Getting Rich in the New Economy | Spotify Video Exclusive
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Why is attention considered the new oil in today's economy?
Conor McGregor came out with Proper 12. Boom, it was a $600 million deal. The Rock had Terra Mana tequila, which is now worth like four billion. Kylie made the front of Forbes as a billionaire, and she was 20. Mr. Beast, he will be a sense of billionaire. Right now, the entire economy has shifted.
How do platform creators buy real estate of attention?
The last century was a century about power. And when I say power, I mean like energy. The wealthiest individuals of the last century were built on oil. The biggest companies were all energy companies. Fast forward today, four out of the top five biggest companies in the world are not built on the old oil, but the new oil. And the oil of today is attention.
What is the significance of leverage in making money?
Rise and teens on TikToks.
The thing that is being pumped and drilled every day is the attention of the masses. You have 24 hours a day that your ears are open. You have 24 hours a day that your eyes are open. And so the idea is, how can we capture as many of those hours from as many people as possible and the war for our minds? For me, this stuff is all about, like, helping people connect.
How can content be viewed as an input rather than an output?
The total amount of attention that exists is every human's eyes and ears collectively 24 hours a day. That is the pie, and they're fighting for it. People who are creating the platforms that other companies can come and drill, they're basically the digital landscape. They've enveloped the world. They're literally buying up the real estate of the collective attention that exists. The oil tycoons had to go and buy estate, negotiate, haggle with the farmer to get his things. The new world today, they don't need to haggle with anyone. They just take it. Scarce resources are the things that are the most valuable. And so oil was the scarce resource. And now attention is the scarce resource.
What are effective ways to translate attention into revenue?
And so that's why attention is the new oil. A friend of mine, Ryan Fisher, just showed me a clip on his phone of a podcast that I did with him. And this is when I wasn't really, actually, I didn't do any podcasts. I wasn't doing any speaking stuff. Like all I was doing was building Jim Lynch Prestige Labs. I was like... Screw content, just run ads. I don't wanna be known. I wanna be rich and unknown. It's funny because he was like, and now you're not doing that. I was very against it. And then what happened, Kylie made the front of Forbes as a billionaire and she was 20.
How do successful individuals build their brands over time?
And at the time I was 27 and I think I had taken home 17 million in income the year before. I was on pace to do like 13 to 15 that next year in terms of take home. And I thought like I was hot shit. And then this girl is seven years younger than me, fucking crushes me in net worth. And I was like, wow. And so it was just this huge belief shift for me where I was like, what am I doing wrong? My ego felt hurt. So I started protecting myself and I was like, oh, no, no. Kris Jenner's her mom, she's an absolute gangster, she was born into this royalty, it's not that she did it, it was someone else, and blah, blah, blah. Ego protected, I feel okay now. And then, Huda Beauty sold a percentage of her thing for 600 million at the time, it's worth over a billion today.
Conor McGregor came out with proper 12, and 12 months later, boom, it was a 600 million dollar deal.
Robot's wealth!
And then The Rock had Terra Mana Tequila, which is now worth like $4 billion.
What are the four types of leverage that can amplify business success?
I kept seeing this again and again and again to the point where I was like, I believe something that's not true. And so I talk about how skills, beliefs, character traits are the three things that hold back entrepreneurs. And this one for me was something that I believed about the world and I was functioning as though and it was not. I always try and find those things because they construct our reality. And we make our decisions based on the things that we believe to be true. And so I basically was walking through a reality that was not real. i then read a book mind of all robocop which is his almanac uh which is really good really quick read and you talked about the four types of leverage in the book leverage is the difference between what you put in and what you get out the people who make the most money are the ones who have the most leverage because everybody has the same amount of time it's just who gets the most back for their time and compounding is that now that you've made that trade with your leverage is it going to compound unto itself and get you even more back because compounding is a form of leverage and you've got labor you get other people to do stuff for you which means you get more of your time back and you get output
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Chapters
8 chapters
1
Why is attention considered the new oil in today's economy?
0:00–0:15
2
How do platform creators buy real estate of attention?
0:15–0:35
3
What is the significance of leverage in making money?
0:35–0:59
4
How can content be viewed as an input rather than an output?
0:59–1:36
5
What are effective ways to translate attention into revenue?
1:36–2:07
6
How do successful individuals build their brands over time?
2:07–2:56
7
What are the four types of leverage that can amplify business success?
2:56–5:09
8
Why is waiting to monetize attention crucial for long-term success?
5:09–10:19