Podcast Summary
From Hockey Player to Media Personality: Paul Bissonette's Transition: Consider personal growth and financial responsibility before making significant career and financial decisions. European approach of taking a gap year for travel and exploration is beneficial.
Paul Bissonette, a former pro hockey player turned media personality, discusses his transition from a 4th line fighter to co-hosting with Barstool Sports and working with the Arizona Coyotes. He shares his experiences with partying and money management, revealing that he struggled with spending after gaining more freedom and money in the pro world. Bissonette advocates for young adults to take time to travel and figure out their career paths before committing to higher education and student loan debt. He believes the European approach, where students take a gap year to travel and explore, is more beneficial. Overall, Bissonette's journey highlights the importance of considering personal growth and financial responsibility before making significant career and financial decisions.
The importance of financial responsibility during career transitions: Realizing the importance of managing money wisely during career transitions, having a business manager helped navigate limited income, and avoiding financial missteps through financial education and discipline.
Managing money wisely is crucial, especially during the transition from education to a professional career. The speaker shares his experience of studying history without interest and the overwhelming process of applying for a mortgage, which made him realize the importance of financial responsibility. He also discusses his first contract in the NHL, where he made less than expected due to a lockout, and how having a business manager helped him manage his limited income and avoid potential financial missteps. The speaker also mentions that some of his peers spent their money more frivolously, highlighting the importance of financial education and discipline.
From the minors to the NHL: A financial leap: Players can experience a significant salary increase from the minor leagues to the NHL, but performance and contract structures impact earnings.
The financial jump from the minor leagues to the NHL can be significant and life-changing for players, despite not always seeing significant ice time. The speaker shared his personal experience of going from making a few thousand dollars in the American League to over half a million in the NHL. He also mentioned that performance and salary negotiations are directly related, but contract structures like one-way contracts can add complexity to understanding a player's earnings. Despite not being a top performer, the speaker was able to find value in his role as a fighter and secure longer-term contracts. However, the accuracy of publicly available financial information for athletes is often a challenge.
Impact of one-way vs two-way contracts on hockey players' earnings: One-way contracts can lead to increased earnings and financial stability for NHL players, but they must be aware of additional financial obligations that can impact their take-home pay.
Having a one-way contract in professional hockey can significantly impact a player's earnings and financial security. Paul shared his personal experience of starting with a two-way contract, which paid an AHL base salary with an NHL salary, but getting picked up by waivers and eventually signing a one-way extension allowed him to continue earning his NHL salary even if he was sent down to the minors. This was a game-changer for him, as it led to a substantial increase in earnings and financial stability for his family. However, it's important to note that while contracts are guaranteed in the NHL, players do face other financial obligations such as taxes, escrow, and agent fees, which can significantly reduce their take-home pay. After retiring from professional hockey, Paul expressed that fear played a role in his decision to transition into a career in hockey broadcasting, which has since become his influential and successful second act.
Fear driving career change: Fear can motivate individuals to pursue new opportunities and build careers outside of their comfort zones.
Fear can be a powerful motivator in driving individuals to pursue new opportunities when they face uncertainty or loss in their careers. The speaker's experience of being left without a hockey contract led him to explore media work, starting with a goofy film project and eventually landing jobs in radio and television. Fear of being reliant on others for his livelihood pushed him to take action and find new ways to occupy his mind and build a career outside of hockey. The challenge of balancing his corporate banking job with his more open and boisterous online persona required navigating the boundaries of professional and personal worlds. Ultimately, his ability to embrace fear and take action allowed him to transition into new opportunities and find success in unexpected areas.
Navigating Authenticity in Corporate Media: Embrace authenticity and individual expression in media to resonate with audiences, as seen in successful companies like Barstool Sports. Consider the potential benefits of flexible and authentic workplaces for both employees and companies.
Authenticity and individual expression are becoming increasingly valued in today's media landscape, especially as audiences seek out real and opinionated content. The speaker's experience of navigating the fine line between corporate expectations and personal expression highlights the growing trend of breaking free from traditional corporate structures and embracing a more genuine approach. The success of companies like Barstool Sports, which prioritize authenticity and humor, shows that there is a large audience that resonates with this approach. The speaker also points out that many employees in corporate jobs are unhappy and underappreciated, suggesting that a shift towards more flexible and authentic workplaces could be on the horizon. Overall, the discussion underscores the importance of staying true to oneself and the potential rewards of doing so in a world where authenticity is in high demand.
Unprecedented opportunities for individuals in digital world: Anyone with a smartphone and internet connection can create content, learn, and earn significant income in the digital world, especially for younger generations.
The digital world, particularly social media, offers unprecedented opportunities for individuals to create content, build a following, and monetize their influence. This was highlighted in the discussion about the "Spitting Chiclets" podcast, which started organically with a few friends talking about hockey and life, and grew to become one of the most popular podcasts on Barstool Sports. The ability to reach large audiences and secure brand deals is no longer limited to traditional corporations or established media companies. Instead, anyone with a smartphone and an internet connection can create content, learn from online resources, and potentially earn significant income. This is especially true for younger generations, who are increasingly consuming media and engaging with influencers on digital platforms. As the speaker noted, even a small presence on social media can lead to impressive earnings, and companies are allocating more resources towards digital marketing and influencer marketing as a result. Overall, the digital landscape is a wild and rapidly evolving space, offering endless possibilities for creativity, entrepreneurship, and connection.
Embrace opportunities for growth and adapt to changing circumstances: Listening to your audience and adapting to new opportunities can lead to significant growth. Be open to new partnerships and expanding into new areas to keep up with demand.
Listening to your audience and being open to new opportunities can lead to significant growth. In the beginning, two friends recorded podcasts in each other's living rooms and eventually joined Barstool Sports. When one of them offered to help produce the podcasts, the other saw an opportunity to relieve some pressure and improve the quality of their content. This led to a successful partnership and the growth of their podcast's audience. Another takeaway is the importance of adapting to changing circumstances. As the podcast gained popularity, the team had to adjust their production schedule to keep up with demand, and they also expanded into new areas like gaming. Lastly, the success of the podcast came from a deep understanding of their audience and a willingness to give them what they wanted. Even when faced with negative feedback, it was crucial for the team to listen to their fans and respond to their needs.
Listening to fan feedback and pivoting can lead to significant success: Being open to fan feedback and willing to pivot can lead to unexpected opportunities and financial success
Being open to adjusting and executing new ideas based on fan feedback can lead to significant success. The story of the Pink Whitney, a vodka drink created by the BC Biznasty podcast, is a perfect example. Initially, it was just a joke made during a podcast episode, but when they noticed the traction it was getting online, they decided to pursue it further. New Amsterdam, the presenting sponsor of the podcast, saw the potential and helped bring the product to market. The result was an overwhelming success, with over 15 million bottles sold in the first year and over $100 million in gross revenue. This demonstrates the importance of listening to fans and being willing to pivot when presented with a promising opportunity.
Learning from Experience and Partnerships: In business, it's essential to learn by doing and build strong partnerships to achieve steady growth.
Building a successful business involves learning through experience and partnerships. Paul Bissonnette shared his journey from creating a vodka brand to growing a podcast with over 2 million followers. He emphasized the importance of understanding the production process, gaining trust, and learning from mistakes. Bissonnette also highlighted the significance of controlling one's own fate by structuring deals with equity or royalties. Through his experiences, he learned valuable lessons that couldn't be taught in a classroom. The success of his ventures, including Sandbaggers and Pink Whitney, allowed him to fund new ideas and continue growing. The key takeaway is that in business, it's essential to learn by doing and build strong partnerships to achieve steady growth.
From Hockey to Reality TV and Love: Be authentic and open to experiences, they can lead to unexpected opportunities and relationships.
Paul Bissonnette, also known as BizNasty, has built a successful career in hockey and media through strategic planning and being open to new opportunities. He shares his experience of being on reality shows like The Bachelor and The Bachelorette and how they led him to meet his partner Caitlin Clemmens. Despite the unpredictable nature of reality TV editing, Paul was happy with how he was portrayed. He emphasizes the importance of being authentic and being open to experiences, as they can lead to unexpected opportunities and relationships. His story is inspiring, as he went from grinding as a 13-year-old hockey player in Welland, Ontario, to becoming a media monster with a large following, especially among females in the hockey world.
Editing in Reality TV Shows: Reality TV editing can change perceptions, but staying authentic and navigating situations wisely can lead to personal growth and success.
The editing process in reality TV shows can significantly alter the perception of people's personalities. It requires a lot of effort to transform a nice guy into an asshole and vice versa. During the filming of the show, the speaker maintained a distance from the drama and focused on enjoying the experience. His ability to stay out of messy situations and leave when necessary allowed him to come off as authentic and normal. The speaker's experience on the show played a significant role in his subsequent success. He transitioned from a Wall Street banker to a successful author and consultant. When asked about investing in Bitcoin, he advised buying it. If he could play in the NHL for one year outside of Arizona, he would choose Montreal for its unique culture and fan base. In a rapid-fire round, he mentioned that if he could step into the ring with one celebrity, he would choose Charlemagne, whom he perceived as arrogant. Overall, the speaker's story is a testament to his ability to navigate challenging situations and turn them into opportunities for growth.
Contrasting Financial Challenges in Hockey and Media: Rookies in hockey face steep financial burdens while media offers more financial stability and success
The world of professional sports, particularly hockey, can come with significant financial burdens for newcomers. Rookies often face steep bills for team events, sometimes even losing money during their brief stints in the league. Meanwhile, the lucrative world of media offers more financial stability and success for some individuals. The speaker, who has experience in both hockey and media, shared stories of extravagant rookie parties and expensive jewelry, highlighting the stark contrast between the two industries. Ultimately, the journey to success in either field can come with its own unique challenges and rewards.
The importance of perseverance and staying true to oneself: Despite setbacks and criticism, it's essential to keep pushing forward and find joy in the journey. Whether it's in business, social media, or personal choices, staying committed to your goals can lead to great rewards.
Facing closed doors and dealing with criticism are inevitable on the path to success. However, it's essential to keep pushing forward and stay true to your journey. The owner of Doug the Pug, with over 18 million followers, also shared this sentiment. People may have laughed at her when she started, but the payoff was worth it. Paul, the guest on Trading Secrets, echoed this sentiment, sharing his experiences with hockey, contracts, and business. He encouraged listeners to keep going despite setbacks and to find joy in the journey. When it comes to being vegan, David shared that while he found the vegan bun unappetizing, the Impossible Burger itself was quite good. However, he admitted he may not have fully committed to the vegan lifestyle due to his confusion about vegan bread. Overall, the conversation emphasized the importance of perseverance, staying true to oneself, and finding joy in the journey, no matter the challenges faced.
Navigating the Challenges of a Vegan Diet: Transitioning to a vegan diet can bring benefits like increased energy and better skin, but also challenges like cravings and digestive effects. Adjusting diet in moderation can be a successful approach.
Transitioning to a vegan diet can present challenges, particularly when traveling or dealing with unfamiliar food options. The speaker shared his experiences of craving non-vegan items like feta cheese and facing the reality of different digestive effects. However, he also reported feeling good after a week of eating vegan and noticed changes such as increased energy and tighter skin. Despite these positive experiences, he plans to adjust his diet in moderation rather than going fully vegan. Another takeaway is the relatability of the speaker's journey to success, as someone who grew up in a small town and used humor to build a following, and the admiration for his natural ability to be funny regardless of his state of mind.
NHL's new TV deal with ESPN and TNT: The NHL secures a 7-year, $625 million deal with ESPN and TNT, marking a shift from NBC's exclusive hold. The partnership brings in new personalities and attracts fans through ESPN, TNT, and social media influencers.
The NHL is making significant strides in expanding its reach and appeal to new audiences by partnering with ESPN and TNT for its TV rights. This deal marks a shift from NBC's exclusive hold and brings in new personalities like Paul Bissonnette and TikTok superstar Josh Richards to attract fans. The NHL's focus on growth and inclusivity, regardless of traditional credibility, is a smart move in today's media landscape. Moreover, the impressive reach of social media influencers like Josh Richards, with millions of followers and even more impressions, adds to the league's potential viewership. The NHL's 7-year, $625 million deal with ESPN and TNT is a testament to the league's forward-thinking approach and commitment to growing the sport.
The NFL's Success from Television Deals and Marketing: The NFL generates most of its revenue from TV contracts, enabling it to distribute money evenly among teams and not rely on ticket sales. Marketing and branding are also crucial factors in the league's success and individual athletes' careers.
The NFL generates a significant portion of its revenue from television contracts, with an estimated $10 billion per year. This is in contrast to other sports leagues like the NHL and NBA, which rely more heavily on gate revenue from ticket sales. The NFL's success in generating revenue from television deals allows it to distribute money evenly among teams, enabling them to function without relying on ticket sales. Additionally, the power of marketing and branding was emphasized as a key factor in the success of both the NFL and individuals like David Pastrnak and Dean Unglert. The NFL's impressive television deals and the importance of marketing are two major reasons why the league doesn't need to rely on ticket sales to make money. The discussion also touched on the impressive success of Pink Whitney, with 807,000 cases sold, and the popularity of long-form podcasts like the one hosted by David Pastrnak and Bruce Cassidy. Overall, the episode highlighted the unique business models of various sports leagues and the importance of marketing and branding in generating revenue.
Listeners' feedback and support matter: The podcast values listener feedback and encourages 5-star reviews and subscriptions, with an intern reading each review, offering valuable trading insights, and expressing gratitude towards their audience.
The hosts of Trading Secrets podcast value their listeners' feedback and support. They encourage everyone to leave a 5-star review and subscribe to their podcast. They appreciate every piece of feedback they receive and have an intern who reads every single review. The podcast offers valuable trading insights that listeners can't afford to miss, and the hosts emphasize the importance of their audience in their success. They express their gratitude and love towards their listeners, and they assure everyone to tune in for another episode coming up next week.
