In short
Podcast Summary: The James Altucher Show - Episode: My Favorite Things! - Morgan Freeman & Denzel Washington Movies
Overview In this episode of *The James Altucher Show*, James Altucher shares his favorite movies and TV shows, exploring themes of personal growth, financial freedom, and creative expression. He provides insights into various films and series, discusses online money-making opportunities, and highlights essential reading for financial empowerment.
Key Topics Discussed
Movie Recommendations
- Lean on Me (1989)
- Discussion: A young Morgan Freeman stars as a principal in a struggling school, emphasizing themes of leadership and social impact.
- James's Take: Praises Freeman's performance and reflects on the film's messages connected to personal responsibility.
- Argyle
- Discussion: A light-hearted spy comedy featuring an all-star cast including Samuel L. Jackson and Henry Cavill.
- James's Take: Compares it to *Kingsman* and notes the lack of recent light-hearted spy films.
- Roman J. Israel, Esq.
- Discussion: A lesser-known Denzel Washington film about a civil rights lawyer facing personal and professional challenges.
- James's Take: Highlights Washington's exceptional acting and the film's exploration of societal issues.
TV Series Recommendations
- Pen15
- Overview: A comedy series about two girls navigating middle school, featuring adult actresses portraying their younger selves.
- James's Take: Compares it to *Freaks and Geeks* and praises its authenticity and humor.
- Atlanta
- Overview: A critically acclaimed show starring Donald Glover that explores the Atlanta rap scene and broader social issues.
- James's Take: Describes it as one of the most creative sitcoms, commending its storytelling and unique style.
Online Money-Making Opportunities
- ACX: A platform for narrating audiobooks, allowing individuals to earn money by reading and recording.
- Text Broker: A freelance writing service where users can create articles and reviews for pay.
Financial Freedom Discussion
- Concept of 'Number': James and his co-host discuss personal financial goals, emphasizing the importance of having a target number for comfort in life.
- Investment Strategies: The conversation covers strategies for wealth growth through calculated investments, impacting long-term financial security.
- Book Recommendations:
- How I Found Freedom in an Unfree World by Harry Brown: Discusses personal freedom and the idea of identifying "boxes" that restrict one's freedom.
- How to Stop Time by Matt Haig: A novel exploring the life of a man who ages slowly and the implications of that condition.
Key Insights
- Personal Growth: The episode emphasizes the importance of self-awareness and the willingness to step outside of one's comfort zone.
- Financial Literacy: Discussing financial independence and the significance of setting achievable financial goals fosters a mindset towards wealth accumulation.
- Cultural Reflections: The selected movies and series reflect broader societal themes, making them relevant and relatable to listeners.
Conclusion James Altucher wraps up the episode by encouraging listeners to explore the recommended films, shows, and books while inviting feedback and suggestions for future discussions. He emphasizes the importance of continual learning and personal development in achieving one's goals.
Call to Action
- Listener Engagement: James invites listeners to submit questions and suggestions for future episodes via his website.
- Social Media Connection: Encourages followers to connect on various social media platforms.
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This episode of *The James Altucher Show* offers an engaging mix of entertainment, insightful conversations about personal finance, and recommendations that resonate with listeners interested in self-improvement and cultural exploration.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Transcript
Automatic transcript. May contain errors.0:00Look, as a manager of people, as an employer, as an entrepreneur, and as even an investor in startups, I can tell you the most important thing for your business is the quality of people. people you hire. The best part is that great candidates are already on LinkedIn. Employees hired through LinkedIn are 30 % more likely to stick around for at least a year compared to those hired through the leading competitor. And I will tell you that the great thing about LinkedIn is that you're not just looking at random people. You're able to see the people who your friends and trusted peers and colleagues who they trust and who they've hired in the past and who they recommend.
0:42And hiring doesn't have to be complicated. Realistically, when you have a business to run, you don't want to spend hours on hiring. You want to hire the right person as quickly as possible. That's why LinkedIn Jobs AI Assistant suggests immediately 25 great big candidates daily so you can invite them to apply and keep things moving. Hire right the first time. Post your job for free at linkedin.com slash Altature, then promote it to use LinkedIn Jobs' new AI assistant, making it easier and faster to find the top candidates. That's linkedin.com slash Altature. Post your job for free. Terms and conditions apply.
1:20This isn't your average business podcast, and he's not your average host. This is the James Altature Show.
1:36Welcome to another episode of my favorite things. And I'm going to talk about a few of my favorite things. What does it mean to be a favorite? Well, it means I'm super excited about recommending it. It might mean something I was excited about just this past week or something I've been doing research on. So without further ado, let's get started. I saw a movie. I had never heard of this movie. Someone recommended it to me. It's a movie from 1989. It's called Lean on Me. It's like a young Morgan Freeman. And I love this movie. I would highly recommend it. By the way, I knew of the song Lean on Me and this was a movie named Lean on Me.
2:17I had never even heard of the movie, but Lean on Me, I would highly recommend the guy who sang Lean on Me, which is Bill Withers. It's the most incredible singer. He sang some of my favorite songs, like Grandma's Hands and Hope She'll Be Happier. They're very sad songs. Like you almost want to cry when you listen to them, but he's just got this beautiful voice. And sometimes I stand in front of a mirror and try to imitate his voice. He's got a very like smooth kind of voice. But what I really admire about Bill Withers is he was disgusted with his record label. I think it was Columbia Records. And as he became more and more famous, they kept trying to control the music he wanted, he should do.
3:04Like they thought he would be, oh, you'll be more popular if you do X, Y, or Z. And meanwhile, he's saying to them, you just released an album by Mr. T, an actor, and you're not releasing the album I want to do. And I'm professional at this with a bunch of Grammys and I've sold millions of records. So he quit the record label. And I don't think he ever really performed again. Like he did a little bit here and there, but he basically left the musical business. Also, he wasn't like some young kid when he broke out. He was 32 years old when his first song came out. So not that that's old, but shows that you don't have to be like 19 years old and beautiful to have a great career in the music business.
3:45So I really admire this guy. I listen to all his songs, Bill Withers. But the movie Lean On Me with Morgan Freeman, I think it's the best acting I've ever seen him do. and he basically plays, it's based on a true story of a rundown high school in Patterson, New Jersey, right near where I grew up actually. And he becomes the principal and you have to see the movie. I'm not giving anything away. But great movie. I just saw it this week. Jay, first, do you see any movies this week? Oh yeah, last week, this weekend, actually I saw this movie called Argyle. Have you heard of it? Argyle. I've heard of Argo, but not Argyle.
4:26So Argyle is kind of like a sweater pattern for wasps. Yes, right. I think. But the movie is basically… It's like a spy plus novel plus comedy. Like it's a light-hearted spy. Have you heard of The Kingsman? Yeah. Yeah. So it's by the same… I would say almost the same production team. I think the same editor, same producer, same director. Sort of in the same sort of… It's got an all-star cast. I know. Samuel L. Jackson. Exactly. Sam Rockwell. Bryan Cranston. Henry Cavill. Dua Lipa. Who I don't know who that is but I've heard the name a lot. She's the singer. And John Cena as a professional wrestler.
5:09He's in it. Yep. Wow, that's crazy. And also when's the last time you've seen… When's the last time there is a lighthearted spy movie? like James Bond get like more and more intense right like you know it used to be like fun sort of spy movie that people can watch but now like the last one with Daniel Craig is like so intense and stuff like that so this like light-hearted like comedy a little bit all right well because I outsource all of my critical thinking to the internet I'm going to use Google to uh search spy comedy films. You ever think about that? Like every new technology that's developed, and I'm not being anti-technology.
5:49I think technology is great and it improves my life, almost every new thing that comes along. But basically with GPS, we outsource our ability to find things. With calculators, we outsource our math ability. With Google, we've outsourced our memory. And now with AI, we're starting to outsource our critical thinking. Okay. So best, 15 best sky comedy films ranked. And you have The Man Who Knew Too Little with Bill Murray. I've never even heard of that movie. I've never heard of that. Get Smart. Oh, yeah. Steve Carell. Yeah. I didn't want to see it because I like the TV series from the 60s. But it was great.
6:29Mr. and Mrs. Smith. Oh, yes. That was fun too. Austin Powers, of course. Oh, wait. Hold on. I'm just scrolling number one. Is Austin Powers considered a spy movie though? I think it's not. But, oh, and look. Guess what? Number one is? Guess. Argyle. No. Kingsman. Kingsman. Dude, you got to watch Kingsman. Kingsman is such a fun movie. So, like, you don't have too much substance in it. But, like, it's like a family fun movie. Just watch it with your family, with your kids, with Robin. It's so much fun. You have to watch Kingsman 1 and then Kingsman 2. And then, you know, the prequel to Kingsman.
7:07They have, like, a whole universe they're building upon it. Okay, so my recommendation on movies was a serious, well-acted, well-written movie based on a true story. Lean on Me, starring Morgan Freeman, one of Morgan Freeman's first, I think. And yours is lighthearted. Yes. Spy comedy, which who knows? I'm not judging. And I will see it. I will watch it. My other pick for the movies, though, and this was the one I saw about a month ago, was Roman J. Israel. Oh. uh that's the name of the movie starring denzel washington a lesser known denzel washington movie first off i think denzel washington might be my favorite actor uh i've been going through a phase where i'm basically just watching one by one every single denzel washington movie and like i love american gangster i love i just love how every movie's in and uh the equalizer have to recommend those as we talked about it man last week the equalizer movies are are incredible just as good as it man i think well it depends if you're super into kung fu movies then it man over equalizer but roman j israel he plays kind of this almost nerdy on the spectrum sort of civil rights lawyer defense lawyer doesn't really know how to communicate with people and he's he just makes 500 a week as a lawyer and then suddenly his boss who was always kind kind of like shielding him from the real world dies and he can't get a job.
8:37He doesn't know what to do. And it's really interesting what happens. A little, again, a little older movie Denzel Washington, though, one of his best, I think Roman J Israel. Did you ever listen, Jay, did you ever listen to the podcast? Uh, it was called, it had a great name. It's called, uh, Denzel Washington is the greatest actor ever. Period. I heard about it, but, uh, because we talk about it all the time, but I never watch it. Because I love the name of it. I love the fact that they write, that the word period is part of the title. It's great. Right. So, and then I saw a TV series this past week.
9:14Like we, Robin and I binge watched for three straight days this TV series. My daughter, Molly, recommended it to me and it's called Pen15. P-E-N-1-5. We watched it, I think on Amazon, but it was produced by Hulu, so I don't quite understand it. But Pen15, and it's worth seeing. It's basically, it reminds me of the TV series Freaks and Geeks, which was one of Judd Apatow's first ever shows slash movies. And Freaks and Geeks, I should add, is almost a historical sitcom to watch. It only lasted for one season, and then NBC canceled it. but it's the first Judd Apatow wanted to hire all new actors.
10:02And so here are some of the new actors he hired for Freaks and Geeks. James Franco had never acted before. Seth Rogen, Jason Segel, and Martin Starr, who's in Silicon Valley. Linda Cardellini, who is in a ton of stuff. You'll recognize her once you see it. But it's interesting that Seth Rogen and James Franco, this is their first appearance on acting on any show or movie. But anyway, Pen15 is a little like Freaks and Geeks. It's basically about two 13-year-old girls surviving seventh grade. And if that sounds like awful to you, believe me, it's not awful. Like at first, why would I watch that?
10:43But A, my daughter recommended it. She has good taste. But C, I saw that the Lonely Island guys were producing it. So Lonely Island is Andy Samberg and his friends. You might remember them from the very first song to ever go viral on YouTube. The first song to have over 100 million views on YouTube was a funny song by Andy Samberg called Lazy Sunday. It was him and Chris Darnell, something like that. And then, of course, he's on Brooklyn 99. He's done a bunch of movies. was on Saturday Night Live, super funny guy, but Lazy Sunday was great. But anyway, I didn't even know he was producing shows.
11:26So he produces the show, Pen15, and the two women who write it, it's about their experiences as 13-year-olds and they play themselves. They're two women who are 38 years old and they play themselves as 13-year-olds and you really believe they're 13 years old. It's kind of funny because it's not until like halfway through that I sort of realized, oh, they're not 13 years old. and uh one of them maya erskline she's now starring in the tv series mr and mrs smith so i mean and they won a bunch of emmys for pen 15 it was just on 20 in 2023 just last year but it was really great there's two seasons they it wasn't canceled they specifically planned on it being two seasons and it's really worth watching it's it's it's it's funny in this kind of almost cringy way sometimes because 13 year old seventh graders are often cringy and it really reminded me of not only of my own experiences of age but then i thought about my my daughters when they were that age and and uh it's a very sweet show so and and funny yeah cool i started watching atlanta oh my god that is the best show ever it's a sitcom starring um childish gambino i always forget if he's Danny Glover or Donald Glover.
12:45I think Donald Glover. Oh, by the way, he's the Mr. Smith and Mrs. Smith and Maya Eskerlein is Mrs. Smith. So that's funny. So the two shows we're watching are both somehow connected to a TV show we didn't watch, which is Mr. and Mrs. Smith. I guess now we're going to have to watch that. But I would say Atlanta is probably the most creative sitcom ever made. And it has a lot of great competition for that including Curb Your Enthusiasm, Dave... Freaks and Geeks, Arrested Development, Larry Sanders Show, and some other classics. Atlanta is really just a great story, but great experiments that don't disrupt the story.
13:27Really funny, well acted. Donald Glover is just amazing in it. And it's just an all around good show. And just by coincidence, I live near Atlanta. Yeah, but isn't... And so do you. But Atlanta, it's a little bit more greedy compared to all the other shows that you just mentioned, isn't it? Oh, yeah, definitely. Like, it's… Well, people will see when they see why. Yeah. But, all right. So, Atlanta, Pen15, Lean on Me. Maybe Argyle. I'm not convinced. You have to watch it, Argyle. I will watch it. I will watch it. But I have to say, I also watched Spirited Away as well this past weekend. You know, Spirited Away…
14:09So, okay, that's an animation. What's it? Studio… Ghibli? How do you say it? Ghibli? Yeah, Ghibli. G-H-I-B-L-I, something like that. Yeah. And it's probably the best animated movie I've ever seen. But again, I saw it around 20 years ago. Is that possible? Did it come out more than 20 years ago? It came out in 2001 or 2000. Yeah, I used to watch that. I've probably watched that 10 times. It's really… The animation is just great. I don't know if they do animation like that anymore. What's the most recent movie by that studio? The Boy and the Heron. Boy and… I don't know. Yeah. How do you pronounce H-E-R-O-N?
14:50I think Heron. Yeah. The Boy and the Heron. It just came out. People loved it. 97 % on Rotten Tomatoes. It's by Studio Ghibli. You can't… It's almost impossible to hate that movie. Sorry to interrupt you. Oh, yeah. Yeah. It's impossible to hate that studio. The studio is good. And also, like, this type of movie, it's just heartwarming. and it always takes me off the reality. Like sometimes when I watch a movie, I don't want to watch something too real, too close to the reality, you know? Yeah, like, you know, it's interesting. Most movies are very visual and then you get a feeling for based on the acting and the writing, it creates the emotions inside you, the emotions inside you while you're watching it.
15:28But Studio Ghibli, just the way it's animated also creates this emotion that's really kind of, to use Robert Greene's word sublime. Like it's a very sublime kind of movie.
15:53Look, as a manager of people, as an employer, as an entrepreneur, and as even an investor in startups, I can tell you the most important thing for your business is the quality of the people you hire. The best part is that great candidates are already on LinkedIn. Employees hired through LinkedIn are 30 % more likely to stick around for at least a year compared to those hired through the leading competitor. And I will tell you that the great thing about LinkedIn is that you're not just looking at random people. You're able to see the people who your friends and trusted peers and colleagues who they trust and who they've hired in the past and who they recommend.
16:36And hiring doesn't have to be complicated. Realistically, when you have a business to run, you don't want to spend hours on hiring. You want to hire the right person as quickly as possible. That's why LinkedIn Jobs AI Assistant suggests immediately 25 great fit candidates daily so you can invite them to apply and keep things moving. Hire right the first time. Post your job for free at LinkedIn.com slash Altature, then promote it to use LinkedIn Jobs' new AI assistant, making it easier and faster to find the top candidates. That's LinkedIn.com slash Altature. Post your job for free. Terms and conditions apply.
17:12This message comes from Capital One. The Capital One VentureX business card has no preset spending limit, so the card's purchasing power can adapt to meet business needs. Plus, the card earns unlimited double miles on every purchase, so the more a business spends, the more miles earned. And when traveling, the VentureX Business Card grants access to over 1 ,000 airport lounges. The VentureX Business Card, what's in your wallet? Terms and conditions apply. Find out more at CapitalOne.com slash VentureXBusiness. There's something else I did completely different this week, which is I wanted to research, again, for my kids, I wanted to research websites.
17:54I always tell my kids, oh, why don't you try making money online? But I never have really evidence to back it up. So I wanted to research some websites where they could potentially make some money. I found what I expected to find, which is that, so on Instagram, there's all these accounts that go to these websites and you can make$5 ,000 a week. So a lot of those websites that those accounts refer to are just BS or they're scams, or you don't really make, you might make a dollar a week, but not$5 ,000 a week. But there's two that I think you might have a chance. One is Audible. So you go to acx.com, which is Audible's kind of backend website.
18:33You make an account, you click on the button that says find projects. So that means projects are books that have been written where the author doesn't want to read the audio book. Why wouldn't the author want to read the audio book? it is really unpleasant to read an audio book. Like I always, I can't schedule anything before or at, when I've read every one of my audio books and I can never schedule anything before, several days before or several days after because I got to rest my throat before and then my throat is just shot afterwards. And it's about two days to read an audio book. You know, let's say it's around 60 or 70 ,000 words and my throat's hurting so much afterwards.
19:15but that's why authors that that creates an opportunity so you could make you honestly could like a romance novel that would take you about two or three days to read you could probably get paid four or five thousand dollars in a few days reading an audio reading a romance novel for instance and there's hundreds and hundreds of projects at any given point where you could get paid anywhere from a hundred dollars to like five thousand dollars to read that book so that is a site where you could potentially make money from home or in a studio or whatever and make your own hours and so on. Another one site that I found text broker, TXT broker.com.
19:57And it's a site for writing reviews. So let's see, it's like you can write, actually you can write basic articles, in-depth articles. It's kind of like a marketplace where people who need content pay people who write content. So it's not just reviews. I take that back. It's articles. It's all sorts of things. So I should have had some examples, but you have to fill out a whole questionnaire to apply and so on. But apparently I've Googled around. Apparently you can make some pretty good money per week on Tax Broker and there's always stuff to do. So I've actually hired someone once to write a book for me, not a book that I am proud of.
20:39I wanted to do an experiment, as I always do. And I wanted to see what would happen if I completely plagiarized 50 Shades of Grey, except I used a synonym for every word. So instead of saying, you know, oh, I had a test at school, I would say I was taking an exam at my high school or whatever. So I would, I wanted to, I wanted to, so nobody would actually see any words that were in 50 shades of gray, but it would be the exact same book word for word, except every word was a synonym from the original 50 shades of gray. And you know, now that I'm thinking about it, I can't even remember what I called it because it's on Amazon.
21:30Then I self-published it. So I he did this work in about a week. I don't know how he did it so fast. Probably used some premature AI thing. Jay, do you remember what I called it? Do you even know that I did this? Yeah, yeah, yeah. I designed the cover. It's something where the... Oh, you designed the cover. Okay, well, what's the book called? I can't remember what the book called, but you used a fake name, Jackie something? Jackie Ling or something? Oh, yeah. No, I used something that was the initials for J.K. Rowling. Yeah. So John Kenneth Rowling maybe? No, no, no. It was Jackie King something.
22:09So Jay, thank you for finding the book. I was just disconnected from the podcast and that allowed you time to find the book. So the name of the book is How to Satisfy a Billionaire by Jackie King. And I just want to read the first sentence. I frown with dissatisfaction at myself in the mirror. Damn my hair. It simply won't work out the way I want. and damn Cindy Woodworth for being sick and subjecting me to this experience. I ought to be concentrating on my last, most decisive tests, which are one week from now. Yet here I am attempting to brush my hair into the style I want. So let me see, what's the first sentence of Fifty Shades of Grey?
22:48Because it should be the exact same, but with different words. Well, also I'm curious, what's the FK score of this one that you did? Oh, that is a good question. So the FK score, the Fisher Kincaid score, is a Fisher Kincaid calculator will take the whole text of your book or article or story or whatever, and will tell you the Fisher Kincaid score of it, which will tell you the grade level that you're writing at. And people think, oh, the better the book, the higher the grade level. That's not true. If you write a book or an article or a blog post or whatever that's at like a 10th grade level or an 11th grade level, that is a horrible, horrible book.
23:29Ernest Hemingway's book, Old Man in the Sea, which actually is literally one foot away from me. It's right in front of me. Old Man in the Sea, one of the best books ever written. It probably caused him to win the Nobel Prize in 1952, I think. It is written at, I believe, a fifth grade level. So whenever I write, and particularly whenever I write a book, I am constantly checking the Fisher-Kincaid score to see I am no higher than a sixth grade level. But I'll check the FK score in a second of my classic book that someone else wrote. But first I want to see - I want to see the first sentence of Fifty Shades of Grey.
24:07Oh, let's see if I can find it. All right. While you're finding it, can I read you something that's really good? So we got five. You get a five-star review on Amazon. You're kidding. Yes. So this person, I'm pretty sure it's like a bot, but this person named Aristotle Case. And the five-star review. One of the best books I've ever read And it says An incredibly gripping original And sexy story Told from the perspective of a girl Played with the monotony Monotony of everyday life When a chance opportunity Allows her to step outside of the mold Brenda Dares where lesser women might cower Another brilliant work by Jackie King Story of a shy girl Proves that provocative fiction is still alive and well.
25:02There you go. Two people found that helpful. There you go. Okay. So again,
25:12the first sentence, I frown with dissatisfaction at myself in the mirror is from How to Satisfy a Billionaire. And the first sentence of Fifty Shades of Grey is, I scowl with frustration at myself in the mirror. Okay, he left mirror, but I don't know. Maybe there's no synonyms for mirror. I scowl with frustration of myself in the mirror. And this, again, this is the second sentence of Fifty Shades of Grey. Damn my hair. It just won't behave. And damn Catherine Cavanaugh for being ill and subjecting me to this ordeal. I should be studying for my final exams. Whereas in the classic book, How to Satisfy a Billionaire, the second sentence was, damn my hair.
25:55Okay, he left that. It simply won't work out the way I want. And damn Cindy Woodworth for being sick and subjecting me to this experience. I ought to be concentrating on my last and most decisive tests. So anyway, I don't recommend that book. I would give it one star. It was an experiment and guess what? It hardly sold any copies at all. How many reviews does it have, Jay? Six reviews. All right, well. That's more reviews than some of my books. I think it's one review, but six ratings. So people can rate, right? Oh, yeah. Good books or whatever. No, no, on Amazon. You know why I was thinking I was JK Rowling?
26:35There's another book I once wrote. I did another experiment a few years earlier than this. I wanted to see if I could write a book, write and publish a novel in a weekend. And I'm not going to bother finding this book, but I wrote the autobiography of Prince William's son. So it was called, all right, now I got to find it. the autobiography. And it was, it was, the idea is it's, it was an autobiography, but it was only three days old.
27:09It's so, it's so underappreciated, this book that Amazon's not even filling in the blanks. Okay. The autobiography of Prince George Alexander Lewis Windsor, because that's his full name, Prince William's son. And it got 15 ratings. It has 2.9 stars and it's only 31 pages, which just, I wanted to show too. You could just write, I call it a novel or an autobiography, whatever. I have the Kindle edition and I did it in a weekend. I published it July 31st, 2013, just two months after I published Choose Yourself. And the top review is a one-star review by G. Kenny Burroughs. I wonder why, what is the G is?
Read the full transcript
27:50I guess George. It's one star. The review is titled Rubbish. Suggestions in this book are crude and ludicrous. I would not recommend it to anyone, even though it was a freebie. That guy must be British. Yeah. But another one is, okay, this is Three Stars by Marianne Anderson. Not bad for a three-day-old baby. Because, of course, I think he's typing it out to his butler, who is John Kenneth. John Kenneth Rowling wrote the foreword. and like his valet or whatever. So here's a five-star interesting concept. So anyway, these are not recommendations. Although actually this one was kind of good. I had a fun time writing that one.
28:36But let's move on to really my favorite things. How to satisfy a billionaire and this autobiography are not among my favorite things. I just want to make that clear.
29:03I wanted to recommend this one book that has been a favorite of mine for a long time, actually. And I probably reread this about once a year, which is How I Found Freedom in an Unfree World by Harry Brown. Now, Harry Brown is an interesting character. He was like a libertarian, I guess. He was the libertarian candidate for president at one point. I think in 2000. And I don't care about his political beliefs at all, but it was just, he talks about freedom in every possible way. Now it's not a political book. It's like a, it's almost a self-help book, but not quite. But he talks about these things called boxes.
29:39And a box is any situation that restrains your freedom. So for instance, a bad job, if you think you're obligated to stay at your job, that's like, and you hate it, that's a box. Like Jay is in a box right now being the podcast producer here. Or if you're stuck in a bad marriage or if you don't enjoy like the college you're at or the relationship you're in or some social obligation you have to go to, these are all types of boxes. And his point is that you're paying a price to stay in that box. So for instance, if you don't like your job, the price you're paying is that you could potentially be in another job.
30:20And so his whole point is, is that every situation that restrains your freedom, there is a price you're paying to stay in that situation. And there's a price you can pay to get out of that situation. And so he suggests, and I'll just read this real quickly. If there's a box in your life, big or little, let me suggest a simple method of putting it in focus. Take a few minutes away from everything else. Find a comfortable chair in a quiet room where you can consider the problem without interruption. First, identify the box. And even though this is sort of obvious, this is me talking, even though this is sort of obvious, a lot of people don't do this.
31:00I don't often do this. What is it that's causing you the discomfort? For example, suppose you've lied to someone and now find it difficult to maintain the lie. You're no longer able to express yourself freely for fear of saying something that would contradict the lie. Or perhaps your weekends are continually interrupted by relatives who drop in and monopolize your only free time. Or maybe you've made a commitment to contribute money to a particular cause, but now you wish you were free to spend the money elsewhere. Whatever it is, identify the discomfort the box causes. Next, think of what you would do if you weren't in the box.
31:33At first, the only advantage you could think of might be the absence of the discomfort. But in some way, the box is preventing you from doing something you'd prefer to do. And if it were removed, you'd be free to take advantage of desirable alternatives. Imagine the box gone, and then imagine what you do once you are free of it. Blah, blah, blah. The next step is to identify the price it would take to get out of the box. As I said earlier, it may not even occur to you that there is a price that would get you out, but there is always a way out. If you were to walk out of the box right now, what would it cost you?
32:05What would happen that you've been dreading? The price could be fearful or it could be trivial, but there is a price that could get you out of the situation. If you've lied to someone, you may have to admit that you lied to get out of the box. If so, the price might be the shame of admitting the lie or the loss of the person's friendship or the time involved to reestablish a reputation for honesty or possibly all of those things. The price might be a confrontation with someone, such as telling your spouse you don't wanna remain married, telling your boss you want a better arrangement if you're going to continue to work for him, or breaking off a relationship with a friend or relative who brings you only grief.
32:40Identify what you have to do in order to end your present discomfort. Then picture yourself paying that price. It may be painful just to think about it, but try. And his point is, as you go through these mental exercises, it'll get less and less painful to imagine yourself paying that price. And at the end, you'll identify three elements of the box. What you're paying by remaining where you are, two, what it will cost to get out, and three, what you could do once you're out. And then he talks about different traps, different boxes. What does it mean to be a quote unquote expert? There's titles like, let me see, go to the table of contents.
33:20The group trap, the government trap, the despair trap, the rights trap, the utopia trap, why you are not free, identity traps. Anyway, I highly recommend as a book to improve your life, whether you follow the ideas in it or not. I don't always follow every idea in this book, but it's just a very fresh, enlightening way of thinking. And I highly recommend it. How I Found Freedom in an Unfree World. Another book. Oh, go ahead. I just bought the book. I just bought the book. I was that convincing. I'm glad. Yeah, it's very convincing. Yeah. So it's really good. It's been an inspiration to me over the years or decades.
34:01And just also, all say I read a pretty good novel this past week, How to Stop Time by Matt Haig. And it's about a guy who has an unusual illness, which is that he ages at a rate about 15 to one compared with everyone else. So he only looks one year older every 15 years. And so he's about 400 years when the book's written. And I mean, the main character is about 400 years old when the book starts. and it's a very enlightening novel. Matt Haig, H-A-I-G, is a very good novelist and I love this book. Jay, you read any good books this week? I'm reading it very slowly, but I'm trying to finish Clear Thinking by our friend Shane Parrish.
34:51Shane Parrish. Oh yeah, Shane was a great guy. Great podcast, a great book. It came on. But I do have one thing that, that one topic, my favorite topic to talk with my friends, and I don't know how I feel about it. Do you remember you did an episode with Merrick, your good friend, about numbers? Everyone has a number in life. A number, like a financial number where they feel comfortable, they would retire. Yeah. So I spoke to my, you know, a couple of friends, a couple of my friends. I'm like, okay, what's your numbers? Like, what would you want to make a year? They're like, I don't know. And then I'm like, oh, ideally, if I could, I would maybe want to make about$5 to$10 million.
35:34And then they're all like, isn't that too much? Do you really need$5 to$10 million? I'm like, I might not need it, but it's good to have it. It's good to, you know, dream for the moonshot. Well, what number did they think? Why did they think that? Let's just take$5 million. Let's take the lower boundary. Why did they think that$5 million was not enough? No, no. It was too much. What do they think was the right number? So one of my friends making about like 60, 70. She's like, they're like, well, I'm pretty comfortable where I am right now. If I make anything more, I would just donate to the charity.
36:14And some of them are like 150. She makes$60 ,000 and that's what she said? But she doesn't have kids. I would say like 70, 80. No kids. No kids. But I'm just guessing. is kids add significantly. But okay, let's just say$80 ,000 a year is what she makes. So after taxes, well, okay, let's just say$80 ,000. So right now in a checking account, what does your bank give you if you put money in a checking account? I think it's 0.3%, 4 % or so. Like it's very, very low. Well, okay. I don't know what it is. I could be wrong though. So let me see. I'm just going to type Wells Fargo savings account. I'm outsourcing my thinking, my memory to Google.
36:58Yeah, and then I was talking with a friend of mine, which is your enemy, because he works for IRS. Oh, you have a friend in the IRS? Exactly. You didn't tell me that. I was about to surprise you. Shut the podcast down. No, I'm just kidding. I was about to introduce you in person because he is very fascinating. He works for IRS, but on the estate department. so he will handle like people die and then he will handle all the like how much we should have him on the podcast if he's allowed to talk about it I think he's allowed if you want to I can hook it up well just ask him he's probably not allowed I think he's allowed too okay so let me see why okay I've clicked four buttons that say view rates and I still haven't gotten to anything that's how bank gets you They're like, oh, we have higher rate, but you have to click five buttons to get to the actual rate.
37:57But trust us, we will give you the best rate. Okay, so a million dollars or more in a platinum savings account is two and a half percent. Oh, but a seven-month CD, fixed-rate CD, seven months is not that long. That's about five percent. So, okay, let's say she could get five percent on her money, your friend, and she needs to make 80 ,000 a year. So she needs to have one point, uh, wait, no, no, what's five, what's she needs to have$4 million. That's her number. Yeah. She needs to actually, she needs to have a little bit more because there's inflation. So assuming like three or 4 % inflation, she probably to make 80 ,000 a year, uh, you probably need to have like five, six,$7 million in the bank.
38:48Right, but that's pre-tax, right? Like if she's making 80K right now. But the savings account also is pre-tax. You pay taxes on your... So she's got to have about minimum... Am I doing this wrong? I think I'm doing this wrong. That's way too much. $4 million for 80K. No, you're right. She needs between$2 and$3 million to make$80 ,000 a year. Yeah, but we're just talking about how much you want to make a year, salary or whatever. It's related to the number though, right? Because unless you're going to just spend all the money, but you can't do that because you might live longer than you know. So you have to live off the interest.
39:40You can't dip into the money if you're not going to do anything else for money. so she probably needs well to make 80 000 a year right now she would need minimum 1.6 million if she's going to put it in these fixed rate cds probably need a little bit more because you're going to you need to have money that's not necessarily in cds so she probably needs like two and a half million right now but then taking into account inflation so inflation the value of of your dollar is cut in half roughly every uh two years no 30 years 30 years yeah because it's eight percent right no inflation right now i mean inflation the target rate of inflation is between two and three percent like right now inflation is at three percent three percent the way you figure it out the way you figure out how much uh prices how long it takes something to double in price is you take the percentage that's increasing and divide that, divide 71 by that number.
40:39And it's about 20, you know, 23 years for the value of everything to get cut in half if inflation is at 3%. So assuming she's going to at least live another 30 years, she kind of needs roughly double the two, 2 million, you know, so she probably needs, yeah she probably needs about four million is her number wait as it like every year or like just in general no she probably she probably needs okay i don't i don't know how to do the exact math she probably needs between three and four million if she's gonna quit her job live off the interest and live for the rest comfortably for the rest of her life and by the way not increase at all her spending so this assumes no kids stuff like that so that's why you could add a little bit like, okay, a kid's college education costs$200 ,000 if she's going to send her kid to Harvard or whatever.
41:35And, uh, uh, so she's going to need to have that much extra on top of the 3 million. And, and again, she's the money has to be big enough so that she can handle the inflation. She probably needs to buy a house now to avoid inflation and rent. Like you could avoid a lot, some inflation by buying things now that are going to last you forever. And then she can't ever move out of that house or if she does it's the house has to go up by inflation so her number probably is between three and four million so your five million is not that far off yeah how else does she expect to make 80 000 a year yeah but like uh i i'm talking about just making five million a year for myself like oh five million a year are you crazy what do you need five million a year for what okay so i mean that's just what are you gonna buy with five million well okay so let's say if I marry someone that have some sort of medical conditions, like have to go to a hospital.
42:28Doesn't she have insurance? Yeah, but how much insurance cover? Okay, well, look, don't... So you need to make$5 million a year because you're going to be with some quadriplegic who's going to the hospital all the time? Like, is that what your plan is? I just want... I want to live comfortably. Like... Okay, forget about the invalid that you're marrying. Like, how are you going to spend five million a year? Okay. First of all, buy a couple of cars. Buy a nice house. Okay. How much is a car? Okay. Let's say, let's say, let's say nine. Okay. I'm not going too crazy. Just like Tesla or whatever. How much is a Tesla?
43:12Maybe like 50K. It's like 50K, like the normal one. Okay. Buy five of those cars every year. That's$250 ,000. You're not even getting close to$5 million. You're not going to buy a house every year. And a house is equity. You get equity in a house. So it's not like you lose the money. You could mortgage the money out of it eventually. But what else do you want to spend money on? Food. Flying around. Flying around on what? Are you flying around on like your own Boeing 747? Okay, well, look. So how much does a plane cost? uh i don't know how much of the paint i play like a good private plane like a boeing like taylor swift's plane probably costs like 150 million but you could just use uh you know there's plenty of net jet whatever jet leasing like wheels up or surf air or net jets is the most famous one there's our old friend jesse itzler had marquee jets that he sold to net jets So you need$100 ,000 a year.
44:19Or realistically, you need like$300 ,000 or$400 ,000 a year. And you could take like 10 vacations on private jets with that. Okay. I would say, even with someone with your extravagant tastes, the max you would need to make per year before taxes is$2 million. But that's only if you want to fly private everywhere and buy five Teslas and have a 20 ,000 square foot house in a suburb of New York City or something. So, because then your mortgage will be high, but that's even high. But I would say, okay, if you really want to live like a billionaire, meaning fly private everywhere, have a big house, have the most expensive car, no one could tell, trust me on this, no one could tell if you're a billionaire or a single-digit millionaire if you make$2 million a year.
45:16That is more than enough. And probably even making$1 million a year, you could almost act as if you were a billionaire. There won't be any difference between you and a billionaire in terms of your expenses. Okay, so you think$2 million, it's reasonable. And also, is it$2 million in cash or just net worth? $2 million in cash. Okay, gotcha. But that would mean your number is about 40 to 50 million that you'd have to have in the bank to retire. Now, so that's why I'm saying that's the most extravagant you could possibly be. Most people, I think your 5 to 10 million was more accurate. Okay, so how much do you think, like, reasonably, someone's number should be?
46:05Like you said, like, so 5 to 10 million, it's about right. I think if you have between 10 and 20, no one could tell. You could live a life and have a lifestyle where nobody could tell the difference between you and a billionaire, which means basically you could do anything you want except you can't buy expensive art. You can't buy a football team. You can't build a bunker in an island you own off of New Zealand to protect against the apocalypse. So you just, but you can fly private everywhere you want and you can have the biggest, like your neighbors could be billionaires. You could buy a big house and live as comfortably as you want.
46:46And that's if your number is between 10 and 20 million. If you're satisfied with less than that, though, there's nothing wrong with that. I think the minimum number is probably 7 million in the bank. and that takes care of any medical situations, colleges for your kids, and you can live off the interest in general. Or depending on your investment strategy, you could live off what you make on investments. Okay, so I should strive for 7 million. It's a good number though. By the way, this speaks to the importance of really studying investing because the better investor you are, the less you have to have, the lower your number is because you can make more on the money you have.
47:29Yeah, so not investing in Dogecoin and stuff like that will help. Yeah, don't invest in Dogecoin. Although, who's to say maybe it'll go up, but that's not a good investing strategy to invest in something that has absolutely zero fundamental value. Right, which I did a couple of years ago. Well, you probably have done well then because Dogecoin's done well. It's like what Annie Duke says, though, is that you can make a decision that makes you money, but it's still a bad decision and vice versa. or you can make a good decision that sometimes loses money, but the decision-making process was correct.
48:03Gotcha, gotcha. So anyway, that is this week's My Favorite Things. Next week, I'll dive a little bit more into, or two weeks from now, I'll dive a little bit more into investing books and whatever other movie shows. I find that I'm always, and send me recommendations because I am always looking for good TV shows to watch, movies to watch, both Pen15. by the way if you write out pen 15 you know what the real name of the show is but pen 15 and lean on me were both recommendations i got in the past two weeks and i i love them so thank you to molly altucher who gave me pen 15 and the woman who cuts my hair who gave me lean on me so um and jay thank you so much for producing this podcast all right you're my favorite podcast producer you're my favorite host excellent all right yeah
From the publisher
Episode Description:The podcast episode of 'My Favorite Things' explores various movies such as 'Lean on Me' and 'Argyle', and TV series like 'pen15' and 'Atlanta'. James also shares two websites, ACX and Text Broker, recommending them as platforms to earn money from home. The discussion transitions to financial freedom and the concept of having a 'number' for comfort in life. Jay and James suggest people consider how to grow their wealth through calculated investments for a more secure future. They conclude the episode with book recommendations for gaining financial freedom and better decision-making.Episode Summary:02:20 Introduction to My Favorite Things02:43 Movie Recommendation: Lean on Me03:00 Appreciation for Bill Withers05:07 Movie Discussion: Argyle06:26 Reflections on Technology and Outsourcing07:00 Exploring Spy Comedy Films08:00 Movie Recommendations Continued10:02 TV Series Recommendations: Pen15 and Atlanta17:58 Exploring Online Money-Making Opportunities23:34 Discussing the Book 'How to Satisfy a Billionaire'27:36 Experimenting with Writing and Publishing32:27 Reviewing 'How I Found Freedom in an Unfree World'33:34 Understanding the Concept of 'Boxes' in Life37:59 Exploring Other Interesting Reads39:01 Discussing Personal Financial Goals41:21 Calculating the 'Retirement Number'50:14 Understanding the Importance of Investing51:02 Wrapping Up and Looking Forward
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