Episode

Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
listen on SpotifyListen on Youtube
1:07:42
Published: Thu Jun 16 2022
Description

Shaan Puri (@ShaanVP) and Sam Parr (@TheSamParr) talk about losing more than $700k in the crypto crash, the mentality of a downturn, and the crazy success of conferences. Also, want $5,000? Check out the My First Million Clips contest. ----- Links: * Truebill * Money 20/20 * ShopTalk * Hlth * Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel. * Want more insights like MFM? Check out Shaan's newsletter. ----- Show Notes: (02:10) - Crypto crash (04:05) - Downturn mentality (23:30) - What Sam and Shaan are doing now (31:05) - Truebill (38:25) - Success of conferences (01:00:10) - Shaan is writing a book ----- Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more. ----- Additional episodes you might enjoy: • #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits • #209 Gary Vaynerchuk - Why NFTS Are the Future • #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto * #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett • ​​​​#218 - Why You Should Take a Think Week Like Bill Gates • Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More • How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More

Chapters
HubSpot CRM provides all the tools you need to grow your business by automating tedious tasks, keeping track of contact info and deals, and allowing your team to access the same data, all while being easy to use and free to get started.
00:00 - 01:26 (01:26)
listen on SpotifyListen on Youtube
CRM
Summary

HubSpot CRM provides all the tools you need to grow your business by automating tedious tasks, keeping track of contact info and deals, and allowing your team to access the same data, all while being easy to use and free to get started.

Episode
Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
Podcast
My First Million
Ethereum is down 66% and the entire cryptocurrency market is following.
01:26 - 04:05 (02:39)
listen on SpotifyListen on Youtube
Ethereum
Summary

Ethereum is down 66% and the entire cryptocurrency market is following. People want to know why it's happening.

Episode
Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
Podcast
My First Million
The economy has entered a recession with a bear market crash impacting crypto net worths.
04:05 - 10:41 (06:36)
listen on SpotifyListen on Youtube
Cryptocurrency
Summary

The economy has entered a recession with a bear market crash impacting crypto net worths. Consumer brands were the first to be affected and the current mentality is that making money is almost impossible.

Episode
Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
Podcast
My First Million
The present financial instability has caused many individuals to reassess their priorities in life and reprogram their thinking towards a future with more uncertainty.
10:41 - 18:58 (08:16)
listen on SpotifyListen on Youtube
Financial Stability
Summary

The present financial instability has caused many individuals to reassess their priorities in life and reprogram their thinking towards a future with more uncertainty. Anxieties range from the possibility of losing it all to thinking twice about important decisions like having children or purchasing a home.

Episode
Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
Podcast
My First Million
The pessimistic perspective in a bear market and the optimistic outlook in a bull market.Most popular references lean toward being pessimistic when things take a downturn.
18:58 - 25:05 (06:07)
listen on SpotifyListen on Youtube
Financial Markets
Summary

The pessimistic perspective in a bear market and the optimistic outlook in a bull market.Most popular references lean toward being pessimistic when things take a downturn.

Episode
Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
Podcast
My First Million
In this podcast, the speaker explains his strategy for investing in businesses and projects for the long-term, ultimately resulting in a significant net worth.
25:05 - 28:31 (03:26)
listen on SpotifyListen on Youtube
Investing
Summary

In this podcast, the speaker explains his strategy for investing in businesses and projects for the long-term, ultimately resulting in a significant net worth. He also emphasizes the importance of having a clear mind for making sound decisions.

Episode
Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
Podcast
My First Million
In this podcast, the speaker shares their perspective on the relationship between money and happiness, admitting that though their lifestyle might have changed over time, they believe that materialistic things do not determine their day-to-day happiness.
28:34 - 32:28 (03:53)
listen on SpotifyListen on Youtube
Money
Summary

In this podcast, the speaker shares their perspective on the relationship between money and happiness, admitting that though their lifestyle might have changed over time, they believe that materialistic things do not determine their day-to-day happiness.

Episode
Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
Podcast
My First Million
The speaker explains how they realized that valuable businesses like Facebook and Amazon were trading at all-time lows, leading them to invest in them, and also recalls a time when Bitcoin crashed to $200.
32:28 - 35:27 (02:59)
listen on SpotifyListen on Youtube
Investing
Summary

The speaker explains how they realized that valuable businesses like Facebook and Amazon were trading at all-time lows, leading them to invest in them, and also recalls a time when Bitcoin crashed to $200.

Episode
Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
Podcast
My First Million
The goal of investing is not to buy in when things are going up and then sell or do nothing when prices go down, as it will lead to an inadvertent plan of buy high, sell low.
35:28 - 39:20 (03:52)
listen on SpotifyListen on Youtube
Investing
Summary

The goal of investing is not to buy in when things are going up and then sell or do nothing when prices go down, as it will lead to an inadvertent plan of buy high, sell low. A comparison of returns between investing in Shopify and every Shopify plugin as well as retail brands is discussed.

Episode
Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
Podcast
My First Million
Two partners, including Jonathan Wiener, started Money 2020, a fintech and payment processors trade show that has gained popularity and is considered to be one of the most important conferences in the industry.
39:20 - 42:53 (03:32)
listen on SpotifyListen on Youtube
Fintech
Summary

Two partners, including Jonathan Wiener, started Money 2020, a fintech and payment processors trade show that has gained popularity and is considered to be one of the most important conferences in the industry.

Episode
Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
Podcast
My First Million
The complex and profitable marijuana industry has attracted interest from Wall Street investors, despite stigma surrounding the substance by some.
42:53 - 47:04 (04:11)
listen on SpotifyListen on Youtube
Marijuana
Summary

The complex and profitable marijuana industry has attracted interest from Wall Street investors, despite stigma surrounding the substance by some. However, some high net worth individuals are still staunchly against the use of marijuana, despite its growing legalization and importance in the stock market.

Episode
Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
Podcast
My First Million
The conference business and real estate are two industries that intersect because events rely on real estate and foot traffic.
47:05 - 49:24 (02:18)
listen on SpotifyListen on Youtube
Conference Business
Summary

The conference business and real estate are two industries that intersect because events rely on real estate and foot traffic. By joining these industries, there is potential for growth and profit.

Episode
Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
Podcast
My First Million
The podcast speaker discusses how selling sponsorships can be an easier way to bring in revenue for events.
49:24 - 52:55 (03:30)
listen on SpotifyListen on Youtube
Event planning
Summary

The podcast speaker discusses how selling sponsorships can be an easier way to bring in revenue for events. The method involves selling tickets for a couple of thousand dollars and sponsor booths for tens of thousands.

Episode
Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
Podcast
My First Million
In this podcast snippet, the speaker ponders whether using premium gasoline is beneficial for their car or if it is just a marketing ploy.
52:55 - 56:45 (03:50)
listen on SpotifyListen on Youtube
Cars
Summary

In this podcast snippet, the speaker ponders whether using premium gasoline is beneficial for their car or if it is just a marketing ploy.

Episode
Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
Podcast
My First Million
The speaker shares his experiences of seeing people shucking corn in Beijing, burning trash on the side of the road in India, and dealing with different issues while traveling in different countries.
56:45 - 1:00:15 (03:29)
listen on SpotifyListen on Youtube
Travel
Summary

The speaker shares his experiences of seeing people shucking corn in Beijing, burning trash on the side of the road in India, and dealing with different issues while traveling in different countries.

Episode
Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
Podcast
My First Million
The host believes that getting the results you want in life, such as fitness or financial stability, requires being part of the minority who really wants to know the answer rather than following the majority who do what most people do and eventually get the same results most people get.
1:00:15 - 1:05:28 (05:13)
listen on SpotifyListen on Youtube
Success
Summary

The host believes that getting the results you want in life, such as fitness or financial stability, requires being part of the minority who really wants to know the answer rather than following the majority who do what most people do and eventually get the same results most people get.

Episode
Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
Podcast
My First Million
The speakers discuss how people often confuse their voices and identities, leading to messages and comments directed at the wrong person.
1:05:28 - 1:06:22 (00:53)
listen on SpotifyListen on Youtube
Podcasting
Summary

The speakers discuss how people often confuse their voices and identities, leading to messages and comments directed at the wrong person.

Episode
Shaan Loses $700k In Crypto Crash And The Mentality of A Downturn
Podcast
My First Million