Neer Sharma

speaker

92 appearances 1 recordings 1 series first heard Jul 2024 last heard Jul 2024

Neer Sharma’s voice in public audio — every appearance, attributed to the second.

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The Startup Ideas Podcast · I can't believe he gave away these $1M+/year startup ideas · 10 Jul 2024 podcast

dopamine hit from being like, no, I'm not going to spend that 20 pounds. Instead, I'm going to save that 20 pounds by not spending it. And then what I'd really want to do from there is build up this balance of money that you haven't spent. And that is money that could, in theory, then be invested in an index tracker fund. And what is also interesting about this

is the cost of the pizza is not 20 pounds, right? The cost of the pizza is that 20 pounds invested in the S&P 500 over 30 years. So I think there is, again, this like, I think there's two things. One thing is a viral moment from just having how much money have you decided to not spend and how much is that money worth?

And secondly, from a monetization perspective, I'd really think about how do you create that link from the money you've saved to then money being actually invested in a Vanguard fund? Are there affiliate revenues that could be generated from being like lead gen for Vanguard or whoever else there is.

And I think just on top of that, I think there's a number of different movements that where anti-spend would actually be kind of interesting. So I think there's the fire movement, first of all. Secondly, I think there's like an environmental movement of people trying to actively consume less, spend less. So if you go on TikTok, there are people who do a lot of these no spend challenges.

So like, I'm not going to spend money on new clothes this week, or I'm not going to spend money on anything this week. So I think there is... this combination of people either trying to save money or trying to veer away from like excessive consumerism or just trying to protect the planet where actually something like this and tracking that behavior would maybe be kind of interesting.

But yeah, curious to get your thoughts.

Yeah, that's a really good point. And I think part of the motivation for doing it is trying to alter behavior, which makes it way harder to do. And I think one thing I was thinking about, which is semi-related, was I was thinking about Apple Pay. and how Apple Pay is very much the way that I'm making a lot of these purchases.

And I was thinking about Opal, the app that is about reducing screen time and stuff. I was thinking about what does an Opal look like for making payments with your iPhone? Because on the iPhone, you know, you're tracking like all of the payments you're making with Apple Pay. You know, is there a way of just accumulate, like consolidating all the data

And even just doing things like, are you sure you want to make that purchase? Or can you set a hard limit on your Apple Pay? Like, you know, I just want to have a £10 budget. You know, I don't want to spend more than £10 with Apple Pay on like thoughtless purchases. So set that hard limit. And then when you hit that limit,

There's like a notification being like, are you sure you want to make that purchase? Are you sure you want to make that purchase? Or take a minute to decide if you want to, which maybe is a little bit more, I wouldn't say necessarily downstream, but if there is that motivation to be like, hey, I want to...

I want to control my spending, then, you know, you convert that high intention to an action, which is I'm going to set a daily budget. And then the app just continues to work in the background. Unlike the anti-spend app, which is every time you're about to make a purchase, you're swapping the app and adding, you know, the payments.

So I think there's maybe ways to make it a little bit less, yeah, a little bit less effort and more autopilot. Yeah.

Um, another idea, which again was related to it and going back to what we were discussing earlier, um, was, and this is not a really good business idea at all, but, um, I, uh, I was thinking about a, uh, if you did want to control your spending, like a Chrome extension that would basically show the true cost of the items on the checkout page. So the true cost of that, uh,

£10 sweater from Uniqlo is £10 invested in the S&P 500 over 30 years.

My next idea related to... The last few ideas are focusing on trying to create dopamine hits for doing something good or creating a friction when you're about to do something bad. And the other idea that I had that's kind of around that theme is an app called Cold Turkey. And I have a lot of friends who are trying to give up vaping.

And I was crawling through the subreddit on people trying to give up vaping. And there's a lot of... People find it really hard. People find it really tough to quit. And I saw people sharing screenshots of very much like habit-forming apps, the really kind of boring, stereotypical habit-forming app of, look at my four-day streak and look at this calendar of how many days I haven't vaped for. So...

One thing I was thinking about was, firstly, really going niche with the problem. If you were to just take some elements of those habit-forming apps and just focus on one thing, which is, let's say, quit vaping. And secondly... How do you create that dopamine hit from wanting to quit vaping now?

So rather than, oh, if I make it through to tomorrow and I say that I haven't vaped, I get my one day streak. How can I... create a dopamine hit now. So what I was thinking was, you know, as soon as you, um, decide that I don't want to vape, I'm going cold Turkey. You're just seeing like, okay, instant dopamine hit time is going up. This is how long you are cold Turkey for. And I could

You know, there's timers going up. There's some cool visual thing happening as you're just progressing and as that counter is, you know, going up and up and up. And then there'd just be like one button. The one button would be, I've got a craving. I'm craving. And then if you press that one button, there is just something that takes place to try to distract you for five minutes. So usually...

When people talk about how do you distract yourself from craving, there's like advice around take five minutes to breathe, distract yourself for five minutes, you know, all these kinds of things. So what I was thinking was, well, what about if it was just... you know, a series of math questions that were just getting progressively harder for five minutes.

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