back to indexFS_Podcast_with_Srini
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Hello, everybody. It's Sam from the Financial Samurai podcast. And in this episode, I have 00:00:05.080 |
a special guest with me, Srini Rao. He is the founder and creator of the Unmistakable 00:00:10.780 |
Creative Podcast that was launched in 2010. And it has over 1,300 episodes. I can't believe 00:00:18.400 |
it. That's about 10 times what I've got here on Financial Samurai. So, Srini, welcome to 00:00:23.360 |
Yeah, thanks for having me. It's kind of fun to do this. I mean, I've known you since like 00:00:27.440 |
we started the podcast. You're one of the earliest people I ever interviewed. 00:00:32.120 |
No, you're right. I started in 2009. You started doing something in 2009, right? 00:00:37.560 |
Yeah. I mean, I started my first blog in 2009. Mainly, the irony of it was the reason I started 00:00:42.520 |
the blog was because I graduated from business school without a job. And, you know, because 00:00:46.640 |
2009 was a terrible time to get out of any kind of school. And, you know, the job market 00:00:51.440 |
was terrible. And if you're submitting resumes, you were kind of done. Like, there's no way 00:00:54.600 |
you're going to stand out. So I started a blog, ironically, as a way of standing out 00:00:57.600 |
of the job market, which, you know, eventually that ended up just kind of becoming the job. 00:01:03.000 |
But there's a lot of precursors that, you know, sort of people don't know about because 00:01:06.760 |
you like at a certain point, like if you do something well, all the shitty things you 00:01:10.760 |
did before kind of get hidden and buried. I don't know if you can find them on the internet. 00:01:14.920 |
But the first real blog I started was a website called 100 Reasons You Should Hire Me. And, 00:01:20.120 |
you know, I couldn't come up with 100 reasons why anybody should hire me. So it was like, 00:01:24.080 |
all right, this is because basically what I did was I saw somebody who had a really 00:01:27.920 |
interesting website, this girl, Jamie Verone. She'd started this website called Twitter 00:01:31.200 |
Should Hire Me. And that was like hugely successful. She actually knew what the hell she was doing. 00:01:35.600 |
Like she had real branding experience and design experience. I literally just threw 00:01:39.760 |
up like a bullshit logo. I used to make this logo look like the Google logo with some logo 00:01:43.920 |
generator. And it was a blog. I mean, I didn't know what I was doing. But I think the value 00:01:49.120 |
in those... The funny thing is that that project itself, believe it or not, like really actually 00:01:54.840 |
informed the entire ethos of what I ended up doing because I was like, oh, I just copied 00:01:59.600 |
what somebody else did. No wonder this didn't work. You know, and that's like the thing 00:02:03.800 |
I rail against the most because I mean, you know, I've seen it like, you know, in 10 years, 00:02:07.440 |
like you see these people who will take an online course, they'll like go to a podcasting 00:02:11.240 |
course and they literally try to replicate the exact thing the person who taught the 00:02:14.520 |
course does. And it's like, no, you know, like you're missing several things. Like the 00:02:19.800 |
thing that people never get about all this is like there's one gigantic variable that 00:02:24.060 |
throws off that entire idea. And that's you. Like look in the mirror, you know, like you 00:02:29.800 |
and I could do the exact same things. And it's like inevitable that we would get wildly 00:02:34.000 |
different results just because we have different strengths, different personalities. You know, 00:02:38.640 |
like there are certain things like so, you know, I started in 2009, right? Like there 00:02:41.880 |
are things that you probably have done that are a lot smarter than I did. Like for example, 00:02:46.040 |
your email list is significantly bigger because you know, you were smart about prioritizing 00:02:49.600 |
the business aspects of it. I was just creating endlessly and I wasn't really thinking about 00:02:54.680 |
it from that standpoint very well until I got the book deal. You know, like and a lot 00:02:58.660 |
of whatever I've accomplished has been very accidental and serendipitous, but it's also 00:03:03.140 |
through a lot of like, you know, trying things and doing things endlessly. So that first 00:03:07.500 |
project was important, but it was a joke. It was laughable. 00:03:11.680 |
But you pivoted. So you went to Berkeley for undergrad and then you went to Pepperdine 00:03:15.480 |
for business school. You said you graduated during a difficult time and it costs a lot 00:03:23.320 |
And how did you decide to go finally all in on podcasting? 00:03:29.040 |
Well so it's funny. I think that there's this sort of myth, right? Because what you see 00:03:33.960 |
on the surface is not like the real story because you know, we put like this image for 00:03:38.960 |
everybody in the internet is playing a character where they admit it or not. Right? Like you 00:03:41.720 |
have a brand. I mean, you didn't even reveal your real name for the longest time. Like 00:03:44.520 |
I remember I had no idea what you looked like until I met you in person. You had that like 00:03:47.920 |
bizarre avatar. Actually you have it on your. 00:03:50.840 |
Yeah. So the thing is that, you know, like there's certain things about being a public 00:03:55.800 |
figure where you have to be mindful about how you come across what you showcase. Because 00:04:00.040 |
like nobody cares about your problems, right? It's not that I don't have problems that 00:04:03.400 |
I don't have issues. People want you to solve their problems. And at a certain point, as 00:04:07.320 |
your presence becomes bigger and bigger, there's a sort of fine line you have to toe between 00:04:12.400 |
what you're, what is for public consumption and what's for not. Now I'll be, you know, 00:04:15.880 |
I'll be transparent with you. Like I still have plenty of debt from business school, 00:04:19.120 |
but going all in for me was accidental because I didn't have much of a choice. Like my job 00:04:24.120 |
history is pretty checkered. Like I'd been fired from all my jobs. But I mean, when I 00:04:28.640 |
got out of business school, like I looked at this resume and I was like, wow, the biggest 00:04:31.960 |
problem with this resume is that it's not tangible evidence of anything I know how to 00:04:35.040 |
do. It's just a bunch of bullet points and like bullshit. Like I became the master of 00:04:40.040 |
spinning bullet points and to bullshit. I was really good at job interviews. Like I 00:04:44.360 |
could go into a job interview and I could charm any interviewer because there was a 00:04:47.720 |
way to do it. Like I don't remember, I don't remember, uh, vault. It was a website called 00:04:52.440 |
vault.com. You would, my wife used to internet vault.com in New York. Yeah. Well, you're 00:04:56.000 |
a finance guy. So you would know this, right? So vault had these guides on how to do interviews. 00:05:00.880 |
And I remember they had this like formula called star. I don't even remember what the 00:05:04.520 |
hell the acronym stood for. So I memorized that thing and like looked at it so I could 00:05:08.760 |
go into any job interview and I could impress the hell out of the guy who was interviewing 00:05:12.720 |
me. But I was always terrible at the job because it was all bullshit. Yeah. So I became like 00:05:17.480 |
the master bullshit artist. And the problem with that was that eventually it just all 00:05:20.520 |
caught up with me. So, you know, my job history wasn't impressive by any means. So like for 00:05:25.280 |
me, this was almost forced upon me. I didn't really feel like I had much of a choice. It 00:05:28.760 |
was like, okay, I kind of know where it's going to head if I go and find a job. And 00:05:32.520 |
so the thing is that I also made choices that, you know, like a lot of people don't have 00:05:36.920 |
the luxury or freedom to make. Like you have a family that changes a lot of things. Um, 00:05:40.800 |
but I was, I was single. I still am. So, you know, I chose to live at home for God knows 00:05:45.560 |
how long. I mean, you remember this like early days of the podcast and this past year I've 00:05:49.320 |
been at home mainly out of choice, not out of necessity because my sister had an eight 00:05:52.760 |
month old. So I came home to spend, you know, that time with him and had so many family 00:05:57.320 |
events that I was like, all right, my parents like, well, why would you move now? We're 00:06:00.120 |
going to India for six weeks. I'm like, yeah, you're right. Why would I move now? We've 00:06:02.800 |
got this, you know, six bedroom household to myself for six weeks. So I'm like, yeah, 00:06:06.120 |
I'll stay here. Um, and it's been great because like I got to travel this year, like I gotta 00:06:10.360 |
do a lot of things that other people don't get to do, but I also, you know, there's always 00:06:13.600 |
trade-offs. This is the thing that people don't realize that every decision you make 00:06:17.640 |
in your life is a trade-off between freedom and security, right? You trade off the, you 00:06:22.440 |
know, freedom of being single for the security of family, but it also comes with all these 00:06:26.200 |
other things like, you know, connection and love and, you know, all these things you trade 00:06:29.520 |
off the, the freedom of not being a parent for the joy that comes with being a parent. 00:06:32.960 |
But guess what? Now you have all these responsibilities. And so there's always this trade-off, like 00:06:37.400 |
we're always making trade-offs and you have to kind of decide like, what's the trade-off. 00:06:40.280 |
And for me, the trade-off was okay, I'm going to live at home. And this is something that 00:06:44.680 |
I realized was, you know, yeah, during probably the first three to four years, like my earnings 00:06:49.840 |
were not increasing, but what was increasing was my earning potential, right? Because you 00:06:54.480 |
know this, like the way that you become, you know, more like, like, like your cable, your 00:06:59.880 |
earning potential goes up, it's not linear. So you'll spend years doing all this stuff 00:07:04.120 |
that basically seems like it's going nowhere. Then, you know, you get a book deal and before 00:07:08.240 |
you know it, you're like, wait a minute, I just made $10,000 in one hour for getting 00:07:12.160 |
on a stage and talking, you know? And if you think about that versus before, I didn't make 00:07:17.560 |
that in three months at a day job, you know? Like, so that over time it increases. So, 00:07:23.080 |
you know, going all in was kind of accidental, but then, you know, bit by bit, I was really 00:07:27.400 |
fortunate in that I had an amazing mentor named Greg who really kind of took me under 00:07:31.880 |
his wing. Then we raised a round of money in 2018, I think, from Podfund. They had started 00:07:37.720 |
a venture fund for podcasts. So, I mean, it's had its ups and downs, man. Like the thing 00:07:42.600 |
about, you know, Unmistakable that's kind of weird, we're this anomaly in that we started 00:07:45.880 |
long before everybody else, but our audience is smaller and we grew slower. But what we 00:07:49.280 |
do have are loyal and raving fans. You've seen our iTunes reviews. Like, I think it 00:07:53.840 |
was like a thousand five-star reviews and none of those were people we coerced into 00:07:57.640 |
giving us reviews, or like participated in, you know, review exchanges or any of that 00:08:01.320 |
bullshit. Like those were all legitimately earned. And then there are a few, you know, 00:08:05.240 |
handful of like reviews of people that hate us and I'm like, great, then unsubscribe. 00:08:08.280 |
That's just the way it is. Yeah, dude, you just wrote a, you know, I'm sure like anybody 00:08:12.400 |
who's ever written a book that reaches a lot of people, they learn pretty fast that it's 00:08:16.840 |
a really bad idea to look at your reviews. Like there's nothing that will trigger your 00:08:22.160 |
Well, I think you just have to manage expectations when you're a creative, you put yourself out 00:08:26.840 |
there. Try not to take things too personally. Just accept that maybe 10 to up to 20% of 00:08:33.720 |
your reviews will be bad. That's just the way it is. 00:08:36.720 |
Well, the thing is the more people you reach, the more likely you are to reach somebody 00:08:42.600 |
Yeah, exactly. So go look at Mark Manson's book, right? The Subtle Art of Not Giving 00:08:47.200 |
a Fuckin' Go look at the one star reviews. I mean, that book sold what, like 20 million 00:08:50.480 |
copies? Of course, there are going to be one star reviews. 00:08:53.600 |
You know, it's like some religious person might be like, oh, I hate this book because 00:08:55.960 |
he used the F word in the title, which has nothing. And often you look at the reviews, 00:08:59.640 |
they have nothing to do with the actual content. 00:09:02.200 |
Yeah, people will be like, oh, this thing didn't show up on time. I'm like, what does 00:09:09.920 |
And so as a creative, you know, we put our heart and soul into the things we believe 00:09:13.600 |
in and then we want people to listen. We want people to read. And it's just so sensitive. 00:09:19.560 |
And then when we get smacked down, it's like, oh, man, why'd you got to smack me down? 00:09:26.360 |
So here's the thing that I realized about feedback, right? Is you've got to be really 00:09:29.960 |
mindful about whose feedback counts. And this is the other thing. I mean, like even when 00:09:33.680 |
I was at the beginning of this, right? Like I get people in my family questioning my sanity. 00:09:36.400 |
Like I had a cousin who told another cousin of mine that, you know, what I was doing was 00:09:40.360 |
a waste of my education. And then the day that, you know, my book came out, that same 00:09:45.280 |
person who said that congratulated me on my book launch. And I told my mom, the joke is 00:09:48.880 |
like, this person is off the wedding for, you know, like my wedding invite list for 00:09:52.080 |
the wedding that hasn't even been planned yet. 00:09:54.640 |
But the thing is, like what I realized from that is that you have to think about, you 00:09:58.440 |
know, when you think about these critics, it's like, OK, who's going to live with the 00:10:03.560 |
So and you know what? All creative work involves risk. Like there's always a risk that somebody's 00:10:07.840 |
going to hate it, whatever it is. I like the Seth Godin attitude of this might not work 00:10:12.480 |
because then you kind of go in sort of detached to the outcome and you focus on the thing 00:10:19.160 |
And that I think is really where a lot of creatives get derailed. They put so much sort 00:10:23.020 |
of value and attachment to, OK, how are people going to respond? Like all these things that 00:10:27.920 |
you have absolutely no control over. You know, like when we rebranded, for example, we thought 00:10:32.280 |
we were out of our minds. They're like, why would you change the name? 00:10:34.400 |
Blogcast FM, it's such a good name. Can you imagine? We would be obsolete today if that 00:10:38.080 |
that we had to listen to that advice. And we you know, we didn't even bother to serve 00:10:42.360 |
in the audience about changing the name. We're like, we're just going to do it like, you 00:10:45.240 |
know, because one issue we were running into, we said if you go back and look at early reviews, 00:10:49.520 |
there are a lot of people would say this show is not actually just about blogs. 00:10:52.720 |
It's about a lot more. But a lot of them wouldn't tell their friends simply because of the name. 00:10:56.320 |
They're like, my friends won't listen to this because they're not interested in blogging. 00:11:00.520 |
And so we looked for sort of the anomalies and the outliers instead of looking at the 00:11:06.680 |
Got it. You know, what I hear from you after graduating is that you kind of fell into this 00:11:12.920 |
and you kind of had no other choice. But to produce thirteen hundred episodes over a 13 00:11:20.240 |
year period is quite impressive. So how do you how do you keep on going? What was your 00:11:27.420 |
Well, there are a couple of things. Right. So let's look at this from sort of I'm not 00:11:32.060 |
going to give you the sort of inspirational bullshit answer. I'm going to give you the 00:11:35.580 |
straight up behavioral science answer. So the thing is that, you know, the greatest 00:11:41.540 |
source of motivation for all of us is visible progress. Right. So and this is based on the 00:11:46.700 |
work of Teresa Amabile, who's a professor at Harvard who wrote a book called The Progress 00:11:50.260 |
Principle. And so this is why if you look at sort of that whole don't break the chain 00:11:54.660 |
method, people who put those calendars up stick to workout habits, you know, savings 00:11:59.020 |
habits or whatever it is, because when you start to see yourself making progress, you 00:12:04.260 |
You know, like if you see that chain, it's like, oh, OK, I actually have maintained 30 00:12:09.060 |
workout days. Like, well, now I'm motivated just because you don't want to. You're so 00:12:12.060 |
motivated by what you see in front of you. The problem is that people measure progress 00:12:16.160 |
with outcomes they can't control. And that's where they get into trouble. Right. So because 00:12:20.660 |
I remember some podcasts are asking me about this. He was like, you know, probably 50 episodes 00:12:24.180 |
in. And I'm like, OK, well, you could measure this in one of two ways. You could say, OK, 00:12:27.380 |
how many people are listening to this thing which you have absolutely no control over? 00:12:29.860 |
Or you could say how many times how many episodes have I created? And so the other thing that 00:12:34.140 |
happens is when you have progress, progress leads to momentum and momentum increases motivation. 00:12:38.620 |
So you basically just get into this sort of virtuous cycle. Yeah. That basically eventually 00:12:44.140 |
hits sort of escape velocity. Right. Because if you go back and look at a lot of the bloggers 00:12:48.780 |
who started when we did, you'll see these inflection points that happen for people like 00:12:52.780 |
you and I, where it was like, boom, boom, boom. 00:12:55.340 |
We're just like consistently, consistently, consistently nothing special. Like it wasn't 00:12:58.460 |
like you were, you know, Wall Street Journal bestselling author or whatever it is. I mean, 00:13:01.820 |
look, you got your book deal two years ago. And I remember when you said to me, oh, wow, 00:13:05.740 |
that's cool. And if you think about it, the same thing kind of happened to me. Right. 00:13:09.380 |
It was like 2008, 2009, 2010, 2011, 2012, 2013. In 2013, people call that, you know, 00:13:18.300 |
it's like overnight. Trini came out of nowhere and had this self-published book that became 00:13:21.340 |
a Wall Street Journal bestseller. But what they forget is like, by the way, there are 00:13:24.500 |
a thousand blog posts that came before that. And even after that, before I even got a book 00:13:28.220 |
deal, like I didn't get a book deal for two years after my Wall Street Journal bestseller. 00:13:31.860 |
Like that didn't attract the attention of any publishers until probably February 2015. 00:13:36.620 |
Yeah. Why is that, you think? Well, OK, so self-publishing is kind of weird. 00:13:42.700 |
One thing, if you self-publish a book, you can't be on the New York Times bestseller 00:13:46.420 |
list. Because remember, I told you the week your book launched, I was like, hammer your 00:13:49.940 |
email list. I don't care if you get subscribers. Like I remember that. I remember you sending 00:13:54.060 |
me an email. I'm like, all right, dude, send one last email. Don't you think that's a little 00:13:56.900 |
too much? I was like, don't you want to hit the Wall Street Journal bestseller list was 00:13:59.740 |
my response. And you did. So you can thank me for that. You're going to send me half 00:14:04.100 |
your advance on the next book. OK, sounds good. 00:14:08.420 |
So the thing is that but the thing is, you get to a certain point where you hit momentum. 00:14:13.380 |
And so my mentor, Greg Hartle, taught me about this concept called a momentum window. And 00:14:19.220 |
this is something that if you play your cards right, like you just did it. And what you've 00:14:24.540 |
just experienced in the last year and a half is probably a fantastic example of this. Right. 00:14:28.380 |
So the thing is that when you hit a momentum window, if you play your cards right, like 00:14:33.260 |
think Mark Zuckerberg at 100,000 Facebook users, right? He's no longer dealing with 00:14:37.540 |
the problem of, you know, hey, you know, like we're having issues with servers in our dorm 00:14:40.820 |
room or whatever it is. From that point forward, he's in a momentum window. And if he plays 00:14:45.500 |
his cards right, he never will be back down at the same level of again. Like if you think 00:14:50.540 |
about the growth of Facebook from that point forward, with the exception of the last year, 00:14:54.620 |
like just let's discount that for now, because that's not the point of this story. It just 00:14:59.100 |
basically was exponential from that point forward. Facebook just grew endlessly, because 00:15:03.900 |
if you play your cards right in that window, then you'll never go back down to the same 00:15:06.940 |
level of again. But if you fuck it up, I know this because I did. Then you basically have 00:15:11.540 |
to start all over to build up momentum. Momentum is incredibly hard to build, but it's incredibly 00:15:16.820 |
powerful once you do, and it's very hard to get it back when you lose it. And so that's 00:15:20.980 |
basically what's happening when you think about sort of progress. So, you know, as far 00:15:26.060 |
as what motivated me to keep going, yeah. Did I want some of those external accolades? 00:15:30.460 |
Absolutely. Like anybody else, I, you know, I was somewhat driven by those things. But 00:15:35.100 |
the irony of my book deal was what led to the book deal was me giving up on getting 00:15:39.380 |
a book deal, because I realized I was like, I have no control over this. I'm just going 00:15:43.460 |
to do one thing. And I mean, you've probably seen this article, like Julian Smith turned 00:15:46.980 |
me on to this habit of writing a thousand words a day. And I was like, OK, you know 00:15:50.700 |
what? I can do that. Like I'm already doing close to that. But like if I just do this 00:15:55.160 |
one thing consistently, let me see what happens. You know, and six months into that, I self 00:15:59.140 |
published two books, one sold a thousand copies. The second became Wall Street Journal bestseller 00:16:03.260 |
and led to a six figure book deal. And I kept that habit up for almost four years. Like 00:16:07.500 |
I've changed that now because of the sort of new systems that I've learned for writing 00:16:11.060 |
and knowledge management. And we can talk about that if you want. But the reality is 00:16:16.620 |
that like, you know, if you are measuring progress, let's take another simple example 00:16:21.980 |
of like weight loss or going to the gym. Right. You can't necessarily control how quickly 00:16:27.020 |
the pounds are coming off. And if you're going to measure by the scale, then you're going 00:16:30.980 |
to look at the scale every day and be like, OK, I still weigh the same that I did every 00:16:34.020 |
day. And then yesterday, you know, I got to hell with this. I'm going to not go to the 00:16:37.420 |
gym. I'm going to sit around and eat ice. Yeah, that's kind of me. Yeah. Yeah. But if 00:16:41.340 |
you if but the thing is, if you say, OK, look, I'm going to just measure how many days in 00:16:45.100 |
a row that I go to the gym, then you see progress. Yeah. Like the progress starts to appear. 00:16:51.740 |
And the funny thing is that outcomes are usually delayed. Like positive outcomes for good habits 00:16:56.740 |
are almost always delayed. There's you know, you have sort of habits with delayed consequences 00:17:01.380 |
and we have good and bad habits with delayed consequences. Right. Like smoking is an example 00:17:05.020 |
of a bad habit with a delayed consequence. Like, you know, you and I could be smoking 00:17:07.980 |
cigarettes from the time we're 20 to 30 and probably we'll be OK, you know, during that 00:17:12.660 |
time, even if we quit. But that might come back to haunt us when we become 70. Yeah. 00:17:17.940 |
But the thing is, that's whereas the same thing occurs with positive habits, right? 00:17:21.340 |
Like this thousand word a day habit. So if you look at sort of the outcomes of this habit. 00:17:26.060 |
Right. So the first six months I did it, you know, the first three months it got me invited 00:17:30.260 |
to speak at a conference. The fourth month it got me to write, you know, self publish 00:17:34.980 |
a book that sold a thousand copies. The fifth month or sixth or seventh. I don't remember 00:17:39.460 |
what month it was like. It led to the self published Wall Street Journal bestseller month 00:17:44.820 |
something like 18 on the habit. It led to a six figure book contract. And from there, 00:17:51.540 |
if you look at sort of like the earning potential that went public. So from there was like speaking 00:17:55.380 |
gigs. So suddenly this one like simply simple little habit that took an hour every morning 00:18:01.940 |
literally probably has generated close to half a million dollars in income for me. Right. 00:18:07.060 |
Like indirectly, indirectly. Right. Right. Right. Wow. So with with this knowledge in 00:18:12.940 |
mind, why do people give up? Why not just keep going instead of giving up? Why quit? 00:18:20.460 |
Well, so so here's the thing. Like so one is, you know, the the progress thing. Look, 00:18:25.260 |
there are times when it makes sense to quit. Like true. True. You know, like so why do 00:18:30.020 |
people quit? One, because there are times when it makes plenty of sense to quit. And 00:18:34.780 |
like, but you should know, like, am I quitting because I'm, you know, like frustrated or 00:18:39.380 |
am I quitting because I know this is going nowhere? So there are certain points where 00:18:42.660 |
you can say, like, all right, look, this is actually not going to lead anywhere. You know, 00:18:46.660 |
it's so the irony of me starting a podcast and getting a book deal, the publisher, you 00:18:50.860 |
know, I started the podcast because since of our told me I wasn't a good writer and 00:18:54.820 |
he was right. Like, honestly, I don't disagree with that assessment. And I still don't disagree 00:19:00.300 |
with that assessment, because like if you look at just the sheer numbers, right, is 00:19:04.660 |
that if you compare the number of people who read my writing to the number of people who 00:19:08.300 |
listen to my podcast, like the writing pales in comparison. So the numbers kind of are 00:19:13.300 |
a pretty clear indicator. Like, if you like I said this on a podcast before, if you got 00:19:18.220 |
readers of mine and Mark Manson, and ask them, who's the better writer, they would all say 00:19:22.900 |
Mark and so would I like and I wouldn't be offended by that, right? So that's one thing. 00:19:29.300 |
The other thing is people don't give it long enough to see progress that they quit before 00:19:34.820 |
they hit the inflection point. They don't realize that, by the way, just because you 00:19:39.460 |
can't see the progress and this takes us right back, I realized this is going to feel some 00:19:43.180 |
of the circular. But part of the reason is that people are impatient. That's another 00:19:48.740 |
reason they quit. They want they basically like I want to start a blog today and I want 00:19:52.220 |
to be in New York. I mean, you saw this with me, man. Like, I guess I'm pretty sure you 00:19:55.900 |
called me out on it in one of your blog posts. 00:19:57.940 |
Yeah, I wasn't pretty. I wasn't nice. But I was I was befuddled at the time. I didn't 00:20:02.940 |
name names. But I was like, but here's what you went to Indonesia or somewhere you're 00:20:07.940 |
surfing or Costa Rica and you're like, I lost a year like since of our made a good point 00:20:14.620 |
I don't disagree with that assessment. Don't get me wrong. That was actually a very important 00:20:18.060 |
point because it did actually inform a lot of the writing I did later on. So you don't 00:20:22.740 |
always know, like how it's going to help. Like that actually ended up being a very instrumental 00:20:26.360 |
sort of part of this entire journey. But on the on the flip side of that, since of our 00:20:31.420 |
studies, like I think that like living in Costa Rica for six months cost you a year 00:20:35.780 |
in terms of progress. And so that's the thing, right, is that like you look at the people 00:20:40.900 |
who do this. The other thing is like at that point, my ego was way too fragile to hear 00:20:45.500 |
the things I needed to hear. I only wanted to hear what I wanted to hear. Yeah. Whereas 00:20:49.300 |
now like I'm giving feedback to a friend on a book and I told him I was like, look, you 00:20:53.220 |
know, you and you guys want feedback on a manuscript. Just know that I don't have any 00:20:57.620 |
ability to sugarcoat. I'm not going to tell you anything good. I'm going to probably tear 00:21:01.140 |
this thing to shreds. And he's like, that's exactly what we want. And you've been through 00:21:04.740 |
this process. You know what that's like. It's it's like an it's like an emotional root canal 00:21:09.020 |
to have an editor work with you on a book. Yeah, because you have to learn to separate 00:21:13.180 |
the feedback, you know, on you, like from feedback on the work. And because I had a 00:21:18.540 |
writing coach and she had edited books for Seth Godin, this woman didn't sugarcoat shit 00:21:22.420 |
like literally the closest thing I ever got from a compliment for her in two books was 00:21:28.580 |
good. That was good. Most of the comments were lazy. Try again. Wow. Lazy. Try again. 00:21:35.860 |
Ooh. Yeah. The thing is, well, here's the and I specifically chose her for that reason 00:21:41.220 |
because I knew that she would hold me to a high standard like, you know, and that and 00:21:46.260 |
even my mentor, Greg, like he rode my ass and you know, uh, there were times when I 00:21:50.260 |
hated him for it. And I realized what he was doing was he was preparing me for higher stakes 00:21:53.900 |
situations where I would have to be able to handle myself mentally. Isn't that interesting 00:21:58.460 |
though? When we are younger, you know, we're less experienced and our Eagles are, I guess 00:22:05.060 |
perhaps more fragile, but that's when we need the most amount of feedback and criticism 00:22:11.140 |
to get better. And that's when we're the least open to it. Yeah. Yeah. So we think we know 00:22:15.420 |
everything. I might have to write something about that. That's kind of like a, well, so 00:22:18.620 |
I wrote this piece, um, titled advice to freshmen based on a conversation I was having with 00:22:23.060 |
my cousin's friend's son who was starting college this year. It's on, on medium. And 00:22:27.220 |
I think it, like I open it by saying, you have no idea how full of shit you are right 00:22:31.260 |
now is like the whole sentence. Because think about who you were when you were 20 something 00:22:35.820 |
versus who you are now. And think about how many things have changed, how much your perspective 00:22:39.380 |
has changed. Cause I remember asking you about that blog post in which you called me out 00:22:42.300 |
and even you admitted, you're like, yeah, I could have handled that better. Right? Like 00:22:45.020 |
the, cause like, I remember at first I was like, ah, I'm like, you know, I was just like, 00:22:49.500 |
cause I remember I used to think it was like, like I remember there's this long period probably 00:22:53.420 |
here. I was like, Sam is a, the biggest dick. And then I remember the portfolio book came 00:22:57.740 |
out and I was like, all right, you know what? You're part of the same imprint. And I was 00:23:00.860 |
like the fact that you got a book deal with these guys, I'm like, I need to read this. 00:23:03.340 |
And you know, like, and the funny thing is like, again, part of that was my own ego as 00:23:07.540 |
well, you know, and probably part of that was yours. 00:23:10.060 |
I need to give some background cause I don't think listeners know what we're talking about. 00:23:14.200 |
So I wrote this post called, uh, are there really people who work 40 hours a week or 00:23:19.300 |
less and complain why they can't get ahead? Okay. And I was right. I think I wrote it 00:23:24.180 |
in 2009 when I was personally dying, uh, working 60, 70 hours a week, I was just getting pummeled 00:23:31.180 |
and my stock portfolio and real estate portfolio were getting pummeled. So it was really more 00:23:35.240 |
of a frustration and reflect a representation of how I was feeling. Like I was frustrated 00:23:40.220 |
and I heard people complain like, wait, why don't I have more success and everything while 00:23:46.100 |
Yeah. But you weren't wrong. That's the thing, you know, that's the best part is that you 00:23:51.820 |
Well, I mean, I definitely could have been more cordial, but you know, that was just 00:23:57.100 |
kind of like me being young and being frustrated. 00:23:59.580 |
But again, this is actually one of those interesting things about the way we create, right? Like 00:24:03.100 |
you could have been more cordial, but you could have just done what you did, which meant 00:24:06.580 |
it was more authentic. And you know, anytime you're going to create something that resonates, 00:24:09.860 |
it's inevitably going to, like most polarizing things are usually the most resonant. 00:24:13.100 |
Yeah. I mean, the post did do well. It did well, but it made no friends. It wasn't like, 00:24:19.660 |
oh, Sam, come on my podcast. You know, it's like, so be careful people because I mean, 00:24:24.340 |
you can be irreverent like I was and probably still am, but you got to be really confident 00:24:29.860 |
in your ability if you're depending on whatever your creative endeavor is to grow. 00:24:33.820 |
Well, not only that, like, you know, as you become, you know, as we talked about, as you 00:24:36.020 |
become more and more of a public figure, everything changes. So like I wrote this entire piece 00:24:40.660 |
about the psychology of building an audience on Medium. And like, it's probably the one 00:24:44.180 |
of the most popular pieces I've written. And it was, it hit pretty hard. Like I didn't 00:24:48.300 |
sugarcoat anything because I was like, look, I'm like building an audience is not just 00:24:51.980 |
an exercise in marketing. It's also an exercise in your own mental, you know, psychology and 00:24:56.460 |
how you come across. Like if you're a public figure, how you come across matters, right? 00:25:02.260 |
You have to be able to control public perception. So you like, you think about the difference 00:25:06.220 |
between somebody like a president tweeting, you know, versus you and I, like if what you 00:25:11.140 |
say basically gets shared or heard by millions of people, you have to be mindful of how it 00:25:18.140 |
can be twisted and misinterpreted. Like it's, you know, it's like this giant game of telephone 00:25:24.220 |
Cause like, I remember meeting Glenn Beck, you know, for the first time and like, this 00:25:27.260 |
is something I learned from, we just asked, you know, watching him. I mean, Glenn has 00:25:30.580 |
a, as a reputation that honestly he kind of brought on himself. Like if you go back and 00:25:34.020 |
look at some of the things that he said, I asked him, I was like, you know, my audience 00:25:40.140 |
But I was like, but I was open minded enough to meet him. Cause I was like, clearly you 00:25:43.300 |
and I agree on something. You loved my book. So why would I not want to talk to you? I 00:25:46.540 |
remember that time. Yeah. You know? And I'm like, I didn't even know Glenn Beck was until 00:25:50.180 |
then. Like literally I was like my dream media appearance of the daily show, which is literally 00:25:53.740 |
the opposite of Glenn Beck. But you know, I just looked them up and I was like, Glenn 00:25:58.020 |
Beck, I'm like, Oh, this guy worked at Fox news. And I just went to his like, you know, 00:26:01.300 |
email form and I was like, Hey, I heard you mentioned my book on your show today. Thanks. 00:26:04.500 |
I've always wanted to sell a thousand copies of a book. I really appreciate your shout 00:26:13.380 |
And then I remember I emailed a friend of mine, my friend Angela, and she was like, 00:26:16.860 |
Srini, I don't think you realize how big a deal this is. She was like, go look at your 00:26:19.260 |
Amazon dashboard. And the book had sold a thousand copies in one day. I was like, okay, 00:26:24.220 |
wait a minute. And then he wrote back and you know, the whole media circus unfolded. 00:26:28.140 |
But because I asked him about this, like, you know, you have this sort of persona and 00:26:32.340 |
everybody who creates media in the public eye has a persona and there's always a gap 00:26:37.220 |
between who you are on the internet and who you are in real life. Because listen, there 00:26:40.420 |
are things that I will say to you off the record are off air that I would never in a 00:26:44.820 |
million years say on a podcast, things that would basically be a PR crisis in the making. 00:26:51.380 |
And so that's what you kind of have to realize. Like all of us have this persona when you're 00:26:55.900 |
in the public eye, how you come across matters. And this is something I also learned from 00:26:59.740 |
the whole Netflix reality TV thing. I mean, I know about that, right? 00:27:03.580 |
Yes. Indian matchmaking. Srini was on episode, season one, episode one? 00:27:09.020 |
Episode two, yeah. Or yeah, season one episode. But you notice the girl they matched me with, 00:27:12.220 |
how much like negative press she got, right? Oh, she was kind of... 00:27:16.460 |
Well, that's the thing. What that indicates in a lot of ways is her lack of self-awareness. 00:27:22.460 |
Like, "Hey, I'm on camera. Millions of people are going to see this." There's a big difference 00:27:27.220 |
between being genuine and authentic and just shooting from the hip and saying whatever 00:27:30.420 |
comes to your mind. And I was already a public figure at that point. And when you're in the 00:27:34.260 |
public eye, there are a lot of other things that come into play. So even you, for example, 00:27:37.900 |
right? Now you are a portfolio author. So everything you do in the public eye reflects 00:27:42.500 |
on your agent, it reflects on your editor, it reflects on portfolio. So suddenly your 00:27:48.500 |
actions have consequences for other people. And that's what changes with growth. So if 00:27:54.740 |
you think about famous people, the thing about the same stupid scandal that Justin Bieber 00:28:01.500 |
has or Britney has, if you and I went and did whatever stupid shit they did, nobody 00:28:05.340 |
would care. Or if you went and punched a random guy at an awards show, nobody would say a 00:28:10.540 |
damn thing. But if Will Smith does it, the whole world knows because he's Will Smith. 00:28:18.020 |
Like these things matter a lot and people don't really think about that. 00:28:21.820 |
Yeah, it's something that I really don't like the limelight. I don't like any of that. The 00:28:28.140 |
main reason why I came out to have a public face during the pandemic was because of all 00:28:33.820 |
these incidences of Asian hate. And that really bummed me out. 00:28:38.020 |
And I was like, "Let me show my face. Let me be more representative of the Asian community. 00:28:43.020 |
Let me try to provide some value to people and maybe that'll provide more love and empathy 00:28:50.220 |
Yeah, I mean, again, there's this guy, Steve Goldstein, who wrote a book. I don't remember 00:28:55.420 |
the title, but the subtitle is How the Most Powerful People from Washington to Wall Street 00:29:00.060 |
to Hollywood Get People to Like Them. And he had been a producer for Oprah and it's 00:29:04.220 |
a really good book. It's one of the best books I've ever read. If you want to build a brand, 00:29:08.380 |
anybody who's building a personal brand should read that book. 00:29:10.860 |
Because there are a couple of things I took away from that book. It was like, okay, one, 00:29:16.980 |
the public doesn't want to hear about your issues, right? Why does your audience turn 00:29:21.020 |
to you? Because they want to be inspired. They want advice. They don't want to hear 00:29:25.580 |
that, "Oh, I had a rough day because my kids are misbehaving." They don't give a shit. 00:29:31.340 |
Yeah, unless there is a lesson in there for them, they don't care. And this is something 00:29:35.660 |
... There's this fine line between vulnerability and airing your dirty laundry and being a 00:29:40.820 |
train wreck. And a lot of people don't know where that line is. Because it's really easy 00:29:44.540 |
to get attention on the internet by being a train wreck. So I'll give you an example. 00:29:49.740 |
I saw this post that this girl put on Facebook. She walked in on her boyfriend cheating on 00:29:54.500 |
her and she literally posted it like 20 minutes after it happened. And of course, there's 00:29:58.700 |
this outpouring of attention. The problem with that is that that doesn't serve anybody. 00:30:03.940 |
And Danielle LaPorte actually had a really good way of describing it. She said that, 00:30:07.820 |
"I don't write about or talk about a difficult experience until I finish processing it and 00:30:12.700 |
there's something of value that I can pass to my audience from it." 00:30:15.380 |
Yeah, makes sense. Yeah. I mean, it is interesting that nobody really cares because everybody's 00:30:21.500 |
got their own problems. But at the same time, people like to be entertained. That's why 00:30:27.900 |
Well, okay. Reality TV is not reality. Let's be honest. Reality is pretty boring. Because 00:30:34.940 |
if it was like reality, anybody actually filmed the day-to-day reality, it's like, "Here's 00:30:38.620 |
Srini brushing his teeth. Here's Srini taking a shit. Here's Srini taking a shower. Wow, 00:30:42.660 |
this is really not that interesting." Reality TV is all made by editing, man. 00:30:46.820 |
Yeah. No, I totally agree. I was on a reality TV show for one episode of My House is Worth 00:30:53.580 |
What on HGTV. Yeah, and it was pretty interesting. Eight hours, seven hours of filming for like 00:31:00.860 |
Exactly. I mean, I was in Houston, I think, for two days and you saw probably 20 minutes. 00:31:06.740 |
But I also knew ... I had a cousin who told me, I asked him about this. He's like, "Look." 00:31:10.620 |
He was like, "In reality," he said, "no matter what the media really says, he's like, 'Anybody 00:31:15.140 |
can make you look like a jackass with the way they edit.' He said, 'But you got to remember 00:31:19.260 |
the only thing they can use is what you give them.'" 00:31:21.860 |
Right. Right. And you gave them good stuff. You didn't look like ... 00:31:25.260 |
I gave them nothing that they could do against me. That's because I understood how to play 00:31:30.820 |
Right. Right. Man, it's just such a crazy world. It's kind of ... The more attention 00:31:37.340 |
you can get, if you're a creator or a business person, generally there's a correlation with 00:31:46.140 |
Yes and no. So, okay. I think that ... Here's the thing. I wouldn't necessarily say that 00:31:50.620 |
attention equates to revenue because you know what? You and I could go just ape shit and 00:31:55.620 |
you could be like, "All right, Shringy and I are going to go out and do cocaine. We're 00:31:58.300 |
going to film the thing. We're going to go to strip clubs. We could put it on Facebook, 00:32:03.500 |
We'd get millions of views. I don't think that would do much for either of our bottom 00:32:05.500 |
lines. So, attention directly doesn't correlate to revenue because there are different types 00:32:11.660 |
of attention. You can get attention for being a train wreck or you can get positive attention. 00:32:19.220 |
There are varying degrees to that. It's nuanced. I wouldn't say it ... Unless it's like, "Hey, 00:32:24.060 |
I own BuzzFeed and I'm going to basically publish these bat shit crazy stories of people 00:32:28.060 |
like Shringy and Sam going out and doing all this crazy shit." They would be the ones making 00:32:33.060 |
Or like Gawker, but then Hulk Hogan sued Gawker and then they went out of business. So, that's 00:32:38.740 |
Yeah, exactly. I mean, it's nuanced, right? So, that's the thing. This is why context 00:32:43.300 |
matters a lot. And this is, I think, the thing that was so sort of overlooked by almost everybody 00:32:49.860 |
in a lot of ways. I always jokingly say that my first book, Unmistakable, could have been 00:32:53.740 |
called Everybody is Full of Shit, even though I'm sure Penguin wouldn't have been ready 00:32:58.780 |
to publish that. But I have been working on a book about cognitive biases called Everybody 00:33:06.460 |
Well, if you think about it, in various contexts, this is something that I will say to your 00:33:11.860 |
audience that I've said over and over to people on podcasts is that you should consider the 00:33:15.380 |
possibility that every single thing I have said up until this point is potential ... like 00:33:19.300 |
complete bullshit, because in the context of your life, it could be. You change the 00:33:24.380 |
context and you change the results that you get. All prescriptive advice is context dependent, 00:33:29.700 |
right? So let's just take the example of like a ... so let's take a podcasting course as 00:33:36.100 |
an example. Two people sign up for the course. I sign up for the course, let's just assume 00:33:41.700 |
it's 2009, which is already one major point of context, right? I have people come and 00:33:45.300 |
say, "Well, you teach me how to start a podcast." I'm like, "I don't know the first thing about 00:33:48.180 |
growing a podcast. I started 15 years ago and I was lucky. I don't know jack shit about 00:33:53.580 |
marketing a podcast. I literally plugged a microphone into a laptop and I had a 10 year 00:33:58.300 |
head start on something that was a gigantic cultural trend. I know the things I've learned 00:34:03.580 |
from people, but let's say you take me and we put me in a podcasting course. As you know 00:34:09.780 |
from knowing me, I'm fairly outgoing. I like to talk to people. Then we bring in this introverted 00:34:14.540 |
visual artist who's really great at making visual art and some friend of hers is like, 00:34:18.860 |
"Oh, you got to get on this podcast bandwagon." Who do you think is going to be successful 00:34:23.060 |
regardless of the ... even though we're taking the same course, we're doing the same things, 00:34:26.900 |
I'm going to absolutely obliterate her because of the fact that the context is different. 00:34:31.020 |
I'm coming to it with a different set of strengths. 00:34:33.300 |
Granted, now let's say we reverse the situations. We're signing up for an online art class and 00:34:37.900 |
I'm like, "Okay, everybody should start making their own art and posting it on Instagram." 00:34:41.420 |
So I sign up for the class and she's this incredibly talented visual artist. Guess what? 00:34:45.380 |
She's going to obliterate me in that case because the context matters. We don't like 00:34:49.580 |
the idea ... there are a lot of things people hate in self-improvement. One of the big ones 00:34:53.060 |
being genetic determinism. That's nonsensical. Your genes matter. I'm sorry to say that. 00:34:59.500 |
You and I are not going to the NBA. No matter how hard we work out, you and I are not going 00:35:04.300 |
to be competing with LeBron James. He wouldn't even play a game of pick up with you and I. 00:35:07.340 |
Unless you gave him a shit ton of money, which you might have in your bank account, but I 00:35:12.780 |
Yeah, I was looking at becoming a video coordinator for the Warriors. That would be fun. Just 00:35:20.140 |
I remember when Eric Spolster, Miami Heat became ... the only reason I know these things 00:35:25.220 |
is because I play NBA 2K. That's how I've learned all these random facts from video 00:35:29.660 |
games. I didn't even realize the Denver Nuggets were the champions until a night ago. My cousin 00:35:34.900 |
was like, "Oh, the Nuggets won the championship." I was like, "Really? I didn't know that." 00:35:40.740 |
Talk to me about the business of podcasting because it's grown huge, but it seems like 00:35:47.300 |
there's step functions. How does one get sponsors? How does one make money from podcasts? 00:35:53.500 |
The way that all media makes money. Media makes money ... Generally, if you look at 00:35:58.060 |
media from the get go, let's just go back to the early days of media, pre-internet. 00:36:04.060 |
How did radio shows make money? How do television shows make money? Why is your cable $20 a 00:36:09.180 |
month? Because somebody is always subsidizing it. No matter ... even if you consume something 00:36:13.620 |
for free, somebody is always paying for that. That's why when people bitch about ads, I'm 00:36:18.460 |
like, "Great. Then send me the check that comes from my advertiser and we'll get rid 00:36:21.780 |
of the ads." I'm like, "Otherwise, stop complaining about it." You can't complain that you're 00:36:26.200 |
getting something for free. Why are people complaining about free content? Why? Don't 00:36:30.980 |
get me wrong. That's a whole other rant. Think about it. Even the people who ... Let's talk 00:36:36.340 |
about this from the standpoint of your newsletter so people have a better context. All the people 00:36:40.020 |
who read your newsletter for free, who've never bought your books or done anything, 00:36:43.980 |
guess what? All the people who buy your books are subsidizing their ability to consume that 00:36:48.540 |
content. They're the ones that are paying for everybody else. That is at a foundational 00:36:53.820 |
level kind of how media works. Somebody is always paying for you. There's no such thing 00:36:58.980 |
as content that's free. Somebody is always paying for it. 00:37:01.580 |
Except for this podcast so far. I have no advertisers. 00:37:05.300 |
The thing is, you have an email list. Those same people who basically bought your books, 00:37:09.660 |
whoever has made ... Anybody who's ever paid you any money, or in this case, you might 00:37:13.580 |
be the only person subsidizing it, which for a lot of creators ... Let's say you start 00:37:16.820 |
a newsletter. You're the one subsidizing people's ability to consume that free newsletter. That's 00:37:23.420 |
sort of the base level. We need sort of a foundation to start with. 00:37:26.340 |
Now, of course, how does media get measured? With impressions. If you think about why is 00:37:31.020 |
a Super Bowl ad, God knows how much, a million dollars for 30 seconds? You'll have to fact 00:37:39.420 |
It's just a random number. We're just doing this for the sake ... Because it's based on 00:37:43.340 |
the number of people who watch the Super Bowl. That's why. The flip side of that is what 00:37:50.860 |
has happened as a byproduct of the internet is that the media landscape has become much 00:37:55.140 |
more fragmented. What has happened is that people like you and me with damn near free 00:38:00.380 |
or low cost resources, tools, and distribution channels can get on the air, have a conversation 00:38:05.540 |
like this, and you can send it out to 50, 60,000 people. That is like a game changer. 00:38:11.100 |
Now, what that creates, of course, is massive fragmentation in the media landscape because 00:38:15.980 |
basically, I think Seth Godin put it well. He said you went from 500 channels ... Because 00:38:21.540 |
if you think about it, before the internet, what did we have? We had sort of 500 channels 00:38:24.980 |
maybe maximum to consume content, whether that's TV, radio, newspapers. You went from 00:38:34.380 |
So inevitably, there are two things that have to happen. One is that standing out in that 00:38:38.020 |
sea of noise is not a matter of success. It's a matter of survival. That was one phrase 00:38:44.100 |
that I'd said over and over in blog posts. I was like, "I really wish I had actually 00:38:47.380 |
got that phrase into the book because I thought it sounded so punchy and I never managed to." 00:38:52.740 |
But it's true. You have to be able to stand out in the sea of noise. That's why this whole 00:38:57.300 |
"Let me do what everybody else does and make it work" very rarely works. You bring a unique 00:39:02.860 |
perspective and unique voice. You brought your perspective. Perspective is really important. 00:39:07.300 |
Point of view is the thing. Justine Musk put it well. She said, "If you have a bold and 00:39:12.100 |
compelling point of view, it's probably going to piss somebody off." That's okay. It has 00:39:15.860 |
to. You have to be willing to do that if you want to stand out. 00:39:20.500 |
So now you have this fragmentation issue. So with fragmentation, what changes here is 00:39:26.300 |
something different. Loyalty becomes a lot more valuable than reach. Sam Altman put it 00:39:32.580 |
well. He was talking about this in the context of startups. He said, "It's better to have 00:39:36.420 |
a small number of people who absolutely love what you do than a large group of people who 00:39:41.860 |
are lukewarm." Because the thing is that small number of people who love what you do is way 00:39:45.900 |
more scalable over the long haul. You want fanatics, not followers. 00:39:52.220 |
And that's the thing. You want the people – so think about it. An email list – I'll 00:39:55.780 |
give you another example. I have a friend who started his business long after I did. 00:39:59.820 |
It was like three or four years ago. We had an email list of 6,000 or 7,000 people. He 00:40:04.940 |
had an email list of 200 people. First product launch, I think, generated something like 00:40:08.700 |
$25,000 or $30,000. And why is that? Because those people were very specific, qualified 00:40:15.740 |
people for the thing that he was selling. So these are 200 people who want to hear from 00:40:21.140 |
him every week. So you're better off with 5,000 people who open every email you send 00:40:25.900 |
than 50 million who don't open half of them. I mean, inevitably, those numbers will change 00:40:33.260 |
But the thing is that – and I realize you asked me about the business of podcasting, 00:40:36.900 |
but you kind of can't talk about the business of podcasting without talking about the business 00:40:39.920 |
of media at large. So if you think about sort of what has happened, right? Over this time 00:40:45.300 |
period, as this media landscape has become fragmented, it's not just people like you 00:40:48.780 |
and I who are also trying to figure this out now. The big media companies, the biggest 00:40:52.420 |
threat to them is people like you and I. Like the fact that Joe Rogan is more popular than 00:40:58.420 |
some well-known media pundit who's been working at CNN for 30 years is very telling. 00:41:04.700 |
And so one of the things that happens – and there are a lot of people who are like, "Oh, 00:41:08.060 |
I want to be the next Oprah." And I was like, "That's absolutely not a smart goal. 00:41:11.900 |
It's in fact a stupid goal. One, because you're not going to be the next Oprah. But 00:41:15.540 |
two, the reality of our media landscape – and WBEZ did a podcast about this called The Making 00:41:20.500 |
of Oprah, and one of the producers of Oprah herself said there is no way there will be 00:41:24.180 |
another Oprah because the media – because think about when Oprah started. Like you didn't 00:41:28.660 |
have the internet, right? She predates the internet and by the time the internet came 00:41:32.220 |
around, Oprah was already Oprah. And so when you have such a fragmented media landscape, 00:41:38.460 |
there's just no way that's possible in this environment. But loyalty on the other 00:41:44.460 |
hand scales very well. So then how do you monetize that? 00:41:48.820 |
Ads – unfortunately, ads basically depend on one thing and that's numbers, right? And 00:41:53.380 |
so advertising for the most part is a pretty shitty business model for independent creators. 00:42:00.100 |
We just happen to be in a position where we can generate enough off of ads to make a decent 00:42:04.300 |
living, but there's no way I could depend entirely on ads. Like I have an online – like 00:42:07.860 |
I've started a completely separate business which is like a knowledge management business. 00:42:12.220 |
That will – my guess is in – it's like a knowledge management and AI consulting business. 00:42:17.740 |
Within the next year, I'm pretty sure the revenue from that will dwarf the revenue from 00:42:20.980 |
Unmistakable Creative unless we hit millions of listeners. So it depends. Like if you're 00:42:25.420 |
Jordan Harbinger, yeah, I mean he's probably banking $60,000, $70,000 a month easy, maybe 00:42:33.060 |
Patrick Shephard: Jordan Harbinger runs a podcast called The Jordan Harbinger Show. 00:42:35.220 |
It's like wildly popular. He's got – I think he actually signed a $2 million or $3 00:42:40.700 |
million contract with Podcast One or one of these big like podcast networks just because 00:42:46.300 |
he had the audience. He had the numbers. So if you have those kinds of numbers, then you 00:42:52.540 |
can support yourself with ads. But for the overwhelming majority of people, especially 00:42:56.460 |
people who are starting out, it's just not viable. You also want to think about, "OK. 00:43:01.700 |
Is this really the best way to monetize my skills? Is this the channel where I'm going 00:43:06.700 |
Why did I take the podcasting? Because Sid Sivar said I was a shitty writer and he was 00:43:11.820 |
right. Like I'm a much better interviewer than I am a writer and I know that. Like I'm 00:43:16.100 |
aware of that. That's why I have no like issue saying – like I didn't get another 00:43:18.660 |
book deal after my books came out. I was like, "You know what?" Like I came to terms 00:43:22.100 |
with the fact that I write for myself if my audience happens to like it, great. But the 00:43:25.260 |
podcast is what I do for my audience primarily. 00:43:27.460 |
Trevor Burrus: Right. So it sounds like a tough road to make enough money from a podcast 00:43:34.460 |
to provide basic living expenses. So for those who are thinking about – I mean so I guess 00:43:39.860 |
one, how can listeners support us creators, us podcasters? And two, should people start 00:43:47.420 |
Steven Wooten: Well, let's talk about supporting creators. Like I think that they're really 00:43:51.140 |
sort of different forms. I mean you can support people by supporting them financially. Like 00:43:55.700 |
buy Sam's book if you haven't bought it yet. So shameless plug for Sam's book. 00:44:00.580 |
Steven Wooten: Yeah. But the other thing, the big one really is tell other people, right? 00:44:06.620 |
Because your audience is like your ideal marketing channel because they don't cost as – it's 00:44:10.940 |
like if you're going to consume this for free, help us spread the word for free. That 00:44:15.580 |
is what I would say is that – and it's not easy. Like look, you and I probably – I 00:44:20.420 |
mean how much content do you and I consume that we never share? Let's be honest. Like 00:44:23.500 |
I probably read hundreds of articles. I don't tweet those articles, share them with my audience 00:44:27.940 |
Trevor Burrus: Sure, sure. That makes sense. Yeah. 00:44:28.940 |
Steven Wooten: It's not easy. I mean we're – but the thing is like share with somebody 00:44:33.260 |
who you actually think would benefit from it. So that is one thing I do do is like I 00:44:36.700 |
share with friends and family members. When I read something interesting, I'm like, "Oh, 00:44:40.020 |
OK. Cool." Like this person would find this interesting. That's actually how a lot of 00:44:44.220 |
our growth happens is like we have people who – like if you look at some of the writings 00:44:47.820 |
reviews, like one woman is like, "My entire family listens to the show." That's what 00:44:51.620 |
you want, right? Those are really – that's a huge form of support. Spreading the word 00:44:56.740 |
is literally the most supportive thing you could do that costs you nothing other than 00:45:01.820 |
Trevor Burrus: And how valuable or invaluable are reviews? The number of views, the level 00:45:08.580 |
Steven Wooten: So there's – the iTunes algorithm for podcasts is kind of a mystery 00:45:13.540 |
like everything else at Apple. It's like the Bermuda Triangle of information. Rumor 00:45:18.780 |
has it it actually has more to do with the number of weekly subscribers, new subscribers 00:45:23.980 |
than it does reviews that determine like where you go in the rankings. Reviews are social 00:45:28.260 |
proof though, right? Like I don't know about you. I very – even on Amazon, I almost 00:45:32.580 |
never read the book reviews. I just download the free Kindle chapter first because like 00:45:35.460 |
I don't care if somebody else hated the book. I want to know if I'm going to like 00:45:38.780 |
Now again, for certain products, like there will be certain things that I want. Like so 00:45:42.580 |
for example, if I'm going to buy – like I'm trying to find – I've been wasting 00:45:45.580 |
money on lattes at Starbucks and I don't really care that much about lattes. This is 00:45:48.940 |
like one of those things. It's like I should cut relentlessly on this because I don't 00:45:51.860 |
give a shit. But I want a latte maker that I know will take as little time as possible 00:45:56.340 |
in the morning because I don't want to sit here with a stupid – that I would actually 00:45:59.620 |
go and look at the reviews to see if the function is there that I need. 00:46:03.620 |
I bought a tool, a microphone when I was traveling and I wanted to make sure that the sound was 00:46:07.420 |
good. So I looked at the reviews for things like that. But like – so reviews – like 00:46:13.620 |
reviews are social proof more than anything else, right? Like if you go into – and I 00:46:17.060 |
will tell you this. Like I've had people who try to email me and be like, "Hey, 00:46:19.540 |
I have a podcast," and I go and look and I'm like, "OK, this thing has like two 00:46:22.380 |
reviews." I'm like, "Nobody listens to this show." 00:46:24.780 |
So it's like, "OK, if you see a podcast with 1,005 star reviews, it's like, OK, 00:46:29.020 |
there's some cred there. Like there's credibility." 00:46:31.860 |
That more than any – it's just – reviews basically – I don't know how – what 00:46:34.380 |
impact they have on rankings. You will have to fact check me on this. But I think more 00:46:37.740 |
than anything, they just shape perception. Like you're much more likely to subscribe 00:46:41.460 |
to something if there are 1,005 star reviews than if there are like zero reviews. 00:46:45.340 |
Right. You know, one of the interesting things I've noticed about the creator economy 00:46:49.580 |
is that there are people who don't seem to have the experience, the relevant experience 00:46:56.300 |
and talk about things that it doesn't seem like they should be talking about. 00:47:04.380 |
One of the reasons why I started Financial Timeline in 2009 was because I felt I needed 00:47:08.980 |
at least 10 years of experience in finance before talking about finance. So I graduated 00:47:13.660 |
in 1999. So I was like, "I'm going to wait for 10 years." But before that, I 00:47:17.300 |
was just – I was seeing people, how to get rich. 00:47:20.180 |
So you noticed – do you notice the one topic that I very rarely talk about on anything 00:47:24.900 |
I write is money? Why? Because I don't have any credibility in that arena. Like I need 00:47:29.740 |
to learn from people like you. Your evidence backs it up. Like you have experience. But 00:47:34.100 |
I will write – like I don't think you could hold a candle to me when it comes to 00:47:37.140 |
writing about creativity. Like that's my expertise, right? And if you want to talk 00:47:41.580 |
about building systems for productivity, like I would outperform you by a long shot on that. 00:47:49.900 |
But again, to your point, like there are a lot of people – basically it was like the 00:47:54.620 |
curse of knowledge. What is that – there's a term for this, the Dunning-Kruger effect 00:48:00.620 |
where people think they know more than they do. 00:48:04.300 |
But how do we help listeners and readers separate reality from fiction I guess? Or is it just 00:48:10.980 |
entertainment because it just doesn't cost anything? 00:48:11.980 |
Well, on the internet, you – so part of it is that. But you also have to be willing 00:48:16.660 |
to question and like have skepticism about what you're hearing. Like I told you, you 00:48:21.620 |
should think – consider the possibility of everything I'm telling you is bullshit 00:48:25.100 |
because you need to think about everything that you hear in the context of your own life. 00:48:29.220 |
Like I remember some girl wrote this piece about the creator economy being a gold mine 00:48:32.660 |
and I was like, "That's horse shit. It's not." I'm like, "The creator economy 00:48:35.620 |
is a developing country. It's ripe with inequality." Like you can't use outliers 00:48:43.020 |
This is actually one of the big problems with success literature in general is that almost 00:48:48.420 |
all success literature is based on stories about buyers. Like because you don't put 00:48:52.420 |
people on the covers of magazines when they spend years working their asses off and amount 00:48:57.420 |
And so like if you read stories – and even Paul Graham talks about this in his essay 00:49:00.580 |
on wealth which if you're just having read that, you should link that up for them. It's 00:49:04.380 |
really good. But he says at the very beginning like people like Bill Gates are not good role 00:49:11.540 |
He said he's like Bill Gates, people seem to forget, was like the beneficiary of one 00:49:14.900 |
of the most spectacular blunders in the history of business. That IBM selling him that operating 00:49:19.420 |
system for 50 grand. He said from that point forward, all he had to do was execute. It's 00:49:23.020 |
like would Bill Gates have been rich? Yes. Would he have been Forbes top 10 rich? No. 00:49:29.700 |
And so we forget that, right? So like the problem is that if you – or you look at 00:49:34.540 |
Elon, right, as an example. It's like Granted, Elon has gone off the deep end but the problem 00:49:40.140 |
is that – my mentor Greg used to talk about this. He's like there's this distinction 00:49:43.680 |
between probability and possibility, right? Like is it possible that you could achieve 00:49:48.740 |
at the level of Elon or Bill Gates or you and I could get to the NBA? Yeah. Is it probable? 00:49:54.740 |
Hell no. Especially the NBA thing. So that's where you have to really understand is the 00:49:59.540 |
distinction is like, OK, and what determines the probability of your ability to accomplish 00:50:04.940 |
something is the context. Like context plays a big role in the probability of your success. 00:50:10.900 |
So think about – go back to the podcasting example. You can't deny the fact that I 00:50:17.460 |
had a 10-year head start and that was pretty damn instrumental in me getting to where I'm 00:50:22.380 |
at. Like I wouldn't be where – like if I started today, nobody would know who I am. 00:50:28.060 |
I mean relatively speaking, nobody knows who I am. Like I always say I'm the most connected 00:50:31.860 |
person nobody knows. Well, in terms of outliers, do you think we are outliers or we are just 00:50:38.260 |
people who just kept on grinding to get to where we are? So you and I have some – we 00:50:42.860 |
had outlier advantages, right? So let's look at where we are outliers. One, we had 00:50:48.220 |
a big head start on something that – like even blogging, we're well ahead of the curve. 00:50:52.700 |
By the time – even 2009, we were kind of late to the game but we were way earlier than 00:50:56.660 |
most people. Like it was a lot easier to build an audience back then than it is now. 00:51:00.300 |
Well, think about it. Right now, it's easier than ever to start and it's harder than 00:51:04.580 |
ever to stand out. Like back then, it was pretty simple. It was just like you build 00:51:07.620 |
a blog, you comment. I mean how did I meet you? I think it was because I commented on 00:51:10.500 |
your blog post. Like literally that's how we met and that was kind of part of the way 00:51:13.300 |
you grew. You basically commented on other people's blogs and you just – and the 00:51:17.420 |
same things that worked then wouldn't work now. So that plays a role, right? 00:51:24.420 |
The other thing we have to think about is like look at our backgrounds. I mean I don't 00:51:28.060 |
know what your parents did for work but we came – 00:51:32.940 |
Yeah. So relatively speaking, we came from privileged circumstances. Like my dad being 00:51:37.740 |
a college professor, there's no question whether you or I were going to go to college. 00:51:43.220 |
So you can't basically say, "OK. Well, why is the person who grew up in the hood 00:51:47.140 |
getting shot at who has the same books that you and I do not getting the same results? 00:51:52.140 |
Well, you and I didn't grow up getting shot at, watching people sell drugs on the street 00:51:56.540 |
corner. That makes a difference. Context matters a lot. So yes, in some ways you and I are 00:52:03.140 |
outliers. Like maybe not – so we have to think about this outlier thing to varying 00:52:09.140 |
Are we Elon Musk outlier? No. But are we outliers? Yes. 00:52:13.940 |
Interesting. It is interesting because the longer I go about the creative part of things, 00:52:19.180 |
the more I think, "Well, if you just keep on going, something good will eventually happen." 00:52:26.640 |
There is a grain of truth to that but again, context, right? So there are times when it 00:52:33.100 |
would make sense for you to stop, to quit where you're like, "All right." So I'll 00:52:36.860 |
give you an example. So when my friend Gareth launched his Airtable consulting business 00:52:42.700 |
and I saw it like just blossom into this like wildly successful business in like nine months, 00:52:47.100 |
I thought to myself, "Well, you know what? I use Notion. I really love Notion and I don't 00:52:50.700 |
even use Notion anymore. So I'm going to basically use his exact same model and I'm 00:52:54.540 |
going to basically start putting these tutorials on YouTube for Notion." 00:52:59.460 |
The thing that had happened by that point is I was so far like so late to the game for 00:53:03.180 |
that. There were already like a hundred people doing tutorials on Notion who were doing better 00:53:06.520 |
tutorials than mine. But when Mem, the tool I use now, came along, I saw an opportunity 00:53:12.820 |
and I was like, "You know what? I have an opportunity here to actually be the de facto 00:53:16.180 |
guy." Like Mem, even the team at Mem calls me their product evangelist. And I was like, 00:53:22.580 |
"Okay." Because what was different? One, is I was first. Two, I had all this knowledge 00:53:26.860 |
that I could apply to it. And three, the timing had changed. Like now AI is generative AI 00:53:32.060 |
is huge. Like there's all these trends in generative AI. And I know how to use this 00:53:36.140 |
stuff in a way that most people don't. Like I know a lot about automation that I learned 00:53:39.460 |
from my friend Gareth's Airtable consulting business. And largely because I built these 00:53:44.180 |
systems for running my own business. So like all the systems I use for running my own business, 00:53:48.060 |
I was like, "Wait a minute. This is a business in and of itself." But it was like a business 00:53:52.140 |
that emerged organically. And the way I went about it was very different from Unmistakable. 00:53:56.260 |
Right from the get-go, I was like, "I'm going to create YouTube videos. I'm going to collect 00:53:59.340 |
email addresses and I'm going to use those email addresses to sell these people a course 00:54:02.480 |
and sell them consulting." I was like, boom, boom, boom, boom, boom. So it was very intentional 00:54:06.820 |
right from the get-go. And I've spent $5 a day driving ads to these videos. And I think, 00:54:10.500 |
I mean, relatively speaking, it's small, but we have about 2,000 subscribers on this YouTube 00:54:14.980 |
Okay. And it sounds like this opportunity came about because you've been in the game. 00:54:20.620 |
Yeah. I mean, so that's the thing, right? So there is value to continuing going. So 00:54:25.580 |
you kind of have to think about, okay, you can't let sunk cost bias keep you doing something 00:54:30.140 |
that you shouldn't continue to do. It's worth having kill criteria where you say, "Okay, 00:54:34.380 |
this is what any Duke wrote about this in her most recent book of the power of knowing 00:54:38.020 |
when to walk away." And there is value in that. It's like, okay, I'm going to give this 00:54:42.860 |
to like X date, because otherwise it's very easy to just get into this sort of Sisyphean 00:54:48.700 |
effort that leads nowhere. Like if you spent 15 years doing something and it's not getting 00:54:53.860 |
you somewhere, then maybe you should call it quits. Because I think that that's the 00:54:58.780 |
problem with a lot of prescriptive cliched advice is that it just gives you these nice 00:55:03.800 |
motivational slogans like winners never quit, which is horseshit. Like that's terrible advice. 00:55:09.980 |
Yeah. You know, you've interviewed so many creators over the years. What would you say 00:55:16.580 |
the two, three attributes are that they have that maybe non-creators or just regular folks 00:55:25.820 |
I think that the things that make them stand out are there in everybody. They're just latent, 00:55:29.660 |
right? So the first one I think is a really bold point of view and a willingness to express 00:55:37.820 |
that point of view unapologetically. The second is the ability to overcome their social programming 00:55:44.460 |
and basically write their own script, right? Because like if you think about it, all of 00:55:47.660 |
us are the byproduct of inherited scripts that we've inherited from media, parents, 00:55:50.660 |
peer society, whatever. Like we've been told all these narratives our entire lives. So 00:55:54.140 |
like this is what your good life is supposed to look like. But that's based on somebody 00:55:58.340 |
else's script. Like that's not what your good life looks like necessarily. It's like, you 00:56:01.460 |
know, Rameen talks about in Rich Life, he's like, your rich life should fit you like a 00:56:04.260 |
velvet glove. Like you and I probably have very different versions of what a rich life 00:56:07.060 |
looks like. And we should. And that's one big problem on the internet is that people 00:56:13.060 |
basically look at other people's goals as their sort of baseline. They think that they're 00:56:17.940 |
their own goals, but the reality is like you're basically letting somebody else determine 00:56:23.660 |
So like even what you go back to this four hour work week idea, right? I was like, oh, 00:56:27.820 |
is that really success on your own terms? I'm like, you've literally just traded in, 00:56:30.900 |
you know, the sort of corporate America definition of success for Tim Ferriss's definition of 00:56:34.140 |
success. That's not your definition of success. So overcoming their social programming is 00:56:40.300 |
one. And then I think the other one is just a relentless work ethic. You know, like every 00:56:45.100 |
one of them works. Like I mean, to your point, like the funny thing is like I realized once, 00:56:51.260 |
you know, reality set in and I knew that I wanted to really build a business like, like 00:56:56.060 |
it's no coincidence that when I came back from Costa Rica and I started working and 00:56:58.860 |
consistently busting my ass, the business changed for the better. Like, you know, do 00:57:04.300 |
I still want to like be able to surf for a couple hours every day? Yeah. And ironically, 00:57:07.340 |
now I have more freedom to do that and I spend more time working. 00:57:11.580 |
The success of work often is more work. So be careful. 00:57:15.100 |
It's yeah. Be careful what you wish for because like the the other, oh, actually this is really 00:57:20.340 |
actually probably the foundational thing at the core of all of it is the ability to 00:57:24.740 |
manage their psychology. Right. They don't like if you look at sort of high performers 00:57:30.220 |
at every level, they like just were talking top of their game. And I never forgot this. 00:57:34.780 |
This was like one of the most useful nuggets I got from the Tim Ferriss interview. Right. 00:57:38.300 |
He was he was telling me a story about how he was with Matt Mullenweg, the founder of 00:57:42.060 |
Atomic, the guy who created WordPress. They were like Indonesia. Yeah. And apparently 00:57:48.180 |
one of their data centers was down and somebody called that and he was like, OK, great. He 00:57:52.300 |
was like, well, tell him we're on it. And Tim Ferriss looks at him and he was like, 00:57:56.140 |
isn't that a big deal? Which you think right for WordPress, a data center being down is 00:58:00.020 |
a big deal. Yeah. And he was like, yeah, there's nothing I can do about it. People are working 00:58:03.780 |
on it. And he said that always stayed with him. And so he had this sort of phrase that 00:58:07.060 |
he would ask himself any time something crazy happened. He was like, what would Matt Mullenweg 00:58:10.220 |
do? And it's funny because I noticed that in myself, because I remember once when I 00:58:15.820 |
was having a hosting issue, this is like in the day, like early, early days of blogging, 00:58:19.020 |
like my site went down and I was because we had a post go viral or something like that. 00:58:22.540 |
And we're on go to stressful. Yeah. And but the funny thing is that like I had an issue 00:58:27.820 |
with one of our online courses where people couldn't access the course for about two days. 00:58:32.500 |
And I was like, yeah, guys, I'm on it. You know, like I was like, what is the point of 00:58:38.460 |
me freaking out over that? Because I realized like my mom is like this and I realized my 00:58:42.420 |
mom would be a billionaire if she could take her energy and put it into non-trivial things. 00:58:45.780 |
But she puts so much energy into trivial things like, oh, the towel needs to be hung like 00:58:49.220 |
this. So it dries the shoes in the shoe closet need to all be symmetrical, which they never 00:58:53.420 |
are. I'm like, like if you would spend this energy and directed towards something important, 00:58:58.300 |
then you could actually accomplish something. It's like they don't spend time, energy or 00:59:01.900 |
attention on trivial things. And even on important things, they understand that like freaking 00:59:08.380 |
the hell out over it doesn't change the situation. So they really know how to emotional regulation 00:59:13.580 |
and managing a psychology. That's the foundation, I would say, of all of them. We're really, 00:59:18.220 |
really good at what they do. Like nothing really rattled. Like even if they're rattled, 00:59:22.180 |
you would never know it. Yeah, that's I think that's so true. And that takes us back to 00:59:26.980 |
the public for you and I don't have the luxury of being rattled. So I'll give you an example. 00:59:31.380 |
You know, I met this girl in India and she came to visit and, you know, it didn't work 00:59:37.100 |
out. I mean, she kind of just blew me off. And I remember the night before my brother 00:59:41.700 |
called me. He's like, Yeah, man, are you OK? I was like, Listen, man, I don't have the 00:59:44.060 |
luxury of like sitting here crying over some girl. I'm like, I have a speaking engagement 00:59:47.660 |
tomorrow. I got to be on my game. That's the other thing. You are never not on your game. 00:59:52.380 |
Like that's just the reality of public eye. No matter what. The truth is that your personal 00:59:57.140 |
life is basically like your own problem. When you're the guy, you cannot have meltdowns. 01:00:03.580 |
Well, thank you so much. I really appreciate that insight. I mean, the podcast is amazing. 01:00:13.540 |
Your endurance for 13 years recording all those episodes. I'm basically starting off 01:00:18.900 |
on my interview journey. So I really appreciate you coming on. It's been wonderful. Yeah, 01:00:22.740 |
man, this has been fun. I love conversation. It's like one of my favorite things about 01:00:26.980 |
like the interviews. I rarely get interviewed. Like I'm always doing the interview. But like 01:00:31.100 |
I've walked away from this with like a, you know, you made me think about the outlier 01:00:33.980 |
ideas like, Oh, I have like three different blog posts I could write based on this conversation. 01:00:37.660 |
Well, that's awesome. Well, I hope we keep in touch. Yeah, I'm always around. And I really 01:00:42.940 |
admire that you've had so much grit to keep on going and grow your Unmistakable Media 01:00:47.360 |
podcast and all your businesses. So it's been great seeing you stick with it. It's awesome. 01:00:53.060 |
Yeah, well, I mean, people can find out about us at unmistakablecreative.com. And that's 01:00:58.020 |
where you can find the podcast. And then we have an online note taking course called maximize 01:01:01.540 |
your output.com, which basically will allow you to use, you'll basically be like Tony 01:01:05.540 |
Stark having your own Jarvis with your knowledge management system. That's awesome. And we'll 01:01:09.460 |
link to those shows and products in the show notes. All right. Thanks so much. Yeah. Take