Digital Social Hour: The $10M Crypto Mistake That Changed Everything (Loss Aversion) | David Shands DSH #992

Release Date: December 18, 2024
Host: Sean Kelly
Guest: David Shands

1. Building Thriving Communities

[00:00 - 00:27]

Sean Kelly and David Shands kick off the episode by discussing the significance of building active communities around their respective shows. Sean highlights his WhatsApp group, which boasts 900 active members, while David emphasizes his long-term commitment to fostering a community since 2013 through in-person entrepreneurship workshops.

Sean Kelly ([00:03]): "We have a WhatsApp chat for every guest that's been on... 900 people now, and they are active every day."

David Shands ([00:27]): "I've been building a community around me, period. But I've been doing in-person entrepreneurship workshops since, like, 2013 or 14."

2. Pioneering in the Podcast Space

[00:30 - 01:20]

Sean expresses his admiration for David, acknowledging him as one of the first podcasters he studied. They discuss their podcasting journeys, with Sean boasting over a thousand episodes and David managing multiple shows, including "Proof" and "Hot Seat."

Sean Kelly ([00:37]): "One of the first podcasters I studied, so thanks for coming on, man. Yeah, you were a pioneer in the space, I'd say."

David Shands ([01:25]): "Proof and a hot seat... That's my baby."

3. Sean's $10 Million Crypto Loss

[03:09 - 04:04]

Sean opens up about a significant financial setback, revealing that he lost $10 million in the crypto market, specifically in volatile altcoins during the 2021 bull run. He shares the emotional impact of the loss, admitting to feeling "pretty lost for a few months."

Sean Kelly ([03:13]): "I lost $10 million. How do you lose 10 million? Crypto."

Sean Kelly ([03:16]): "Yeah, I got wrecked all in like a few month period too."

4. Overcoming Financial Setbacks Through Podcasting

[04:04 - 07:03]

David empathizes with Sean's experience, discussing the broader implications of such losses and the importance of mental resilience. Sean credits podcasting as a crucial factor in helping him recover from his financial and emotional downturn.

Sean Kelly ([04:04]): "Podcasting helped me get out of that funk, to be honest."

David Shands ([07:03]): "That's the clear. Yeah, I go all in sometimes... It's how I am."

5. Investment Strategies and Risk Management

[07:10 - 09:56]

The conversation delves into Sean's investment habits, highlighting his "go all in" approach, which has led to both significant gains and losses. David contrasts this with his preference for more stable investments like real estate, emphasizing the importance of managing risk for long-term sustainability.

Sean Kelly ([07:03]): "I go all in. Sometimes it's good, sometimes it's not."

David Shands ([09:07]): "If someone has a business... we can come on the podcast. I can shout you out."

6. Monetizing Podcasts and Business Sustainability

[09:56 - 18:16]

David offers insights into building a sustainable podcasting business, stressing the necessity of having a clear monetization strategy from the outset. He cautions against starting a podcast solely on a good concept without planning for revenue generation, a lesson he shares from his own experiences.

David Shands ([17:37]): "If you are watching this, please remember what I'm telling you. Don't rush to make it as you're making a little bit. Manage that little bit."

Sean Kelly ([18:16]): "I knew going into the podcast I was probably gonna lose money upfront... I almost quit."

7. Maximizing Credit Card Points and Travel Hacks

[21:02 - 22:15]

The hosts engage in a light-hearted yet informative discussion about credit card points and travel hacks. Sean shares strategies for maximizing rewards, such as transferring AMEX points during bonus periods to airlines and hotels, while David discusses his experiences with Delta points.

Sean Kelly ([21:10]): "You could transfer the points and get 5x."

David Shands ([21:24]): "They just make sure I spend all of my points with them."

8. The Power of Podcast Conferences and Networking

[24:10 - 26:15]

David highlights the importance of in-person events and podcast conferences in building a robust network. He shares details about his own "Podcast Summit," which attracts over a thousand podcasters, and emphasizes the value of tailored information and networking opportunities offered at these events.

David Shands ([25:22]): "Our joint is cr. Those people leave with so much information."

Sean Kelly ([25:28]): "Quality over quantity, bruh."

9. Personal Life and the True Meaning of Success

[27:02 - 29:06]

Shifting focus to personal achievements, David discusses his upcoming 40th birthday and the significance of family and faith in defining true success. He contrasts this with the often fleeting nature of financial gains, underscoring the importance of relationships and personal fulfillment.

David Shands ([27:58]): "I'm at a point where business is good and I have some money and I still have a good relationship and my kids love me. I'm their superhero."

Sean Kelly ([29:08]): "That's success right there."

10. Final Thoughts and Community Building

[30:07 - 33:55]

The episode concludes with discussions on the importance of having a supportive personal life, overcoming shyness through podcasting, and the continuous effort required to build and maintain successful ventures. David also teases upcoming events, including a conference aimed at helping attendees make their first million dollars in 2025.

David Shands ([31:02]): "It's so hard. And some... wealth, success is so elusive."

David Shands ([33:48]): "It's going to be electrifying. I can't wait to see the stories to come out of it next year."

Notable Quotes:

• Sean Kelly ([03:16]): "I got wrecked all in like a few month period too."

• David Shands ([13:46]): "Everybody needs a podcast. Every single entrepreneur... you will not be able to survive without a podcast."

• David Shands ([27:58]): "I'm at a point where business is good and I have some money and I still have a good relationship and my kids love me. I'm their superhero."

This episode offers a candid look into the highs and lows of podcasting and entrepreneurship, emphasizing the importance of community, sustainable business practices, and personal well-being. Sean Kelly's revelation about his crypto loss serves as a poignant reminder of the volatility in investment landscapes, while David Shands provides invaluable advice on navigating the podcasting world and building lasting success.