
    0:35:37 that gives you independence and autonomy,
    0:35:38 not only is it more enjoyable,
    0:35:40 you’re going to do better work.
    0:35:42 The quality of your work is gonna go up
    0:35:44 if you’re doing it on your own terms.
    0:35:46 It’s such a universal driver of happiness.
    0:35:47 And maybe that’s actually the wrong word
    0:35:50 because independence doesn’t necessarily make you happy,
    0:35:53 but it removes unhappiness.
    0:35:55 That’s an important nuance, but it’s really important.
    0:36:00 People who are wealthier by and large do not wake up happier,
    0:36:02 happy in the sense that they wake up smiling every morning.
    0:36:05 It’s not that, but I think they have fewer bad days.
    0:36:07 And that is a huge life advantage
    0:36:12 to remove uncertainty and misery from your life is massive.
    0:36:14 It’s one of the few things in money
    0:36:16 that tends to be universal.
    0:36:18 And it’s also very easy to overlook
    0:36:19 because particularly for young people
    0:36:21 and particularly young men,
    0:36:24 the knee-jerk reaction of why do you wanna become rich
    0:36:26 is so I can have nice stuff.
    0:36:28 So I can have a big house and a fancy car
    0:36:29 and it’s easy to overlook
    0:36:31 what’s actually gonna bring you the most joy
    0:36:33 is using it to give yourself independence.
    0:36:34 – I love that.
    0:36:37 So let’s talk about emotions and money.
    0:36:39 What are some of the common emotional pitfalls
    0:36:40 that a lot of us fall under
    0:36:43 when it comes to handling our finances?
    0:36:44 – The two biggest that come to mind,
    0:36:47 one from personal finance and one from investing.
    0:36:49 In personal finance, it’s social comparison.
    0:36:53 And there is no such thing as an objective measure of wealth.
    0:36:55 Everything is just relative to what other people have.
    0:36:58 You look at your house, your car, your bank account
    0:37:01 and you say, what do I have compared to that person?
    0:37:04 That person is usually your friends, your neighbors,
    0:37:06 your coworkers, but also just people on social media.
    0:37:09 That is the fuel to move the goalpost.
    0:37:11 ‘Cause even if you are doing well,
    0:37:12 you’re gonna start looking at people
    0:37:13 who are doing better than you
    0:37:15 and you’re always gonna feel inadequate.
    0:37:17 And it’s very hard to break that cycle.
    0:37:21 Social media makes this so ridiculously difficult
    0:37:24 because now the people who you are comparing yourself to
    0:37:26 is like the curated algorithmic real
    0:37:28 on TikTok and Instagram.
    0:37:32 That knows exactly what’s gonna make you anxious.
    0:37:34 They know exactly which posts are gonna make you
    0:37:36 feel inadequate because that’s what’s gonna get you
    0:37:38 to stare at it the longest and be like,
    0:37:40 why don’t I have what he or she has?
    0:37:42 That’s like a really difficult trap to break.
    0:37:45 In investing, the pitfall is FOMO,
    0:37:47 it’s fear of missing out.
    0:37:48 It’s similar to social comparison.
    0:37:50 That person is getting richer than me
    0:37:53 and therefore I need to take more risks
    0:37:56 or try to copy that person in order to catch up to him.
    0:38:00 And the danger in that is that just like in gambling,
    0:38:03 everyone on social media talks about their wins,
    0:38:04 never their losses.
    0:38:06 So the people who look like they are getting
    0:38:08 so much richer than you, A, probably or not,
    0:38:11 that gets probably some sort of mirage,
    0:38:12 but because you don’t know that,
    0:38:15 you’re gonna start taking risks that you shouldn’t
    0:38:17 and can’t afford to take.
    0:38:20 In 2021, when there was like the Robinhood explosion
    0:38:23 in investing, it went supernova at that point
    0:38:26 because you had all these 19 year old people
    0:38:29 who were like, I just made $20,000 on Robinhood
    0:38:32 and you should be able to double your money every week.
    0:38:34 A, most of that was bullshit.
    0:38:36 And B, the people who looked at that said,
    0:38:39 I need to go start trading options too.
    0:38:40 And you know how that ended.
    0:38:44 For the vast majority of them, it ended in tears and losses.
    0:38:46 And so all of that is driven by FOMO,
    0:38:48 the idea that someone else is getting richer than you
    0:38:50 and you need to catch up.
    0:38:51 And so if you can break away from that
    0:38:54 and realize that there are always people
    0:38:56 who are either look like
    0:38:59 or actually are getting richer than you, and that’s fine.
    0:39:01 That’s totally fine, it’s unavoidable.
    0:39:02 You don’t need to catch them.
    0:39:03 You just need to play your own game
    0:39:06 and do what works for you is really important.
    0:39:08 – Yeah, I feel like everything that you’re saying
    0:39:10 is reminding me of this bag story from yesterday.
    0:39:12 That’s kind of why I brought it up
    0:39:14 is because at first I felt bad.
    0:39:17 I was like, man, she’s got a $6,000 bag.
    0:39:18 I worked so hard.
    0:39:19 I don’t have a $6,000 bag.
    0:39:22 And then I realized, well, I could have a $6,000 bag.
    0:39:24 These are just not my priorities.
    0:39:26 So to your point, everybody has different goal posts.
    0:39:29 And just because somebody looks like they have a lot of money,
    0:39:30 doesn’t mean like behind the curtain
    0:39:32 that they actually have much going on at all.
    0:39:34 – I would actually take it a step further
    0:39:36 with nothing to do with your sister-in-law.
    0:39:36 – Yeah, nothing.
    0:39:37 I love my sister-in-law.
    0:39:38 I’m sure she’s wonderful.
    0:39:41 – Yeah, just as an example, yeah.
    0:39:44 – When you see somebody driving a $100,000 car,
    0:39:46 the only thing you know about their finances
    0:39:48 is that they have $100,000 less
    0:39:49 than they did before they bought the car.
    0:39:51 You have no idea how much money they have.
    0:39:53 And I learned about this when I was in college.
    0:39:56 I was a valet at a nice hotel in Los Angeles.
    0:39:59 And these people would come in driving Porsches
    0:40:00 and Ferraris and Lamborghinis.
    0:40:03 And then if you get to know them and talk to them,
    0:40:05 you realize they’re actually not that successful.
    0:40:06 They just spent half of their salary
    0:40:08 on a Lamborghini lease payment.
    0:40:11 The vision that they had, the identity of,
    0:40:12 oh, this guy’s driving a Lambo.
    0:40:15 He’s clearly super successful.
    0:40:17 No, you actually don’t know that at all.
    0:40:19 And it’s the classic millionaire next door.
    0:40:21 A lot of the people who are very successful
    0:40:23 are actually driving F-150s.
    0:40:25 They’re actually driving Toyota forerunners.
    0:40:26 And you would never know it
    0:40:28 because that’s why they’re rich.
    0:40:30 It’s because they actually invested their money
    0:40:32 instead of spending it on a car they couldn’t afford.
    0:40:33 – Yeah, I love it.
    0:40:37 So related to this, you say that keeping money
    0:40:40 and getting money are two very different skills.
    0:40:43 You actually say that if you could summarize money success
    0:40:45 in a single word, it would be survival.
    0:40:48 So talk to us about how we can actually keep our money
    0:40:51 and the main ways that people tend to lose their wealth.
    0:40:53 – It’s just this idea that getting rich
    0:40:54 and staying rich are two different skills.
    0:40:56 And they’re often conflicting skills,
    0:40:59 which means it’s hard for people to do them at the same time.
    0:41:02 Getting rich requires taking a risk,
    0:41:03 being optimistic about yourself,
    0:41:05 being optimistic about the economy and the stock market.
    0:41:07 That’s what you need to get rich.
    0:41:10 And staying rich is almost like the exact opposite.
    0:41:12 You have to be a little bit paranoid,
    0:41:14 a little bit conservative, scared of risk,
    0:41:17 cognizant of risk in order to make sure
    0:41:18 that you’re not taking big enough risks
    0:41:20 to throw yourself over the edge.
    0:41:23 I think one way to summarize it is save your money
    0:41:26 like a pessimist and invest your money like an optimist.
    0:41:30 Save your money with the idea that the world is risky
    0:41:31 and dangerous and fragile.
    0:41:34 And there are always recessions and bear markets
    0:41:36 and pandemics and terrorist attacks
    0:41:39 and wars and political mess ups
    0:41:41 that you need to be able to endure financially.
    0:41:45 But if you can, if you can keep your head on straight
    0:41:46 during those periods,
    0:41:49 the rewards for those who stick around are incredible.
    0:41:52 I’ve been investing for 20 years, 2004,
    0:41:54 is about when I started investing.
    0:41:57 During that time, there has never been a single moment
    0:42:00 in which you couldn’t point to a dozen things
    0:42:02 going catastrophically wrong in the economy.
    0:42:04 Every single moment, stock market’s overvalued,
    0:42:07 companies are doing very well, unemployment’s too high,
    0:42:09 inflation’s too high, interest rates are too low.
    0:42:12 At any moment, you could have pointed to a dozen things.
    0:42:15 And during those 20 years, the stock market is up fourfold.
    0:42:17 That’s how investing works.
    0:42:19 You have to save like a pessimist
    0:42:22 to endure all of those dozen things to point at.
    0:42:24 But if you can stick around,
    0:42:26 you look back over a 20-year period and you’re like,
    0:42:28 man, I made four times my money during this period.
    0:42:29 It’s incredible.
    0:42:31 That’s always how it works.
    0:42:34 Saving like a pessimist, investing like an optimist.
    0:42:35 – So Bill Gates started Microsoft
    0:42:38 and Bill Gates actually is more of a pessimist.
    0:42:40 Talk to us about how he’s used his pessimism
    0:42:42 to set up Microsoft for success.
    0:42:43 Because even in 2023,
    0:42:46 Microsoft is a huge company that’s growing
    0:42:48 and leading the AI charge and everything like that.
    0:42:50 – Well, I think Bill Gates is the best example
    0:42:52 of someone who has gotten optimism
    0:42:54 and pessimism to coexist.
    0:42:57 Because when he started Microsoft in the ’70s,
    0:42:59 he took the most optimistic swing
    0:43:01 that any entrepreneur has ever taken.
    0:43:02 When in the ’70s, he said,
    0:43:04 every desk in the world needs a computer on it.
    0:43:08 That was the craziest idea in the world, crazy optimism.
    0:43:10 At the same time, from the day he started Microsoft
    0:43:12 to the day he left in 2000,
    0:43:16 he ran it as conservatively as you possibly could.
    0:43:18 He said he always wanted enough cash in the bank
    0:43:22 so that he could run Microsoft for one year with no revenue.
    0:43:24 Like the most pessimistic way to run a business,
    0:43:26 I think that’s why they’ve done so well.
    0:43:28 It’s not that they’re always optimistic
    0:43:29 or they’re always pessimistic.
    0:43:32 They realize that if you can survive
    0:43:34 all the uncertainty and all the upheaval,
    0:43:35 then you have a fighting chance
    0:43:38 to actually compound for 50 years as they have.
    0:43:40 And very few businesses are actually like that.
    0:43:42 If you have a very optimistic CEO,
    0:43:44 they’re like, let’s bury ourselves in debt
    0:43:46 and invest every penny that we have
    0:43:48 and swing for the fences.
    0:43:49 And nine out of 10 of those businesses
    0:43:51 are eventually gonna go bankrupt, probably pretty soon.
    0:43:54 But also if you’re too pessimistic,
    0:43:56 then those businesses become obsolete.
    0:43:58 So it’s getting both of those at the same time
    0:44:00 that is so rare.
    0:44:01 But that’s really the key to doing well
    0:44:04 over your entire career, over an entire lifetime,
    0:44:07 is getting optimism and pessimism to coexist.
    0:44:11 – We’ll be right back after a quick break from our sponsors.
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    0:45:18 – And I know that you are a strong proponent
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    0:45:28 that an art investor acquires
    0:45:30 that makes up for all the ones that they don’t.
    0:45:33 So can you give us some examples of long tail strategy
    0:45:36 and why that’s important?
    0:45:37 – The painting example is one that I love.
    0:45:41 There were all these art collectors in last 50 years
    0:45:43 and a very small number of families ended up
    0:45:45 with these ridiculous art portfolios.
    0:45:48 They had Picasso’s and Monet’s and like Renoir,
    0:45:51 like the top paintings ended up
    0:45:54 in the hands of very few number of people.
    0:45:56 How did those art collectors know
    0:45:58 what was gonna become valuable?
    0:46:00 Because when Picasso was alive in painting,
    0:46:02 he was not the Picasso who he is today.
    0:46:05 Most artists become famous after they die.
    0:46:08 How did these people know what was gonna be big?
    0:46:10 And they looked at their art portfolio
    0:46:12 and the explanation was those collectors
    0:46:14 did not know who was gonna be big.
    0:46:16 What they did is you had a couple of collectors
    0:46:18 who would go out and buy every painting
    0:46:20 they could possibly get their hands off of.
    0:46:22 With any painting was for sale, they scooped it up
    0:46:24 and they ended up with thousands
    0:46:26 or tens of thousands of paintings.
    0:46:30 And within that portfolio ended up by chance,
    0:46:33 some Picasso’s and some Monet’s and some Renoir’s,
    0:46:35 but they didn’t know in hindsight what it was gonna be
    0:46:37 or in with foresight, they didn’t know.
    0:46:40 It was only in hindsight that because they collected so many,
    0:46:43 a couple of them ended up being worth a zillion dollars.
    0:46:45 And investing is exactly the same.
    0:46:48 You have no idea which companies
    0:46:50 are gonna be the next Tesla, the next Apple,
    0:46:52 the next Amazon, nobody knows.
    0:46:55 And people who say they do know are fooling you.
    0:46:57 But if you own an index fund
    0:46:59 that owns 3,000 companies in it,
    0:47:02 then you know that whatever is gonna be the next Tesla
    0:47:04 is in there, whatever it might be.
    0:47:08 Always in investing, if you own an index of 100 companies,
    0:47:10 over a 10 year period, you’re gonna earn
    0:47:12 most of your returns from five of them.
    0:47:15 A very small portion is gonna return most of them.
    0:47:17 And since you don’t know what those five are gonna be
    0:47:20 with foresight, the best idea is just own all of them,
    0:47:22 knowing full well that whatever is gonna be the winner
    0:47:24 is gonna be in your portfolio.
    0:47:26 And that’s why you have the statistics
    0:47:29 about what percentage of active stock pickers
    0:47:32 outperform index funds, it’s very, very low.
    0:47:35 Particularly if you adjust it for fees and for taxes,
    0:47:38 over a 10 or 20 year period, it rounds to zero.
    0:47:41 Warren Buffett recently said that in his life,
    0:47:45 he’s met 10 people who thinks can consistently
    0:47:47 outperform the stock market, consistently pick
    0:47:49 the right stocks, 10 people that he’s ever met
    0:47:51 in his entire life.
    0:47:53 And everyone listening to this podcast,
    0:47:55 you are not one of them, I’m sorry to say.
    0:47:56 – Yeah, good luck.
    0:47:58 – And so I think that’s the only anecdote to that.
    0:48:01 And it’s the easiest, cheapest anecdote to that
    0:48:02 is index investing.
    0:48:03 It’s just own all of them,
    0:48:05 knowing that you’re gonna have the winners in there.
    0:48:07 – And speaking of Warren Buffett in your book,
    0:48:10 you say if he had retired at 60 years old,
    0:48:12 he might not be the Warren Buffett that we know today
    0:48:14 that’s like such, like everybody thinks of him
    0:48:15 as like the most successful investor.
    0:48:19 It’s because he’s been investing for 60 years
    0:48:20 or whatever it’s been.
    0:48:23 – Yeah, if you look at his net worth,
    0:48:26 99% of his net worth was accumulated
    0:48:28 after his 60th birthday.
    0:48:30 So he’s 93, I think he is now.
    0:48:33 And 99% of the money came after he was 60,
    0:48:36 which means that if he had retired when he was 60,
    0:48:37 like a normal person may have,
    0:48:39 if he was a billionaire when he was 60,
    0:48:40 you would have never heard of him.
    0:48:42 The whole reason he’s so successful
    0:48:44 and the whole reason he’s now a household name
    0:48:47 is because he’s been, yes, he is a good investor,
    0:48:50 but the secret is that he’s been a good investor for 80 years.
    0:48:52 And it’s just the amount of time he’s been doing it for
    0:48:54 that generates all of that money.
    0:48:56 He also started investing when he was 11 years old.
    0:48:58 That’s why he’s so successful
    0:49:02 because he’s been doing it nonstop from 11 to 93.
    0:49:04 That’s actually the biggest takeaway
    0:49:05 that ordinary people can take from him
    0:49:08 because I and you and anyone else
    0:49:10 cannot pick stocks like Warren Buffet.
    0:49:13 But can we try to emulate his patients?
    0:49:15 Is that something that we could maybe copy from him?
    0:49:18 You have a fighting chance of replicating his patients
    0:49:20 than you do replicating his intelligence.
    0:49:23 Just understanding why he’s wealthy
    0:49:25 and using that as a takeaway of what we can do
    0:49:28 and copy him at is really important.
    0:49:31 – So this is a concept that I think is from your next book
    0:49:32 that we’re gonna talk about,
    0:49:35 but what we’re talking about is reminding me of this.
    0:49:37 I know that you actually don’t really pay attention
    0:49:41 to daily news when it comes to changing your stock strategy
    0:49:43 or picking your stocks.
    0:49:45 You don’t just follow like here’s something’s hot
    0:49:46 and then buy it, right?
    0:49:49 So talk to us about how you actually decide
    0:49:51 what stocks you’re gonna invest in for the longterm.
    0:49:54 – So your last point, I keep it as simple as I can.
    0:49:56 I own Vanguard index funds.
    0:49:57 I’ve owned for a long time.
    0:49:59 It’s probably all I will own for a long time.
    0:50:02 I’m not recommending other people exactly do that.
    0:50:03 You have to figure out what works for you.
    0:50:05 And as we talked about earlier,
    0:50:07 there are definitely people for whom picking stocks
    0:50:09 is the right strategy for them,
    0:50:11 even if it’s not the best for my wife and I.
    0:50:15 But one little quirk I would say is I actually do follow
    0:50:16 financial news every day.
    0:50:18 Every day I know what the market did.
    0:50:20 I read the Wall Street Journal every day
    0:50:22 because I think it’s intellectually interesting.
    0:50:25 I think it’s a fascinating window into how people behave.
    0:50:27 But the important thing is that I don’t read
    0:50:29 the Wall Street Journal and then say,
    0:50:32 I need to go out and buy and sell these specific stocks.
    0:50:34 It doesn’t influence my behavior.
    0:50:36 I just think it’s a fascinating window
    0:50:37 into how people behave.
    0:50:40 But my personal investing strategy is as simple
    0:50:41 and basic as you could possibly be.
    0:50:44 My entire net worth is this house,
    0:50:47 a checking account, Vanguard funds,
    0:50:49 and shares of Markel where I’m on the board of directors.
    0:50:50 And that’s pretty much it.
    0:50:52 – And where do you park your cash?
    0:50:54 What’s your strategy for cash?
    0:50:57 – It’s spread out over many different accounts.
    0:50:59 And actually quite a bit of it is now in treasuries
    0:51:01 ’cause you can earn a great return there.
    0:51:03 Spread out over different bank accounts,
    0:51:05 different brokerages accounts, yeah.
    0:51:06 And the money that I have in short-term treasuries,
    0:51:08 I consider that cash.
    0:51:10 That’s cash like to me.
    0:51:11 – Mm, got it.
    0:51:13 Okay, let’s move on to your new book.
    0:51:14 It’s called “Same as Ever.”
    0:51:16 It covers a lot of the ideas
    0:51:18 that we’ve been discussing and much more.
    0:51:19 So talk to us about why you wrote this book
    0:51:22 and how it expands on your first book,
    0:51:23 “The Psychology of Money.”
    0:51:26 – So “Same as Ever” is about what never changes over time.
    0:51:28 I think in many ways, psychology of money
    0:51:31 is about the behavior of you, the individual.
    0:51:34 And “Same as Ever” is about the behavior of us, the collective.
    0:51:37 Like what do we, the collective society,
    0:51:39 keep doing over and over and over again?
    0:51:42 And I’ve always been a student of, I think, two things.
    0:51:44 One is investing and the other is history.
    0:51:46 I like the intersection of that.
    0:51:47 Like investing history and economic history
    0:51:49 have always been so fascinated in.
    0:51:52 And one of the things that will really stick out
    0:51:54 when you’re studying any kind of history
    0:51:56 is it’s really interesting to see
    0:51:58 what has changed over time.
    0:52:00 What do people used to do that they don’t anymore?
    0:52:01 That’s interesting.
    0:52:04 But to me, way more interesting and way more common
    0:52:06 is when you see what has not changed at all.
    0:52:09 And when you’re studying the history of Americans
    0:52:11 a hundred years ago or Europeans a thousand years ago
    0:52:14 or Chinese 5,000 years ago,
    0:52:16 you see all these kinds of behaviors
    0:52:19 that would fit in perfectly today
    0:52:20 that have not changed whatsoever.
    0:52:24 So how people respond to greed and fear
    0:52:27 and uncertainty and opportunity,
    0:52:30 that is the same today in the United States
    0:52:33 as it was in any culture a thousand years ago.
    0:52:34 And it hasn’t changed at all.
    0:52:35 And because of that,
    0:52:38 we know that it’s gonna be part of our future
    0:52:40 for the rest of our lives.
    0:52:41 And a lot of why I wrote this book
    0:52:43 was because I kind of got disgruntled
    0:52:46 at how bad we were as an industry
    0:52:48 at predicting what’s gonna happen next,
    0:52:50 predicting the next recession, the next bear market.
    0:52:51 Nobody can do it.
    0:52:54 Nobody has any ability to do it.
    0:52:56 And so with that, you can either say,
    0:52:57 nobody knows anything,
    0:52:58 don’t even try to predict.
    0:52:59 No one has a clue,
    0:53:00 just kind of become a cynic about it.
    0:53:02 Or you can say, okay,
    0:53:04 we don’t know what’s gonna change,
    0:53:06 but we do know what’s not going to change.
    0:53:09 We do know what behaviors are gonna be part of our future
    0:53:11 regardless of where the future goes.
    0:53:13 So let’s put all of our emphasis on that.
    0:53:17 And so same as ever is 23 very short little stories
    0:53:19 about little facets of human behavior
    0:53:22 that I think have always been with us and always will be.
    0:53:24 And no matter where your future goes
    0:53:26 or where society’s future goes,
    0:53:28 you know that these little bits that I write about
    0:53:30 are gonna be part of the story.
    0:53:32 – I love you have it in your book that you say,
    0:53:35 if you travel 500 years back or 500 years forward,
    0:53:38 the world will look much different in terms of technology
    0:53:39 and medicine and even language,
    0:53:43 but human behavior doesn’t change much over time.
    0:53:45 It’s so fascinating, it’s so true.
    0:53:48 It takes I think thousands and thousands of years
    0:53:50 for us to like our brain biologically
    0:53:52 to actually change or evolve.
    0:53:55 So we’re the same human that we were
    0:53:58 thousands of years ago, even though so much has changed.
    0:53:59 And one of the things that doesn’t go away
    0:54:01 for humans is risk, right?
    0:54:03 This is something that we’re gonna enjoy
    0:54:06 till the end of time is this concept of risk.
    0:54:08 And we touched about risk a little bit earlier,
    0:54:10 but in your book, you write the biggest risk
    0:54:13 is always what nobody sees coming.
    0:54:16 So talk to us about these blind risks.
    0:54:18 – There’s a great financial advisor named Carl Richards
    0:54:19 who has this quote, one of those quotes
    0:54:22 that just knocked me off my feet.
    0:54:24 The quote is, risk is what is left over
    0:54:26 when you think you’ve thought of everything.
    0:54:29 So you can spend all day trying to predict the next risks
    0:54:32 in your personal life or in the economy and for society.
    0:54:34 And that’s great, you should do that.
    0:54:36 But then when you are done with that exercise,
    0:54:38 the thing that is not on the list
    0:54:41 is what’s actually the biggest risks that you’re gonna face.
    0:54:44 So think about what the biggest risks we’ve dealt with
    0:54:47 in the United States over the past couple of generations.
    0:54:51 Pearl Harbor, September 11th and COVID
    0:54:54 are probably the three biggest societal shocks
    0:54:55 that we’ve dealt with in America.
    0:54:58 And the common denominator of all three of those
    0:55:01 is that nobody, certainly no ordinary Americans
    0:55:04 saw those coming until the day that they happened.
    0:55:06 In all those situations, there was no economic outlook.
    0:55:08 There was no analyst forecast.
    0:55:11 There’s nobody on the news warning you about these things
    0:55:14 that in one day utterly transformed the world
    0:55:15 that you lived in.
    0:55:17 And so the biggest risk is what you didn’t see coming.
    0:55:19 And the fact that people didn’t see coming
    0:55:20 is what made it dangerous
    0:55:23 because they were not prepared emotionally,
    0:55:25 financially, logistically,
    0:55:27 they were not prepared for these things to happen.
    0:55:31 So when they hit, it was like red alert, what do we do now?
    0:55:31 And it’s always like that.
    0:55:34 I think in any given year, it is like that.
    0:55:37 What is the biggest worldwide news story in 2023?
    0:55:39 It’s probably, I hope it’s gonna end up,
    0:55:40 hopefully nothing bigger than it happens,
    0:55:42 will be Israel and Hamas,
    0:55:44 will be the biggest story of 2023.
    0:55:46 Of course, there has been tensions to say the least
    0:55:48 in that region for literally thousands of years.
    0:55:52 But how many people in January of 2023 predicted
    0:55:54 that that would be the biggest news story?
    0:55:56 Maybe there were some people who were on the ground
    0:55:57 and had a greater sense,
    0:55:59 but by and large, ordinary people watching the news,
    0:56:01 it was not on the radar whatsoever.
    0:56:03 Same with in 2019,
    0:56:05 if you were looking at the biggest risk for 2020,
    0:56:07 nobody said a viral pandemic
    0:56:09 that’s gonna close down the schools.
    0:56:10 Nobody said that.
    0:56:12 2001, nobody sees 9/11 coming.
    0:56:14 You can play that game all day long.
    0:56:15 And so because of that,
    0:56:18 you can state with a lot of confidence
    0:56:20 that the biggest risk over the next year
    0:56:23 and over the next 10 years is something that you and I
    0:56:25 and none of us are even thinking about.
    0:56:26 ‘Cause it’s always been like that.
    0:56:28 – To your point, I’m Palestinian
    0:56:29 and I didn’t even see it coming.
    0:56:32 I was just like, wait, what happened?
    0:56:35 These big stories, they blow you away by surprise.
    0:56:38 How can we prepare for these risks?
    0:56:39 If we don’t know what they’re gonna be,
    0:56:42 how can we prepare accordingly?
    0:56:44 – By definition, you can’t.
    0:56:47 But that in itself, that realization
    0:56:49 and that mindset is really powerful in itself
    0:56:52 because you stop pretending that you can predict.
    0:56:53 There’s this great quote from Nassin Talab
    0:56:55 where he says, “Invest in preparedness
    0:56:57 and not in prediction.”
    0:56:59 So one way that I think about that is,
    0:57:01 think about earthquakes in California.
    0:57:03 California knows that there is gonna be
    0:57:04 a major earthquake in the future.
    0:57:06 But everybody also knows that you can’t predict
    0:57:08 when it’s gonna come.
    0:57:10 It’s impossible to predict what day it’s gonna happen
    0:57:11 or what year it’s gonna happen.
    0:57:14 So because of that, you’re just always prepared.
    0:57:16 They build buildings that can withstand it
    0:57:17 no matter when it comes.
    0:57:19 They don’t like, oh, an earthquake is gonna come
    0:57:21 in December, so let’s retrofit the buildings then.
    0:57:23 You’re always prepared for it.
    0:57:25 And I think that’s how you should think about
    0:57:28 economic risks, recessions and bear markets and job losses.
    0:57:30 You have no idea when it’s gonna come.
    0:57:34 So don’t try to think, oh, once you see a recession coming,
    0:57:35 then you’ll start to save money.
    0:57:37 No, it could happen tomorrow.
    0:57:38 So always be prepared for it.
    0:57:41 I think that idea of having expectations
    0:57:44 instead of forecasts is the only way to really survive
    0:57:46 in that world where risk is what you don’t see.
    0:57:47 Yeah, that makes sense.
    0:57:50 And another key concept that you talk about
    0:57:54 in terms of human behavior is pushing too far too fast.
    0:57:56 Now, you say that this is something people do in investing.
    0:57:59 You say it’s also something people do with their companies.
    0:58:01 So can you talk to us about that?
    0:58:03 Yeah, whenever you have something good,
    0:58:05 you have an investing strategy that works
    0:58:07 or a company that’s going well,
    0:58:10 the very normal knee-jerk reaction is great.
    0:58:11 Let’s make it go faster.
    0:58:12 Let’s make it bigger. Yeah, let’s milk it.
    0:58:14 Let’s milk it. Let’s push it as hard as you can.
    0:58:16 You do it with noble intentions.
    0:58:18 You’re like, I don’t want to leave money on the table.
    0:58:22 If I have this golden goose, let’s keep milking the goose.
    0:58:23 It happens all the time.
    0:58:25 Like in investing, people who are doing well
    0:58:27 start using leverage or they start making bigger bets,
    0:58:29 more concentrated bets.
    0:58:30 In businesses, when it’s going well,
    0:58:32 it’s like let’s raise more money and grow faster,
    0:58:34 faster, faster, faster.
    0:58:38 And it is such a common story that those investors,
    0:58:40 those entrepreneurs, or even in your own individual career,
    0:58:44 you eventually realize that there was a natural speed limit
    0:58:45 to what you’re doing.
    0:58:46 And if you go over the speed limit,
    0:58:47 you’re going to get in trouble.
    0:58:50 And you only know where that speed limit is in hindsight
    0:58:51 when you’ve gone past it
    0:58:53 and you get a speeding ticket, so to speak.
    0:58:55 And so you see this with every successful business.
    0:58:59 The example I use in the book was Starbucks 15 years ago.
    0:59:00 And maybe those people don’t remember this now,
    0:59:03 but there was a period in the early and mid-2000s
    0:59:06 where Starbucks was opening a new store
    0:59:09 on every street corner like every couple of hours.
    0:59:11 It was just like this absolute proliferation
    0:59:12 of Starbucks stores.
    0:59:15 And because of it, the quality of the coffee
    0:59:17 and of the food plunged.
    0:59:20 The company’s only goal was to grow, grow, grow, grow, grow,
    0:59:23 and the quality of the stores just disintegrated.
    0:59:26 And Starbucks had a really rough period because of that.
    0:59:27 And in hindsight, they talked about, they’re like,
    0:59:30 look, the natural growth rate
    0:59:33 that we could sustain the quality of the product,
    0:59:36 we way exceeded, we pushed it way too hard.
    0:59:37 And because of that, the business broke
    0:59:38 for a period of time.
    0:59:40 There’s so many examples of that,
    0:59:42 of like you have a good legitimate business
    0:59:45 that is working and customers love you and they will pay you.
    0:59:47 But if you try to take that and just say,
    0:59:49 let’s try to make it go twice as fast,
    0:59:50 it’s probably gonna break.
    0:59:53 So understanding the natural speed limit
    0:59:55 and size of whatever you’re doing
    0:59:58 is a really critical aspect of what you are doing.
    1:00:00 – Any guidance for us to understand like,
    1:00:03 hey, this is a red flag that I’m pushing too hard
    1:00:05 and that I should just calm down a bit
    1:00:07 with what I’m doing?
    1:00:08 – Let’s use the Starbucks example.
    1:00:10 The reason people love Starbucks
    1:00:13 was not necessarily because it was on every corner.
    1:00:16 It was because they liked the quality, the food,
    1:00:17 they liked the taste.
    1:00:21 And once your ability to scale takes precedence over that,
    1:00:23 then you know exactly what’s gonna happen.
    1:00:25 So understanding, I think this is such a basic comment,
    1:00:26 but it’s so easy to overlook.
    1:00:29 Understanding why you are successful
    1:00:30 is the key to doing this.
    1:00:31 And a lot of people,
    1:00:34 they don’t actually understand why consumers like them
    1:00:36 or why their boss appreciates them.
    1:00:38 And because of that, they overlook
    1:00:39 what is actually needed to keep this going.
    1:00:42 And once you have an honest assessment of customers
    1:00:44 like me because of X,
    1:00:46 then you realize any deviation away from that.
    1:00:48 And of course you’re gonna lose
    1:00:50 what made you special in to begin with.
    1:00:52 I don’t think it’s any more complicated than that.
    1:00:53 – Yeah, I think that’s great advice
    1:00:56 for all the entrepreneurs tuning in.
    1:00:58 So something else that you talk about in the book is stress.
    1:01:01 You said that stress focuses your attention
    1:01:03 in ways that good times can’t.
    1:01:06 Talk to us about why stress sometimes can be a good thing.
    1:01:08 – We look back historically,
    1:01:11 the biggest periods of innovation
    1:01:14 and new technology and productivity growth,
    1:01:17 without exception happened during periods
    1:01:20 when the world was on fire, so to speak.
    1:01:23 Like the most productive economic decade
    1:01:25 that’s ever occurred is the 1930s
    1:01:26 during the Great Depression,
    1:01:28 when the economy was the biggest train wreck
    1:01:30 it had ever been.
    1:01:32 Because every business in America woke up
    1:01:34 and they’re like, if we don’t find ways
    1:01:37 to get more productive and get our act together,
    1:01:39 we’re gonna go out of business tomorrow.
    1:01:42 And that as a motivator, that fear as a motivator
    1:01:45 creates the biggest productivity boom we’ve ever had.
    1:01:48 The other was World War II and the Cold War.
    1:01:52 The incentive to figure things out was so extreme
    1:01:54 because if we didn’t figure things out,
    1:01:57 Adolf Hitler was gonna control the world next year.
    1:02:01 And that kind of incentive created this technology boom
    1:02:03 of the likes the world has never seen.
    1:02:05 What do we get out of World War II?
    1:02:09 We got nuclear energy, rockets, jets, penicillin,
    1:02:13 microwaves, radar, eventually with the Cold War satellites,
    1:02:16 all of these things that benefit you and I today
    1:02:19 that happen specifically because of the stress
    1:02:21 and anxiety of the war.
    1:02:22 And you can maybe able to say this with COVID
    1:02:26 in hindsight too, like as tragic and deadly as it is,
    1:02:30 if it unleashes the scientific boom as it has
    1:02:32 that maybe 20 years from now is gonna benefit us
    1:02:34 in ways that we can’t even fathom today.
    1:02:38 Using the phrase silver lining to COVID is a step too far
    1:02:40 ’cause it’s killed like 10 million people.
    1:02:41 Not say like, oh, that’s a great thing.
    1:02:43 But it’s always the case that you look back
    1:02:45 and you’re like, hey, despite that tragedy,
    1:02:49 we got this incredible new innovation because of it
    1:02:51 that’s making life so much better today.
    1:02:54 So everybody wants a world in which everything goes great
    1:02:57 and there’s no uncertainty, there’s no bad times.
    1:02:59 Of course that sounds like a great world,
    1:03:03 but in that world, the incentive to improve
    1:03:04 would diminish greatly.
    1:03:06 And it’s always the stress
    1:03:08 that creates the biggest improvements.
    1:03:11 – I love this concept because it’s so true.
    1:03:14 Constraints, deadlines, even if you think
    1:03:15 about your own self, if you know
    1:03:17 that you have a deadline tomorrow,
    1:03:19 your procrastination releases
    1:03:21 and you can just get your shit done
    1:03:23 because you know the deadline is tomorrow.
    1:03:25 It really helps you become more creative,
    1:03:28 helps you step on the gas in terms of completing
    1:03:28 whatever you need to complete.
    1:03:30 So what you’re saying totally makes sense
    1:03:33 in terms of big disasters in the world
    1:03:36 and how it can actually foster lots of innovation
    1:03:38 and creativity ’cause our backs are against what
    1:03:41 we basically have no choice but to get it done now.
    1:03:42 – Yeah, I think for writing books,
    1:03:46 one of the biggest benefits that a publisher provides
    1:03:47 is a deadline.
    1:03:48 It’s not necessarily that they’re gonna help you write
    1:03:50 the book, so to speak, but they’re gonna tell you
    1:03:52 you have to turn in your manuscript on this date
    1:03:55 and that will get your ass in gear.
    1:03:57 – Okay, so one of the last ones I’m gonna ask you
    1:03:58 about this book is incentives.
    1:04:01 So you’ve got a chapter in it in your book
    1:04:03 where you quote Benjamin Franklin who once said,
    1:04:07 “If you would persuade appeal to interest and not to reason.”
    1:04:10 So talk to us about incentives, what we need to watch out for
    1:04:13 in terms of how incentives can trick us
    1:04:15 into doing things that we already know are wrong.
    1:04:17 – I think there are, it’s very often the case,
    1:04:19 not always, this is not black and white,
    1:04:21 but it’s often the case that if you see somebody
    1:04:25 doing something that you find morally wrong
    1:04:27 or there’s just something that you disagree with,
    1:04:29 you are probably underestimating the odds
    1:04:31 that you would do that exact same thing
    1:04:33 if you had their incentives.
    1:04:35 And I saw this firsthand during the financial crisis
    1:04:39 of 2008 when a lot of Americans rightly pointed
    1:04:41 at Wall Street bankers and said those greedy,
    1:04:44 bastard bankers who ruin the economy.
    1:04:46 And maybe that was not necessarily the wrong criticism,
    1:04:48 but I think what people overlooked is that
    1:04:51 if you worked at Bear Stearns in 2006,
    1:04:54 and they said, “Hey, package these subprime bonds
    1:04:56 “and we’ll give you a $6 million bonus,”
    1:04:57 you would have done it too.
    1:04:58 You would have done the exact same thing
    1:05:01 if you had that incentive dangled in front of your face.
    1:05:04 And so I think we underestimate the boundaries
    1:05:06 of our morality when we don’t understand
    1:05:07 the power of our incentives.
    1:05:11 Everyone thinks, “Oh, my moral boundaries are right here.”
    1:05:12 But if you had different incentives, you’d be like,
    1:05:14 “Oh, maybe I can shift them out a little bit.”
    1:05:16 And you don’t even know you’re doing it, it’s subconscious.
    1:05:19 Everyone is so influenced by these incentives.
    1:05:23 And at every level, when you’re looking at World War II,
    1:05:26 how could the Germans possibly have acted like this?
    1:05:30 I think when you look into what the 1930s were like for them,
    1:05:31 the incentives, the incentives to go along with it,
    1:05:33 the incentives to not want to be an outsider,
    1:05:35 the incentives to do what you’re told,
    1:05:37 it’s not to justify anything in the slightest.
    1:05:39 But if you were looking for an answer
    1:05:42 of how can people do that thing,
    1:05:43 whatever that thing would be,
    1:05:45 in business, in wars, whatever it be,
    1:05:47 the answer is usually some sort of incentives.
    1:05:49 And it’s not even a financial incentive.
    1:05:52 There are social incentives, there are tribal incentives,
    1:05:55 there are political incentives to do things
    1:05:57 that you would otherwise find repugnant,
    1:05:59 but you do it because the incentives push you to do it.
    1:06:01 – That’s super insightful.
    1:06:04 The last question I’m gonna ask you about your book
    1:06:05 in terms of a concept is you talk about
    1:06:08 permanent and expiring information.
    1:06:11 And I love the distinction that you draw between these two.
    1:06:13 And I hope today’s interview is gonna be
    1:06:15 permanent information for our listeners,
    1:06:16 but can you explain what you mean
    1:06:18 between the difference of the two?
    1:06:20 – I mean, one way, as someone who writes books,
    1:06:22 I’d say one of the best advice that I’ve ever heard
    1:06:24 is if you wanna write a book that people
    1:06:26 will read 20 years from now,
    1:06:29 write a book that people would have read 20 years ago.
    1:06:32 Make sure that what you’re writing about is timeless.
    1:06:34 And I think we can say that about this podcast.
    1:06:36 I think if we had a time machine
    1:06:39 and someone listened to this podcast in 2003,
    1:06:41 99% of what we said would be relevant.
    1:06:44 So you have to understand what kind of information
    1:06:46 is expiring if you’re watching the stock market.
    1:06:49 Oh, Microsoft missed quarterly earnings
    1:06:50 by one penny per share.
    1:06:52 Like that’s expiring information.
    1:06:53 I’m not gonna say it’s irrelevant,
    1:06:55 but it’s expiring as a shelf life.
    1:06:57 But if you’re talking about how people respond
    1:06:59 to greed and fear, that’s permanent.
    1:07:00 That never changes.
    1:07:02 And that will be as relevant 20 years from now
    1:07:03 as it is today.
    1:07:05 So you should put more of your emphasis
    1:07:08 in learning permanent skills,
    1:07:09 knowing that they’re gonna stick around
    1:07:12 rather than drowning yourself in expiring information
    1:07:15 that might be relevant for a week or maybe even a year,
    1:07:17 but it has the shelf life of something
    1:07:18 that’s gonna expire.
    1:07:20 I totally agree with that.
    1:07:22 Well, Morgan, thank you so much for your time today.
    1:07:23 I feel like this podcast was filled
    1:07:27 with so much timeless wisdom about finances.
    1:07:28 So I end my show with two questions
    1:07:30 that we ask all of our guests.
    1:07:32 The first one is what is one actionable thing
    1:07:34 our young and profitors can do today
    1:07:36 to be more profitable tomorrow?
    1:07:39 – Go out of your way to define your game
    1:07:42 and realizing that your game might be very different
    1:07:45 from your coworkers game, even your co-founders game,
    1:07:47 your siblings game, everyone is different.
    1:07:50 And don’t assume that because society tells you
    1:07:51 that you should have X,
    1:07:53 that that’s actually what you should be chasing.
    1:07:56 – Back to the goalposts we were talking about before.
    1:07:58 What is your goalpost, young and profitors?
    1:08:00 And what is your secret to profiting in life?
    1:08:03 And this can go beyond business and finance.
    1:08:07 – Realizing that there are probably 10 people in life
    1:08:09 who I want to love me.
    1:08:12 My wife, my kids, my parents, maybe three friends.
    1:08:14 And it’s not that I don’t care
    1:08:15 about the opinions of anyone else,
    1:08:17 but I think it’s really helpful
    1:08:19 to have people in your life who you don’t want to disappoint.
    1:08:21 Just a few people who are, it’s like,
    1:08:23 that’s Yatsu Northstar.
    1:08:24 And like, am I doing this for the benefit
    1:08:26 of those 10 people?
    1:08:28 Would they be proud of me?
    1:08:30 Is this going to help my relationship with them?
    1:08:33 I think it’s just a very strong guiding light.
    1:08:34 What really matters?
    1:08:36 And if you’re on your deathbed,
    1:08:38 are you going to care about your net worth
    1:08:39 or the square footage of your house?
    1:08:43 Or are you going to be proud that you are a good spouse?
    1:08:45 You were a good parent, you were a good friend,
    1:08:46 you helped your community?
    1:08:48 Like it’s obvious what’s going to be more important to you.
    1:08:50 So like, let’s keep that as the focus.
    1:08:52 – I love that, that’s great advice.
    1:08:53 Well, Morgan, thank you so much
    1:08:56 for joining us on Young and Profiting Podcast.
    1:08:57 – Thanks so much for having me.
    1:09:00 (upbeat music)
    1:09:03 (upbeat music)
    1:09:05 (upbeat music)
    1:09:08 (upbeat music)
    1:09:11 [MUSIC PLAYING]

    Morgan Housel made his first investment at 18, putting $1,000 into a certificate of deposit at his local bank. When he started earning interest on that saving, he was hooked. He dove into books on finance, investing, and wealth building, eventually becoming a financial columnist for The Motley Fool and The Wall Street Journal. In today’s episode, Morgan shares why he thinks personal finance is more like psychology than physics, some of the common emotional pitfalls that can derail your financial planning, and much more.

    In this episode, Hala and Morgan will discuss:

    (00:00) Introduction

    (05:49) Early Financial Experiences

    (09:05) The Life-Changing Ski Accident

    (16:17) Career at Motley Fool and Transition

    (18:07) Writing and Publishing Books

    (28:30) The Psychology of Money

    (32:09) Personal Financial Philosophy

    (36:53) The Purpose of Money

    (38:40) Emotional Pitfalls in Personal Finance and Investing

    (42:39) The Art of Keeping Wealth

    (44:40) Balancing Optimism and Pessimism in Business

    (51:21) The Long Tail Strategy in Investing

    (54:10) The Importance of Patience in Investing

    (01:00:10) Preparing for Unseen Risks

    (01:07:08) The Role of Stress and Incentives in Success

    (01:12:05) Permanent vs. Expiring Information

    Morgan Housel is a partner at The Collaborative Fund. He’s the author of the bestselling book The Psychology of Money. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, and winner of the New York Times Sidney Award. In 2022, MarketWatch named him one of the 50 most influential people in markets. He serves on the board of directors at Markel. 

    Resources Mentioned: 

    Morgan’s Podcast: youngandprofiting.co/3ELHGYl

    Morgan’s Book, Same as Ever: youngandprofiting.co/4jZGalU 

    Morgan’s Book, The Psychology of Money: youngandprofiting.co/4gIFP3U 

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    Transcripts – youngandprofiting.com/episodes-new 

    Entrepreneurship, Entrepreneurship Podcast, Business, Business podcast, Self Improvement, Self-Improvement, Personal development, Starting a Business, Strategy, Investing, Sales, Selling, Psychology, Productivity, Entrepreneurs, AI, Artificial Intelligence, Technology, Marketing, Negotiation, Money, Finance, Side hustle, Mental Health, Career, Leadership, Mindset, Health, Growth Mindset, Finance, Personal Finance, Scalability, Investment, Financial Freedom, Risk Management, Business Coaching, Finance Podcast, Finance, Financial, Personal Finance, Stock Market, Scalability, Investment, Risk Management, Financial Planning, Business Coaching, Finance podcast, Investing, Saving

  • Morgan Housel: How Smart Investors Manage Risk and Grow Wealth on Autopilot | E336

    AI transcript
    0:00:02 Today’s episode is sponsored in part by Factor,
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    0:00:39 Find yourself a co-host at Airbnb.com/host.
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    0:00:54 your unwanted subscriptions, monitors your spending,
    0:00:56 and helps lower your bills.
    0:01:00 Sign up for free at rocketmoney.com/profiting.
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    0:01:08 Get a $75 sponsored job credit at indeed.com/profiting.
    0:01:10 Terms and conditions apply.
    0:01:12 As always, you can find all of our incredible deals
    0:01:17 in the show notes or at youngimprofiting.com/deals.
    0:01:19 – New Year’s resolutions don’t tend to hold up
    0:01:22 because if you need to do something new on January 1st,
    0:01:25 that you are unwilling to do on December 31st,
    0:01:26 you’re almost certainly not going to stick with it.
    0:01:30 Most people have too much of their money in stocks
    0:01:31 and they should have less.
    0:01:33 And the reason why is–
    0:01:34 – How can we actually plan out
    0:01:37 what we want to spend our money on this year?
    0:01:39 – If you can earn average returns
    0:01:41 for an above average period of time,
    0:01:44 you will be among the top investors in the world.
    0:01:47 Most people are overconfident in what they can do.
    0:01:48 You have to have this split personality
    0:01:51 of I’m so good at what I do
    0:01:54 and I’m a complete idiot who has no idea what I’m doing.
    0:01:57 – Bullshit is easier to create than it is to refute.
    0:01:59 So meme coins are an example of this.
    0:02:00 Somebody creates a meme coin
    0:02:02 and you’re like, “That’s obviously bullshit.”
    0:02:04 And it becomes Dogecoin.
    0:02:06 – So how can we use this information
    0:02:09 when we’re making investors and financial decisions?
    0:02:10 – I think–
    0:02:17 (gentle music)
    0:02:20 (gentle music)
    0:02:28 – Yeah, bam, my guest today is back
    0:02:29 for his second visit to the show.
    0:02:31 You may know him as the author of books
    0:02:34 like “The Psychology of Money” and “Same as Ever”
    0:02:37 or as the host of the Morgan Housel podcast.
    0:02:40 I’m, of course, talking about Morgan Housel.
    0:02:42 Morgan is also a partner at the Collaborative Fund
    0:02:44 and a former columnist at the Motley Fool
    0:02:46 and the Wall Street Journal.
    0:02:49 I spoke to Morgan about a year ago in episode 266
    0:02:51 and we talked about all kinds of juicy things
    0:02:54 from why finance is actually more like psychology
    0:02:57 to physics and what Bill Gates can teach you
    0:02:58 about optimism.
    0:03:00 We’ll be running that episode again
    0:03:01 as a Yap classic in the near future
    0:03:03 and I encourage you to check it out.
    0:03:06 Today, we are going to pick Morgan’s brain
    0:03:07 on a number of interesting topics
    0:03:09 related to psychology, money, investing,
    0:03:12 and how you can avoid some of the biggest mental blunders
    0:03:15 when it comes to your financial decisions.
    0:03:18 Morgan, welcome back to Young and Profiting Podcast.
    0:03:20 – Thanks for having me, happy to be back.
    0:03:21 – Yeah, I’m happy to have you here.
    0:03:23 So you were on the show about a year ago
    0:03:25 and we had such an interesting discussion.
    0:03:28 We talked about all kinds of things, your backgrounds,
    0:03:31 the secrets to building wealth and staying rich,
    0:03:33 and some topics you discuss in your books.
    0:03:35 And since then, you’ve been busy writing,
    0:03:37 recording podcasts, creating content.
    0:03:40 So I thought today we could kick off the new year
    0:03:43 with a grab bag of things that you’re thinking about now
    0:03:46 related to money, investing, and psychology.
    0:03:47 – Let’s do it, I’m ready.
    0:03:48 – Okay, cool.
    0:03:50 So speaking of the new year,
    0:03:52 what do you think the top things are
    0:03:54 that we should do to kick off the new year right
    0:03:56 when it comes to our finances?
    0:03:58 Is there any sort of exercise that we should be doing
    0:04:02 in the beginning of the year to evaluate our strategy?
    0:04:03 – I think there’s a couple of things to keep in mind.
    0:04:05 One is the very well-known idea
    0:04:07 that has been tracked for many years
    0:04:09 that New Year’s resolutions don’t tend to hold up
    0:04:12 because if you need to do something new on January 1st,
    0:04:15 that you are unwilling to do on December 31st,
    0:04:17 you’re almost certainly not gonna stick with it.
    0:04:18 So there’s this idea,
    0:04:19 I think it was brought up by Scott Adams,
    0:04:22 who is the guy who created the Dilbert comic.
    0:04:24 You should have systems instead of goals.
    0:04:27 One example of that is a goal is I’m gonna lose 10 pounds.
    0:04:28 That’s a goal.
    0:04:30 A system is I’m gonna work out every day.
    0:04:33 That’s a system, it’s very different from a goal.
    0:04:34 It’s a much better and more efficient way
    0:04:38 to have a new habit to do something.
    0:04:40 So I think if you do have an aspiration
    0:04:42 to have a New Year’s resolution,
    0:04:46 do it right now in December and come up with a system
    0:04:48 that you can actually stick with over the long run.
    0:04:51 And a system means that it probably should not be extreme.
    0:04:53 So if you have a system of I’m gonna work out
    0:04:55 five hours a day, let’s say, just using that as an example,
    0:04:57 you’re almost not gonna stick with it.
    0:04:59 And the financial equivalent would be,
    0:05:00 I’m gonna save half my paycheck.
    0:05:01 Well, you’re probably not.
    0:05:02 It’s probably not gonna work.
    0:05:04 So the more realistic it is
    0:05:07 and the more systematic it is rather than a goal,
    0:05:09 the higher the odds that you can stick with it.
    0:05:10 The other thing I would talk about here
    0:05:12 that I think is really important is
    0:05:14 whenever you are thinking about your financial future
    0:05:16 and let’s call them goals if you want to,
    0:05:18 despite what I just said,
    0:05:19 what you really have to keep in mind
    0:05:23 is the idea of what are you gonna regret in the future?
    0:05:24 So if you have a savings goal,
    0:05:26 are you gonna regret not saving money?
    0:05:28 Are you gonna regret saving too much money
    0:05:30 because it came at the expense of a vacation
    0:05:32 that you could have taken or a new car
    0:05:33 that you could have purchased?
    0:05:35 You have to understand what you’re gonna regret.
    0:05:37 And what I might regret
    0:05:38 is probably different from what you might regret.
    0:05:40 Everybody is a very different situation.
    0:05:42 So you just have to have a good grasp
    0:05:44 on what you are likely to look back at
    0:05:47 a year from now to 10 years from now, 50 years from now
    0:05:49 and say, man, I wish I had done that differently.
    0:05:50 It’s different for everybody,
    0:05:53 but I think that’s the formula you should have in your mind.
    0:05:54 – I think that’s really smart.
    0:05:56 And I forgot who told me about this,
    0:05:58 but I was speaking to somebody about finances
    0:05:59 and they had mentioned to me
    0:06:02 that there’s different buckets of your life
    0:06:05 where you’re gonna wanna spend on different things.
    0:06:07 For example, in your 30s,
    0:06:10 you might be trying to save money for your kids
    0:06:12 and in your 60s, you might wanna travel
    0:06:13 or in your 20s, you might wanna travel,
    0:06:15 but you’re not gonna really be doing that.
    0:06:16 Let’s say if you have a family
    0:06:18 from your 30s and your 40s.
    0:06:19 What are your thoughts around that?
    0:06:21 How can we actually plan out
    0:06:24 what we wanna spend our money on this year?
    0:06:25 – What I think is interesting,
    0:06:26 if you talk to a lot of financial advisors,
    0:06:27 they will tell you one of the biggest problems
    0:06:29 that they have with their clients
    0:06:31 is you have a client who has saved diligently
    0:06:33 for retirement for decades
    0:06:35 and they’ve saved up a giant nest egg.
    0:06:37 They have millions of dollars saved for retirement
    0:06:39 and then they’re 65 years old
    0:06:42 and they retire and they cannot bring themself to spend it.
    0:06:45 They cannot do it because saving money
    0:06:47 has become so ingrained in their identity,
    0:06:50 in their personality that they can never switch gears.
    0:06:51 That’s really important too.
    0:06:52 And it’s a very big problem
    0:06:55 because in your 20s, 30s, 40s,
    0:06:58 you create a very good habit of I’m a saver.
    0:07:00 I’m a long-term investor.
    0:07:02 And you can never break away from that.
    0:07:03 You can’t do it.
    0:07:06 So the idea that a good financial skill in your 30s
    0:07:09 can actually be a liability in your 50s or 60s
    0:07:10 is really important.
    0:07:11 I think about this in my own life
    0:07:15 where in my 20s, and let’s say early 30s,
    0:07:17 I was a very big saver.
    0:07:19 And I’m so proud of that and that’s great.
    0:07:21 Now I’m in my 40s, I have two kids
    0:07:24 and we spend more than we used to.
    0:07:26 And it is not because I broke my previous
    0:07:27 good financial habits.
    0:07:29 I don’t view it that way at all.
    0:07:33 I built up money so that I could spend more of it now
    0:07:36 and have maybe a lower savings rate than I used to
    0:07:39 because I have a bigger family who are hungry
    0:07:41 and we go on vacations and whatnot.
    0:07:42 And I think that’s wonderful.
    0:07:46 The more you can use money as a tool to live a better life
    0:07:49 rather than just a scorecard of social comparison,
    0:07:51 the better off you’re gonna be.
    0:07:53 And if you always view it through that lens,
    0:07:56 like how can I use this money as a tool for more happiness?
    0:07:57 Not just how much can I accumulate
    0:08:00 and have a higher score than the next person?
    0:08:02 I think that’s always the better way to think about it.
    0:08:03 – I love that.
    0:08:06 So one of the best things that I did this past year
    0:08:09 is that I actually started this dashboard
    0:08:10 and I used Monarch Money
    0:08:12 and they’re not a sponsor of mine yet.
    0:08:14 I think they’ll end up becoming a sponsor
    0:08:16 because I’m gonna mention it right now.
    0:08:19 And basically I have all my accounts on this dashboard.
    0:08:21 So I have my bank accounts, my savings accounts,
    0:08:25 my E-Trade account, my Fidelity accounts in one place.
    0:08:28 And in the past, I used to be really lazy
    0:08:31 to like go check on this account, go check on this account
    0:08:33 and I would just never check my accounts.
    0:08:36 And now that I have everything in one dashboard,
    0:08:38 I actually can see my net worth
    0:08:40 and suddenly I’ve become more competitive.
    0:08:44 Suddenly I’ve been investing more often, more frequently
    0:08:46 and it’s become more like a game.
    0:08:48 Psychologically, what do you think is happening
    0:08:51 and do you think that this is a good strategy for people?
    0:08:53 – I think it probably is a good strategy,
    0:08:55 but like every good strategy, you can overdose on it.
    0:08:57 So it sounds like what you’ve done
    0:09:00 is just you have a very keen grasp on your net worth.
    0:09:01 That’s great.
    0:09:04 I think you can overdose on it if you’re like,
    0:09:06 I’m only a success as long as that number goes up
    0:09:07 every month.
    0:09:09 That’s dangerous ’cause that’s not how the market works
    0:09:11 and that’s not how you’re gonna eventually be able
    0:09:13 to spend that money in a way that will make you happier.
    0:09:14 And so I think it’s great.
    0:09:16 I do the same, by the way.
    0:09:18 I have checked my brokerage account
    0:09:21 probably every day for the last 20 years.
    0:09:23 That’s very roughly true.
    0:09:26 But what’s important is I don’t use that to say,
    0:09:27 oh, I’m falling behind.
    0:09:30 I don’t use it to say, oh, I should go place a trade
    0:09:31 because the market went up or down today.
    0:09:33 I just think it’s interesting.
    0:09:35 And I have a very keen, in any day,
    0:09:36 I could tell you my net worth
    0:09:40 to a very high degree of accuracy.
    0:09:40 I think that’s great.
    0:09:43 And not a lot of people, I think, can do that.
    0:09:44 I think a lot of people, if you ask them their net worth,
    0:09:46 they would have to have to think very hard about it.
    0:09:49 Or if they gave you a number, it would be wrong.
    0:09:51 And that’s when things start slipping out of hand.
    0:09:53 There’s a lot of study and data
    0:09:56 on people who forget about their 401ks.
    0:09:58 And some of them will transfer to a new job,
    0:10:02 transfer their 401k, where it sits in cash for years
    0:10:04 because they forgot about it and they never invested it.
    0:10:07 And the lost returns you can have that can be enormous.
    0:10:09 So having a very keen grasp
    0:10:12 on exactly how much money you have is wonderful.
    0:10:13 You just want to make sure
    0:10:15 that you don’t become so ingrained in your identity
    0:10:17 that you are so obsessed with that number
    0:10:20 that you only feel like a success in life.
    0:10:21 It’s going up and you feel like a failure
    0:10:23 and you need to change if it’s going down.
    0:10:25 – I feel like, for me, it’s been good
    0:10:28 because I feel like I wasn’t paying attention
    0:10:30 and now it is more fun to look at it.
    0:10:33 But to your point, I am getting a little addicted
    0:10:35 to like going and looking at it all the time.
    0:10:36 And maybe I need to like make sure
    0:10:38 that it’s just like once a week
    0:10:39 instead of every day or something like that.
    0:10:41 So I don’t overdo it.
    0:10:42 – Yeah, I mean, there’s some people,
    0:10:43 I probably fall in this category.
    0:10:46 They check their brokerage account once a day
    0:10:48 and they check their blood pressure never
    0:10:50 or once every five years or something, you know?
    0:10:51 Like numbers that are probably actually very important
    0:10:55 to your life success and outcome, they’re oblivious too.
    0:10:57 But something that is almost by definition
    0:11:00 going to jump around randomly every hour,
    0:11:02 they pay close attention to it.
    0:11:03 I always used to use the example
    0:11:06 of nobody checks the value of their house every day
    0:11:07 ’cause that would be ridiculous.
    0:11:09 But now actually, I think a lot of people do
    0:11:10 ’cause of Zillow.
    0:11:11 They have this number that like a stock ticker
    0:11:13 goes up and down and they check it all the time.
    0:11:16 It’s true for any investment that your lifetime success
    0:11:18 is almost certainly dependent on how long
    0:11:20 you leave it alone for and just let it compound over time.
    0:11:22 And if you are the kind of person
    0:11:24 for whom checking it every single day
    0:11:25 is going to prevent you from holding it
    0:11:27 for a long period of time, then that’s an issue.
    0:11:28 – Let’s move on to stocks.
    0:11:33 So I personally only got back into stocks this year.
    0:11:34 During COVID, the start of COVID,
    0:11:36 I was doing really well in stocks.
    0:11:39 I was younger, but I had put a lot of my savings in stocks.
    0:11:43 And then once COVID hit, I took all my money out
    0:11:44 and I panicked.
    0:11:48 And for a long time, I just didn’t invest in stocks.
    0:11:50 I only started back this year.
    0:11:51 I’ve always done really well.
    0:11:54 So I have 50% returns just from this year
    0:11:55 of what I’ve invested.
    0:11:57 So I usually do like tech stocks.
    0:11:58 Now I’m investing in AI.
    0:11:59 And so I’ve done really well.
    0:12:01 But why don’t we pause here?
    0:12:03 What was wrong with what I did
    0:12:06 when I pulled all my money out during COVID?
    0:12:08 – I don’t know if it was wrong because you did it
    0:12:10 because that’s what you felt like you should do.
    0:12:12 Even if you could criticize that and say,
    0:12:14 “Oh, you sold at the wrong time, you should have held out.”
    0:12:17 I usually don’t say that because if you had tried to hold on,
    0:12:20 you probably would have got scared out at a lower price.
    0:12:21 The fact that you were tempted to sell
    0:12:23 means that at least in that moment,
    0:12:26 you didn’t have the right mindset to hold on.
    0:12:28 So selling may have been the right thing for you to do.
    0:12:30 One of the things I’ve changed my mind on about money
    0:12:32 is criticizing the decisions that people make
    0:12:33 because you made that decision
    0:12:36 because it was the right thing for you to do in that moment.
    0:12:37 Even if you could go back in hindsight and say,
    0:12:39 “Look at all the money you would have made if you held,
    0:12:40 let’s not do that.”
    0:12:43 But I think what is true is, like I just said,
    0:12:45 what’s gonna account for the majority
    0:12:47 of your lifetime returns is not,
    0:12:48 “Did you pick the right stocks?”
    0:12:50 It’s not, “Did you pick the right industry?”
    0:12:52 It’s, “How long did you hold onto the stocks
    0:12:53 that you owned?”
    0:12:54 And one thing that’s hard for people
    0:12:56 to wrap their heads around is,
    0:12:58 if you can earn average returns
    0:13:00 for an above-average period of time,
    0:13:03 you will be among the top investors in the world.
    0:13:07 So everybody’s attention goes to what’s big, what’s hot.
    0:13:10 Tech, AI, that’s big and hot right now.
    0:13:12 Over the next 30 years,
    0:13:13 those things are not gonna matter that much.
    0:13:15 What’s gonna matter is,
    0:13:17 what did you hold onto for the longest period of time?
    0:13:18 Carl Richards, who’s a financial advisor,
    0:13:21 brought up the idea that for most people,
    0:13:24 the house is the best investment they will ever make.
    0:13:27 And the reason why is not because it’s a good asset,
    0:13:29 it’s not because it’s leveraged with a mortgage.
    0:13:31 The reason why is it’s the only asset
    0:13:32 that people are willing to hold
    0:13:35 uninterrupted for 20 or 30 years.
    0:13:38 And so even if the average annual return is not that high,
    0:13:41 a mediocre average return compounded for 30 years
    0:13:43 balloons into a fortune.
    0:13:45 And so that’s what I would keep in mind for you.
    0:13:48 I would A, not criticize the decision that you made.
    0:13:49 And I would B, say, look,
    0:13:52 rather than trying to pick the best industry,
    0:13:54 pick a decent industry that you can stick with
    0:13:55 for another 10 or 20 years.
    0:13:57 And that’s where the big money will be made.
    0:14:00 – And I feel like this is why the rich get richer, right?
    0:14:03 Because during COVID, all these really rich people,
    0:14:05 they didn’t need to worry about the money
    0:14:06 they had in the stock market.
    0:14:10 They were able to just let it sit there and ride it out.
    0:14:13 And so I feel like we should all strive to have money
    0:14:16 that we’re okay with just letting it sit there,
    0:14:17 don’t you think?
    0:14:19 – And that’s why I think most people,
    0:14:22 not everybody, but let’s say a lot of people
    0:14:25 have too aggressive of an asset allocation.
    0:14:26 They have too much of their money in stocks
    0:14:28 and they should have less.
    0:14:31 And the reason why is the only thing that matters is
    0:14:32 what do you need to have to make sure
    0:14:34 that you can hold onto the stocks that you own
    0:14:36 and are never forced to sell?
    0:14:36 You never panic sell.
    0:14:38 You never forced to sell because you need the money
    0:14:40 for a new car or whatever it might be.
    0:14:43 Whatever that level is, that’s the most that you should own.
    0:14:46 And for a lot of people, you might have a spreadsheet
    0:14:48 or a financial advisor that says, you’re young,
    0:14:50 you can have 90% of your money in stocks.
    0:14:52 And maybe in theory, that’s true.
    0:14:55 But if having that high amount is gonna scare you out
    0:14:57 during the next bear market, then it’s the wrong amount.
    0:14:59 You should have had less, maybe just 50%
    0:15:01 of your net worth in stocks.
    0:15:03 Whatever the amount is that you need to hold onto
    0:15:05 for the long run, that’s what you should have.
    0:15:07 And it gets back to the great Charlie Munger quote
    0:15:09 where he said, the first rule of compound interest
    0:15:11 is to never interrupt it unnecessarily.
    0:15:13 That’s what matters more than anything.
    0:15:14 – I love that advice.
    0:15:18 For me, that was a lot of my money in the stock.
    0:15:19 So I took it out,
    0:15:21 but I still think I did smart things with it.
    0:15:22 I basically started my company.
    0:15:24 I invested in myself.
    0:15:25 I invested in my company.
    0:15:29 My company started as a group of 10 volunteers.
    0:15:31 This year, we made over $6 million.
    0:15:33 Next year, we’re on track to make eight figures.
    0:15:35 So we’re crushing.
    0:15:37 And I’m really happy that I did that.
    0:15:39 I’m happy that I bootstrapped my company.
    0:15:40 I never took investments.
    0:15:43 So when it comes to entrepreneurs,
    0:15:45 how should we go about prioritizing investing
    0:15:48 in our own business versus investing in things like stocks
    0:15:50 and other companies basically?
    0:15:52 – Such a good question because there’s no one right answer
    0:15:55 because every startup is different.
    0:15:56 I think it’s important to understand
    0:15:58 if you are a new entrepreneur,
    0:16:02 to A, understand the base rate of success for startups.
    0:16:04 What I mean by that is how many other startups
    0:16:07 that came before you who are just as smart,
    0:16:10 had just as much money, had just as much ambition, failed.
    0:16:13 And that number is always gonna be very high.
    0:16:15 And A, you need to understand that number
    0:16:16 and embrace it with both hands.
    0:16:19 And B, to be successful as an entrepreneur,
    0:16:21 you also have to say, yes,
    0:16:23 but I’m still gonna plow ahead as hard as I can.
    0:16:26 That’s the dichotomy, that’s the contradiction
    0:16:27 of being a startup founder.
    0:16:30 Is look, I know the odds of success are stacked against me
    0:16:32 and I’m still gonna go ahead nonetheless.
    0:16:33 There’s this great story many years ago
    0:16:34 that I heard from a founder
    0:16:37 where he was raising money from an investor.
    0:16:39 And the investor said, I love the idea of this company,
    0:16:42 but I think there’s only a 20% chance that it’s gonna work.
    0:16:44 I think there’s an 80% chance they’re gonna fail.
    0:16:45 And the founder was like,
    0:16:48 20% chance it’s gonna work, you’re optimistic.
    0:16:50 I think there’s only a 10% chance this is gonna work.
    0:16:53 And I think that mindset of an entrepreneur saying,
    0:16:55 there’s a 90% chance that I’m gonna fail
    0:16:57 and I’m gonna give it everything I’ve gotten nonetheless.
    0:17:00 Elon Musk talked about this where I think the figure was
    0:17:02 when he started Tesla and SpaceX,
    0:17:06 he thought there was like a 99% chance that they would fail.
    0:17:07 And he still didn’t nonetheless.
    0:17:08 That’s what’s difficult.
    0:17:09 When it comes to financial planning,
    0:17:11 the important part about that
    0:17:14 is that in the very high odds that it’s not gonna work,
    0:17:17 you wanna make sure that you have some landing pad
    0:17:19 that you’re gonna fall back onto.
    0:17:21 ‘Cause in the situation where your business fails
    0:17:22 and then you have nothing,
    0:17:24 including maybe marketable job skills
    0:17:27 to pull yourself back up, that’s a terrible thing.
    0:17:29 And it gets back to what we first discussed
    0:17:31 about what are you gonna regret?
    0:17:32 And I think for a lot of people,
    0:17:34 they would regret not starting a business.
    0:17:36 They would regret not taking a chance.
    0:17:39 They might also regret putting everything they have
    0:17:41 into that business so much so that if,
    0:17:44 or maybe even when it fails, they have nothing.
    0:17:45 They have nothing left.
    0:17:47 They’re gonna be left to the state of destitution.
    0:17:48 That’s really important.
    0:17:50 – I feel like that’s very, very good advice.
    0:17:52 And when it comes to entrepreneurs,
    0:17:55 we tend to have a lot of the same personality types.
    0:17:58 We’re inventors, we’re optimists, we’re risk takers.
    0:18:00 What kind of cognitive biases,
    0:18:02 when it comes to money and financial decisions,
    0:18:06 should entrepreneurs be particularly aware of?
    0:18:07 – I think this gets back again,
    0:18:09 where it’s like there’s no blank in advice
    0:18:11 because by definition, entrepreneurs are oddballs
    0:18:14 and are marching to the beat of their own drum.
    0:18:15 Henry Ford had this idea.
    0:18:17 I read Henry Ford’s biography recently.
    0:18:19 Henry Ford’s a very interesting guy
    0:18:23 because he was the greatest engineer possibly of all time.
    0:18:26 He was an okay businessman,
    0:18:28 and he was a devil of a human being.
    0:18:30 So he’s like, there’s all these contradictions
    0:18:31 wrapped into one.
    0:18:34 One thing that he always said was that money in the bank
    0:18:35 to him was such a waste.
    0:18:37 You should put that to work immediately.
    0:18:39 So cash shitting in a checking account to him
    0:18:41 was a complete waste.
    0:18:43 He was like, go build something, go build a factory,
    0:18:45 go invest in something, put that money to work.
    0:18:47 I could also argue the other side of that
    0:18:51 in terms of cash is actually the oxygen of independence.
    0:18:52 But I thought that was really interesting
    0:18:54 that he just viewed the opportunity cost
    0:18:57 of cash that he had as a complete waste.
    0:19:00 And I think actually the thing you see the opposite
    0:19:01 in a lot of startups these days,
    0:19:03 where if you can raise money from VCs,
    0:19:04 there’s a lot of it.
    0:19:06 There’s just a gusher of money out there.
    0:19:07 So you have a lot of businesses
    0:19:10 that will raise $50 million from investors
    0:19:12 and then just kind of leave it in a checking account.
    0:19:14 And maybe that is not the wrong thing to do.
    0:19:16 Maybe that’s actually a wise thing to do
    0:19:17 to have that much liquidity.
    0:19:19 But I think if you view it in the idea
    0:19:21 of entrepreneurs are supposed to build
    0:19:23 and cash is a tool to help you go build something.
    0:19:24 If you raise a lot of money
    0:19:27 and you can’t put it to work in a reasonable amount of time,
    0:19:29 there was probably way too much more than you needed.
    0:19:32 I think a lot of the behavioral traits
    0:19:35 that entrepreneurs have is an unreasonable amount
    0:19:39 of confidence in themselves bordering on egomaniac.
    0:19:42 And it can be off-putting to a lot of people,
    0:19:43 but that’s what you need.
    0:19:45 And this is why when the personality traits
    0:19:48 of a lot of very successful entrepreneurs become public,
    0:19:50 Elon Musk, probably the greatest entrepreneur,
    0:19:52 not even probably, he was almost certainly
    0:19:54 the greatest entrepreneur of modern times.
    0:19:56 And he also has a personality
    0:19:58 that a lot of people find distasteful.
    0:20:00 And that I think if you look historically
    0:20:02 is extremely common.
    0:20:05 The reason they are successful is because they’re maniacs.
    0:20:07 And that’s why they’re successful.
    0:20:09 And it also gives them this personality trait
    0:20:11 that a lot of people don’t like.
    0:20:13 Steve Jobs was like that, Bill Gates was like that.
    0:20:15 Henry Ford, as I just mentioned,
    0:20:19 one of the greatest entrepreneurial geniuses to ever live
    0:20:21 and a terrible human.
    0:20:22 (laughing)
    0:20:24 Because anti-Semitism is very well documented and whatnot.
    0:20:26 Same with Thomas Edison.
    0:20:27 A lot of these people,
    0:20:28 the reason they were successful
    0:20:31 is because they did not think like most people did.
    0:20:32 And because of that,
    0:20:34 they had the side that people found distasteful.
    0:20:35 That’s very common.
    0:20:36 And so for a lot of it,
    0:20:38 particularly not necessarily if you are an entrepreneur,
    0:20:41 but if you’re gonna work for an early stage startup,
    0:20:42 a successful early stage startup,
    0:20:44 you need to understand and embrace and be okay
    0:20:47 with the fact that you are probably working for a maniac.
    0:20:48 That’s usually the case.
    0:20:49 And that’s why the company is gonna succeed,
    0:20:51 but you need to sign up for that
    0:20:52 and understand what you’re doing.
    0:20:56 – So let’s talk about overconfidence bias.
    0:20:57 This is something that you talk about.
    0:21:01 You talk about overconfidence bias, hide and sight bias.
    0:21:03 Can you tell us about those two things?
    0:21:04 ‘Cause I think it’s important
    0:21:07 for entrepreneurs to understand what this is.
    0:21:08 – Well, I think for anybody,
    0:21:11 not just entrepreneurs, but any random person,
    0:21:12 to be able to wake up in the morning
    0:21:14 and put one foot in front of the next,
    0:21:16 you need to at least be able to look in the mirror
    0:21:18 and say, I know what I’m doing
    0:21:19 and I’m making good decisions.
    0:21:20 ‘Cause if you don’t,
    0:21:21 you’re never gonna get out of bed.
    0:21:23 You’re not gonna do anything.
    0:21:26 But the truth is if you understand how volatile
    0:21:29 and uncertain and unpredictable the world can be,
    0:21:30 we don’t know what we’re doing.
    0:21:33 We don’t know where the world’s gonna go next.
    0:21:35 So because of that, you need to be optimistic,
    0:21:37 but the world is very uncertain.
    0:21:40 Most people are overconfident in what they can do.
    0:21:42 I’ll give you a really interesting example of this
    0:21:44 that we’ve seen very recently
    0:21:46 and is very prevalent in the news right now.
    0:21:48 For a lot of people in the economy,
    0:21:50 if you ask them, they will say,
    0:21:51 how’s the US economy doing?
    0:21:53 Most people will vote poorly.
    0:21:54 It’s not doing well right now.
    0:21:56 Inflation, it’s not going well.
    0:21:59 And then if you say, how are you doing in your life?
    0:22:01 Most people will say, great.
    0:22:03 The gap between those two is enormous.
    0:22:05 People say, the US economy is doing terrible,
    0:22:07 but I’m doing great.
    0:22:08 And you also see this in Congress,
    0:22:10 where if you ask people, how much do you like Congress?
    0:22:11 I say, I hate Congress.
    0:22:13 They’re all a bunch of bums, vote them out.
    0:22:15 But then if you say, how do you like your congressman?
    0:22:17 People are like, oh, I love them.
    0:22:18 They’re wonderful.
    0:22:21 That gap between the two comes down to overconfidence.
    0:22:22 Where you look around the world
    0:22:24 and you say the world is fragile
    0:22:25 and it’s broken and it’s uncertainty.
    0:22:26 But if you look in the mirror,
    0:22:28 you say, I got this all figured out.
    0:22:30 And I think people actually need that.
    0:22:31 That’s not something we should look down upon.
    0:22:34 ‘Cause we need that in order to put one foot
    0:22:36 in front of the other in order to get something done.
    0:22:38 Entrepreneurs are like this on steroids
    0:22:39 because they are doing something
    0:22:42 that has very low odds of working,
    0:22:44 that there is no defined playbook.
    0:22:47 There is no map on what they should do,
    0:22:48 but they need to wake up every morning
    0:22:50 and look in the mirror and say, I got this.
    0:22:53 I am the best in the world at what I do.
    0:22:56 I’ve often thought about myself in my own job.
    0:22:57 I’ve talked a little bit about this.
    0:23:01 I think I have this split personality where in one day,
    0:23:03 I can be like, I’m doing great.
    0:23:04 I’ve got this all figured out.
    0:23:05 I know what I’m doing.
    0:23:06 I’m really good at what I do.
    0:23:07 And then not even the next day,
    0:23:09 but maybe the next hour,
    0:23:11 I can flip to, I have no idea what I’m doing.
    0:23:13 I’m no better than anybody else.
    0:23:14 What am I doing here?
    0:23:15 And I actually think that is actually
    0:23:17 a pretty healthy personality.
    0:23:20 To have the confidence to take a risk,
    0:23:22 but also the humility, if not the paranoia,
    0:23:24 to be like, I need to really think about
    0:23:26 what I’m doing here because I’m actually not that smart.
    0:23:29 I think if you can get those two things to coexist,
    0:23:31 that’s actually the sweet spot.
    0:23:34 People get into trouble when they only have the ego
    0:23:35 or they only have the paranoia.
    0:23:38 If it’s one of those two things, it’s never gonna work.
    0:23:40 You have to have this split personality of,
    0:23:42 I’m so good at what I do.
    0:23:45 And I’m a complete idiot who has no idea what I’m doing.
    0:23:46 – Especially in your areas of weakness,
    0:23:48 maybe there’s one part of your business
    0:23:49 where you’re like, okay,
    0:23:53 I’m definitely not the best at this and I need help, right?
    0:23:54 – But sometimes it’s even the same thing.
    0:23:56 For myself as a writer, where writing is an art,
    0:23:57 there’s no right answer.
    0:24:00 It’s just, there’s sometimes where I write something
    0:24:02 and I’m like, that’s great, that is beautiful.
    0:24:03 I love it.
    0:24:06 And then I can read that same paragraph an hour later
    0:24:07 and say, this is garbage.
    0:24:10 Nobody’s gonna understand what this means whatsoever.
    0:24:13 But I think the confidence needed to actually write
    0:24:17 and take a risk and write a brave paragraph you need,
    0:24:19 but you also need the humility to go back and say,
    0:24:21 no, actually I need to change half of this
    0:24:22 so it makes better sense.
    0:24:25 You need both of those at the same time.
    0:24:26 – Let’s hold that thought
    0:24:28 and take a quick break with our sponsors.
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    0:27:08 Yeah, fam, do you ever wonder why some businesses
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    0:28:51 So let’s talk about nostalgia.
    0:28:53 Speaking of your writing, your beautiful writing,
    0:28:56 you wrote this article on nostalgia,
    0:28:58 and it’s one of the things our brains often do
    0:28:59 to revisit the past,
    0:29:02 and you say in somewhat of a misleading way.
    0:29:05 So can you talk to us about why the good old days
    0:29:07 are not really the good old days?
    0:29:09 – Well, I had this experience a couple of months ago.
    0:29:12 This was probably 15 years ago.
    0:29:14 My wife and I, before we had kids,
    0:29:16 she was my girlfriend at the time,
    0:29:19 we had this amazing apartment in the Seattle suburbs.
    0:29:22 And given we were young and we were broke,
    0:29:24 but the economy was such a mess at the time,
    0:29:26 this is after the financial crisis,
    0:29:28 that we got this incredible apartment
    0:29:31 with a view of the lake in a perfect location
    0:29:32 with restaurants nearby,
    0:29:34 and we lived there for like three years.
    0:29:36 And then so a month or two ago, I was reminiscing.
    0:29:39 And I told her, I was like, man, that was peak living
    0:29:40 because we didn’t have kids.
    0:29:43 We could just wake up and sleep in and go for a walk.
    0:29:44 And life was so good.
    0:29:45 And she interrupted and she was like,
    0:29:47 what are you talking about?
    0:29:50 And she said, Morgan, you are more depressed and anxious
    0:29:52 and scared when we live there
    0:29:53 than you’ve ever been in your life.
    0:29:55 Because it was just a weird time in my career.
    0:29:56 I didn’t know what I was doing.
    0:29:58 I didn’t really have any skills.
    0:29:59 It was a low point in my life.
    0:30:01 And I was like, yeah, you’re right.
    0:30:04 So then why do I remember it as being such a great time?
    0:30:07 And I think the reason why is when I look back
    0:30:09 with hindsight, with the benefit of hindsight,
    0:30:12 I look back and I see a boy back then
    0:30:13 who had nothing to worry about
    0:30:15 because I know that things worked out.
    0:30:17 I know that the career worked out,
    0:30:18 my relationships worked out.
    0:30:20 It wasn’t always perfect, it wasn’t always easy,
    0:30:21 but it all worked out.
    0:30:25 And so I look at that boy 15 years ago
    0:30:28 and I think about someone who had nothing to worry about.
    0:30:30 But back then I didn’t know that.
    0:30:31 I didn’t know it was all gonna work out.
    0:30:34 So when we know how the story ends,
    0:30:36 it’s almost impossible to remember
    0:30:39 how uncertain you were during that period of time.
    0:30:40 And that’s why we look back at the past
    0:30:42 is usually better than it was.
    0:30:43 I think this is true too.
    0:30:45 If you think about a lot of Americans
    0:30:47 have a lot of nostalgia for the 1950s.
    0:30:50 You look back at the 1950s as like this glorious age
    0:30:52 of middle-class prosperity.
    0:30:55 And I think in part we think that’s true
    0:30:58 because we know that for the most part it worked out.
    0:30:59 That the US economy worked out,
    0:31:01 that the global economy worked out,
    0:31:02 that there was no World War III,
    0:31:03 that there was no nuclear war,
    0:31:07 which a lot of people really worried about back then.
    0:31:08 So when you know how the story ends,
    0:31:11 the past always seems much less uncertain
    0:31:12 than it actually was.
    0:31:13 And we always fall for this
    0:31:16 when we’re thinking about how glorious the 1990s were,
    0:31:19 how the early 2000s, whatever it might be.
    0:31:20 There’s one other example of this
    0:31:22 where a lot of people right now will say
    0:31:26 the late ’90s and the early 2000s were as good as it got.
    0:31:28 That was such a great time to be alive.
    0:31:31 And that was my teenage early 20 years.
    0:31:34 And on first glance, I’m like, yeah, that’s true.
    0:31:36 The movies we had, the music we had
    0:31:37 was so great back then.
    0:31:39 But then I’m like, man, do you remember what it was like
    0:31:42 to live in America in the year after 9/11?
    0:31:43 It was terrifying.
    0:31:45 It was utterly terrifying.
    0:31:47 Every day you woke up and turned on the news
    0:31:48 and held your breath
    0:31:50 that this was not gonna be another terrorist attack.
    0:31:53 So we remember today as being this amazing time,
    0:31:55 but I think that’s just because we know how the story ends.
    0:31:57 We know that there was not another major terrorist attack,
    0:31:59 that there was not a World War III,
    0:32:01 that the economy did recover.
    0:32:03 Things that we actually didn’t know back then at the time.
    0:32:06 – Yeah, and so how can we use this information
    0:32:08 when we’re making investors’ decisions
    0:32:09 and financial decisions?
    0:32:12 What do we need to think about or be aware of?
    0:32:14 – I think it’s very common that you look back
    0:32:17 and you’re like, yeah, the stock market has doubled
    0:32:19 in the last four years or whatever it is.
    0:32:20 And that was really obvious to see.
    0:32:22 Anyone could have seen that coming.
    0:32:25 And it was easy money to make over the last four years.
    0:32:27 And I think that is a very bad mindset to have
    0:32:30 because it was never easy.
    0:32:31 The future was never certain.
    0:32:35 It’s always been this swamp of uncertainty that we live in.
    0:32:38 So when you view the past as more certain than it was,
    0:32:39 you view like investing decisions
    0:32:41 are gonna be easier than they are.
    0:32:44 And the fact is making investing decision today
    0:32:46 feels uncertain and we don’t know what’s gonna happen
    0:32:47 the next five years.
    0:32:48 And that’s always been true.
    0:32:51 There’s never been a period when that’s not the case.
    0:32:54 So realize that the world we live in today
    0:32:57 is not any more uncertain than it was five, 10, 20 years ago
    0:32:58 is really important.
    0:33:00 Yes, it feels uncertain today.
    0:33:01 And that is never gonna change
    0:33:03 when you’re making a forward-looking investment.
    0:33:05 – You were recently asked at a conference
    0:33:08 how investors should feel about the stock market
    0:33:11 given that it’s gone straight up over the past 15 years.
    0:33:14 What kind of thought processes went through your head
    0:33:15 when you heard that?
    0:33:18 – Well, first I was like, yeah, that seems right.
    0:33:20 It feels like the stock market’s gone up
    0:33:22 straight up in the last 15 years or whatever.
    0:33:24 And then I was like, wait, wait, wait a minute.
    0:33:27 The last 15 years have actually been a continuous chain
    0:33:29 of uncertainty and nonsense and volatility.
    0:33:32 There’s been several times when the market fell 20%.
    0:33:35 Market lost to half of its value during COVID.
    0:33:37 There was inflation, there are budget deficits
    0:33:40 in every given period during the last 15 years.
    0:33:42 In any given day, you had a million things
    0:33:44 that you could look at and say,
    0:33:45 here’s why the economy’s broken.
    0:33:48 Here’s why the stock market’s not gonna go up in the future.
    0:33:49 And there were very smart people
    0:33:51 who said the market’s overvalued,
    0:33:52 hyperinflation’s right around the corner,
    0:33:55 the budget deficit’s unsustainable, go on down the list.
    0:33:57 And yet the market still did,
    0:33:59 if you’re just connecting the dots over the period,
    0:34:01 go quote unquote straight up.
    0:34:02 But during that period,
    0:34:05 it was a never-ending chain of uncertainty and volatility.
    0:34:06 And this gets back to nostalgia.
    0:34:09 I think we think that the last 15 years
    0:34:11 were an easy, calm time to make money
    0:34:13 because we know how the story ends.
    0:34:15 The story ends with the stock market
    0:34:18 has gone up fourfold in the last 15 years, whatever it is.
    0:34:19 And since we know that,
    0:34:22 we view the past as being much less uncertain
    0:34:25 and much more stable than it actually was.
    0:34:27 – And this also goes back to your point
    0:34:29 that if you hold on to things for a long time,
    0:34:32 like an extraordinarily long time,
    0:34:34 you kind of beat the ups and downs over time.
    0:34:36 – Yes, yes.
    0:34:39 And so if you held on tight for the last 15 years,
    0:34:40 you have done extraordinarily well,
    0:34:43 but you had to hold on tight during every single day
    0:34:44 where it felt uncertain.
    0:34:46 And there were a hundred reasons
    0:34:48 that you should panic during the time.
    0:34:50 – How do you think we should use nostalgia
    0:34:54 to feel better about right now and today’s economic climate?
    0:34:58 – I think there’s actually a lot of calmness to be had
    0:34:59 when you accept that the world
    0:35:02 is not more uncertain today than it’s ever been.
    0:35:04 And that at every point in the past,
    0:35:08 whether it was 2010 or 2005 or 1995 or 1950,
    0:35:09 whatever it might be,
    0:35:13 we look back today and say, you guys had it so good.
    0:35:16 You guys had a calm, stable world that you lived in.
    0:35:17 And that’s not true whatsoever.
    0:35:21 The world is not more uncertain today than it was in 1995.
    0:35:22 It’s not.
    0:35:23 We just think it is
    0:35:26 because we know what happened after 1995.
    0:35:30 And the odds of a good or bad future today
    0:35:31 over the next 10 years,
    0:35:34 I think are the same as they were in 1995
    0:35:37 or 2005, going back to the past.
    0:35:38 And so it’s not to say
    0:35:41 that we know the world is gonna be better in the future
    0:35:43 or the world is gonna be great over the next 20 years.
    0:35:45 We don’t know that, but we’ve never known that.
    0:35:48 It’s not any different today than it’s ever been.
    0:35:52 – So I was online and I saw this meme yesterday
    0:35:54 and it said that we broke records
    0:35:56 for Black Friday 2024 sales.
    0:36:01 So we spent $10.8 billion online this past Black Friday.
    0:36:07 Meanwhile, all year, everyone’s saying they can’t afford eggs.
    0:36:09 They can’t afford their groceries.
    0:36:11 And so I feel like this really tied everything together
    0:36:13 when I was researching for this interview
    0:36:16 because here we are thinking it’s the worst year ever,
    0:36:21 but then we surpassed Black Friday sales just this past week.
    0:36:23 – Yeah, I think at least part of this
    0:36:27 is there’s a very big difference between I can’t afford eggs
    0:36:30 and the price of eggs has gone up and that pisses me off.
    0:36:31 Those are very different things.
    0:36:32 It’s one thing to say,
    0:36:33 look, there are things in the economy,
    0:36:36 particularly with inflation that make people angry
    0:36:37 and rightly angry.
    0:36:38 They should be angry about it.
    0:36:40 They should be upset about it.
    0:36:42 And also people are doing better than ever
    0:36:44 and earning higher paychecks than ever.
    0:36:45 And the stock market’s at an all-time high
    0:36:47 and Bitcoin hit $100,000 yesterday.
    0:36:51 And those two things are not a contradiction
    0:36:52 that people should be angry
    0:36:54 and most people have a ton of money right now,
    0:36:55 more money than they’ve ever had.
    0:36:57 And I think that’s what you see when you have
    0:37:02 low economic feelings and moods and also record spending.
    0:37:04 So the other thing that I was thinking related to this
    0:37:07 is that economic inequality is at an all-time high.
    0:37:09 And I see this in my own personal life.
    0:37:11 I have friends who are entrepreneurs
    0:37:14 and they’re doing incredible.
    0:37:15 They’re making more money than ever
    0:37:18 or doctor friends, lawyer friends, they’re doing really well.
    0:37:20 And then I have friends who are really smart
    0:37:22 who can’t get a job right now
    0:37:24 and who literally can’t even hold a job.
    0:37:28 And so I just see this complete disparity of experiences
    0:37:29 when it comes to money.
    0:37:31 And I want to understand your thoughts
    0:37:34 about what’s going on here in America.
    0:37:35 – There are many things going on.
    0:37:37 This is not a black and white issue
    0:37:38 that you can just give one answer
    0:37:39 and say here’s what’s going on.
    0:37:41 But I think one of the things that is going on
    0:37:45 that’s easy to overlook is that it’s not necessarily
    0:37:47 that these things are happening at record rates.
    0:37:50 It’s that we are more aware of it than we’ve ever been.
    0:37:53 So when there was incredible wealth inequality
    0:37:55 as recently as the 1990s, most people didn’t know about it
    0:37:58 because your view of the world was constrained
    0:38:00 to your neighbors, your coworkers,
    0:38:02 your friends who you talked to on the phone
    0:38:05 and whatever you watched on the NBC Nightly News that night.
    0:38:06 That was your view of the world.
    0:38:09 And now because of social media in particular,
    0:38:11 if something’s happening in the world,
    0:38:13 if somebody in the world is experiencing the world
    0:38:15 in a different way than you are,
    0:38:16 you are going to know about it.
    0:38:18 And you’re going to know about it in social media terms,
    0:38:20 which is the person who says the most provocative
    0:38:22 off the wall thing, it’s the most attention.
    0:38:25 So yes, there is a lot of wealth inequality right now.
    0:38:26 There has been for decades,
    0:38:29 people are just more aware of how the other half lives
    0:38:30 than they used to.
    0:38:33 And it used to be that the people who lived in Beverly Hills
    0:38:35 and lived behind gated mansions, you never saw them.
    0:38:38 Nobody else ever saw how they lived.
    0:38:40 And now if you flip open Instagram,
    0:38:43 it is an often fake view
    0:38:46 of how beautiful, wealthy and happy people are.
    0:38:48 And everyone is so aware of it.
    0:38:50 And when you are aware that there are other people
    0:38:53 who look like they are working not as hard as you,
    0:38:54 they’re not as smart as you,
    0:38:57 but they at least appear to be happier, wealthier
    0:38:59 and prettier than you are.
    0:39:01 That leads to a lot of anxiety,
    0:39:04 a lot of social Fulbo that we have,
    0:39:06 just because we are more aware of it.
    0:39:08 What’s interesting with wealth inequality too,
    0:39:10 is that actually in the last five years,
    0:39:12 in percentage terms, not in dollar terms,
    0:39:13 but in percentage terms,
    0:39:16 the group who has grown their incomes the most
    0:39:17 are the poorest.
    0:39:19 That has been a complete reversal for what happened
    0:39:22 over the last 30 years or so, or 40 or 50 years or so,
    0:39:25 where it was lower incomes were stagnating
    0:39:27 and the rich were just exploding.
    0:39:29 And now it’s been post COVID
    0:39:30 that a lot of low income workers,
    0:39:32 people who used to make $7 an hour,
    0:39:34 maybe now they’re making $14 an hour.
    0:39:36 In percentage terms, it’s enormous,
    0:39:39 even if it’s still a big gap between rich and poor.
    0:39:41 I don’t know how long that will last,
    0:39:42 or if that’s sustainable at all,
    0:39:44 but it’s definitely taken place.
    0:39:46 But I think it is always countered with the idea
    0:39:49 that those people who maybe used to make $7 an hour
    0:39:50 and now they make 14,
    0:39:52 they’re still opening up Instagram and TikTok
    0:39:54 and looking at people who at least are pretending
    0:39:57 to live this gigantic life
    0:39:59 that is inflating their aspirations.
    0:40:00 – It’s so interesting.
    0:40:01 I never even thought of that,
    0:40:04 the fact that we can just see it all more
    0:40:05 than we could in the past.
    0:40:06 It’s so true.
    0:40:08 I think that’s really eye-opening.
    0:40:09 – When I was a teenager,
    0:40:12 my view of the world outside of the little town
    0:40:14 that I lived in was MTV Cribs.
    0:40:16 That was like the only opportunity
    0:40:19 to see how the other half lives.
    0:40:21 And it was so interesting about that specific example.
    0:40:22 If you go look,
    0:40:25 there are so many documented cases of MTV Cribs,
    0:40:29 which was like, that was the show of my teens in early 20s
    0:40:31 that the mansions that they were showing off
    0:40:33 did not actually belong to those celebrities.
    0:40:34 You would have a rapper or whatever
    0:40:37 who would go rent a mansion to film in,
    0:40:38 but it wasn’t actually them,
    0:40:41 which highlights the idea that a lot of times
    0:40:43 when you view how the other half lives,
    0:40:44 it’s not even accurate.
    0:40:45 It’s not even true.
    0:40:48 It’s not a depiction of how they’re actually living.
    0:40:50 It’s either a rented mansion
    0:40:51 or that is actually their mansion,
    0:40:54 but they’re actually not as happy as you think they might be.
    0:40:56 There’s so much going on behind the scenes
    0:40:58 that they look like they’re living this incredible life,
    0:40:59 but they’re actually not.
    0:41:01 – So true, so true.
    0:41:02 I love that.
    0:41:04 So moving on here,
    0:41:06 just as we have a tendency to use our brains
    0:41:08 to travel back in time with nostalgia,
    0:41:10 we also have a tendency to use our brains
    0:41:14 to travel forward in time to worry about the future.
    0:41:16 So how can we get better at not worrying
    0:41:19 about things that are likely never going to happen?
    0:41:21 – I think it’s a hard trade off
    0:41:23 because you should be worrying about things
    0:41:24 that might happen in your future.
    0:41:26 That’s what’s going to propel you into action today
    0:41:29 in your personal life and for the rest of the world.
    0:41:31 So you can take something like climate change
    0:41:32 and say, look, for not everybody,
    0:41:33 but for a lot of people,
    0:41:36 it has no impact on their life today at this moment,
    0:41:37 but they should be taking action
    0:41:38 and trying to come up with new forms of energy
    0:41:41 because it’s going to change 10, 20 years in the future.
    0:41:44 I think having an appropriate level of worry
    0:41:45 is what gets you going.
    0:41:47 And in your own individual life,
    0:41:49 the idea that you wake up a little bit nervous and paranoid
    0:41:52 about your own career is what’s going to propel you into action
    0:41:55 to bring you success five or 10 years from now.
    0:41:57 Jeff Bezos talks a lot about
    0:41:59 when they report a good quarter for Amazon,
    0:42:03 that’s actually for actions that they took five years ago.
    0:42:04 They made a change in the company five years ago
    0:42:06 that is now paying off in this quarter
    0:42:08 because they were worried about their future five years ago.
    0:42:10 So I think that’s always important.
    0:42:12 I think like a lot of things though,
    0:42:14 you can overdose on good ideas.
    0:42:17 So if your fear and paranoia for the future
    0:42:18 is preventing you from taking action today
    0:42:20 because it seems so uncertain.
    0:42:21 So I’ll give you an example of that.
    0:42:23 People who are so worried about climate change
    0:42:24 that they don’t want to have kids,
    0:42:26 that’s a documented thing as well.
    0:42:29 That’s an example of, okay, in my view at least,
    0:42:31 you are clearly overdosing on that worry
    0:42:34 that’s preventing you from taking action
    0:42:35 to do things in your life
    0:42:37 that might actually bring you a lot of joy.
    0:42:39 Not to judge anyone’s personal decisions,
    0:42:41 but I think there are certain cases
    0:42:43 when you are clearly taking it too far
    0:42:45 and it’s preventing you from taking action.
    0:42:46 So finding that balance between
    0:42:49 how can I be kicked in the butt to take action,
    0:42:52 but not so much that’s gonna paralyze me in my tracks.
    0:42:53 That’s always what it is.
    0:42:55 And you also have to bring that with the idea
    0:42:58 that what you are worried about in the future
    0:43:00 is very likely not gonna happen,
    0:43:01 but there are gonna be bad things that do happen
    0:43:03 that you’re not even thinking about today.
    0:43:05 So if I’m thinking about the next 10 years
    0:43:07 and you said Morgan, like what are the biggest risks
    0:43:09 to the US economy over the next 10 years?
    0:43:11 I can name a couple of things,
    0:43:13 inflation, budget deficits, whatever it might be,
    0:43:16 that very likely will not be the biggest risk.
    0:43:18 The biggest risk over the next 10 years
    0:43:20 is something that you and I and nobody else
    0:43:21 are talking about.
    0:43:26 It’s gonna be some equivalent of 9/11, Pearl Harbor, COVID,
    0:43:29 that nobody talks about until it actually happens.
    0:43:31 So when you embrace the idea that the biggest risk
    0:43:33 is something that you and I are not even thinking about
    0:43:36 right now, it’s not in the news, nobody’s talking about it.
    0:43:38 Then you kind of throw up your hands in a good way
    0:43:40 and you’re like, look, I know the world is fragile.
    0:43:41 I know the world is uncertain,
    0:43:42 but I’m not gonna waste my time
    0:43:44 trying to predict exactly what it’s gonna be
    0:43:46 because nobody knows what it’s gonna be.
    0:43:47 – It’s so true.
    0:43:50 I even think about it with AI all year.
    0:43:53 All we’ve been talking about on the podcast is AI.
    0:43:54 It’s such a hot topic.
    0:43:56 I started this podcast six years ago.
    0:43:59 I’ve talked to the smartest people in the world.
    0:44:00 Nobody talked about AI
    0:44:03 for the first five years of the podcast.
    0:44:03 – Yeah, yeah.
    0:44:05 – And it’s just insane to think about
    0:44:07 how much like it’s just taken over out of nowhere.
    0:44:10 It’s like COVID just popped out out of nowhere.
    0:44:11 – Totally, I think a lot about too.
    0:44:12 In the early days of the internet,
    0:44:15 let’s call that 1990s, let’s say.
    0:44:17 The biggest fear, the worry for the internet
    0:44:19 was that it was gonna put brick and mortar stores
    0:44:20 out of business.
    0:44:23 To some extent, it kind of did, but not really.
    0:44:27 Costco is still an absolutely booming empire and whatnot.
    0:44:30 But what did happen was what virtually nobody talked about
    0:44:32 was it was gonna have an incredible impact
    0:44:35 on teenage, particularly mental health,
    0:44:37 on teenage anxiety, depression, suicide and whatnot
    0:44:40 that we know is at least heavily caused
    0:44:42 by social media addiction.
    0:44:45 That probably is right now the biggest risk
    0:44:47 that the internet poses on society
    0:44:50 and virtually nobody was talking about it 20 years ago.
    0:44:52 And so that’s just one example of what is actually
    0:44:54 the biggest risk is what no one’s talking about right now.
    0:44:57 – So are there any positive things that we can learn
    0:45:00 from our own nostalgia, our own uncertainty
    0:45:02 and the emotions that they produce?
    0:45:05 – I think what’s true historically is that the biggest
    0:45:08 inventions, the biggest innovations come specifically
    0:45:11 because there is a problem in the world.
    0:45:13 And when the world is on fire, so to speak,
    0:45:16 that is what gets people’s butts into gear to go innovate.
    0:45:19 So the most innovative decades that we’ve ever had
    0:45:22 in America are the 1930s and the 1940s.
    0:45:23 And it’s not even close.
    0:45:25 The inventions that we came up with,
    0:45:27 the added productivity that they added to our life,
    0:45:29 ’30s and ’40s is where it’s at.
    0:45:30 What are the 1930s?
    0:45:32 It’s the Great Depression and World War II.
    0:45:34 ‘Cause what happened during those periods
    0:45:37 where if you were an entrepreneur or a business owner
    0:45:39 in the 1930s, during the Great Depression,
    0:45:42 every single morning you woke up scared out of your mind
    0:45:44 and you said, I need to get more productive
    0:45:47 because if I don’t, we’re gonna go bankrupt next week.
    0:45:49 So I need to figure out how to run my business
    0:45:51 way more efficiently and come up with new technologies,
    0:45:52 new ways to do things.
    0:45:56 And the accumulated impact on that was enormous.
    0:45:57 In World War II, it was,
    0:46:00 if we don’t come up with new innovations,
    0:46:03 Adolf Hitler is gonna take over the planet next year.
    0:46:06 And that spawned a ridiculous wave of innovations
    0:46:09 for everything from nuclear energy to rockets, to jets,
    0:46:13 to penicillin, microwaves, radar going down the list
    0:46:14 because people were so scared.
    0:46:16 So that’s the contradiction of,
    0:46:19 you actually don’t want most of society to wake up
    0:46:20 every morning and say everything is great
    0:46:23 ’cause that can lead to a period of getting fat, happy
    0:46:24 and lazy.
    0:46:28 What you want is a low level of anxiety, not too much.
    0:46:30 The most innovation happens when people wake up
    0:46:32 in the morning and they say, I have to get more innovative.
    0:46:34 Not it would be fun if I became more innovative
    0:46:37 but I have to do it because there’s this existential threat.
    0:46:39 That’s when you look back 20 years later
    0:46:41 and you’re like, man, that period was tough.
    0:46:44 It was stressful, but look at all the good things
    0:46:45 that came out of it.
    0:46:47 That’s always the long history of innovation.
    0:46:49 – This is a really good tie-in to the next topic
    0:46:50 that I wanna speak about,
    0:46:53 which is cumulative versus cyclical knowledge
    0:46:56 because innovation can compound in certain fields
    0:46:59 and in some fields, it doesn’t really compound.
    0:47:01 For example, on finance,
    0:47:03 people just tend to make the same investment mistakes
    0:47:05 from one generation to another.
    0:47:06 And in a recent blog post,
    0:47:08 you made this fascinating comparison
    0:47:10 between medical knowledge and finance knowledge
    0:47:14 and how one field is cumulative and one field is cyclical.
    0:47:16 Can you break that down for us?
    0:47:19 – Yeah, so in medicine, we have learned a tremendous amount
    0:47:23 about biology and chemistry and anatomy
    0:47:25 over the last 200 years and it is cumulative.
    0:47:28 What I mean by that is if in the 1920s,
    0:47:30 we discover penicillin,
    0:47:32 the next generation gets to start their career
    0:47:34 understanding what penicillin is.
    0:47:36 All the knowledge is cumulative over time.
    0:47:37 What one generation learned,
    0:47:40 the next generation starts with as a baseline of knowledge.
    0:47:43 And that’s when knowledge just explodes exponentially.
    0:47:45 Other fields like finance are not like that.
    0:47:48 And by and large, the lessons that were learned
    0:47:50 in the 1920s and the 1930s
    0:47:53 and the Great Depression and the roaring 20s,
    0:47:54 we have to relearn those lessons.
    0:47:57 We don’t have that knowledge passed down from generations
    0:47:59 that were like, great, we’ll never do that again.
    0:48:00 No, we keep doing the same thing
    0:48:02 over and over and over again.
    0:48:04 And it would be the equivalent of every generation
    0:48:07 of new doctors had to find new medicines,
    0:48:08 had to rediscover medicines
    0:48:10 that the previous generation already discovered.
    0:48:13 That’s ridiculous, but that’s what happens in finance.
    0:48:16 A lot of it is because finance is not a science,
    0:48:17 it’s behavioral.
    0:48:19 And I can read about what it was like
    0:48:22 to experience the Great Depression
    0:48:24 and the stupid risks that people took in the 1920s
    0:48:25 and how it all blew up in the 1930s.
    0:48:27 I can read about that.
    0:48:28 But for a lot of people,
    0:48:29 they’re only gonna really understand it
    0:48:32 and they’ve experienced it firsthand themselves.
    0:48:34 And that’s why we keep doing the same things
    0:48:35 over and over and over again.
    0:48:38 And so any field that is behavioral
    0:48:39 and finance is definitely that.
    0:48:41 It’s probably the greatest example of a field
    0:48:42 that’s purely behavioral.
    0:48:45 There is virtually no accumulated knowledge over time.
    0:48:48 All the lessons have to be learned over and over again.
    0:48:50 And you can easily imagine a world where,
    0:48:53 look, my grandparents lived through the Great Depression
    0:48:56 and then my generation made some really stupid mistakes
    0:48:57 during the housing bubble
    0:48:59 and maybe during the dot-com bubble.
    0:49:01 And my kids and my grandkids
    0:49:03 are gonna make a bunch of stupid mistakes themselves.
    0:49:05 There’s very little looking back and saying,
    0:49:08 “Hey, we learned from that, so let’s never do that again.”
    0:49:10 It’s the same mistakes over and over again.
    0:49:12 – And it’s also because there’s just so many people
    0:49:13 participating, right?
    0:49:16 It’s not just financial advisors participating,
    0:49:19 it’s everybody’s participating in the finance world.
    0:49:23 So do we just have to accept a level of vitality in this?
    0:49:24 – I think that’s definitely the case.
    0:49:26 It’s true that in the 1920s,
    0:49:30 during the peak of the stock market bubble in 1929,
    0:49:32 5% of Americans owned stocks.
    0:49:33 That’s it.
    0:49:36 95% of Americans did not own a single share of any stock.
    0:49:39 And today it’s about 55% of Americans own some stocks,
    0:49:41 maybe in their 401K or their brokerage account.
    0:49:44 So it’s a way higher exposure today than it used to be.
    0:49:46 And I think that’s good, that’s great.
    0:49:48 But it also makes it so like, yes,
    0:49:50 there’s so much participation in the stock market
    0:49:52 that when the stock market falls 50%,
    0:49:55 it has a much greater impact on society than it used to,
    0:49:57 because there’s a greater participation rate.
    0:50:01 And so a lot of those mistakes that we’re still making today,
    0:50:03 when they occurred 50 or 70 years ago,
    0:50:06 it was bad for a small sliver of society.
    0:50:09 Whereas today when the stock market falls 50%,
    0:50:12 it is crushing and completely derails half the country’s
    0:50:14 ability to retire on time, something like that.
    0:50:16 – Do you feel like with influencers like you,
    0:50:19 for example, that are spreading information
    0:50:22 about how to take control of your personal finances
    0:50:24 and this wave of people wanting to learn about
    0:50:26 how to manage their own personal finances
    0:50:29 and wealth outcomes,
    0:50:31 do you think that’s gonna help at all?
    0:50:34 – I think it can help, it can also be very dangerous.
    0:50:36 And one thing that I’ve tried to do in my career
    0:50:39 is not pretend that I know who you are, because I don’t.
    0:50:40 I don’t know what your goals are.
    0:50:41 I don’t know what your income is.
    0:50:42 I don’t know what your personality is.
    0:50:45 I don’t know what your family situation is.
    0:50:47 So who am I to give you medical,
    0:50:48 to give you financial advice?
    0:50:51 I said medical there because what I was gonna say is,
    0:50:53 imagine a world where there was the equivalent
    0:50:55 of CNBC from medicine.
    0:50:57 And you had doctors going on saying,
    0:51:00 you should take this medicine, you should get the surgery.
    0:51:03 And what you would do as a viewer is you would be like,
    0:51:05 you don’t even know me, you don’t even know if I’m sick.
    0:51:07 And you’re recommending that I go take this pill.
    0:51:10 That would seem ridiculous, but we do that with finance,
    0:51:12 where you have a financial influencer who says,
    0:51:14 you should buy this stock.
    0:51:16 You should have half your money in Bitcoin.
    0:51:18 And that might be good advice for some people
    0:51:20 and disastrous for others.
    0:51:23 You have to understand that person individually.
    0:51:26 This is why I think despite the massive growth
    0:51:28 and like digital financial advice and whatnot,
    0:51:30 there is still a huge incredible need
    0:51:33 for a face-to-face human financial advisor
    0:51:34 who can actually get to know you.
    0:51:36 Because it’s never gonna be the case
    0:51:39 that an app can know everybody and give blanket advice.
    0:51:41 There is no blanket financial advice.
    0:51:44 And what works for me might be disastrous for you
    0:51:45 and vice versa.
    0:51:47 That’s the limitation of giving advice
    0:51:51 to a very big audience is that there is no one size fits all
    0:51:54 the piece of advice that you can give anybody.
    0:51:55 – We’ll be right back
    0:51:57 after a quick break from our sponsors.
    0:51:59 – Yeah, fam.
    0:52:02 When I first started this podcast, believe it or not,
    0:52:04 I had an all volunteer team to help me out.
    0:52:06 But as my business took off,
    0:52:09 I needed to hire a lot of new people and fast.
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    0:53:38 Hiring Indeed is all you need.
    0:53:44 So we were talking about AI earlier
    0:53:47 and Elon Musk has some predictions
    0:53:48 about what’s gonna happen with AI
    0:53:50 that I think are really interesting.
    0:53:53 He says that humans aren’t gonna work like we used to
    0:53:54 and we’re gonna have to reimagine the ways
    0:53:56 that we find purpose.
    0:53:59 And he also mentions that to address this job displacement
    0:54:03 caused by AI, that there’s gonna be a universal basic income
    0:54:05 or he at least advocates for one.
    0:54:08 Then he also has suggested that with AI’s efficiency
    0:54:10 that it could lead to a universal high income
    0:54:13 where abundance created by AI allows for higher standards
    0:54:15 of living for all.
    0:54:17 So do you feel like changes like this
    0:54:20 are actually gonna make finance more cumulative
    0:54:22 and less cyclical?
    0:54:24 – When I hear that, I have two thoughts.
    0:54:28 One is, yes, I believe that to be true, that makes sense.
    0:54:32 And B, people have been saying that for literally centuries.
    0:54:36 John Maynard Keynes, one of the most famous financial minds
    0:54:39 of the 1920s, 1930s, he very famously predicted
    0:54:42 that I think it was by the year 2000,
    0:54:45 the average work week would be 15 hours a week.
    0:54:47 ‘Cause he calculated we were gonna become so productive
    0:54:48 and so efficient that people just wouldn’t need
    0:54:50 to work that much anymore.
    0:54:52 Of course, that did not happen
    0:54:54 ’cause there’s such a long history of
    0:54:58 if people’s incomes go from $20,000 to $50,000,
    0:54:59 they don’t say, great, that’s enough,
    0:55:01 I can just retire on 50,000.
    0:55:03 What they do is they say, great, now I make 50,000
    0:55:05 and I aspire to make 100.
    0:55:06 And once they make 100, they’re like, great,
    0:55:08 now I aspire to make 200.
    0:55:12 So you can imagine a world where AI makes us all much richer
    0:55:14 and way more productive.
    0:55:16 I think it’s much harder to imagine a world
    0:55:17 where because of that, we all say, great,
    0:55:18 I don’t need to work anymore.
    0:55:20 I think if we do that, we’re just gonna find
    0:55:22 some other new technology to wanna work on.
    0:55:25 And that’s always been the history of new technology.
    0:55:26 Maybe this time will be different,
    0:55:28 but I feel like that’s always what it is.
    0:55:30 That if you double people’s income, it’s great,
    0:55:31 they live a better life
    0:55:34 and they are not satiated in the slightest,
    0:55:36 they’re always gonna want more.
    0:55:38 And I think the reason why is because
    0:55:40 people’s ability to feel wealthy
    0:55:42 has very little to do with
    0:55:44 the actual material life that they’re living
    0:55:45 and has a lot to do
    0:55:47 with whether I have more money than you do.
    0:55:49 It’s all about social comparison.
    0:55:53 And so if my income doubles and your income doubles,
    0:55:55 by and large, I will not feel better off
    0:55:57 ’cause I’m still comparing myself to you.
    0:56:00 So if AI makes everybody richer,
    0:56:02 it’s probably the case that nobody feels better off
    0:56:03 because by comparison to their peers,
    0:56:05 they’re not any better off.
    0:56:07 – Oh my God, that is so fascinating.
    0:56:08 And it’s so true.
    0:56:11 All of our decisions are based on status
    0:56:14 and whether things increase or decrease our status.
    0:56:16 So if everybody’s making the same amount of money,
    0:56:17 we’re gonna find some other way
    0:56:19 to try to increase our status.
    0:56:22 – Everyone just wants to be the top 1%,
    0:56:24 but I’d misuse a Charlie Munger quote.
    0:56:25 He’s like, the iron rule of math
    0:56:28 is that only 1% of people can be in the top 1%.
    0:56:31 It’s always gonna be that the other 99%
    0:56:33 feel like they’re falling behind
    0:56:36 even if their incomes are going up and up and up.
    0:56:39 – So Elon Musk is somebody that we mentioned
    0:56:41 quite a few times already in this interview
    0:56:43 and let’s stick on him here.
    0:56:48 So he is somebody who takes a lot of risk.
    0:56:52 What can we learn about failure and risk and resilience
    0:56:56 when it comes to Elon Musk and his experiences?
    0:56:58 – I’m probably gonna get some of these numbers wrong,
    0:56:59 but I think this is roughly accurate.
    0:57:03 He made about $200 million from PayPal.
    0:57:04 I think he was about 30 years old,
    0:57:06 cashed out $200 million.
    0:57:09 Obviously anybody could have and would have
    0:57:11 just sailed off into the sunset
    0:57:13 and bought a private island and a private jet
    0:57:15 and lived out the rest of their days in luxury.
    0:57:19 What he did is he plowed every single cent of that money
    0:57:23 into Tesla and SpaceX, which at the time were nothing.
    0:57:25 And by his estimation, as I mentioned earlier,
    0:57:27 there was like a 99% chance that those were not gonna work.
    0:57:28 Now both of them worked.
    0:57:30 He’s now the richest man to ever live.
    0:57:32 Everyone knows what happened.
    0:57:35 It’s also important to realize that the vast majority
    0:57:37 of people, including myself, do not have that personality,
    0:57:39 that you could have made $200 million
    0:57:40 and said I’m gonna bet it all on companies
    0:57:42 that have almost no chance of survival.
    0:57:45 Even if it did work out in the end, we know how it worked out.
    0:57:49 And so more than the fact that he is a genius entrepreneur,
    0:57:51 a genius engineer going down the list,
    0:57:53 he has a level of risk taking
    0:57:56 that is truly one in a billion that I don’t have.
    0:57:59 And so I think for lots of entrepreneurs, not just Musk,
    0:58:01 but many of those people, I can look at them
    0:58:03 and say I am glad they exist
    0:58:05 because the products that they created make the world better.
    0:58:07 And at the same time,
    0:58:10 I would never wanna live that life for myself.
    0:58:12 Where I’m lucky enough to make a fortune
    0:58:14 and I literally go put all of it on black.
    0:58:17 That’s not what I have, but he does have it.
    0:58:19 Back to like, people like Henry Ford.
    0:58:21 He was like, look, if you have cash in the bank,
    0:58:22 you need to put it to work immediately.
    0:58:24 Otherwise it’s a total waste.
    0:58:26 I don’t have that personality, but I’m glad that he did.
    0:58:28 ‘Cause he made the world better for it.
    0:58:30 That’s a lot of the contradiction here.
    0:58:31 I think it’s important for people to wrap their heads around
    0:58:34 is that it’s not a contradiction to say,
    0:58:36 I’m so glad that person exists
    0:58:39 because their technology’s made the world better.
    0:58:40 And at the same time,
    0:58:42 they have parts of their personality
    0:58:43 that I find distasteful.
    0:58:46 And I would never wanna take that much risk in my own life.
    0:58:47 That’s not a contradiction.
    0:58:49 That’s actually a very important thing to acknowledge
    0:58:53 for lots of those entrepreneurs outside of Elon Musk.
    0:58:55 – I have a quote from one of your articles
    0:58:57 that I think is really insightful for entrepreneurs.
    0:58:58 So I’m gonna read it.
    0:59:00 We live in a tail driven world
    0:59:03 where a few events drive the majority of outcomes.
    0:59:05 It’s a world that demands you become comfortable
    0:59:07 with a lot of things not working,
    0:59:10 lots of things failing and constant disappointment
    0:59:12 because success means that you tried 10 things
    0:59:16 and eight of them fail miserably, but two change your life.
    0:59:18 – Yeah, it’s a hard thing to wrap your head around.
    0:59:20 And this is true for a lot of things in life,
    0:59:22 for your relationships and whatnot
    0:59:24 that you might need to try out 10 different things
    0:59:26 before you find one that works.
    0:59:28 And understanding the idea that
    0:59:30 if you start 10 businesses, let’s say
    0:59:33 and nine of them fail and one is a success,
    0:59:34 that’s a good outcome.
    0:59:35 That means you did it right.
    0:59:37 But that means you have to be comfortable
    0:59:38 with nine of the things not working.
    0:59:40 And you might need to date 10 people
    0:59:42 before you find your spouse.
    0:59:45 Like that idea exists everywhere in your life.
    0:59:47 And so getting used to the idea
    0:59:51 that the path to success often looks a lot like failure
    0:59:53 is very hard to wrap your head around.
    0:59:55 It’s true for stock picking as well,
    0:59:57 where if you pick 10 stocks,
    1:00:00 there’s a very good chance that in the next 10 years,
    1:00:02 three to five of them won’t even exist anymore.
    1:00:03 Those companies will go out of business.
    1:00:06 Even for big mega companies,
    1:00:07 they just won’t exist anymore.
    1:00:10 And a couple of them will do okay.
    1:00:11 And if you’re good and if you’re lucky,
    1:00:14 one of them will generate all of your returns.
    1:00:15 That’s always how it exists.
    1:00:16 I mean, if you go back 20 years ago,
    1:00:20 a lot of the biggest stocks in the world were AIG, Enron,
    1:00:23 General Motors, companies that either don’t exist
    1:00:24 or barely exist anymore.
    1:00:26 And that’s always been the case.
    1:00:29 And you can so imagine a world 20 years from now,
    1:00:34 where one of Amazon, Google, Microsoft, Nvidia, Facebook
    1:00:36 don’t exist anymore.
    1:00:37 That sounds crazy,
    1:00:39 but that has always been the path of history.
    1:00:40 Or they still exist,
    1:00:42 but they’re shells of their former sales.
    1:00:44 And there’s gonna be some new company
    1:00:46 that you and I aren’t talking about today
    1:00:48 that’s gonna be worth $10 trillion.
    1:00:49 That’s always been the case as well.
    1:00:52 So understanding that you can fail half the time
    1:00:54 and still do very well,
    1:00:55 seems like a contradiction,
    1:00:58 but that’s always how it works in the tail-driven society.
    1:01:01 – Such an important lesson for all of us to take heed to.
    1:01:03 So I wanna close out this interview
    1:01:07 with your Universal Laws of the World,
    1:01:08 which you recently wrote about.
    1:01:10 Can you tell folks what inspired you to do this
    1:01:13 and what some of these Universal Laws are?
    1:01:14 – I’ve always liked the idea
    1:01:17 that fields are more interconnected than we think.
    1:01:20 So in school, the biology department’s over here.
    1:01:22 And then in a separate building, you have the math department.
    1:01:24 In a separate building, you have the history department.
    1:01:26 There’s actually so many interconnections between those fields.
    1:01:29 And there’s so much that we can learn from biology
    1:01:31 that teaches us about investing.
    1:01:33 And there’s so much that we can learn from history
    1:01:34 that teaches us about medicine,
    1:01:36 like all these interconnections.
    1:01:39 So I think it’s fun to look at some other laws and rules
    1:01:40 from other fields that you’re like,
    1:01:41 look, that’s from a different field,
    1:01:43 but it teaches me a lot about this field.
    1:01:45 There’s lots of different laws from evolution
    1:01:47 that can teach you a lot about investing,
    1:01:49 from biology that can teach you a lot about investing.
    1:01:51 And I think if you are only looking through
    1:01:53 the narrow lens of your field,
    1:01:55 whatever your field is, if you’re an investor,
    1:01:56 you’re only looking through finance.
    1:01:59 If you’re a lawyer, you’re only studying law,
    1:02:00 that you can actually learn so much
    1:02:02 if you expand your horizons
    1:02:06 and you realize how interconnected the world truly is.
    1:02:10 – So you have this bullshit asymmetry principle.
    1:02:11 What’s that about?
    1:02:14 – That was a guy who coined it Brandolini’s law,
    1:02:18 which is that it is much easier to create bullshit
    1:02:20 than it is to refute it.
    1:02:23 So if somebody lies or says something completely untrue,
    1:02:27 that’s very easy to refute it is extremely difficult.
    1:02:29 And it’s always been like that.
    1:02:31 Social media makes it a hundred times more potent
    1:02:32 than it used to be.
    1:02:33 And you see this online.
    1:02:36 If somebody tweets something that is obviously false,
    1:02:40 profoundly false, it might get a hundred thousand retweets.
    1:02:43 And then when it is corrected and the truth comes out,
    1:02:46 that correction will get a half a percent
    1:02:49 as much attention and as many eyeballs as it did.
    1:02:50 That’s always been the case,
    1:02:52 but it’s so much more potent now than it used to be.
    1:02:56 That bullshit is easier to create than it is to refute.
    1:02:58 – So interesting.
    1:02:59 And so how does that relate to finance?
    1:03:02 People giving advice and then everybody believes it
    1:03:05 and then you just can’t take it away basically.
    1:03:06 – Yeah, rumors and whatnot.
    1:03:09 What’s interesting in finance is that a lot of what might seem
    1:03:13 like bullshit and rumors can become true
    1:03:14 because it’s a story driven thing
    1:03:16 that enough people latch onto.
    1:03:18 So meme coins are an example of this.
    1:03:20 If someone creates a meme coin and you’re like,
    1:03:21 that’s obviously bullshit.
    1:03:24 It’s obviously has no fundamental backing.
    1:03:27 It’s obviously a joke and it becomes dogecoin.
    1:03:29 – Yeah, like 10s of billions of dollars.
    1:03:30 – Exactly.
    1:03:31 If enough people believe it,
    1:03:34 at least for a short period of time,
    1:03:36 it can become self-fulfilling.
    1:03:38 And even if it’s based in bullshit
    1:03:39 and long-term is bullshit,
    1:03:41 it becomes self-fulfilling for a very long period of time.
    1:03:43 If enough people think it’s true.
    1:03:44 – That’s so crazy.
    1:03:46 All right, last one, little woods law.
    1:03:49 Why do miracles happen all the time?
    1:03:51 – Little woods law was this idea from a mathematician
    1:03:54 where he was like, a lot of what people consider miracles
    1:03:56 are actually just basic statistics.
    1:03:59 Because if something has a one in a billion chance
    1:04:01 of occurring, well, how many people are in the world?
    1:04:02 Eight billion.
    1:04:05 So by definition, there should be eight,
    1:04:09 one in a billion things happening every day,
    1:04:10 day after day after day.
    1:04:12 And so in the news, we’re always gonna hear
    1:04:14 about this amazing, ridiculous thing,
    1:04:16 good or bad that happened to somebody.
    1:04:17 And you’re like, that’s a miracle.
    1:04:19 How could that possibly have ever happened?
    1:04:21 Well, a lot of the answers to that is just
    1:04:22 there are so many people in the world
    1:04:24 doing so many things,
    1:04:26 things that seem completely preposterous
    1:04:27 actually happen all the time.
    1:04:29 And in a global news world,
    1:04:30 you are definitely gonna hear about it.
    1:04:32 And it leads people to this idea
    1:04:34 that the world is probably more fragile
    1:04:35 and more uncertain than it actually is.
    1:04:37 It is very fragile and uncertain.
    1:04:40 But when you only hear about the one in a billion things
    1:04:41 that are guaranteed to happen
    1:04:43 because there are so many people,
    1:04:45 it gives us this idea that those things happen more frequently
    1:04:47 than they actually do.
    1:04:49 I actually wanna ask one more law
    1:04:51 because I feel like it’s important for entrepreneurs
    1:04:53 and that’s Parkinson’s law.
    1:04:55 Tell us about that.
    1:04:58 It’s the idea that work expands to the time that you have.
    1:05:02 And so if you give someone a two month deadline,
    1:05:03 they’re gonna take two months to do that project.
    1:05:05 If you give them a one week deadline,
    1:05:07 they’ll get it done in a week.
    1:05:09 Back to Elon Musk, who we’ve been talking a lot about.
    1:05:11 He’s been known for this very often,
    1:05:13 particularly in space lesson in Tesla,
    1:05:15 where an engineer says,
    1:05:17 Elon, this part is gonna take a million dollars to build,
    1:05:20 to a million dollars to create and design this part.
    1:05:21 And he basically comes back and he’s like,
    1:05:24 your budget is $50,000, go get it done.
    1:05:26 And they do, they do get it done.
    1:05:27 Steve Jobs did this a lot too,
    1:05:30 where he was like, the iPhone or the iPod has to,
    1:05:33 it cannot be bigger than Ness.
    1:05:35 And the engineers are like, we can’t do it.
    1:05:36 He’s like, yes, you can go figure it out.
    1:05:38 And they do it, they get it done.
    1:05:39 If you give someone a tight deadline,
    1:05:42 they will probably find a way to get it done.
    1:05:44 But if you give them the expense and the time,
    1:05:46 a larger budget or a larger period of time,
    1:05:49 they’re gonna fill up their needs in that time.
    1:05:51 And you see this in so many different careers,
    1:05:53 where the amount of time and money
    1:05:54 that you need to get something done
    1:05:56 is just the amount of time and money
    1:05:58 that your boss gave you to get it done.
    1:06:00 – Morgan, this has been such an awesome conversation.
    1:06:03 You have so much value to share beyond just finance.
    1:06:05 And I feel like we really got to hear
    1:06:06 a lot of your perspectives today.
    1:06:08 And I personally really enjoyed it.
    1:06:10 I end my show with two questions
    1:06:11 that I ask all my guests.
    1:06:14 The first one is, what is one actionable thing
    1:06:16 our young and profitors can do today
    1:06:18 to become more profitable tomorrow?
    1:06:20 – One is figure out what is unique to you
    1:06:22 that does not apply to other people in your circle
    1:06:25 who you are currently looking up to and trying to copy.
    1:06:28 What is very unique about your goals or your personality
    1:06:30 that you’re like, look, this person who I look up to,
    1:06:32 this strategy works for them,
    1:06:33 but it probably doesn’t work for me.
    1:06:34 And it’s not a contradiction.
    1:06:37 I’m not going against them to say, I know that worked for you,
    1:06:39 but I have a different personality.
    1:06:40 So I’m gonna do it my own way.
    1:06:42 Whatever that might be, everyone is different.
    1:06:44 I think that’s what’s most important.
    1:06:45 – Can you give us an example?
    1:06:48 – I probably don’t take as much investing risk
    1:06:51 as somebody of my age and income could.
    1:06:53 But that’s because I have no aspiration
    1:06:55 to be the world’s greatest investor.
    1:06:57 My only aspiration is to give myself
    1:06:59 and my family independence.
    1:07:00 And that might not be your goal.
    1:07:02 It might not be some of the listener’s goals.
    1:07:04 So if we are doing things differently,
    1:07:06 it’s not necessarily because we disagree with each other.
    1:07:08 You might just have a slightly different personality
    1:07:10 and different goals over time.
    1:07:12 – And what is your secret to profiting in life?
    1:07:15 And this can go beyond business and finance.
    1:07:17 – Independence, always.
    1:07:18 Not just financial independence,
    1:07:20 but hanging out with only people who I wanna hang out with,
    1:07:22 only doing work that I wanna do.
    1:07:24 If you could wake up every morning and say,
    1:07:25 I can do whatever I want today,
    1:07:27 regardless of what that might be.
    1:07:30 Having a sense of independence is not only the most enjoyable,
    1:07:33 but it’s gonna push you towards doing your best work.
    1:07:34 – Love it.
    1:07:35 And where can everybody learn more about you
    1:07:36 and everything that you do?
    1:07:38 – My books, The Psychology of Money,
    1:07:41 and Same as Ever, and I also have a podcast and a blog.
    1:07:43 Twitter, my handle is Morgan Housel,
    1:07:44 my first and last name.
    1:07:46 – Awesome, what’s your podcast called?
    1:07:48 – It’s called The Morgan Housel Podcast.
    1:07:50 Very creatively named.
    1:07:51 – Easy to find.
    1:07:53 I’ll stick all the links in the show notes.
    1:07:55 Morgan, it’s always a pleasure to have you on the show.
    1:07:56 Thank you so much.
    1:07:57 – Thanks so much.
    1:08:03 – Well, Young Improfitors, I have to say,
    1:08:06 I feel so much better and relaxed
    1:08:09 about my financial situation after speaking with Morgan
    1:08:12 because he just taught me so much
    1:08:14 and I love his approach to money.
    1:08:18 And I love his belief that money should be a tool
    1:08:22 for a better life and not an end to itself.
    1:08:24 When it comes to your finances and your investments,
    1:08:27 you’re never gonna be able to anticipate the market.
    1:08:29 It’s just never gonna happen.
    1:08:31 But you can understand the big picture,
    1:08:35 not to mention human psychology, including your own.
    1:08:37 And so here were some of my favorite pieces of advice
    1:08:40 from Morgan from the conversation today.
    1:08:44 First, invest for the long haul and don’t panic sell.
    1:08:46 There’s a reason why a house is the best investment
    1:08:48 that many people will ever make.
    1:08:51 And that’s because they tend to buy and hold it.
    1:08:53 That’s because they’re living in it.
    1:08:55 So don’t be afraid to buy and hold,
    1:08:57 but also don’t be afraid to take your money
    1:09:01 and then invest it in yourself instead, like I did.
    1:09:03 Even if you don’t believe like Henry Ford did
    1:09:06 at any cash that just sits around is going to waste,
    1:09:09 you should still think about putting that money to use.
    1:09:12 Maybe to start a side hustle or a business
    1:09:13 or to learn a new skill
    1:09:16 that could help you start a business one day.
    1:09:19 Morgan calls cash the oxygen of independence.
    1:09:23 And I think that is especially true for entrepreneurs.
    1:09:26 So yeah, bam, don’t look back in 20 years and wonder
    1:09:29 if you should have taken that shot at starting a business.
    1:09:31 Invest in yourself now.
    1:09:33 That might sound overly optimistic,
    1:09:36 but remember that sometimes overconfidence
    1:09:38 can be your superpower as an entrepreneur.
    1:09:40 Just be smart about it and also recognize
    1:09:43 that you may well fail nine times out of 10,
    1:09:46 but that 10th time young and profitters,
    1:09:49 well, that could be the time that changes everything.
    1:09:51 Thanks for listening to this episode
    1:09:53 of Young and Profiting Podcast.
    1:09:54 If you listened, learned and profited
    1:09:56 from this conversation with Morgan Housel,
    1:10:00 then share this episode with your friends and family.
    1:10:01 And if you enjoyed this show,
    1:10:03 I have two asks.
    1:10:06 First off, if you’re not subscribed to the channel yet,
    1:10:08 make sure you do that so you never miss an episode.
    1:10:12 Second, drop us a five star review on Apple Podcasts,
    1:10:13 Spotify, Cast Box, PlayRFM,
    1:10:15 wherever you listen to your podcast.
    1:10:17 I love getting your reviews.
    1:10:18 I read them every day.
    1:10:20 They always make my day.
    1:10:22 So take the time to write us a review,
    1:10:25 give us some feedback, help us grow our social proof.
    1:10:27 I’d really appreciate it.
    1:10:29 If you wanna watch your podcast as videos,
    1:10:31 I’m doing a lot more in-person content.
    1:10:33 You can find all of our videos on YouTube
    1:10:35 at Young and Profiting.
    1:10:38 You can also find me on Instagram at @yappithala
    1:10:39 or LinkedIn by searching my name.
    1:10:41 It’s Hala Taha.
    1:10:43 And of course, I wanna thank my YAP production team.
    1:10:45 You guys are so awesome.
    1:10:47 Thank you for all your hard work.
    1:10:48 I see you guys hustling every day.
    1:10:50 You make this show possible.
    1:10:52 I couldn’t do this without you.
    1:10:54 This is your host, Hala Taha,
    1:10:57 AKA the podcast princess, signing off.
    1:10:59 (upbeat music)
    1:11:02 (upbeat music)
    1:11:04 (upbeat music)
    1:11:08 (upbeat music)
    1:11:18 [BLANK_AUDIO]

    Morgan Housel once looked back at his twenties as a carefree, simple time, living in a beautiful apartment with his wife. But she quickly reminded him how anxious he truly was. His nostalgia had erased the uncertainty he once felt, just like how investors look back at past market growth and assume success was inevitable. In this episode, Morgan explains why the past is never as clear as we remember and why the future won’t be either. He also shares how entrepreneurs can build wealth despite uncertainty, the key to long-term success in the stock market, and practical strategies for sustainable financial planning.

    In this episode, Hala and Morgan will discuss: 

    (00:00) Introduction

    (02:14) Why Most Financial Resolutions Fail

    (04:06) Balancing Saving and Spending Habits

    (09:15) The Power of Long-Term Investing

    (13:30) Navigating Startup Risks Wisely

    (15:49) What Sets Genius Entrepreneurs Apart

    (18:50) Why Doubt Is Necessary for Entrepreneurs

    (22:23) How Hindsight Can Misguide Investors

    (29:22) Wealth Inequality in the Social Media Era

    (34:36) Turning Anxiety About the Future into Action

    (40:23) The Financial Mistakes We Keep Repeating

    (48:38) Elon Musk’s Extreme Risk-Taking Strategy

    (50:42) Embracing Failure for Lasting Success

    (53:55) How Rumors Shape Financial Markets

    Morgan Housel is an investor, partner at The Collaborative Fund, and author of the New York Times bestsellers The Psychology of Money and Same As Ever. A former columnist for The Motley Fool and The Wall Street Journal, he simplifies complex financial ideas, emphasizing long-term thinking, compounding, and decision-making over market predictions. He is also a two-time Best in Business Award winner from the Society of American Business Editors and Writers.

    Connect with Morgan:

    Website: morganhousel.com 

    Linkedin: linkedin.com/in/morgan-housel-5b473821 

    Instagram: instagram.com/morganhousel 

    Twitter: x.com/morganhousel 

    Facebook: facebook.com/morgan.housel.5 

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    Resources Mentioned:

    Morgan Housel: How to ACTUALLY Build Wealth, Investing to Gain Financial Independence | E266: youngandprofiting.co/4147SpO 

    Morgan’s Book, The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness: amzn.to/3EoljZ0 

    Morgan’s Book, Same as Ever: A Guide to What Never Changes: amzn.to/4aOX7uV 

    Morgan’s Podcast, The Morgan Housel Podcast: bit.ly/3EljBre 

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    Transcripts – youngandprofiting.com/episodes-new 

    Finance, Financial, Personal Finance, Wealth, Stock Market, Scalability, Investment, Financial Freedom, Risk Management, Financial Planning, Business Coaching, Finance Podcast, Investing, Saving.