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EYL #7 Hustlers Don’t Stop, They Keep Going. · Earn Your Leisure

• 0:22
  Speaker 1: All right, guys, readings and salutations, Welcome back Episode seven,
• 0:27
  Speaker 1: Lead your podcasts. We're back earn your Lesion podcast. Thank
• 0:30
  Speaker 1: you for your support, your encouraging words. Thank you for
• 0:32
  Speaker 1: riding with us throughout this journey of ours. So, Troy, yeah, man,
• 0:38
  Speaker 1: we gotta we gotta talk about some real issues person.
• 0:42
  Speaker 2: Yeah man, a personal issue for me and for millions
• 0:45
  Speaker 2: of Americans about forty five million of us to be
• 0:47
  Speaker 2: exact student loan that it is a trillion dollar problem
• 0:52
  Speaker 2: in America. I think it is the second not even
• 0:55
  Speaker 2: I think, I know it is the second highest gross
• 0:59
  Speaker 2: of debt in America, only to mortgage debt. And you know,
• 1:02
  Speaker 2: we spoke about the wealth gap and how important having
• 1:05
  Speaker 2: a mortgage is and having homes are. But something is
• 1:09
  Speaker 2: going to be combating that now in the future if
• 1:12
  Speaker 2: something doesn't change, and that's student loan debt. So there
• 1:16
  Speaker 2: are some negative effects that it has long term and
• 1:19
  Speaker 2: short term, and we're going to talk about some ways
• 1:21
  Speaker 2: that we well, not we in the sense, but the
• 1:25
  Speaker 2: government is proposing to change that.
• 1:29
  Speaker 1: Yeah. So something came out recently, right, It's what happened.
• 1:33
  Speaker 2: So we had a report that the Senate is thinking
• 1:35
  Speaker 2: of a way to have employers pay for student loan debt.
• 1:39
  Speaker 2: So right now, they do reimburse people who are going
• 1:42
  Speaker 2: to school, so they reverse you for tuition, and that
• 1:45
  Speaker 2: is pretty standard in some fields of employeing. But having
• 1:51
  Speaker 2: the debt paid is something that will be very new.
• 1:53
  Speaker 2: And what they're saying is that employers can match up
• 1:57
  Speaker 2: to five thousand dollars in student loan debt for their employees.
• 2:00
  Speaker 2: It'll be an incentive for people to take jobs and
• 2:03
  Speaker 2: it will help burden that that that is pretty much
• 2:07
  Speaker 2: crushing people, Like the average person has thirty six thousand.
• 2:10
  Speaker 1: Mean, what exactly you're going to happen?
• 2:12
  Speaker 2: So employers, right like if I want to get a job,
• 2:15
  Speaker 2: Let's say I'm a teacher and I want to get
• 2:17
  Speaker 2: a job at a school, and one of the things
• 2:19
  Speaker 2: I ask the employer or the school district is do
• 2:21
  Speaker 2: you guys reimburse for student loan debt tuition? Right now,
• 2:26
  Speaker 2: that isn't in place, but there are proposals that could
• 2:28
  Speaker 2: do that, and if it passes, they can reimburse up
• 2:32
  Speaker 2: to five thousand, So they're not going to pay your
• 2:34
  Speaker 2: entire payment because I think the average person this is
• 2:38
  Speaker 2: the study showed that the average person spends more on
• 2:41
  Speaker 2: their student loan debt than they do on their monthly groceries,
• 2:43
  Speaker 2: which is like crazy, Like people have to pay more
• 2:46
  Speaker 2: in debt than they are eating, which is like ridiculous.
• 2:51
  Speaker 2: But they'll pay a percentage of it. So even if
• 2:53
  Speaker 2: let's say your student loan payment is seven hundred dollars, right,
• 2:56
  Speaker 2: which is kind of meeting in this day and age,
• 3:00
  Speaker 2: the employer can say we'll pay two hundred dollars of that,
• 3:02
  Speaker 2: and they'll do that as long as you're with the company.
• 3:04
  Speaker 1: So will that be deducted from your salary.
• 3:07
  Speaker 2: No, it's not. It's actually the employee gets a tax benefit.
• 3:11
  Speaker 1: The employer gets a tax benefit to paying off your
• 3:13
  Speaker 1: student loan.
• 3:14
  Speaker 2: Absolutely. It's just like when they do tuition reibursement, Like
• 3:17
  Speaker 2: people don't know that the employers write that off as
• 3:20
  Speaker 2: a tax deduction. Okay, yeah, So like that's a new
• 3:23
  Speaker 2: proposal that could happen. We'll see because if we don't
• 3:28
  Speaker 2: figure something out right, people's lives are being delayed. So
• 3:32
  Speaker 2: like when people come out of college, and it should
• 3:34
  Speaker 2: be a celebratory time, right, we go to school four
• 3:36
  Speaker 2: or five years, we get our bachelor's degree, and in
• 3:39
  Speaker 2: most situations. Now we have to go further and get
• 3:41
  Speaker 2: our master's degree. It's we should be celebrating that. But
• 3:44
  Speaker 2: what they people don't realize is that in six months,
• 3:47
  Speaker 2: government's going to come knocking, right, we need you to
• 3:49
  Speaker 2: start repaying. And the problem is that when people come
• 3:52
  Speaker 2: out of school and they amass so much debt, like
• 3:55
  Speaker 2: if they go to a top line school, it could
• 3:57
  Speaker 2: be two hundred thousand dollars that they owe after they finished,
• 4:00
  Speaker 2: you know, with their school. How are they going to
• 4:03
  Speaker 2: repay that? Because you have to come out of school
• 4:05
  Speaker 2: and then find a job that can support you and
• 4:08
  Speaker 2: then also pay back. So what you see is that
• 4:10
  Speaker 2: a lot of people, a lot of millennials are living
• 4:14
  Speaker 2: at home longer. They're not having the money to save
• 4:19
  Speaker 2: to buy a house. You see more people renting, and
• 4:23
  Speaker 2: you see people's credits being damaged. That's one of the
• 4:25
  Speaker 2: parts that a lot of people don't really understand is
• 4:29
  Speaker 2: that when you defer on those student loan payments, right,
• 4:33
  Speaker 2: they put you into a firma for about six to
• 4:35
  Speaker 2: twelve months at best, and then right after that if
• 4:38
  Speaker 2: you don't pay, it affects your credit. So now let's
• 4:41
  Speaker 2: go further, like if you don't have the credit score. Now,
• 4:44
  Speaker 2: when you try to apply for apartment, one of the
• 4:45
  Speaker 2: things they check is your credit. Some jobs, when you
• 4:49
  Speaker 2: apply they check your credit. When you try to get
• 4:52
  Speaker 2: a home, of course they're going to check your credit.
• 4:53
  Speaker 2: And a lot of people are being completely hampered by
• 4:57
  Speaker 2: it because they can't afford to pay the the debt,
• 5:00
  Speaker 2: and now long term they won't be able to come
• 5:03
  Speaker 2: out from the effects of not being able to pay it.
• 5:06
  Speaker 2: So it's like a domino effect of things that are
• 5:08
  Speaker 2: happening because of this debt.
• 5:10
  Speaker 1: Okay, all right, So actually, if I don't know if
• 5:15
  Speaker 1: people remember, but if you follow my Instagram, I wrote
• 5:18
  Speaker 1: a report about an interesting story in regards to student
• 5:23
  Speaker 1: loan forgiveness a few months ago. So in December, the
• 5:27
  Speaker 1: Department of Education announced it was going to cancel thousands
• 5:30
  Speaker 1: of debts for teachers who had grants turned into loans. Right, so, okay,
• 5:36
  Speaker 1: here's the bad story on it. Teachers that are aspiring
• 5:40
  Speaker 1: teachers were given grants to go to college. Right then.
• 5:45
  Speaker 1: The thing was that you had to work in a
• 5:50
  Speaker 1: low income school district for four years after you were
• 5:55
  Speaker 1: done with college. Right then, if you worked in the
• 5:57
  Speaker 1: school district four years after you were done with college.
• 6:01
  Speaker 1: Then you didn't have to pay the grand back. It
• 6:03
  Speaker 1: was a grant, right. The problem is that it was
• 6:07
  Speaker 1: all kinds of red tape involved, where you had to
• 6:11
  Speaker 1: certify every single year with the Department of Education by
• 6:15
  Speaker 1: sending in I believe like forms, and if you were
• 6:19
  Speaker 1: like one day late on the form, then your grant
• 6:23
  Speaker 1: turned into a loan, and then you had to get
• 6:26
  Speaker 1: the letter I think signed by a principle. But it
• 6:30
  Speaker 1: was during the summertime, so a lot of schools were
• 6:32
  Speaker 1: closed and it was hard to find administrators, and then
• 6:34
  Speaker 1: people moved, and then their addresses wasn't updated properly so
• 6:37
  Speaker 1: that they never actually got the letter in the mail.
• 6:41
  Speaker 1: So what ended up happening is that thousands of inner
• 6:45
  Speaker 1: city teachers had their grants turned into high interest loans.
• 6:50
  Speaker 1: Not only loans, but high interest loans, and overnight they
• 6:56
  Speaker 1: were crippled with tons of debt that they didn't know about.
• 6:59
  Speaker 1: So they might have took a grant, They might had
• 7:00
  Speaker 1: a grant for fifty thousand dollars and they thought that,
• 7:03
  Speaker 1: you know, it was all good, and they find out
• 7:06
  Speaker 1: that now they're fifty thousand dollars of Debt. So a
• 7:10
  Speaker 1: good friend of ours, a friend of the show. She'll
• 7:13
  Speaker 1: be on the show soon, hopefully. Valencia Clay So she's
• 7:18
  Speaker 1: a superstar teacher out of Baltimore. Her name is Valencia Understore,
• 7:24
  Speaker 1: Valencia on Instagram. Everybody probably follows her, everybody knows her.
• 7:28
  Speaker 1: So she's the one that actually told me to write
• 7:30
  Speaker 1: this story because it happened to her personally right where
• 7:33
  Speaker 1: it affected her where I think she was trying to
• 7:35
  Speaker 1: buy a home and she didn't know that her credit
• 7:39
  Speaker 1: was affected and they say, your credit is real low,
• 7:40
  Speaker 1: and she's like, what happened? And then she found out
• 7:43
  Speaker 1: that her grant turned into a loan and she was
• 7:46
  Speaker 1: behind on her loan payments. So that happened to thousands
• 7:50
  Speaker 1: of inner city teachers. It's very unfortunate situation, absolutely, and
• 7:56
  Speaker 1: now I guess it's something that they're trying to rectify
• 7:58
  Speaker 1: by saying that they forgiving a lot of loans because
• 8:04
  Speaker 1: so there are a.
• 8:04
  Speaker 2: Few loan forgiveness programs, like I was a beneficiary of
• 8:08
  Speaker 2: a teacher forgiveness loan.
• 8:09
  Speaker 1: So you were an inner city teacher.
• 8:11
  Speaker 2: Yes, for eight years? Eight years you.
• 8:14
  Speaker 1: Taught in the Bronx.
• 8:15
  Speaker 2: Absolutely right, yep, so part of the loan, and people
• 8:21
  Speaker 2: have to do their research because there are a lot
• 8:23
  Speaker 2: of programs that are being offered to have loan forgiveness
• 8:26
  Speaker 2: depending on what career you're in. So for me, like
• 8:29
  Speaker 2: you said, it was the teacher loan forgiveness and some
• 8:31
  Speaker 2: of the sipulations where you had to work in an
• 8:33
  Speaker 2: inner city school a Title I school for five years
• 8:37
  Speaker 2: and based on what you were teaching, so if it
• 8:40
  Speaker 2: was math or science, you could be granted a certain
• 8:42
  Speaker 2: amount of money, or if it was social studies or English.
• 8:47
  Speaker 2: Here it was a certain amount of money. But I
• 8:50
  Speaker 2: argued like, hey, if I do science right, well what's
• 8:53
  Speaker 2: the different We're all teaching right, So the max you
• 8:56
  Speaker 2: could get with seventeen five hundred. So I was I
• 8:59
  Speaker 2: was granted that, which was great and it helped a lot.
• 9:03
  Speaker 2: But there's another loan forgiveness program which is called the
• 9:06
  Speaker 2: Public Service Loan, and that goes for anybody who works
• 9:09
  Speaker 2: in public service. So if you're a government agent, it's
• 9:11
  Speaker 2: not a double agent government official, you could qualify for
• 9:16
  Speaker 2: this loan if you're part of a five oh one
• 9:18
  Speaker 2: three P program, or if you're obviously a teacher, you
• 9:20
  Speaker 2: still qualified. The problem is that there are a lot
• 9:23
  Speaker 2: of sipulations and some red tape. Like you said, so
• 9:25
  Speaker 2: one of the things is you have to pay. I
• 9:27
  Speaker 2: have one hundred and twenty consecutive payments. You can't miss
• 9:29
  Speaker 2: a payments. So that's like ten years of payments you
• 9:31
  Speaker 2: can't miss. And I thought I qualified for that, like
• 9:34
  Speaker 2: I had paid my loans on time. I applied for
• 9:36
  Speaker 2: this program, the Public Service loan, see the ten years
• 9:40
  Speaker 2: or one hundred and twenty payments consecutive. And what I
• 9:44
  Speaker 2: realized is that after I got no response from the government,
• 9:48
  Speaker 2: it was like, this is weird. And then a report
• 9:50
  Speaker 2: came out. They said that one percent of the forty
• 9:54
  Speaker 2: five thousand people who applied for the public loans service
• 9:57
  Speaker 2: on Public service forgiveness granted it. Yes, one applicants point
• 10:04
  Speaker 2: it's like zero point eight yes, ladies and gentlemen, a
• 10:08
  Speaker 2: government program where one of the applicants, yeah, were accepted. Yeah,
• 10:15
  Speaker 2: because inside of not so. The one hundred and twenty
• 10:18
  Speaker 2: consecutive payments is a thing. But what they don't tell
• 10:20
  Speaker 2: you is like it has to be a specific type
• 10:22
  Speaker 2: of payment pan it can't. It has to be like
• 10:24
  Speaker 2: an income based one or one that they set where
• 10:27
  Speaker 2: the interest is really high and you have to pay
• 10:29
  Speaker 2: like seven hundred dollars a month or probably like my situation,
• 10:33
  Speaker 2: I didn't leave college with a lot of debt.
• 10:36
  Speaker 1: It's all kind of it's college, you know. The interesting
• 10:40
  Speaker 1: thing about is that Google, ibm uh, Facebook, I believe
• 10:47
  Speaker 1: a few other companies recently dropped the college requirement.
• 10:51
  Speaker 2: Right.
• 10:51
  Speaker 3: They're just taking kids right out of high school to
• 10:52
  Speaker 3: be higher, right, So what do we need college?
• 10:58
  Speaker 2: So it's tough, right as an educated like I'm going
• 11:01
  Speaker 2: to say yes that at some point you will need
• 11:03
  Speaker 2: some form of college or right, we can't leave them,
• 11:06
  Speaker 2: or you have to learn a skill, right, And they've
• 11:09
  Speaker 2: been taking that out of schools. Right. They used to
• 11:11
  Speaker 2: have schools where you learn trades and you learn skills
• 11:13
  Speaker 2: and you can carry on that into a profession, which
• 11:15
  Speaker 2: is like kind of what you're saying with Google's doing.
• 11:17
  Speaker 2: It's like, look, if we have kids who have an
• 11:19
  Speaker 2: interest and they are advanced at.
• 11:21
  Speaker 1: If you know how to code, you don't need it.
• 11:23
  Speaker 1: You don't.
• 11:24
  Speaker 2: We're going to go straight and we'll teach you on
• 11:25
  Speaker 2: the job. But you have to know how to code, right,
• 11:28
  Speaker 2: And a lot of schools are offering that now at
• 11:30
  Speaker 2: high school and at the elementary levels. So if they're
• 11:33
  Speaker 2: not going to go to college, then yeah, there are
• 11:35
  Speaker 2: some careers that they can do. And that's one of
• 11:36
  Speaker 2: the things that we talk about in our summer program is, Hey,
• 11:39
  Speaker 2: everybody's not going to go and the way that this
• 11:42
  Speaker 2: is looking is from a court perspective, this may not
• 11:45
  Speaker 2: be the best option for you. So we have to
• 11:48
  Speaker 2: tell them about careers that they can do without a
• 11:51
  Speaker 2: college degree. So some of the things that they can
• 11:53
  Speaker 2: do are law enforcement. They can be a firefighter.
• 11:56
  Speaker 1: I think you need a college degree to be a cop.
• 11:58
  Speaker 2: No, I think you gotta go to academy.
• 12:01
  Speaker 1: Each state is different. Yeah, so New York State, I
• 12:03
  Speaker 1: think you have to have two year degree or two
• 12:06
  Speaker 1: years so with something something not a four year Degreekay.
• 12:10
  Speaker 2: Yeah, So you got firefighters, you have electricians, plumbers, there's.
• 12:14
  Speaker 1: Plenty of HVA.
• 12:16
  Speaker 2: There's plenty of careers that you can do with aut
• 12:18
  Speaker 2: a college degree. Yes you do need training, and yes
• 12:20
  Speaker 2: you do need licensing to do those careers, but you're
• 12:23
  Speaker 2: not going to come out of those trainings with one
• 12:26
  Speaker 2: hundred to two hundred thousand dollarsand death. I had a
• 12:28
  Speaker 2: friend of mine.
• 12:28
  Speaker 4: The other day, his son just got accepted to Ohio
• 12:31
  Speaker 4: State for aviation full ride, and just for curiosity curiosity,
• 12:35
  Speaker 4: I said, how much would that have cost you if
• 12:38
  Speaker 4: he didn't get the full ride?
• 12:39
  Speaker 2: You know number?
• 12:41
  Speaker 1: How much?
• 12:42
  Speaker 2: Three hundred thousand for four years at Ohio State? Three
• 12:46
  Speaker 2: hundred thousand. So imagine the kid who doesn't have the
• 12:48
  Speaker 2: full ride three hundred thousand and you're twenty one years old.
• 12:52
  Speaker 2: What job is going to pay you the type of
• 12:54
  Speaker 2: money that you can reimburse the government.
• 12:56
  Speaker 3: With no job right So it's either you're gonn to
• 13:00
  Speaker 3: pay a student loan or pay your rent at that point,
• 13:02
  Speaker 3: and most times they just stay at home.
• 13:03
  Speaker 2: People stay at home longer, like I said, So you
• 13:06
  Speaker 2: got to choose. It's like, is this the best route,
• 13:09
  Speaker 2: or can we go to schools that are going to
• 13:11
  Speaker 2: cost less or like what New York is doing, you
• 13:13
  Speaker 2: can go to school for free depending on your family's income.
• 13:18
  Speaker 2: And one of the stipulations is that you have to work
• 13:21
  Speaker 2: in the state in that field. So if you wanted
• 13:23
  Speaker 2: to be a teacher again, in New York State they
• 13:25
  Speaker 2: have their SELSIA program, that's what it's called. It's free
• 13:29
  Speaker 2: state schools. The only thing I think, Like every state
• 13:32
  Speaker 2: doesn't have like a SELSIA program, but New York State
• 13:35
  Speaker 2: has adopted it, and that's great. Like if I would
• 13:36
  Speaker 2: have had this CELSIA program, I walk out of school
• 13:38
  Speaker 2: with nothing because I went to school in New York.
• 13:40
  Speaker 2: I've worked only in New York for more than four years,
• 13:44
  Speaker 2: my tuition would have been free. So hopefully some states
• 13:49
  Speaker 2: start adopting policies like that, and if not, man, we're
• 13:52
  Speaker 2: going to have a huge problem on I had. Like
• 13:53
  Speaker 2: I said, right, it's a one point five trillion dollar
• 13:57
  Speaker 2: problem now that only grows because tuition is only grow.
• 14:01
  Speaker 1: Yes, yep, okay, well, and this is something that we
• 14:06
  Speaker 1: need to talk about on the campaign trail and elections
• 14:09
  Speaker 1: coming up, and I would urge everybody really, but especially
• 14:13
  Speaker 1: young people and parents to make that something that you know,
• 14:17
  Speaker 1: you hold your your elective officials accountable for because financial
• 14:21
  Speaker 1: aid and student loans, these things are very important and
• 14:26
  Speaker 1: it's a growing problem and it's only getting worse because
• 14:29
  Speaker 1: the course of education is only going up.
• 14:31
  Speaker 2: And the more you know, the better. Like I speak
• 14:33
  Speaker 2: to parents, and I speak to you know, young teens
• 14:35
  Speaker 2: all the time who have no idea about these things,
• 14:38
  Speaker 2: like we when we have these sessions in the summer
• 14:40
  Speaker 2: and the kids are like, wait, that's how much your
• 14:41
  Speaker 2: gloss Like, yeah, that's what you're walking into. So just
• 14:44
  Speaker 2: be prepared to know that and make sure that you
• 14:46
  Speaker 2: do everything possible, whether it's grants or whether it's scholarships,
• 14:51
  Speaker 2: so that you don't fall into this type of situation,
• 14:54
  Speaker 2: right because thirty six thousand, that's the average. That's a lot. Man.
• 14:57
  Speaker 1: Yeah, it is all right. Well there you have a
• 15:01
  Speaker 1: student loans in a nutshell. Okay, So we talked about
• 15:14
  Speaker 1: student loans and now we're going to talk about business.
• 15:17
  Speaker 1: The world of business and business is a contact sport.
• 15:22
  Speaker 1: I always say it's very competitive, right, So we haven't
• 15:26
  Speaker 1: really had like a head to head competition case study yet.
• 15:32
  Speaker 1: We did look at Rihanna and colleague Jenner's companies, but
• 15:36
  Speaker 1: those we didn't really compare those two companies. But now
• 15:39
  Speaker 1: we're going to do battle to titans, right, clash of
• 15:43
  Speaker 1: two big companies, Uber and Lyft. So Uber and Lyft
• 15:48
  Speaker 1: are both coming on the stock market soon. They are
• 15:52
  Speaker 1: both what's called IPO and you ipo that's when you
• 15:56
  Speaker 1: debut on the stock exchange, and they're very they're probably
• 16:00
  Speaker 1: the two biggest talk of the town when it comes
• 16:04
  Speaker 1: to Wall Street this year. Right, So, Uber and Lyft,
• 16:07
  Speaker 1: we're going to look at them, We're going to kind
• 16:09
  Speaker 1: of compare them, and then I have an interesting story.
• 16:12
  Speaker 1: We both have interesting stories about Uber that probably a
• 16:15
  Speaker 1: lot of people aren't fully aware of. So you want
• 16:18
  Speaker 1: to start this.
• 16:18
  Speaker 2: Off, Yeah, So let's just talk about the two differences
• 16:21
  Speaker 2: of the differences between the two companies. So Uber both
• 16:24
  Speaker 2: are ride sharing companies. Uber the much larger one. They're
• 16:29
  Speaker 2: in fifty eight countries over three hundred cities. Lift smaller,
• 16:33
  Speaker 2: they're in the forty six states in the United States
• 16:35
  Speaker 2: and in Canada. Uber again it's larger, so it has
• 16:39
  Speaker 2: more employees about twenty thousand compared to Lifts forty five hundred.
• 16:44
  Speaker 2: And the valuation is the big difference, the big difference.
• 16:47
  Speaker 2: So you got the valuation for Uber at seventy two
• 16:51
  Speaker 2: to seventy six billion, and then you have Left at
• 16:55
  Speaker 2: about fifteen billion. Now, when their IPO goes on the market,
• 16:59
  Speaker 2: they said that, you know, those numbers are most likely
• 17:01
  Speaker 2: to inflate when we have people invest in. So that's
• 17:04
  Speaker 2: just on the service for those two. They differ again
• 17:08
  Speaker 2: in their future innovations as well, so we have Uber. Obviously,
• 17:13
  Speaker 2: they try to compete with each other, so when one
• 17:15
  Speaker 2: company does something, the other one does the same. So
• 17:19
  Speaker 2: they start out with having cars, but both companies Uber
• 17:23
  Speaker 2: and Lyft have dabbled into the bike and scooter service business.
• 17:28
  Speaker 2: I believe Uber bought the company Jump, which is a
• 17:31
  Speaker 2: bike in scooter service, for about two hundred million, and
• 17:35
  Speaker 2: Lift bought Motivate, which is another bike and scooter service,
• 17:38
  Speaker 2: for about two hundred fifty minutes. So you can see
• 17:40
  Speaker 2: like when one makes a move, the other one is
• 17:42
  Speaker 2: trying to keep up. But then it kind of gets
• 17:45
  Speaker 2: a little difficult for the Lift because obviously they don't
• 17:48
  Speaker 2: have the same amount of employees. So Uber has a
• 17:52
  Speaker 2: huge deal in twenty seventeen. Actually in twenty fourteen, they
• 17:56
  Speaker 2: launched Uber Eats, which is huge, right, it's a delivery
• 17:59
  Speaker 2: service for food. But they get their biggest sponsor in
• 18:01
  Speaker 2: twenty seventeen, which is McDonald's. So McDonald's obviously world were
• 18:05
  Speaker 2: now probably the large franchise in the world. Thanks, yeah,
• 18:09
  Speaker 2: probably right, So they had a large franchise in the world.
• 18:11
  Speaker 2: Uber Eat signs up with them, so Lift says, you know,
• 18:15
  Speaker 2: let's let's try to get our own sponsor, and they
• 18:18
  Speaker 2: signed Taco Bell. Taco Bell, so I've never eaten Taco Bell.
• 18:24
  Speaker 1: I used to eat Taco Bell when I was in Hawaii.
• 18:27
  Speaker 2: Yeah, so they get Taco Bell and they decide to
• 18:32
  Speaker 2: have a campaign with it. So one of the things
• 18:35
  Speaker 2: is like the coldest thing Taco Mode. And I'm not
• 18:37
  Speaker 2: sure if anybody's ever used it, but Taco Mode was
• 18:40
  Speaker 2: only available and Lyft from the hours of nine pm
• 18:43
  Speaker 2: to two am, which is like, I think that's when
• 18:46
  Speaker 2: college students are hungary, is right, So like you call
• 18:49
  Speaker 2: your Lyft and you push Taco Mode and it takes
• 18:52
  Speaker 2: you the lift takes you to the nearest Taco Bell.
• 18:55
  Speaker 2: It is a complete failure. They tried it out. It
• 18:58
  Speaker 2: was a complete failure. They dropped it, and they haven't
• 19:01
  Speaker 2: got another sponsor as far as from the food. Another
• 19:05
  Speaker 2: thing about their future is that they have some some
• 19:08
  Speaker 2: things that Uber doesn't. And Uber has dealt with a
• 19:11
  Speaker 2: lot of scandal lately. So they've been in the news
• 19:14
  Speaker 2: for having the self driving cars that have failed.
• 19:17
  Speaker 1: They had a lawsuit.
• 19:19
  Speaker 2: They had a lawsuit of the car about a lawsuit.
• 19:21
  Speaker 1: So Uber Waymo you ever heard of Waymo Before No,
• 19:27
  Speaker 1: I'm pretty sure nobody has ever heard of Waymore, So
• 19:31
  Speaker 1: we have to give you the backstory on this. Google,
• 19:35
  Speaker 1: I'm pretty sure everybody has heard of Google. Right. Google
• 19:38
  Speaker 1: and Uber have a very complicated relationship. Google was kind
• 19:42
  Speaker 1: of Uber's big brother. It was like a big brother
• 19:46
  Speaker 1: little brother relationship. Right. In twenty thirteen, Google invests two
• 19:52
  Speaker 1: hundred and fifty eight million dollars into Uber, which gives
• 19:54
  Speaker 1: them about six percent of the company, and the CEOs
• 19:57
  Speaker 1: really like each other. They kick it off. Twenty fourteen,
• 20:03
  Speaker 1: the CEO of Google takes a ride with the CEO
• 20:10
  Speaker 1: of Uber and ubers knew they're trying to figure out
• 20:15
  Speaker 1: how to make self driving cars. Right. The relationships sours
• 20:20
  Speaker 1: the next year when Uber finds out that Google is
• 20:23
  Speaker 1: putting money into self driving car technologies by developing a
• 20:29
  Speaker 1: company named Waymo. Waymo is up is Google's self driving
• 20:37
  Speaker 1: car technology company. They have a whole company devoted for
• 20:43
  Speaker 1: self driving cars.
• 20:43
  Speaker 2: It sounds like a pick your brain.
• 20:45
  Speaker 1: Yeah, so Uber feels a way about this. So what
• 20:51
  Speaker 1: Uber does is that they recruit Google's one of their
• 20:57
  Speaker 1: top engineers at Wayne to come to work at Uber.
• 21:04
  Speaker 1: Right and right after he comes they purchased a self
• 21:12
  Speaker 1: driving car company. Forget the name of it, but it
• 21:17
  Speaker 1: makes them five hundred million dollars in revenue. Google sues
• 21:23
  Speaker 1: Uber because they said that the engineer stole twelve thousand
• 21:33
  Speaker 1: files from Waimo to give the Uber right. So now
• 21:39
  Speaker 1: they have a lawsuit where they're going back and forth
• 21:43
  Speaker 1: between if it was inside information that was stolen and
• 21:49
  Speaker 1: it's illegal.
• 21:49
  Speaker 2: To do that.
• 21:51
  Speaker 1: Uber so that they didn't do that. So long story short,
• 21:54
  Speaker 1: they settled a lawsuit, I believe a few weeks ago,
• 21:59
  Speaker 1: and they set up the lawsuit for zero point three
• 22:04
  Speaker 1: four percent of the company. Uber settled it with Google
• 22:07
  Speaker 1: and they gave Wayne Mo what we call thirty four
• 22:10
  Speaker 1: basis points. Thirty four basis points is point three four
• 22:14
  Speaker 1: thirty four percent of one percent of the company of Uber.
• 22:19
  Speaker 1: It doesn't really sound like a lot, but that's roughly
• 22:22
  Speaker 1: equal to two hundred and forty four million dollars. So
• 22:25
  Speaker 1: they settled out of They settled it for two hundred
• 22:27
  Speaker 1: and forty four million dollars. But they're still not admitting
• 22:30
  Speaker 1: that they did anything wrong. So now you have Uber
• 22:34
  Speaker 1: who is at odds with somebody that once was a
• 22:39
  Speaker 1: major investor, was still invested in them and it's a.
• 22:47
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• 25:07
  Speaker 1: Face for self driving cars. Right, there's a whole different conversation.
• 25:11
  Speaker 1: But the self driving car, I don't know about saying, well,
• 25:16
  Speaker 1: I'd rather trust a self driving car than a regular driver, right,
• 25:20
  Speaker 1: if you think about it, computers are probably more efficient
• 25:23
  Speaker 1: than people like, Look how many accidents there are in everything.
• 25:29
  Speaker 2: I'm not sure driving a car.
• 25:30
  Speaker 1: Okay, if you had it, if you had a computer
• 25:33
  Speaker 1: like ib In Watson, do you think that you would
• 25:36
  Speaker 1: trust them to do a calculation or would you trust.
• 25:39
  Speaker 2: I would trust that that. I would like that.
• 25:41
  Speaker 1: It's the same thing I.
• 25:42
  Speaker 2: Trust myself more than the computer. It's driving a car.
• 25:45
  Speaker 1: Well, the computers don't have distractions. They're not texting, they're
• 25:48
  Speaker 1: not looking at what's going on in the road, they're
• 25:52
  Speaker 1: not rubbernecking. Some people say it's actually a lot more
• 25:56
  Speaker 1: safer to have carless driver list cars.
• 26:03
  Speaker 2: I'm just yeah, I couldn't do it. I just personally
• 26:05
  Speaker 2: couldn't do it. It's happening, Yeah, I know it's happening.
• 26:08
  Speaker 1: And it's a race. It's a race who can do
• 26:10
  Speaker 1: it first. Yes, it's a race to who can do
• 26:12
  Speaker 1: it first. Elon Musk is involved with Tesla.
• 26:15
  Speaker 2: Uber is involved, but they've also like so Tesla himself
• 26:19
  Speaker 2: has had again so not scandal, but they've had some
• 26:21
  Speaker 2: controversy with some of their cars malfunctioning some of their
• 26:24
  Speaker 2: self driving.
• 26:25
  Speaker 1: Of course, but how many cars malfunction regularly?
• 26:28
  Speaker 2: Yeah, I mean people getting there's always going.
• 26:30
  Speaker 1: To be one card. It's not like it's never gonna
• 26:32
  Speaker 1: be one hundred percent.
• 26:32
  Speaker 2: Perfect, right, you know, people getting accidents every day exactly,
• 26:35
  Speaker 2: just true, exactly, And like you said, like there's gonna
• 26:38
  Speaker 2: be less distractions. Obviously there won't be if there's self driving,
• 26:41
  Speaker 2: there's not going to be any alcohol related accidents. So
• 26:45
  Speaker 2: like you said, but I don't know, I just feel
• 26:46
  Speaker 2: like the trust in myself over a computer, I would
• 26:50
  Speaker 2: I'd have to learn how to do that.
• 26:52
  Speaker 1: Well, we'll see. But it's interesting because now way Mo
• 26:56
  Speaker 1: is at a disadvantage because they're behind in the technol
• 27:00
  Speaker 1: Because now Uber people don't even people don't know that
• 27:04
  Speaker 1: Uber invests so much money and they're already planning their
• 27:07
  Speaker 1: next phase. It's one thing I do like about Uber.
• 27:11
  Speaker 1: They are constantly reinventing themselves, right, So they're rides sharing
• 27:14
  Speaker 1: company now, but they know that that space is crowded
• 27:17
  Speaker 1: and there's a lot of competition, and then there's problems,
• 27:19
  Speaker 1: political problems, stuff like that. So now they're already trying
• 27:22
  Speaker 1: to reinvent themselves.
• 27:23
  Speaker 2: The Uber eats, they got the food, the food delivery.
• 27:25
  Speaker 1: Your delivery. Now they have they have drones, food delivery drones.
• 27:29
  Speaker 2: And then they're investing in flying, so like they're thinking
• 27:32
  Speaker 2: already like down the line, like we're going to have
• 27:34
  Speaker 2: taxis that fly flying taxis.
• 27:38
  Speaker 1: Yes, that's flying taxi. No, it's yes, flying taxis. And
• 27:44
  Speaker 1: this that's what I'm saying. It's so crazy because Wayne Moo,
• 27:49
  Speaker 1: nobody's heard of weaymo before. Google has a billion dollar
• 27:52
  Speaker 1: company that nobody's heard of that is currently working on
• 27:58
  Speaker 1: ways to change the way that we travel.
• 28:02
  Speaker 2: That's pretty that's pretty crazy.
• 28:03
  Speaker 1: It's interesting.
• 28:04
  Speaker 2: So a part of the thing you said it like
• 28:06
  Speaker 2: politically like things are changing too, And what's happening here
• 28:10
  Speaker 2: in New York with Lyft and Uber is that they
• 28:15
  Speaker 2: have changed the way that New York City travel looks. Right,
• 28:18
  Speaker 2: we us It used to be yellow cabs that flooded
• 28:21
  Speaker 2: the city and now it's Uber and Lyft, and the
• 28:25
  Speaker 2: Taxi and Limousine Commission said, wait, they're taking away our business, right,
• 28:28
  Speaker 2: we have one fourth of the inventory that they have. Right,
• 28:31
  Speaker 2: people take their everyday cars and turn them into taxi services.
• 28:35
  Speaker 2: So what they said was like, we're going to file
• 28:37
  Speaker 2: a report and we're going to get to the bombs
• 28:39
  Speaker 2: because we're losing drivers at an alarming rate. And what
• 28:42
  Speaker 2: they did. What they found out was that the average
• 28:44
  Speaker 2: Uber and Lyft drivers they were making like fourteen dollars
• 28:46
  Speaker 2: an hour, which in New York City is not the
• 28:49
  Speaker 2: minimum wage.
• 28:50
  Speaker 1: The minimum wage is fifty fifteen dollars.
• 28:53
  Speaker 2: So when they found that out, they were like Uber said, hey,
• 28:56
  Speaker 2: we don't have to abide by the minimum wage because
• 28:59
  Speaker 2: these employees. We don't have employees. We have independent contractors.
• 29:03
  Speaker 1: Ten ninety nine independent contract.
• 29:05
  Speaker 2: Right, So when they have an independent contractor, they don't
• 29:08
  Speaker 2: have to by workplace laws like they don't have to
• 29:10
  Speaker 2: abide by minimum wage and they don't have to buy
• 29:13
  Speaker 2: over time and safe and healthy laws like you're an
• 29:16
  Speaker 2: independent contractor, right, So that that changes the way that
• 29:20
  Speaker 2: they look at the people who are working for them.
• 29:24
  Speaker 2: So from that New York City obviously won the case.
• 29:28
  Speaker 2: Mayor built a Vosia was part of that. Now the
• 29:30
  Speaker 2: minimum wage it has to be fifteen dollars for Uber
• 29:33
  Speaker 2: and Lyft drivers. But on top of it, and to
• 29:35
  Speaker 2: combat the overflux of these cars, like they're trying to
• 29:39
  Speaker 2: charge like tolls now to go into Lower Manhattan, they're saying, look,
• 29:43
  Speaker 2: we're doing a pause, so for twelve months to start,
• 29:46
  Speaker 2: I think in the summer this year, in twenty eighteen.
• 29:48
  Speaker 2: For twelve months, they're not allowed to have any new
• 29:51
  Speaker 2: licensed vehicles patrolling the streets of New York City. So,
• 29:55
  Speaker 2: like in Manhattan, that might sound good, but if you
• 29:57
  Speaker 2: live in the outer boroughs, like you might rely on
• 30:00
  Speaker 2: those services and you can't have any more right now.
• 30:03
  Speaker 1: Yes, yes, Well it's like I always say, you can't
• 30:07
  Speaker 1: stop energy. I don't think that that's a fight that
• 30:10
  Speaker 1: the city is going to win because Uber their groundbreaking.
• 30:16
  Speaker 2: They're not going anywhere.
• 30:17
  Speaker 1: It's groundbreaking, it's a groundbreaking idea, and it's disruptive, it's disruptive,
• 30:22
  Speaker 1: and it's changed changed everything. So I think that their
• 30:27
  Speaker 1: biggest competition will come from other companies like Lyft and
• 30:30
  Speaker 1: other new companies that spawn up, which is I'm pretty
• 30:34
  Speaker 1: sure they are aware of that, and which is why
• 30:36
  Speaker 1: they are constantly reinventing themselves and adding new facets to
• 30:40
  Speaker 1: their company. Neither Lift or Google It. Neither Lift or
• 30:44
  Speaker 1: Uber is profitable, by the way, But it'll be interesting
• 30:48
  Speaker 1: to see how you know, when the IPO I think
• 30:49
  Speaker 1: that you know, obviously Lift is that disadvantage their smaller company.
• 30:54
  Speaker 1: They have less, like you said, drivers, they have less revenue,
• 30:58
  Speaker 1: they have less everything globally than newer But at one point,
• 31:03
  Speaker 1: you know, my Space was bigger than Facebook. True, at
• 31:07
  Speaker 1: one point Blockbuster was bigger than Netflix.
• 31:10
  Speaker 2: Never never discount the underdogs.
• 31:13
  Speaker 1: Just because somebody's number one right now does not mean
• 31:15
  Speaker 1: that they're going to be number one forether. So it'll
• 31:18
  Speaker 1: you know, be entertaining to watch to see how did
• 31:22
  Speaker 1: some play, how did some folds, Whether you know, they
• 31:24
  Speaker 1: get brought by a company, whether they take each other over,
• 31:28
  Speaker 1: whether they both succeed, who knows, but everybody.
• 31:31
  Speaker 2: It might be a third party that comes in.
• 31:33
  Speaker 1: Who knows, it might be a whole completely different new
• 31:35
  Speaker 1: company that comes in. So all right, well, we will
• 31:37
  Speaker 1: follow it. We will look to see what happens and
• 31:40
  Speaker 1: when the I p os we definitely will have a
• 31:42
  Speaker 1: follow up on both of them.
• 31:55
  Speaker 2: All right, ladies and gentlemen, it is now storytime.
• 31:58
  Speaker 8: Here's a little story that must be Listen up, gangsters
• 32:02
  Speaker 8: and honeys, with your head done the best story.
• 32:04
  Speaker 2: Tell us stuff now, right, pray downs gray us.
• 32:07
  Speaker 1: Okay, So, boys and girls, today's story. This episode's story
• 32:14
  Speaker 1: will be on Airbnb.
• 32:17
  Speaker 2: Airbnb Airbnb. Man. Amazing story.
• 32:20
  Speaker 1: Phenomenal, phenomenal story. So I'll started off in two thousand
• 32:25
  Speaker 1: and seven, right, Joe gad Drabbi Gebbia and Brian Sheesky.
• 32:35
  Speaker 1: They were both twenty seven at the time, right, and
• 32:37
  Speaker 1: they lived in San Francisco. If anybody's not familiar, San Francisco,
• 32:40
  Speaker 1: I believe is the most expensive place to live in America,
• 32:45
  Speaker 1: highest real estate. I'm pretty sure. I'm pretty sure. No,
• 32:48
  Speaker 1: I think it's more explored than that. Yeah, I'm pretty
• 32:51
  Speaker 1: sure it is. So they were struggling to pay rent, right,
• 32:56
  Speaker 1: you know, twenty seven year olds stretch out of college, struggling.
• 33:00
  Speaker 1: So they live together. They have like a two bedroom apartment.
• 33:03
  Speaker 1: I as soon and it was a big conference coming
• 33:06
  Speaker 1: up in the City of Design conference.
• 33:08
  Speaker 2: So they both come from the Rhode Island School of Design.
• 33:11
  Speaker 2: So there was a design conference coming and they were
• 33:14
  Speaker 2: playing on attendance.
• 33:15
  Speaker 1: Yeah, so all the hotels in the city were booked.
• 33:20
  Speaker 1: Because if anybody familiar with San Francisco, San Franciscoco is
• 33:22
  Speaker 1: a very small city. That's why our real estate is
• 33:24
  Speaker 1: so expensive in San Francisco because it's very small. Obviously
• 33:27
  Speaker 1: you have to look on valley nearby and tech industry.
• 33:29
  Speaker 1: So it's a couple of different things that makes Simrancisco
• 33:32
  Speaker 1: so expensive. It's very small, and you're surrounded by the
• 33:36
  Speaker 1: tech industry, which billionaires all around, so land is very scarce.
• 33:42
  Speaker 1: So all the hotels in the city were booked, right,
• 33:45
  Speaker 1: So they have the bright idea to rent out their
• 33:50
  Speaker 1: living room for people that are looking for hotels. They
• 33:53
  Speaker 1: know people are coming into the city and that they're
• 33:54
  Speaker 1: not going to have anywhere to stay.
• 33:56
  Speaker 2: Yeah. I think Joe sends an email to Brian like, hey,
• 33:58
  Speaker 2: I have this idea, and he shows it that a
• 34:00
  Speaker 2: lot of his press commas is I have this idea. Yeah,
• 34:03
  Speaker 2: you know what, there's no more city, there's no more
• 34:05
  Speaker 2: hotels in the city, there's no more rooms. We got something.
• 34:08
  Speaker 1: So they want to put three airbeds in their living
• 34:12
  Speaker 1: room on the floor and they are gonna cook their
• 34:16
  Speaker 1: guest breakfast.
• 34:18
  Speaker 2: Right, so we're gonna rent the space. We have some
• 34:20
  Speaker 2: space in the living room, three air mattresses. Not only
• 34:23
  Speaker 2: we're gonna let people rent that, but like you said,
• 34:25
  Speaker 2: we're gonna make breakfast for them.
• 34:27
  Speaker 1: So the next day they launched a website. The website
• 34:30
  Speaker 1: is called air Bed and Breakfast dot com because they
• 34:35
  Speaker 1: give you an airbed and breakfast, because they're gonna make
• 34:38
  Speaker 1: you breakfast airbed and breakfast, hence the name Airbnb, but
• 34:43
  Speaker 1: at first it was called airbed and Breakfast dot com, right,
• 34:47
  Speaker 1: So from there they a few weeks later they actually
• 34:53
  Speaker 1: get three people to come and I think they charged
• 34:56
  Speaker 1: them eighty dollars a night person. Yeah right, and it
• 35:01
  Speaker 1: worked out for them. And then next year is when
• 35:05
  Speaker 1: they really take off because now they have an idea,
• 35:08
  Speaker 1: they have a business model, we have a website.
• 35:10
  Speaker 2: Before they get to the next year, like they're broke.
• 35:12
  Speaker 2: Oh that it broke, so like that conference came in
• 35:15
  Speaker 2: the left and they still can't pay the rent. So
• 35:17
  Speaker 2: what they did is they took out as many credit
• 35:20
  Speaker 2: cards as they could. I think he tells a story
• 35:22
  Speaker 2: where he has well he remember he used to have
• 35:24
  Speaker 2: trading cards and you slip them in. He had a
• 35:26
  Speaker 2: trading card book, but it was just credit cards. And
• 35:28
  Speaker 2: I think they accumulated like fifteen thousand dollars in credit
• 35:31
  Speaker 2: card debt each just to they couldn't take out any
• 35:34
  Speaker 2: more cash advances on their credit card.
• 35:36
  Speaker 1: Cash advances powerful tool, very dangerous tools.
• 35:43
  Speaker 2: We have some stories on them.
• 35:44
  Speaker 1: Yes, that's a different story. Okay. So next year, two
• 35:49
  Speaker 1: thousand and eight, there's a senator that is the talk
• 35:53
  Speaker 1: of politics. His name is Barack Obama, right, so it
• 35:58
  Speaker 1: is he's running for president the first time, obviously, and
• 36:03
  Speaker 1: there's the Democratic National Convention, which is held in Denver, Colorado.
• 36:09
  Speaker 1: So they gear up for the Democratic National Convention.
• 36:12
  Speaker 2: Yeah, they got another idea.
• 36:13
  Speaker 1: They can today saying, okay, this is a perfect I
• 36:16
  Speaker 1: think eighty thousand people were going to come into Denver
• 36:20
  Speaker 1: and there's not gonna be enough hotels, very similar to
• 36:22
  Speaker 1: what they did in San Francisco, but now they want
• 36:25
  Speaker 1: to scale it. So they want to recruit other people
• 36:28
  Speaker 1: to rent their apartments, re rent their homes, and then
• 36:31
  Speaker 1: they get a portion of that and they'll broker it
• 36:33
  Speaker 1: for them.
• 36:34
  Speaker 2: And yeah, the idea was like we're going to find
• 36:36
  Speaker 2: Obama supporters in Denver to open up their homes for
• 36:39
  Speaker 2: other Obama supporters.
• 36:40
  Speaker 1: Think you had eight hundred listings they were able to
• 36:42
  Speaker 1: find it. Yeah, eight hundred homes and it was great.
• 36:44
  Speaker 1: They made some money, they made it. They made a
• 36:46
  Speaker 1: little bit of money.
• 36:47
  Speaker 2: Yeah, some money. Yeah, not enough, not enough. Yeah. So
• 36:51
  Speaker 2: they still even after the convention, they're still broke.
• 36:53
  Speaker 1: No, no, before the convention is over, before the convention
• 36:56
  Speaker 1: is over. Leading up to it, they have eight hundred
• 36:59
  Speaker 1: homes and apartments that they were able to get people
• 37:02
  Speaker 1: to rent, but they still didn't really make any money, right,
• 37:05
  Speaker 1: I don't know why. I guess it just wasn't profitable
• 37:07
  Speaker 1: for whatever reasons. So now they go to the convention
• 37:11
  Speaker 1: and they have the bright idea as a marketing tool,
• 37:15
  Speaker 1: and they didn't really do this to make money. They
• 37:16
  Speaker 1: did this as a marketing tool to make cereal limited
• 37:20
  Speaker 1: boxes of cereal. They have the Obama os and the
• 37:23
  Speaker 1: Captain McCain cereal.
• 37:25
  Speaker 2: So the it ties into what they do, Right, we're
• 37:27
  Speaker 2: going to give you the room, and how are we
• 37:30
  Speaker 2: going to make breakfast now for you? Because the original
• 37:32
  Speaker 2: thing is like you'll get the room and we'll provide
• 37:34
  Speaker 2: breakfast but.
• 37:34
  Speaker 1: This was more of a pr store.
• 37:36
  Speaker 2: Yeah. No, but so he says it in some of
• 37:38
  Speaker 2: his speeches. He's like, look, we had to figure out
• 37:41
  Speaker 2: how we're going to scale breakfast, So are we going
• 37:43
  Speaker 2: to put eggs and ship it to people? No, We're
• 37:46
  Speaker 2: going to make cereal. So what they did, like I
• 37:48
  Speaker 2: think Joe Gobia does, is he goes to like the
• 37:53
  Speaker 2: cheapest places he can find cereal. So he goes to
• 37:56
  Speaker 2: like dollar stores and buy cereal, and they press up
• 37:59
  Speaker 2: these pictures. They go to an architect like, hey, we
• 38:02
  Speaker 2: need you to draw this picture. So they have Obama
• 38:04
  Speaker 2: and they have McCain on the cereal box and they
• 38:07
  Speaker 2: make it limited.
• 38:07
  Speaker 1: Edition, limited edition.
• 38:09
  Speaker 2: Yeah, and each box has like the numbers, so if
• 38:11
  Speaker 2: you bought one, you know that you have four out
• 38:13
  Speaker 2: of five hundred. Because I think they only did one
• 38:15
  Speaker 2: thousand buses. I think it was eight hundred one thousand
• 38:17
  Speaker 2: boxes each. Each candidate got five hundred boxes, so they
• 38:20
  Speaker 2: put like like four out of two hundred or five
• 38:23
  Speaker 2: out of two hundred, so everybody had a limited number
• 38:26
  Speaker 2: on their box. Okay, the brilliant thing is that we
• 38:30
  Speaker 2: know boxes of cereal of course, like four dollars at
• 38:32
  Speaker 2: the most sometimes a little bit more of super size.
• 38:36
  Speaker 2: They charged four dollars for the.
• 38:37
  Speaker 1: Box and they made thirty thousand dollars, So they made
• 38:41
  Speaker 1: thirty thousand dollars off cereal and that was enough to
• 38:46
  Speaker 1: propel them next year going forward where they finally got
• 38:52
  Speaker 1: the business off the ground, off and running, and then
• 38:55
  Speaker 1: they were able to get substantial amount of money from
• 38:58
  Speaker 1: an angel investor, some seed money, some seed money. Then
• 39:02
  Speaker 1: in twenty eleven they get even more money from Ashton
• 39:08
  Speaker 1: Kusher legend. People don't He's made.
• 39:14
  Speaker 2: Some brilliant moves.
• 39:15
  Speaker 1: People don't even remember him.
• 39:17
  Speaker 2: Was it Pumped?
• 39:18
  Speaker 1: Was that the show punk?
• 39:20
  Speaker 2: I think that's what that the seventies show?
• 39:22
  Speaker 1: First, the seventy show Punked. He had this movie called
• 39:26
  Speaker 1: The Butterfly Effect.
• 39:27
  Speaker 3: I was just yeah, that was That was a decent movie.
• 39:29
  Speaker 3: And then he married the Jimmy Moore. Right, he was
• 39:32
  Speaker 3: married to Demi.
• 39:33
  Speaker 2: Moore and now he's married to Melakunis.
• 39:36
  Speaker 1: Okay, Ashton Cusher. Not to get off topic here, but
• 39:41
  Speaker 1: the guys a genius RIGHTOD movies, he's angel investor, He's
• 39:47
  Speaker 1: a Hollywood A list celebrity who, at the peak of
• 39:50
  Speaker 1: his career decides to switch his focus and become an
• 39:53
  Speaker 1: investor in tech companies. Some of the companies that he
• 39:56
  Speaker 1: invested in early Spotify, Airbnb, Uber, Twitter, and now Ripple
• 40:04
  Speaker 1: Yes cryptocurrency. Ripple So Aston Kusha comes in twenty eleven,
• 40:08
  Speaker 1: gives them money.
• 40:11
  Speaker 2: And then.
• 40:13
  Speaker 1: They skyrocket skyrocket, right.
• 40:17
  Speaker 2: It gives them money to hire more staffing. They go
• 40:20
  Speaker 2: staffing the United States to now Europe. Officers become global Global.
• 40:26
  Speaker 1: Their current valuation is thirty eight billion dollars.
• 40:32
  Speaker 2: Wow, yeah, I think so. They're both founders. It's three
• 40:37
  Speaker 2: act founders. They're each worth four billion dollars four billion.
• 40:43
  Speaker 2: They're under forty years old.
• 40:45
  Speaker 1: Ye, thirty eight billion dollar valuation. The reason why I
• 40:48
  Speaker 1: like this story is because it highlights if you are
• 40:53
  Speaker 1: an entrepreneur, you have to do whatever you have to do.
• 40:56
  Speaker 1: You have to hustle at all courts. Right. So they're
• 41:00
  Speaker 1: starting an idea to put air mattresses in their living
• 41:04
  Speaker 1: room and they make people breakfast.
• 41:05
  Speaker 2: Nobody believed in them, like they took this to Silicon
• 41:08
  Speaker 2: Valley and had twenty investors.
• 41:10
  Speaker 1: No, it's laughable if you take if you think about it, right,
• 41:13
  Speaker 1: you're putting three air mattresses in your living room and
• 41:15
  Speaker 1: you're gonna make people breakfast, and you're gonna name the
• 41:17
  Speaker 1: company airbed and Breakfast.
• 41:21
  Speaker 2: They said. They laughed at they. That's not a joe.
• 41:23
  Speaker 2: They laughed at them, and they said, this is never
• 41:25
  Speaker 2: gonna work. They had twenty investors. Ten of them didn't
• 41:28
  Speaker 2: respond to their emails, five of them met with them,
• 41:31
  Speaker 2: and the other five sat down and had a ten
• 41:34
  Speaker 2: minute conversation. All of them said no, none of them
• 41:37
  Speaker 2: believed in.
• 41:37
  Speaker 1: It, and then right nobody believed in it. And then
• 41:42
  Speaker 1: when all else fails, they realize that they have to
• 41:45
  Speaker 1: go to plan B and they sell cereal.
• 41:48
  Speaker 2: And that's what gets the money from the seat investors.
• 41:50
  Speaker 2: They're like, if you can sell cereal to people at
• 41:53
  Speaker 2: four hours a box, you must be on something.
• 41:56
  Speaker 1: If one hustle isn't working, you gotta switch.
• 41:58
  Speaker 2: It, right. He said that his mom would call him like, wait,
• 42:01
  Speaker 2: I thought you guys were a chain of like hotel services.
• 42:05
  Speaker 2: Like you're selling cereal, nount here a food company.
• 42:07
  Speaker 3: You know, So whatever we have to do to get
• 42:09
  Speaker 3: this money, whatever by any means necessary.
• 42:11
  Speaker 2: Yeah, But it didn't. Like I said, it didn't work
• 42:14
  Speaker 2: at first, and they had to go to the drawing
• 42:16
  Speaker 2: board and one of the things they said they met
• 42:20
  Speaker 2: an investor and he was like, go meet your people,
• 42:22
  Speaker 2: And what that really meant was like, why isn't it working?
• 42:24
  Speaker 2: And they found out that when they went to some
• 42:27
  Speaker 2: of the places that they were listing, they realized that
• 42:30
  Speaker 2: the people weren't taking great pictures. It wasn't displaying the
• 42:32
  Speaker 2: homes like they should. So they said they went to
• 42:35
  Speaker 2: New York and they went to Manhattan and Brooklyn and
• 42:38
  Speaker 2: they went to each listing and said, look, here's the
• 42:41
  Speaker 2: camera I want you to use when you take these pictures.
• 42:43
  Speaker 1: And from that moment, and it's important too, because you know,
• 42:45
  Speaker 1: when we say all right, we give you guys these
• 42:47
  Speaker 1: case studies. So when you go to business school, Harvard, yeah, whatever,
• 42:52
  Speaker 1: top business school, boarding, they go through case studies, right,
• 42:55
  Speaker 1: and it's entertaining stories, but it's more so it's education. Right.
• 43:00
  Speaker 1: We're not just giving you these case studies just to
• 43:02
  Speaker 1: entertain you. Hopefully you can learn something from it and
• 43:05
  Speaker 1: implement it in your business, whether you sell t shirts,
• 43:07
  Speaker 1: whether you're a barber, whatever, you can learn from other
• 43:11
  Speaker 1: people's success stories and figure out a way how you
• 43:14
  Speaker 1: can copy what they have done. Right, there's nothing wrong
• 43:18
  Speaker 1: with it okay what they have done or inspire you
• 43:22
  Speaker 1: or gain some type of insight. So I just want
• 43:25
  Speaker 1: to leave that because you know, we give a lot
• 43:26
  Speaker 1: of these stories and they are entertaining, but it's not
• 43:30
  Speaker 1: just a bedtime story. It's for actual action, like to
• 43:34
  Speaker 1: take action, to leave some inspiration. So hopefully that story,
• 43:38
  Speaker 1: to me at very least is a very inspirational story
• 43:41
  Speaker 1: for a few different reasons. But I just feel that
• 43:44
  Speaker 1: stories like that really, you know, give you the push
• 43:47
  Speaker 1: to keep going because it's not going to be easy
• 43:50
  Speaker 1: in any type of business that you do.
• 43:52
  Speaker 2: Two thousand and seven, nobody believes in them. Two thousand
• 43:54
  Speaker 2: and sixteen, they become the official sponsor of the Summer Olympics.
• 44:00
  Speaker 2: Like this brand that nobody believed in. So like that,
• 44:03
  Speaker 2: that's to.
• 44:03
  Speaker 3: Tell you, like, just be persistent from thirty believing itself
• 44:06
  Speaker 3: from broke to thirty thousand cereos to thirty eight billion
• 44:10
  Speaker 3: valuation in ten years.
• 44:13
  Speaker 2: And anybody can do that. Yes, anybody can be a host.
• 44:17
  Speaker 2: So it's like if you have space, like anybody, it's.
• 44:21
  Speaker 1: It's disruptive idea. They disrupted the hotel industry, which was
• 44:25
  Speaker 1: the same for one hundred years, so if you want
• 44:27
  Speaker 1: to find the next big thing, see what hasn't been
• 44:30
  Speaker 1: changed in the last hundred years and find a way
• 44:34
  Speaker 1: to disrupt that.
• 44:34
  Speaker 2: And look across, look across, like the people around you
• 44:37
  Speaker 2: might be able to help you.
• 44:38
  Speaker 1: Yep, right, that's another lesson.
• 44:40
  Speaker 2: He reached out to his friend who's from the same
• 44:43
  Speaker 2: design school. He reached out to another friend that was
• 44:45
  Speaker 2: a web developer. That's how they got the site up.
• 44:48
  Speaker 2: And then the person who gives them to seed money
• 44:51
  Speaker 2: actually came from came from the Rhode Island School Design.
• 44:54
  Speaker 2: He was like, wait, let me at least have a
• 44:56
  Speaker 2: meeting with these guys since they came from our school.
• 44:58
  Speaker 2: And that's how it starts. Man Reach Across, Man Reach across.
• 45:03
  Speaker 1: Okay, well, before we leave, we have some exciting news.
• 45:08
  Speaker 2: Yeah, so we are again on YouTube, which we announced
• 45:12
  Speaker 2: on the last episode, but now we have our merch
• 45:16
  Speaker 2: up on earnier Leisure dot com, so we have some
• 45:20
  Speaker 2: some some cool ideas that are up there, so you know,
• 45:23
  Speaker 2: feel free to support. We also have our Patreon app
• 45:27
  Speaker 2: which is going to be provided some exclusive and behind
• 45:30
  Speaker 2: the scenes content and also some other features that we
• 45:33
  Speaker 2: thought that would help people. By requests pretty much people
• 45:36
  Speaker 2: have been asking some things, and yeah, we thought we
• 45:39
  Speaker 2: felt like Patreon would be a good avenue to address
• 45:42
  Speaker 2: some of those topics.
• 45:43
  Speaker 1: Patreon is something that we're definitely excited about, something that
• 45:45
  Speaker 1: we've been working on. So, you know, we give a
• 45:47
  Speaker 1: lot of free game for you long time my Instagram page.
• 45:52
  Speaker 1: Two years we do. We do the podcast, so a
• 45:56
  Speaker 1: lot of time people have even more questions or they
• 45:58
  Speaker 1: want like kind of like mentorship, pick business coaching, or
• 46:02
  Speaker 1: pick my brain or just even stuff with the podcast.
• 46:05
  Speaker 1: We talked probably about an hour after the podcast is
• 46:08
  Speaker 1: over with, were just going to end depth stuff so
• 46:11
  Speaker 1: you guys be able to see it when you're going in.
• 46:13
  Speaker 1: But that's all the extra bonus features and all of
• 46:16
  Speaker 1: that stuff will be laid out in our Patreon. All
• 46:21
  Speaker 1: of the links will be on our website and uh yeah,
• 46:25
  Speaker 1: YouTube the merch the merchant Dope too. I'm not just
• 46:28
  Speaker 1: saying that because I'm involved with it. It's actually very
• 46:31
  Speaker 1: creative and you know what, it gives a good message
• 46:33
  Speaker 1: for financial literacy, and it gives good you know, inspirational
• 46:37
  Speaker 1: quotes and things of that nature. So I think that that.
• 46:40
  Speaker 2: Especially in our cultures, like that's one of the things
• 46:42
  Speaker 2: we notice is that people will look at what you're
• 46:43
  Speaker 2: wearing for So if they're gonna look, we might as
• 46:45
  Speaker 2: well have.
• 46:46
  Speaker 1: A message and say something exactly so you know, that's
• 46:48
  Speaker 1: what we're doing. We're just pushing positivity. Thank you guys
• 46:51
  Speaker 1: for supporting us. Thank you guys for rocking on us.
• 46:53
  Speaker 1: Don't forget to subscribe to our YouTube channel and also
• 47:00
  Speaker 1: turn on our notifications. Also for Instagram as well. Also
• 47:05
  Speaker 1: for iTunes, subscribe. I know you guys are listening to iTunes.
• 47:09
  Speaker 1: We're not just on iTunes. That's another thing to people.
• 47:11
  Speaker 1: We're on Spotify, We're on Google Podcasts, We're on Podbeam,
• 47:16
  Speaker 1: We're on Anchor, We're on I watch.
• 47:20
  Speaker 2: You everywhere you listed all the time.
• 47:22
  Speaker 1: So all right, guys, we will see you next week. Peace.
• 47:53
  Speaker 8: An illegal alien from Guatemala charged with raping a child
• 47:57
  Speaker 8: in Massachusetts. An MS thirteen gang member from Al Salvador
• 48:01
  Speaker 8: accused of murdering a Texas man of Venezuelan charged with
• 48:05
  Speaker 8: filming and selling child pornography in Michigan. These are just
• 48:09
  Speaker 8: some of the heinous migrant criminals caught because of President
• 48:13
  Speaker 8: Donald J. Trump's leadership. I'm Christy nom the United States
• 48:16
  Speaker 8: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 48:21
  Speaker 8: crossings are at the lowest levels ever recorded, and over
• 48:25
  Speaker 8: one hundred thousand illegal aliens have been arrested. If you
• 48:28
  Speaker 8: are here illegally, your next you will be fine nearly
• 48:32
  Speaker 8: one thousand dollars a day, imprisoned, and deported. You will
• 48:36
  Speaker 8: never return. But if you register using our CBP home
• 48:40
  Speaker 8: app and leave now, you could be allowed to return legally.
• 48:44
  Speaker 8: Do what's right. Leave now. Under President Trump, America's laws,
• 48:48
  Speaker 8: border and families will be protected.
• 48:51
  Speaker 2: Sponsored by the United States Department of Homeland Security,