EE 73 - Idea Lab #10 - How will I spend €10 million
What would your future self do?
What would you do everyday if money was no object?
What would your days look like and more importantly, what would you be doing each day for fulfillment?
On today’s podcast, I shared a thought experiment to help you clarify what your future could look like.
I’ve read variations of this idea in multiple books including The 4-Hour Work Week by Tim Ferriss and in the book I’m currently reading, Game Changers by Dave Asprey.
Over the last few years, I’ve done this a number of times. It’s a very useful exercise to reveal your true desires.
The most important part is to be 100% honest with yourself. It helps if you keep it private and don’t share it with anyone. If you want to be filthy rich, say you’d spend it getting richer. If you want to spend 10 hours a day doing charity work, then say that.
The goal of the exercise is to imagine your future self and work backward to identify the actions and paths you need to take to get there.
You can get the free Dreamline Worksheet from Tim Ferriss here. His concept is slightly different but the principles remain the same.
Yotta Bank - Reinventing Prize bonds?
How to acquire & keep customers
YouTuber Graham Stephan did a video this week on a new savings bank based in the US.
What caught my attention was how clever their new customer acquisition strategy was and how it is baked into their business model.
For every $25 you deposit in a savings account, you get 1 entry into a prize draw that takes place each week. You can win up to $10m weekly.
For every subsequent $25 you deposit, you get another ticket and so on. The clever way they are rapidly gaining new customers is you can get free tickets and increase your chances of winning by referring your friends and other people.
The more people you refer, the more your chances of winning increase. They are tapping into all sorts of clever human psychology here.
You can watch Graham’s video here and read more about Yotta Bank here.
To me, this sounds like they have reinvented the idea of Prize Bonds. What do you think? Let me know on Twitter or LinkedIn.
Recession-Proof Businesses
I put out a call on social media a few weeks ago for your recession-proof businesses and here’s what you think
John Buckley - Franchised Food takeaway businesses located outside of city centre like Dominoes and Camile.
Tom Madeley - There will always be business for barbers and undertakers!
Joyce McEvoy - Fashion retailers like Penneys/ Primark!
Khanhu Charan Lenka - Healthcare, Pharmaceutical, Petrochemical & Cloud Storage (a recent trend)
Jeffrey Walsh - Maternity/early childcare industries 👶
Alex Byrne - E-commerce and e-commerce marketing agencies
This Week
Listening
Tim Ferriss podcast with Jamie Foxx. No relation. What a superb talent and entertainer. Tim has to do nothing but sit back for 2-hours as Jamie tells his story. Fun and fascinating listen.
Watching
The Social Dilemma. Yes, along with everyone else in the world, I’ve been fascinated by this documentary. I’m addicted to my phone and it’s my worst bad habit. If you are too, watch this today.
Following this, I’ve started leaving my phone in another room and activating sleep mode. So far, I’m failing badly to stick to it.
Reading
The Athletic. Not a specific article but I’ve been a subscriber of this sports website since it launched over a year ago. The quality of writing and also their podcasts is superb. They hoovered up all the top sportswriters and broadcasters over the last 2 years.
I’ve 5 free 30-Day passes that you can try here.
The podcast goes live at 5 am every Monday and Thursday.
Quote of the Week
“What’s on the other side of fear? Nothing.”
—Jamie Foxx on Tim Ferriss Podcast (2020)
Tweet me your favourite quote of the week @mrgaryfox
Gary