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#210June 4, 202156:00

#188 - What It's Like to Be Rich, How to Respond to Growth Plate…

About This Episode

Sam and Shaan explore the personal and psychological shifts that occur after achieving wealth, including the specific 'numbers' needed for retirement and how success alters family dynamics. They also discuss strategies for overcoming business growth plateaus and brainstorm concepts for neighborhood-based commerce and the next big competitive sport for aging demographics.

Episode Description

Sam (@theSamParr) & Shaan (@ShaanVP) do a little Q&A in this episode. They talk about their financial goals, their romantic relationships, and what they would do if they were 21 again. They finish off the episode talking about the podcast growth, live events, and brainstorm a few ideas around community and sports you can do as you get older. --------- * Want to be featured in a future episode? Drop your question/comment/criticism/love here: https://www.mfmpod.com/p/hotline/ * Support the pod by spreading the word, become a referrer here: https://refer.fm/million * Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas. ---------

Show Notes

  • * (1:19) - Intro
  • * (4:00) - The Twitter bio paradox
  • * (6:15) - Intro to Q&A
  • * (6:30) - Q1 - What's it like to be rich?
  • * (11:51) - Q2 - What do you read/research outside business?
  • * (14:03) - Q3 - How did success influence your romantic relationships?
  • * (20:34) - Q4 - What pandemic behavior do you want to keep?
  • * (22:00) - Q5 - If you were 21 again, what would you be doing?
  • * (25:44) - Q6 - What's your best purchase over $2K & best under $100?
  • * (27:52) - Podcast growth update
  • * (29:55) - On growth plateaus
  • * (32:47) - Live event update
  • * (34:53) - Community around the "neighborhood 7/11"
  • * (44:25) - The new golf
  • * (53:53) - Outro

Key Takeaways

1

Growth plateaus are a natural part of any project; masters recognize these moments as a signal that the next level of growth is starting rather than a reason to quit.

2

The 'Twitter bio paradox' reveals that truly successful individuals often counter-signal by acting like regular people, while those still seeking status over-signal with impressive-sounding titles.

3

Compounding wealth at a young age is a massive advantage because a 7.5% annual return allows capital to double roughly every nine years, turning $20 million at age 30 into over $1 billion by age 90.

Business Ideas Mentioned

Neighborhood Garage Corner Stores

Marketplace

Nerds on Tour Live Events

Content & Media

The New Age-Appropriate Competitive Sport

Boring Business

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Featuring

Hosts

SP

Sam Parr

Host

SP

Shaan Puri

Host

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Quick Stats

Duration56:00
Guests0
Ideas Discussed3
Topics0