In this episode, the host emphasizes the importance of recognizing the "season" one is in during their 20s, particularly the distinction between a learning phase and an earning phase. He cautions against the allure of short-term gains at the expense of long-term growth, using two contrasting examples: Logan, who prioritizes immediate income over learning opportunities, and Smekup, who values learning and growth, leading to greater long-term success. The host underscores that young people often misjudge their knowledge due to the Dunning-Kruger effect and that true respect and wealth come from hard work and continuous learning, not from displaying early success. He advises listeners to invest in their skills and experiences early on, as this will compound over time, leading to real earning potential and respect in their field.
"So the most important thing you have to realize when you're in your 20s is what season you are in."
This quote highlights the necessity of self-awareness regarding one's current life phase and the importance of focusing on long-term goals.
"I always wish Bezos, Musk, and Buffett had documented their journey. So I'm doing it for the rest of us."
The speaker expresses regret that notable entrepreneurs didn't share their growth stories and reveals their intention to provide that insight for others.
"20 year olds stay poor because they think that their side hustle has to become their main hustle."
This quote explains a common pitfall for young people trying to build wealth, emphasizing the misplacement of focus on immediate earnings over educational growth.
"This may be a game that was before your time if you're 20 and you're watching this, but basically it was this little board game where everybody starts at the same you roll dice and you keep moving along the board."
This quote introduces the game 'Cash Flow' as a metaphor for life's financial decisions and the importance of education in enhancing earning potential.
"The fact that nowadays, college is massively overpriced and undervalued, and some other career paths are as well, doesn't disprove the idea that the longer you can delay your earning cycle, the more you are compounding your learning unto itself."
The speaker acknowledges the high cost of education but maintains that the principle of prioritizing learning over immediate earnings is still fundamentally sound.
"One of them, we'll just call him Logan, is a young guy, ambitious ish, started listening to some of my stuff, went to another guy who was a little bit older, and then tried to learn the basics of editing video."
This quote introduces Logan as an example of a young individual trying to quickly acquire marketable skills to enter the workforce.
"But what did he do? He asked for $3,000 more because he's a fucking idiot. Because what he thought he had to do was earn rather than learn."
This quote illustrates Logan's critical error in prioritizing a minor salary increase over the opportunity to learn from more experienced professionals.
"And it's something called the Dunning Kruger effect, which is that the more you learn in a specific skill, the more you realize you don't know."
This quote explains the Dunning-Kruger effect and its relevance to young professionals who may not yet recognize the extent of their own knowledge gaps.
"This is me trying to prepare you for what I think the best career path is. And it's not necessarily what you think. This is me maximizing for your long term net worth, all right?"
The speaker asserts their intention to guide listeners toward a career path that will maximize their long-term financial and professional success.
"Logan goes wheels and deals and then eventually gets a job to be the lead head honcho of video editing and whatever at some small business that has no idea how to do this at all. Guess what he's not doing anymore? Learning."
This quote describes the detrimental impact of Logan's choice to prioritize a leadership role over an environment where he could continue learning and growing professionally.
"He took the right hook in his career twelve weeks after getting into it, and now they are the ones who are trying to extract as much from him rather than coming into a business where he's the small man on the totem pole and he can learn from everyone else, which would maximize for his long term net worth."
The quote emphasizes the importance of a strategic approach in career progression, highlighting that starting at a lower level and learning from others can be more beneficial for long-term wealth accumulation.
"52% of high school seniors believe that they will be a millionaire by 25. You are sadly fucking mistaken. It's delusion. That's what it is. It's delusion."
This quote points out the stark difference between the perceptions of high school seniors regarding wealth and the reality of wealth distribution, emphasizing the prevalence of delusional thinking about quick financial success.
"So he was required to do 100 calls a day, and so he did 200 calls a day."
The quote exemplifies the commitment to going above and beyond the minimum requirements, which is a strategy to improve skills and achieve success faster.
"And the thing is that at the end of the day, with enough proof, everyone will respect you. Hustle across age, gender, culture is always respected."
This quote emphasizes that consistent hard work and proof of success will eventually lead to respect, regardless of age or background.
"Rather than pretending to be the authority, he's just sharing the lessons he's learning, which doesn't make him sound like he's an idiot, because everybody who's ahead of him says, oh, that makes sense. That's cool."
This quote highlights the value of being genuine about one's learning process and the positive reception it can receive from more experienced individuals.
"The only ask that I can ever have of you guys is that you help me spread the word so we can help more entrepreneurs make more money, feed their families, make better products, and have better experiences for their employees and customers."
The quote is a call to action for listeners to support the podcast's mission of aiding entrepreneurs, emphasizing the importance of community support in entrepreneurial success.
"He was able to learn from them because he was hungry and he did extra hours."
This quote illustrates the individual's commitment to growth by learning from experienced salespeople and working beyond standard hours, which contributed to their skill development in sales.
"He's going to get paid less than he was making at his current job. Why would he do it? Because he's smart and he's thinking long, not thinking short."
This quote explains the individual's decision to accept lower pay for a job with greater long-term benefits, demonstrating strategic career planning.
"The more I know, the more I realize I know nothing."
This quote references Socrates' philosophy and emphasizes the importance of acknowledging one's own lack of knowledge as a catalyst for continuous learning and growth.
"If you come in and I know you're in a learning season, and you've said, I'm in a learning season, then we will be so generous with how much we can give and reinvest in you."
This quote underscores an employer's willingness to support and invest in employees who are focused on learning and professional development.
"If I have to pay you top dollar to come in above what you really should make, then all of it comes back to squeezing as much out of that investment as I can."
This quote reflects the employer's need to justify high salaries by expecting a significant return on their investment, which may limit the employee's opportunities for learning.
"So the most important thing you have to realize when you're in your 20s is what season you are in."
This quote advises young professionals to be aware of their career phase, whether it's a time for learning or earning, and to make strategic decisions accordingly.
"If you make the first jump real fast, then it flatlines, and then you have a real hard time."
This quote cautions against rapid early career advancement without proper foundation, which can lead to stagnation and difficulty progressing later on.
"Step one is admitting that you have a problem, which is good. If you're thinking that, then good. Step one is there."
This quote emphasizes the importance of recognizing when one's career strategy may be flawed, particularly if it prioritizes short-term gains over learning and development.
"You have to decouple your self worth with the current amount of money you make."
This quote suggests that personal value should not be tied to earnings, especially for those early in their careers, to allow for opportunities that prioritize growth over immediate financial reward.
"If you only live one more year of your life, then you should do the 80 grand. But if you think you're going to live longer than a year or two, then you should do the 40 grand, increase your earning potential, and then later, you right hook life, and you can maximize or realize the potential you've had over the skills you've stacked."
This quote emphasizes the importance of considering your lifespan when making career decisions. A short lifespan justifies immediate high earnings, while a longer lifespan suggests investing in skills for future gains.
"20 year olds stay poor because they start trying to earn rather than trying to learn."
This quote highlights a common mistake young people make by prioritizing immediate income over skill development, which can lead to a plateau in career and earnings growth.
"Your compensation right now should be majority skills experience. Learning minority money."
The quote suggests that early career compensation should heavily favor the acquisition of skills and experience over financial gain.
"The only way you win this game is by being able to play it forever, because it's the only way you don't quit."
This quote conveys the idea that career success is a long-term endeavor, and persistence is crucial for achieving and maintaining success.
"Skills will compound. If you have one plus one plus one, it doesn't equal three. When it comes to skills... the earning potential stacks like that."
The quote illustrates the concept of skill compounding, where the combination of multiple skills leads to a greater sum than the individual parts, resulting in increased earning potential.
"If somebody who is an accountant who could eventually become a rainmaker takes too early and doesn't have other rainmakers around them early on in their career, they won't know it exists."
This quote warns that settling too soon for a high salary without surrounding oneself with more experienced professionals can limit one's career trajectory and knowledge of greater opportunities.