Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
About This Episode
Sam and Shaan discuss the psychological toll of the 2022 crypto and stock market crash, including Shaan's personal $700,000 loss in his public portfolio. They explore the importance of 'mental fitness' during economic downturns and break down the lucrative business model behind high-margin B2B trade shows and transactional conferences.
Episode Description
Show Notes
- 02:10- Crypto crash
- 04:05- Downturn mentality
- 23:30- What Sam and Shaan are doing now
- 31:05- Truebill
- 38:25- Success of conferences
- 01:00:10- Shaan is writing a book
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- Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.
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- Additional episodes you might enjoy:
- #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits
- #209 Gary Vaynerchuk - Why NFTS Are the Future
- #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto
- * #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett
- #218 - Why You Should Take a Think Week Like Bill Gates
- Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More
- How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More
Links
- * Truebill
- * Money 20/20
- * ShopTalk
- * Hlth
- * Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel.
- * Want more insights like MFM? Check out Shaan's newsletter.
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Key Takeaways
Adopt a 10-20 year 'spoiler' perspective on your life to mitigate short-term financial panic and maintain rational decision-making during market crashes.
Use economic downturns as a 'spring cleaning' period to perform austerity checks, cancel unnecessary subscriptions, and eliminate inefficient overhead in your business.
Successful B2B conferences should be viewed as high-margin real estate businesses rather than content platforms, where the primary value is facilitating transactions between attendees.
Business Ideas Mentioned
International B2B Trade Show Cloning
Content & Media
Year-Round Post-Conference Networking Communities
SaaS