Speaker 1: All right, guys, readings and salutations, Welcome back Episode seven,
Speaker 1: Lead your podcasts. We're back earn your Lesion podcast. Thank
Speaker 1: you for your support, your encouraging words. Thank you for
Speaker 1: riding with us throughout this journey of ours. So, Troy, yeah, man,
Speaker 1: we gotta we gotta talk about some real issues person.
Speaker 2: Yeah man, a personal issue for me and for millions
Speaker 2: of Americans about forty five million of us to be
Speaker 2: exact student loan that it is a trillion dollar problem
Speaker 2: in America. I think it is the second not even
Speaker 2: I think, I know it is the second highest gross
Speaker 2: of debt in America, only to mortgage debt. And you know,
Speaker 2: we spoke about the wealth gap and how important having
Speaker 2: a mortgage is and having homes are. But something is
Speaker 2: going to be combating that now in the future if
Speaker 2: something doesn't change, and that's student loan debt. So there
Speaker 2: are some negative effects that it has long term and
Speaker 2: short term, and we're going to talk about some ways
Speaker 2: that we well, not we in the sense, but the
Speaker 2: government is proposing to change that.
Speaker 1: Yeah. So something came out recently, right, It's what happened.
Speaker 2: So we had a report that the Senate is thinking
Speaker 2: of a way to have employers pay for student loan debt.
Speaker 2: So right now, they do reimburse people who are going
Speaker 2: to school, so they reverse you for tuition, and that
Speaker 2: is pretty standard in some fields of employeing. But having
Speaker 2: the debt paid is something that will be very new.
Speaker 2: And what they're saying is that employers can match up
Speaker 2: to five thousand dollars in student loan debt for their employees.
Speaker 2: It'll be an incentive for people to take jobs and
Speaker 2: it will help burden that that that is pretty much
Speaker 2: crushing people, Like the average person has thirty six thousand.
Speaker 1: Mean, what exactly you're going to happen?
Speaker 2: So employers, right like if I want to get a job,
Speaker 2: Let's say I'm a teacher and I want to get
Speaker 2: a job at a school, and one of the things
Speaker 2: I ask the employer or the school district is do
Speaker 2: you guys reimburse for student loan debt tuition? Right now,
Speaker 2: that isn't in place, but there are proposals that could
Speaker 2: do that, and if it passes, they can reimburse up
Speaker 2: to five thousand, So they're not going to pay your
Speaker 2: entire payment because I think the average person this is
Speaker 2: the study showed that the average person spends more on
Speaker 2: their student loan debt than they do on their monthly groceries,
Speaker 2: which is like crazy, Like people have to pay more
Speaker 2: in debt than they are eating, which is like ridiculous.
Speaker 2: But they'll pay a percentage of it. So even if
Speaker 2: let's say your student loan payment is seven hundred dollars, right,
Speaker 2: which is kind of meeting in this day and age,
Speaker 2: the employer can say we'll pay two hundred dollars of that,
Speaker 2: and they'll do that as long as you're with the company.
Speaker 1: So will that be deducted from your salary.
Speaker 2: No, it's not. It's actually the employee gets a tax benefit.
Speaker 1: The employer gets a tax benefit to paying off your
Speaker 1: student loan.
Speaker 2: Absolutely. It's just like when they do tuition reibursement, Like
Speaker 2: people don't know that the employers write that off as
Speaker 2: a tax deduction. Okay, yeah, So like that's a new
Speaker 2: proposal that could happen. We'll see because if we don't
Speaker 2: figure something out right, people's lives are being delayed. So
Speaker 2: like when people come out of college, and it should
Speaker 2: be a celebratory time, right, we go to school four
Speaker 2: or five years, we get our bachelor's degree, and in
Speaker 2: most situations. Now we have to go further and get
Speaker 2: our master's degree. It's we should be celebrating that. But
Speaker 2: what they people don't realize is that in six months,
Speaker 2: government's going to come knocking, right, we need you to
Speaker 2: start repaying. And the problem is that when people come
Speaker 2: out of school and they amass so much debt, like
Speaker 2: if they go to a top line school, it could
Speaker 2: be two hundred thousand dollars that they owe after they finished,
Speaker 2: you know, with their school. How are they going to
Speaker 2: repay that? Because you have to come out of school
Speaker 2: and then find a job that can support you and
Speaker 2: then also pay back. So what you see is that
Speaker 2: a lot of people, a lot of millennials are living
Speaker 2: at home longer. They're not having the money to save
Speaker 2: to buy a house. You see more people renting, and
Speaker 2: you see people's credits being damaged. That's one of the
Speaker 2: parts that a lot of people don't really understand is
Speaker 2: that when you defer on those student loan payments, right,
Speaker 2: they put you into a firma for about six to
Speaker 2: twelve months at best, and then right after that if
Speaker 2: you don't pay, it affects your credit. So now let's
Speaker 2: go further, like if you don't have the credit score. Now,
Speaker 2: when you try to apply for apartment, one of the
Speaker 2: things they check is your credit. Some jobs, when you
Speaker 2: apply they check your credit. When you try to get
Speaker 2: a home, of course they're going to check your credit.
Speaker 2: And a lot of people are being completely hampered by
Speaker 2: it because they can't afford to pay the the debt,
Speaker 2: and now long term they won't be able to come
Speaker 2: out from the effects of not being able to pay it.
Speaker 2: So it's like a domino effect of things that are
Speaker 2: happening because of this debt.
Speaker 1: Okay, all right, So actually, if I don't know if
Speaker 1: people remember, but if you follow my Instagram, I wrote
Speaker 1: a report about an interesting story in regards to student
Speaker 1: loan forgiveness a few months ago. So in December, the
Speaker 1: Department of Education announced it was going to cancel thousands
Speaker 1: of debts for teachers who had grants turned into loans. Right, so, okay,
Speaker 1: here's the bad story on it. Teachers that are aspiring
Speaker 1: teachers were given grants to go to college. Right then.
Speaker 1: The thing was that you had to work in a
Speaker 1: low income school district for four years after you were
Speaker 1: done with college. Right then, if you worked in the
Speaker 1: school district four years after you were done with college.
Speaker 1: Then you didn't have to pay the grand back. It
Speaker 1: was a grant, right. The problem is that it was
Speaker 1: all kinds of red tape involved, where you had to
Speaker 1: certify every single year with the Department of Education by
Speaker 1: sending in I believe like forms, and if you were
Speaker 1: like one day late on the form, then your grant
Speaker 1: turned into a loan, and then you had to get
Speaker 1: the letter I think signed by a principle. But it
Speaker 1: was during the summertime, so a lot of schools were
Speaker 1: closed and it was hard to find administrators, and then
Speaker 1: people moved, and then their addresses wasn't updated properly so
Speaker 1: that they never actually got the letter in the mail.
Speaker 1: So what ended up happening is that thousands of inner
Speaker 1: city teachers had their grants turned into high interest loans.
Speaker 1: Not only loans, but high interest loans, and overnight they
Speaker 1: were crippled with tons of debt that they didn't know about.
Speaker 1: So they might have took a grant, They might had
Speaker 1: a grant for fifty thousand dollars and they thought that,
Speaker 1: you know, it was all good, and they find out
Speaker 1: that now they're fifty thousand dollars of Debt. So a
Speaker 1: good friend of ours, a friend of the show. She'll
Speaker 1: be on the show soon, hopefully. Valencia Clay So she's
Speaker 1: a superstar teacher out of Baltimore. Her name is Valencia Understore,
Speaker 1: Valencia on Instagram. Everybody probably follows her, everybody knows her.
Speaker 1: So she's the one that actually told me to write
Speaker 1: this story because it happened to her personally right where
Speaker 1: it affected her where I think she was trying to
Speaker 1: buy a home and she didn't know that her credit
Speaker 1: was affected and they say, your credit is real low,
Speaker 1: and she's like, what happened? And then she found out
Speaker 1: that her grant turned into a loan and she was
Speaker 1: behind on her loan payments. So that happened to thousands
Speaker 1: of inner city teachers. It's very unfortunate situation, absolutely, and
Speaker 1: now I guess it's something that they're trying to rectify
Speaker 1: by saying that they forgiving a lot of loans because
Speaker 1: so there are a.
Speaker 2: Few loan forgiveness programs, like I was a beneficiary of
Speaker 2: a teacher forgiveness loan.
Speaker 1: So you were an inner city teacher.
Speaker 2: Yes, for eight years? Eight years you.
Speaker 1: Taught in the Bronx.
Speaker 2: Absolutely right, yep, so part of the loan, and people
Speaker 2: have to do their research because there are a lot
Speaker 2: of programs that are being offered to have loan forgiveness
Speaker 2: depending on what career you're in. So for me, like
Speaker 2: you said, it was the teacher loan forgiveness and some
Speaker 2: of the sipulations where you had to work in an
Speaker 2: inner city school a Title I school for five years
Speaker 2: and based on what you were teaching, so if it
Speaker 2: was math or science, you could be granted a certain
Speaker 2: amount of money, or if it was social studies or English.
Speaker 2: Here it was a certain amount of money. But I
Speaker 2: argued like, hey, if I do science right, well what's
Speaker 2: the different We're all teaching right, So the max you
Speaker 2: could get with seventeen five hundred. So I was I
Speaker 2: was granted that, which was great and it helped a lot.
Speaker 2: But there's another loan forgiveness program which is called the
Speaker 2: Public Service Loan, and that goes for anybody who works
Speaker 2: in public service. So if you're a government agent, it's
Speaker 2: not a double agent government official, you could qualify for
Speaker 2: this loan if you're part of a five oh one
Speaker 2: three P program, or if you're obviously a teacher, you
Speaker 2: still qualified. The problem is that there are a lot
Speaker 2: of sipulations and some red tape. Like you said, so
Speaker 2: one of the things is you have to pay. I
Speaker 2: have one hundred and twenty consecutive payments. You can't miss
Speaker 2: a payments. So that's like ten years of payments you
Speaker 2: can't miss. And I thought I qualified for that, like
Speaker 2: I had paid my loans on time. I applied for
Speaker 2: this program, the Public Service loan, see the ten years
Speaker 2: or one hundred and twenty payments consecutive. And what I
Speaker 2: realized is that after I got no response from the government,
Speaker 2: it was like, this is weird. And then a report
Speaker 2: came out. They said that one percent of the forty
Speaker 2: five thousand people who applied for the public loans service
Speaker 2: on Public service forgiveness granted it. Yes, one applicants point
Speaker 2: it's like zero point eight yes, ladies and gentlemen, a
Speaker 2: government program where one of the applicants, yeah, were accepted. Yeah,
Speaker 2: because inside of not so. The one hundred and twenty
Speaker 2: consecutive payments is a thing. But what they don't tell
Speaker 2: you is like it has to be a specific type
Speaker 2: of payment pan it can't. It has to be like
Speaker 2: an income based one or one that they set where
Speaker 2: the interest is really high and you have to pay
Speaker 2: like seven hundred dollars a month or probably like my situation,
Speaker 2: I didn't leave college with a lot of debt.
Speaker 1: It's all kind of it's college, you know. The interesting
Speaker 1: thing about is that Google, ibm uh, Facebook, I believe
Speaker 1: a few other companies recently dropped the college requirement.
Speaker 2: Right.
Speaker 3: They're just taking kids right out of high school to
Speaker 3: be higher, right, So what do we need college?
Speaker 2: So it's tough, right as an educated like I'm going
Speaker 2: to say yes that at some point you will need
Speaker 2: some form of college or right, we can't leave them,
Speaker 2: or you have to learn a skill, right, And they've
Speaker 2: been taking that out of schools. Right. They used to
Speaker 2: have schools where you learn trades and you learn skills
Speaker 2: and you can carry on that into a profession, which
Speaker 2: is like kind of what you're saying with Google's doing.
Speaker 2: It's like, look, if we have kids who have an
Speaker 2: interest and they are advanced at.
Speaker 1: If you know how to code, you don't need it.
Speaker 1: You don't.
Speaker 2: We're going to go straight and we'll teach you on
Speaker 2: the job. But you have to know how to code, right,
Speaker 2: And a lot of schools are offering that now at
Speaker 2: high school and at the elementary levels. So if they're
Speaker 2: not going to go to college, then yeah, there are
Speaker 2: some careers that they can do. And that's one of
Speaker 2: the things that we talk about in our summer program is, Hey,
Speaker 2: everybody's not going to go and the way that this
Speaker 2: is looking is from a court perspective, this may not
Speaker 2: be the best option for you. So we have to
Speaker 2: tell them about careers that they can do without a
Speaker 2: college degree. So some of the things that they can
Speaker 2: do are law enforcement. They can be a firefighter.
Speaker 1: I think you need a college degree to be a cop.
Speaker 2: No, I think you gotta go to academy.
Speaker 1: Each state is different. Yeah, so New York State, I
Speaker 1: think you have to have two year degree or two
Speaker 1: years so with something something not a four year Degreekay.
Speaker 2: Yeah, So you got firefighters, you have electricians, plumbers, there's.
Speaker 1: Plenty of HVA.
Speaker 2: There's plenty of careers that you can do with aut
Speaker 2: a college degree. Yes you do need training, and yes
Speaker 2: you do need licensing to do those careers, but you're
Speaker 2: not going to come out of those trainings with one
Speaker 2: hundred to two hundred thousand dollarsand death. I had a
Speaker 2: friend of mine.
Speaker 4: The other day, his son just got accepted to Ohio
Speaker 4: State for aviation full ride, and just for curiosity curiosity,
Speaker 4: I said, how much would that have cost you if
Speaker 4: he didn't get the full ride?
Speaker 2: You know number?
Speaker 1: How much?
Speaker 2: Three hundred thousand for four years at Ohio State? Three
Speaker 2: hundred thousand. So imagine the kid who doesn't have the
Speaker 2: full ride three hundred thousand and you're twenty one years old.
Speaker 2: What job is going to pay you the type of
Speaker 2: money that you can reimburse the government.
Speaker 3: With no job right So it's either you're gonn to
Speaker 3: pay a student loan or pay your rent at that point,
Speaker 3: and most times they just stay at home.
Speaker 2: People stay at home longer, like I said, So you
Speaker 2: got to choose. It's like, is this the best route,
Speaker 2: or can we go to schools that are going to
Speaker 2: cost less or like what New York is doing, you
Speaker 2: can go to school for free depending on your family's income.
Speaker 2: And one of the stipulations is that you have to work
Speaker 2: in the state in that field. So if you wanted
Speaker 2: to be a teacher again, in New York State they
Speaker 2: have their SELSIA program, that's what it's called. It's free
Speaker 2: state schools. The only thing I think, Like every state
Speaker 2: doesn't have like a SELSIA program, but New York State
Speaker 2: has adopted it, and that's great. Like if I would
Speaker 2: have had this CELSIA program, I walk out of school
Speaker 2: with nothing because I went to school in New York.
Speaker 2: I've worked only in New York for more than four years,
Speaker 2: my tuition would have been free. So hopefully some states
Speaker 2: start adopting policies like that, and if not, man, we're
Speaker 2: going to have a huge problem on I had. Like
Speaker 2: I said, right, it's a one point five trillion dollar
Speaker 2: problem now that only grows because tuition is only grow.
Speaker 1: Yes, yep, okay, well, and this is something that we
Speaker 1: need to talk about on the campaign trail and elections
Speaker 1: coming up, and I would urge everybody really, but especially
Speaker 1: young people and parents to make that something that you know,
Speaker 1: you hold your your elective officials accountable for because financial
Speaker 1: aid and student loans, these things are very important and
Speaker 1: it's a growing problem and it's only getting worse because
Speaker 1: the course of education is only going up.
Speaker 2: And the more you know, the better. Like I speak
Speaker 2: to parents, and I speak to you know, young teens
Speaker 2: all the time who have no idea about these things,
Speaker 2: like we when we have these sessions in the summer
Speaker 2: and the kids are like, wait, that's how much your
Speaker 2: gloss Like, yeah, that's what you're walking into. So just
Speaker 2: be prepared to know that and make sure that you
Speaker 2: do everything possible, whether it's grants or whether it's scholarships,
Speaker 2: so that you don't fall into this type of situation,
Speaker 2: right because thirty six thousand, that's the average. That's a lot. Man.
Speaker 1: Yeah, it is all right. Well there you have a
Speaker 1: student loans in a nutshell. Okay, So we talked about
Speaker 1: student loans and now we're going to talk about business.
Speaker 1: The world of business and business is a contact sport.
Speaker 1: I always say it's very competitive, right, So we haven't
Speaker 1: really had like a head to head competition case study yet.
Speaker 1: We did look at Rihanna and colleague Jenner's companies, but
Speaker 1: those we didn't really compare those two companies. But now
Speaker 1: we're going to do battle to titans, right, clash of
Speaker 1: two big companies, Uber and Lyft. So Uber and Lyft
Speaker 1: are both coming on the stock market soon. They are
Speaker 1: both what's called IPO and you ipo that's when you
Speaker 1: debut on the stock exchange, and they're very they're probably
Speaker 1: the two biggest talk of the town when it comes
Speaker 1: to Wall Street this year. Right, So, Uber and Lyft,
Speaker 1: we're going to look at them, We're going to kind
Speaker 1: of compare them, and then I have an interesting story.
Speaker 1: We both have interesting stories about Uber that probably a
Speaker 1: lot of people aren't fully aware of. So you want
Speaker 1: to start this.
Speaker 2: Off, Yeah, So let's just talk about the two differences
Speaker 2: of the differences between the two companies. So Uber both
Speaker 2: are ride sharing companies. Uber the much larger one. They're
Speaker 2: in fifty eight countries over three hundred cities. Lift smaller,
Speaker 2: they're in the forty six states in the United States
Speaker 2: and in Canada. Uber again it's larger, so it has
Speaker 2: more employees about twenty thousand compared to Lifts forty five hundred.
Speaker 2: And the valuation is the big difference, the big difference.
Speaker 2: So you got the valuation for Uber at seventy two
Speaker 2: to seventy six billion, and then you have Left at
Speaker 2: about fifteen billion. Now, when their IPO goes on the market,
Speaker 2: they said that, you know, those numbers are most likely
Speaker 2: to inflate when we have people invest in. So that's
Speaker 2: just on the service for those two. They differ again
Speaker 2: in their future innovations as well, so we have Uber. Obviously,
Speaker 2: they try to compete with each other, so when one
Speaker 2: company does something, the other one does the same. So
Speaker 2: they start out with having cars, but both companies Uber
Speaker 2: and Lyft have dabbled into the bike and scooter service business.
Speaker 2: I believe Uber bought the company Jump, which is a
Speaker 2: bike in scooter service, for about two hundred million, and
Speaker 2: Lift bought Motivate, which is another bike and scooter service,
Speaker 2: for about two hundred fifty minutes. So you can see
Speaker 2: like when one makes a move, the other one is
Speaker 2: trying to keep up. But then it kind of gets
Speaker 2: a little difficult for the Lift because obviously they don't
Speaker 2: have the same amount of employees. So Uber has a
Speaker 2: huge deal in twenty seventeen. Actually in twenty fourteen, they
Speaker 2: launched Uber Eats, which is huge, right, it's a delivery
Speaker 2: service for food. But they get their biggest sponsor in
Speaker 2: twenty seventeen, which is McDonald's. So McDonald's obviously world were
Speaker 2: now probably the large franchise in the world. Thanks, yeah,
Speaker 2: probably right, So they had a large franchise in the world.
Speaker 2: Uber Eat signs up with them, so Lift says, you know,
Speaker 2: let's let's try to get our own sponsor, and they
Speaker 2: signed Taco Bell. Taco Bell, so I've never eaten Taco Bell.
Speaker 1: I used to eat Taco Bell when I was in Hawaii.
Speaker 2: Yeah, so they get Taco Bell and they decide to
Speaker 2: have a campaign with it. So one of the things
Speaker 2: is like the coldest thing Taco Mode. And I'm not
Speaker 2: sure if anybody's ever used it, but Taco Mode was
Speaker 2: only available and Lyft from the hours of nine pm
Speaker 2: to two am, which is like, I think that's when
Speaker 2: college students are hungary, is right, So like you call
Speaker 2: your Lyft and you push Taco Mode and it takes
Speaker 2: you the lift takes you to the nearest Taco Bell.
Speaker 2: It is a complete failure. They tried it out. It
Speaker 2: was a complete failure. They dropped it, and they haven't
Speaker 2: got another sponsor as far as from the food. Another
Speaker 2: thing about their future is that they have some some
Speaker 2: things that Uber doesn't. And Uber has dealt with a
Speaker 2: lot of scandal lately. So they've been in the news
Speaker 2: for having the self driving cars that have failed.
Speaker 1: They had a lawsuit.
Speaker 2: They had a lawsuit of the car about a lawsuit.
Speaker 1: So Uber Waymo you ever heard of Waymo Before No,
Speaker 1: I'm pretty sure nobody has ever heard of Waymore, So
Speaker 1: we have to give you the backstory on this. Google,
Speaker 1: I'm pretty sure everybody has heard of Google. Right. Google
Speaker 1: and Uber have a very complicated relationship. Google was kind
Speaker 1: of Uber's big brother. It was like a big brother
Speaker 1: little brother relationship. Right. In twenty thirteen, Google invests two
Speaker 1: hundred and fifty eight million dollars into Uber, which gives
Speaker 1: them about six percent of the company, and the CEOs
Speaker 1: really like each other. They kick it off. Twenty fourteen,
Speaker 1: the CEO of Google takes a ride with the CEO
Speaker 1: of Uber and ubers knew they're trying to figure out
Speaker 1: how to make self driving cars. Right. The relationships sours
Speaker 1: the next year when Uber finds out that Google is
Speaker 1: putting money into self driving car technologies by developing a
Speaker 1: company named Waymo. Waymo is up is Google's self driving
Speaker 1: car technology company. They have a whole company devoted for
Speaker 1: self driving cars.
Speaker 2: It sounds like a pick your brain.
Speaker 1: Yeah, so Uber feels a way about this. So what
Speaker 1: Uber does is that they recruit Google's one of their
Speaker 1: top engineers at Wayne to come to work at Uber.
Speaker 1: Right and right after he comes they purchased a self
Speaker 1: driving car company. Forget the name of it, but it
Speaker 1: makes them five hundred million dollars in revenue. Google sues
Speaker 1: Uber because they said that the engineer stole twelve thousand
Speaker 1: files from Waimo to give the Uber right. So now
Speaker 1: they have a lawsuit where they're going back and forth
Speaker 1: between if it was inside information that was stolen and
Speaker 1: it's illegal.
Speaker 2: To do that.
Speaker 1: Uber so that they didn't do that. So long story short,
Speaker 1: they settled a lawsuit, I believe a few weeks ago,
Speaker 1: and they set up the lawsuit for zero point three
Speaker 1: four percent of the company. Uber settled it with Google
Speaker 1: and they gave Wayne Mo what we call thirty four
Speaker 1: basis points. Thirty four basis points is point three four
Speaker 1: thirty four percent of one percent of the company of Uber.
Speaker 1: It doesn't really sound like a lot, but that's roughly
Speaker 1: equal to two hundred and forty four million dollars. So
Speaker 1: they settled out of They settled it for two hundred
Speaker 1: and forty four million dollars. But they're still not admitting
Speaker 1: that they did anything wrong. So now you have Uber
Speaker 1: who is at odds with somebody that once was a
Speaker 1: major investor, was still invested in them and it's a.
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Speaker 1: Face for self driving cars. Right, there's a whole different conversation.
Speaker 1: But the self driving car, I don't know about saying, well,
Speaker 1: I'd rather trust a self driving car than a regular driver, right,
Speaker 1: if you think about it, computers are probably more efficient
Speaker 1: than people like, Look how many accidents there are in everything.
Speaker 2: I'm not sure driving a car.
Speaker 1: Okay, if you had it, if you had a computer
Speaker 1: like ib In Watson, do you think that you would
Speaker 1: trust them to do a calculation or would you trust.
Speaker 2: I would trust that that. I would like that.
Speaker 1: It's the same thing I.
Speaker 2: Trust myself more than the computer. It's driving a car.
Speaker 1: Well, the computers don't have distractions. They're not texting, they're
Speaker 1: not looking at what's going on in the road, they're
Speaker 1: not rubbernecking. Some people say it's actually a lot more
Speaker 1: safer to have carless driver list cars.
Speaker 2: I'm just yeah, I couldn't do it. I just personally
Speaker 2: couldn't do it. It's happening, Yeah, I know it's happening.
Speaker 1: And it's a race. It's a race who can do
Speaker 1: it first. Yes, it's a race to who can do
Speaker 1: it first. Elon Musk is involved with Tesla.
Speaker 2: Uber is involved, but they've also like so Tesla himself
Speaker 2: has had again so not scandal, but they've had some
Speaker 2: controversy with some of their cars malfunctioning some of their
Speaker 2: self driving.
Speaker 1: Of course, but how many cars malfunction regularly?
Speaker 2: Yeah, I mean people getting there's always going.
Speaker 1: To be one card. It's not like it's never gonna
Speaker 1: be one hundred percent.
Speaker 2: Perfect, right, you know, people getting accidents every day exactly,
Speaker 2: just true, exactly, And like you said, like there's gonna
Speaker 2: be less distractions. Obviously there won't be if there's self driving,
Speaker 2: there's not going to be any alcohol related accidents. So
Speaker 2: like you said, but I don't know, I just feel
Speaker 2: like the trust in myself over a computer, I would
Speaker 2: I'd have to learn how to do that.
Speaker 1: Well, we'll see. But it's interesting because now way Mo
Speaker 1: is at a disadvantage because they're behind in the technol
Speaker 1: Because now Uber people don't even people don't know that
Speaker 1: Uber invests so much money and they're already planning their
Speaker 1: next phase. It's one thing I do like about Uber.
Speaker 1: They are constantly reinventing themselves, right, So they're rides sharing
Speaker 1: company now, but they know that that space is crowded
Speaker 1: and there's a lot of competition, and then there's problems,
Speaker 1: political problems, stuff like that. So now they're already trying
Speaker 1: to reinvent themselves.
Speaker 2: The Uber eats, they got the food, the food delivery.
Speaker 1: Your delivery. Now they have they have drones, food delivery drones.
Speaker 2: And then they're investing in flying, so like they're thinking
Speaker 2: already like down the line, like we're going to have
Speaker 2: taxis that fly flying taxis.
Speaker 1: Yes, that's flying taxi. No, it's yes, flying taxis. And
Speaker 1: this that's what I'm saying. It's so crazy because Wayne Moo,
Speaker 1: nobody's heard of weaymo before. Google has a billion dollar
Speaker 1: company that nobody's heard of that is currently working on
Speaker 1: ways to change the way that we travel.
Speaker 2: That's pretty that's pretty crazy.
Speaker 1: It's interesting.
Speaker 2: So a part of the thing you said it like
Speaker 2: politically like things are changing too, And what's happening here
Speaker 2: in New York with Lyft and Uber is that they
Speaker 2: have changed the way that New York City travel looks. Right,
Speaker 2: we us It used to be yellow cabs that flooded
Speaker 2: the city and now it's Uber and Lyft, and the
Speaker 2: Taxi and Limousine Commission said, wait, they're taking away our business, right,
Speaker 2: we have one fourth of the inventory that they have. Right,
Speaker 2: people take their everyday cars and turn them into taxi services.
Speaker 2: So what they said was like, we're going to file
Speaker 2: a report and we're going to get to the bombs
Speaker 2: because we're losing drivers at an alarming rate. And what
Speaker 2: they did. What they found out was that the average
Speaker 2: Uber and Lyft drivers they were making like fourteen dollars
Speaker 2: an hour, which in New York City is not the
Speaker 2: minimum wage.
Speaker 1: The minimum wage is fifty fifteen dollars.
Speaker 2: So when they found that out, they were like Uber said, hey,
Speaker 2: we don't have to abide by the minimum wage because
Speaker 2: these employees. We don't have employees. We have independent contractors.
Speaker 1: Ten ninety nine independent contract.
Speaker 2: Right, So when they have an independent contractor, they don't
Speaker 2: have to by workplace laws like they don't have to
Speaker 2: abide by minimum wage and they don't have to buy
Speaker 2: over time and safe and healthy laws like you're an
Speaker 2: independent contractor, right, So that that changes the way that
Speaker 2: they look at the people who are working for them.
Speaker 2: So from that New York City obviously won the case.
Speaker 2: Mayor built a Vosia was part of that. Now the
Speaker 2: minimum wage it has to be fifteen dollars for Uber
Speaker 2: and Lyft drivers. But on top of it, and to
Speaker 2: combat the overflux of these cars, like they're trying to
Speaker 2: charge like tolls now to go into Lower Manhattan, they're saying, look,
Speaker 2: we're doing a pause, so for twelve months to start,
Speaker 2: I think in the summer this year, in twenty eighteen.
Speaker 2: For twelve months, they're not allowed to have any new
Speaker 2: licensed vehicles patrolling the streets of New York City. So,
Speaker 2: like in Manhattan, that might sound good, but if you
Speaker 2: live in the outer boroughs, like you might rely on
Speaker 2: those services and you can't have any more right now.
Speaker 1: Yes, yes, Well it's like I always say, you can't
Speaker 1: stop energy. I don't think that that's a fight that
Speaker 1: the city is going to win because Uber their groundbreaking.
Speaker 2: They're not going anywhere.
Speaker 1: It's groundbreaking, it's a groundbreaking idea, and it's disruptive, it's disruptive,
Speaker 1: and it's changed changed everything. So I think that their
Speaker 1: biggest competition will come from other companies like Lyft and
Speaker 1: other new companies that spawn up, which is I'm pretty
Speaker 1: sure they are aware of that, and which is why
Speaker 1: they are constantly reinventing themselves and adding new facets to
Speaker 1: their company. Neither Lift or Google It. Neither Lift or
Speaker 1: Uber is profitable, by the way, But it'll be interesting
Speaker 1: to see how you know, when the IPO I think
Speaker 1: that you know, obviously Lift is that disadvantage their smaller company.
Speaker 1: They have less, like you said, drivers, they have less revenue,
Speaker 1: they have less everything globally than newer But at one point,
Speaker 1: you know, my Space was bigger than Facebook. True, at
Speaker 1: one point Blockbuster was bigger than Netflix.
Speaker 2: Never never discount the underdogs.
Speaker 1: Just because somebody's number one right now does not mean
Speaker 1: that they're going to be number one forether. So it'll
Speaker 1: you know, be entertaining to watch to see how did
Speaker 1: some play, how did some folds, Whether you know, they
Speaker 1: get brought by a company, whether they take each other over,
Speaker 1: whether they both succeed, who knows, but everybody.
Speaker 2: It might be a third party that comes in.
Speaker 1: Who knows, it might be a whole completely different new
Speaker 1: company that comes in. So all right, well, we will
Speaker 1: follow it. We will look to see what happens and
Speaker 1: when the I p os we definitely will have a
Speaker 1: follow up on both of them.
Speaker 2: All right, ladies and gentlemen, it is now storytime.
Speaker 8: Here's a little story that must be Listen up, gangsters
Speaker 8: and honeys, with your head done the best story.
Speaker 2: Tell us stuff now, right, pray downs gray us.
Speaker 1: Okay, So, boys and girls, today's story. This episode's story
Speaker 1: will be on Airbnb.
Speaker 2: Airbnb Airbnb. Man. Amazing story.
Speaker 1: Phenomenal, phenomenal story. So I'll started off in two thousand
Speaker 1: and seven, right, Joe gad Drabbi Gebbia and Brian Sheesky.
Speaker 1: They were both twenty seven at the time, right, and
Speaker 1: they lived in San Francisco. If anybody's not familiar, San Francisco,
Speaker 1: I believe is the most expensive place to live in America,
Speaker 1: highest real estate. I'm pretty sure. I'm pretty sure. No,
Speaker 1: I think it's more explored than that. Yeah, I'm pretty
Speaker 1: sure it is. So they were struggling to pay rent, right,
Speaker 1: you know, twenty seven year olds stretch out of college, struggling.
Speaker 1: So they live together. They have like a two bedroom apartment.
Speaker 1: I as soon and it was a big conference coming
Speaker 1: up in the City of Design conference.
Speaker 2: So they both come from the Rhode Island School of Design.
Speaker 2: So there was a design conference coming and they were
Speaker 2: playing on attendance.
Speaker 1: Yeah, so all the hotels in the city were booked.
Speaker 1: Because if anybody familiar with San Francisco, San Franciscoco is
Speaker 1: a very small city. That's why our real estate is
Speaker 1: so expensive in San Francisco because it's very small. Obviously
Speaker 1: you have to look on valley nearby and tech industry.
Speaker 1: So it's a couple of different things that makes Simrancisco
Speaker 1: so expensive. It's very small, and you're surrounded by the
Speaker 1: tech industry, which billionaires all around, so land is very scarce.
Speaker 1: So all the hotels in the city were booked, right,
Speaker 1: So they have the bright idea to rent out their
Speaker 1: living room for people that are looking for hotels. They
Speaker 1: know people are coming into the city and that they're
Speaker 1: not going to have anywhere to stay.
Speaker 2: Yeah. I think Joe sends an email to Brian like, hey,
Speaker 2: I have this idea, and he shows it that a
Speaker 2: lot of his press commas is I have this idea. Yeah,
Speaker 2: you know what, there's no more city, there's no more
Speaker 2: hotels in the city, there's no more rooms. We got something.
Speaker 1: So they want to put three airbeds in their living
Speaker 1: room on the floor and they are gonna cook their
Speaker 1: guest breakfast.
Speaker 2: Right, so we're gonna rent the space. We have some
Speaker 2: space in the living room, three air mattresses. Not only
Speaker 2: we're gonna let people rent that, but like you said,
Speaker 2: we're gonna make breakfast for them.
Speaker 1: So the next day they launched a website. The website
Speaker 1: is called air Bed and Breakfast dot com because they
Speaker 1: give you an airbed and breakfast, because they're gonna make
Speaker 1: you breakfast airbed and breakfast, hence the name Airbnb, but
Speaker 1: at first it was called airbed and Breakfast dot com, right,
Speaker 1: So from there they a few weeks later they actually
Speaker 1: get three people to come and I think they charged
Speaker 1: them eighty dollars a night person. Yeah right, and it
Speaker 1: worked out for them. And then next year is when
Speaker 1: they really take off because now they have an idea,
Speaker 1: they have a business model, we have a website.
Speaker 2: Before they get to the next year, like they're broke.
Speaker 2: Oh that it broke, so like that conference came in
Speaker 2: the left and they still can't pay the rent. So
Speaker 2: what they did is they took out as many credit
Speaker 2: cards as they could. I think he tells a story
Speaker 2: where he has well he remember he used to have
Speaker 2: trading cards and you slip them in. He had a
Speaker 2: trading card book, but it was just credit cards. And
Speaker 2: I think they accumulated like fifteen thousand dollars in credit
Speaker 2: card debt each just to they couldn't take out any
Speaker 2: more cash advances on their credit card.
Speaker 1: Cash advances powerful tool, very dangerous tools.
Speaker 2: We have some stories on them.
Speaker 1: Yes, that's a different story. Okay. So next year, two
Speaker 1: thousand and eight, there's a senator that is the talk
Speaker 1: of politics. His name is Barack Obama, right, so it
Speaker 1: is he's running for president the first time, obviously, and
Speaker 1: there's the Democratic National Convention, which is held in Denver, Colorado.
Speaker 1: So they gear up for the Democratic National Convention.
Speaker 2: Yeah, they got another idea.
Speaker 1: They can today saying, okay, this is a perfect I
Speaker 1: think eighty thousand people were going to come into Denver
Speaker 1: and there's not gonna be enough hotels, very similar to
Speaker 1: what they did in San Francisco, but now they want
Speaker 1: to scale it. So they want to recruit other people
Speaker 1: to rent their apartments, re rent their homes, and then
Speaker 1: they get a portion of that and they'll broker it
Speaker 1: for them.
Speaker 2: And yeah, the idea was like we're going to find
Speaker 2: Obama supporters in Denver to open up their homes for
Speaker 2: other Obama supporters.
Speaker 1: Think you had eight hundred listings they were able to
Speaker 1: find it. Yeah, eight hundred homes and it was great.
Speaker 1: They made some money, they made it. They made a
Speaker 1: little bit of money.
Speaker 2: Yeah, some money. Yeah, not enough, not enough. Yeah. So
Speaker 2: they still even after the convention, they're still broke.
Speaker 1: No, no, before the convention is over, before the convention
Speaker 1: is over. Leading up to it, they have eight hundred
Speaker 1: homes and apartments that they were able to get people
Speaker 1: to rent, but they still didn't really make any money, right,
Speaker 1: I don't know why. I guess it just wasn't profitable
Speaker 1: for whatever reasons. So now they go to the convention
Speaker 1: and they have the bright idea as a marketing tool,
Speaker 1: and they didn't really do this to make money. They
Speaker 1: did this as a marketing tool to make cereal limited
Speaker 1: boxes of cereal. They have the Obama os and the
Speaker 1: Captain McCain cereal.
Speaker 2: So the it ties into what they do, Right, we're
Speaker 2: going to give you the room, and how are we
Speaker 2: going to make breakfast now for you? Because the original
Speaker 2: thing is like you'll get the room and we'll provide
Speaker 2: breakfast but.
Speaker 1: This was more of a pr store.
Speaker 2: Yeah. No, but so he says it in some of
Speaker 2: his speeches. He's like, look, we had to figure out
Speaker 2: how we're going to scale breakfast, So are we going
Speaker 2: to put eggs and ship it to people? No, We're
Speaker 2: going to make cereal. So what they did, like I
Speaker 2: think Joe Gobia does, is he goes to like the
Speaker 2: cheapest places he can find cereal. So he goes to
Speaker 2: like dollar stores and buy cereal, and they press up
Speaker 2: these pictures. They go to an architect like, hey, we
Speaker 2: need you to draw this picture. So they have Obama
Speaker 2: and they have McCain on the cereal box and they
Speaker 2: make it limited.
Speaker 1: Edition, limited edition.
Speaker 2: Yeah, and each box has like the numbers, so if
Speaker 2: you bought one, you know that you have four out
Speaker 2: of five hundred. Because I think they only did one
Speaker 2: thousand buses. I think it was eight hundred one thousand
Speaker 2: boxes each. Each candidate got five hundred boxes, so they
Speaker 2: put like like four out of two hundred or five
Speaker 2: out of two hundred, so everybody had a limited number
Speaker 2: on their box. Okay, the brilliant thing is that we
Speaker 2: know boxes of cereal of course, like four dollars at
Speaker 2: the most sometimes a little bit more of super size.
Speaker 2: They charged four dollars for the.
Speaker 1: Box and they made thirty thousand dollars, So they made
Speaker 1: thirty thousand dollars off cereal and that was enough to
Speaker 1: propel them next year going forward where they finally got
Speaker 1: the business off the ground, off and running, and then
Speaker 1: they were able to get substantial amount of money from
Speaker 1: an angel investor, some seed money, some seed money. Then
Speaker 1: in twenty eleven they get even more money from Ashton
Speaker 1: Kusher legend. People don't He's made.
Speaker 2: Some brilliant moves.
Speaker 1: People don't even remember him.
Speaker 2: Was it Pumped?
Speaker 1: Was that the show punk?
Speaker 2: I think that's what that the seventies show?
Speaker 1: First, the seventy show Punked. He had this movie called
Speaker 1: The Butterfly Effect.
Speaker 3: I was just yeah, that was That was a decent movie.
Speaker 3: And then he married the Jimmy Moore. Right, he was
Speaker 3: married to Demi.
Speaker 2: Moore and now he's married to Melakunis.
Speaker 1: Okay, Ashton Cusher. Not to get off topic here, but
Speaker 1: the guys a genius RIGHTOD movies, he's angel investor, He's
Speaker 1: a Hollywood A list celebrity who, at the peak of
Speaker 1: his career decides to switch his focus and become an
Speaker 1: investor in tech companies. Some of the companies that he
Speaker 1: invested in early Spotify, Airbnb, Uber, Twitter, and now Ripple
Speaker 1: Yes cryptocurrency. Ripple So Aston Kusha comes in twenty eleven,
Speaker 1: gives them money.
Speaker 2: And then.
Speaker 1: They skyrocket skyrocket, right.
Speaker 2: It gives them money to hire more staffing. They go
Speaker 2: staffing the United States to now Europe. Officers become global Global.
Speaker 1: Their current valuation is thirty eight billion dollars.
Speaker 2: Wow, yeah, I think so. They're both founders. It's three
Speaker 2: act founders. They're each worth four billion dollars four billion.
Speaker 2: They're under forty years old.
Speaker 1: Ye, thirty eight billion dollar valuation. The reason why I
Speaker 1: like this story is because it highlights if you are
Speaker 1: an entrepreneur, you have to do whatever you have to do.
Speaker 1: You have to hustle at all courts. Right. So they're
Speaker 1: starting an idea to put air mattresses in their living
Speaker 1: room and they make people breakfast.
Speaker 2: Nobody believed in them, like they took this to Silicon
Speaker 2: Valley and had twenty investors.
Speaker 1: No, it's laughable if you take if you think about it, right,
Speaker 1: you're putting three air mattresses in your living room and
Speaker 1: you're gonna make people breakfast, and you're gonna name the
Speaker 1: company airbed and Breakfast.
Speaker 2: They said. They laughed at they. That's not a joe.
Speaker 2: They laughed at them, and they said, this is never
Speaker 2: gonna work. They had twenty investors. Ten of them didn't
Speaker 2: respond to their emails, five of them met with them,
Speaker 2: and the other five sat down and had a ten
Speaker 2: minute conversation. All of them said no, none of them
Speaker 2: believed in.
Speaker 1: It, and then right nobody believed in it. And then
Speaker 1: when all else fails, they realize that they have to
Speaker 1: go to plan B and they sell cereal.
Speaker 2: And that's what gets the money from the seat investors.
Speaker 2: They're like, if you can sell cereal to people at
Speaker 2: four hours a box, you must be on something.
Speaker 1: If one hustle isn't working, you gotta switch.
Speaker 2: It, right. He said that his mom would call him like, wait,
Speaker 2: I thought you guys were a chain of like hotel services.
Speaker 2: Like you're selling cereal, nount here a food company.
Speaker 3: You know, So whatever we have to do to get
Speaker 3: this money, whatever by any means necessary.
Speaker 2: Yeah, But it didn't. Like I said, it didn't work
Speaker 2: at first, and they had to go to the drawing
Speaker 2: board and one of the things they said they met
Speaker 2: an investor and he was like, go meet your people,
Speaker 2: And what that really meant was like, why isn't it working?
Speaker 2: And they found out that when they went to some
Speaker 2: of the places that they were listing, they realized that
Speaker 2: the people weren't taking great pictures. It wasn't displaying the
Speaker 2: homes like they should. So they said they went to
Speaker 2: New York and they went to Manhattan and Brooklyn and
Speaker 2: they went to each listing and said, look, here's the
Speaker 2: camera I want you to use when you take these pictures.
Speaker 1: And from that moment, and it's important too, because you know,
Speaker 1: when we say all right, we give you guys these
Speaker 1: case studies. So when you go to business school, Harvard, yeah, whatever,
Speaker 1: top business school, boarding, they go through case studies, right,
Speaker 1: and it's entertaining stories, but it's more so it's education. Right.
Speaker 1: We're not just giving you these case studies just to
Speaker 1: entertain you. Hopefully you can learn something from it and
Speaker 1: implement it in your business, whether you sell t shirts,
Speaker 1: whether you're a barber, whatever, you can learn from other
Speaker 1: people's success stories and figure out a way how you
Speaker 1: can copy what they have done. Right, there's nothing wrong
Speaker 1: with it okay what they have done or inspire you
Speaker 1: or gain some type of insight. So I just want
Speaker 1: to leave that because you know, we give a lot
Speaker 1: of these stories and they are entertaining, but it's not
Speaker 1: just a bedtime story. It's for actual action, like to
Speaker 1: take action, to leave some inspiration. So hopefully that story,
Speaker 1: to me at very least is a very inspirational story
Speaker 1: for a few different reasons. But I just feel that
Speaker 1: stories like that really, you know, give you the push
Speaker 1: to keep going because it's not going to be easy
Speaker 1: in any type of business that you do.
Speaker 2: Two thousand and seven, nobody believes in them. Two thousand
Speaker 2: and sixteen, they become the official sponsor of the Summer Olympics.
Speaker 2: Like this brand that nobody believed in. So like that,
Speaker 2: that's to.
Speaker 3: Tell you, like, just be persistent from thirty believing itself
Speaker 3: from broke to thirty thousand cereos to thirty eight billion
Speaker 3: valuation in ten years.
Speaker 2: And anybody can do that. Yes, anybody can be a host.
Speaker 2: So it's like if you have space, like anybody, it's.
Speaker 1: It's disruptive idea. They disrupted the hotel industry, which was
Speaker 1: the same for one hundred years, so if you want
Speaker 1: to find the next big thing, see what hasn't been
Speaker 1: changed in the last hundred years and find a way
Speaker 1: to disrupt that.
Speaker 2: And look across, look across, like the people around you
Speaker 2: might be able to help you.
Speaker 1: Yep, right, that's another lesson.
Speaker 2: He reached out to his friend who's from the same
Speaker 2: design school. He reached out to another friend that was
Speaker 2: a web developer. That's how they got the site up.
Speaker 2: And then the person who gives them to seed money
Speaker 2: actually came from came from the Rhode Island School Design.
Speaker 2: He was like, wait, let me at least have a
Speaker 2: meeting with these guys since they came from our school.
Speaker 2: And that's how it starts. Man Reach Across, Man Reach across.
Speaker 1: Okay, well, before we leave, we have some exciting news.
Speaker 2: Yeah, so we are again on YouTube, which we announced
Speaker 2: on the last episode, but now we have our merch
Speaker 2: up on earnier Leisure dot com, so we have some
Speaker 2: some some cool ideas that are up there, so you know,
Speaker 2: feel free to support. We also have our Patreon app
Speaker 2: which is going to be provided some exclusive and behind
Speaker 2: the scenes content and also some other features that we
Speaker 2: thought that would help people. By requests pretty much people
Speaker 2: have been asking some things, and yeah, we thought we
Speaker 2: felt like Patreon would be a good avenue to address
Speaker 2: some of those topics.
Speaker 1: Patreon is something that we're definitely excited about, something that
Speaker 1: we've been working on. So, you know, we give a
Speaker 1: lot of free game for you long time my Instagram page.
Speaker 1: Two years we do. We do the podcast, so a
Speaker 1: lot of time people have even more questions or they
Speaker 1: want like kind of like mentorship, pick business coaching, or
Speaker 1: pick my brain or just even stuff with the podcast.
Speaker 1: We talked probably about an hour after the podcast is
Speaker 1: over with, were just going to end depth stuff so
Speaker 1: you guys be able to see it when you're going in.
Speaker 1: But that's all the extra bonus features and all of
Speaker 1: that stuff will be laid out in our Patreon. All
Speaker 1: of the links will be on our website and uh yeah,
Speaker 1: YouTube the merch the merchant Dope too. I'm not just
Speaker 1: saying that because I'm involved with it. It's actually very
Speaker 1: creative and you know what, it gives a good message
Speaker 1: for financial literacy, and it gives good you know, inspirational
Speaker 1: quotes and things of that nature. So I think that that.
Speaker 2: Especially in our cultures, like that's one of the things
Speaker 2: we notice is that people will look at what you're
Speaker 2: wearing for So if they're gonna look, we might as
Speaker 2: well have.
Speaker 1: A message and say something exactly so you know, that's
Speaker 1: what we're doing. We're just pushing positivity. Thank you guys
Speaker 1: for supporting us. Thank you guys for rocking on us.
Speaker 1: Don't forget to subscribe to our YouTube channel and also
Speaker 1: turn on our notifications. Also for Instagram as well. Also
Speaker 1: for iTunes, subscribe. I know you guys are listening to iTunes.
Speaker 1: We're not just on iTunes. That's another thing to people.
Speaker 1: We're on Spotify, We're on Google Podcasts, We're on Podbeam,
Speaker 1: We're on Anchor, We're on I watch.
Speaker 2: You everywhere you listed all the time.
Speaker 1: So all right, guys, we will see you next week. Peace.
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