Young and Profiting with Hala Taha - YAPClassic: Jay Samit on Future Proofing Yourself

Episode Date: April 1, 2022

Leading technology innovator, serial entrepreneur, industry disruptor, and best-selling author Jay Samit believes with the right tools anyone can become a millionaire. In his new book, Future-Proofing You, Jay shares the 12 truths necessary for becoming rich and never needing a job again. Sound impossible? Jay can prove that it works! Jay mentored a millennial on welfare and under Jay’s mentorship, this young man became a self-made millionaire in just one year. So, if you want to realize your potential and build a better, more secure life, you should pay attention to the actionable advice Jay lays out and start “future-proofing” yourself today. In this episode, Hala and Jay talk about Jay’s personal story, Jay’s mentee Vin Clancy, the M.O.V.E. acronym, the importance of selling early and acting fast, five of the twelve truths, the future of augmented reality and NFTs, and more.  Topics Include: - Jay’s career journey - Idea for wiring Future-Proofing You - The story of Vin Clancy  - Truth #1 have a growth mindset  - M.O.V.E acronym  - Proving a case study to build your business  - Selling early and acting fast - Importance of mentors - Quick fire segment on 12 truths of future-proofing - Truth #4: Failure is great  - Truth #6: Passion makes you unstoppable - Truth #8 Everything is a tech startup - Truth #12: Remote workers are your competitive advantage - Impact of COVID - Sustainable capitalism  - Augmented reality  - NFTs - Jay’s secret to profiting in life  - And other topics… Jay Samit is an international best-selling author, a dynamic entrepreneur and intrepreneur who is widely recognized as one of the world’s leading experts on disruption and innovation. Jay is currently the Executive Chairman Emeritus at Greenfield Robotics. He has held executive positions at Deloitte Consulting LLP, Sony, Universal Studios, and more. Jay raises hundreds of millions of dollars for startups, advises Fortune 500 firms, transforms entire industries, and revamps government institutions. He frequently appears on national media including ABC, Bloomberg, CBS, CNN, Fox, MSNBC, and NBC, and has been quoted in The New York Times, Harvard Business Review, The Economist, Businessweek, Forbes, Los Angeles Times, and more.  Jay is the author of the best-selling book, Disrupt You!: Master Personal Transformation, Seize Opportunity, and Thrive in the Era of Endless Innovation and Future-Proofing You: Twelve Truths for Creating Opportunity, Maximizing Wealth, and Controlling your Destiny in an Uncertain World. Sponsored By: 99 Designs - Head to 99designs.com/YAP to learn more and get $30 off your first design contest! Grin.co - Find out how GRIN can help you grow your brand. Watch the demo at GRIN.co WRKOUT - Visit wrkout.com/yap to book a FREE Session with a world-class trainer and get 30% off your first TWO MONTHS with code YAP Coinbase - For a limited time, new users can get $10 in free Bitcoin when you sign up today at Coinbase.com/YAP Jordan Harbinger - Check out jordanharbinger.com/start for some episode recommendations Resources Mentioned: YAP Episode #27- Cultivate a Disruptive Mindset with Jay Samit: https://www.youngandprofiting.com/27-cultivate-a-disruptive-mindset-with-jay-samit/  YAP Episode #111: Future Proof Yourself with Jay Samit: https://www.youngandprofiting.com/111-future-proof-yourself-with-jay-samit/ Jay’s Books: https://jaysamit.com/books/  Jay’s Worksheets: https://jaysamit.com/worksheets/  Jay’s Website: https://jaysamit.com/  Jay’s Instagram: https://www.instagram.com/jaysamit/?hl=en  Jay’s LinkedIn: https://www.linkedin.com/in/jaysamit  Connect with Young and Profiting: YAP’s Instagram: https://www.instagram.com/youngandprofiting/     Hala’s Linkedin: https://www.linkedin.com/in/htaha/     Hala’s Instagram:https://www.instagram.com/yapwithhala/     Clubhouse: https://www.clubhouse.com/@halataha   Website: https://www.youngandprofiting.com/  Text Me via @SlickText: https://youngandprofiting.co/TextHala Learn more about your ad choices. Visit megaphone.fm/adchoices

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This week on YAP, we're sharing one of my favorite YAP classics, number 111 Future Proof Yourself with Jay Samot. If you've ever participated in an internet auction, read an e-book, used a group chat, or watched a video on a computer, you probably have Jay to think. But after listening to this episode, you'll also feel the need to thank him for all his actionable advice for future-proofing yourself and reaching your full potential. Jay knows how to disrupt an industry and create opportunities. And not only that, he can show you how you can do that too.

He believes that with the right tools and mindset, anyone can achieve their goals and even become a millionaire. Jay is known for pioneering breakthrough advancements in mobile e-commerce digital distribution and spatial reality that are used by billions of consumers every day. He's a serial entrepreneur and is recognized as one of the world's leading experts on disruption and innovation. Jay has helped build billion dollar startups, transformed entire industries, wrote several bestselling books, and he's held executive roles at Deloitte, Sony, Universal Studios, and more. J currently serves as the executive chairman at Greenfield Robotics. I'm super excited to revisit this classic with you all.

The knowledge and advice J shares is valuable for everyone at any place in their career. This episode inspired me to keep pushing myself, and I think it will do the same for you. J was also on episode number 27 of Yap way back in May of 2019. So after you're done with this episode, go check out that original one-on-one session I had with J. It was amazing as well. And in this episode, J and I talk about his new book Future Proofing You, the story of his mentee, Vince Clancy, the importance of filling the void. Some of Jay's 12 truths, sustainable capitalism, NFTs, augmented reality, and so much more.

If you're looking to create your own wealth and secure your future, this episode is for you. Let's jump right in. I am so excited. So, for all of my listeners who are tuning in, Jay was with us back during episode number Let's jump right in. I am so excited. So for all of my listeners who are tuning in, Jay was with us back during episode number 27 that was almost two years ago.

And since then, we've grown like 10X. And I've invited him back on the show because he's got a new book coming out. Episode 27, we covered, disrupt you. And now he's got future proofing you coming out. So, really excited to dive into all of that. And I do want to introduce you to my listeners so that they understand who you are, because I think a lot of people aren't going to go back and listen to episode number 27.

All right, so let's talk about your career journey a little bit. I think there's some great insight that my listeners can learn. So, you graduated from UCLA in 1982, and you graduated into a depression. And there were no jobs. Yeah, and you strived to get good grades, right? And you were sold on the dream that, you go to a good school, you get good grades,

you get a good job. And you lived happily ever after. Yeah, it didn't turn out that way for you. So tell us about how you ended up getting a job in media without any connections or in such a bad market. How did you do that? So there were a couple of things. I eventually figured out my pattern was you can solve any problem with data.

So we're pre-internet, we're pre-PCs, we're pre-one people use the word data. I wanted to Star Wars was the movie that changed my life like everybody's. I wanted to make Hollywood special effects, a couple of problems. I knew no one in Hollywood. I knew nothing about special effects and didn't know where to start. So I took out what's called a blind ad in the Hollywood Reporter. The described the job I want to get is if I was a studio offering that job. And that gave me a bunch of resumes, which gave me two pieces of data. One, what do I need on my resume? What skills? What do I need

to accomplish so I could get in those type of jobs? And number two, everybody in the center resume had a job with one foot out the door, so those companies would be having openings. That was the first round. Once I figured that piece out, I then made a big financial investment, a huge bet in my life. I spent one dollar and I printed up some business cards, 100 business cards, but I knew if I started a special effects company, no one would hire a company run by a 21-year-old, like what do I know?

So I made myself head of sales, I didn't make myself the head of the company, a company was called Jasmine Productions, JAS is my initials, J.O. and Sam, and it was mine. So that's where head of sales. I didn't make myself the head of the company. The company was called Jasmine Productions, JAS is my initials, J.O. and Sam and it was mine. So that's where Jasmine came from. And then I went out and hustled, which everybody listening to show knows what that's about. And I discovered something.

I was competing in George Lucas and ILM. Most people can't afford George Lucas and ILM. So I got a lot of gigs on small budget movies and commercials and things that wouldn't hear them. And then I did whatever everybody else does. I just hired people to do the work. I didn't know what I was doing. So there's only two things you need to succeed as an entrepreneur.

Insight and perseverance. I can teach and disrupt you and in future program. I teach people how to find insight, how to find the next opportunities. And in future proofing where you, I really dug into how to take perseverance and turn it into passion, how to solve a problem that you care about, because it will get you through the rough spots. This isn't about you wake up one day and then you're rich. This is about, you're

going to hit obstacles, but every obstacle is an opportunity in disguise, and if you can see that, then you'll find success. Yeah, I would definitely encourage everyone. If you're interested about DisruptU, we went through it in great detail episode number 27. Go check that out. So tell us, like, why did you decide that you needed to write this book? And I have a random question, kind of. Did you once like COVID started? Is that when you thought, you know, we need a book like this or did you have the idea before COVID? So I had the idea but COVID completely influenced the book because the world has changed fundamentally

and I wanted to capture. In the first book, I've been telling for five years whether by choice or circumstance every career gets disrupted. I don't have to make that argument anymore. I think COVID kind of proved that anything can change. And we live in an uncertain world. This won't be the last pandemic. This won't be the last disaster.

There won't be the last recession, whatever it may be. But I never plan to write a second book. And as I was saying, I get what I call love letters, these fan mail, which I love. But occasionally, usually from a younger person, I get this is all motivational, but I could never do it. And I actually dedicated the book to the reader who said, not everybody can be a million there. And I wrote, yep, you're wrong. So I said, how can I reach somebody? What am I missing? Where did I fail in communicating what's possible? So I said, what if I put my reputation online?

What if I take somebody that grew up on welfare? It was basically one step above homeless, it was couch surfing, living with friends. And I mentored him one day a week for a year. I gave him no money, I don't give him any contacts, I don't tell him what business to do. He has to start a business that takes no capital. Could he get from that to self-made millionaire?

And I'll give away the ending. He did it 11 months, but he worked his butt off. He worked harder than most people are willing to work so he can live in a man or most people can't. So that was the genesis of the book. And when you mentor, you learn, I learned from him of what is different about the challenges for today. Nobody's facing the world that I faced in 1980. That's ludicrous. I always hate those famous people the right. Well, if you did this after World War 2,

you'd be successful too. Well, you can't. but wages have been flat since 1982 when the United States. So it is hard to make it. The old, I'm gonna get a job, I'm gonna raise my family, I'm gonna pay up the house, I'm gonna have a pension, doesn't exist. In the 1950s, two years salary was the average price of a house. So mom stayed home, only one salary, then everybody lived half way after.

That's gone. And if you think your big company jobs are secure, half of all jobs will disappear over the next five years. And it's not just, oh, okay, truck drivers, automated trucks, factory workers. I was independent by chairman of Deloitte, okay? Did 45 billion dollars a year Deloitte? Accountants, to be software. Most legal are going to be software. Middle management, AI systems, jobs are going away. So unless you take

control of your destiny, unless you continue to be as full of changes the world around you, your prospects are bleak. That's so powerful and sets us up so well. You did mention the guy that you were mentoring who was couch surfing and really one step away from being homeless in 11 months, you helped him become a millionaire. You didn't fund him, you just gave him a device. This guy's name was Vin Clancy. So I really want my listeners to hear the story about Vin. So walk us through that, give us some detail in terms of how you shaped him and what he ended up doing. So, this idea was germinating in my mind, if I could just find somebody. And what I didn't want to do is cherry pick. I didn't want to go,

I want to teach somebody golf, Tiger Woods, come over here. I want to just say the first person that I try with I have to do it. But Vin's life story, it was parents paying on welfare, having a tough childhood. He wasn't, he was an immigrant. He wasn't from this country. He had no safety net. I can't get him to organically become a growth mindset. I can't get him in that honestly. I have to have him hit the ground running. So truth number one of the 12 truths is you have to have a growth mindset. I can't get him in that. Honestly, I have to have him hit the ground running. So truth number one of the 12 truths is you have to have a growth mindset. So, and he didn't

find this out until I let him read the book after it was typeset, that in our first meeting, I lied to him. So there's a psychological principle called the Pigmalion Effect. A professor went to a school, and now a bunch of school, tested all the kids, told the teachers, these three kids would be super learners. At the end of the school. Tested all the kids, told the teachers, these three kids would be super learners. At the end of the year, they test all the kids. And guess what? Those three kids excelled beyond everybody, but the professor lied.

He never looked at the first test results, but three names out of a hat. But if you tell people that they're special, they believe it. So when I sat down with Vin the first time, so come out for pizza. So in honesty, I did give him two pizzas in one year. So that was my help for him. I told him I'd interviewed over a hundred candidates. He was the only

one that had all the attributes to be a self-made millionaire. He hit every tick box and he was my first choice for this. And so he internalized that. He may have not fully believed it, but he figured if this old dude, if this guy who's, you know, run billion dollar empires and created billion dollar companies, if he sees it, then it must be true. That led him hit the ground like a rocket. By the end of the first month, he had made over $60,000. I joked that he could have flown to Europe without a plane. I mean, he was so on top of the world. Now let's fast forward a few months. He's working hard, he's doing, we can get into what he did. But mid-year, he's about a half a million dollars

and his business gets sucker punched. It's something that he didn't do, but all of a sudden, it's over. It's down, he's got an unforeseeable problem. And I figured, okay, so a book about a guy makes a half a million, that would be okay. I figured he was down for the count. But that growth mindset had so become part of a soul that when his business couldn't do the way he was doing it, he said, okay, that doesn't work. Let me try something else. And at the end of

the month when we sat down his target for that month was to make a hundred grand and he made $96,000. He was beating himself up and I was laughing inside. Could the old Vin have imagined being upset at only making $96,000 in a month. So it was amazing journey. I pushed him hard. It was kind of like seal training or being on a marathon. I didn't want him to tap out. I didn't want him to give up. He had no social life. He didn't do anything. You know, you don't have to, you can have more work-life balance if you're not trying to become a millionaire in a year. But at the end of that year, what got him through, you know, month 11, month 12 was he was going to take a year off travel the world, okay?

And the only way he was able to do that is because he was future-proof, meaning he knew that when everyone to turn it on again, he could have a business again, he could make money again. He could make money again. He didn't have to be dependent on, is there a job available? Somebody hire me. Oh, there's so many other people competing for the one job. And today, he now has Fortune 500 clients, which is amazing to me. Doing the same things that people were paying $200 a month to do.

He's now getting six figures a month to do. It's super interesting. So I know your first truth is you must have a growth mindset in order to succeed. So why did you decide that was truth number one? How does that kind of set you up for everything else? And how about people who are like, Vin, who don't have a growth mindset? How do they snap out of it if they don't have a J. Samette? Who's going to take them under their wing? The reason why it starts with growth mindset, we all know that person that comes to the office or But how do they snap out of it if they don't have a J. Samette who's going to take them under their wing? The reason why it starts with growth mindset, we all know that person that comes to the office or comes to work with a cloud over their head.

Oh, I got such problems. Oh, I got such problems. Oh, you know, the whole world is miserable. But with the growth mindset, you look at every problem and say, wait a second, lots of people have this problem. If I solve this, that's a business. Entrepreneurs don't sell things, they solve problems. Solve for a few people, you have friends,

solve for a million, you make millions, solve for a billion, you change history. Dozens of people that I work with became household names and billionaires, and if you would have told me, I would know somebody that made a billion dollars. I'd be like, you're out of your mind. I came from, you know,

my dad was a public school teacher. So I've seen it, and I've seen work with the Steve Jobs and the Bill Gates and et cetera, et cetera, before, you know, read Hoffman, you know, who did wrote the forward to disrupt you. I knew this before they were household devs. Most of them didn't go to the right schools.

None of them came from money. A lot of Musk was an immigrant, but they did something different. They looked at the world differently, and that can be taught. In every 48 hours, there's a new self-made billionaire. You won't most likely get to a billion dollars the Warren Buffett way.

Taking nothing away from the genius. He just crossed a hundred billion dollars. He's worth more than me, okay? But it made 99% of that after he was 50. I'm on the wrong side of 50 and I will tell you, I'd have a lot more fun with that billion dollars if I was like Kylie Jenner and I hit a billion dollars at 22. So how did she become a billionaire at 22 and you go well she's a Kardashian. There's no billion

aires in the Kardashian family. What did she do differently? How can you do that? We're all connected by a phone. We're one click away from seven billion potential customers. You only have to zero in on the right thing for one nanosecond to make that kind of money. Oh my gosh, this segment of the episode, I find so powerful because there's so many lessons in this. I love saying that when you're starting a business, find the void and really focus on that void. That way you kind of differentiate yourself in the market for yet media.

We're a podcast marketing and social media agency. So that's our differentiator. We're all about, you know, everything about podcasting. Plus, we can do everything else, right? So I love that. I think that's really cool. So give you a little acronym. Yeah.

So the acronym for launching anything that I have is move. M is mindset. You have to start with that mindset. Okay. You have to find an obstacle. What is the problem that you're solving? Okay. Find the void.

Okay. That nobody else is doing. And then execution. And that's it. There's no fancy rocket science. It's just those basic steps. And in future proofing you, we map out Ben's journey so you can see page by page, week by week, month by month, how he follows the 12 truths and what the results are.

At the end of each chapter, there's a little sidebar that does his accounting for the month. So here's where it made the money. Here's what it hears what he learned and here's the problem. So it's like a page shurner. I wonder how Vin's going to do. But it's so teachable and so doable. It doesn't mean it happens overnight. It doesn't happen without work. This isn't future proofing you was in a get rich quick scheme. It's a road map. It's a workbook for you to achieve your goals. And now a quick break from our sponsors. Young and profitors, do you have a brilliant business idea but you don't know how to move forward with it?

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It really started with that one client that he got that kind of proof from the case study that proved everything out that he then could leverage over and over and over again to keep building his business. And I'll give you the example on my life. A few years ago some VCs called me, they put $8 million into a startup and advertising platform, a digital advertising platform, that had lifetime sales of $30,000, who was dead in the water, wasn't going. But I saw what it could be and should be. So it did the same thing.

Couldn't get any paying clients, so why not go and start approval we could do for charities? Because the boards of charities aren't charities. The boards of charities are cheap marketing officers of major brands who are civic-minded. So they're going to see what you do. Fast forward suddenly now, we get Coca-Cola and Disney and Microsoft and all these big brands paying us. And 18 months later, the news court acquired it for $200 million.

That's amazing. This is what you can do. And it's done again and again. And I also explain in the book why startups sell for these insane amounts of money. Because most people go, I don't get it. You know, they got this in sales, have to be worth that. So let me explain it. Because I think it's really helpful for entrepreneurs and we'll embolden you to create something. I've been a public company in Nasdaq CEO.

Every CEO, when they have the job, will tell you, I'm thinking about the shareholders, I'm thinking about the employees, I'm thinking about the customers, whatever. Here's what they're really thinking about, themselves. Because CEOs of big companies get paid very little, but they have a huge bonus package. If the stock moves to here, they back up the brink's truck to your house and give you obscene amounts of money. So that's the way that you're hired. What are you thinking about?

How do I hit that number? So the easiest way to hit profits, the hard way is to develop something good and get more sales. The easier way is stop spending. So, they stop R&D. They stop developing next year's product in the year after. Because again, most CEOs don't last very long. They're like a piece of breachies.

They smell after while on the board gets rid of them. So, if you can hit that number, great. So now, all of a sudden, you hit the number, got it, but, uh-oh, we got nothing to sell next year. Our core business has changed. Then go out and acquire something that instantly puts you in the game. So let's take Google, super successful company, own desktop advertising, best business model of all time.

They're printing money, like, they're Google. But all of a sudden, everybody starts using their phone. People weren't at their desktops anymore. They're losing market share. It's going away. So they bought Android. They bought hundreds of companies, okay? Facebook could have hired the guy who created WhatsApp. He applied for a job. He didn't get it. Less than three years later, they buy his WhatsApp for $17 billion. He didn't get it. Less than three years later, they'd buy his WhatsApp for $17 billion. He would have given them the idea for free. Why did they pay so much? Because if somebody else got it, that the affordable competition, their whole empire could disappear. So people will always overpay to block somebody else from getting it or to keep their job.

So, why wouldn't you want to sell something for that? Because what you're really doing when you sell something for a lot of money is you're pulling your future revenues into the present. Sure, if I kept this company or that company for the next 20 years, I would get the same amount of money. But I could get a little less and they'll give it to me all today. It sounds like a good deal. I'll always be the guy that sells out early. Now the almost time I've raised my voice in my career, I was mentoring two young people in their 20s. They

had a very good idea. First month in business, a very famous wealthy person comes along and offers them 100 million dollars for their company. And I'm like, we're taking it, right? No, no, we're going to be billionaires. Oh, this is just the first offer. Like, it's 100 million dollars. There's nothing you can do with the billion that you couldn't do with 100 million. Make a long story short, they turn it down. I leave the board. By next year, there's 100 companies doing the same thing as them. They have to raise more money. By the next year, they have to raise more money. Today, if it literally sold for billion dollars, they'd get less money than they would have gotten in the first 30 days.

Goes to show you how you got to act fast. And you want to make sure that you have good advisors, that you have mentors that can explain that the that you were smart enough to have that moment in the sun. Are you smart enough to capitalize it back in my early days. I at one point in history, very early history, I had seven of the top 10 selling video games in the US, my little company. And also another company came and offered me a third of their company for all of my. And I'm like, I don't understand stock. I don't get this. I don't, you know, so I turned down Activision. Oh my God. Which is an 18 billion dollar company. I went to public school, but a third of 18 billion is six billion dollars in my 20s. So believe me, I didn't learn

these things because I'm a genius. I learned them because I got the scars to prove it. Okay, so back to the 12th truce and feature proofing. Let's do a quick fire segment. I want, I'm gonna rattle off some of the truce. I don't expect you to, I didn't expect you to have your 12th truce memorized, although knowing you probably do know them all by heart.

I'm going to rattle them off, and why don't you say what the truth is and give some actionable advice? And I may ask some follow-up questions. So we already talked about growth minds that some going to skip that one. Your fourth truth is failure is great. What is this truth and how can we take action?

So when you see a toddler, they don't wake up and say, today I shall walk across the room. They try it, they stumble, they try it, they stumble when you play a toddler, they don't wake up and say, today I shall walk across the room. They try it, they stumble, they try it, they stumble. When you play a video game, you hit an obstacle, you fail, you finally get over it, then there's another, another, another. That's all the work is you will fail your way to the top.

Jeff Bezos with Amazon lost money year after year after year after year, and when he came out the other side, he was the richest man in the world. So don't beat yourself up for failing. Failing just means you figured out what doesn't work. So you try another path. You know, some of the most successful companies were pivots of something that they didn't set out to do.

So that's what I mean by that. You cannot become successful without failing. And you know, what if we do fail, how do we overcome it quickly and kind of get back up on the horse? To acknowledge it or one tip if you're really beating yourself up from right down, everything that's bothering on a piece of paper, get it all out and then just throw away the piece paper. You know, it's cathartic, just move on.

Because every moment you spend thinking about the past is a moment you're stealing from your future. And I think failing gets easier. Like once you've failed a few times and you realize that like this is just part of the process and the more I fail the more likely I'm actually going to achieve. It gets easier and easier, right? And with that and we skipped over it but fear, you know, is one of the truths. The fear is something that can be harnessed. Fear is a positive. I hate, hate, hate, hate, hate. The guru, Charlotins, it's a fear isn't real. We are biologically hardwired to be fearful.

You're only here because your great ancestor saw that saber tooth tiger and ran. The people that weren't afraid of it were lunch, okay? But athletes can harness fear to make adrenaline, which makes their heart pump more, and they get better results. So if you're afraid of starting your company because you'll be embarrassed, because you'll fail, because you'll lose your money, you lose family money, you lose other people's money, all real fears. But if you're crossing the street and a truck's about to run you over, you're not thinking about those fears, you're thinking about the existential one of, if I don't jump out of the way, I die. So now let's put this

in context of those fears about your business. If you're at a job where you're not growing, where it's just paying you to survive, but not to thrive and live. You're going to trade a day a week, a year, a month, years, ten years. You're going to wake up one day and realize you gave away the most precious thing in the world. The only life you will have for what? Nothing. And if you don't believe me, go talk to your grandparents, go to an old age home, ask somebody at that stage what their biggest regretted is not what they failed at. It's what they failed to try. So focus on that fear and the others seem inconsequential.

And if people make fun of you, here's a tip. I have yet to meet a hater that's doing better than I am. They're making fun of because they don't have the guts to believe in themselves. Investors would rather invest in somebody that's already failed once than somebody that's doing their first business. Because it shows that you have grit. Okay. Number six, the six-truth passion makes you unstoppable.

So I don't want to minimize how hard the journey will be. The journey will be hard. But if you can take that perseverance and really be passionate about what you're solving, the forward of future proofing you was written by Tom Billio. Tom had a software company, he wasn't passionate about their making money,

but he had obese, morbidly obese relatives. And he looked at the protein bars in the market and they were all made with corn syrup. There were 1600 different ones out there and they're basically candy bars. And he goes, this is wrong. I wanna do something. I wanna help obesity.

I wanna solve that problem. The void is nobody else is actually solving it. They're claiming to. So he started quest, quest bars and the great bars and a couple years later than they sell for a billion dollars. That's what gets you through the hurdles. One of his hurdles was when he went to normally most food brands don't actually make their own. They come with the recipe and they go to a co-packer. But every co-packer had machinery that required a liquid stuff to squeeze out to make the tubes and the corn syrup, the liquid thing that makes that work.

And that's why everybody used it. So when they hit that wall, okay, there's no co-packer, I guess we go out of business. No, they still had to solve the problem. So one of the founders at Quest literally took a blow torch, bought one of those machines and took it apart and made their own new machine to make bars. Right? They just, whatever the obstacle is, you could overcome it. One out of three,

Fortune 500 companies in the US was founded by an immigrant where the first generation child. And why I say that is because those immigrants had a passion. Their journey started before they got to the shores. If they're doing a menial job, if they got to the shores. If they're doing a menial job, they're sweeping a floor. If they're, you know, working somewhere, that's not

their identity. That is a step in their path to get to their goal. And that's why you see that drive. When a law in Musk was a young immigrant in this country with no money, he wanted to be an entrepreneur, but it was afraid could he live in this rich country and survive? So he said, I'm going to see if I can live for a dollar a day, for a month. Could he live on $30? And probably he had a lot of ramen, okay, and some oranges and some pizza, but he did it. And once he knew that, he said, I'll always be able to make $30. So I can take the risk. And his first company, he literally had one PC. The website was up during the day.

At night, they programmed on it. They lived in the little office. They had no apartments. They went and took their shower down at the Y. And now he's worth $200 billion. Oh, my God. It was a journey and identity. It's incredible. Goes to show you what passion can do and some grit, right? So amazing. Okay. Next one. Everything is a tech startup. This is

truth number eight. So I sometimes hear people say, well, I'm opening a restaurant. I'm doing shoes. I'm doing every business is a tech startup. Play this game with me. You're gonna get the answer wrong. That's why it's a game that I'm doing. If I gave you a million dollars and said, go back 10 years and pick the number one most successful tech stock, what would it be?

10 years ago. Yeah. Facebook. Nope, not Google, not Apple, not Instagram. It's a trick question. If everything to tech started up, the tech company that was the most successful past 10 years was Domino's pizza. And you go, that's a tech company. When they went App Centric, the majority of their employees work in IT. They now have a direct relationship with their customer. They can test market. They can regionalize. They can do all kinds of stuff that their competition can't. They

can use less people to make. What the product is is actually the easiest part of business. So if you're spending most of your life in the digital world, the first thing you do when you wake up is look at your phone and you spend five and a half hours looking at it during the day. It's the last thing you kiss at night. Why isn't your business there? Even if it's something in the physical world. So you have to take that point of view. And the second part of that is the only competitive advantage in any business in the 21st century, including your media company, is getting insights from your customers faster than the competition. So it's that tech data, it's that direct relationship. Very interesting. Okay. Choose number 12. Remote workers are your competitive advantage. We

touched on this a bit. So we touched on this. So here's what's interesting. For the employer we talked about that. For the employee, you're not spending on average 81 minutes commuting. So that is now a gift to spend more time with loved ones or to take care of kids or take care of elderly relatives or whatever to do your side hustle to just have a work-life balance that brings you joy in every day. I commuted for years. And in the morning, it was a grind. I'd get into the office in a horrible mood. And at the end of a long day, I'd come home drained

and have no energy for my kids or my spouse. And it wasn't fair to her, it wasn't a basic fair to them. Now imagine that you don't have to do that, and you're not inhaling carbon monoxide for an hour and a half a day. So that's a huge advantage. And the tools are in place. People wanted to do this since the 1970s.

It just now, all the software is there. There are tax incentives for doing it. And as I said earlier, you're no longer limited to just hire the best people in your town. You can hire the best people for the job. If you don't believe me, have you ever used 99 designs? No, but I use like fiber and fiberglass and stuff. So these gig things where, you know,

I can say, I'll pay $500 for a logo and I'll get 100 submissions, right? And when I pick, when I always ask, where are you? And sometimes it's somebody doing a high tussle for major ad agency. And sometimes it's a college kid in Indonesia. It's just phenomenal. So that's the great advantage of that.

Hold tight, everyone. Let's take a quick break and hear from our sponsors. Hear that sound, young and profitors? You should know that sound by now, but in case you don't, that's the sound of another sale on Shopify. Shopify is the commerce platform that's revolutionizing millions of businesses worldwide. Whether you sell edgy t-shirts or offer an educational course like me, Shopify simplifies selling online and in person so you can focus on successfully growing your business.

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listen to podcasts. Hey, ya fam! As you may know, I've been a full-time entrepreneur for three years now. Yet media blew up so fast, it was really hard to keep everything under control, but things have settled a bit, and I'm really focused on revamping and improving our company culture. I have 16 employees, so it's a lot of people to try to rally and motivate, and I recently had bestselling author Kim Scott on the show. And after previewing her content in our conversation, I just knew I had to take her class on masterclass,

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for 15% off an annual membership. Masterclass.com-profiting. Yeah, so I know earlier, we were talking about how COVID impacted your book. And obviously, this last truth here here remote work is your advantage. I think all that obviously accelerated with COVID, you know, it became a reality much faster because of COVID. And now I don't think I was working at Disney streaming services at the time.

I'm an entrepreneur now. I actually started my side hustle and gap media because I didn't have a commute anymore and I've grown it so big as a side hustle. So it goes to show that you can do a lot of time with that those 80 minutes that you can do a lot with those 80 minutes that you were previously commuting. So what else changed with COVID? What would you say is because it seems like a positive, right? What are their positive things do you see or just changes in the future because of this pandemic? things do you see or just changes in the future because of this pandemic? What do you see?

One of the other big changes is there has been a move towards people, especially of a younger generation, this is what I learned from the mentoring process, want to feel that purpose and that passion and their job. They want to work at a company that shares their values, they want to buy products for companies that share their values, they want to buy products for companies that share their values. Now, when we all got hit by something like this, it really just knocked that home because those companies that didn't take this seriously, we don't want to do business with,

and those that really helped their employees or treated the community better because of this, and raised a hand and said, how can I help? We want them. So anybody can make shoes. But when Tom Shoes says, when you buy a pair from Tom's, they give a pair of some of it, it's never had a pair. It sure makes you feel better about that.

So this started as a cause market, but we're now moving and where I end the book is talking about sustainable capitalism. The era of having endless growth, which is what capitalism is about and making your business bigger, bigger, you can't have endless growth on a finite planet. So you can either wait for the inevitable regulations that may put you out of business or you can lean into that void and work on some of these big problems in your own world and proof of the pudding. I know I didn't want to run another company, but when the team from Greenfield Robotics came to me and said, we have a little robot that goes up and down the field, think of rows of corn and deals with weeds so you don't have to put pesticides on our food

You don't have to put poisons on the food You don't have to till the soil, which is why you farmers till the soils to break up weeds and that's a single largest Source of greenhouse gases on the planet 25% Of carbid in the atmosphere comes from farming So these little robots can save our atmosphere, can save us from getting cancer, can let the farmers make 40% more because you don't have to buy the chemicals

and its robots as a service. And the extra poisons don't go down the river, killin' all the fish in the Gulf of Mexico. I felt morally obligated to say no, is to say I don't care about the future of this planet. And so that's why I said yes to be chairman of Greenfield Robotics. And it changes the world.

But every company can do it, and they can do it for the profitable reason, not as charity. Walmart, after employing people, their second biggest cost was energy. So they leaned in, they looked at at it and they replaced all the fluorescent lights with LEDs saving a hundred million dollars of energy a year Well, they do that That puts a target on targets back like we got to do something so now target is the largest installation of solar panels Right, so everybody's moving this direction When we use all that energy to search stuff

on Google, you can imagine how big those server farms are all over the world. Google has been carbon neutral for over a decade, all with renewable resources, all putting things in the coolest places that you know can use the least amount of energy. So we don't have time to pretend that our planet isn't changing in a way that may not be hospitable for mammals. We have to act now and why not make that part of your passion and part of what drives your business to go further. I completely agree. Okay, so we're going to wind this down. I have a few questions on you being a futurist. I want to talk about spatial reality, and I want to talk about NFTs.

So you call spatial reality a trillion-dollar opportunity. I've never really heard of this before. So tell us what spatial reality is. If I haven't heard it, I'm sure that most of my listeners have not heard about it yet. Explain what that is. So you may know by the term augmented reality. It's that we would now have a digital overlay

in our world. We will have heads up displays, glasses that we wear. I'm looking for where mine are. So you will no longer be taking your phone out of your pocket. You will be getting information here. He's pulling out his glasses, by the way, for everybody who loves the audio. So here's how that's different.

If you went back 10 years ago, you can't live without your iPhone, you can't live without a smartphone. It rules your life, it's every business. But 10 years ago, before people created apps, no one knew what to do with it. The first year, one of the top 10 apps was the FART app, just made FART sounds,

which means they didn't think of Robin Hood or Open Table or the countless other businesses that made billions of dollars. So now I'm telling you, the big guys are all working on these. Google's applying Apple, Facebook, Microsoft. If Google doesn't own this, the lenses, they go out of business. If Apple doesn't sell you the glasses, they go out of business. And if you don't believe that you buy glasses for an app, 80 million pairs of glasses were sold in 2020 in the US. They cost more than $150 a pair. They came with one app. Focus. You want to read. Another

50 million came with another app called Sun. You want to be out in the sun, you need sunglasses. So an app that changes any menu anywhere in the world from any language to a language that you know, that's a pretty good app. You can also subtract things from the environment. You can go into supermarket and say, Dr. just told me I have diabetes. Show me every product that doesn't have sugar and everything else will disappear. Show me those things that are cato or halal or kosher or show me just the French wine. Show me which wine I had over such and such as house two weeks ago. So all sales and marketing will be taking place in this overlay. Why wouldn't you want to solve a problem today that couldn't be solved before that these glasses will now solve just as apps solve so many things and think of the billions of dollars of businesses

that will be created from this. People will not be searching for information. Information will be coming to them. Okay, so basically just to like kind of recap this to my listeners. Spatial reality has to do with these glasses that you wear. Essentially, it's a filter that people can... How would that even work? Like, you gave the example of walking into Target or something and saying, show me everything that doesn't have sugar.

How would that even work? Does every box have a scanner or something? So, there's a company right now that's scanning in all the products, and it'll black out the ones that it recognizes on the shelves. A simple one. I don't remember where I parked my car and I looked down and there's a line of, you know, to my car or I'm off and travel around the world

and I go to some hotel I'm supposed to speak in the Monterey bit, ballroom. Where's the Monterey ballroom, you know, just make me a line. You know, Pokemon Go showed the people would do this, okay? But it's so many more uses. Your fireman, you're going to smoke-fill building, but your heads up display ties into the blueprints that the city already has, so you know where the stairs are, where the window is, where

the shut off is. You're digging construction in some lot. You can see through the ground so to speak and see where the pipes are, where the conduits, so you don't cut off the cable for the entire neighborhood. So there are lots and lots of uses. They also talk. You can use the vibration of the sides of the glasses, what's called bone conductivity, so it can talk to you, but nobody else hears it. So imagine a LinkedIn version where when you walk up to me, it tells me your name and I see all the details, so I go, oh, how is your dog, phyto doing, you know, endless possibilities.

And so the first generation of these come out, this Christmas, but in 22 and 23, this goes mainstream just like the iPhone did. This will be bigger than the PC revolution, the internet, and mobile combined. Oh my gosh, you got me so excited. And my wheels are spinning. How do you suggest that we start learning about this now

and start just understanding it better? Because augmented reality everybody talks about it, but I never see anything concrete, like the way that you just explained it to me. So like how can we learn more about this, get more involved, where are the opportunities? Well, they got 500 million people to play Pokemon Go. That was the proof that you could get anybody to do

where you could walk around in the real world and do stuff. And it ties into NFT is by the way, I will be doing my first NFT in this area and get past the hype of what's going on to something that I think will be successful. The best way to get into it today is start reading, looking the news, seeing whatever, but just use your imagination.

You now understand what the glasses do, it's no different than what a tablet can do, but you can't walk around holding up a tablet, so to speak. What does that solve? What does that do for the immediacy? Where can I use that? As a marketing company, in my Tesla, it's self-driving down the road. You know from all my searching and lifestyle that I eat at McDonald's three times a week, it's two o'clock, you know, that I haven't stopped to eat.

There's McDonald's two miles ahead. And lo and behold, I see in my glasses a french fry floating in the sky. If I grab it, the car will take me through and I get a free french fry. What that basically was marketing point of sale conversion to instant bottom line in a nanosecond. Take it down to you're wearing your glasses.

You're in the aisle best by there's three different printers. If you're just going in there picking up a printer, nothing happens. If you're in that aisle for 10 minutes, why not give the person 20% off to you, pond for your specific model that's right there. Right. So think of all the things that you do with the shopping cart, all the things that we've done online, we can now do in the real world. You buy a whole bunch of clothes from from Macy's all the things that you do with the shopping cart, all the things that we've done online, we can now do in the real world. You buy a whole bunch of clothes from Macy's all the time.

Macy's knows what you bought in the past. You're now in their physical store or a virtual pop-up store that doesn't really exist. All the mannequins now have your body shape. They have some of the pieces that you already have with some new things that would go well together with those. The store has been customized to your exact taste. Ikea, number one reason for returns, people are bad with spatial reality in the actual sense. They buy stuff that's too big.

They're living rooms 10 feet long and they get a 14 foot sofa. It's not Ikea's fault that these people are challenged. So now all their catalogs have that. You can open up, there's a little barcode, hold up your phone, and you can see your furniture at scale in your own place. It goes on and on and on and on. And I've worked on a number of these with some major corporations, but I'm here to tell you all the ones that are going to make people so rich are simple, solve a problem. You got my way else, Finning. That's for sure. Okay, so last question, what are NFTs? What do you think is the most important thing that my millennial and Gen Z listeners need to know? So there's a lot of hype when an artist just got 69 million dollars for a digital file that

everybody else can see for free. So here's what it is. We understand blockchain. Blockchain is a ledger that's on lots of computers that says, this is real, you own this Bitcoin, you own this thing. A non-fundrable token is a token, think of a token from a game or a poker chip that says this is an original, there's a record of it. So lots of people can get a poster of the Mona Lisa, but the original is hanging in the Louvre. So many people can buy a new song you know from Justin Timberlake, but one person can own the first copy or the original copy. Kingsley owned just did this. Right now there's silly money doing silly hype and silly dollar amounts. Where do I think this is going to go?

Let me give you a great example. One of the joys of going to a concert, you know, your favorite band, is to buy a piece of memorabilia to say, I was there, okay? Proof that you were there. So you get the concert t-shirt with the dates and, know, you know, Van Halentore, I was there. Okay. What if they had an NFT that only people at that facility, at that moment in time that actually witnessed it,

would have. And what if you could then display that in a way that shows that it's proof, that you could show you are the biggest springsteen fan because you've been to 82 springsteen concerts, okay? So in the old days you would hold paper tickets, but those could be lost or so. So there's now digital souvenirs and so that's something that I'm working on that I'm excited about. I think I've got a project that

when I was a young boy, I would, you know, big mom and dad to take me to. So I'm excited to have this come to fruition in a couple of years. But think of that. Think of what is a digital trading card? What is something where somebody wants to have that ownership?

And will these become investible in time where they'll go up in value remains to be seen? But if you start thinking about towards the collection and the only way to complete the collection, so let's pretend I'm making this up, right? I didn't think of this at the time. But if you could prove that you had been to 100 springstein concerts, when you hit the 100th concert, you get to go backstage and meet them for the meet and greet. Now all of a sudden, you might want to buy my NFT from that concert from three years ago that you missed, because you could buy your way into that level, just as in people to play video games

by the shield of death or the thing from people that sit and play the game all day to sell the thing from people that sit and play the game all day to sell digital items. That's where this started. It's here to stay. And if you don't believe that you're going to spend money for digital, I'd argue with anybody listening that the majority of your income goes to digital today. Your rent is digital, your phone bill, your cable bill, your health insurance, credit card, student loan, all digital. It's so true. This is. It's already how we operate.

And look at Bitcoin. It's at $60,000 or something already. It's so insane. There's a speech of me talking about Bitcoin back when it was 20-something-douards. People didn't believe. I was lucky that somebody explained it to me day one. And I've watched people become billionaires just from crypto.

Yeah, I regret not buying Bitcoin. All right, cool. So thank you so much, Jay. The last question I ask all my guests. And by the way, I loved this interview, and I think everyone's gonna love it. It was such a great conversation. Thank you so much for having me.

Oh, before you ask the last question, anybody that's made it this far into your show and loves you and therefore cares about the subject. I'm not selling anything. I'm not upselling. I don't have masterminds. You can't buy my face on the t-shirt. I'm just paying it forward. That's why I do this. I have on my website free workbooks for both disrupt you and future proofing you. You just go to my name J. Sam at J-Y-S-A-M-I-T dot com. And you can download those. And those will, a lot of times you're reading something, oh, this is good, this is good. And then you get to the next chapter

and you forgot the last stuff. This allows you to pause and start working on your plan while you're reading, because I believe that you can do what vended. I believe you can be successful. I believe you can help make the world a better place. Now on to the last question. I love that.

And I'll definitely link those workbooks in my show notes, guys. Okay. Yeah. Feature proofing you. That's a book. Don't forget it. Make sure you guys grab a copy.

Again, Jay is doing this out of the kindness of his heart. So definitely go support and learn yourself. So the last question I ask all my guests is, what is your secret to profiting in life? Solve for others to solve for you. If you're on a journey that it's all about you, it's a very lonely place. But when you can impact other people's lives, it is the most gratifying experience.

It gives you meaning and purpose of every day. I often tell people if you can't find somebody with a smile, give them yours. I mean, it takes so little effort and you never know when one word of encouragement, one pat on the back, you know, whatever it may take, opening one door to give somebody a chance, can just change their whole trajectory of life.

We're all here because other people came before us and helped. And we have that obligation to make the world better. And I believe the purpose in life is to live a life of purpose. And so once I had success, I wanted to help people because not to get into politics at the end of the show, but when I saw what happened in our nation's capital this year in January When I saw was thousands of people to feel left out left behind Literally fighting over the leftovers of society the bottom 140 million people in the US are fighting over 1% while

The top doubled their wealth during the pandemic. Why are we still teaching people how to be factory workers when there are not factory jobs? Why are we idling letting democracy disappear? Because the only way to have democracy is if you have a strong middle class and the only people to create a strong middle class are entrepreneurs. They are the job creators. So what you do with your podcast is making the world a better place and I salute you for that and keep on doing it. Thank you.

I think that was so beautiful and so powerful. And where can our listeners go to learn more about you and everything that you do? I'm everywhere where you have to be on social media nowadays. So you can find me on LinkedIn or Instagram or whatever, my website jsamott.com has old speeches and articles and columns that I've written for Wall Street Journal and fortune and other things. And I love to hear from people. So don't be a stranger anywhere on the world. Amazing. Thank you so much, Jay. Thank you. Isn't Jay so awesome? I love having him on the show because he's always so inspiring.

He's always got some of the best stories and history lessons and tips and tricks for becoming the best version of ourselves. And my favorite part of this conversation, looking back, was really his 12th truth for becoming future proof. I'm sure all my app listeners noticed that the growth mindset was truth number one. Growth mindset is something we're always hearing about from guests on this podcast. What it really boils down to is recognizing your potential to learn and believing that

you can overcome and accomplish anything. So remember, keep nurturing that growth mindset. Another truth that really stuck out was the fourth truth. Failure is a good thing. As Jay said, failure way to the top. And I love that, especially somebody who's pinned through so many failures, learn from your failures, and then move. Channel your energy into something positive.

Don't dwell. Keep moving forward and level up. We also talked about truth number six. Passion makes you unstoppable. Truth number eight, everything is a tech startup. And truth number 12, remote workers are your competitive advantage. It's 2022 people and many of these

truths are more accurate today than ever. Let's take advantage of all the technology and resources we have at our disposal and let's start crushing those dreams. If you wanna build your own wealth and disrupt an industry, remember Chase acronym move, M-O-V-E, mindset, obstacle, void, execution. Have a growth mindset, identify a problem, find the void, what no one else is doing, A-K-A, and execute. Let's keep moving forward and becoming the best versions of ourselves. Connect with me on Instagram and Twitter

at Yapp With Hala or LinkedIn, just search for my name. It's Hala Taha. And if you haven't heard the news, I'm partnering with SlickText. That means you can now text me whenever you want. All you have to do is text the word Yapp, Y-A-P, to my short code, 28046. That's 28046, just text the word Yapp,

and you'll receive updates from Yapp exclusive content. I'll let you know with new episodes come out. You'll get all my promo codes and you'll get it directly to your text. So if you want to text me and by the way, I'm going to check these personally so you can text me, words you can text me, images, whatever you want to show me, text me a review of this podcast. That would be amazing. Leave us a five star review, text me your review, and then I'll text you back and say thank you. And we'll chop it up. So make sure you guys do that sign up to my text text, YAP to 28046. And I'm holding you to it. If you listen to the

end of this episode, that means you're a real fan. And I want you to sign up to slick tech so we can stay connected in my slick text community. Well, keep on developing that growth mindset and get to future proofing. And if you like this episode, again, leave us a five-star review. Thanks for listening to Young and Profiting podcasts and big shout out to my yap team. By the way, we just won two awards. We're an award-winning podcast now. So we just won two awards. The first one was Best Podcast Agency. This was the Quill Podcasting Awards. We won Best Podcasting Agency.

And we also won fastest growing podcast agency. So now I can say I'm an award-winning agency. And I've never won an award for my podcast agency and social media agency. So it's super exciting to be award-winning and can't believe it. And by the way, we don't even have a website. So don't let anything hold you back from your dreams.

You can be an award-winning, social media and podcast agency and not even have your website done. Because all that matters is the work that you do. And so anyway, I got to get to making my website, I think. So with that, have a great night. Thanks, folks. Mrs. Hale, signing off. Are you looking for ways to be happier, healthier, more productive, and more creative?

I'm Gretchen Rubin, the number one best-selling author of the Happiness Project. And every week, we share ideas and practical solutions on the Happier with Gretchen Rubin podcast. My co-host and Happiness Guinea Pig is my sister Elizabeth Kraft. That's me, Elizabeth Kraft, a TV writer and producer in Hollywood. Join us as we explore fresh insights

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