Q&A: Gut punches, favorite guests, plus advice for life

Where should I put my money? (0s)

• A person in their 30s, who recently sold their e-commerce business and invested in a successful startup, now has $53 million in cash and is unsure how to invest it. They are considering options like the S&P 500, real estate, private equity, or pursuing a billion-dollar idea. Their life goals include having a family and becoming a billionaire. (0s)
• The advice given is to initially place the money in a high-yield savings account or short-term treasury notes and spend six to twelve months, or even longer, reading and having conversations with interesting people before making any major investment decisions. (1m6s)
• It is suggested to live off 3% of the money, invest in an 80/20 split between S&P and bonds, and only pursue a new venture if there is a strong passion for it. The person should be intentional about their next project and not rush into decisions. (2m19s)
• An analogy is used to describe the situation, comparing it to having a beautiful TV with tangled cables behind it, indicating that the person is asking multiple questions at once and needs to untangle their thoughts to make clear decisions. (2m55s)
• When individuals become wealthy, they often face separate questions about how to manage their money, time, and personal goals, which were previously interconnected when they had less financial freedom. (3m29s)
• It is important to identify actual personal goals rather than adopting those influenced by others, such as parents or society, as these goals may not align with one's current self or desires. (4m28s)
• Personal goals can change over time, as illustrated by Mike Posner, who realized that his aspirations in his 20s no longer matched his desires in his 30s, prompting him to reassess and update his motivations. (4m48s)
• A critical question to consider is whether one's actions are driven by genuine passion or the need to prove something to others, which can lead to unnecessary stress and efforts to validate oneself. (5m22s)
• An example is given of a successful entrepreneur who feels the need to prove his success was not a fluke, highlighting the importance of understanding the true motivations behind one's actions. (5m40s)
• The advice offered includes taking no immediate financial actions, seeking a coach to address mental challenges, getting in shape to gain a new perspective, and spending time with loved ones while helping others. (6m5s)
• During a period of uncertainty, it is suggested to view it as a "season" and spend time with people who have experienced similar phases, avoiding major decisions until clarity is achieved. (6m26s)
• A common mistake during transitional periods is acquiring unnecessary possessions, which can complicate the process of finding direction. An example is given of purchasing real estate impulsively, which led to regret and a lengthy process to resolve. (7m2s)
• A positive alternative to impulsive purchases is using resources to support family, such as paying off a parent's mortgage or providing them with memorable experiences. This is seen as a form of personal philanthropy. (7m43s)
• An anecdote is shared about Stephen A. Smith, who retired his mother on the spot, highlighting the impact of using financial success to benefit family members. (7m46s)
• Personal experiences are shared, including flying parents first class to Europe and organizing a spa day for a mother and her siblings, which brought joy and pride to the family. (8m18s)
• The discussion addresses the concept of "gut punches," which are unexpected challenges or setbacks that can occur in life. (9m34s)

Best thing you've read lately? (9m35s)

• A novel titled "Replay" by Ken Grimwood was recently read, which significantly impacted the reader. The book is about a man who dies at 35 and relives his life repeatedly, allowing him to make different choices, such as getting rich and reconnecting with deceased parents. This concept prompted the reader to plan a meaningful trip with their parents, emphasizing the importance of seizing opportunities to spend time with loved ones while they are still alive. (9m36s)
• Chris Williamson shared an essay discussing the differences between type A and type B personalities. Type A individuals are characterized as achievers with high anxiety, often excelling in their careers but struggling to relax and enjoy the present. In contrast, type B individuals are more laid-back, focusing on happiness but often lacking a clear plan for the future. Society tends to reward type A traits, even though both personality types have their own challenges. (11m19s)
• The discussion highlights the undervaluation of type B personalities, noting that while their resumes may seem unimpressive, their approach to life often appears more balanced and fulfilling. (12m55s)
• There is a comparison between "cold plunge" people, who focus on optimizing and energizing themselves, and "hot tub" people, who prioritize relaxation and socializing, with an emphasis on the value of being able to balance both approaches. (13m36s)
• A recent thought-provoking idea was shared, emphasizing the notion that life is essentially made up, and individuals have the power to create their own narratives and rules. This concept was attributed to Gary Tan, who is regarded as one of the top guests featured in the discussions. (14m58s)

Who’s on MFM’s Mt. Rushmore? (15m28s)

• Jason from Detroit inquires about the most influential guests on the show, asking for a definitive ranking similar to how Deion Sanders ranks his children. (15m28s)
• The discussion highlights Daresh, Monish, and Sayad as notable guests, with Daresh being particularly admired for his ability to be aggressive in life while maintaining a calm and nice demeanor. (16m23s)
• Daresh is recognized as the co-founder of HubSpot, a company valued at around $30 billion, and is described as a billionaire or possibly a multi-billionaire. He has appeared on the show multiple times and is known for his aggressive approach to life despite his calm exterior. (17m42s)
• Daresh's background includes growing up poor in India, which motivated him to excel and prove his capabilities. He learned skills like ping pong and golf to integrate and succeed in different environments, such as when he moved to America. (18m9s)
• A resource called the "Side Hustle Idea Database" is mentioned, which contains 100 side hustle ideas to help individuals start and grow their own ventures. This database is available through a link in the description. (17m11s)
• A person named Daresh has a long-standing tradition of paying for 100% of the dinners he attends, which he has maintained for over 25 years since moving from India. He once insisted on paying a $115,000 dinner bill to keep this streak unbroken. (18m44s)
• Daresh is described as aggressive in life pursuits, such as creating a successful online video game with his child, yet he is gentle and allows others to lead conversations. He is considered a significant inspiration. (20m6s)
• The speaker admires guests who define their own life rules and succeed in being both happy and successful. Ryan Holiday is mentioned as an example of someone who appears well-balanced and content, leaving a positive impression despite not recalling specific podcast details. (20m56s)
• Ryan Holiday purchased a bookstore, despite it being a poor investment, because of his love for books and the atmosphere of a bookstore. He built his office above the bookstore and enjoys sharing books with podcast guests, often giving them multiple books to take home. (21m51s)
• Ryan Holiday is described as living life on his own terms, focusing on reading, writing, and exploring ideas. He is respected by those who know him and has published 15 books. He also writes a daily email and is considered prolific. (22m51s)
• Jesse Itzler is admired for his diverse career, transitioning from a rapper to starting various businesses, including a jingle company, a private jet share company, a coconut water brand, and a pickles brand. He integrates his passions into his business ventures. (23m21s)
• Jesse Itzler is known for his creative approach to life and business, including organizing unique events like a running club and the 29029 Everest challenge, where participants run the equivalent of climbing Mount Everest. He also practices a daily routine of sending compliments, congratulations, or consolations to people in his life. (23m41s)
• Mike Posner shared an operating philosophy for creators, emphasizing the importance of creating what feels personally cool rather than trying to make universally appealing hits. He noted that when he focused on making hits, he ended up disliking the results, and others did too. Instead, he now creates what he personally enjoys, and sometimes the world agrees with his taste. (25m4s)
• Posner's experience with his music career included his first song being a five-time platinum hit, while subsequent songs did not achieve the same level of success, leading to feelings of failure. This experience influenced his current creative philosophy. (25m9s)
• A music video by Mike Posner, which is about 10 minutes long, is described as inspiring and feels like a documentary due to the amount of talking in it. It is recommended for viewing. (25m53s)

When was your biggest gut punch? (26m18s)

• A person recently started boxing and experienced their first liver shot, which felt like an off switch for their body. This led to a reflection on what the equivalent of a liver shot in business might be. (26m19s)
• In business, a "liver shot" is described as the disappointment when hiring someone expected to be a game-changer, but they do not meet those high expectations. This is not necessarily the fault of the person hired, but rather the unrealistic expectations placed on them. (26m28s)
• The discussion includes a humorous analogy comparing the disappointment in business to personal experiences, such as having a crush in high school and noticing minor imperfections. (27m51s)
• The conversation references the movie "Shallow Hal," where Tony Robbins encourages seeing inner beauty, highlighting the theme of expectations versus reality. (28m38s)
• A personal "gut punch" is described as being let down by people, with the speaker acknowledging their own responsibility for setting high expectations. (28m59s)
• Another significant "liver punch" in business is when a health issue arises, either personally or with someone close, which shifts priorities and makes previous business concerns seem trivial. This is encapsulated in the saying that a person has a thousand problems until they have a health problem, then they only have one. (29m6s)
• A significant realization occurred when the speaker experienced a metaphorical "liver punch," which shifted their perspective on the importance of business in their life. (29m49s)
• Nurses are compared to tugboats, highlighting their crucial yet often unrecognized role in healthcare, similar to how tugboats were essential during World War II and 9/11 for maneuvering ships and aiding evacuations. (29m59s)
• The analogy emphasizes that nurses, like tugboats, perform vital tasks that are frequently overlooked, and their contributions can be more significant than those of doctors or other professions. (31m3s)

Who would you spend 24 hours with? (31m31s)

• There is a discussion about the desire to observe highly productive individuals, with Elon Musk being a prime example due to his ability to manage multiple companies, play video games like Diablo, and maintain a large family. (31m34s)
• Elon Musk's activities are highlighted, including playing the video game Diablo on the same night as significant achievements like the Starship launch. (32m6s)
• The conversation shifts to notable athletes who excel in video games, such as LeBron James reaching a top rank in Madden and Luka Dončić being a top 500 Overwatch player. (32m21s)
• The discussion includes amazement at how athletes manage to achieve high ranks in video games despite their demanding careers, with a personal anecdote about the difficulty of reaching high ranks in Overwatch. (33m14s)
• Alex Karp, CEO of Palantir, is mentioned as a controversial figure due to his company's political leanings and his eccentric personality, including his upbringing in Germany and his candid remarks during earnings calls. (33m31s)
• Alex Karp, known for his unique and quirky personality, is highlighted for his leadership at Palantir, a company he was deemed perfect to lead due to his contrasting political views with co-founders Peter Thiel and Joe Lonsdale. (34m38s)
• Karp's eccentricities are noted, such as his inability to drive due to being "too poor" and then "too rich," and his distinctive style, exemplified by wearing pink socks at his New Hampshire home. (35m10s)
• Employees at Palantir reportedly admire Karp, affectionately referring to him as "Papa Karp" or "Daddy Karp," and view him as a wise and sage-like figure. (35m55s)
• The discussion also touches on the extreme productivity and creativity of individuals like Elon Musk and the creators of South Park, Matt Stone and Trey Parker, who produce a 30-minute episode in just six days, a process that is considered highly unusual in the animation industry. (36m21s)
• The South Park creators' rapid production timeline is contrasted with the typical six to twelve months required for most animated shows, showcasing their intense and efficient workflow. (37m12s)
• Casa Bonita is a famous restaurant known for its unique dining experience, which includes elements like cliff divers, an indoor waterfall, and a theatrical show. It is described as a mix between a Rainforest Cafe and a cafeteria-style dining experience with subpar Mexican food. (37m53s)
• The restaurant was purchased for a couple of million dollars, and a significant investment of about $40 million was made to revitalize it. This process was documented and turned into a documentary. (39m20s)
• Despite the substantial investment, the food reviews remain poor. However, the effort to save Casa Bonita is compared to the Fertitta brothers' investment in the UFC, highlighting the dedication to preserving the restaurant's legacy. (39m46s)

What’s your best advice for new dads? (40m24s)

• Jeremy from Austin, who is soon to be a dad, seeks practical advice on fatherhood, having read books and listened to podcasts. (40m25s)
• One piece of advice involves using the "five S's" technique for calming a crying baby, which includes swaddling the baby tightly, holding them on their side, and loudly shushing in their ear. This method is effective in soothing the baby quickly. (40m48s)
• It is noted that advice like "get some sleep now" before the baby arrives is not practical, as sleep cannot be banked. Instead, preparing for fatherhood is more about mental readiness. (41m40s)
• The three phases of fatherhood are described as: wanting kids, feeling apprehensive as the birth approaches, and eventually reaching a stage where life without kids is unimaginable. This progression is considered normal, with the final phase often occurring 12 to 18 months after the child's birth. (42m20s)
• Initially, new fathers may feel disconnected or unsure about their role, as the baby seems inanimate and the father primarily supports the mother. This feeling typically changes as the child begins to interact more, such as smiling or crawling. (43m0s)
• A discussion reveals that many new parents, particularly fathers, do not feel an immediate deep love for their newborns, with feelings of being "in love" often developing around eight to ten months after birth. (43m37s)
• Some parents compare the initial bond with their child to having a pet, like a dog, and emphasize the importance of having lowered expectations during the early months of parenthood. (43m59s)
• A humorous anecdote is shared about a father who describes his early relationship with his child as similar to having a roommate, with deeper affection developing over time. (44m22s)
• Many parents express surprise at wishing they had started having children sooner, contrary to the expectation of wanting to enjoy more freedom before parenthood. (44m53s)
• The episode concludes with an invitation for listeners to submit questions for future discussions through a contact button on the podcast's website. (45m29s)