I listened to My First Million Podcast in 2022. The podcast’s theme is that two investors usually chat with other entrepreneurs and discuss how they make their first money.
Sam and Shaan are the funny hosts. They bring on some of the first millionaires on the podcast and ask the guest questions that give you insight into how they went from a few thousand to the first million dollars.
I tried to remember a few important things from personal My First Million podcast notes. I’ve listed them here.
1. Set A Deadline For Yourself
We worry too much about what we need to do to get things running. However, the most important thing is how much money you can make.
When you say, how can I make $1000 in five days, your brain goes into action mode. As a result, you will remove many things from your planning and must-do-before-I-start.
Setting deadlines removes the clutter so you can focus on how to get the money.
It’s the same episode on how Sam built his newsletter. You can find the link below.
2. Only A few Will Succeed In All Your Ventures
Many of the entrepreneurs you see have tried many things, and only a few succeeded.
I heard this when Peter Level was invited to the podcast. He started many things, but only a few succeeded.
3. Some Businesses Are Like Compound Interest
I should rephrase it to “Most businesses are like compound interest.“
If you stay consistent, things will compound. You have to play your part and let time do its something.
You can listen more on this My Fist Million episode, where Sam Parr talks about how he built a newsletter and sold it for millions. I have written this before: Making money writing content by thinking big.
4. If There Is An Active Community/Following, There Is A Chance Of Making Money
They discuss this in their episode about fanfiction and another with an Onlyfan creator.
Fanfiction is what the name implies. It’s fiction written about a famous person by their fan. And people are making money from that.
Anna Todd did it by writing about One Direction singer Harry Styles. Her book, After, has been read millions of times. It has been adapted into a movie of the same name. But there is more to the story than that.
In summary, a community or active following of your actions or creations signifies that you can make money.
5. You can find ideas in odd places
Shaun and Sam talk about the first time they visited a strip club. Shaun Puri says (as a joke) that strippers know a lot about the market and men’s psychology. If something happens in the market today, you would have been a week ahead if you asked a stripper some days ago. The strippers know.
This is about finding ideas or valuable information in odd places. It’s not about going to strip clubs. Men, please take note.
6. Running A Business is Messy for Everyone
Talking about your wins is excellent. But building a business is messy, difficult, and tiring.
They talk about this in their episode, discussing how Elon Musk is managing Twitter. Most of us wouldn’t have known how messy it is for Elon to operate a business if he hadn’t shown us a glimpse (ON TWITTER) of how he hires, fires, and implements decisions.
7. You’re Going To Be Right A Couple Of Times In Your Life
This is another version of point 2, but the idea here is that when you feel you can be right, go in and go hard.
You’re going to be right a couple of times in your life. So when you feel like you are, take the chance.
8. If You Will Get Something Valuable From It, But The Chance of Success Is Low, Do It
Sometimes, the important things you will get out of working hard on something are just lessons and new ideas. Why waste the opportunity if you can get lessons no one will teach you? If you don’t push to the end, you lose the chance of learning that important lesson that will be an essential part of your life or future.
Do things that inspire you — even if the chances of making money from it is pretty low.
You can listen more to the episode they did about Tim Ferris.
9. Don’t Ever Think You Will Be 100% Qualified
They mentioned this when they invited Steph Smith on the podcast. You shouldn’t work at another job with the mindset that one day you will be 100% qualified or skilled to start your own thing.
This circles back to point number 6: Business is messy and complicated. It will humble you, teach you a lot more, and test you so much you will wish you never started.
So, you might as well quit your job at any time and do your thing already. The idea that you will be 100% ready or qualified at another job is an illusion or a form of procrastination.
My First Million Podcast Notes 2022
So, that’s it for 2022. Hopefully, if this blog still exists next year, I will write the 2023 version.
If you enjoy this, you will enjoy my other posts on Naval Ravikant on the Joe Rogan Podcast.