#179 - How the UFC Became a Multi-Billion Dollar Brand, No-loss Lotteries Explained & How to Save on Your Taxes

if you're already doubting have debt having doubts or impostor syndrome that's you doing self talk in your head that you're not the best that you're not good enough that you're not whatever well then maybe you should replace that with something that says i am the best right so that's where i got over the like this kind of just like you know cheesy voodoo shit and i was like well no because there is self talking happening no matter what it's either gonna be negative or it's gonna be positive i might as well actively make it positive yeah i feel like i could rule to world i know i could be what i want to put at all in it like a day's off on a goal travel never looking back hey what's going on everyone we've got a good episode but before we get to it we've been releasing these new episodes called greatest hits they're actually not new to the world but they might be new to you but basically before we started doing the podcast as it is now it was just sean interviewing a bunch of people and we got like twenty or thirty in or heated did and they were really good but they were about two years ago when we launched them and a lot of the people have done some really interesting things since or in that last two years and so we've actually been re releasing them where i given an intro and there's also sean's z intro we're i'll give an update on the folks but anyway give it a listen and when you do make sure you click subscribe if you're on itunes so if you're listening to this on the podcast app click subscribe and then if you're on spotify click that follow button and the reason why is we're doing a bunch of these grace hit episodes but i'm actually the one going in the back and finding all these old episodes and i'm trying to find all these interesting stuff so in the next couple weeks we're gonna be releasing this series where we look at some of the the greatest predictions that we've made as well as some of the worst predictions that we've made but we're not releasing them entirely on a rate regular cadence because i gotta go and find all of them so make sure you click subscribe because a you can be notified when that new episode comes out and b it actually help us go in the rankings and right now we're ranked like number twenty i think twenty or nineteen in spotify in the business category and the higher we go up in rankings the more content we can do because the more listeners we have and will you get the idea so just please please please leave us review and sean what are we talking about in today's episode okay we talk about we're gonna talk about u the u the business of it as well as a pretty cool moment that happened in the the recent u ifc fight and we we talked a little bit about self talk which is us is something that we do both of us do that we don't usually talk to other we don't you don't usually admit to do in this and it's something that a lot of u fighters do self talk before you have to go perform before you go and do your thing and so we talk about d the business of u we talk about self talk and then we jump into some some ideas sam had a great idea or met guy who's doing a really cool idea around saving money on property taxes and this is a general class of ideas called money savers and then we have another another idea called the no lost lottery that we wanna talk about so that's what today's episode is i think you guys will like it especially the part about self talk i think that's gonna be the most popular part and we did have a few technical difficulties in this episode sean's inter internet is not working so hopefully you won't notice too much but if you do sorry it's not gonna happen it again so the editors i'm sorry you're gonna have to salvage like five restarts to the listeners hopefully it's not too bad we're finishing a conversation we are having about what we have to do yeah we gotta select a new i've got eighty nine drawings or art clips that we've got select and then i'm having a b interview did we announce in the podcast about a bra no we didn't a bra leave it unfortunately this was kind of part of the plan but it sucks so anyway we've got fifty people that we've got it sam have you had this before at the hustle where people wanna leave to go do their own startup specifically not like i got another job but yeah yeah you yeah most people yes yeah i have i always tell them i'm like and i think a brave is different because he wasn't a full time employee but i'm like just so you know like it this feels like a start up now and it is a start startup up that but just so you know like don't even even the nice shit that we have at the moment don't expect any of that for a little while and i'm like i always try to get them used to him i'm like just so know it's gonna be really bad for a little while this shit haul is shitty wait used to your own thing yeah so yeah that's happened a lot although i bring you i think actually understands that he's been saving money he's been living at home and and and stash of money or living somewhere where he is cheaper so yeah i think he'll i think he'll do good we there's this thing called the reid hoffman wrote book called the alliance talks about this like back in the day people used to expect an employee to like kinda stay with you for twenty years like that was like people used to do that it used to be a company from start to retirement and then that became less and less common and now i think intact the average tenure of an employee's like two years or something like even less maybe i think facebook it's even less and so yeah so reid hoffman who was the ceo of linkedin the founder of linkedin he wrote this book which was like look you got it you can't just you can't just close your eyes pretend that's not happening you can't get upset every time somebody leaves that's actually the norm so what's the right way to manage in this in this type of scenario and he calls at the alliance which is a mutual understanding between the person working with you and you and you as the managers i i actually very curious i wanna know about those the alliance people leaving whatever yeah so haven't read this book but oh great great very ready to start off well i know of the book i understood the premise i didn't don't eat ninety percent of books that i a fan of i i haven't actually read and this is one of them so what he says is basically you need to have like understanding with your the the person who's working for you're working with you that they're gonna be there as long as this is mutually beneficial and the expectation is that after x number of years two three four whatever that number is probably not much more than that that they may they may leave and they may go do their own and that when that time comes you're gonna support them and then it's he's the way he talks about is like he's a big believer of networks and network effects he's like that person when they leave your company they're not just like sort of dead to your company they are now you know they should be your champion and your advocate outside your company and you'll cross paths again you'll either invest in their company you know they may come back and work for you later they may refer somebody in so he describes how how to like thrive get given the constraint that people are gonna leave early on or or and tech this high high turnover rate of one to two years people hopping jobs which is not what array was doing but it just reminded me of that yeah and i still like the problem that i'm gonna solve for whenever i start a company again or and even now but i at least when i start from scratch i could i can hopefully this early on which is basically like how do you build a company where someone wants to work there for ten years and and i still even even in this world where you know the average person only works somewhere two or four years i think it's quite possible though see my problem is that i like working with and try to recruit and get the best results from recruiting entrepreneurial type of people that like that's why i get along with that's who thinks like me that's who like works really really hard and these like births but those are like the worst people for retention because they wanna go start their a company like that's that's why they're entrepreneurial type of people they're not gonna be long term employees sort of by definition and so i've always sucked at the retention side of things in that sense but you know i'm i'm cool with i i can just continually recruit more people that want that experience so before we get into some ideas for this episode can i tell you something that i saw recently and we're gonna bring kind of this topic up when and i'm talking about u but did you watch the rose nam a uni not is it rose nam a uni yep so the u fighter named su rose she is like darling not like just like in terms of like physical like what she looks like in her attitude like darling is like the best word i could describe her although she can like kill you yeah so so so the story of this is interesting right she's she's really i don't know she's five foot three she's very petite she used like have you seen her with long hair yeah she's was like beautiful she beautiful looking girl and at at the beginning the u was marketing their female fighters like with their kind of like sex appeal basically yeah right and there they they made her wear like a like a bikini weigh which is just so stupid right and some some girls leaned do it like paige van x she got like a boob job and she's like she kinda sucks as a fighter she's like very mediocre but she's famous and gets paid well because she has good like sex appeal people wanna watch her people are fans of her there's a the karate fighter called the karate hot right that's her nickname the karate hot because again she's like playing on that rose went the other way to beautiful girl and they were like oh dude you wanna go do dancing with the stars you wanna like we can make you a star and she's like fuck that shaved her head and was like i don't want this whole beauty thing is a distraction i'm actually trying to be a martial artist and which is and and that makes her great and i think that the there's like only a few sports in the world where the women are equally or more popular than the men i guess there's tennis maybe maybe national soccer i think that's kind of the the only other one that i can think of but in the u if you look at the top ten most popular paper views of all time it's like conor mac mcgregor and round route ro make up like collectively like eight of the top ten and whenever we think of like a i'm an an amanda nun fight i don't think like it's a great women's fight i think this is just awesome like i put a pay yeah i'm gonna i'm just gonna watch this and anyway so i think it's good that i hope think the whole bikini thing i think that's fucking that was a and by the way shit dana white was like kinda of famously was one stop by tmz and they were like dana when when will we see women fighting in the u and he was like never dude we don't wanna see nobody wants to see girls fighting in a cage and and then he like you know did a complete one eighty like to his credit changed his mind when he when ronda ro came around was like okay she's a star i can build this whole side of the sport around this woman and he totally did and now it's like like you and me both you know when there's a great women's fight it's just as good if not better than the ben heights yes and so there was a fight we didn't actually talk about it but it was two weekends ago and this woman named rose down i'm a unit she's awesome and there's a clip that i'll i i'll share again so people can just go to my thing or somewhere to find it but basically she's in like first of all going into a cage like you're in your underwear you're getting watched by potentially million plus people and you're like kind fighting to the death even if you do have someone's gonna like stop you like the k the likelihood that you can die definitely i mean that exists so like you're going in like a life or death situation in your underwear in front of all your friends and family in the world and the most and if you fail you sort of fall back to the bottom of the tote pole and you've to climb back up which is fighting a bunch of monsters along the way and it's like in a normal sport you go in i'm gonna play a basketball game i'm gonna play football game it's like i'm gonna play the game i hope i don't get hurt in a fight it's like first of all it's not even called playing you there's no play fighting it's just fighting it's actually it's it's not export you play and the second thing is you're definitely going to get hurt like that's it's not like an abe it's not like an unusual thing when you get damaged like you would in basketball with fighting you're for sure gonna take hits and you're gonna you're gonna yourself a little bit what the fighters say is like you know i left a piece of me in that ring and what they're really yeah what they really mean is like in a hard to fight it's like i know that i just took six months like that's six months off my life i just late i i left that in that ring so it's it's pretty amazing and i mean it's weird it's it's odd but i love it and in this fight the camera is that they're announced she's fighting way was it way lee i think her name is way yeah yeah this woman from china who just like a beast and she's like a terminator dude she's like so strong just unbelievably physically strong and again rose doesn't look like that she doesn't bulging muscles she said her neck is not like popping with veins she looks like if you've ever watched stranger things she looks like eleven the character things and then they and and way i i that i love that woman as well she's great too but this thug grows as her name they zoom in on her face and she's saying i'm the best i'm the best i'm the best and she's saying it over and over and over again and in two minutes she was the underdog she was supposed to get her ass kicked and i actually would a bet that she was gonna get her ass kicked i thought i would've have bet she was gonna get knocked out and within two minutes she did a front leg kick which is already kind of weird and knocked way leah out and the crowd goes wild i remember watching it live i was like i was in tears i was so happy i chills right now just remembering it rose kicks this woman in the head a minute and a happened two minutes in knocks her out we all go crazy and at the end her husband is her trainer or part of the training team and he gets down at her level like because he's like six five and she's probably five six five four and he looks her face he goes we've been saying it for years you're the motherfucking best no one could fuck with you who's the best that she goes i'm the best and then in the interview with jill ro he goes you kept saying i'm the best and he puts the mic through and she goes because i am the best and i get i'm kinda getting emotional even remembering chills right now just while you're shot because i was watching it and it was a very it's i don't think if you didn't watch it if you don't may if you don't follow the you probably don't give a shit about this if you didn't watch it well hard to relate i think even if i just don't watch it i don't think i think even if you don't watch the you should go and watch this clip because this woman she's had emotional issues where she like has broken it down from stress which is understandable given that like she's biting to the death so like fair it's just it was so the i think the key part of this by the way is that there's a lot of u fighters who are like all bra like they always talk about how they're the best i'm gonna win i'm the best nobody can touch me i'm on another level blah blah she's not one of those people she's ultra quiet humble like a lot of people perceive her to be like sort of mentally weak because she's a had some issues four and b like she doesn't come out with that bra typically so that's why it was very atypical to see this very sort of small this gentle giant basically like standing in the cage facing her opponent and just mu to herself mouthing to herself you could see she was just telling herself before the fight i'm the best on the best and it's from her it's not trash talk it's not bra it was self talk which is a very different thing she was trying to reinforce it to herself so she would go perform and then she performed like kind of a stunning knockout and the way in that she delivered the on the best line you could tell that her coach or or it must have been her coach who is her husband was like rose do the best as a matter of fact for the next year when i ask you who's the best you have to reply i'm the best or i'm gonna go make you do push ups to run whatever yeah or something like that and it it you could tell that that's how like she was like you know like when you're in high school and to make you carry a football day or like a baseball or like in my case the running baton if you drop it like it's like a it's like a disciplined thing like that is what happened with her you could tell that like if anyone said who you know who's the they're pretty good who's the best and if she goes you would have to say i'm the best right and it was interesting because as it brings back to business and launching the stuff you have that same doubt granted you know you might lose money and get embarrassed thankfully you're not gonna get your ass kicked or killed most likely but you still need that self talk and that example that minute and a half clip is like the best example of self talk for normal people do you do self talk yourself yeah i yeah i it's it's a trick question that way because everybody has an internal monologue everybody's doing self talk just in their head but i'm just more like do you strategically because a lot of people think this is like cheesy lame like affirmations stay mirror and say you're beautiful you're beautiful you're what i dude it's necessary because like so what are you doing anything yeah so like whenever i'm launching anything or whenever i have fear like for example even when i bought my home i you know i don't i'm i have a i i think i have a pretty unhealthy relationship with money i don't like spending it because i was poor i know what it's like to be broke and i was like no this is normal this is normal to feel this emotion this is incredibly normal do it anyway and then so yeah i i i do that all the time i try to normalize it as a this is normal this is what i i'm supposed to feel this way am supposed to do it anyway so i tell myself that all the time is that what you do i don't do that but i do i have two kind of routines that are like this well that i've probably never told anybody about alright so these are i would say this one is fairly new i told you kind of like i had like this moment where i was like alright what do i care about i i'm always been a self improvement guy right i talk about tony robbins has it's been a big kind of like influence on me so i have this thing on my wall and it's basically what i wrote like like most people write goals like what they want to achieve what they wanna have wanna i have a mansion or i wanna hit this dollar amount i wanna get promoted and for me i have a a thing that's called i wrote on it who am i becoming and i the i do it is because i think about myself like every year it's like a software update right what's version i'm thirty i turned thirty three what's version thirty three of sean look like right and i i literally write this out before beforehand i write out the like the notes like oh i used to have this bug where i got jealous about people that's fixed you know like hey added this new now i can play the guitar whatever right like i treat myself like a whole new version upgrades anyway so the all those little bug fixes and features they all add up to something what am i trying to become and is like kind of like a root philosophy which is life is not about what you achieve or what you have it's about who you become and so i said alright well what do i wanna become and i sort of wrote these four things out right i said i wanna become a person who is who's fit through healthy habits i wanna become a teacher you know a the favorite teacher of millions of people i wanna be you know a a great family man who lives in a house full of love and i have like a last one right one more after that so anyways i have these four things that are like the things i wanna become and i do this thing in the morning when i like do my kind of morning routine which is like my reminder for the day before i go and start just doing a bunch of work and a bunch of tasks and dealing with all the emails and shit that comes my way i just walk in a circle in my office which is a tiny tiny office i have like a i don't know eight by eight foot office and i just walk in a circle and every circle is i'm basically con i'm basically talking like i'm you know talking to myself are i'm my own coach about those about those four things so i'll say like you know you know i'm becoming a teacher i am i am a teacher i'm a teacher who millions of people love what i love what i create they learn from they're inspired by me i'm a teacher that means i gotta learn every day so i have something to teach i'm a great teacher right so i just say in the present tense i am this not i'm trying to become this and then i'll say this is the next one you know i'm a great dad you know even when things are going off the rails i'm patient that's when i get even more patient i'm poised i'm a great dad i'm always there for them they know i got their back i'm a great dad yes you sound like muhammad lee exactly you know i said i was the greatest before i am and so so i do that i've been doing that now for i don't know probably like a year and i love it it's just kinda fun for me so that's the first kind of self talk i do the second kind of self talk i do is what i call revision which is i fall off the horse a lot like most people right like i'm i'm trying to get healthy and then like fuck in the middle of the day there's a bag of chips was there and i i hate the bag of chips or like you know i'm i say i'm gonna be a patient dad but then like like i i just lost it when you know she wouldn't let me change your diaper and then blah and so like obviously i'm not perfect and so there so the the other self talk i do is revision at the end of the night i just imagine that same scenario that happened it only takes me thirty seconds i just think back to that moment that i'm not proud of and i reimagine it in a way that i'm me acting in a way that i'm proud of and that's it i don't like i don't like decide i'm gonna do things differently i don't like write it down i don't like pledge to myself i'll never do this again i just imagine it going the right way and then i just go to sleep and that act of rei imagining things the way you want to see it is a form of self talk in my mind it's just like rose saying i'm the best and imagining herself you know knocking out there other girl that's kind of what i do for you know i'm not a fighter i just do it in in my daily my daily life and the takeaway i think should be if someone's crazy enough to to look to you sean or look up to me then at least now they know that someone they look up to has like doubts and has to do that self talk the good the cool position that you and i are in is that we know people that are like some of them in at least in terms of financial success which is a limited version of success are some of the most financially successful people in the world we talk to them and we know firsthand that they're like ugh i'm so depressed i can't do x y and z and then in our case like we look up to ollie i do a lot of these nfc fighters at seen like this tough ass lady like doug rose doing the same thing so anyway this isn't h poke this that it's actually everyone has this and and it's interesting so look up that doug rose video it's badass ass yep there's one other thing i'll put there which is my trainer was big on this sort of like not to talk so much about the the visualization the imagination he's always like oh you're too analytical you're just being like you're trying to think your way through everything just imagine it just don't worry about how it's gonna happen think about what you want to have happen and in my head i was always like yeah yeah like the end of the day somebody's gotta figure out how it's gonna happen as it's gonna have to be me so like just imagining it it's not gonna it right so i was kind of resistant to it up front but i came around when i realized one thing which is everybody in their head is already imagining some outcome so like if you're ever stressed or worried or doubt what is that that's your head imagining the thing not going right not going well failure whatever right so if we are willing like it's it sounds kinda h and cheesy to imagine things going well it's like sort of like this hippie dipping thing to do but the other side which is imagining things not doing going well everybody's doing all day anyways is anybody who's ever had stress or fear or doubts if you just break down what that is that's imagining things not going well it's imagining a future where this doesn't work and so if you're willing to them if you're already doing and willing to imagine things not going well you might as well start imagining things going well also and if you're already doubting have having doubts or impostor syndrome that's you doing self talk in your head that you're not the best that you're not good enough that you're not whatever well then maybe you should replace that with something that's says i am the best right so that's where i got over the like just kind of just like you know cheesy voodoo shit and i was like well no because there is self talking happening no matter what it's either gonna be negative or it's gonna be positive i might as well actively make it positive and if it is cheesy who gives a shit like if that gives me just a slight edge then or then take it if you wanna i need everything i can get alright we should generate less well really quick before we get ready michael harris do you know who that is no who is that michael harris his name is nick nickname is michael lowe i don't know what the was from but he founded death row records which he was the he was google i so i don't i wanna like get this totally wrong but i believe he was like cocaine dealer and he went to prison particularly i think it was san quentin for twenty five years but prior to prison he made close to like a hundred million dollars from selling cocaine and he funded death row records and he got it off the ground a cofounder death row records owned the all the originals or the masters of everything anyway he's out of prison might he's a good friend of my good friend chris it's he it's his good friend did you go pick him up when he got out well he he he got he got he got picked up in bentley which is pretty funny but anyway he wants to come on the pod you you want him amazing yeah at death who's death so death was tu popular or death death who is yeah so it was poc it was lot dr early stuff right so yeah it was snoop so basically this whole like the a lot of modern rap originated because of of death records this whole like amazing you know fuck the fuck the police gangster shit they kinda like invented that okay great that's gonna be awesome alright you wanna talk about again or do wanna tell about something else let's talk about but this time we're gonna talking about the business if u seen real quick so the parent company that owns u ifc is called endeavor and endeavor went public and and go anytime something goes public you know you can go and you can sort of see the financials and you can read the prospect perspectives because they have to do that in order to file for going public so this is the first time that the u financials kinda like saw the light of day really and they've been sort of shrouded by mystery you know fighters were always wanting to know the numbers because they wanna get paid more they feel like they're super underpaid you know dana kind of talks about numbers but like nobody can ever verify is that how many pay per view buys there were not whatnot so i thought it was kind of interesting so i wanna talk a little bit about endeavor and see what you think about this so yeah endeavor i go ahead go ahead go i just gonna say the two guys who are like in charge of it i believe is aria emmanuel and i think it's got patrick white cell and ari is if you ever watch entourage the character r gold is based off of or emmanuel and so he's kinda like a power player in in hollywood he you know they had their own talent agency then that sort of took over w me and the and then they took so they have three parts of their business one is agencies like w e and and others so managing hollywood talent musical talent whatever then they have sports businesses where they own sports assets notably they bought the u but they also own some other things they own euro league basketball they own pb like bull racing they own a bunch of like bull writing bull sorry they own bull bull bull sitting okay so so they own a couple of you know sports assets and then they have like kind of like a third you know armed to the business which is their events business so they have the mis universe pageant they have new york fashion week and they have they basically bought the company that post the event of super bowl on location so they they have all these events and so they have these three arms of the business the but they they they also do publishing they they do all types of shit like frankly how that company even operates i don't understand because there is some cohesive but there's also a lot of not cohesive rights and it's it's incredibly confusing really i think it's really like a roll up of one theme which is sports and media entertainment so so they roll in all these companies together and they have like yeah yeah they have like a brand licensing thing where they they have the brand for harvard and and the nfl and they'll go like license it out and give revenue back to to harvard the nfl so they went public it's worth eighteen billion dollars now and yeah as as of as as of right now it's twenty one point three right so went up just in the time of my research i should've have bought they do about four to five billion dollars a year and specifically with the u i thought this was kind of interesting so i didn't know how much revenue the does and i was a little bit surprised to learn that i guess yeah i don't know if you you've seen or not no i haven't yeah i would say eight hundred in revenue two hundred in profit alright very close you're very close on the revenue side so here's their twenty eighteen twenty nineteen twenty twenty so seven hundred million eight hundred seventy five million and a nine hundred million dollars last year wow so very close on revenue but their margins are a lot better than you think so you were saying two hundred million too yeah so so their margins are about thirty six percent so they have thirty percent eb on their their product which is very good fighters only get twenty percent of revenue every other major sport nfl nba it's a closer to fifty fifty i think it is fifty fifty split and so you know the fighters are are sort of right when that when they say that they're under underpaid and and so their business is interesting because they have media rights so i guess how much the media rights sold for so the the the the it used to be on fox and now it moved to espn guess how much do for i think it was a billion over sixty years right i don't know how many years it is but it's three three hundred million a year i it's actually more than a billion so they make so the fox deal i think it was one point five one point five over five years i think wow so yeah so it's the fox deal was one hundred sixty eight million a year and then the espn deal was three hundred million here and that actually paid off pretty big because of their nine hundred million in revenue three hundred comes from the media rights the rest comes from merchandise events pay view oh sorry ticket sales all all that good stuff and so i thought that was pretty interesting pretty good business overall much more profitable than i would have expected given you know all the different moving pieces that go into it and overall like kind of an incredible business because they bought the for two million dollars like i don't know twenty something twenty five years ago or something so they bought it they bought it out of it was going bankrupt and dana white who's the president of convinced his two kinda childhood friends who were basically the the fort brothers are these like mafia family guys who own they own a casino so they own red rock casino in i think fort tito son he they've d or one of the fort tina kids or he's rh listens to the podcast i don't think who would like that if you said or mafia public it's like it's like public it's like well known information and it's like been published everywhere and i also think by the way what i say mafia i'm not judging i think that's pretty fucking cool and i think my people the mafia also think being in the mafia is pretty so i i hope they don't get offended by that and if they do you know i live in austin you can go find me over there so yeah right so anyways the fort tito family is pretty interesting they started casinos they're the frank and lorenzo were the ones who dana convinced hey let's go by the u so they bought it for two million and now and then they ended up selling in for four five billion when they bought it they pretty much just got the cage which is probably a twenty thousand dollar piece of equipment right and they got the name yes the u they were like we just loved that name it was such a great name and they we paid two million but we didn't really get anything right and but for some reason than we did it they had to pour in way more money after that so it's kind of the the the the easy story is bought it for two million sold it for five billion which is obviously amazing no but there was like multiple years of just pouring money in and losing money before this thing turned around because they couldn't get regulated in a bunch of places like john mccain called it human cock fighting and you know they couldn't they couldn't get licensed they couldn't the business model wasn't there they wouldn't get put on tv that sort of thing and so they put i think geez something familiar yeah i was gonna say sixty five they sent it in the documentary he was like we put a lot into it and it failed and failed and failed and by like year six they convinced spike tv i don't know that's the thing anymore to air the last fighter or the ultimate fighter yep and there was it was forrest griffin and i forget the other guy's name and they had this big fight and i remember i was a kid yeah i remember that fight as a kid these guys were going at it they looked like it was the first time that like we thought wow they're like athletes they're not like these guys are they like they they not necessarily like thugs or like meat heads like these guys are athletes who were fighting and i remember watching it and right when that episode aired their ratings went up and they go boom we just saved the whole company right from that one phone the thing with that show is they show them in a house it's like a reality right i just showing them living in a house and then training and then competing so it wasn't just a brutal fighting part it was like you got to know the guys you see their back you see them lying in their bed looking at a picture of their family right before their training session being like alright this to i'm doing it for blah blah so people got emotionally invested so it's similar you know like the kardashians is also like they use reality tv to build the brand that ends up being a commercial brand right because you perform an emotional connection of you know them and their sort of reality you know although it's quite edited and then you know then you're more likely to be a buyer in the future so so yeah they ended up turning this thing around kind of an amazing outcome for them just a super cool business and i would say if you don't follow the seen there is one kind of like cool business lesson to learn from it which is dana white dana white is the most unorthodox president of a company that i think i've ever seen like people think elon is kind of like out there and he'll tweet random stuff he's kind of on phrase is pretty bold dana makes elon you know look like a like a you know like a on a roll student dana will like so he's been involved with the business from the from the beginning but he will go into instagram comments where somebody's you know hating on something and he'll just be like go fuck yourself you know like you in the press conferences he is as much a character as any of the fighters and the same way that vince mc man did that in wwe but but that's fate that's scripted dana does it in the un scripted format and i had an investor tell me once we were talking about esports and and i was you know a lot of people think esports is really interesting space because it's you know the viewership is really high but the business is kind of nascent still and people are wondering is there a u like opportunity there because you buy something today for two million that's gonna end up being worth four or five billion and what this investor told me i think is so spot and you goes sports needs its dana white it needs its person who's gonna take this sport from like just the underground and brick by brick build it into a mainstream brand and like take no prisoners and like organize the whole fucking thing along the way let me ask you this dana white when the deal when he sold the company he made four hundred million dollars i think i think that was public he owned four percent of the company or ten i forget ten ten percent ten okay ten percent so for four he made four hundred then he probably made like probably he's was probably getting paid ten million the year he's like right that fifty million at least that's my before the sale before the sorry before the sale yeah yeah so he was wealthy ahead of time and then he made money a thousand who cares so let's just be like conservative and say that he's worth six hundred to seven hundred million dollars that's conservative i think and like all the celebrities are one like they like like the the people who we think are cool they're the ones who think dana is cool like everyone thinks data's is cool you know what i mean like the famous people dana is famous to the famous people so he's got power he's got people wanna people think he's cool yada got money would you trade spots with him now his lifestyle is brutal it's brutal absolutely brutal that dude it looks horrible he looks like he's still like kind of looks fit but he looks exhausted his face is red and like he's like a hundred and fifty pounds since starting this thing now it's kinda like muscle fat but because he takes steroids and stuff but no he's dude he's on like they do an event every weekend basically and he has to like do like he has a manage headquarters plus he goes to the event he does the press conferences he's watching rings side then he goes to talks to the fighters afterwards and he deals with the way and and that oh this guy can't make it this guy got hurt we gotta find a replacement it does have fifty two weeks out of the year and like there's a reason that dana not like you know happily married at home with kids in a great dad and you know un stressed there's a reason that dana has got bags under his eyes because he chose that life and he nailed it i would not choose that life it's not for me yeah yeah not a chance i wouldn't either but but i respect the hell out of it i am happy what what do i always say corn rose in in next test too i'm happy they exist i don't want them alright you wanna do you wanna go wanna try another one oh i didn't even see i didn't scroll down you had the revenue down here the whole time i never saw yeah oh sorry did you wanna wrap up at this or no no that's i i think it was kinda interesting i mean i don't really a major point on like oh bet good business bad business i think as somebody who who's a fan of the sport the business side of it is just as interesting as as the actual sport itself yeah i think that like i think that is mainstream popular now i can't exactly tell because the people who like like it's my sport like that's like my it's my monday night so i i follow it just as much as the hardcore football fan follows all that and i make my wife watch it with me now she is actually finally into it because she understands the story behind it because it it's basically just wwe wrestling right it's just like it's like fake drama which i love anyway we watch it and but i i think it's beyond just our crew now i think it's like mainstream almost like everyone knows who connor is so a couple of episodes back we talked about business models that save you money and they just take a percentage of savings and how that's like the biggest no brainer of all time we said taxes was good like income taxes we said software savings car savings we said a bunch of stuff that was kind of an an interesting episode i hung out with this guy who is he just lives a few doors down for me he started this company called student loan hero you know student loan hero never heard of it i i don't even know what it is it basically helps you consolidate debt i think so like if you have student debt you go to their website and you purchase some i i don't know i i haven't had a lot of i think what it does is it i i i've seen models like this i haven't looked up their website but i've common bond is another one of these they basically just refinance your debt at a lower rate so they save you money and then they basically make money because the new lender will pay them a fee for the for the loan they originated for them exactly i just haven't had to do that so i i i'm not exactly sure how it works anyway he sold that company food bootstrap it sold it for sixty million dollars his new company is called what's it called proper lot proper lot dot com and he what his goal i went mean and sarah went to his house here day for breakfast and the guy of just he like i took a picture of like my like just me in front of my house i i don't remember what i doing i posted he's like i wanna be creep or anything but i think i live like five doors down from me you do wanna hang out and i went to his house and hung out and he's got this new company called proper lot and they're doing this but with property taxes and what's there's a few interesting things about this the first thing is that he's trying to make this keys a theory where he thinks he can make it makes it he thinks he can make it relatively big like millions of dollars in revenue with him being the only employee so that's what he's doing that's interesting in itself second how do they save money on property taxes is there a simple explanation or no yeah so second is the actual business so in where i now live in austin your property value goes up every year or every two years and then your taxed two percent of your property value because there's no income tax that's how they get their money so i bought my house for about one million dollars it's currently it went up crazy very oddly like it's is but it sucks for me that it went up like twenty percent in the first sixty days of owning it and now i owe two percent of like one point two million dollars a year in taxes let's just say that that's twenty twenty two thousand dollars or something a year in taxes that i owe and what proper lot does is you tell them your address they look at the assessed value of your neighbors and they tell you the to the government hey this actually isn't fair that you charge us one point two million our value actually should be one point one million and it all in all i it saves me about a thousand dollars a year and they take three hundred dollars of that fee and there's a few companies in the space but a lot of them are older like old school one's called i think it's called p o the url is p o connor dot com they do about a hundred million dollars in revenue with two hundred people and then another one called five stone which is local to austin they they filed twenty four pro twenty four thousand protest last year and made like four million dollars the way the company works is what the numbers are the average revenue per customer is about fifty to three hundred dollars and it usually saves customers two to five percent of an app appraisal value it lowers your pays value by two to five percent and they have a seventy percent success rate so for seventy percent the users who sign up they reduced you by two to five percent kind of an interesting business model and i i i had i don't know if you had heard of it but i think it's great that's pretty cool i i like that a lot i wonder like you know how do they need your permission to do it so for example do you have to sign up as a customer and request it or can they just be like proactively doing it and then leave a flyer at your door hey we you know we did this for you would you like these this much savings you know it's ready for you just claim your account like that would be crazy growth act they could do it yeah no you have to sign up but that actually would be a great marketing scheme gotcha okay cool i like this idea a lot did you have anything you wanna is there a r of it no i just thought it was cool no i think that's good the other day one of our listeners jordan told me that he was goes i listened to you guys just because you tell me cool shit i never heard of so yeah that i that was one of them okay speaking up i have a a cool thing that i don't know if you've heard of have you heard the term no loss lotte no okay so this is pretty cool so i met this guy lay who is behind this thing called pool together so if you get a pool together dot com you can see what it is we'll pull together is is it's a savings account and this is in the crypto world so it's just but but this exists everywhere it's a savings account where instead of just getting like you know if you go to a bank today get a savings account you're gonna get point o o whatever one percent interest it's like nothing right so what they said and said was well what if it pool together everybody's point o one percent and then we give all that money away to one person as a lottery of re winning so so it's a lottery where you don't have to buy tickets and you put nothing up at risk but you can win very very large and so this has existed the same model this prize based savings is what it's called has existed you know for a while it's in the us it's very popular in the uk so there i think they call it premium bonds so in the uk there's something like twenty million people do this they they save in premium bonds and there's like a total of a hundred billion dollars saved in these price based saving accounts and the way they work is exactly how i described put your money in every week there's a drawing or every month there's a drawing something you know something like that and you can win like twenty five bucks all ranging up to a million bucks and and they they give it they give that out every every so often and so so it's pretty cool model it's a way to encourage people to save because right now the incentive to save is so small so the more savings you do the more like sort of tickets you have in the raffle so it's a pretty cool model now these guys ported this concept crypto and there's a thing in the in the doc check it out it's called usage numbers one great thing about crypto is that everything's on the blockchain so every app is like you can see their google analytics you know like it's all open so i can go see that these guys have shit they have two hundred million in assets under management they have about nine thousand ten thousand users like active users who participate in the thing which is a small number of users but for for crypto ten thousand active users is like you know you're one of the top like you know decentralized applications you know if if you're doing that much like if you have that many users so mostly these are very very small but it's amazing how much money they have down there and it's and so the way that the thing works is they actually they give so let's say they have two hundred million in in in assets under management that means their lot is gonna be of x excise you know i don't know exactly how much it is every week but it's pretty big and then what they do is they roll over some of those savings into the next week's jackpot so they they ensure that every week they always have you know a bigger and bigger jackpot by rolling over a percent of this of this week into the next so you'll have to what what can someone google to look at this because these stats like the growth rate is just like crazy yeah so so they could just so the the website i used to see how these crypto apps usage is is called dune analytics so d u n e analytics dot com and then and then you can basically i we could put the whole url there but it's you know whatever slash pull together okay so i i i you i'm trying to get out of this like oh this is stupid when i am right i here ethereum like i'm trying not to like even though i'm only like thirty i'm trying to act like a grumpy old man whenever i hear the shit i'm trying to here so i'm gonna try and work hard to default to optimism here but my question to you use this when you see this stuff like when you're explaining me to this i'm like is this a gimmick or is this real and i'm not gonna call it stupid but when you are explaining this i think to myself is this a gimmick or is this like something that has longevity and can work i mean that's like all the all these crypto things like many of them there's no doubt they're cool but are they cool like the app y is cool or are they cool like this is a thing that i could see lasting for ten plus years so i think that this can last this one can last is that a fair assessment i think it's totally the right question to ask when it comes to crypto cryptocurrency versus like is there any value to this beyond speculation right that's always was the first question with the crypto app and then it's like okay if there is value is this elastic value or is this a quick fad people gonna get tired of the gimmick and in this case what i think is interesting is that there's this whole like what's happening crypto there's a whole parallel financial system being built so i have i have my wallet i have my my real bank account and then i have my coinbase base account right i have my my wallet in my pocket with credit cards in it and then i have my crypto wallet and i have my meta mask and i have whatever right and so i now have like two i'm i now it participate two financial systems in the same way that like social networking split it up right i had my real life friends nearby in my neighborhood and whatever a school and then i had like my online friends and i had like my online way to go chat with people of which there's some overlap so the same things happened now with finance so what does that mean that means that there's a whole bunch of people out there millions of people who have who are participating in in crypto it crypto keeps going up in price so now they have like substantial holdings and when you have substantial holdings you have two choices are you just gonna hold it and like earn nothing off of it are you gonna sell it so that you can cash some of it out or are you gonna put it to work for you you're gonna reinvest it and what's happening is that all the people who six who who have won in the first couple waves of crypto now have those choices and they're all choosing to reinvest why would i sell i'm still i mean i'm even more bullish on crypto right because i kinda believe before not i made a bunch of money well now i think this is the greatest thing ever you know why would i sell take a big tax hit for selling and and be out of the game no i think there's still room to go up so they're not gonna sell they're not gonna hold and just do nothing with it because that seems kind of irresponsible too right let's say you have six figures seven figures eight figures worth of crypto why don't you earn five percent a year on that money you can through crypto lending products and things like that the point the point trying to get to is when you have all this money people need something to do with it savings accounts as one lending is another reinvest into other projects is another and so that's what you're gonna see you're gonna see all the all the existing use like financial infrastructure get rebuilt over here in crypto land and then some new shit that didn't exist in the real world that you can do in crypto land will get will get built so i think you know for that reason i think that if it works into the uk and twenty million people do it then i think there's a good shot that it this is gonna exist encrypt in the crypto world it's just so hard for me to understand would you do it like let's say you have like you have if ethereum or whatever you have have bitcoin would you put it in a in a savings account here and like potentially win the lottery play one of these no loss lotte yeah yeah yeah yeah yeah yeah yes and it's just to set it and forget it you don't have to like actively do anything once you decide that once yes i would do that and like to all the stuff that like i would call silly i would also do that stuff as well like when i buy an n that costs a grand yeah but not more than a grand like right i went like to me it's like as spending a grant on that it's just is the same fun as going to play blackjack jack for a gram like i can totally have a thousand dollars with a fun over five hours right but yes i would use this i one other idea i wanna throw through at you did you see this thing that was posted on wait but why the blog wait but why called when he's talked about his wife start up no okay you used to check this out so the guy who tim urban who writes to wait but why posted this blog post and he says introducing the land and he got his wife yes have you seen that i was looking at it after you put it on this doc it looks awesome so you should go to his blog post i want you to go there for two reasons one is i think the idea is kinda interesting we could talk about that but the second is the way he tells the story and lays out the the case for this product for this startup is so good it's better than ninety nine percent of startup pitches you and i hear because this guy's like a master of storyteller and if you wanna like think about how i should explain my startup up or explain by and pitch my business go read this blog post alright i shout out everyone who subscribe to the podcast and sends me proof and if you send me proof you can send it to m f n at the hustle dot c so that's like my first million m f m at the hustle dot c send me proof so ready let's get to some shout outs and by the way everyone makes fun of me because i don't know how to pronounce or i can't pronounce stuff that well but i'm promise you i'm trying really hard so apologies also i'm like reading people's twitter handles and some of you guys have really silly handles so and i don't think that many people could pronounce it so give a shout out to oh my god just this first one was challenging job h give a shout out to johnny j z v cunning underscore dr claude lau hardly box dave fa jack wash burn luna tech fringe everest brady t worn d manga roy brits jordan van hoo oh jordan van i i think i know that guy preston holland john h text ate down david piazza wade for wireless and the podcast petition we'll do a couple more general com kyle na loft marcus a deal myth and i think that's all oh my gosh am am i just am i the worst these are really hard to pronounce am i right alright someone asked me to give a shout to gen genuinely interested podcast i was what's was called genuinely interested the podcast which shout to them shout says this guy's awesome everest brady has a power washing business called everest power washing dude if he's in austin i'm gonna use them because i need that actually now one rail app a start up that we are changing logistics and supply chain and democrat in amazon style logistics and delivery experience to retailers and distributors shout out to my youtube channel called one man startup up this actually sounds pretty good check out one man startup shout out to contemporary idiot it's a subs called contemporary idiot that's a pretty good name and then shout out to broccoli i think they say they're big fans of broccoli they wanted me to shout up broccoli alright if you wanna give a if you want me to give you a shout out can you please subscribe to the podcast so go to spotify or itunes whatever you use click that blue button that says follow or that purple button on itunes that says subscribe click that take a screenshot and email it to me m m at the hustle dot c send me that please and i will give you a shout out talk soon yeah i feel like i could rule to word i know i could be what i want to from at all in it like a days all on a roll less travel never looking back