4.8 • 805 Ratings
🗓️ 23 February 2017
⏱️ 14 minutes
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You'll love this short story about giving away a million dollars! Plenty of great lessons in this short, but to the point episode! As always, get all show notes at SilentJim.com
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0:00.0 | Hey, guess what? I've got some great news. I've just been anointed and appointed ruler of the world for the next three hours. So the first thing I'm going to do, this is awesome, guys. You're going to love this. The first thing I'm going to do is give you a million dollars, right? Turn on the printing presses. Here it is. Bam, in your pocket. Now, to keep things fair, everyone else gets a million dollars too. But isn't that great? I mean, we've all got plenty of money now. Why didn't we think of this before? Aren't we smart for making me in charge for a few hours, right? I mean, there's your million dollars. Boom, on your desk right now, |
0:39.4 | right in front of you, waiting for you when you get home if you're in your car. It's there. |
0:44.1 | Bam. So what's the first thing we're going to do? Well, okay, here's the first thing you might do. |
0:48.5 | That dream car, that shiny, convertible BMW that you've always wanted red right that's the color you want first thing |
0:56.6 | you're going to do stuff some of that cash in your pocket a couple hundred thousand ought to do it right |
1:00.5 | head down get your you're going to go get your dream car so you're driving your clunker to the |
1:06.6 | BMW lot and when you start to park and notice there's a little challenge here's the challenge there's |
1:14.5 | about 800 other people already there so you get a number and you wait your turn and several hours |
1:20.4 | later when you finally get to talk to one of the exhausted sales reps you say hey i'm here because I need a new shiny convertible BMW. So excited. |
1:32.0 | Got the cash right here. I'm going to pay cash. He says, you and everybody else, mister, wait, what? |
1:37.8 | What do you mean? How long do I have to wait? Did you sell out already? So did we sell out already? |
1:42.7 | Okay, here's the deal, guy. Everybody's |
1:44.8 | got a million dollars now. So our cars, the price of our cars just went up by 15 times. |
1:52.0 | That BMW, that 80 grand car, that perfect dream car you wanted. Okay, yeah, guess what? It's like several hundred thousand dollars now. And we sold out hours ago. So the waiting |
2:01.8 | list is about nine months. Okay, you're hanging with me, right? You understand enough basics of |
2:08.2 | economics to know why when the government just turned on the printing presses and gives everybody |
2:12.3 | money. It doesn't actually boost the economy because there's no value backing the currency. You get that, right? Even if you |
2:21.2 | disagree with me on the economics of things, you got to understand that if we gave everyone a million |
2:25.7 | dollars, the scenario I just described is exactly what would happen. And that happens all the way |
2:30.9 | down the food chain of products and services. |
2:38.2 | If free money starts flying around, the price of everything goes up. |
2:45.0 | Now, what's that have to do with you building a business online, on eBay, on Amazon? |
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