WEBVTT - EYL #7 Hustlers Don’t Stop, They Keep Going.

0:00:22.120 --> 0:00:26.640
<v Speaker 1>All right, guys, readings and salutations, Welcome back Episode seven,

0:00:27.080 --> 0:00:30.040
<v Speaker 1>Lead your podcasts. We're back earn your Lesion podcast. Thank

0:00:30.080 --> 0:00:32.879
<v Speaker 1>you for your support, your encouraging words. Thank you for

0:00:32.960 --> 0:00:38.480
<v Speaker 1>riding with us throughout this journey of ours. So, Troy, yeah, man,

0:00:38.680 --> 0:00:42.200
<v Speaker 1>we gotta we gotta talk about some real issues person.

0:00:42.360 --> 0:00:45.080
<v Speaker 2>Yeah man, a personal issue for me and for millions

0:00:45.120 --> 0:00:47.239
<v Speaker 2>of Americans about forty five million of us to be

0:00:47.280 --> 0:00:52.640
<v Speaker 2>exact student loan that it is a trillion dollar problem

0:00:52.800 --> 0:00:55.639
<v Speaker 2>in America. I think it is the second not even

0:00:55.680 --> 0:00:59.000
<v Speaker 2>I think, I know it is the second highest gross

0:00:59.000 --> 0:01:02.280
<v Speaker 2>of debt in America, only to mortgage debt. And you know,

0:01:02.320 --> 0:01:05.600
<v Speaker 2>we spoke about the wealth gap and how important having

0:01:05.600 --> 0:01:09.039
<v Speaker 2>a mortgage is and having homes are. But something is

0:01:09.080 --> 0:01:12.040
<v Speaker 2>going to be combating that now in the future if

0:01:12.080 --> 0:01:16.200
<v Speaker 2>something doesn't change, and that's student loan debt. So there

0:01:16.240 --> 0:01:19.080
<v Speaker 2>are some negative effects that it has long term and

0:01:19.120 --> 0:01:21.520
<v Speaker 2>short term, and we're going to talk about some ways

0:01:21.600 --> 0:01:25.720
<v Speaker 2>that we well, not we in the sense, but the

0:01:25.720 --> 0:01:27.760
<v Speaker 2>government is proposing to change that.

0:01:29.080 --> 0:01:32.920
<v Speaker 1>Yeah. So something came out recently, right, It's what happened.

0:01:33.120 --> 0:01:35.760
<v Speaker 2>So we had a report that the Senate is thinking

0:01:35.840 --> 0:01:39.280
<v Speaker 2>of a way to have employers pay for student loan debt.

0:01:39.360 --> 0:01:42.640
<v Speaker 2>So right now, they do reimburse people who are going

0:01:42.680 --> 0:01:45.280
<v Speaker 2>to school, so they reverse you for tuition, and that

0:01:45.440 --> 0:01:51.480
<v Speaker 2>is pretty standard in some fields of employeing. But having

0:01:51.680 --> 0:01:53.720
<v Speaker 2>the debt paid is something that will be very new.

0:01:53.800 --> 0:01:57.120
<v Speaker 2>And what they're saying is that employers can match up

0:01:57.120 --> 0:02:00.000
<v Speaker 2>to five thousand dollars in student loan debt for their employees.

0:02:00.320 --> 0:02:03.200
<v Speaker 2>It'll be an incentive for people to take jobs and

0:02:03.240 --> 0:02:06.600
<v Speaker 2>it will help burden that that that is pretty much

0:02:07.040 --> 0:02:10.120
<v Speaker 2>crushing people, Like the average person has thirty six thousand.

0:02:10.680 --> 0:02:12.040
<v Speaker 1>Mean, what exactly you're going to happen?

0:02:12.200 --> 0:02:15.200
<v Speaker 2>So employers, right like if I want to get a job,

0:02:15.280 --> 0:02:17.200
<v Speaker 2>Let's say I'm a teacher and I want to get

0:02:17.200 --> 0:02:19.120
<v Speaker 2>a job at a school, and one of the things

0:02:19.160 --> 0:02:21.760
<v Speaker 2>I ask the employer or the school district is do

0:02:21.800 --> 0:02:25.760
<v Speaker 2>you guys reimburse for student loan debt tuition? Right now,

0:02:26.120 --> 0:02:28.960
<v Speaker 2>that isn't in place, but there are proposals that could

0:02:28.960 --> 0:02:32.040
<v Speaker 2>do that, and if it passes, they can reimburse up

0:02:32.080 --> 0:02:34.280
<v Speaker 2>to five thousand, So they're not going to pay your

0:02:34.480 --> 0:02:38.560
<v Speaker 2>entire payment because I think the average person this is

0:02:38.639 --> 0:02:41.040
<v Speaker 2>the study showed that the average person spends more on

0:02:41.080 --> 0:02:43.720
<v Speaker 2>their student loan debt than they do on their monthly groceries,

0:02:43.760 --> 0:02:46.560
<v Speaker 2>which is like crazy, Like people have to pay more

0:02:46.639 --> 0:02:50.239
<v Speaker 2>in debt than they are eating, which is like ridiculous.

0:02:51.400 --> 0:02:53.320
<v Speaker 2>But they'll pay a percentage of it. So even if

0:02:53.720 --> 0:02:56.919
<v Speaker 2>let's say your student loan payment is seven hundred dollars, right,

0:02:56.919 --> 0:02:59.160
<v Speaker 2>which is kind of meeting in this day and age,

0:03:00.080 --> 0:03:02.240
<v Speaker 2>the employer can say we'll pay two hundred dollars of that,

0:03:02.440 --> 0:03:04.600
<v Speaker 2>and they'll do that as long as you're with the company.

0:03:04.639 --> 0:03:06.840
<v Speaker 1>So will that be deducted from your salary.

0:03:07.560 --> 0:03:11.440
<v Speaker 2>No, it's not. It's actually the employee gets a tax benefit.

0:03:11.639 --> 0:03:13.960
<v Speaker 1>The employer gets a tax benefit to paying off your

0:03:13.960 --> 0:03:14.440
<v Speaker 1>student loan.

0:03:14.520 --> 0:03:17.200
<v Speaker 2>Absolutely. It's just like when they do tuition reibursement, Like

0:03:17.240 --> 0:03:20.520
<v Speaker 2>people don't know that the employers write that off as

0:03:20.520 --> 0:03:23.919
<v Speaker 2>a tax deduction. Okay, yeah, So like that's a new

0:03:23.919 --> 0:03:28.000
<v Speaker 2>proposal that could happen. We'll see because if we don't

0:03:28.000 --> 0:03:31.960
<v Speaker 2>figure something out right, people's lives are being delayed. So

0:03:32.040 --> 0:03:34.080
<v Speaker 2>like when people come out of college, and it should

0:03:34.080 --> 0:03:36.320
<v Speaker 2>be a celebratory time, right, we go to school four

0:03:36.400 --> 0:03:39.280
<v Speaker 2>or five years, we get our bachelor's degree, and in

0:03:39.320 --> 0:03:41.520
<v Speaker 2>most situations. Now we have to go further and get

0:03:41.520 --> 0:03:44.200
<v Speaker 2>our master's degree. It's we should be celebrating that. But

0:03:44.240 --> 0:03:46.680
<v Speaker 2>what they people don't realize is that in six months,

0:03:47.480 --> 0:03:49.840
<v Speaker 2>government's going to come knocking, right, we need you to

0:03:49.840 --> 0:03:52.280
<v Speaker 2>start repaying. And the problem is that when people come

0:03:52.320 --> 0:03:55.160
<v Speaker 2>out of school and they amass so much debt, like

0:03:55.200 --> 0:03:57.080
<v Speaker 2>if they go to a top line school, it could

0:03:57.120 --> 0:04:00.520
<v Speaker 2>be two hundred thousand dollars that they owe after they finished,

0:04:00.600 --> 0:04:03.080
<v Speaker 2>you know, with their school. How are they going to

0:04:03.080 --> 0:04:05.320
<v Speaker 2>repay that? Because you have to come out of school

0:04:05.400 --> 0:04:08.840
<v Speaker 2>and then find a job that can support you and

0:04:08.880 --> 0:04:10.800
<v Speaker 2>then also pay back. So what you see is that

0:04:10.840 --> 0:04:14.640
<v Speaker 2>a lot of people, a lot of millennials are living

0:04:14.680 --> 0:04:19.240
<v Speaker 2>at home longer. They're not having the money to save

0:04:19.360 --> 0:04:23.080
<v Speaker 2>to buy a house. You see more people renting, and

0:04:23.160 --> 0:04:25.919
<v Speaker 2>you see people's credits being damaged. That's one of the

0:04:25.920 --> 0:04:29.200
<v Speaker 2>parts that a lot of people don't really understand is

0:04:29.200 --> 0:04:33.599
<v Speaker 2>that when you defer on those student loan payments, right,

0:04:33.720 --> 0:04:35.840
<v Speaker 2>they put you into a firma for about six to

0:04:35.920 --> 0:04:38.360
<v Speaker 2>twelve months at best, and then right after that if

0:04:38.400 --> 0:04:41.400
<v Speaker 2>you don't pay, it affects your credit. So now let's

0:04:41.440 --> 0:04:43.960
<v Speaker 2>go further, like if you don't have the credit score. Now,

0:04:44.000 --> 0:04:45.880
<v Speaker 2>when you try to apply for apartment, one of the

0:04:45.920 --> 0:04:49.520
<v Speaker 2>things they check is your credit. Some jobs, when you

0:04:49.680 --> 0:04:52.280
<v Speaker 2>apply they check your credit. When you try to get

0:04:52.279 --> 0:04:53.760
<v Speaker 2>a home, of course they're going to check your credit.

0:04:53.800 --> 0:04:57.280
<v Speaker 2>And a lot of people are being completely hampered by

0:04:57.279 --> 0:05:00.840
<v Speaker 2>it because they can't afford to pay the the debt,

0:05:00.960 --> 0:05:03.279
<v Speaker 2>and now long term they won't be able to come

0:05:03.360 --> 0:05:05.880
<v Speaker 2>out from the effects of not being able to pay it.

0:05:06.160 --> 0:05:08.320
<v Speaker 2>So it's like a domino effect of things that are

0:05:08.320 --> 0:05:10.000
<v Speaker 2>happening because of this debt.

0:05:10.760 --> 0:05:15.200
<v Speaker 1>Okay, all right, So actually, if I don't know if

0:05:15.440 --> 0:05:18.560
<v Speaker 1>people remember, but if you follow my Instagram, I wrote

0:05:18.560 --> 0:05:23.159
<v Speaker 1>a report about an interesting story in regards to student

0:05:23.240 --> 0:05:27.200
<v Speaker 1>loan forgiveness a few months ago. So in December, the

0:05:27.200 --> 0:05:30.200
<v Speaker 1>Department of Education announced it was going to cancel thousands

0:05:30.240 --> 0:05:36.599
<v Speaker 1>of debts for teachers who had grants turned into loans. Right, so, okay,

0:05:36.640 --> 0:05:40.240
<v Speaker 1>here's the bad story on it. Teachers that are aspiring

0:05:40.279 --> 0:05:45.840
<v Speaker 1>teachers were given grants to go to college. Right then.

0:05:45.920 --> 0:05:49.920
<v Speaker 1>The thing was that you had to work in a

0:05:50.000 --> 0:05:55.800
<v Speaker 1>low income school district for four years after you were

0:05:55.839 --> 0:05:57.839
<v Speaker 1>done with college. Right then, if you worked in the

0:05:57.839 --> 0:06:01.120
<v Speaker 1>school district four years after you were done with college.

0:06:01.600 --> 0:06:02.960
<v Speaker 1>Then you didn't have to pay the grand back. It

0:06:03.000 --> 0:06:07.120
<v Speaker 1>was a grant, right. The problem is that it was

0:06:07.200 --> 0:06:11.000
<v Speaker 1>all kinds of red tape involved, where you had to

0:06:11.120 --> 0:06:15.360
<v Speaker 1>certify every single year with the Department of Education by

0:06:15.480 --> 0:06:18.960
<v Speaker 1>sending in I believe like forms, and if you were

0:06:19.040 --> 0:06:23.680
<v Speaker 1>like one day late on the form, then your grant

0:06:23.800 --> 0:06:26.480
<v Speaker 1>turned into a loan, and then you had to get

0:06:26.839 --> 0:06:30.039
<v Speaker 1>the letter I think signed by a principle. But it

0:06:30.080 --> 0:06:32.200
<v Speaker 1>was during the summertime, so a lot of schools were

0:06:32.240 --> 0:06:34.480
<v Speaker 1>closed and it was hard to find administrators, and then

0:06:34.560 --> 0:06:37.719
<v Speaker 1>people moved, and then their addresses wasn't updated properly so

0:06:37.800 --> 0:06:40.760
<v Speaker 1>that they never actually got the letter in the mail.

0:06:41.520 --> 0:06:45.839
<v Speaker 1>So what ended up happening is that thousands of inner

0:06:45.839 --> 0:06:50.800
<v Speaker 1>city teachers had their grants turned into high interest loans.

0:06:50.800 --> 0:06:56.560
<v Speaker 1>Not only loans, but high interest loans, and overnight they

0:06:56.600 --> 0:06:59.280
<v Speaker 1>were crippled with tons of debt that they didn't know about.

0:06:59.320 --> 0:07:00.719
<v Speaker 1>So they might have took a grant, They might had

0:07:00.720 --> 0:07:02.960
<v Speaker 1>a grant for fifty thousand dollars and they thought that,

0:07:03.080 --> 0:07:06.560
<v Speaker 1>you know, it was all good, and they find out

0:07:06.680 --> 0:07:10.680
<v Speaker 1>that now they're fifty thousand dollars of Debt. So a

0:07:10.720 --> 0:07:13.559
<v Speaker 1>good friend of ours, a friend of the show. She'll

0:07:13.600 --> 0:07:18.560
<v Speaker 1>be on the show soon, hopefully. Valencia Clay So she's

0:07:18.560 --> 0:07:23.960
<v Speaker 1>a superstar teacher out of Baltimore. Her name is Valencia Understore,

0:07:24.080 --> 0:07:27.680
<v Speaker 1>Valencia on Instagram. Everybody probably follows her, everybody knows her.

0:07:28.160 --> 0:07:30.320
<v Speaker 1>So she's the one that actually told me to write

0:07:30.360 --> 0:07:33.720
<v Speaker 1>this story because it happened to her personally right where

0:07:33.760 --> 0:07:35.640
<v Speaker 1>it affected her where I think she was trying to

0:07:35.640 --> 0:07:39.040
<v Speaker 1>buy a home and she didn't know that her credit

0:07:39.080 --> 0:07:40.920
<v Speaker 1>was affected and they say, your credit is real low,

0:07:40.960 --> 0:07:43.040
<v Speaker 1>and she's like, what happened? And then she found out

0:07:43.160 --> 0:07:46.440
<v Speaker 1>that her grant turned into a loan and she was

0:07:46.640 --> 0:07:50.360
<v Speaker 1>behind on her loan payments. So that happened to thousands

0:07:50.680 --> 0:07:56.400
<v Speaker 1>of inner city teachers. It's very unfortunate situation, absolutely, and

0:07:56.440 --> 0:07:58.640
<v Speaker 1>now I guess it's something that they're trying to rectify

0:07:58.800 --> 0:08:03.880
<v Speaker 1>by saying that they forgiving a lot of loans because

0:08:04.080 --> 0:08:05.000
<v Speaker 1>so there are a.

0:08:04.960 --> 0:08:08.200
<v Speaker 2>Few loan forgiveness programs, like I was a beneficiary of

0:08:08.240 --> 0:08:09.160
<v Speaker 2>a teacher forgiveness loan.

0:08:09.240 --> 0:08:11.240
<v Speaker 1>So you were an inner city teacher.

0:08:11.200 --> 0:08:14.120
<v Speaker 2>Yes, for eight years? Eight years you.

0:08:14.000 --> 0:08:15.320
<v Speaker 1>Taught in the Bronx.

0:08:15.400 --> 0:08:20.960
<v Speaker 2>Absolutely right, yep, so part of the loan, and people

0:08:21.000 --> 0:08:23.480
<v Speaker 2>have to do their research because there are a lot

0:08:23.520 --> 0:08:26.640
<v Speaker 2>of programs that are being offered to have loan forgiveness

0:08:26.760 --> 0:08:29.360
<v Speaker 2>depending on what career you're in. So for me, like

0:08:29.440 --> 0:08:31.720
<v Speaker 2>you said, it was the teacher loan forgiveness and some

0:08:31.840 --> 0:08:33.720
<v Speaker 2>of the sipulations where you had to work in an

0:08:33.920 --> 0:08:37.040
<v Speaker 2>inner city school a Title I school for five years

0:08:37.080 --> 0:08:40.640
<v Speaker 2>and based on what you were teaching, so if it

0:08:40.679 --> 0:08:42.960
<v Speaker 2>was math or science, you could be granted a certain

0:08:42.960 --> 0:08:47.520
<v Speaker 2>amount of money, or if it was social studies or English.

0:08:47.559 --> 0:08:50.200
<v Speaker 2>Here it was a certain amount of money. But I

0:08:50.320 --> 0:08:53.720
<v Speaker 2>argued like, hey, if I do science right, well what's

0:08:53.720 --> 0:08:56.200
<v Speaker 2>the different We're all teaching right, So the max you

0:08:56.200 --> 0:09:00.079
<v Speaker 2>could get with seventeen five hundred. So I was I

0:08:59.920 --> 0:09:02.440
<v Speaker 2>was granted that, which was great and it helped a lot.

0:09:03.040 --> 0:09:06.679
<v Speaker 2>But there's another loan forgiveness program which is called the

0:09:06.679 --> 0:09:09.200
<v Speaker 2>Public Service Loan, and that goes for anybody who works

0:09:09.200 --> 0:09:11.400
<v Speaker 2>in public service. So if you're a government agent, it's

0:09:11.400 --> 0:09:16.080
<v Speaker 2>not a double agent government official, you could qualify for

0:09:16.120 --> 0:09:18.080
<v Speaker 2>this loan if you're part of a five oh one

0:09:18.200 --> 0:09:20.640
<v Speaker 2>three P program, or if you're obviously a teacher, you

0:09:20.679 --> 0:09:23.080
<v Speaker 2>still qualified. The problem is that there are a lot

0:09:23.120 --> 0:09:25.160
<v Speaker 2>of sipulations and some red tape. Like you said, so

0:09:25.200 --> 0:09:27.520
<v Speaker 2>one of the things is you have to pay. I

0:09:27.520 --> 0:09:29.960
<v Speaker 2>have one hundred and twenty consecutive payments. You can't miss

0:09:29.960 --> 0:09:31.680
<v Speaker 2>a payments. So that's like ten years of payments you

0:09:31.679 --> 0:09:34.480
<v Speaker 2>can't miss. And I thought I qualified for that, like

0:09:34.520 --> 0:09:36.640
<v Speaker 2>I had paid my loans on time. I applied for

0:09:36.679 --> 0:09:40.200
<v Speaker 2>this program, the Public Service loan, see the ten years

0:09:40.760 --> 0:09:44.040
<v Speaker 2>or one hundred and twenty payments consecutive. And what I

0:09:44.080 --> 0:09:48.760
<v Speaker 2>realized is that after I got no response from the government,

0:09:48.760 --> 0:09:50.560
<v Speaker 2>it was like, this is weird. And then a report

0:09:50.600 --> 0:09:54.600
<v Speaker 2>came out. They said that one percent of the forty

0:09:54.600 --> 0:09:57.800
<v Speaker 2>five thousand people who applied for the public loans service

0:09:57.880 --> 0:10:04.199
<v Speaker 2>on Public service forgiveness granted it. Yes, one applicants point

0:10:04.360 --> 0:10:08.880
<v Speaker 2>it's like zero point eight yes, ladies and gentlemen, a

0:10:08.920 --> 0:10:15.160
<v Speaker 2>government program where one of the applicants, yeah, were accepted. Yeah,

0:10:15.160 --> 0:10:17.640
<v Speaker 2>because inside of not so. The one hundred and twenty

0:10:18.240 --> 0:10:20.880
<v Speaker 2>consecutive payments is a thing. But what they don't tell

0:10:20.880 --> 0:10:22.680
<v Speaker 2>you is like it has to be a specific type

0:10:22.679 --> 0:10:24.880
<v Speaker 2>of payment pan it can't. It has to be like

0:10:24.960 --> 0:10:27.400
<v Speaker 2>an income based one or one that they set where

0:10:27.440 --> 0:10:29.200
<v Speaker 2>the interest is really high and you have to pay

0:10:29.240 --> 0:10:32.840
<v Speaker 2>like seven hundred dollars a month or probably like my situation,

0:10:33.160 --> 0:10:36.120
<v Speaker 2>I didn't leave college with a lot of debt.

0:10:36.480 --> 0:10:40.160
<v Speaker 1>It's all kind of it's college, you know. The interesting

0:10:40.160 --> 0:10:46.000
<v Speaker 1>thing about is that Google, ibm uh, Facebook, I believe

0:10:47.280 --> 0:10:50.960
<v Speaker 1>a few other companies recently dropped the college requirement.

0:10:51.360 --> 0:10:51.440
<v Speaker 2>Right.

0:10:51.480 --> 0:10:52.959
<v Speaker 3>They're just taking kids right out of high school to

0:10:52.960 --> 0:10:58.120
<v Speaker 3>be higher, right, So what do we need college?

0:10:58.520 --> 0:11:01.400
<v Speaker 2>So it's tough, right as an educated like I'm going

0:11:01.480 --> 0:11:03.719
<v Speaker 2>to say yes that at some point you will need

0:11:03.760 --> 0:11:06.480
<v Speaker 2>some form of college or right, we can't leave them,

0:11:06.840 --> 0:11:09.520
<v Speaker 2>or you have to learn a skill, right, And they've

0:11:09.520 --> 0:11:11.480
<v Speaker 2>been taking that out of schools. Right. They used to

0:11:11.480 --> 0:11:13.600
<v Speaker 2>have schools where you learn trades and you learn skills

0:11:13.720 --> 0:11:15.760
<v Speaker 2>and you can carry on that into a profession, which

0:11:15.800 --> 0:11:17.280
<v Speaker 2>is like kind of what you're saying with Google's doing.

0:11:17.320 --> 0:11:19.319
<v Speaker 2>It's like, look, if we have kids who have an

0:11:19.360 --> 0:11:21.880
<v Speaker 2>interest and they are advanced at.

0:11:21.840 --> 0:11:23.240
<v Speaker 1>If you know how to code, you don't need it.

0:11:23.280 --> 0:11:23.680
<v Speaker 1>You don't.

0:11:24.080 --> 0:11:25.840
<v Speaker 2>We're going to go straight and we'll teach you on

0:11:25.920 --> 0:11:28.240
<v Speaker 2>the job. But you have to know how to code, right,

0:11:28.320 --> 0:11:30.280
<v Speaker 2>And a lot of schools are offering that now at

0:11:30.360 --> 0:11:33.560
<v Speaker 2>high school and at the elementary levels. So if they're

0:11:33.559 --> 0:11:35.320
<v Speaker 2>not going to go to college, then yeah, there are

0:11:35.360 --> 0:11:36.880
<v Speaker 2>some careers that they can do. And that's one of

0:11:36.920 --> 0:11:39.720
<v Speaker 2>the things that we talk about in our summer program is, Hey,

0:11:39.840 --> 0:11:41.920
<v Speaker 2>everybody's not going to go and the way that this

0:11:42.040 --> 0:11:45.440
<v Speaker 2>is looking is from a court perspective, this may not

0:11:45.480 --> 0:11:48.319
<v Speaker 2>be the best option for you. So we have to

0:11:48.320 --> 0:11:51.080
<v Speaker 2>tell them about careers that they can do without a

0:11:51.080 --> 0:11:53.319
<v Speaker 2>college degree. So some of the things that they can

0:11:53.400 --> 0:11:56.680
<v Speaker 2>do are law enforcement. They can be a firefighter.

0:11:56.720 --> 0:11:58.360
<v Speaker 1>I think you need a college degree to be a cop.

0:11:58.559 --> 0:12:01.000
<v Speaker 2>No, I think you gotta go to academy.

0:12:01.080 --> 0:12:03.360
<v Speaker 1>Each state is different. Yeah, so New York State, I

0:12:03.440 --> 0:12:06.480
<v Speaker 1>think you have to have two year degree or two

0:12:06.679 --> 0:12:10.080
<v Speaker 1>years so with something something not a four year Degreekay.

0:12:10.240 --> 0:12:15.160
<v Speaker 2>Yeah, So you got firefighters, you have electricians, plumbers, there's.

0:12:14.920 --> 0:12:15.880
<v Speaker 1>Plenty of HVA.

0:12:16.400 --> 0:12:18.120
<v Speaker 2>There's plenty of careers that you can do with aut

0:12:18.120 --> 0:12:20.840
<v Speaker 2>a college degree. Yes you do need training, and yes

0:12:20.880 --> 0:12:23.720
<v Speaker 2>you do need licensing to do those careers, but you're

0:12:23.720 --> 0:12:26.160
<v Speaker 2>not going to come out of those trainings with one

0:12:26.240 --> 0:12:28.520
<v Speaker 2>hundred to two hundred thousand dollarsand death. I had a

0:12:28.520 --> 0:12:28.959
<v Speaker 2>friend of mine.

0:12:28.960 --> 0:12:31.440
<v Speaker 4>The other day, his son just got accepted to Ohio

0:12:31.440 --> 0:12:35.880
<v Speaker 4>State for aviation full ride, and just for curiosity curiosity,

0:12:35.920 --> 0:12:38.280
<v Speaker 4>I said, how much would that have cost you if

0:12:38.280 --> 0:12:39.319
<v Speaker 4>he didn't get the full ride?

0:12:39.800 --> 0:12:40.320
<v Speaker 2>You know number?

0:12:41.280 --> 0:12:41.640
<v Speaker 1>How much?

0:12:42.080 --> 0:12:45.960
<v Speaker 2>Three hundred thousand for four years at Ohio State? Three

0:12:46.000 --> 0:12:48.880
<v Speaker 2>hundred thousand. So imagine the kid who doesn't have the

0:12:48.920 --> 0:12:52.320
<v Speaker 2>full ride three hundred thousand and you're twenty one years old.

0:12:52.480 --> 0:12:54.560
<v Speaker 2>What job is going to pay you the type of

0:12:54.559 --> 0:12:57.160
<v Speaker 2>money that you can reimburse the government.

0:12:56.840 --> 0:13:00.160
<v Speaker 3>With no job right So it's either you're gonn to

0:13:00.160 --> 0:13:02.240
<v Speaker 3>pay a student loan or pay your rent at that point,

0:13:02.559 --> 0:13:03.720
<v Speaker 3>and most times they just stay at home.

0:13:03.720 --> 0:13:06.080
<v Speaker 2>People stay at home longer, like I said, So you

0:13:06.120 --> 0:13:08.959
<v Speaker 2>got to choose. It's like, is this the best route,

0:13:09.040 --> 0:13:11.319
<v Speaker 2>or can we go to schools that are going to

0:13:11.360 --> 0:13:13.840
<v Speaker 2>cost less or like what New York is doing, you

0:13:13.840 --> 0:13:17.840
<v Speaker 2>can go to school for free depending on your family's income.

0:13:18.360 --> 0:13:21.080
<v Speaker 2>And one of the stipulations is that you have to work

0:13:21.120 --> 0:13:23.000
<v Speaker 2>in the state in that field. So if you wanted

0:13:23.320 --> 0:13:25.559
<v Speaker 2>to be a teacher again, in New York State they

0:13:25.559 --> 0:13:29.040
<v Speaker 2>have their SELSIA program, that's what it's called. It's free

0:13:29.200 --> 0:13:32.360
<v Speaker 2>state schools. The only thing I think, Like every state

0:13:32.400 --> 0:13:35.040
<v Speaker 2>doesn't have like a SELSIA program, but New York State

0:13:35.080 --> 0:13:36.800
<v Speaker 2>has adopted it, and that's great. Like if I would

0:13:36.840 --> 0:13:38.600
<v Speaker 2>have had this CELSIA program, I walk out of school

0:13:38.640 --> 0:13:40.520
<v Speaker 2>with nothing because I went to school in New York.

0:13:40.920 --> 0:13:44.840
<v Speaker 2>I've worked only in New York for more than four years,

0:13:44.920 --> 0:13:48.840
<v Speaker 2>my tuition would have been free. So hopefully some states

0:13:49.160 --> 0:13:52.240
<v Speaker 2>start adopting policies like that, and if not, man, we're

0:13:52.240 --> 0:13:53.800
<v Speaker 2>going to have a huge problem on I had. Like

0:13:53.840 --> 0:13:57.360
<v Speaker 2>I said, right, it's a one point five trillion dollar

0:13:57.400 --> 0:14:00.040
<v Speaker 2>problem now that only grows because tuition is only grow.

0:14:01.280 --> 0:14:06.520
<v Speaker 1>Yes, yep, okay, well, and this is something that we

0:14:06.559 --> 0:14:09.440
<v Speaker 1>need to talk about on the campaign trail and elections

0:14:09.480 --> 0:14:13.439
<v Speaker 1>coming up, and I would urge everybody really, but especially

0:14:13.440 --> 0:14:17.560
<v Speaker 1>young people and parents to make that something that you know,

0:14:17.600 --> 0:14:21.840
<v Speaker 1>you hold your your elective officials accountable for because financial

0:14:21.880 --> 0:14:26.600
<v Speaker 1>aid and student loans, these things are very important and

0:14:26.960 --> 0:14:29.520
<v Speaker 1>it's a growing problem and it's only getting worse because

0:14:29.520 --> 0:14:30.960
<v Speaker 1>the course of education is only going up.

0:14:31.360 --> 0:14:33.880
<v Speaker 2>And the more you know, the better. Like I speak

0:14:33.880 --> 0:14:35.840
<v Speaker 2>to parents, and I speak to you know, young teens

0:14:35.840 --> 0:14:37.880
<v Speaker 2>all the time who have no idea about these things,

0:14:38.000 --> 0:14:40.000
<v Speaker 2>like we when we have these sessions in the summer

0:14:40.040 --> 0:14:41.360
<v Speaker 2>and the kids are like, wait, that's how much your

0:14:41.400 --> 0:14:44.120
<v Speaker 2>gloss Like, yeah, that's what you're walking into. So just

0:14:44.160 --> 0:14:46.000
<v Speaker 2>be prepared to know that and make sure that you

0:14:46.080 --> 0:14:50.040
<v Speaker 2>do everything possible, whether it's grants or whether it's scholarships,

0:14:51.040 --> 0:14:53.720
<v Speaker 2>so that you don't fall into this type of situation,

0:14:54.000 --> 0:14:56.880
<v Speaker 2>right because thirty six thousand, that's the average. That's a lot. Man.

0:14:57.280 --> 0:15:01.560
<v Speaker 1>Yeah, it is all right. Well there you have a

0:15:01.600 --> 0:15:14.960
<v Speaker 1>student loans in a nutshell. Okay, So we talked about

0:15:14.960 --> 0:15:17.280
<v Speaker 1>student loans and now we're going to talk about business.

0:15:17.360 --> 0:15:22.680
<v Speaker 1>The world of business and business is a contact sport.

0:15:22.720 --> 0:15:26.800
<v Speaker 1>I always say it's very competitive, right, So we haven't

0:15:26.840 --> 0:15:31.880
<v Speaker 1>really had like a head to head competition case study yet.

0:15:32.080 --> 0:15:36.320
<v Speaker 1>We did look at Rihanna and colleague Jenner's companies, but

0:15:36.440 --> 0:15:39.240
<v Speaker 1>those we didn't really compare those two companies. But now

0:15:39.280 --> 0:15:43.400
<v Speaker 1>we're going to do battle to titans, right, clash of

0:15:43.480 --> 0:15:48.280
<v Speaker 1>two big companies, Uber and Lyft. So Uber and Lyft

0:15:48.440 --> 0:15:52.880
<v Speaker 1>are both coming on the stock market soon. They are

0:15:52.920 --> 0:15:55.480
<v Speaker 1>both what's called IPO and you ipo that's when you

0:15:56.680 --> 0:16:00.600
<v Speaker 1>debut on the stock exchange, and they're very they're probably

0:16:00.640 --> 0:16:04.040
<v Speaker 1>the two biggest talk of the town when it comes

0:16:04.080 --> 0:16:07.360
<v Speaker 1>to Wall Street this year. Right, So, Uber and Lyft,

0:16:07.360 --> 0:16:09.920
<v Speaker 1>we're going to look at them, We're going to kind

0:16:09.920 --> 0:16:12.200
<v Speaker 1>of compare them, and then I have an interesting story.

0:16:12.280 --> 0:16:15.880
<v Speaker 1>We both have interesting stories about Uber that probably a

0:16:15.920 --> 0:16:18.440
<v Speaker 1>lot of people aren't fully aware of. So you want

0:16:18.440 --> 0:16:18.920
<v Speaker 1>to start this.

0:16:18.920 --> 0:16:21.560
<v Speaker 2>Off, Yeah, So let's just talk about the two differences

0:16:21.720 --> 0:16:24.520
<v Speaker 2>of the differences between the two companies. So Uber both

0:16:24.560 --> 0:16:29.120
<v Speaker 2>are ride sharing companies. Uber the much larger one. They're

0:16:29.120 --> 0:16:33.480
<v Speaker 2>in fifty eight countries over three hundred cities. Lift smaller,

0:16:33.720 --> 0:16:35.960
<v Speaker 2>they're in the forty six states in the United States

0:16:35.960 --> 0:16:39.440
<v Speaker 2>and in Canada. Uber again it's larger, so it has

0:16:39.480 --> 0:16:43.800
<v Speaker 2>more employees about twenty thousand compared to Lifts forty five hundred.

0:16:44.400 --> 0:16:47.280
<v Speaker 2>And the valuation is the big difference, the big difference.

0:16:47.320 --> 0:16:51.360
<v Speaker 2>So you got the valuation for Uber at seventy two

0:16:51.440 --> 0:16:54.960
<v Speaker 2>to seventy six billion, and then you have Left at

0:16:55.000 --> 0:16:59.080
<v Speaker 2>about fifteen billion. Now, when their IPO goes on the market,

0:16:59.120 --> 0:17:01.800
<v Speaker 2>they said that, you know, those numbers are most likely

0:17:01.840 --> 0:17:04.920
<v Speaker 2>to inflate when we have people invest in. So that's

0:17:04.960 --> 0:17:08.000
<v Speaker 2>just on the service for those two. They differ again

0:17:08.000 --> 0:17:11.840
<v Speaker 2>in their future innovations as well, so we have Uber. Obviously,

0:17:13.560 --> 0:17:15.480
<v Speaker 2>they try to compete with each other, so when one

0:17:15.480 --> 0:17:17.920
<v Speaker 2>company does something, the other one does the same. So

0:17:19.320 --> 0:17:23.000
<v Speaker 2>they start out with having cars, but both companies Uber

0:17:23.040 --> 0:17:27.920
<v Speaker 2>and Lyft have dabbled into the bike and scooter service business.

0:17:28.280 --> 0:17:31.080
<v Speaker 2>I believe Uber bought the company Jump, which is a

0:17:31.080 --> 0:17:33.480
<v Speaker 2>bike in scooter service, for about two hundred million, and

0:17:35.280 --> 0:17:38.480
<v Speaker 2>Lift bought Motivate, which is another bike and scooter service,

0:17:38.520 --> 0:17:40.400
<v Speaker 2>for about two hundred fifty minutes. So you can see

0:17:40.440 --> 0:17:42.199
<v Speaker 2>like when one makes a move, the other one is

0:17:42.200 --> 0:17:45.360
<v Speaker 2>trying to keep up. But then it kind of gets

0:17:45.400 --> 0:17:48.360
<v Speaker 2>a little difficult for the Lift because obviously they don't

0:17:48.400 --> 0:17:52.080
<v Speaker 2>have the same amount of employees. So Uber has a

0:17:52.160 --> 0:17:56.600
<v Speaker 2>huge deal in twenty seventeen. Actually in twenty fourteen, they

0:17:56.680 --> 0:17:59.320
<v Speaker 2>launched Uber Eats, which is huge, right, it's a delivery

0:17:59.359 --> 0:18:01.480
<v Speaker 2>service for food. But they get their biggest sponsor in

0:18:01.480 --> 0:18:05.760
<v Speaker 2>twenty seventeen, which is McDonald's. So McDonald's obviously world were

0:18:05.760 --> 0:18:09.240
<v Speaker 2>now probably the large franchise in the world. Thanks, yeah,

0:18:09.240 --> 0:18:11.119
<v Speaker 2>probably right, So they had a large franchise in the world.

0:18:11.480 --> 0:18:15.159
<v Speaker 2>Uber Eat signs up with them, so Lift says, you know,

0:18:15.359 --> 0:18:18.120
<v Speaker 2>let's let's try to get our own sponsor, and they

0:18:18.119 --> 0:18:23.840
<v Speaker 2>signed Taco Bell. Taco Bell, so I've never eaten Taco Bell.

0:18:24.480 --> 0:18:26.600
<v Speaker 1>I used to eat Taco Bell when I was in Hawaii.

0:18:27.040 --> 0:18:32.600
<v Speaker 2>Yeah, so they get Taco Bell and they decide to

0:18:32.640 --> 0:18:35.280
<v Speaker 2>have a campaign with it. So one of the things

0:18:35.359 --> 0:18:37.879
<v Speaker 2>is like the coldest thing Taco Mode. And I'm not

0:18:37.880 --> 0:18:40.199
<v Speaker 2>sure if anybody's ever used it, but Taco Mode was

0:18:40.280 --> 0:18:43.399
<v Speaker 2>only available and Lyft from the hours of nine pm

0:18:43.440 --> 0:18:46.480
<v Speaker 2>to two am, which is like, I think that's when

0:18:46.480 --> 0:18:49.320
<v Speaker 2>college students are hungary, is right, So like you call

0:18:49.400 --> 0:18:52.240
<v Speaker 2>your Lyft and you push Taco Mode and it takes

0:18:52.280 --> 0:18:54.680
<v Speaker 2>you the lift takes you to the nearest Taco Bell.

0:18:55.280 --> 0:18:58.320
<v Speaker 2>It is a complete failure. They tried it out. It

0:18:58.359 --> 0:19:01.480
<v Speaker 2>was a complete failure. They dropped it, and they haven't

0:19:01.600 --> 0:19:05.159
<v Speaker 2>got another sponsor as far as from the food. Another

0:19:05.160 --> 0:19:08.160
<v Speaker 2>thing about their future is that they have some some

0:19:08.280 --> 0:19:11.280
<v Speaker 2>things that Uber doesn't. And Uber has dealt with a

0:19:11.280 --> 0:19:14.320
<v Speaker 2>lot of scandal lately. So they've been in the news

0:19:14.359 --> 0:19:17.800
<v Speaker 2>for having the self driving cars that have failed.

0:19:17.920 --> 0:19:18.920
<v Speaker 1>They had a lawsuit.

0:19:19.000 --> 0:19:21.720
<v Speaker 2>They had a lawsuit of the car about a lawsuit.

0:19:21.800 --> 0:19:27.280
<v Speaker 1>So Uber Waymo you ever heard of Waymo Before No,

0:19:27.960 --> 0:19:31.280
<v Speaker 1>I'm pretty sure nobody has ever heard of Waymore, So

0:19:31.320 --> 0:19:35.400
<v Speaker 1>we have to give you the backstory on this. Google,

0:19:35.480 --> 0:19:38.160
<v Speaker 1>I'm pretty sure everybody has heard of Google. Right. Google

0:19:38.240 --> 0:19:42.560
<v Speaker 1>and Uber have a very complicated relationship. Google was kind

0:19:42.560 --> 0:19:46.639
<v Speaker 1>of Uber's big brother. It was like a big brother

0:19:46.800 --> 0:19:52.040
<v Speaker 1>little brother relationship. Right. In twenty thirteen, Google invests two

0:19:52.160 --> 0:19:54.560
<v Speaker 1>hundred and fifty eight million dollars into Uber, which gives

0:19:54.560 --> 0:19:57.760
<v Speaker 1>them about six percent of the company, and the CEOs

0:19:57.920 --> 0:20:02.680
<v Speaker 1>really like each other. They kick it off. Twenty fourteen,

0:20:03.800 --> 0:20:10.320
<v Speaker 1>the CEO of Google takes a ride with the CEO

0:20:10.480 --> 0:20:15.880
<v Speaker 1>of Uber and ubers knew they're trying to figure out

0:20:15.920 --> 0:20:20.400
<v Speaker 1>how to make self driving cars. Right. The relationships sours

0:20:20.440 --> 0:20:23.359
<v Speaker 1>the next year when Uber finds out that Google is

0:20:23.400 --> 0:20:29.760
<v Speaker 1>putting money into self driving car technologies by developing a

0:20:29.840 --> 0:20:36.760
<v Speaker 1>company named Waymo. Waymo is up is Google's self driving

0:20:37.040 --> 0:20:42.919
<v Speaker 1>car technology company. They have a whole company devoted for

0:20:43.000 --> 0:20:43.880
<v Speaker 1>self driving cars.

0:20:43.880 --> 0:20:44.840
<v Speaker 2>It sounds like a pick your brain.

0:20:45.960 --> 0:20:51.760
<v Speaker 1>Yeah, so Uber feels a way about this. So what

0:20:51.920 --> 0:20:57.840
<v Speaker 1>Uber does is that they recruit Google's one of their

0:20:57.960 --> 0:21:03.960
<v Speaker 1>top engineers at Wayne to come to work at Uber.

0:21:04.760 --> 0:21:12.159
<v Speaker 1>Right and right after he comes they purchased a self

0:21:12.240 --> 0:21:17.840
<v Speaker 1>driving car company. Forget the name of it, but it

0:21:17.920 --> 0:21:23.320
<v Speaker 1>makes them five hundred million dollars in revenue. Google sues

0:21:23.920 --> 0:21:32.480
<v Speaker 1>Uber because they said that the engineer stole twelve thousand

0:21:33.160 --> 0:21:39.960
<v Speaker 1>files from Waimo to give the Uber right. So now

0:21:39.960 --> 0:21:42.399
<v Speaker 1>they have a lawsuit where they're going back and forth

0:21:43.080 --> 0:21:48.280
<v Speaker 1>between if it was inside information that was stolen and

0:21:49.119 --> 0:21:50.119
<v Speaker 1>it's illegal.

0:21:49.800 --> 0:21:50.359
<v Speaker 2>To do that.

0:21:51.760 --> 0:21:54.160
<v Speaker 1>Uber so that they didn't do that. So long story short,

0:21:54.160 --> 0:21:58.679
<v Speaker 1>they settled a lawsuit, I believe a few weeks ago,

0:21:59.240 --> 0:22:03.840
<v Speaker 1>and they set up the lawsuit for zero point three

0:22:04.000 --> 0:22:07.639
<v Speaker 1>four percent of the company. Uber settled it with Google

0:22:07.720 --> 0:22:10.640
<v Speaker 1>and they gave Wayne Mo what we call thirty four

0:22:10.680 --> 0:22:14.440
<v Speaker 1>basis points. Thirty four basis points is point three four

0:22:14.800 --> 0:22:18.080
<v Speaker 1>thirty four percent of one percent of the company of Uber.

0:22:19.000 --> 0:22:22.479
<v Speaker 1>It doesn't really sound like a lot, but that's roughly

0:22:22.520 --> 0:22:25.280
<v Speaker 1>equal to two hundred and forty four million dollars. So

0:22:25.440 --> 0:22:27.920
<v Speaker 1>they settled out of They settled it for two hundred

0:22:27.960 --> 0:22:30.479
<v Speaker 1>and forty four million dollars. But they're still not admitting

0:22:30.520 --> 0:22:33.840
<v Speaker 1>that they did anything wrong. So now you have Uber

0:22:34.800 --> 0:22:39.959
<v Speaker 1>who is at odds with somebody that once was a

0:22:39.960 --> 0:22:45.880
<v Speaker 1>major investor, was still invested in them and it's a.

0:22:47.320 --> 0:22:50.000
<v Speaker 2>This episode is brought to you by PNC Bank. A

0:22:50.040 --> 0:22:53.000
<v Speaker 2>lot of people think podcasts about work are boring, and

0:22:53.160 --> 0:22:57.240
<v Speaker 2>sure they definitely can be, but understanding a professionals routine

0:22:57.280 --> 0:22:59.960
<v Speaker 2>shows us how they achieve their success little by little,

0:23:00.480 --> 0:23:04.120
<v Speaker 2>day after day. It's like banking with P and C Bank.

0:23:04.600 --> 0:23:07.400
<v Speaker 2>It might seem boring to save, plan and make calculated

0:23:07.400 --> 0:23:10.520
<v Speaker 2>decisions with your bank, but keeping your money boring is

0:23:10.560 --> 0:23:13.879
<v Speaker 2>what helps you live or more happily fulfilled life. P

0:23:13.960 --> 0:23:18.800
<v Speaker 2>and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly

0:23:18.880 --> 0:23:21.480
<v Speaker 2>Boring since eighteen sixty five is a service mark of

0:23:21.520 --> 0:23:24.760
<v Speaker 2>the PNC Financial Service Group, Inc. P and C Bank

0:23:25.200 --> 0:23:31.800
<v Speaker 2>National Association Member FDIC Earners. What's Up? You ever walk

0:23:31.840 --> 0:23:34.919
<v Speaker 2>into a small business and everything just works like, the

0:23:35.000 --> 0:23:39.119
<v Speaker 2>checkout is fast, the seats are digital, tipping is a breeze,

0:23:39.400 --> 0:23:41.560
<v Speaker 2>and you're out the door before the line even builds.

0:23:41.880 --> 0:23:46.159
<v Speaker 2>Odds are they're using Square? We love supporting businesses that

0:23:46.240 --> 0:23:48.880
<v Speaker 2>run on Square because it just feels seamless, whether it's

0:23:48.920 --> 0:23:51.880
<v Speaker 2>a local coffee shop, a vendor at a pop up market,

0:23:52.080 --> 0:23:54.959
<v Speaker 2>or even one of our merch partners. Square makes it

0:23:55.080 --> 0:23:58.480
<v Speaker 2>easy for them to take payments, manage inventory, and run

0:23:58.520 --> 0:24:02.520
<v Speaker 2>their business with confidence, all from one simple system. If

0:24:02.560 --> 0:24:05.399
<v Speaker 2>you're a business owner or even just thinking about launching

0:24:05.440 --> 0:24:08.440
<v Speaker 2>something soon, Square is hands down one of the best

0:24:08.440 --> 0:24:11.600
<v Speaker 2>tools out there to help you start, run and grow.

0:24:11.880 --> 0:24:14.879
<v Speaker 2>It's not just about payments, it's about giving you time

0:24:14.960 --> 0:24:17.920
<v Speaker 2>back so you can focus on what matters most ready.

0:24:17.960 --> 0:24:21.320
<v Speaker 5>To see how Square can transform your business, visit Square

0:24:21.400 --> 0:24:25.919
<v Speaker 5>dot com backslash go backslash eyl to learn more that

0:24:26.119 --> 0:24:29.840
<v Speaker 5>Square dot com backslash, go backslash eyl.

0:24:30.000 --> 0:24:33.159
<v Speaker 2>Don't wait, don't hesitate. Let's Square handle the back end

0:24:33.400 --> 0:24:35.320
<v Speaker 2>so you can keep pushing your vision forward.

0:24:37.960 --> 0:24:40.679
<v Speaker 6>Coach, the energy out there felt different. What changed for

0:24:40.720 --> 0:24:41.359
<v Speaker 6>the team today?

0:24:41.440 --> 0:24:43.560
<v Speaker 7>It was a new game day Scratches from the California

0:24:43.640 --> 0:24:47.040
<v Speaker 7>Lottery players everything. Those games sent the team's energy through

0:24:47.040 --> 0:24:47.400
<v Speaker 7>the roof.

0:24:47.440 --> 0:24:49.439
<v Speaker 6>Are you saying it was the off field play that

0:24:49.480 --> 0:24:50.800
<v Speaker 6>made the difference on the field.

0:24:50.680 --> 0:24:53.440
<v Speaker 7>Hey, little play makes your day, and today it made

0:24:53.440 --> 0:24:55.879
<v Speaker 7>the game that's off of now, Coach.

0:24:55.720 --> 0:24:58.360
<v Speaker 6>One more question play than you. Los Angeles Chargers, San

0:24:58.359 --> 0:25:01.480
<v Speaker 6>Francisco forty nine Ers and Angelists. Ram scratchers from the

0:25:01.520 --> 0:25:05.040
<v Speaker 6>California lottery. A little play can make your day peace.

0:25:05.080 --> 0:25:07.119
<v Speaker 6>Play responsibly. Must be eighteen years or older to purchase

0:25:07.320 --> 0:25:07.919
<v Speaker 6>or claim.

0:25:07.720 --> 0:25:11.720
<v Speaker 1>Face for self driving cars. Right, there's a whole different conversation.

0:25:11.800 --> 0:25:15.400
<v Speaker 1>But the self driving car, I don't know about saying, well,

0:25:16.720 --> 0:25:20.280
<v Speaker 1>I'd rather trust a self driving car than a regular driver, right,

0:25:20.320 --> 0:25:23.760
<v Speaker 1>if you think about it, computers are probably more efficient

0:25:23.760 --> 0:25:29.520
<v Speaker 1>than people like, Look how many accidents there are in everything.

0:25:29.520 --> 0:25:30.600
<v Speaker 2>I'm not sure driving a car.

0:25:30.680 --> 0:25:33.280
<v Speaker 1>Okay, if you had it, if you had a computer

0:25:33.480 --> 0:25:36.640
<v Speaker 1>like ib In Watson, do you think that you would

0:25:36.720 --> 0:25:39.280
<v Speaker 1>trust them to do a calculation or would you trust.

0:25:39.040 --> 0:25:41.440
<v Speaker 2>I would trust that that. I would like that.

0:25:41.680 --> 0:25:42.440
<v Speaker 1>It's the same thing I.

0:25:42.400 --> 0:25:44.640
<v Speaker 2>Trust myself more than the computer. It's driving a car.

0:25:45.160 --> 0:25:48.720
<v Speaker 1>Well, the computers don't have distractions. They're not texting, they're

0:25:48.720 --> 0:25:52.120
<v Speaker 1>not looking at what's going on in the road, they're

0:25:52.119 --> 0:25:56.800
<v Speaker 1>not rubbernecking. Some people say it's actually a lot more

0:25:56.920 --> 0:26:01.639
<v Speaker 1>safer to have carless driver list cars.

0:26:03.680 --> 0:26:05.919
<v Speaker 2>I'm just yeah, I couldn't do it. I just personally

0:26:05.920 --> 0:26:08.320
<v Speaker 2>couldn't do it. It's happening, Yeah, I know it's happening.

0:26:08.359 --> 0:26:10.720
<v Speaker 1>And it's a race. It's a race who can do

0:26:10.760 --> 0:26:12.119
<v Speaker 1>it first. Yes, it's a race to who can do

0:26:12.160 --> 0:26:14.680
<v Speaker 1>it first. Elon Musk is involved with Tesla.

0:26:15.040 --> 0:26:19.000
<v Speaker 2>Uber is involved, but they've also like so Tesla himself

0:26:19.040 --> 0:26:21.399
<v Speaker 2>has had again so not scandal, but they've had some

0:26:21.440 --> 0:26:24.440
<v Speaker 2>controversy with some of their cars malfunctioning some of their

0:26:24.480 --> 0:26:25.280
<v Speaker 2>self driving.

0:26:25.160 --> 0:26:28.280
<v Speaker 1>Of course, but how many cars malfunction regularly?

0:26:28.359 --> 0:26:30.120
<v Speaker 2>Yeah, I mean people getting there's always going.

0:26:30.080 --> 0:26:32.160
<v Speaker 1>To be one card. It's not like it's never gonna

0:26:32.160 --> 0:26:33.159
<v Speaker 1>be one hundred percent.

0:26:32.920 --> 0:26:35.399
<v Speaker 2>Perfect, right, you know, people getting accidents every day exactly,

0:26:35.600 --> 0:26:38.840
<v Speaker 2>just true, exactly, And like you said, like there's gonna

0:26:38.840 --> 0:26:41.920
<v Speaker 2>be less distractions. Obviously there won't be if there's self driving,

0:26:41.920 --> 0:26:44.879
<v Speaker 2>there's not going to be any alcohol related accidents. So

0:26:45.160 --> 0:26:46.760
<v Speaker 2>like you said, but I don't know, I just feel

0:26:46.800 --> 0:26:50.680
<v Speaker 2>like the trust in myself over a computer, I would

0:26:50.840 --> 0:26:52.160
<v Speaker 2>I'd have to learn how to do that.

0:26:52.720 --> 0:26:56.000
<v Speaker 1>Well, we'll see. But it's interesting because now way Mo

0:26:56.320 --> 0:27:00.160
<v Speaker 1>is at a disadvantage because they're behind in the technol

0:27:00.600 --> 0:27:03.880
<v Speaker 1>Because now Uber people don't even people don't know that

0:27:04.280 --> 0:27:07.880
<v Speaker 1>Uber invests so much money and they're already planning their

0:27:07.920 --> 0:27:10.200
<v Speaker 1>next phase. It's one thing I do like about Uber.

0:27:11.240 --> 0:27:14.119
<v Speaker 1>They are constantly reinventing themselves, right, So they're rides sharing

0:27:14.200 --> 0:27:16.760
<v Speaker 1>company now, but they know that that space is crowded

0:27:17.080 --> 0:27:19.200
<v Speaker 1>and there's a lot of competition, and then there's problems,

0:27:19.200 --> 0:27:22.040
<v Speaker 1>political problems, stuff like that. So now they're already trying

0:27:22.040 --> 0:27:22.960
<v Speaker 1>to reinvent themselves.

0:27:23.119 --> 0:27:25.840
<v Speaker 2>The Uber eats, they got the food, the food delivery.

0:27:25.600 --> 0:27:29.680
<v Speaker 1>Your delivery. Now they have they have drones, food delivery drones.

0:27:29.720 --> 0:27:32.399
<v Speaker 2>And then they're investing in flying, so like they're thinking

0:27:32.440 --> 0:27:34.480
<v Speaker 2>already like down the line, like we're going to have

0:27:34.760 --> 0:27:38.040
<v Speaker 2>taxis that fly flying taxis.

0:27:38.200 --> 0:27:44.119
<v Speaker 1>Yes, that's flying taxi. No, it's yes, flying taxis. And

0:27:44.760 --> 0:27:48.479
<v Speaker 1>this that's what I'm saying. It's so crazy because Wayne Moo,

0:27:49.119 --> 0:27:52.399
<v Speaker 1>nobody's heard of weaymo before. Google has a billion dollar

0:27:52.520 --> 0:27:58.320
<v Speaker 1>company that nobody's heard of that is currently working on

0:27:58.440 --> 0:28:01.080
<v Speaker 1>ways to change the way that we travel.

0:28:02.560 --> 0:28:03.680
<v Speaker 2>That's pretty that's pretty crazy.

0:28:03.720 --> 0:28:04.320
<v Speaker 1>It's interesting.

0:28:04.680 --> 0:28:06.720
<v Speaker 2>So a part of the thing you said it like

0:28:06.760 --> 0:28:10.080
<v Speaker 2>politically like things are changing too, And what's happening here

0:28:10.119 --> 0:28:15.000
<v Speaker 2>in New York with Lyft and Uber is that they

0:28:15.080 --> 0:28:18.400
<v Speaker 2>have changed the way that New York City travel looks. Right,

0:28:18.520 --> 0:28:21.240
<v Speaker 2>we us It used to be yellow cabs that flooded

0:28:21.240 --> 0:28:25.200
<v Speaker 2>the city and now it's Uber and Lyft, and the

0:28:25.240 --> 0:28:28.840
<v Speaker 2>Taxi and Limousine Commission said, wait, they're taking away our business, right,

0:28:28.880 --> 0:28:31.119
<v Speaker 2>we have one fourth of the inventory that they have. Right,

0:28:31.160 --> 0:28:35.359
<v Speaker 2>people take their everyday cars and turn them into taxi services.

0:28:35.680 --> 0:28:37.479
<v Speaker 2>So what they said was like, we're going to file

0:28:37.520 --> 0:28:39.640
<v Speaker 2>a report and we're going to get to the bombs

0:28:39.720 --> 0:28:42.400
<v Speaker 2>because we're losing drivers at an alarming rate. And what

0:28:42.440 --> 0:28:44.400
<v Speaker 2>they did. What they found out was that the average

0:28:44.480 --> 0:28:46.800
<v Speaker 2>Uber and Lyft drivers they were making like fourteen dollars

0:28:46.840 --> 0:28:49.760
<v Speaker 2>an hour, which in New York City is not the

0:28:49.840 --> 0:28:50.600
<v Speaker 2>minimum wage.

0:28:50.960 --> 0:28:53.400
<v Speaker 1>The minimum wage is fifty fifteen dollars.

0:28:53.400 --> 0:28:56.240
<v Speaker 2>So when they found that out, they were like Uber said, hey,

0:28:56.520 --> 0:28:59.080
<v Speaker 2>we don't have to abide by the minimum wage because

0:28:59.720 --> 0:29:03.920
<v Speaker 2>these employees. We don't have employees. We have independent contractors.

0:29:03.400 --> 0:29:06.040
<v Speaker 1>Ten ninety nine independent contract.

0:29:05.720 --> 0:29:08.320
<v Speaker 2>Right, So when they have an independent contractor, they don't

0:29:08.360 --> 0:29:10.400
<v Speaker 2>have to by workplace laws like they don't have to

0:29:10.400 --> 0:29:12.920
<v Speaker 2>abide by minimum wage and they don't have to buy

0:29:13.120 --> 0:29:16.080
<v Speaker 2>over time and safe and healthy laws like you're an

0:29:16.080 --> 0:29:20.280
<v Speaker 2>independent contractor, right, So that that changes the way that

0:29:20.320 --> 0:29:23.720
<v Speaker 2>they look at the people who are working for them.

0:29:24.120 --> 0:29:27.880
<v Speaker 2>So from that New York City obviously won the case.

0:29:28.160 --> 0:29:30.600
<v Speaker 2>Mayor built a Vosia was part of that. Now the

0:29:30.640 --> 0:29:33.160
<v Speaker 2>minimum wage it has to be fifteen dollars for Uber

0:29:33.200 --> 0:29:35.800
<v Speaker 2>and Lyft drivers. But on top of it, and to

0:29:35.960 --> 0:29:39.560
<v Speaker 2>combat the overflux of these cars, like they're trying to

0:29:39.680 --> 0:29:43.840
<v Speaker 2>charge like tolls now to go into Lower Manhattan, they're saying, look,

0:29:43.840 --> 0:29:46.200
<v Speaker 2>we're doing a pause, so for twelve months to start,

0:29:46.240 --> 0:29:48.240
<v Speaker 2>I think in the summer this year, in twenty eighteen.

0:29:48.480 --> 0:29:51.080
<v Speaker 2>For twelve months, they're not allowed to have any new

0:29:51.120 --> 0:29:55.160
<v Speaker 2>licensed vehicles patrolling the streets of New York City. So,

0:29:55.200 --> 0:29:57.480
<v Speaker 2>like in Manhattan, that might sound good, but if you

0:29:57.560 --> 0:29:59.960
<v Speaker 2>live in the outer boroughs, like you might rely on

0:30:00.280 --> 0:30:02.680
<v Speaker 2>those services and you can't have any more right now.

0:30:03.320 --> 0:30:07.720
<v Speaker 1>Yes, yes, Well it's like I always say, you can't

0:30:07.720 --> 0:30:10.720
<v Speaker 1>stop energy. I don't think that that's a fight that

0:30:10.760 --> 0:30:16.440
<v Speaker 1>the city is going to win because Uber their groundbreaking.

0:30:16.880 --> 0:30:17.800
<v Speaker 2>They're not going anywhere.

0:30:17.800 --> 0:30:21.880
<v Speaker 1>It's groundbreaking, it's a groundbreaking idea, and it's disruptive, it's disruptive,

0:30:22.040 --> 0:30:27.000
<v Speaker 1>and it's changed changed everything. So I think that their

0:30:27.040 --> 0:30:30.200
<v Speaker 1>biggest competition will come from other companies like Lyft and

0:30:30.360 --> 0:30:34.320
<v Speaker 1>other new companies that spawn up, which is I'm pretty

0:30:34.320 --> 0:30:36.360
<v Speaker 1>sure they are aware of that, and which is why

0:30:36.400 --> 0:30:40.400
<v Speaker 1>they are constantly reinventing themselves and adding new facets to

0:30:40.440 --> 0:30:44.040
<v Speaker 1>their company. Neither Lift or Google It. Neither Lift or

0:30:44.160 --> 0:30:48.280
<v Speaker 1>Uber is profitable, by the way, But it'll be interesting

0:30:48.280 --> 0:30:49.880
<v Speaker 1>to see how you know, when the IPO I think

0:30:49.920 --> 0:30:54.680
<v Speaker 1>that you know, obviously Lift is that disadvantage their smaller company.

0:30:54.920 --> 0:30:58.440
<v Speaker 1>They have less, like you said, drivers, they have less revenue,

0:30:58.480 --> 0:31:03.720
<v Speaker 1>they have less everything globally than newer But at one point,

0:31:03.880 --> 0:31:07.160
<v Speaker 1>you know, my Space was bigger than Facebook. True, at

0:31:07.160 --> 0:31:10.280
<v Speaker 1>one point Blockbuster was bigger than Netflix.

0:31:10.520 --> 0:31:12.080
<v Speaker 2>Never never discount the underdogs.

0:31:13.240 --> 0:31:15.120
<v Speaker 1>Just because somebody's number one right now does not mean

0:31:15.120 --> 0:31:18.840
<v Speaker 1>that they're going to be number one forether. So it'll

0:31:18.960 --> 0:31:22.360
<v Speaker 1>you know, be entertaining to watch to see how did

0:31:22.400 --> 0:31:24.600
<v Speaker 1>some play, how did some folds, Whether you know, they

0:31:24.640 --> 0:31:28.160
<v Speaker 1>get brought by a company, whether they take each other over,

0:31:28.320 --> 0:31:32.320
<v Speaker 1>whether they both succeed, who knows, but everybody.

0:31:31.840 --> 0:31:33.080
<v Speaker 2>It might be a third party that comes in.

0:31:33.080 --> 0:31:35.000
<v Speaker 1>Who knows, it might be a whole completely different new

0:31:35.040 --> 0:31:37.280
<v Speaker 1>company that comes in. So all right, well, we will

0:31:37.320 --> 0:31:40.760
<v Speaker 1>follow it. We will look to see what happens and

0:31:40.800 --> 0:31:42.520
<v Speaker 1>when the I p os we definitely will have a

0:31:42.520 --> 0:31:55.200
<v Speaker 1>follow up on both of them.

0:31:55.280 --> 0:31:57.440
<v Speaker 2>All right, ladies and gentlemen, it is now storytime.

0:31:58.320 --> 0:32:01.960
<v Speaker 8>Here's a little story that must be Listen up, gangsters

0:32:02.000 --> 0:32:03.920
<v Speaker 8>and honeys, with your head done the best story.

0:32:04.000 --> 0:32:06.600
<v Speaker 2>Tell us stuff now, right, pray downs gray us.

0:32:07.040 --> 0:32:14.040
<v Speaker 1>Okay, So, boys and girls, today's story. This episode's story

0:32:14.520 --> 0:32:16.800
<v Speaker 1>will be on Airbnb.

0:32:17.520 --> 0:32:20.560
<v Speaker 2>Airbnb Airbnb. Man. Amazing story.

0:32:20.880 --> 0:32:25.200
<v Speaker 1>Phenomenal, phenomenal story. So I'll started off in two thousand

0:32:25.200 --> 0:32:34.360
<v Speaker 1>and seven, right, Joe gad Drabbi Gebbia and Brian Sheesky.

0:32:35.160 --> 0:32:37.640
<v Speaker 1>They were both twenty seven at the time, right, and

0:32:37.680 --> 0:32:40.440
<v Speaker 1>they lived in San Francisco. If anybody's not familiar, San Francisco,

0:32:40.480 --> 0:32:44.680
<v Speaker 1>I believe is the most expensive place to live in America,

0:32:45.000 --> 0:32:48.600
<v Speaker 1>highest real estate. I'm pretty sure. I'm pretty sure. No,

0:32:48.640 --> 0:32:51.080
<v Speaker 1>I think it's more explored than that. Yeah, I'm pretty

0:32:51.120 --> 0:32:56.240
<v Speaker 1>sure it is. So they were struggling to pay rent, right,

0:32:56.320 --> 0:32:59.840
<v Speaker 1>you know, twenty seven year olds stretch out of college, struggling.

0:33:00.080 --> 0:33:03.080
<v Speaker 1>So they live together. They have like a two bedroom apartment.

0:33:03.120 --> 0:33:06.800
<v Speaker 1>I as soon and it was a big conference coming

0:33:06.880 --> 0:33:08.360
<v Speaker 1>up in the City of Design conference.

0:33:08.640 --> 0:33:11.440
<v Speaker 2>So they both come from the Rhode Island School of Design.

0:33:11.880 --> 0:33:14.760
<v Speaker 2>So there was a design conference coming and they were

0:33:14.760 --> 0:33:15.680
<v Speaker 2>playing on attendance.

0:33:15.760 --> 0:33:19.680
<v Speaker 1>Yeah, so all the hotels in the city were booked.

0:33:20.320 --> 0:33:22.680
<v Speaker 1>Because if anybody familiar with San Francisco, San Franciscoco is

0:33:22.720 --> 0:33:24.240
<v Speaker 1>a very small city. That's why our real estate is

0:33:24.240 --> 0:33:27.040
<v Speaker 1>so expensive in San Francisco because it's very small. Obviously

0:33:27.120 --> 0:33:29.600
<v Speaker 1>you have to look on valley nearby and tech industry.

0:33:29.800 --> 0:33:32.800
<v Speaker 1>So it's a couple of different things that makes Simrancisco

0:33:32.840 --> 0:33:36.280
<v Speaker 1>so expensive. It's very small, and you're surrounded by the

0:33:36.280 --> 0:33:41.480
<v Speaker 1>tech industry, which billionaires all around, so land is very scarce.

0:33:42.280 --> 0:33:45.600
<v Speaker 1>So all the hotels in the city were booked, right,

0:33:45.840 --> 0:33:50.280
<v Speaker 1>So they have the bright idea to rent out their

0:33:50.360 --> 0:33:53.120
<v Speaker 1>living room for people that are looking for hotels. They

0:33:53.120 --> 0:33:54.840
<v Speaker 1>know people are coming into the city and that they're

0:33:54.840 --> 0:33:56.000
<v Speaker 1>not going to have anywhere to stay.

0:33:56.040 --> 0:33:58.480
<v Speaker 2>Yeah. I think Joe sends an email to Brian like, hey,

0:33:58.760 --> 0:34:00.840
<v Speaker 2>I have this idea, and he shows it that a

0:34:00.920 --> 0:34:03.680
<v Speaker 2>lot of his press commas is I have this idea. Yeah,

0:34:03.720 --> 0:34:05.440
<v Speaker 2>you know what, there's no more city, there's no more

0:34:05.440 --> 0:34:08.440
<v Speaker 2>hotels in the city, there's no more rooms. We got something.

0:34:08.480 --> 0:34:12.000
<v Speaker 1>So they want to put three airbeds in their living

0:34:12.040 --> 0:34:16.600
<v Speaker 1>room on the floor and they are gonna cook their

0:34:16.920 --> 0:34:17.800
<v Speaker 1>guest breakfast.

0:34:18.000 --> 0:34:19.960
<v Speaker 2>Right, so we're gonna rent the space. We have some

0:34:20.000 --> 0:34:23.239
<v Speaker 2>space in the living room, three air mattresses. Not only

0:34:23.280 --> 0:34:25.640
<v Speaker 2>we're gonna let people rent that, but like you said,

0:34:25.640 --> 0:34:27.439
<v Speaker 2>we're gonna make breakfast for them.

0:34:27.440 --> 0:34:30.600
<v Speaker 1>So the next day they launched a website. The website

0:34:30.680 --> 0:34:35.719
<v Speaker 1>is called air Bed and Breakfast dot com because they

0:34:35.760 --> 0:34:38.719
<v Speaker 1>give you an airbed and breakfast, because they're gonna make

0:34:38.760 --> 0:34:43.799
<v Speaker 1>you breakfast airbed and breakfast, hence the name Airbnb, but

0:34:43.920 --> 0:34:46.319
<v Speaker 1>at first it was called airbed and Breakfast dot com, right,

0:34:47.040 --> 0:34:52.960
<v Speaker 1>So from there they a few weeks later they actually

0:34:53.000 --> 0:34:56.399
<v Speaker 1>get three people to come and I think they charged

0:34:56.440 --> 0:35:01.840
<v Speaker 1>them eighty dollars a night person. Yeah right, and it

0:35:01.880 --> 0:35:05.600
<v Speaker 1>worked out for them. And then next year is when

0:35:05.640 --> 0:35:08.400
<v Speaker 1>they really take off because now they have an idea,

0:35:08.440 --> 0:35:10.440
<v Speaker 1>they have a business model, we have a website.

0:35:10.520 --> 0:35:12.400
<v Speaker 2>Before they get to the next year, like they're broke.

0:35:12.920 --> 0:35:15.080
<v Speaker 2>Oh that it broke, so like that conference came in

0:35:15.120 --> 0:35:17.520
<v Speaker 2>the left and they still can't pay the rent. So

0:35:17.600 --> 0:35:20.280
<v Speaker 2>what they did is they took out as many credit

0:35:20.320 --> 0:35:22.680
<v Speaker 2>cards as they could. I think he tells a story

0:35:22.680 --> 0:35:24.600
<v Speaker 2>where he has well he remember he used to have

0:35:24.600 --> 0:35:26.719
<v Speaker 2>trading cards and you slip them in. He had a

0:35:26.719 --> 0:35:28.719
<v Speaker 2>trading card book, but it was just credit cards. And

0:35:28.800 --> 0:35:31.960
<v Speaker 2>I think they accumulated like fifteen thousand dollars in credit

0:35:31.960 --> 0:35:34.719
<v Speaker 2>card debt each just to they couldn't take out any

0:35:34.760 --> 0:35:36.239
<v Speaker 2>more cash advances on their credit card.

0:35:36.520 --> 0:35:40.959
<v Speaker 1>Cash advances powerful tool, very dangerous tools.

0:35:43.160 --> 0:35:44.120
<v Speaker 2>We have some stories on them.

0:35:44.160 --> 0:35:49.000
<v Speaker 1>Yes, that's a different story. Okay. So next year, two

0:35:49.000 --> 0:35:53.799
<v Speaker 1>thousand and eight, there's a senator that is the talk

0:35:53.880 --> 0:35:58.560
<v Speaker 1>of politics. His name is Barack Obama, right, so it

0:35:58.640 --> 0:36:03.480
<v Speaker 1>is he's running for president the first time, obviously, and

0:36:03.520 --> 0:36:07.799
<v Speaker 1>there's the Democratic National Convention, which is held in Denver, Colorado.

0:36:09.239 --> 0:36:12.800
<v Speaker 1>So they gear up for the Democratic National Convention.

0:36:12.880 --> 0:36:14.120
<v Speaker 2>Yeah, they got another idea.

0:36:13.840 --> 0:36:16.600
<v Speaker 1>They can today saying, okay, this is a perfect I

0:36:16.640 --> 0:36:19.480
<v Speaker 1>think eighty thousand people were going to come into Denver

0:36:20.239 --> 0:36:22.759
<v Speaker 1>and there's not gonna be enough hotels, very similar to

0:36:22.800 --> 0:36:25.399
<v Speaker 1>what they did in San Francisco, but now they want

0:36:25.400 --> 0:36:27.920
<v Speaker 1>to scale it. So they want to recruit other people

0:36:28.080 --> 0:36:31.480
<v Speaker 1>to rent their apartments, re rent their homes, and then

0:36:31.520 --> 0:36:33.719
<v Speaker 1>they get a portion of that and they'll broker it

0:36:33.800 --> 0:36:34.200
<v Speaker 1>for them.

0:36:34.239 --> 0:36:36.040
<v Speaker 2>And yeah, the idea was like we're going to find

0:36:36.080 --> 0:36:39.160
<v Speaker 2>Obama supporters in Denver to open up their homes for

0:36:39.200 --> 0:36:40.200
<v Speaker 2>other Obama supporters.

0:36:40.280 --> 0:36:42.000
<v Speaker 1>Think you had eight hundred listings they were able to

0:36:42.000 --> 0:36:44.439
<v Speaker 1>find it. Yeah, eight hundred homes and it was great.

0:36:44.480 --> 0:36:46.920
<v Speaker 1>They made some money, they made it. They made a

0:36:46.960 --> 0:36:47.800
<v Speaker 1>little bit of money.

0:36:47.680 --> 0:36:50.759
<v Speaker 2>Yeah, some money. Yeah, not enough, not enough. Yeah. So

0:36:51.000 --> 0:36:53.839
<v Speaker 2>they still even after the convention, they're still broke.

0:36:53.960 --> 0:36:56.680
<v Speaker 1>No, no, before the convention is over, before the convention

0:36:56.760 --> 0:36:59.520
<v Speaker 1>is over. Leading up to it, they have eight hundred

0:36:59.760 --> 0:37:02.480
<v Speaker 1>homes and apartments that they were able to get people

0:37:02.520 --> 0:37:05.000
<v Speaker 1>to rent, but they still didn't really make any money, right,

0:37:05.040 --> 0:37:07.400
<v Speaker 1>I don't know why. I guess it just wasn't profitable

0:37:07.480 --> 0:37:11.240
<v Speaker 1>for whatever reasons. So now they go to the convention

0:37:11.520 --> 0:37:15.560
<v Speaker 1>and they have the bright idea as a marketing tool,

0:37:15.560 --> 0:37:16.960
<v Speaker 1>and they didn't really do this to make money. They

0:37:16.960 --> 0:37:20.280
<v Speaker 1>did this as a marketing tool to make cereal limited

0:37:20.320 --> 0:37:22.920
<v Speaker 1>boxes of cereal. They have the Obama os and the

0:37:23.200 --> 0:37:24.840
<v Speaker 1>Captain McCain cereal.

0:37:25.160 --> 0:37:27.799
<v Speaker 2>So the it ties into what they do, Right, we're

0:37:27.800 --> 0:37:30.560
<v Speaker 2>going to give you the room, and how are we

0:37:30.600 --> 0:37:32.440
<v Speaker 2>going to make breakfast now for you? Because the original

0:37:32.480 --> 0:37:34.400
<v Speaker 2>thing is like you'll get the room and we'll provide

0:37:34.400 --> 0:37:35.000
<v Speaker 2>breakfast but.

0:37:34.920 --> 0:37:36.319
<v Speaker 1>This was more of a pr store.

0:37:36.360 --> 0:37:38.600
<v Speaker 2>Yeah. No, but so he says it in some of

0:37:38.640 --> 0:37:41.920
<v Speaker 2>his speeches. He's like, look, we had to figure out

0:37:41.920 --> 0:37:43.719
<v Speaker 2>how we're going to scale breakfast, So are we going

0:37:43.840 --> 0:37:46.680
<v Speaker 2>to put eggs and ship it to people? No, We're

0:37:46.680 --> 0:37:48.719
<v Speaker 2>going to make cereal. So what they did, like I

0:37:48.719 --> 0:37:53.600
<v Speaker 2>think Joe Gobia does, is he goes to like the

0:37:53.719 --> 0:37:56.400
<v Speaker 2>cheapest places he can find cereal. So he goes to

0:37:56.440 --> 0:37:59.160
<v Speaker 2>like dollar stores and buy cereal, and they press up

0:37:59.640 --> 0:38:02.000
<v Speaker 2>these pictures. They go to an architect like, hey, we

0:38:02.040 --> 0:38:04.400
<v Speaker 2>need you to draw this picture. So they have Obama

0:38:04.719 --> 0:38:07.160
<v Speaker 2>and they have McCain on the cereal box and they

0:38:07.160 --> 0:38:08.200
<v Speaker 2>make it limited.

0:38:07.960 --> 0:38:09.319
<v Speaker 1>Edition, limited edition.

0:38:09.480 --> 0:38:11.360
<v Speaker 2>Yeah, and each box has like the numbers, so if

0:38:11.400 --> 0:38:13.839
<v Speaker 2>you bought one, you know that you have four out

0:38:13.920 --> 0:38:15.880
<v Speaker 2>of five hundred. Because I think they only did one

0:38:15.880 --> 0:38:17.840
<v Speaker 2>thousand buses. I think it was eight hundred one thousand

0:38:17.880 --> 0:38:20.359
<v Speaker 2>boxes each. Each candidate got five hundred boxes, so they

0:38:20.360 --> 0:38:23.319
<v Speaker 2>put like like four out of two hundred or five

0:38:23.360 --> 0:38:26.240
<v Speaker 2>out of two hundred, so everybody had a limited number

0:38:26.320 --> 0:38:30.120
<v Speaker 2>on their box. Okay, the brilliant thing is that we

0:38:30.200 --> 0:38:32.799
<v Speaker 2>know boxes of cereal of course, like four dollars at

0:38:32.840 --> 0:38:35.920
<v Speaker 2>the most sometimes a little bit more of super size.

0:38:36.680 --> 0:38:37.879
<v Speaker 2>They charged four dollars for the.

0:38:37.840 --> 0:38:41.399
<v Speaker 1>Box and they made thirty thousand dollars, So they made

0:38:41.400 --> 0:38:46.640
<v Speaker 1>thirty thousand dollars off cereal and that was enough to

0:38:46.760 --> 0:38:52.920
<v Speaker 1>propel them next year going forward where they finally got

0:38:52.920 --> 0:38:55.000
<v Speaker 1>the business off the ground, off and running, and then

0:38:55.040 --> 0:38:58.080
<v Speaker 1>they were able to get substantial amount of money from

0:38:58.080 --> 0:39:02.280
<v Speaker 1>an angel investor, some seed money, some seed money. Then

0:39:02.760 --> 0:39:08.719
<v Speaker 1>in twenty eleven they get even more money from Ashton

0:39:08.840 --> 0:39:14.400
<v Speaker 1>Kusher legend. People don't He's made.

0:39:14.239 --> 0:39:15.120
<v Speaker 2>Some brilliant moves.

0:39:15.280 --> 0:39:16.560
<v Speaker 1>People don't even remember him.

0:39:17.560 --> 0:39:18.040
<v Speaker 2>Was it Pumped?

0:39:18.160 --> 0:39:19.680
<v Speaker 1>Was that the show punk?

0:39:20.120 --> 0:39:22.319
<v Speaker 2>I think that's what that the seventies show?

0:39:22.360 --> 0:39:26.440
<v Speaker 1>First, the seventy show Punked. He had this movie called

0:39:26.440 --> 0:39:27.320
<v Speaker 1>The Butterfly Effect.

0:39:27.400 --> 0:39:29.400
<v Speaker 3>I was just yeah, that was That was a decent movie.

0:39:29.680 --> 0:39:32.840
<v Speaker 3>And then he married the Jimmy Moore. Right, he was

0:39:32.880 --> 0:39:33.840
<v Speaker 3>married to Demi.

0:39:33.560 --> 0:39:35.239
<v Speaker 2>Moore and now he's married to Melakunis.

0:39:36.000 --> 0:39:40.560
<v Speaker 1>Okay, Ashton Cusher. Not to get off topic here, but

0:39:41.760 --> 0:39:47.160
<v Speaker 1>the guys a genius RIGHTOD movies, he's angel investor, He's

0:39:47.160 --> 0:39:50.600
<v Speaker 1>a Hollywood A list celebrity who, at the peak of

0:39:50.600 --> 0:39:53.880
<v Speaker 1>his career decides to switch his focus and become an

0:39:53.880 --> 0:39:56.799
<v Speaker 1>investor in tech companies. Some of the companies that he

0:39:56.880 --> 0:40:03.080
<v Speaker 1>invested in early Spotify, Airbnb, Uber, Twitter, and now Ripple

0:40:04.120 --> 0:40:08.880
<v Speaker 1>Yes cryptocurrency. Ripple So Aston Kusha comes in twenty eleven,

0:40:08.920 --> 0:40:13.800
<v Speaker 1>gives them money.

0:40:11.600 --> 0:40:12.280
<v Speaker 2>And then.

0:40:13.680 --> 0:40:17.640
<v Speaker 1>They skyrocket skyrocket, right.

0:40:17.719 --> 0:40:20.080
<v Speaker 2>It gives them money to hire more staffing. They go

0:40:20.280 --> 0:40:25.160
<v Speaker 2>staffing the United States to now Europe. Officers become global Global.

0:40:26.920 --> 0:40:30.440
<v Speaker 1>Their current valuation is thirty eight billion dollars.

0:40:32.239 --> 0:40:37.520
<v Speaker 2>Wow, yeah, I think so. They're both founders. It's three

0:40:37.560 --> 0:40:43.359
<v Speaker 2>act founders. They're each worth four billion dollars four billion.

0:40:43.360 --> 0:40:44.879
<v Speaker 2>They're under forty years old.

0:40:45.760 --> 0:40:48.360
<v Speaker 1>Ye, thirty eight billion dollar valuation. The reason why I

0:40:48.400 --> 0:40:53.839
<v Speaker 1>like this story is because it highlights if you are

0:40:53.960 --> 0:40:56.840
<v Speaker 1>an entrepreneur, you have to do whatever you have to do.

0:40:56.840 --> 0:41:00.200
<v Speaker 1>You have to hustle at all courts. Right. So they're

0:41:00.200 --> 0:41:04.080
<v Speaker 1>starting an idea to put air mattresses in their living

0:41:04.120 --> 0:41:05.440
<v Speaker 1>room and they make people breakfast.

0:41:05.640 --> 0:41:08.560
<v Speaker 2>Nobody believed in them, like they took this to Silicon

0:41:08.640 --> 0:41:10.279
<v Speaker 2>Valley and had twenty investors.

0:41:10.400 --> 0:41:13.600
<v Speaker 1>No, it's laughable if you take if you think about it, right,

0:41:13.960 --> 0:41:15.960
<v Speaker 1>you're putting three air mattresses in your living room and

0:41:15.960 --> 0:41:17.880
<v Speaker 1>you're gonna make people breakfast, and you're gonna name the

0:41:17.920 --> 0:41:20.680
<v Speaker 1>company airbed and Breakfast.

0:41:21.239 --> 0:41:23.719
<v Speaker 2>They said. They laughed at they. That's not a joe.

0:41:23.760 --> 0:41:25.359
<v Speaker 2>They laughed at them, and they said, this is never

0:41:25.400 --> 0:41:28.760
<v Speaker 2>gonna work. They had twenty investors. Ten of them didn't

0:41:28.760 --> 0:41:31.120
<v Speaker 2>respond to their emails, five of them met with them,

0:41:31.520 --> 0:41:34.279
<v Speaker 2>and the other five sat down and had a ten

0:41:34.400 --> 0:41:37.200
<v Speaker 2>minute conversation. All of them said no, none of them

0:41:37.200 --> 0:41:37.680
<v Speaker 2>believed in.

0:41:37.640 --> 0:41:41.480
<v Speaker 1>It, and then right nobody believed in it. And then

0:41:42.280 --> 0:41:45.880
<v Speaker 1>when all else fails, they realize that they have to

0:41:45.960 --> 0:41:47.920
<v Speaker 1>go to plan B and they sell cereal.

0:41:48.120 --> 0:41:50.560
<v Speaker 2>And that's what gets the money from the seat investors.

0:41:50.560 --> 0:41:53.880
<v Speaker 2>They're like, if you can sell cereal to people at

0:41:53.920 --> 0:41:56.520
<v Speaker 2>four hours a box, you must be on something.

0:41:56.600 --> 0:41:58.920
<v Speaker 1>If one hustle isn't working, you gotta switch.

0:41:58.719 --> 0:42:01.799
<v Speaker 2>It, right. He said that his mom would call him like, wait,

0:42:01.960 --> 0:42:05.640
<v Speaker 2>I thought you guys were a chain of like hotel services.

0:42:05.640 --> 0:42:07.680
<v Speaker 2>Like you're selling cereal, nount here a food company.

0:42:07.400 --> 0:42:09.440
<v Speaker 3>You know, So whatever we have to do to get

0:42:09.480 --> 0:42:11.600
<v Speaker 3>this money, whatever by any means necessary.

0:42:11.680 --> 0:42:14.480
<v Speaker 2>Yeah, But it didn't. Like I said, it didn't work

0:42:14.480 --> 0:42:16.799
<v Speaker 2>at first, and they had to go to the drawing

0:42:16.840 --> 0:42:20.000
<v Speaker 2>board and one of the things they said they met

0:42:20.040 --> 0:42:21.600
<v Speaker 2>an investor and he was like, go meet your people,

0:42:22.200 --> 0:42:24.360
<v Speaker 2>And what that really meant was like, why isn't it working?

0:42:24.600 --> 0:42:27.319
<v Speaker 2>And they found out that when they went to some

0:42:27.400 --> 0:42:30.040
<v Speaker 2>of the places that they were listing, they realized that

0:42:30.040 --> 0:42:32.880
<v Speaker 2>the people weren't taking great pictures. It wasn't displaying the

0:42:32.920 --> 0:42:35.120
<v Speaker 2>homes like they should. So they said they went to

0:42:35.160 --> 0:42:38.000
<v Speaker 2>New York and they went to Manhattan and Brooklyn and

0:42:38.080 --> 0:42:41.120
<v Speaker 2>they went to each listing and said, look, here's the

0:42:41.160 --> 0:42:43.040
<v Speaker 2>camera I want you to use when you take these pictures.

0:42:43.080 --> 0:42:45.920
<v Speaker 1>And from that moment, and it's important too, because you know,

0:42:45.960 --> 0:42:47.879
<v Speaker 1>when we say all right, we give you guys these

0:42:47.920 --> 0:42:52.200
<v Speaker 1>case studies. So when you go to business school, Harvard, yeah, whatever,

0:42:52.360 --> 0:42:55.359
<v Speaker 1>top business school, boarding, they go through case studies, right,

0:42:55.560 --> 0:42:59.799
<v Speaker 1>and it's entertaining stories, but it's more so it's education. Right.

0:43:00.040 --> 0:43:01.960
<v Speaker 1>We're not just giving you these case studies just to

0:43:02.239 --> 0:43:05.080
<v Speaker 1>entertain you. Hopefully you can learn something from it and

0:43:05.160 --> 0:43:07.560
<v Speaker 1>implement it in your business, whether you sell t shirts,

0:43:07.880 --> 0:43:11.000
<v Speaker 1>whether you're a barber, whatever, you can learn from other

0:43:11.040 --> 0:43:14.880
<v Speaker 1>people's success stories and figure out a way how you

0:43:14.960 --> 0:43:18.080
<v Speaker 1>can copy what they have done. Right, there's nothing wrong

0:43:18.120 --> 0:43:22.000
<v Speaker 1>with it okay what they have done or inspire you

0:43:22.120 --> 0:43:25.120
<v Speaker 1>or gain some type of insight. So I just want

0:43:25.160 --> 0:43:26.600
<v Speaker 1>to leave that because you know, we give a lot

0:43:26.600 --> 0:43:30.759
<v Speaker 1>of these stories and they are entertaining, but it's not

0:43:30.920 --> 0:43:34.680
<v Speaker 1>just a bedtime story. It's for actual action, like to

0:43:34.719 --> 0:43:38.680
<v Speaker 1>take action, to leave some inspiration. So hopefully that story,

0:43:38.719 --> 0:43:41.080
<v Speaker 1>to me at very least is a very inspirational story

0:43:41.120 --> 0:43:43.840
<v Speaker 1>for a few different reasons. But I just feel that

0:43:44.920 --> 0:43:47.799
<v Speaker 1>stories like that really, you know, give you the push

0:43:47.880 --> 0:43:50.720
<v Speaker 1>to keep going because it's not going to be easy

0:43:50.840 --> 0:43:52.279
<v Speaker 1>in any type of business that you do.

0:43:52.400 --> 0:43:54.840
<v Speaker 2>Two thousand and seven, nobody believes in them. Two thousand

0:43:54.840 --> 0:43:59.440
<v Speaker 2>and sixteen, they become the official sponsor of the Summer Olympics.

0:44:00.080 --> 0:44:03.080
<v Speaker 2>Like this brand that nobody believed in. So like that,

0:44:03.080 --> 0:44:03.600
<v Speaker 2>that's to.

0:44:03.560 --> 0:44:06.160
<v Speaker 3>Tell you, like, just be persistent from thirty believing itself

0:44:06.200 --> 0:44:10.640
<v Speaker 3>from broke to thirty thousand cereos to thirty eight billion

0:44:10.840 --> 0:44:13.520
<v Speaker 3>valuation in ten years.

0:44:13.840 --> 0:44:17.240
<v Speaker 2>And anybody can do that. Yes, anybody can be a host.

0:44:17.400 --> 0:44:21.160
<v Speaker 2>So it's like if you have space, like anybody, it's.

0:44:21.920 --> 0:44:25.239
<v Speaker 1>It's disruptive idea. They disrupted the hotel industry, which was

0:44:25.280 --> 0:44:27.640
<v Speaker 1>the same for one hundred years, so if you want

0:44:27.680 --> 0:44:30.759
<v Speaker 1>to find the next big thing, see what hasn't been

0:44:30.920 --> 0:44:34.080
<v Speaker 1>changed in the last hundred years and find a way

0:44:34.120 --> 0:44:34.839
<v Speaker 1>to disrupt that.

0:44:34.920 --> 0:44:37.640
<v Speaker 2>And look across, look across, like the people around you

0:44:37.719 --> 0:44:38.719
<v Speaker 2>might be able to help you.

0:44:38.800 --> 0:44:40.680
<v Speaker 1>Yep, right, that's another lesson.

0:44:40.680 --> 0:44:43.319
<v Speaker 2>He reached out to his friend who's from the same

0:44:43.360 --> 0:44:45.960
<v Speaker 2>design school. He reached out to another friend that was

0:44:45.960 --> 0:44:47.960
<v Speaker 2>a web developer. That's how they got the site up.

0:44:48.280 --> 0:44:51.400
<v Speaker 2>And then the person who gives them to seed money

0:44:51.640 --> 0:44:54.480
<v Speaker 2>actually came from came from the Rhode Island School Design.

0:44:54.680 --> 0:44:56.279
<v Speaker 2>He was like, wait, let me at least have a

0:44:56.320 --> 0:44:58.480
<v Speaker 2>meeting with these guys since they came from our school.

0:44:58.960 --> 0:45:02.920
<v Speaker 2>And that's how it starts. Man Reach Across, Man Reach across.

0:45:03.160 --> 0:45:08.600
<v Speaker 1>Okay, well, before we leave, we have some exciting news.

0:45:08.680 --> 0:45:12.760
<v Speaker 2>Yeah, so we are again on YouTube, which we announced

0:45:12.840 --> 0:45:16.719
<v Speaker 2>on the last episode, but now we have our merch

0:45:16.840 --> 0:45:20.240
<v Speaker 2>up on earnier Leisure dot com, so we have some

0:45:20.239 --> 0:45:23.360
<v Speaker 2>some some cool ideas that are up there, so you know,

0:45:23.360 --> 0:45:26.560
<v Speaker 2>feel free to support. We also have our Patreon app

0:45:27.120 --> 0:45:30.120
<v Speaker 2>which is going to be provided some exclusive and behind

0:45:30.120 --> 0:45:33.080
<v Speaker 2>the scenes content and also some other features that we

0:45:33.160 --> 0:45:36.680
<v Speaker 2>thought that would help people. By requests pretty much people

0:45:36.680 --> 0:45:39.239
<v Speaker 2>have been asking some things, and yeah, we thought we

0:45:39.280 --> 0:45:42.280
<v Speaker 2>felt like Patreon would be a good avenue to address

0:45:42.280 --> 0:45:42.960
<v Speaker 2>some of those topics.

0:45:43.040 --> 0:45:45.120
<v Speaker 1>Patreon is something that we're definitely excited about, something that

0:45:45.120 --> 0:45:47.160
<v Speaker 1>we've been working on. So, you know, we give a

0:45:47.160 --> 0:45:51.960
<v Speaker 1>lot of free game for you long time my Instagram page.

0:45:52.440 --> 0:45:56.279
<v Speaker 1>Two years we do. We do the podcast, so a

0:45:56.320 --> 0:45:58.400
<v Speaker 1>lot of time people have even more questions or they

0:45:58.400 --> 0:46:02.520
<v Speaker 1>want like kind of like mentorship, pick business coaching, or

0:46:02.560 --> 0:46:05.000
<v Speaker 1>pick my brain or just even stuff with the podcast.

0:46:05.040 --> 0:46:08.360
<v Speaker 1>We talked probably about an hour after the podcast is

0:46:08.360 --> 0:46:11.200
<v Speaker 1>over with, were just going to end depth stuff so

0:46:11.360 --> 0:46:12.880
<v Speaker 1>you guys be able to see it when you're going in.

0:46:13.040 --> 0:46:16.920
<v Speaker 1>But that's all the extra bonus features and all of

0:46:16.960 --> 0:46:21.480
<v Speaker 1>that stuff will be laid out in our Patreon. All

0:46:21.480 --> 0:46:25.280
<v Speaker 1>of the links will be on our website and uh yeah,

0:46:25.440 --> 0:46:28.840
<v Speaker 1>YouTube the merch the merchant Dope too. I'm not just

0:46:28.880 --> 0:46:31.440
<v Speaker 1>saying that because I'm involved with it. It's actually very

0:46:31.480 --> 0:46:33.960
<v Speaker 1>creative and you know what, it gives a good message

0:46:33.960 --> 0:46:37.880
<v Speaker 1>for financial literacy, and it gives good you know, inspirational

0:46:37.960 --> 0:46:40.680
<v Speaker 1>quotes and things of that nature. So I think that that.

0:46:40.800 --> 0:46:42.239
<v Speaker 2>Especially in our cultures, like that's one of the things

0:46:42.280 --> 0:46:43.920
<v Speaker 2>we notice is that people will look at what you're

0:46:43.960 --> 0:46:45.880
<v Speaker 2>wearing for So if they're gonna look, we might as

0:46:45.920 --> 0:46:46.160
<v Speaker 2>well have.

0:46:46.160 --> 0:46:48.759
<v Speaker 1>A message and say something exactly so you know, that's

0:46:48.800 --> 0:46:51.200
<v Speaker 1>what we're doing. We're just pushing positivity. Thank you guys

0:46:51.200 --> 0:46:53.040
<v Speaker 1>for supporting us. Thank you guys for rocking on us.

0:46:53.120 --> 0:46:59.840
<v Speaker 1>Don't forget to subscribe to our YouTube channel and also

0:47:00.000 --> 0:47:05.480
<v Speaker 1>turn on our notifications. Also for Instagram as well. Also

0:47:05.760 --> 0:47:09.040
<v Speaker 1>for iTunes, subscribe. I know you guys are listening to iTunes.

0:47:09.560 --> 0:47:11.440
<v Speaker 1>We're not just on iTunes. That's another thing to people.

0:47:11.520 --> 0:47:15.840
<v Speaker 1>We're on Spotify, We're on Google Podcasts, We're on Podbeam,

0:47:16.320 --> 0:47:20.800
<v Speaker 1>We're on Anchor, We're on I watch.

0:47:20.640 --> 0:47:22.879
<v Speaker 2>You everywhere you listed all the time.

0:47:22.920 --> 0:47:26.880
<v Speaker 1>So all right, guys, we will see you next week. Peace.

0:47:53.560 --> 0:47:57.240
<v Speaker 8>An illegal alien from Guatemala charged with raping a child

0:47:57.239 --> 0:48:01.040
<v Speaker 8>in Massachusetts. An MS thirteen gang member from Al Salvador

0:48:01.320 --> 0:48:05.440
<v Speaker 8>accused of murdering a Texas man of Venezuelan charged with

0:48:05.520 --> 0:48:09.400
<v Speaker 8>filming and selling child pornography in Michigan. These are just

0:48:09.520 --> 0:48:13.280
<v Speaker 8>some of the heinous migrant criminals caught because of President

0:48:13.280 --> 0:48:16.839
<v Speaker 8>Donald J. Trump's leadership. I'm Christy nom the United States

0:48:16.880 --> 0:48:21.680
<v Speaker 8>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:48:21.719 --> 0:48:25.279
<v Speaker 8>crossings are at the lowest levels ever recorded, and over

0:48:25.320 --> 0:48:28.560
<v Speaker 8>one hundred thousand illegal aliens have been arrested. If you

0:48:28.640 --> 0:48:32.480
<v Speaker 8>are here illegally, your next you will be fine nearly

0:48:32.560 --> 0:48:36.600
<v Speaker 8>one thousand dollars a day, imprisoned, and deported. You will

0:48:36.600 --> 0:48:40.279
<v Speaker 8>never return. But if you register using our CBP home

0:48:40.320 --> 0:48:43.680
<v Speaker 8>app and leave now, you could be allowed to return legally.

0:48:44.040 --> 0:48:48.800
<v Speaker 8>Do what's right. Leave now. Under President Trump, America's laws,

0:48:48.960 --> 0:48:51.400
<v Speaker 8>border and families will be protected.

0:48:51.480 --> 0:48:53.640
<v Speaker 2>Sponsored by the United States Department of Homeland Security,