Buffett’s Money Wisdom, Galloway’s $100M Advice & Why Newsletters Suck

**Shaan Puri** (0:00)
And that's how we grew, and that's why I tell people, I say to blog, I don't actually mean blog, but I meant create- Bangers.
Text-based bangers on a consistent basis, and get people to love your free content, enough to subscribe.

**Sam Parr** (0:14)
TBB, baby, text-based bangers. That's been our strategy, right?

**Shaan Puri** (0:28)
All right, we're live. Can I tell you about a few interesting pieces of content I've consumed lately, and I want to hear what you've consumed?

**Sam Parr** (0:35)
Yeah, let's do it. The info diet section.

**Shaan Puri** (0:38)
The info diet section, yeah. Let me tell you the first one. So, I have been on a Scott Galloway kick. Scott Galloway has a podcast, and I think that's what he's more famous for than anything, but he started a few companies. But he's got this, like one of his companies, L2, I think it sold for like 200 million. It was like nine figures. Dude, he did this podcast called Scott's Personal Finance. I found it on YouTube where he talks about like money and like how much money he has and what he spends it on.
And he's like, this is all gonna sound douchey, but I'll tell you, he's like, basically I'm worth at least $100 million. He goes, I made it into the nine figures recently. He said, I'm still incredibly anxious about money. It stems from childhood. He's like, we were just poor and I'm super anxious about it. But then he goes, he does something cool.
He says two things that are interesting. One, he goes, I'm spending between $200,000 and $400,000 a month and I moved to Europe.
And the guy was like, why would you move to Europe? He goes, well, America is the best place to make money and Europe is the best place to spend it.

**Sam Parr** (1:41)
Love that, that's great.

**SPEAKER_3** (1:42)
Yeah, it was awesome.

**Shaan Puri** (1:44)
He goes, look, what I've realized is that I'm getting older. I don't have a lot of time to live. Maybe I have 40 more years or something like that to live.
I'm gonna spend it and I'm gonna enjoy the hell out of it. He goes, it feels incredibly masculine for me to be able to provide these experiences for my family and I'm doing it. He says, I spend around $100 to $200,000 a month now on travel, we fly private. We went to the World Cup. I brought another couple and their family just because I wanted to. We paid for the whole thing.
And he goes through this really detailed thing about spending his money. And another interesting thing he said, and I wanna ask this about you. So he has had I think three companies of which one was like a very big success and that it probably made him $50 million. But he said, I've made more money being on the boards of companies and the equity that they've given me than actually building companies. And what I'm surprised about is what he said is that I've made more money doing not my main thing, or at least what I thought was going to be my main thing, doing these like ancillary things.
Has that proven to be true in your career yet?

**Sam Parr** (2:48)
Yeah, 100%.
I wouldn't say more yet, but I've definitely seen examples of that. So I'll give you a very simple example of my life and I'll tell you one that was from a recent episode. So in my life, I started an e-commerce company, maybe an e-commerce brand three years ago, roughly.
I can't tell you how many hours I've spent on this e-commerce thing. Like it takes a lot of time to build a real company that actually has real revenues, real profits that are significant. And there's a physical product, tons of energy that goes into it.
I have pulled out zero dollars and zero cents from this business. Now, the business makes a lot of money, right? We're tens of millions of dollars in revenue, but I pull out zero dollars and all gets reinvested and all my time gets invested into this thing. And it is very labor intensive. So I haven't made much money from this. But one thing that did happen was along the way, I was like, ah, such a pain. Like I'm always on my phone.
You know, like often if you message me, I'll be like, oh yeah, I'll send it to you when I'm back at my computer. They're like, I'm not just like at my computer a lot.
And I wanted to be able to check on my store from my phone. And the Shopify app doesn't really make that very easy. Like you can get in, you can maybe see your revenue, but you don't know how your ads are doing. You don't know how your Amazon store is doing. You don't know how your Google account's doing. You don't know how your Klaviyo emails are working. And so meet these two, you know, two Jewish guys who were like, hey, we made this thing that's like a mobile way to manage your storefront for any e-com brand. They're like, oh, we have an e-com brand. We built this thing for us. And I use it, I'm like, oh, this is great. And I'm like, I'd like to invest. And they're like, oh, cool. Like, you know, I think I was maybe the first investor, maybe second, something like that. Very cheap, like $5 million valuation or something like that.