Podcast Summary
Proactively pursuing opportunities leads to success: Comedian Jared Fried's self-produced Netflix special and investor Michael James Berry's market prediction show the power of perseverance and self-initiative.
Perseverance and self-initiative can lead to significant success, as demonstrated by comedian Jared Fried, who produced and pitched his own Netflix special after being rejected by 90% of streaming services. Additionally, in the financial world, experienced investor Michael James Berry, who famously predicted the 2008 stock market crash, recently made a large bet against the S&P and Nasdaq, signaling his belief in an upcoming market downturn. These examples highlight the importance of being proactive and confident in one's abilities, whether in comedy or finance.
Personal Convictions and Support Systems: Some individuals make big financial bets based on convictions, while relationships and support systems are crucial during challenging times. Healing from grief has no set timeline.
Despite the criticism about market conditions and past successes, some individuals continue to make significant financial bets based on their convictions. Meanwhile, the importance of relationships and support systems, especially during challenging times, cannot be overstated. The speaker shares his personal experience of grieving and the realization that there is no set timeline for healing. In a lighter note, the episode also features an interview with comedian Jared Fried, known for his insights on millennial dating and relationships. With a large audience reach, Fried provides comedic commentary on modern dating trends.
Entrepreneurial spirit and dedication in comedy: Comedians often invest their own resources to produce and promote their work, demonstrating the importance of persistence and self-promotion in the entertainment industry.
Persistence and self-promotion are key factors in achieving success in the entertainment industry, even if it means investing one's own resources. Jared Fried, a comedian who gained attention by yelling at the TV during The Bachelor, was able to secure a Netflix special despite not being discovered by the streaming giant. Instead, he produced and financed the special himself, demonstrating the entrepreneurial spirit and dedication required in the world of stand-up comedy. This approach is common among comedians, who often spend significant sums of money to produce and promote their work in the hopes of gaining wider recognition. The journey to success is not always easy, but those who are willing to put in the effort and believe in their abilities can ultimately reap the rewards.
The Journey of Creating a Stand-up Special: Comedians spend years perfecting their material, record and produce a high-quality special, and aim to sell it to streaming platforms for potential industry opportunities.
Stand-up comedy is a niche industry with a specific structure, and performing a stand-up special is a significant milestone for comedians. The general format of a stand-up show includes a host, feature, and headliner. Comics spend years perfecting their material, with some jokes taking only a day and others taking years. Once a comic feels they've refined their act, they can record and produce a special to try and sell to streaming platforms like Netflix, HBO, Amazon, or Peacock. This process can be expensive, and comedians often finance it themselves through their business expenses. The goal is to create a high-quality special that will appeal to potential buyers and, if successful, can lead to greater opportunities in the industry. It's important to note that there's a misconception that comedy falls into clear-cut categories like "high" or "low" class, but there's a wide middle class of comedians with varying income levels.
Earning potential in stand-up comedy: Unknown comedians may earn more per engagement at clubs but perform multiple shows over a weekend, while potential for greater financial rewards exists with comedy specials on streaming services, but control lies with platforms. Competition and evolving industry trends require dedication, resilience, and adaptability.
The economics of stand-up comedy can vary greatly depending on the stage, with unknown comedians potentially earning more per engagement at clubs compared to theater performances, but with the added requirement of performing multiple shows over a weekend. However, the potential for greater financial rewards exists with the sale of a comedy special to streaming services, although the control lies with the platforms. The industry is competitive and constantly evolving, with newcomers exploring various avenues to gain exposure and build a fanbase. The transition to digital platforms and the emergence of new talent from unexpected sources, such as TikTok and reality TV, are significant shifts in the comedy landscape. Ultimately, success in stand-up comedy requires dedication, resilience, and adaptability.
The Road to Stand-Up Success: Dedication, commitment, and time are essential for stand-up comedy success. Develop an act, perform consistently, and avoid selling tickets prematurely. Write extensively before performing and learn from masters like Bill Burr.
Becoming a successful stand-up comedian requires dedication, commitment, and time. The speaker shares his experience of starting in the comedy world and the importance of developing an act and performing consistently, even when it's challenging or uncomfortable. He also mentions the odds of success for those coming from reality TV, emphasizing the need to commit to improving behind the scenes and avoiding the temptation of selling tickets too early. The speaker also shares quotes from Bill Burr about the time it takes to develop new material and encourages aspiring comedians to write extensively before performing. Overall, the key takeaway is that stand-up comedy is a craft that requires consistent effort and dedication to master.
From finance to comedy: Overcoming challenges: Transitioning to comedy from a stable job requires courage, dedication, and a thick skin, as comedians face unique challenges like criticism, offense, and constant recording by the audience.
Starting a career in stand-up comedy involves overcoming various challenges, including the fear of bombing on stage, dealing with criticism, and the financial aspect. The speaker shared his experience of transitioning from a stable job in finance to comedy, using his savings as a safety net. He emphasized the importance of finding what brings joy and fulfillment, and pursuing it relentlessly. The speaker also highlighted the unique challenges comedians face, such as being perceived as offensive by some people, and the constant recording and critique by the audience. Despite these challenges, the speaker encouraged persistence and a willingness to learn, as he did by taking improv and sketch writing classes. Ultimately, comedy, like any other career, requires dedication, hard work, and a thick skin.
Telling a unique and relatable story: Authentically share personal stories about the couple, connecting them to the couple's personality, and practicing extensively can lead to successful storytelling.
When it comes to storytelling, especially for important speeches like best man or maid of honor speeches, it's essential to tell a story that you've already told before but make it unique and relatable to the audience. The speaker has already lived and shared the story with the person they're speaking about, so they should focus on delivering it authentically and connecting it to the couple's personality. Additionally, successful comedians may not write their jokes on stage as some people believe but have already prepared and practiced their material extensively. Accepting our limitations and imperfections can help us grow and improve in our craft. The speaker's experience with comedians Pete and Katie illustrates this concept, as they both had the potential to become successful stand-up comedians but needed to put in the work and accept their unique styles to make it in the industry.
The Power of Letting Go of Egos: Setting aside egos allows us to give others a fair chance and appreciate diversity. Be mindful of assumptions and make an effort to understand people for who they truly are.
Ego can cloud our judgments and create unnecessary tension. In the discussion, the speaker shares an experience where his ego got in the way of acknowledging the potential of a new comedian. He had previously dismissed the comedian based on his own ego, but later discovered that the comedian was actually quite good. This incident highlights the importance of setting aside our egos and giving others a fair chance. Moreover, the speaker also shares his experience of making jokes about contestants on The Bachelor based on their profiles, without knowing anything about them. This behavior was driven by his desire for exposure and entertainment, but it also shows how easy it is to make assumptions and judgments based on limited information. It's important to remember that everyone has a unique story and background, and we should strive to understand and appreciate that diversity. In summary, the discussion underscores the power of letting go of our egos and being open to new experiences and people. It also reminds us to be mindful of the assumptions we make and to make an effort to get to know people for who they truly are.
Believe in your talent and dedication: Believing in your passion and authenticity can lead to success, even if it takes time and effort
Passion and authenticity can lead to success, even if it takes time and hard work. The speaker shared an analogy of meeting someone at a party who confidently believes they sing Disney songs better than anyone else, even if no one asked or mentioned Disney songs. This person may come across as arrogant, but they believe in their talent and are dedicated to it. Similarly, in a business context, such as entrepreneurship, it's essential to put out good work and believe in it, even if the financial rewards don't come immediately. The speaker emphasized that money is important but should not be the sole focus. Instead, focusing on creating quality content and putting it out there can lead to success in the long run. The speaker also shared their personal experience of starting a podcast and building an audience over time, even when they faced rejection or skepticism from others. Ultimately, the key takeaway is that staying true to your passion and authenticity can lead to success, even if it takes time and effort.
Navigating the Complexities of Modern Dating: Honesty, understanding, learning from mistakes, and adapting to change are essential in modern dating.
The dating landscape has significantly evolved over the years, from meeting people at bars to using social media and dating apps. This change brought about new challenges and questions for both genders. The speaker, who grew up during this transition, shares his perspective on dating, emphasizing the importance of honesty and understanding. He also discusses the importance of learning from failures, or "bombing," and using those experiences to improve. The speaker's motivation behind his work is not driven by monetary gain but rather the desire to provide honest insights and help people navigate the complexities of dating. Overall, the conversation highlights the significance of adapting to change, learning from mistakes, and maintaining a positive perspective.
Turning disruptions into opportunities: Effective communication and active listening are crucial for success. Adaptability and resilience are essential for handling unexpected challenges and turning them into opportunities.
Effective communication and active listening are essential for a successful performance, whether it's a stand-up comedy show or a business interaction. The speaker in this discussion shared an experience where a woman in the audience persistently interrupted his act with irrelevant comments, despite his attempts to engage with her. Instead of letting her disrupt the show, he turned the situation around by making her a part of the act, which ultimately led to a hilarious moment for the audience. However, the underlying message is that if you're not fully present and engaged in a situation, you risk missing important information or opportunities. In a business context, this could mean missing out on valuable feedback, ideas, or even potential customers. Therefore, it's crucial to be fully present, listen actively, and adapt accordingly to ensure the best possible outcome. Additionally, the speaker highlighted the importance of resilience and adaptability in the face of unexpected challenges. He acknowledged that not every interaction will go as planned, but with the right mindset and approach, even the most disruptive situations can be turned into opportunities for growth and success.
Engaging with hecklers provides insights and opportunities for growth: Staying consistent with one's act, repeating back hecklers, and continuously refining work are keys to success in comedy and other areas of life
Engaging with hecklers or negative feedback, even in a positive environment, can provide valuable insights and opportunities for growth. Repeating back what they say gives the comedian time to think and understand the audience's perspective. It's essential to stay consistent with one's act and not switch it for the audience. The comedian's motto, "write to edit," emphasizes the importance of continually refining and improving one's work. This mindset applies not only to stand-up comedy but also to other areas of life, such as investing, where taking calculated risks and learning from mistakes are crucial.
Embracing new experiences: The unexpected benefits of stand-up comedy: Trying new experiences like stand-up comedy can lead to unexpected skills, personal growth, and opportunities. Don't be afraid to step out of your comfort zone.
Participating in new experiences, like stand-up comedy, can offer unexpected benefits and skills that can be applied in various aspects of life. Jared Fried shared his experience of trying stand-up comedy and how it led him to create a Netflix special and new comedy material. He emphasized the importance of stepping out of comfort zones and being open to learning from new experiences. Additionally, Jared encouraged listeners to watch his Netflix special, "37 and Single," and announced upcoming comedy shows. David, a frequent guest on the show, expressed his appreciation for Jared's episode and shared his unique perspective on the Money Mafia podcast. Overall, the episode emphasized the value of embracing new experiences and the potential for personal growth that can come from them.
Taking a break from social media improves mental health: Taking a break from social media can lead to improved mental health and emotional balance. Personal growth and well-being should be prioritized during challenging times.
Taking a break from social media can lead to improved mental health and better emotional balance. The speaker shared her personal experience of feeling overwhelmed and stuck, but after two weeks off social media, she reported that the highs were starting to outweigh the lows. She acknowledged that the grief she was experiencing was the hardest she had ever encountered, but she was focusing on making small steps towards a more stable future. The speaker also appreciated the support of her community and encouraged transparency during this personal navigation. During a previous episode, they welcomed a comedian guest who brought a lot of humor and valuable advice, making for an enjoyable conversation. Overall, the speaker emphasized the importance of focusing on personal growth and well-being, even during challenging times.
Protecting Personal Assets with an LLC: Creating an LLC offers personal liability protection and potential tax savings for business owners, allowing them to separate business liabilities from personal assets and reduce taxable income.
Creating a Limited Liability Company (LLC) can offer personal liability protection and tax advantages for business owners. Jared Fried, a comedian, shared how he used an LLC to pay for his comedy special and reduce his taxable income. An LLC protects personal assets by keeping business liabilities separate. Revenue flows into the LLC, and expenses are deducted, reducing taxable income. While LLCs can be beneficial for side hustles and various business structures, the specifics depend on individual circumstances. Further discussion on different business structures and their advantages will be explored in future episodes.
View setbacks as opportunities for growth: Analyze reasons behind setbacks and make adjustments to prevent future occurrences. Create opportunities for yourself and showcase unique strengths and talents.
We should view setbacks and failures as opportunities for growth and learning, rather than insurmountable obstacles. Comedian Matt Rife's approach to bombing on stage and using it as a chance to edit and improve resonated strongly with the idea of continuous learning and adaptation in various aspects of life. Whether it's in business, hockey coaching, or personal relationships, it's essential to analyze the reasons behind setbacks and make necessary adjustments to prevent similar situations from happening in the future. Additionally, creating opportunities for yourself and not waiting for them to come to you is a crucial lesson to remember. Everyone has unique strengths and talents, and it's up to us to find ways to showcase them and put ourselves in positions to succeed.
The power of pausing before reacting: Pausing before reacting can lead to better outcomes in arguments, negotiations, and public speaking. Consider repeating back what someone says for a thoughtful response.
Taking your time to process information and respond, rather than reacting instantly, can lead to better outcomes in various situations, including arguments, negotiations, and even public speaking. This was a key point made by a podcast guest, and it resonated strongly with the speaker. The speaker also noted the similarity to negotiation tactics, such as repeating back what someone says to give you time to think. The listener who shared their experience was inspired by an episode featuring Corey Warren, who emphasized the importance of taking action despite the potential for failure. Overall, the podcast offers valuable insights and advice for setting oneself up for future success. To engage further, listeners are encouraged to leave a review, follow the podcast on social media, and consider attending a potential live tour.
Embracing criticism and learning from past experiences: Sharing experiences and learning from criticism in a supportive community can lead to growth and entertainment
Embracing constructive criticism and learning from past experiences can lead to growth and entertainment. During a recent episode, the guest shared his electric energy and hilariously roasted the host during her time on The Bachelorette. This moment left both the host and the audience in stitches. As we navigate through our own journeys in work and trading, let's remember to share our experiences and learn from each other in the Trading Secrets Facebook group. Don't shy away from criticism, as it can lead to valuable insights and even a few laughs along the way. So, keep challenging yourself and embracing the learning process, just like the host did on the show.
