Oct 23, 2024 · 58m · my-first-million
You Have 70 Days to Win the Year
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In this episode of My First Million, Shaan Puri and Sam Parr share tactical frameworks for personal goal setting, dissect high-margin business models in education and direct-response wealth management, and analyze the economics of landmark tourism and venture capital.
Statements from this episode (14)
Shaan Puri: A true priority must be a single word, not a list
“As Frank Slootman, the guy who was CEO of Snowflake and wrote that book, Amp It Up, he goes, priority should be a single word. If somebody tells me their top three priorities, all I ask them is, which one is it? And then they get really flustered, but he goes,…”
Shaan Puri: Front-load health choices to counter evening decision fatigue
“The gas tank of decisions, of good decisions is full in the mornings. And by the evening it's depleted. And so all my bad decisions happen then. And so I just make all the decisions up front for what I'm going to do.”
Sam Parr: Crimson Education generates $150M revenue at a $500M valuation
“Crimson Education does something like a 120 to one hundred fifty million in revenue. It's valued around five hundred million dollars. They have something like a thousand employees.”
Sam Parr: 2% of admitted students at top Ivy Leagues used Crimson
“Something like two percent of the students admitted into Brown, Columbia, Harvard, and Penn last year were his clients.”
Sam Parr: Gaming college admissions is only worthwhile for top 20 schools
“I actually think that playing the game to go to a top. 20 university is probably worth it to play the game to win, to play the game and not go to one of these amazing schools. I actually don't think it's worth it.”
Sam Parr: 25% of incoming Harvard students used private admissions tutors
“They said that like, 25% of people going to Harvard this year, they had one of these, like, tutors, and then it goes up even higher that if your parents have a household income of at least half a million dollars, half of them use these types of tutors”
Sam Parr: Taking $150K in debt for non-elite colleges is ridiculous
“I think that, like, these fancy schools, like what you went to, should be, like, designed for, like, the, Like the academic class and like the rest of us like plebs. Like I think I should have gone to like a trade school or a state school. I think I should hav…”
Shaan Puri: Fisher Investments sold its first outside stake at $12.5B valuation
“They and they ended up selling to private equity. So they sold to Advent. They sold, not the full amount, but they sold At a 12 and a half billion dollar valuation. And that was the first outside capital raise. So this guy basically bootstrapped his way to a t…”
Shaan Puri: The best marketing opportunity is entering legacy, unsavvy industries
“I think what the genius of this guy is, is he said, how do I be, you know, just, you know, two notches above average at marketing, but go into a space where nobody knows anything about marketing, right? Or everybody is like doing a very rudimentary playbook. A…”
Sam Parr: Plain, text-heavy websites often convert better than flashy designs
“In reality, a plain white website that has just long form copy of like 3000 words can oftentimes more often than not convert better than a flashy website.”
Sam Parr: Financial advisors promising returns above market indexes are lying
“Well, if you have an a wealth advisor or whatever this stuff's called, if you have an advisor who promises to make you more than the index, they're lying.”
Sam Parr: Foundation raises $170M to build a massive Alcatraz monument
“They're raising a hundred and seventy million dollars to build this. And their goal is to make a hundred million dollars a year in profit.”
Shaan Puri: Founders should consult investment bankers a year before selling
“The best thing I ever did was I talked to a banker a year before I wanted to sell my business. And I talked to them, and I go, a year before? What do you mean? And he goes, yeah, because I went to the banker, and I said, if I wanted to sell my business today, …”
Shaan Puri: Harry Stebbings will collect $80M in guaranteed management fees
“Harry Stebbings just raised a four hundred million dollar fund. That's amazing. That's incredible, by the way. Harry is gonna make eighty million dollars guaranteed in fees. Just fees. He could be the worst investor in the world.”