Podcast Summary: My First Million - "The 2024 Milly Awards"
Release Date: December 30, 2024
Host/Author: Hubspot Media
Description: Sam Parr and Shaan Puri engage in a spirited brainstorming session, exploring new business ideas inspired by current market trends and opportunities. In this episode, "The 2024 Milly Awards," they reflect on the past year by awarding themselves and notable figures across various fun and insightful categories.
Introduction to The Milly Awards
Opening the episode, Sam and Shaan introduce their long-standing tradition of the Milly Awards—a playful ceremony where they create and bestow awards across diverse categories to recap and reflect on the year's achievements and lessons.
1. Best Investment of the Year
Sam Parr’s Pick: Real Estate Investment
Sam highlights his strategic investment in real estate, facilitated by his brother-in-law, a seasoned operator. This passive investment yielded impressive returns of 30-40%, coupled with significant tax advantages. Sam emphasizes the importance of diversifying beyond the conventional tech and crypto markets.
"I have two answers. I'll give you the first one. My type is a passive investment that is tax advantaged, that beats market returns, that is uncorrelated to my rest of my portfolio."
— Sam Parr [04:18]
Shaan Puri’s Pick: Generous Tipping
Shaan shares his unconventional best investment: adopting a more generous tipping strategy by handing out twenties instead of fives. This move not only enhanced his personal happiness but also positively impacted his interactions.
"It's made me so happy. That's been a great investment."
— Shaan Puri [03:05]
2. Worst Investment of the Year
Shaan Puri’s Experience: Real Estate Ventures
Shaan recounts his foray into fully owning real estate, which proved stressful and less profitable than anticipated. Attempting to manage properties hands-on led to subpar outcomes, reinforcing his preference for passive investments.
"My worst investment this year. Do you remember how I said I was... I sold it this year. It was stupid."
— Shaan Puri [08:52]
Sam Parr’s Challenge: Stock Timing Missteps
Sam admits to struggling with market timing, leading to poor investment decisions such as choosing Unity over Nvidia—a choice that resulted in significant losses.
"I picked Unity, and Unity has done nothing. And Nvidia became the most valuable company in the world."
— Sam Parr [13:24]
3. Biggest Loss (L) of the Year
Shaan Puri’s Personal Loss: Time Management Post-Fatherhood
Shaan reflects on the difficulties he faced in managing his time effectively after his daughter was born, leading to accumulated wasted hours and personal frustration.
"I wasted so much time this year when my daughter was born. It was so stressful."
— Shaan Puri [14:38]
Sam Parr’s Personal Loss: Relationship Oversights
Sam humorously shares his mishaps, including forgetting anniversaries, which although minor, highlighted areas for personal growth.
"Forgetting our anniversary and then trying to recover and guessing the date wrong."
— Sam Parr [17:01]
4. Coolest Moment of the Year
Shaan Puri’s Highlight: Private Jet Adventure to LA
Shaan describes an exhilarating trip to Los Angeles on a private jet, spending quality time with a wealthy friend and interviewing Rob Dyrdek, marking one of his most memorable experiences.
"I flew to LA on this very wealthy famous person's private jet. It was so fun and awesome."
— Shaan Puri [21:17]
Sam Parr’s Highlight: Family Vacation in Tahoe
Sam recounts a serene family vacation in Tahoe, emphasizing the joy of spending uninterrupted time with loved ones and creating lasting memories.
"I rented out this really cool house in Tahoe... It was just a wonderful feeling."
— Sam Parr [24:45]
5. Life Hacks of the Year
Shaan Puri’s Productivity Hack: Weekly Printed Planner
Shaan shares his method of printing a weekly planner every Thursday, which includes his quarterly goals, reflections, and actionable tasks, helping him stay organized without relying on digital tools.
"Having this printed out has been so much more helpful for me than any type of digital complicated shit."
— Shaan Puri [25:26]
Sam Parr’s Productivity Hack: Highs and Lows Channel
Sam introduces his "Highs and Lows" Slack channel, where he documents daily achievements and setbacks. This practice helps him maintain perspective by comparing current events with past experiences.
"Knowledge is not power. Creating a little highs and lows channel, you'll therapy yourself."
— Sam Parr [29:12]
6. Billy of the Year
Sam Parr’s Choice: Mark Zuckerberg
Sam nominates Mark Zuckerberg for his multifaceted growth over the year—not just financially but personally, emphasizing Zuckerberg’s commitment to fitness, open-source AI projects, and balanced personal life.
"He's doing extremely well there. He went from a robot to a cool guy."
— Sam Parr [34:20]
Shaan Puri’s Choice: Scott Heiferman (Founder of Meetup.com)
Shaan honors Scott Heiferman for his unconventional career moves, such as transitioning from a successful startup to working at McDonald's, demonstrating a commitment to personal growth and breaking societal expectations.
"He’s doing that for some soul searching thing and I think it’s fantastic."
— Shaan Puri [38:16]
7. Frame Breaking Person of the Year
Sam Parr’s Pick: Nick Gray
Sam highlights Nick Gray for his vibrant and unconventional lifestyle, including running matrimonial ads, hosting unique events, and integrating personal passions into his entrepreneurial ventures.
"He is rich in social wealth. He is rich in amusement."
— Sam Parr [42:00]
Shaan Puri’s Pick: Brian Johnson
Shaan recognizes Brian Johnson for his ambitious quest to extend human lifespan, drawing parallels to historical explorers and emphasizing his innovative mindset.
"He’s trying to prolong death or solve for death. That’s how he wants to spend his day."
— Shaan Puri [40:55]
8. Best Guest of the Year
Sam Parr’s Favorite: Manish Pabrai
Sam praises his episode with Manish Pabrai, noting its high viewership and the invaluable investment insights shared, particularly the emphasis on patience and long-term holding strategies.
"He said, if you can have fun watching the paint dry, you can be a great investor."
— Sam Parr [54:00]
Shaan Puri’s Favorite: Jad from Replit
Shaan commends his conversation with Jad from Replit, highlighting Jad’s strategic decision-making processes and his ability to create compelling business narratives.
"He was so fascinating and one of the reasons was because of that, like, live, like to be a good movie."
— Shaan Puri [51:26]
9. Best Product of the Year
Sam Parr’s Choice: ChatGPT
Sam commends ChatGPT for its continuous improvements and the myriad ways it has enhanced his productivity and creativity, likening it to mastering a magical tool.
"It's almost like you got onto Hogwarts and you're learning new spells."
— Sam Parr [59:20]
Shaan Puri’s Choice: Focus Brick Device
Shaan introduces a novel device that "bricks" his phone to limit distractions during workouts, ensuring he remains focused on his fitness regimen without succumbing to digital temptations.
"Every morning when I'm getting ready to go to the gym, I walk by my door and I brick my phone."
— Shaan Puri [60:16]
10. Changes to Make Next Year
Shaan Puri’s Goal: Establishing a Physical Office
Shaan plans to transition from a fully remote setup to establishing a physical office space to foster better team collaboration and personal interaction.
"I'm getting an office. I'm sick of like working from home all the time."
— Shaan Puri [63:04]
Sam Parr’s Goal: Enhancing Creative Skills
Sam aims to delve deeper into music by taking piano lessons and exploring digital music creation, inspired by Tim Ferriss's concept of a "creative gym" to sharpen his creative faculties.
"I want to do more music stuff. I'm going to start doing something that's highly creative."
— Sam Parr [67:36]
Conclusion
As the episode wraps up, Sam and Shaan express gratitude towards their listeners and reflect on the year's achievements and learnings. They emphasize the importance of personal growth, strategic investments, and maintaining a balanced life through both professional endeavors and personal passions.
Notable Quotes:
-
"Knowledge is not power. Creating a little highs and lows channel, you'll therapy yourself."
— Sam Parr [29:12] -
"If you can have fun watching the paint dry, you can be a great investor."
— Sam Parr [54:00] -
"He's rich in social wealth. He is rich in amusement."
— Sam Parr [42:00]
This episode of "The 2024 Milly Awards" provides listeners with a blend of personal anecdotes, investment insights, and life-enhancing strategies, all delivered with Sam and Shaan's signature wit and candor. Whether you're an aspiring entrepreneur or someone seeking inspiration for personal growth, the discussions offer valuable takeaways to consider for the upcoming year.