My First Million – Episode Summary

Podcast: My First Million
Episode: Work at These Companies, Become a Millionaire in 5 Years
Date: January 8, 2026
Hosts: Sam Parr & Shaan Puri
Main Theme:
The hosts answer listener questions in a mailbag episode, sharing candid stories from their entrepreneurial journeys, their biggest mistakes, career advice, and deep dives into how to fast track financial success without becoming a startup founder. They revisit the iconic “Sarah’s List” — companies where joining as an employee could lead to outsized wealth — and discuss work, ambition, family, and practical business advice.

Episode Overview

This episode is a fan Q&A (mailbag) where Sam and Shaan respond to questions about:

• Biggest mistakes they've made in business and how those shaped them
• How to pick billion-dollar companies to join and get rich without being an entrepreneur (“Sarah’s List”)
• Their personal goals (“masogi”) for 2026
• High-stakes financial goals, like Sam's desire for a $20M NYC apartment
• OG friends and past guests’ updates
• Tactical advice for career pivots (especially for individual contributors like real estate agents)
• The value of mentors and “the one business phone call”
• Favorite unlaunched business ideas
• Sports and parenting philosophies

The tone is open, self-deprecating, and very practical, with both hosts drawing from personal experience and recent conversations.

Key Discussion Points, Insights & Memorable Quotes

1. Biggest Business Mistakes They've Never Shared (00:21–07:36)

• Sam’s recurring hiring error: Over-relying on young, unproven talent because of the “romantic” idea of nurturing diamonds in the rough, resulting in low hit rates.
  • “I hate to say it, but the majority of the time, that is a horrible plan… it's significantly better to hire more experienced people and pay them more money.” — Sam (00:30)
• Reluctance vs reality: They both admit being drawn to “cheap and hungry” over proven performers out of emotion or ego rather than rationality.
• Resolved by experimenting with consultants: Sam now hires agencies for limited stints, pairs junior staff with experts.
• Shaan’s biggest mistake: Project selection — spending most of his career chasing projects with no founder-market fit or poor market potential.
  • “You’re a 10 out of 10 person working on a 2 out of 10 opportunity…” — Shaan (04:39)
  • Examples: Trying to create a sushi chain (zero restaurant experience), social media apps (despite not being a user), craft beer apps (hates beer).
• Lesson: Pay attention to your own biases and leaks in your “business bucket.” Opportunity cost is the greatest cost for high performers.

2. "Sarah’s List" – Companies to Join & Get Rich (07:37–20:27)

• Definition: Find a Goldilocks company (not too big, not too small) just before major growth, where stock options could multiply over 4–5 years—without being a founder or “hot-shot exec.”
  • “We christened this as Sarah’s List…” — Shaan (09:52)
• Why it’s harder now: AI startup volatility vs. steady SaaS/unicorns of the 2010s.
  • “With all these new AI companies, it’s impossible to predict… are they actually going to have longevity?” — Sam (10:13)
• Current picks:
  • Sam: Amazon (even at $2.4T, believes it could 4–5x from here due to underutilization of AI and underperformance relative to potential)
    • “When I use my Alexa, it’s still so stupid. Like, it doesn’t understand AI…” — Sam (11:37)
  • Shaan: Neuralink (believes it’s pre-massive S-curve; Musk factor; huge potential with brain-computer interfaces both for medical and consumer)
    • “Join the company by the greatest entrepreneur ever… Neuralink is what’s next.” — Shaan (12:06)
    • “Once the first people start to have the chip in your brain, you will be the equivalent of a turtle if you do not.” — Shaan (14:14)
  • Owner.com: Praised as the “best founder and best company” Sean ever invested in (CEO Adam), already grown from $1B to >$10B, deeply values-driven leadership.
    • “He’s kind of a terminator… at the end he was like, ‘I’m so saddened…’” — Sam (19:17)

3. Personal Goals and “Masogi” for the Year (21:11–28:52)

• Masogi: A transformative/challenging annual goal that’s likely to fail.
• Shaan (2026):
  • No social media consumption for a year; only reading books (~26 for the year)
  • Assistant coach, local high school basketball team — completely unplugging from business in favor of “life goals” (coaching to state tournament)
  • “I’m literally coaching with the whistle and whiteboard four days a week…” — Shaan (26:35)
• Sam:

  • New dad (2-year-old and 2-month-old daughters), so focus is on:

    • Eating 200g protein/day
    • 6am wakeups

  • Admits he’s “just hanging on,” but proud of simple goals due to the season of life.

  • “All that matters is protecting the nest... I think knowing the season and not beating yourself up about that is something ambitious, type-A people struggle with.” — Shaan (28:00)

4. Ambitious Purchases: “What’s Your FU Money Goal?” (30:16-36:37)

• Sam: Dreams of a $20M+ NYC apartment for family/work/life integration — wants to host family and build a “campus” for kids/friends, not opulence for status.
  • “In the next couple years, I want to buy a huge, lavish, $15M or $25M apartment...” — Sam (30:40)
• Shaan: Not into the “measuring stick” purchases; using wealth for time, health, and family, as per Morgan Housel’s philosophy.
  • “I’ve almost run out of money-as-a-tool-to-improve-my-life ideas; I don’t want to switch into the measuring stick.” — Shaan (36:13)
• Gary Vee’s Jets Dream: Praised as “personal branding genius,” since it grants air cover to ambition ("buying the Jets" sounds noble vs. “becoming a billionaire”).

5. Updates on OG Friends & Past Guests (37:38–43:34)

• Suleiman Ali (“Suli”): Serial entrepreneur (TinyCo, Native Deodorant), now focused on personal health and first-time fatherhood. Plans to make a big swing in AI/robotics eventually.
  • “He was able to understand what matters... did not make the mistake of chasing more success.” — Shaan (39:44)
• Ramon: Serial niche founder, now building Athena (clean water for the home). Previously sold a soap opera spoilers site for $10M, then a dog ramp company.
• Jack Smith: Co-founder of Vungle ($850M exit); lives modestly in Portugal, building a meditation retreat.
  • “He’s the most non-flexing person I’ve ever met in my life.” — Sam (42:33)

6. Tactical Career Switch Advice (43:34–51:26)

• Listener is a successful realtor (10 years, $300K/yr) but finds it non-compounding; wants advice on pivoting.
• Sam: Don’t think small — think company, not just job or gig; organize others, build scalable assets.
  • “To build a lot of value… you have to create a company with people… not just something that pays your salary.” — Sam (45:09)
• Shaan: Test if dissatisfaction is boredom, not lack of opportunity. Seek blueprints from people who have built teams, franchises, or scalable models from similar backgrounds. Carve time for the search.
  • “Question the initial assumption… is it not compounding because it can’t, or because you haven’t tried different models?” — Shaan (46:58)

7. The "One Business Phone Call" — Mentorship and Clarity (51:30–62:23)

• If you get “one call,” who do you dial for business advice in a crisis?
  • Sam: Austin Rief (Morning Brew co-founder); balances soul/passion with sharp, pragmatic analysis.
  • Shaan: Suleiman Ali — must (a) care deeply; (b) see through noise to the signal with more wisdom/data points; and (c) become an "inner voice" surrogate.
    • “When you come to them with your personal life problem, it becomes their personal life problem.” — Shaan (54:00)
    • Example: Suli’s advice when selling Milk Road (“What’s your gut?”) and on eCommerce (“Fix every shitty thing you see. That is the strategy.”)

8. Founder Mindset — Big Picture & Detail (62:13–65:10)

• Anecdote from Dan Clancy (now Twitch CEO), describing the “square line” work style: spend time at altitude thinking strategy, then drop down and obsess over details—then return up.
  • “Founder mode is simultaneously holding the big idea… and diving down into the absolute most simple details…” — Shaan (62:23)

9. Favorite “Unlaunched” Business Ideas (65:57–72:35)

• Sam: High-performance, consumer hardware (washer/dryer, smart appliances). Surprised no one tackled category-dominating smart gadgets, despite Roomba/Nest precedent.
• Shaan: Youth Sports Combine — standardized fitness/athleticism testing and ranking as a for-profit, city-to-city tour (like Tough Mudder), with upsell opportunities for training, data, merch.
  • “I see the absolute money hurricane that is youth sports… Can't believe nobody's built the SATs for athleticism.” — Shaan (69:09)

10. On Kids & Sports Philosophy (69:09–72:35)

• Both discuss sports for their own kids: Tennis, basketball, martial arts praised for accessibility, fun, rewards, and life lessons. Baseball, skiing, and niche/ultra-competitive sports less attractive.

Notable Quotes

• “I hate to say it, but the majority of the time, that is a horrible plan… it's significantly better to hire more experienced people and pay them more money.” — Sam (00:31)
• “It’s not to say you never hire a junior person, but too often defaulting to that... Those are biases...” — Shaan (03:53)
• “If you’re hardworking and sufficiently talented, then the only variable that matters is what project you pick…” — Shaan (04:39)
• “We christened this as Sarah’s List... join as a normal employee into a clearly good company that's already in a stable position…” — Shaan (09:52)
• “Once the first people start to have the chip in your brain, you will be the equivalent of a turtle if you do not.” — Shaan (14:14)
• “I want to create something that involves getting other people organized, and them doing a lot of the work… not just something that pays your salary.” — Sam (45:09)
• “When you come to them with your personal life problem, it becomes their personal life problem.” — Shaan, describing his mentor criteria (54:00)
• “The strategy is: you look at your product, you figure out everything that sucks, you fix it… and do that again and again…” — Suli via Shaan (58:41)

Important Timestamps by Segment

• 00:21 – Biggest Unspoken Mistakes (Hiring, Project Selection)
• 07:37 – Sarah’s List overview & company picks (Amazon, Neuralink, Owner)
• 21:11 – Revenue transparency & “masogi” challenges
• 30:16 – FU money dreams: $20M penthouse, philosophy of spending
• 37:38 – Updates on Suli, Ramon, Jack Smith
• 43:34 – Business pivot advice for successful lone-wolf professionals
• 51:30 – "One Call" question: Who’s your mentor/brain trust?
• 62:13 – How great founders balance vision and detail (Dan Clancy anecdote)
• 65:57 – Favorite business ideas: Consumer hardware, youth sports combine
• 69:09 – Parenting & youth sports strategy

Tone & Style

• Honest, vulnerable, and often self-deprecating
• Friendly, fast-paced banter with clear actionable takeaways
• Willingness to discuss real numbers, regret, and uncertainty
• Heavy on personal anecdotes, illustrative stories, and concrete steps

This summary covers all business content; advertisements, podcast intros, and outros are omitted for clarity.

For Listeners Who Missed the Episode

This episode delivers the best of My First Million: candid founder lessons, actionable advice, and wide-ranging opportunities for success outside of entrepreneurship. It’s a must-listen for anyone plotting the next big chapter, whether that’s joining a rocketship company, launching a business, or leveling up your life in 2026.