Executive Summary
My First Million episode 783 in which Shaan Puri is the guest, interviewed by his former intern Walter about quitting a 120K a year job in his 20s to become, in his words, strategically broke. Shaan says he left a boring job after a month and a half to work on a sushi restaurant idea with two friends who split a 25,000 dollar prize, chose to be rich in time, adventure and learning instead of money, and says he is quick to reverse bad decisions. He says fear underlies most of what holds people back, and tells a Tony Robbins event story about a Simon Says game to argue that most people are not serious. Chapters in the description also cover how to get what you actually want, the most important voice in your life, selling his company to Twitch and Amazon, and the idea that you cannot run an A/B test on life. Sponsors named in the description: HubSpot, Somewhere, Mercury and Beehiiv. PARTIAL COVERAGE: the captions cover the early chapters through the not serious segment in detail, while later chapters are named by title only. All views are Shaan's own and are not independently checked. Nothing here is financial, career, legal or medical advice.
Key Takeaways
Quit a 120K job
Shaan says he took a 120,000 dollar a year job in a boring industry and quit after about a month and a half.
Strategically broke
He says he and two friends lived on a 25,000 dollar prize, about 8,000 each for a year, and called it strategically broke.
Rich in other ways
He says he chose to be time rich, adventure rich and learning rich instead of money rich.
Learning by doing
He says the sushi plan taught him restaurant operations, margins, a P&L, pitching investors and lease negotiation.
Reverse bad decisions
He says he does not make great decisions but makes great reversals, and does not linger once he sees a mistake.
Fear holds people back
He says fear of rejection, embarrassment and failure is underneath what holds people back, and why people do not reverse decisions.
Most people are not serious
He tells a Simon Says story at a Tony Robbins event to argue that the real competition is often only the few who truly believe.
The Conversation Breakdown
Quit a 120K job
⏱ Untimed topicShaan says he took a 120,000 dollar a year job in a boring industry and quit after about a month and a half.
Strategically broke
⏱ Untimed topicHe says he and two friends lived on a 25,000 dollar prize, about 8,000 each for a year, and called it strategically broke.
Rich in other ways
⏱ Untimed topicHe says he chose to be time rich, adventure rich and learning rich instead of money rich.
Learning by doing
⏱ Untimed topicHe says the sushi plan taught him restaurant operations, margins, a P&L, pitching investors and lease negotiation.
Reverse bad decisions
⏱ Untimed topicHe says he does not make great decisions but makes great reversals, and does not linger once he sees a mistake.
Fear holds people back
⏱ Untimed topicHe says fear of rejection, embarrassment and failure is underneath what holds people back, and why people do not reverse decisions.
Most people are not serious
⏱ Untimed topicHe tells a Simon Says story at a Tony Robbins event to argue that the real competition is often only the few who truly believe.
Core Frameworks & Ideas
Money rich, time poor - Shaan's lens
Compare what you are rich and poor in before choosing a path.
Reverse fast - Shaan's decision rule
Cut bad decisions quickly once you see them.
Are you serious? - Shaan's test
Ask whether you are really trying, since most people are not.
Actionable Next Steps
- ✓List what you are rich and poor in right now: money, time, learning, adventure.
- ✓Name one decision you are lingering in and decide to keep or reverse it.
- ✓Ask what fear sits under a thing you are avoiding.
- ✓Treat Shaan's career story as his own, not career or financial advice.
Notable Quotes
“I make great reversals of decisions”
“I'm going to be learning rich”
“fear is what holds people back”
The One Thing to Remember
Shaan Puri says that after quitting a 120K job to be strategically broke, he learned to reverse bad decisions fast, that fear holds people back, and that most people are simply not serious.