← Success Story with Scott D. Clary
Success Story with Scott D. Clary
Lessons - The Currency You Can't Earn Back: Mastering Time Management | Sahil Bloom - Newsletter Creator & Investor
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- [00:00]
Scott Clary
NetSuite is a success Story Partner now what does the future hold for business? If you ask nine experts, you're going to get 10 answers. Bull market Bear market. Rates will rise. Rates will fall. Honestly, I just wish somebody could invent a crystal ball. But until then, over 41,000 businesses have future proofed their business with NetSuite by Oracle, the number one Cloud ERP bringing accounting, financial management, inventory and HR into one fluid platform. With real time insights and forecasting, you're peering into the future with actionable data. And when you're closing the books in days, not weeks, you're spending less time looking backwards and more time on what's next. If I had needed this product, this is what I'd use. Whether your company is earning millions or even hundreds of millions, NetSuite helps you respond to immediate challenges and seize your biggest opportunities. And speaking of opportunity, download the CFO's Guide to AI and and Machine Learning at netsuite.com ScottClary the guide is free to you at netsuite.com Scottclary netsuite.com Scottclay.
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Troy Sandich
HubSpot is a success Story Partner now if you're an entrepreneur, listen up, because HubSpot makes impossible growth impossibly easy for their customers. If you are building a business, you need to get HubSpot. Why you need to here's the perfect example. Morehouse College needed to reach new students with fresh, engaging content, a problem that every single business in the world has. But with a 900 page website, even the tiniest update took 30 minutes to publish. Now Breeze, which is HubSpot's collection of AI tools, helped them write and optimize their content in a fraction of the time. And the results? 30% more page views and visitors now spend 27% more time on their site. If you are ready for impossible growth like this, visit HubSpot.com in this lessons episode, explore why time is our most undervalued form of wealth and how ignoring its fleeting nature leads to lasting regret. Learn how recognizing yourself as a time billionaire shifts your priorities. Learn why consuming and ideating without action.
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Scott Clary
Traps you in illusion.
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Troy Sandich
And learn how restructuring your professional time can lead to greater purpose and clarity.
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Unknown Speaker 1
What do you think? I'll ask. I'll ask you personally. I guess you could ask what people have the most trouble with, but it's more fun to ask what you have the most trouble with. So what is the one kind of wealth that you think is the most difficult for yourself?
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Unknown Speaker 2
I think time wealth is the one that most people struggle with and it's for a few reasons. First off, time, wealth is first and foremost about an awareness that that time is your most precious asset. About an awareness that it is finite and impermanent. That if you don't think about it until the very end, it's going to be the only thing you think about. But when it's too late, that is a very tough switch to flip in a lot of young people's minds. In particular, time has this characteristic for young people where you think about it none and then at the very end of your life, it's the only thing you think about but it's too late, or you think about it none until your parents are dead. And then you're like, oh, shoot, I should have thought about it more. And it's hard to get that across to young people. The question I love to ask is, would you trade lives with Warren Buffett? He's worth $130 billion. He has access to anyone in the world. He flies around on private jets, he's got plenty of houses, he reads and learns for a living. But you wouldn't trade lives with him because he's 95 years old. There's no way you would take $130 billion to be a 95 year old today.
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Scott Clary
Of course not.
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Unknown Speaker 2
You wouldn't do that. And so you're recognizing, and by the way, on the other end, he, he would trade lives with you. He would give up $130 billion and your age in a heartbeat. And so you're recognizing that time has incalculable value. And yet on a daily basis, you take a bunch of actions that disregard your time. You sit around scrolling on social media, you work on nonsense. You say yes to things that you don't actually want to do. You catch yourself in these time for money trades that don't make any sense in your life anymore. So you sort of know it in the back of your mind. But then you don't take actions to. And it's not painful attention, it's not painful. And you don't. People have a tough time internalizing a like, future reality in the present. So yeah, it's exactly that. It's like it is. You don't recognize the fact that the time is just slipping away. Right. Like you are a time billionaire. There's this concept in the book that I bring up from this investor, Graham Duncan. You are a time billionaire. When you are young, you literally have billions of seconds left in your life, but the seconds are just ticking away. And importantly, there are certain seconds. There are certain moments in your life that are more important than others. There are windows of time that actually have more importance. Ancient Greeks had two words for time. Kronos was the linear, sort of normal version of time. And then kairos was this idea that there were certain windows that were more important than others, that had more texture, more meaning. That is true in your own life. And energy and attention deployed into those moments is more impactful. As an example, when your kids are young, that is a window of time that is going to be very short, that you are never going to get back. Not recognizing that and being present during those moments is something that you will regret for your entire life. But if you don't think about that, if you don't sit with that question, if you don't think about the tension that you're going to have to navigate, if you don't ask yourself, ask your spouse, ask your partner how you want to navigate that tension. You just allow it to slip by. It just becomes part of the thing, part of the laters that we end up living.
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Unknown Speaker 1
It's interesting because I think that a lot of the focus on traditional wealth, on money, wealth, and I just thought of this as we're chatting now, is because you feel the pain when you can't afford rent. You feel the pain when you can't afford the school that all your friends are sending their kids to. And also content in general and media that we're exposed to is just sort of tripling down on the fact that we don't make enough money. There's no social media saying, hey, I have better relationships with my parents than you. There is the social media saying, hey, you don't drive a Lambo, or you don't fly private, or you don't get to go to Saint Barts on vacation. That's social media. So we're just inundated with all this negativity, only focused on one kind of wealth. And it's becoming probably even harder and harder for young people to focus on the other four kinds.
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Unknown Speaker 2
Yeah. And it's very flimsy, right? It's. You think you ask people. Like, the question I like to ask when it comes to like, sort of shows of wealth is, would you buy this thing if you couldn't tell anyone or show anyone that you have it? So, like, you're going to buy some fancy watch. Would you buy that watch if you couldn't show it to anyone or tell anyone that you had it? Like, usually not, right? Usually you're buying it because you want to exhibit the fact that you have achieved some level of wealth. And then it becomes this sad question of how much of your life are you simply living for the pleasure of others? Like, really ask yourself that. How much of your time in life are you living to please other people, to impress other people? And in order to try to make yourself feel impressive, right? Like we focus so much time, energy and attention on trying to be impressive to others, when in reality what you should do is try to be impressive to yourself. That's what really matters. At the end of the day, being impressive to others is overrated. Being impressive to yourself, underrated feels much better.
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Unknown Speaker 1
I mean, people don't really care about you that much either.
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Unknown Speaker 2
No one's thinking about you. No one's thinking about you. I've done it before. There are two big mistakes in life. One is worrying about what other people think about you, and the other is believing that other people think about you in the first place. The spotlight effect, right? It says that we overestimate the degree to which other people are noticing or observing our actions or behaviors. No one is thinking about you. Everyone's just worried about themselves.
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Troy Sandich
The HubSpot Podcast Network is a Success Story Partner now if you like Success Story, you're going to love other podcasts in the HubSpot podcast network. One of my personal favorites is I Digress. Hosted by my boy Troy Sandich. With shows under 30 minutes, iDigress helps eliminate complexity, complications and confusion in your business with frameworks and strategies to achieve true, scalable and sustainable success. If you are an entrepreneur building anything you need to listen to I Digress. This is one of the most useful business podcasts you're ever going to subscribe to. Listen to I Digress. Wherever you get your podcasts, I have to take a second and thank Northwest Registered Agent for supporting today's episode. Now listen. I know a lot of entrepreneurs listen to this show. If you're an entrepreneur, if you're building a business, you have to listen if you want to get more when you're launching your next big idea, Northwest Registered Agent lets you establish your entire business identity in just 10 clicks and 10 minutes. For nearly 30 years, they've been the secret weapon for entrepreneurs who want to move fast while getting expert guidance. For just $39 plus state fees, they'll handle your formation, create a custom website, and establish your local presence wherever your business takes you. As an entrepreneur myself, what I value most is their one stop business solution. You get everything from formation paperwork to custom domains to trademark registration all in one easy to use account. No more juggling all these multiple services or wasting time figuring out the legal stuff. So don't wait. Protect your privacy, build your brand, and set up your business in just 10 clicks and and 10 minutes. Visit northwestregisteredagent.com success and start building something amazing. Get more with Northwest registered agent@northwestregisteredagent.com Success Lingoda is a partner of success story. Look, I'll be real with you. My French used to be solid. I learned it in school. I even had decent pronunciation. But when I booked trip to France last year, it was a total blank. I could barely order a croissant without sounding like a tourist. So I jumped into the Lingoda Sprint challenge and man, it changed everything. I take live classes late at night after podcasting. Only five students, max. Real teachers, real conversations. And in just two months, I went from bonjour to holding full conversations at a Paris cafe. Confidence unlocked. Now here's the play. 30 or 60 classes in 60 days. And if you finish them all, you get 50% cash back. That's basically €4 or $5 per class. That' insane value. Go to try.lingoda.com successsprint and then use my code, scottsprint, for an extra €20 off on top of their current deal. Registration closes May 5th. Classes start May 12th. Let's get fluent.
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Unknown Speaker 1
So focus on. In terms of the these really important moments of time with kids. You sort of alluded to parents as well before. Does stoicism, the thought of your own death, those kinds of concepts, do they sort of influence how you think through time?
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Unknown Speaker 2
Absolutely. I. There's a chapter in the book called A Brief History of Time. Sort of a play on Stephen Hawking's famous book. And at the start of that, I have this quote from one of my favorite movies, Troy. I don't know if you've seen it. Brad Pitt, which is hilarious because my. My wife jokes with me that, like, she can't escape that movie because I've watched it literally hundreds of times. And she was like, what? I sent her the screenshot of it in my book. She was like, what? This made it into your book? But it's this line.
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Troy Sandich
Good movie.
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Unknown Speaker 2
Yeah, it's a great movie. And it's 20 years old now, which is crazy to me. But yeah, 2004. I had no idea until I had to cite the book.
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Unknown Speaker 1
That's time.
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Unknown Speaker 2
Yeah, yeah. But Brad Pitt has this line in it, you know, speaking as Achilles, where he just says that the gods envy because we are mortal. And he says Everything is more beautiful because we are doomed. You will never be lovelier than you are now. And that is such a powerful line to me of that exact idea that, like the fact that you will never experience these moments again, make them so much more beautiful, so much more important, because you don't know when it's going to be the end. You don't know when there's going to be a last time. To use Sam Harris's idea, all of these things are inherently fleeting, and that's what makes them so special and so important.
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Unknown Speaker 1
When you interviewed all these people, what would be one thing that you noticed was incredibly different from interviews with young people versus old people?
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Unknown Speaker 2
It's perhaps cliche to say, but the young people, almost unanimously across the board, assume that the linear relationship between money and happiness is going to continue into perpetuity. And the old people know that it doesn't. Arthur Brooks is this famous happiness researcher. He's a friend of mine, one of the early readers of this book, which I was very grateful for. And he talks about the fact that early in your life, money does directly buy happiness. It reduces fundamental burdens and stress. It affords you kind of early pleasures, which really directly drive happiness. And so what happens is we create this pattern that when the money bell rings, we get the cheese, right? Like, we're like the little mouse. And that creates a very strong mental pattern that convinces us that that relationship, money bell ring, get cheese, is going to continue into perpetuity. And it's very hard to crack that patterning that we have from our early years. So even once you get to the point where there are diminishing returns, where it no longer drives that incremental happiness, where you should be focusing on these other types of wealth that you can use money as a tool to hopefully unlock. You don't realize that. And so you keep marching down the path thinking that money is going to continue to drive happiness until it's too. And that's where you end up in this, you know, rich yet miserable existence that we see all too often.
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Unknown Speaker 1
You mentioned four types of professional time. So can you explain that, what. What those mean? Because I think that a lot of people understand, okay, fine, I. I have to spend time on things outside of work, but within the context of work, how do I allocate my energy and time?
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Unknown Speaker 2
Yeah, so this idea of four types of professional time is the idea that in a regular professional schedule, there are four ways that you can spend your time. One is management, which is basic tasks, emails, meetings, processing, things like very simple Management tasks that probably ends up being like 80 plus percent of most professional people's time. The second type is creation. That is when you are actually creating or building something that could be making a deck, it could be doing analysis, it could be coding, but it's creating something that ends up being the rest of the time. For most people, these other two types of time basically get forgotten, but they are so important for changing your outcomes. The third type of time is consumption, meaning this is when you are actually consuming things at the top of the funnel. This is reading, this is learning, this is listening to things. This is where you're actually incepting new ideas into your brain. Most of us spend zero time on that structurally. And then the fourth type of time is ideation. That's when you're actually thinking, that's when you're creating the space as we talked about earlier, to zoom out and actually ask yourself the bigger questions about the things you're working on. Consumption and ideation get lost. In a typical professional calendar, you spend the vast majority of your time on management. A little bit of time on creation and consumption and ideation are nowhere to be found. The problem is that when you are in that management focused loop, that's when you end up being like the rocking horse where all you're doing is emailing and sitting in meetings and you're not actually making forward progress. Consumption and ideation are what enable you to have the 10 or 100x outcomes on things, because that's where you're incepting new ideas, where you're actually thinking about what really matters. The bigger picture questions where you can focus in on the things that matter and work smart, not hard. Management time is like very much the time for money trade. It's. It's the endless loop that we get stuck in. And so thinking about this in your own calendar, the exercise I walk through in the book when I talk about this is to color code your calendar across those four types of time. Color code things according to whether it was management, creation, consumption or ideation, and then look at what your mix of time is across the week. And once you have a sense for what your current mix is, then you can try to more strategically put together a calendar that actually does carve out windows for consumption ideation and hopefully reclaims a little bit of the management time to put it towards creation.
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Unknown Speaker 1
So I would say that what you've described is the majority of people, but the people that have bought into the concept of consumption and ideation, which I think is a lot of Your audience and a lot of people listen to the podcast as well. I have discovered another problem, which is over consumption and over ideation and no action. So to people that do nothing but consume podcasts, read newsletters, read books non stop, and they think through a million different ideas and they have shiny object syndrome. What's your wisdom for them? How do, once you actually graduate the.
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Troy Sandich
Level where you do these act?
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Unknown Speaker 2
Yeah, that's gonna be the whole podcast.
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Unknown Speaker 1
It is, I mean, it's, it's, it's useful advice, but, you know, I'm sure you see this as well.
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Unknown Speaker 2
Yeah, the, I mean, the reality is that the answer you seek is found in the action you avoid. Information gathering is a dangerous drug. A lot of people in this day and age are getting all their dopamine from information gathering. They read Atomic Habits and they think they're good at habits. You know, they go and read the book and they think they get the thing. When in reality you need to get your dopamine from action. So you need to consume some, but then act a whole lot on the back of it. The. The rule that I have, which is just kind of a funny rule, is I carry around this little pocket notebook. It's sitting in my backpack over there. And I use it because I like to write things down during the course of the day, have an interesting conversation with someone, write something down, spark some idea, or read something or write something down. My rule with the notebook is that I have to act on anything I write down within 24 hours. Meaning I have to either go deeper on it, I have to log it somewhere, I have to learn more about it, I have to. Or I have to mark it as like, not interesting and cross off, but I have to do something with it. So it can't just become this mindless loop of like, oh, I just write down everything that I come across. There has to be an action attached to the thing that I log as interesting. And I have found that simple sort of triggers like that really help with reminding me that I have to go do the thing. It's not talking about the thing. It's not brainstorming the thing. It's not asking questions about the thing. You literally have to do the thing.
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Scott Clary
Thanks for tuning in. If you found this valuable, don't forget to hit that subscribe button so you never miss an episode. And if you want to dive deeper into this conversation, check out the links in the description to watch the full episode. See you in the next one. Indeed is a success story, partner. Now say you just realized your business needed to hire someone fast. How can you find amazing candidates fast? It's easy. Just use Indeed. When it comes to hiring, Indeed is all you need. Stop struggling to get your job post seen on other job sites. Indeed sponsored jobs help you stand out and hire fast. And with sponsor jobs, your post jumps to the top of the page for your relevant candidates so you can reach the people you want faster and it makes a huge difference. According to Indeed data, sponsored jobs posted directly on Indeed have 45% more applications than non sponsored jobs. Plus with Indeed sponsored jobs, there's no monthly subscription, no long term contracts. You only pay for results. There's no need to wait any longer. Speed up your hiring right now with Indeed and listeners of this show will get a $75 sponsored job credit. To get your jobs more visibility@indoubtedly.com Clary just go to indeed.com Clary right now and support our show by saying you heard about Indeed on this podcast. Indeed.com Clary terms and conditions apply. Hiring Indeed is all you need.