May 1, 2020 · 55m · my-first-million
What Does It Take To Become Rich? How Some People Make Millions! My First Million Podcast 04-02-2020
0:00 / 0:00
▶ Watch on YouTube →
gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions
In this episode of My First Million, hosts Sean Puri and Sam Parr examine emerging AI technologies, dissect high-margin 'trust as a service' credentialing models, pitch a vocational academy for executive assistants, and profile the unconventional rise of billionaire Xavier Niel.
Statements from this episode (13)
Puri: Natural language AI will generate full animations and video
“You're just going to be able to say things and it's going to be able to create what you're saying. So you're going to be able to say, okay, what if Donald Trump was talking to, you know, whatever, Barack Obama, and then Donald jumped in the air and he said thi…”
Puri: Media trust will require device-level cryptographic tamper seals
“And so at some point people will only trust videos or photos that have this cryptographic seal on them that says this has not been edited because it's on the device itself from when it got captured, it gets instantly implemented on.”
Parr: J.D. Power Sold for $400M in 2005 and Over $1B in 2019
“JD Power was sold to McGraw Hill in 2005 for four hundred million dollars. And then it was sold again recently in 2000 and eight, 19, I think for north of a billion.”
Puri: Credentialing Businesses Are Low-Cost, Low-Risk, and Compound in Power
“Credentialing agency or trust as a service, I'm very, very interested in those, because I think those are beautiful, beautiful businesses, extremely easy to run, low cost, low risk, and the more you do it, the more powerful they become, because the more you're…”
Parr: Mensa Has 150,000 Members and Makes $4.8M Annually
“They have a 150, they're a nonprofit, it's a 150,000 members, and they do about 4.8 million dollars a year in sales.”
Parr: Gallup Generates Between $1B and $2B Annually
“The company makes about A billion or two billion dollars a year. It's privately owned. It's probably one of the largest privately owned companies in America, like top 200, and they have a quiz. So if you Google StrengthsFinder's quiz, it's a 29 dollar or 49 do…”
Parr: Pre-selling non-existent products to test demand is ethical if refunded
“I'm saying advertise something that doesn't exist so you can get demand, improve demand, and then you refund the money.
You don't, I'm not saying you steal from them, but
yeah,
you are lying, and so I think that's ethical.”
Puri: Donald Trump is a master communicator despite lacking substance
“So Trump is somebody who I'm not a fan of. I think the guy is bad in all these different ways. But when I watch him, the guy is an incredibly effective communicator. And he's not polished. He doesn't use fancy 15 dollar words. He doesn't have a lot of substanc…”
Puri: ISAs are effective debt vehicles when training costs are low
“When you have a low cost of training it's a great model because it reduces the friction to join because you say, well, it's free. And so it's, I only have to pay them if I get a high paying job out of this. So your incentives are aligned, right? Because we wan…”
Sean Puri: Xavier Niel spent $100M building 42 school in Fremont
“So he built one in France and he built one here in Fremont for a hundred million dollars in California.”
Parr: Billionaire Xavier Niel was convicted for misusing sex shop company assets
“In 2004, he was indicted and detained for a month for misuse of company assets, which occurred in several of his sex shops that he was a shareholder in. And he ended up getting a two-year suspended Prison sentence for misuse of company assets.”
Sam Parr: Xavier Niel owns Frank Sinatra's 'My Way' rights and major French newspaper
“In addition to all this, he owns the rights of the song My Way by Frank Sinatra, which I love. He owns one of the largest newspapers in France.”
Sam Parr: The Hustle executed its 2015 SeedInvest growth roadmap exactly
“The way our company is shaping now, I made a video in 2015, and I outlined what was gonna happen, and it is 100% happening exactly like that. Where, where's that video? What, how do I find that? It's on YouTube. If you google the hustle seed invest, I explain,…”