Loading...
October 30, 2024 • 49min
Q&A: Gut punches, favorite guests, plus advice for life
My First Million
In this mailbag episode, Sam Parr and Shaan Puri answer listener questions covering topics from wealth management to business challenges to fatherhood advice. The hosts share personal experiences and insights while discussing various scenarios their audience has encountered.
Q&A: Gut punches, favorite guests, plus advice for life
0:00
-0:00
Key Takeaways
- On managing sudden wealth: Take 6-12 months to do nothing except read and have conversations with interesting people before making any major decisions
- On business "liver shots": Health issues are the biggest reality check that can instantly change your perspective on what matters
- On fatherhood phases:
- Phase 1: "I want kids"
- Phase 2: "I want kids... right now?" (during pregnancy)
- Phase 3: "I can't live without kids" (typically 12-18 months after birth)
- On podcast guests: The most impactful guests are often those who have defined their own rules for life and found both happiness and success on their own terms
Introduction
In this mailbag episode, Sam Parr and Shaan Puri answer listener questions covering topics from wealth management to business challenges to fatherhood advice. The hosts share personal experiences and insights while discussing various scenarios their audience has encountered.
Topics Discussed
Managing Sudden Wealth (0:00)
A listener who recently acquired $53 million asks for advice on what to do next. The hosts recommend:
- Short-term strategy: Put money in high-yield savings account for 6-12 months
- Long-term allocation: Consider 80/20 split between S&P 500 and bonds
- Mental approach: Take time to read, reflect, and have conversations before making any major moves
- "Don't give yourself a timeline, but sit and read and wait for it to happen" - Sam Parr
Recent Impactful Readings (9:35)
The hosts discuss recent readings that influenced their thinking:
- Sam's pick: "Replay" by Ken Grimwood
- Book about reliving life multiple times
- Inspired him to prioritize time with parents
- Shaan's pick: Chris Williamson's essay on Type A vs Type B personalities
- Type A people excel at achievement but struggle with relaxation
- Type B people excel at enjoying life but may struggle with conventional success metrics
MFM's Mount Rushmore of Guests (15:28)
The hosts share their most impactful podcast guests:
- Sam's picks:
- Dharmesh Shah (HubSpot co-founder)
- Monish Pabrai
- Sayed
- Shaan's picks:
- Ryan Holiday
- Jesse Itzler
- Mike Posner
Business "Liver Shots" (26:18)
Discussion of unexpected challenges that can knock you down in business:
- Health issues: The most impactful "liver shot" that instantly changes perspective
- Over-reliance on key hires: Expecting one person to be a "silver bullet" solution
- "A man has a thousand problems until he has a health problem. Then he only has one problem."
Dream Shadow Experiences (31:31)
The hosts discuss who they would shadow for a week:
- Shaan's pick: Alex Karp (Palantir CEO)
- Known for unconventional leadership style
- Unique background combining philosophy and tech
- Sam's picks:
- Elon Musk - to understand extreme productivity
- South Park creators - to understand extreme creativity
Advice for New Dads (40:24)
Practical and emotional advice for new fathers:
- Practical tips:
- Master the "5 S's" technique for calming babies
- Swaddle tighter than you think you should
- Use loud shushing sounds
- Emotional preparation:
- Don't expect immediate emotional connection
- Normal for deep bonding to take 8-18 months
- Understand the three phases of fatherhood
Conclusion
The episode provides practical advice across various life situations, from managing sudden wealth to preparing for fatherhood. The hosts emphasize the importance of taking time to reflect before making major decisions and understanding that significant life changes often require adjustment periods. Their personal experiences and insights offer valuable perspective for listeners facing similar situations.